Search results

Inflation expectations are an important part of the transmission mechanism of the inflation targeting regime. As such, central bankers must study the inflation expectations of economic agents to anchor them close to the level of the inflation target. However, economic agents are affected by the past and current macroeconomic situation when they form their expectations concerning future inflation. Using survey data on inflation expectations in Czechia, we investigate the macroeconomic determinants of Czech analysts' and managers' inflation expectations. We find that both actual and past inflation have a substantial impact on inflation expectations of the agents surveyed. We also identify backward-looking behaviour among these agents: persistence in inflation expectations of up to two quarters was detected. Moreover, financial analysts formed inflation expectations more in line with economic theory, while company managers evinced expectations similar to those of consumers.

This chapter elaborates on the main factors of the adverse macroeconomic development in Czechia and Europe. Currently, i.e. from 2022, Czechia mainly suffers from double-digit galloping inflation and GDP stagnation. The aim of this chapter is to identify and describe the influence of the main factors from the present and the more distant past on current inflation and approaching stagflation in Czechia. This chapter analyzes an unfavourable mix of demand and supply factors that leave the new banking board of the CNB facing a dilemma, that is, whether to pursue a disinflationary policy of increasing interest rates and thus push the Czech economy closer into recession or to rely on demand-driven economic growth, which will keep unemployment at a low level, but at the same time contribute to inflationary pressures. The new governor of the CNB completely changed the strategy of his predecessor and, despite strong criticism, did not raise interest rates even once. Based on the analysis of inflationary factors, this chapter tries to explain the motives for the Central Bank's new strategy in the fight against inflation, which is the systematic appreciation of the Czech koruna.

The study aims to estimate the short- and long-run effects of monetary policy on residential property prices in South Africa. Over the past decades, there has been a monetary policy shift, from targeting money supply and exchange rate to inflation. The shifts have affected residential property market dynamics.

The Johansen cointegration approach was used to estimate the effects of changes in monetary policy proxies on residential property prices using quarterly data from 1980 to 2022.

Mortgage finance and economic growth have a significant positive long-run effect on residential property prices. The consumer price index, the inflation targeting framework, interest rates and exchange rates have a significant negative long-run effect on residential property prices. The Granger causality test has depicted that exchange rate significantly influences residential property prices in the short run, and interest rates, inflation targeting framework, gross domestic product, money supply consumer price index and exchange rate can quickly return to equilibrium when they are in disequilibrium.

There are limited arguments whether the inflation targeting monetary policy framework in South Africa has prevented residential property market boom and bust scenarios. The study has found that the implementation of inflation targeting framework has successfully reduced booms in residential property prices in South Africa.

International Journal of Emerging Markets (IJoEM) is a leading journal that publishes high-quality research focused on emerging markets. In 2020, IJoEM celebrated its fifteenth anniversary, and the objective of this paper is to conduct a retrospective analysis to commensurate IJoEM's milestone.

Data used in this study were extracted using the Scopus database. Bibliometric analysis, using several indicators, is adopted to reveal the major trends and themes of a journal. Mapping of bibliographic data is carried using VOSviewer.

Study findings indicate that IJoEM has been growing for publications and citations since its inception. Four significant research directions emerged, i.e. consumer behaviour, financial markets, financial institutions and corporate governance and strategic dimensions based on cluster analysis of IJoEM's publications. The identified future research directions are focused on emergent investments opportunities, trends in behavioural finance, emerging role technology-financial companies, changing trends in corporate governance and the rising importance of strategic management in emerging markets.

To the best of the authors' knowledge, this is the first study to conduct a comprehensive bibliometric analysis of IJoEM. The study presents the key themes and trends emerging from a leading journal considered a high-quality research journal for research on emerging markets by academicians, scholars and practitioners.

Classical unit root tests are known to suffer from potentially crippling size distortions, and a range of procedures have been proposed to attenuate this problem, including the use of bootstrap procedures. It is also known that the estimating equation’s functional form can affect the outcome of the test, and various model selection procedures have been proposed to overcome this limitation. In this chapter, the authors adopt a model averaging procedure to deal with model uncertainty at the testing stage. In addition, the authors leverage an automatic model-free dependent bootstrap procedure where the null is imposed by simple differencing (the block length is automatically determined using recent developments for bootstrapping dependent processes). Monte Carlo simulations indicate that this approach exhibits the lowest size distortions among its peers in settings that confound existing approaches, while it has superior power relative to those peers whose size distortions do not preclude their general use. The proposed approach is fully automatic, and there are no nuisance parameters that have to be set by the user, which ought to appeal to practitioners.

