Ekonomika
https://www.journals.vu.lt/ekonomika
<p>Founded in 1960 and dedicated to analysing the issues in the current economy, sectoral situation and development of business development strategies for local and foreign markets in the context of Central and Eastern European economic development. Indexed in the <em>Scopus</em> (Q4) database since 2020. </p>Vilnius University PressenEkonomika1392-1258<p>Please read the Copyright Notice in <a href="http://www.zurnalai.vu.lt/ekonomika/journalpolicy">Journal Policy</a>. </p>Creative Conceptions of “Electronic Business: Sales and Financial Tools” for Economic Development
https://www.journals.vu.lt/ekonomika/article/view/17605
<p>Traditional businesses all over the world have experienced very severe competition in terms of electronic commerce, or virtual retailing and financial service. mobile information and communication technology. etc. This has been compounded by rapid change within the telecommunication. IT and content sectors and throughout the relevant policy environment. The term “Electronic business” has been chosen by the author as the mo,t applicable generic term to define the growing salience of information with commercial activity.</p> <p>the purpose of L. Sodžiutė and V. Sūdžius monograph “Electronic business: Sales and Financial tools” is to describe what “Electronic business” is: how it is being conducted and managed; and its major opportunities, limitations, issues and risks.</p> <p>The economic issues are associated with electronic commerce and financial tools. such as its advantages and disadvantages, types of payment’ and information transfer security, the roles of organization and security facilities, to perform an analysis, to identify a forward level of electronic business and summarize the results of the analysis, and make suggestions for electronic commerce development facilities.</p> <p>The objective of taking this perspective is to give a business-focused understanding of the main issues involved in the development of electronic business, with the aim of introducing interested business people (both students and professionals) to the commercial and strategic impact of the information economy, especially in terms of comprehending how enterprises need to adjust if they are to sustain their competitive position.</p>
Articles-Leonas Simanauskas
Copyright (c) 2007 Authors
2007-12-012007-12-0111912110.15388/Ekon.2007.17605Does Tax Effort Moderate the Effect of Government Expenditure on Regional Economic Growth? A Dynamic Panel Data Evidence from Indonesia
https://www.journals.vu.lt/ekonomika/article/view/31621
<p>Our research study aims to analyze the effect of government expenditure on goods and services and capital toward regional economic growth in Indonesia. We position local tax effort as a moderating variable between economic growth and government expenditures. Using a panel data set of 24 provinces in Indonesia from 2006 to 2015, a dynamic model of GMM was applied to estimate the effect of public expenditure on growth. The research study provides empirical evidence that the two kinds of public spending positively and significantly affect economic growth. Conversely, local tax efforts negatively affect economic growth. Besides, local tax efforts also reduce the positive impact of capital expenditure on economic growth. In other words, local tax efforts negatively moderate the influence of government expenditure on the output growth of the regional economy.</p>
ArticlesEconomic growthlocal tax effortgovernment expenditureGMM estimationKhairul AmriRaja MasbarB. S. NazamuddinHasdi Aimon
Copyright (c) 2023 Khairul Amri | Raja Masbar | B. S. Nazamuddin | Hasdi Aimon
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2023-10-042023-10-0462710.15388/Ekon.2023.102.2.1The Estimation of Traditional Phillips Curve
https://www.journals.vu.lt/ekonomika/article/view/29704
<p>This article presents theoretical foundations for original Phillips curve formulation and an empirical investigation, where the structure of the theoretical model serves as a template for the creation of the empirical model.<br />For a couple of decades the majority of empirical Phillips curve type assessments are performed using the New Keynesian Phillips curve with Calvo pricing as a benchmark for this type of relationship. New Keynesian model has solid microeconomic foundations, has proved itself very well in the analysis of price stickiness; nevertheless, it is not without limitations. The main insufficiency of New Keynesian model is that it has no direct links to the conditions and the changes that occur in the labour market. The need to encompass the conditions in labour market comes from the coincides that occur time to time when the growth rates of aggregate production may diminish or even become negative, but the level of employment may stay the same, what in turn means that the pressure on inflation won’t drop, despite the fact that production level has not increased as expected or even has decreased. This article aims to fill this gap and presents alternative theoretical foundations for Phillips curve, that lead to the model with direct links to the labour market. Theoretical foundations are necessary as they may help to minimize the risks to miss some important details or to omit important factors. Although the empirical analysis in this paper is based on Lithuanian data, it is not country specific.</p>
