Ekonomika 2013 92(3)
Abstract. The aim of the study is to analyze the EU trade policy in the age of the World Trade Organization (WTO) crisis. In addition to the WTO membership and a number of international agreements within this organisation, the EU is a party to many bilateral trade agreements and negotiating further. It is the side effect of the protracted negotiations in the WTO under the Doha Development Round. The paper discusses the process of proliferation of bilateral trade agreements in the world economy and its importance for the EU. The article is divided into three parts. Part One identifies the determinants of the WTO crisis. Part Two discusses the process of proliferation of bilateral trade agreements in the world economy. Part Three analyzes the EU trade policy and the system of the EU preferential trade agreements. It also examines trade relations of the EU with the Republic of Korea, India, and the United States of America as an illustration of the new EU trade strategy.
Key words: bilateralism, European Union, common commercial policy, World Trade Organisation
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13ECONOMIC AND INSTITUTIONAL FUNDAMENTALS OF THE DIVERGENCE OF DEVELOPMENT PATHS IN CENTRAL AND EASTERN EUROPE
Yuriy BilenkoAbstract. An analysis of the divergence of economic development paths of Eastern European countries (Poland, Hungary, Latvia, Lithuania, Czech Republic, Slovakia, Slovenia) that joined the EU in 2004 and of the European post-Soviet states (Ukraine, Russia, Belarus, Moldova) for the past twenty years with an emphasis on trade and financial openness is carried out in the article. A detailed description of institutional mechanisms and institutional changes in the economies of these two groups of countries is presented. In my opinion, in order to ensure a sustainable economic development and sustainable economic growth, the macroeconomic equilibrium has to be supplemented by the institutional equilibrium. The equilibrium criteria have to match the actual functions of the institutions, assigned to them by society, and contribute to the development of the whole society along with formation of the middle class.
Key words: economic development, economic growth, institutional change, transition economy, Central and Eastern Europe
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ANALYSIS OF THE ECB MONETARY POLICY MATCH FOR THE NEEDS OF THE EURO AREA COUNTRIES NEEDS
Tomas ReichenbachasAbstract. In this paper, using the Taylor rule (Taylor, 1993), the European Central Bank (ECB) monetary policy in 2000–2012, as well as individual interest rate needs of the euro area (EA) countries are analysed. It is assumed that the estimated Taylor rule interest rates are optimal for individual members. We have analysed whether the actual ECB interest rates and the calculated rates are different and have become more balanced towards individual countries’ needs. The work focuses attention on the last period (2008–2012) when the EA faced economic problems and an asymmetric shock. The analysis shows controversial results: on the one hand, the interest deviation mean decreases (just a little), but an increasing gap between individual needs can be seen: some countries are becoming increasingly divorced from the general EA needs. It makes them very vulnerable, and there is a risk that these countries in the face of asymmetric challenges can be “left behind” by the ECB focusing on the EA as a whole. Also, in this paper, the stationarity of the calculated deviations is analysed to help understand their nature. This approach is new, and the author is unaware of similar works. Analysis of the optimal interest rate dynamics has revealed that Germany needed the interest rates that were opposite to the needs of Spain and Greece and susceptible to divergence, so this led to the ECB difficulties in determining the proper interest for all countries’ needs. The EA as a currency area is most optimal for Belgium, Cyprus, Finland, France, Italy, and the Netherlands from the interest rate setting perspective.
Key words: the Taylor rule, optimal monetary policy, asymmetric shocks, optimal currency area
12INTERFIRM RELATIONSHIPS: EVOLUTIONARY PERSPECTIVE
Ewa Stańczyk-HugietAbstract. The aim of the study was to demonstrate that the inter-organizational relationships form the framework of modern business. The common analysis of interfirm relationships is based exclusively on the relational view. The article is focused on the evolutionary and relational approach to management. In this respect, relationships are exemplified in the form of the adaptation mechanism used in the environment while making a selection. The author argues that organizational relationships are an expression of the variation processes that organizations use as the mechanisms of adaptation. Such a perspective is an original approach to the explanation of evolution and of the mechanisms of contemporary competitive advantage.
The article is based on the reasoning based on a critical analysis of the existing research in this area, supported by results of the author’s own qualitative research.
The main findings of the study outline the possibilities to survive in the current business settings and are related to the relationships; in a wider sense, interfirm relationships are an important mechanism driving evolution.
Key words: evolution, interfirm relationships, variation, adaptation
12THE SAFE CEILING OF LITHUANIAN BUDGET DEFICIT
Arvydas KregždėAbstract. The paper deals with the impact of the budget deficit on the outstanding debt of Lithuania. The ceiling of 3%, which is set in the Maastricht Treaty, is used as a benchmark to simulate changes of the outstanding debt. In addition, the influence of the interest paid on the debt to the primary budget deficit is analysed. The analysis shows that the rule of the Maastricht Ttreaty concerning the ceiling of 3% for a budget deficit is not sufficient to have a steady or non-increasing state of the debt of Lithuania. Great varieties of GDP growth and the initial outstanding stock of the debt in the EU countries allow a very substantial growth of the debt as well as a decrease of the debt for an individual country, despite the limit of 3% being in place. In order to a have non-increasing debt of Lithuania, the ceiling of the budget deficit should be flexible and lower than that set by the Maastricht Treaty. The conclusion is based on statistical data of the EU countries and the model of integral presentation form of the debt applied in the Lithuanian case.