The purpose of this paper is to empirically analyze the impact of social inclusion factors and foreign fund inflows on reducing gender-based unemployment in India.

A time series data set for the period of 1991–2021 has been considered, and an autoregressive distributed lag methodology has been applied to measure the short- and long-run impact of social inclusion and foreign fund inflows on reducing gender-based unemployment in India.

According to the study’s findings, both social inclusion and foreign fund inflows are critical factors for reducing male unemployment. However, in the case of female unemployment, only social inclusion factors play an important role, whereas foreign fund inflows have no role in it.

Analyzing the factors that affect gender-based unemployment has always been a grey area in literature. There are very few studies that capture gender-based unemployment in India, making this study a novice contribution. Second, it examines the relationship between foreign fund inflows, social inclusion and unemployment, which is another novel area of investigation. Finally, this study provides comprehensive and distinct results for both male and female unemployment that can help policymakers devise gender-based unemployment policies.

The purpose of this paper is to systematically review the history and current state of lesson study (LS) in Germany. In particular, this paper describes the development of LS over time and its stakeholders.

Conducting a systematic literature review, we searched three scientific databases and Google Scholar, examined 806 results and included 50 articles in our final sample, which we analyzed systematically.

The spread of LS in Germany can be divided into three phases, characterized by their own LS projects as well as their own ways of understanding LS. Although interest in LS has increased significantly in recent years, it is only present at a small number of schools and universities in Germany if compared internationally. Furthermore, this paper identifies the so-called learning activity curves as a tool frequently used for observation and reflection that appears to be unknown outside German-speaking countries.

This paper may act as an outline for countries without large-scale LS projects and with limited support from policymakers. The experience from Germany demonstrates the outcomes and challenges that can arise in such a situation and shows how unique LS features and proceedings have emerged.

In international business (IB), the discussion of COVID-19-related global value chain (GVC) models driving resilience has taken momentum since May 2020. The purpose of this study is to uncover insights that the pandemic provided as a unique research opportunity, holistically, revealing the significant role of non-lead firms in GVC outcomes and resilience. This allows to extend theory as the authors critically identify impact criteria and assess interdependence and valence, thus progressing the traditional (pre-pandemic) IB view of GVC governance and orchestration.

This study opts for an integrative review to help create a much-needed extension of IB theory by means of a critical perspective on GVC theory. The authors examine the extant body of IB literature as the relevant stock of collective IB knowledge prompted by the COVID-19 pandemic, uncovering contributions – with a focus on the role of non-lead firms in orchestration and resilience – that allows to clarify what was not evident pre-pandemic. With this, the authors move the theory from its efficiency focus to a better recognition of the interdependencies of power and profit outcomes stemming from asymmetries of interrelationships. By design, the authors focus on the unique research period of the pandemic and orchestration complexities along the development of configurational arguments beyond simple correlations (Fiss, 2011), revealing key dependencies as key themes. The authors highlight further research avenues following Snyder (2019) that are called upon to strengthen that understanding and that helps extend theory.

This research provides a critical perspective on the application of the traditional IB views for GVC governance (designed for efficiency, cost and proximity to markets with pre-dominance for just in time), which has shifted during the pandemic to accommodate for adaptation and adjustment to resilience and just in case considerations. The holistic review reveals not only the key country- and multinational enterprise (MNE)-dependencies with residual impact determining the balance between just-in-time and just-in-case. Also, the authors advance the understanding of the (un)balance of the traditional GVC – focused on just-in-case rather than just-in-time through a lead and non-lead GVC participation and power lens yet rarely observed. The authors find that governance should not be construed as “management” such that it resolves into decisions undertaken in lead firms for execution in subordinate GVC participants. Autonomy allows to subsidiary units by MNE lead firms and/or exercised by (mainly, innovative) non-subsidiary GVC participant firms, is uncovered as a key driver in this. Greater delegation capacity appears to help provide resilience to loss in profit, with a recognition that there may be a dynamic trade-off between power and profit. In addition, the authors are able to identify correlations with innovation, demand elasticity, digital uptake, investment and other, that the authors trust will set the scene for additional research deepening and extending the findings.