ArticlesinflationunemploymentPhillips curvenonlinear time series modelsAlgirdas Bartkus
Copyright (c) 2023 Algirdas Bartkus
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2023-10-042023-10-04476710.15388/Ekon.2023.102.2.3Europe’s Energy Crisis; Winners of the Crisis with Market Data
https://www.journals.vu.lt/ekonomika/article/view/30066
<p>Prices of natural gas, coal, and electricity have risen to the highest level of the last ten years in the last quarter of 2021. It’s possible to express that energy prices in 2021 were much higher, compared to the crisis of 2020’s Covid-19 breakout’s historical descent in the first few months. There are a few factors to this rally. The epidemic caused structural fractions on a global scale. But in general, there is no doubt that crisis factors, which mainly concern Europe, are not limited (with) recovery process in the economy. With this notion, the main structure of this work’s subject aims to analyze the lead-up to the energy crisis that became apparent in 2021. Also, in the work, the energy crisis that’s been occurring will be analyzed thoroughly, with the help of its dynamics and causes. Within the scope of the study, the Hatemi-J (2012) asymmetric causality test was run using the weekly stock closing data of EU natural gas prices (EUGP), Gazprom (XGASPR), and Equinor (XEQUNR) for the period 05.11.2017–28.11.2021. As a result of the analysis, a causal relationship between the variables was determined. However, the work will positively contribute to the literature, being a guide to the current situations and overcoming the similar crisis that might occur in the future.</p>
ArticlesEnergy CrisisEnergy PricesNatural GasGazpromEquinorAnıl Çağlar Erkan Samet GürsoyMesut DoğanSevdie Alshiqi
Copyright (c) 2023 Anıl Çağlar Erkan | Samet Gürsoy | Mesut Doğan | Sevdie Alshiqi
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2023-10-092023-10-0914516510.15388/Ekon.2023.102.2.8The Impact of Green Climate Fund Portfolio Structure on Green Finance: Empirical Evidence from EU Countries
https://www.journals.vu.lt/ekonomika/article/view/29534
<p>The financing sector drives the Future of Environmental Funds to achieve climate financing. In this study, we have employed panel regression analysis and the generalized two-step moment method (GMM) for the 25 EU countries from 2000 to 2021 to explore the relationship between green financing and the portfolio structure of green climate funds. According to the findings of this research, green financing significantly impacts quality economic growth. The GCFs enhance the capacity to channel public and private funding while contributing to de-risking more conventional forms of funding, increasing climate financing, and boosting the GCFs. In addition, the study concluded that Global Climate Support might fund nonbankable components of more significant “almost bankable projects” by analyzing the portfolio’s policies and methods.</p>
ArticlesFinancing SectorGreen Climate Funds (GCF)Green financingEU countriesMuhammad MohsinAzer DilanchievMuhammad Umair
Copyright (c) 2023 Muhammad Mohsin | Azer Dilanchiev | Muhammad Umair
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2023-10-092023-10-0913014410.15388/Ekon.2023.102.2.7Machine Learning and Data Balancing Methods for Bankruptcy Prediction
https://www.journals.vu.lt/ekonomika/article/view/30240
<p>The paper examines the use of various machine learning algorithms for the task of forecasting the company’s bankruptcy based on financial indicators. Different approaches to the formation of the data set on which the models are trained are compared, in particular, data balancing methods. Nine machine learning algorithms are implemented, in addition five data balancing methods (random oversampling, SMOTE, ADASYN, random undersampling, and near miss) were applied to classification tasks. It was found that bagging and random forest together with Near-Miss and Random under-sampling showed the best results in terms of the possibility of identifying bankrupt companies in small samples, while artificial neural networks and decision tree methods, together with SMOTE and random resampling, worked better on large samples. With highly unbalanced data accumulation, both small and large training samples can be used to distinguish between bankrupt companies.</p>
Articlesbankruptcybankruptcy forecastingmachine learningdata balancingbinary classificationOlena LiashenkoTetyana KravetsYevhenii Kostovetskyi
Copyright (c) 2023 Olena Liashenko | Tetyana Kravets | Yevhenii Kostovetskyi
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2023-10-042023-10-04284610.15388/Implementation of Non-state Pension Provision in Ukraine in the System of Strengthening Social Protection