Key words: budget, deficit, debt, sustainability
11Abstract. This paper deals with changes in social policy (social security and health care) in the three Baltic states over the last decade. It seeks to elucidate the emerging differences among the three Baltic states in their social policy arrangements. The study employs inductive methods for the analysis of social security institutions, pursuing a comparative institutional analysis by means of macro level descriptive statistics. The paper demonstrates that in the period 2008–2012, the differences among the three countries in social policy arrangements have exacerbated. Estonia has handled the global financial crisis much better and managed to keep more solidarity and universalism in so cial policy as well as higher benefit levels as compared with Latvia and Lithuania.
Key words: social security, health care, Baltic states, welfare state, differences
11HUMAN CAPITAL OF POLISH NON-GOVERNMENTAL ORGANISATIONS: FROM MACROECONOMIC CONTEXT TO MICROECONOMIC IMPLICATIONS
Tomasz DyczkowskiAbstract. The paper1 aims at emphasizing the importance of a proper recognition and disclosure of human capital in non-governmental organizations (NGOs) on the example of Poland. Although NGOs do significantly contribute to social well-being, the economic focus paid to commercial businesses and public institutions causes that a scope of civil initiatives is not recognised to a sufficient extent. It is, therefore, a role of the Third Sector to promote its activities and to inform extensively on the effects generated. The issue which requires particular attention in this respect is the human capital which propels all benevolent activities.
The author analyses, firstly, the historic, economic, and legal circumstances that shaped the modern Third Sector in Poland. Subsequently, an analysis of human resources available to Polish NGOs in comparison to the situation of their German and British counterparts is conducted. The results of a study on the attractiveness of the non-governmental sector as an employer are discussed next. The paper is concluded with a presentation of methods which enable to quantify and valuate human capital in a non-commercial environment, including the ratios used to monitor the development of that capital.
The results presented in the paper clearly demonstrate that it was possible due to involvement of socially sensitive people to rebuild social activities in Poland after the long period of the state’s exclusivity in defining and addressing social issues. Those people made the initial human resources of Polish NGOs as their members, governors or volunteers. Nonetheless, the development of a comprehensive legal framework stimulating co-operation between the state and NGOs, and an extensive use of European funds helped to extend the labour force of the sector by 120 000 employees. A priority for now proves to be sustaining that growth by attracting young people. The results of the author’s study on the perception of the Third Sector by students show that most of them still know NGOs from mass media only, and one third of them would not consider working for an NGO in future. On the other hand, opinions of those who already work in a non-commercial environment prove to be positive, what entitles to formulate the conclusion that a better knowledge of the ways NGOs work is vital to build their human capital. If social managers develop proper systems of measuring and reporting human capital, such as the one presented in the paper, they will gain a tool to demonstrate that human capital of their organisations is used to make social initiatives as effective and efficient as possible.
Key words: non-governmental organisation (NGO), the Third Sector, human resources, human capital
10LABOUR MARKET TRENDS AND THEIR IMPACT ON HUMAN RESOURCE MANAGEMENT IN LITHUANIAN COMPANIES
Rima Česynienė, Danutė Diskienė, Asta StankevičienėAbstract. During the last decades, organizations operate in changing labour market conditions. Labour markets of many countries, including Lithuania, are in a continuous state of changes which demand a new approach to the management of human resources. The purpose of this study was to identify the key factors that transform labour markets and to outline how this transformation is impacting human resource management practices, particularly human resource specialists’ functions and competences. To achieve this purpose, a detailed review of literature was performed and a research based on the questionnaire method was conducted in 2011–2012 in 92 Lithuanian companies. The research included 160 respondents – specialists of human resources
departments. The research has demonstrated that, in the changing labour market conditions, the functions of human resource specialists have become more diverse and are increasingly directed towards fulfilling the needs of the business.
Key words: labour market, human resource management, functions, competences
13FAMILY POLICY AND ITS REALIZATION TRENDS IN LITHUANIA FOR 2005–2012
Vytautas Gavelis, Evaldas VisockasAbstract. The purpose of the article is an overview of the objectives and criteria of theclassification used in state family policy in the sphere of economic relations, a discussion of family policy types and sub-types, relations between forms and types, and their characteristics in contemporary conditions. It discloses the significance of a systemic approach to family policy, emphasizes that family policy can be investigated both as a separate system and as a subsystem emphasizes that a particular family policy must reflect the inherent relations of the subsystems and components, i.e. an implementation area of family policy, its targets, goals, priorities, directions and state’s ability to provide economic support draws attention to the fact that family policy should be associated not only with the family as a general institution but also with individual family forms, describes the trends of public financial social assistance for families raising children and for poor residents in 2005–2012.
Key words: family policy, types of family policy, family forms, benefits for families raising children, financial social assistance for poor residents
3ASSESSMENT OF THE FINANCIAL POSITION OF A COMPANY: THEORETICAL ASPECT
ASSESSMENT OF THE FINANCIAL POSITION OF A COMPANY: THEORETICAL ASPECTAbstract. The article provides evidence on company’s financial position and its perspectives depending on rational methods of analysis providing reliable and exact evaluations. It is stated that if the absolute and relative financial indicators are not provided, indicator standardization and the analysis of standardized values are not defined, and the complex indicator which shows the synthetic financial position of a company is not presented; without the analysis and assessment of structural changes of the indicator it would be difficult to ensure a company’s successful position in the competitive environment. The article presents methods of analysis of the compound indicator structural changes.
Key words: financial position, methods of analysis, analysis of compound indicator structure
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