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1 – 5 of 5Jan Babecký, Luboš Komárek and Zlatuše Komárková
The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper empirically…
Abstract
The global financial crisis of 2007/2008 interrupted the process of financial integration observed in the European Union since the beginning of the 2000s. This paper empirically analyzes whether financial integration resumed, focusing on the period 2002–2015 and employing the indicators of the speed and the level of integration. The analysis covers four financial markets (the money, foreign exchange, bond, and equity markets) of the selected inflation-targeting Central European economies (the Czech Republic, Hungary, and Poland), representatives of new euro area countries (Slovenia and Slovakia) and the selected advanced Western European economies (Austria, Germany, Portugal) with the euro area. The results reveal that the global financial crisis caused mainly a temporary price divergence of the financial markets in the analyzed countries vis-à-vis the euro area. By 2015 the situation on the financial markets returned gradually to the pre-crisis degree of integration with the euro area for most of the countries and markets; however, there are signs of fragmentation on the government bond markets.
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Alexander W. Wiseman, James Pilton and J. Courtney Lowe
This chapter addresses international educational governance by exploring some of the factors contributing to increasingly internationalized national educational policymaking and…
Abstract
This chapter addresses international educational governance by exploring some of the factors contributing to increasingly internationalized national educational policymaking and the ways that related trends in educational policymaking either constrain or shift to meet particular needs and challenges within specific national contexts. After discussing the phenomenon and the impact of globalization on international educational governance, the role of the state, and some examples of both contextualization and bounded rationality, the impact of national policy convergence is discussed. This chapter concludes by summarizing the ways that national policy convergence became the focus of international educational governance and national educational policy based on the same ideas and structure through seemingly different implementation, but often-identical measurable outcomes. Examples from Japan and Saudi Arabia highlight the discussion.
Arkadiusz Kijek and Bartosz Jóźwik
EU countries, including those in Central and Eastern Europe, seem to have increasingly similar economies, allowing for the study of real convergence as a process of equalising…
Abstract
Research Background
EU countries, including those in Central and Eastern Europe, seem to have increasingly similar economies, allowing for the study of real convergence as a process of equalising income levels (measured by GDP per capita). Studies of income convergence in the European Union also have a regional dimension and often focus on convergence at the NUTS2 or NUTS3 regional level. The level of development and income in Polish regions differ significantly. The regional policy implemented at the national and EU level focuses on reducing these differences.
Purpose of the Article
The main aim of the chapter is to analyse the income convergence process among regions in Poland and verify the effectiveness of regional policy implemented at the national and EU level.
Methodology
The study uses Barro type regression for panel data, log t convergence test, and club clustering algorithm introduced by Phillips and Sul to identify patterns of club convergence in Polish regions. The data used for the study is the Local Data Bank provided by Statistics Poland, which includes gross domestic product per capita at the NUTS-3 level for 73 Polish regions over the period of 2000–2020.
Findings
The results of the study indicate a very weak convergence process for all Polish NUTS-3 regions and suggest a club convergence. The club convergence is characterised by regions with similar income levels clustering together. The regional distribution of clubs is similar to the regional distribution of income. The study's findings provide important insights into the effectiveness of regional policy in Poland and suggest that policymakers need to focus on policies that promote catch-up growth in less developed regions. The study also highlights the importance of supporting the most developed regions in the country as they can play a crucial role in driving the country's economic growth and prosperity.
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This survey of the literature on the convergence of carbon dioxide (CO2) emissions informs researchers on areas for future research by summarizing the countries examined, the…
Abstract
Purpose
This survey of the literature on the convergence of carbon dioxide (CO2) emissions informs researchers on areas for future research by summarizing the countries examined, the types of convergence tested and the methodological approaches undertaken.
Design/methodology/approach
This survey examines peer-reviewed empirical studies of CO2 emissions convergence with respect to country coverage and alternative approaches to test for various types of convergence.
Findings
For large multicountry studies, the support for convergence is quite limited. However, studies focused exclusively on a subset of countries defined by income classification, geographic region or institutional structure reveal the finding of convergence is more prevalent. Studies at the subnational level have primarily been in the cases of the US and China with the exception of two studies across industry sectors in Portugal and Sweden.
Research limitations/implications
This study focuses exclusively on peer-reviewed published studies.
Practical implications
This study is relevant to the design of mitigation strategies to reduce CO2 emissions and the assumption of convergence underlying climate change models.
Social implications
As a major component of greenhouse gas emissions, CO2 emissions is of global importance in its impact on the environment and climate change.
Originality/value
This study provides the most recent and comprehensive survey of the empirical literature on the convergence of CO2 emissions.
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Bruvine Orchidée Mazonga Mfoutou and Yuan Tao Xie
This study aims to examine the solvency and performance persistence of defined benefit private and public pension plans (DBPPs) in the Republic of Congo.
Abstract
Purpose
This study aims to examine the solvency and performance persistence of defined benefit private and public pension plans (DBPPs) in the Republic of Congo.
Design/methodology/approach
The authors use the 2 × 2 contingency table approach and the time product ratio (TPR)-based cross-product ratio (CPR) on data covering ten years from 2011 to 2020, with variable funded ratios and excess returns, to determine the solvency and performance persistence of defined benefit pension plans.
Findings
The authors document a lack of solvency and performance persistence in DBPP funds. They conclude that the solvency and performance of DBPP funds are not repetitive. The previous year's private and public defined benefit pension funds’ results do not repeat in the current year. Hence, the current solvency and performance of defined benefit pension funds are not good predictors of future funds' solvency and performance.
Originality/value
To the best of the authors’ knowledge, this study is the first to combine solvency and performance to examine the persistence of defined benefit pension plans in sub-Saharan Africa.
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