https://www.journals.vu.lt/ekonomika/article/view/30762
<p>This paper is devoted to identifying the features and finding solutions to the problems of the formation and improvement of the non-state pension provision of Ukraine in the system of strengthening social security and preventing the degradation of the social structure. It presents the results of a study of emergent dynamics of the main performance indicators of non-state pension provision in Ukraine and the behavioural aspects of its beneficiaries when choosing a financial intermediary in the implementation of a new metadata specification based on three areas: banking institutions, non-state pension funds (NPFs) and life insurance companies. These results are the following: identification of key trends in non-state pension provision in Ukraine; disclosure of problems, obstacles, and major shortcomings of an organizational and legal nature; determination of directions for solving problems and the dominant factors in the development of non-state pension provision in Ukraine.</p>
Articlespension systembanksnon-state pension funds (NPFs)insurance companiessocial securityOksana CheberyakoZakharii VarnaliiViktoriia НurochkinaNataliia Miedviedkova
Copyright (c) 2023 Oksana Cheberyako | Zakharii Varnalii | Viktoriia Нurochkina | Nataliia Miedviedkova
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2023-10-092023-10-0910812910.15388/Ekon.2023.102.2.6Stock Market Response to Monetary Policy: Evidence from Iraq
https://www.journals.vu.lt/ekonomika/article/view/31523
<p style="font-weight: 400;">The current study seeks to assess the influence of monetary policy carried out by the Central Bank of Iraq (CBI henceforth) on stock market performance (SMP henceforth) from 2008 to 2021. Three monetary policy variables have been considered: money supply, inflation, and interest rate. Meanwhile, the number of transactions has measured the Iraqi Stock Exchange Market (ISX henceforth) performance. This study has used the Autoregressive Distributed Lag (ARDL henceforth) model by utilising monthly data. The results show that in the long term, the money supply and interest rates both have a negative impact on ISX performance. On the other hand, the findings have reported that inflation significantly and positively affects ISX performance. However, there was no indication of a relationship among the underlying variables in the short term. For investors and the appropriate authorities, these findings may have important implications.</p>
ArticlesMonetary policyIraqi Stock ExchangeStock Market PerformanceARDL modelIslam S.T. BabelaShivan A.M. Doski
Copyright (c) 2023 Islam S.T. Babela | Shivan A.M. Doski
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2023-10-052023-10-059010710.15388/Ekon.2023.102.2.5Unveiling the Cyclical Patterns of Historical Wage Inequality among European Building Laborers
https://www.journals.vu.lt/ekonomika/article/view/31561
<p>This scholarly investigation examines the historical wage disparities between skilled and unskilled building laborers, as well as gender-based disparities among unskilled male and female workers in major European metropolises including Vienna, Warsaw, Krakow, and Istanbul. While exploring inequality, the study reveals that significant events such as wars, pandemics, and economic fluctuations have a cyclical impact on wage and gender inequality throughout history. However, it should be noted that gender inequality was only examined in the UK. By delving into the dynamics of wage and gender inequality during the medieval and early modern eras of Europe, this study provides a deeper understanding of the complexities of these social issues.</p>
ArticlesWage InequalityGender InequalityBuilding LaborersEuropeMahmut Zeki Akarsu
Copyright (c) 2023 Mahmut Zeki Akarsu
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2023-10-042023-10-04688910.15388/Ekon.2023.102.2.4The Nexus Between Institutional Quality and Inflation in Emerging Markets: A Panel Causality Test with a Fourier Function
https://www.journals.vu.lt/ekonomika/article/view/29538
<p>It is important to note that institutional quality has a substantial impact on a country's long-term economic growth, which influences other economic indicators, such as inflation and monetary policy. An in-depth examination of the existence of this crucial relationship was conducted by applying a novel and robust panel Yilanci Gorus Fourier causality test between 2000 and 2019 to 24 developing countries, in order to detect this relationship. A recent inflation rate, the standard deviation of inflation, and sound money are all interconnected and mutually causally related to property rights and the quality of the legal system. Weakness in institutions can exacerbate financial shocks, thereby affecting monetary indicators, and monetary policies will deteriorate the quality of the institution as a result.</p>
ArticlesProperty RightsLegal SystemDeveloping CountriesFourier Causality TestYildirim Beyazit Cicen
Copyright (c) 2023 Yildirim Beyazit Cicen
2023-06-062023-06-0614015210.15388/Ekon.2023.102.1.8