Integrative literature reviews include a problem formulation (i.e. that is limited to published topics around an emerging theme) and are hence very focused in nature and approach. This applies to this paper. Data analysis in this method is not typically using statistical methods in contrast to meta-analyses. Also, the authors limit the sample to a relatively short time period with 33 publications analysed, purposefully focusing on the most prompt and “acute” insights into GVCs during the pandemic.

The traditional GVC governance model is designed for efficiency, cost and proximity to markets with pre-dominance for just in time. The authors reveal dependencies that are instrumental to better understand lead and non-lead interaction and relative autonomy, with a focus on residual impact determining the balance between just-in-time and just-in-case that, if in the sought equilibrium and agile, can allow alignment with context and this resilience. This paper specifically provides practical insights and visualization that highlights stages/“ripple” effects and their impact and the questions to ask as stakeholders look for GVC resilience. This includes, int.al., firms and their role as strategic agents, prompting participants through the learnings from exogenous shock to realign their strategies, redistributed manufacturing of production across subsidiary and non-subsidiary non-lead firms, greater competition and hence power for suppliers leveraging resilience and innovation, greater understanding of localization and regionalization of production of essential supplies, interaction with governments, and of investment impacts abroad especially to secure GVC participation.

The insights provided through this extension of theory with its literature review reveal the importance of aligning IB research into GVCs to factors that became visible through alternative or unusual settings, as they have the power to reveal the limitations of traditional views. In this case, a mainly efficiency-led, just-in-time focused GVC governance model is reviewed through the literature that emanated during the pandemic, with a critical perspective, which helped uncover and underline the complexities and evolution of GVC governance, providing fundamental support to solutioning the continuing global supply chain challenges that started as a result of the pandemic and are yet again accelerated by the Ukraine and Middle Eastern wars and its impact with, int.al., concerns over possible severe global food, labour/migration and resources crises. IB holds a social responsibility to help identify critical challenges from the disciplinary perspective and help advance resilience for social benefit.

This paper supports the original IB theory development by extending GVC theory into the lead – non-lead dynamics that may, under certain conditions, provide a “Resilience wall” for GVCs. The value created through insights stemming from a unique period of time for GVC is significant. It allows us thus also to pave the way to an emerging and critical research adaption looking into equilibrium, nuancing demand elasticity, better understanding trade and investment impacts along GVCs and more. By examining views on the sources of pandemic risks in a possibly unique setting, the authors offer added value from extant IB research insights by combining them, revealing the importance for GVCs to investigate not only key dependencies between the exogenous shock, i.e. context, and the impacts assessed through this literature but to further use their inherent value to create a framework for further conceptualization and extension of the traditional IB view on GVC governance. This work illustrates the urgency and importance for IB to take a timely and possibly more critical approach to the investigation of governance models that have, to date, shown some significant limitations.

This study is intended to analyze the impact of information and communication technology (ICT) infrastructure, technological innovation, renewable energy consumption and financial development on carbon dioxide emissions in emerging economies.

The present study adopts the autoregressive distributed lag (ARDL) cointegration technique for the annual data collection of Vietnam from 1990 to 2020.

The results of the study unveil that renewable energy consumption, the interaction between renewable energy consumption and ICT infrastructure and financial development have significant predictive power for carbon dioxide emissions. In the long term, renewable energy consumption, export and population growth reduce CO2 emissions, whereas the interaction between renewable energy consumption and ICT infrastructure and financial development increases CO2 emissions, while ICT infrastructure does not affect emissions. In the short run, changes in ICT infrastructure contribute to carbon dioxide emissions in Vietnam. In addition, changes in renewable energy consumption, financial development, the interaction between ICT infrastructure and renewable energy consumption and population growth have a significant effect on CO2 emissions. Notably, technological innovation has no impact on CO2 emissions in both the short and long run.

The current study provides new insights into the environmental effects of ICT infrastructure, technological innovation, renewable energy consumption and financial development. The interaction between renewable energy consumption and ICT infrastructure has a significant effect on carbon dioxide emissions. The paper suggests important implications for setting long-run policies to boost the effects of financial development, renewable energy consumption and ICT infrastructure on environmental quality in emerging countries like Vietnam in the coming time.