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Studies and researches
Vol. 14 Issue 1 - 6/2022
Female Labour Force Participation and the Economic Development in Egypt
Economic literature highlights the vital role that women can play in enhancing the economic development of nations. However, there is still gender inequality in developing countries, especially in education and labour market participation. Although women represent nearly half of the population in Egypt, their labour force participation rate is still very low compared to men. This paper's primary goal is to investigate the short and long-run associations between female labour force participation and Egypt's GDP growth rate. The study used annual time series data from 1990-2019, where the vector error correction model (VECM) was employed. The study found that female labour force participation and the gross fixed capital formation growth rate can enhance the GDP growth rate in the long run. Nevertheless, there is no statistically significant relationship in the short run. This paper's main recommendations are that the Egyptian government needs to implement policies that encourage women's labour force participation and decrease gender inequality. These policies could be changes in legislation, modernization of social norms, Job flexibility, and increasing access to childcare. Moreover, they need to focus on both the demand and supply sides of the quality of female labour force participation by matching the women’s education with the creation of suitable jobs.

 

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Keywords:
Gender inequality, labour force participation, economic development, labour market, Egypt

JEL:
I21, D63, J16
Studies and researches
Vol. 14 Issue 1 - 6/2022
The Use of GARCH Autoregressive Models in Estimating and Forecasting the Crude Oil Volatility
Today, oil is one of the most popular commodities traded globally, due to its indispensable character and multiple properties offered to mankind. Increased attention is paid to the analysis of volatile and fluctuating trends in the overall price of this valuable energy source. Using the autoregressive conditional heteroskedasticity models such as GARCH(1,1), GARCH-M(1,1) and EGARCH(1,1), the present study has as a priority objective in estimating and predicting the volatility of the oil returns series (Brent Crude Oil return series) in the 1987-2022. The main results highlighted the preference in using the asymmetric model EGARCH (1,1) on the measurement of conditional variance, showing that Brent Crude Oil reacts over 90% to any existing market’s shock (i.e.: information, events, facts, news, etc.) in a negative manner/way. At the same time, various tests and evaluation conditions were used (ARCH-LM Test, Durbin-Waston Test, High Log likelihood, Lowest Schwarz Information Criteria) in investigating the level of performance in estimation the conditional crude oil volatility. Each GARCH (1,1) model is meeting brilliantly these conditions and acquiring the character of stability and validity in use. At the same time, performing forecast analysis on crude oil volatility in two different time periods: 1987-2022, respectively 2020-2022, it was shown that existence of the phenomenon of clustering-volatility over the time, with strong implications for the functioning mechanism of international financial markets. Fulfilling those restrictive conditions, the symmetric and parametric model GARCH-M (1,1) becomes, in our case, the most efficient model in forecasting the volatility of Brent Crude Oil return series in the analysed period. Read more
Keywords:
conditional variance, GARCH models, crude oil returns, clustering-volatility, COVID-19 Pandemic

JEL:
C10, C50, C53, C59, Q43
Studies and researches
Vol. 14 Issue 1 - 6/2022
University Outreach, Indigenous Knowledge, and Education: A Project with the Pataxó in Brazil
University outreach in Brazil is a way of inserting external society into the procedures and activities developed in the academic field. The objective of this study was to investigate the interaction between the Pataxó indigenous community and a Brazilian higher education institution for the implementation of a university outreach action. This action aimed to promote the training of teachers of this indigenous group to work in multigrade classrooms. The project’s construction began in 2018 through an institutional partnership involving the city hall of Porto Seguro, the Pataxó community, and the Federal Institute of Bahia. Based on the protagonism of the indigenous groups, the role of the higher education institution in programs involving traditional communities is discussed. The result indicates that the protagonism of the traditional community does not take away the powers of the institution that will offer the training but adds quality to an equitable relationship with the different sectors of Brazilian society. Read more
Keywords:
participatory education, university outreach, indigenous education, Pataxó

JEL:
X10
Studies and researches
Vol. 14 Issue 1 - 6/2022
Talent Retention: Analysis of the Antecedents of Talented Employees’ Intention to Stay in the Organizations
Given the today’s hypercompetitive labour market and the lack of human capital and talents, which is exacerbated by the COVID-19 pandemic, retaining talented employees is a big challenge for organizations. Human resources managers generally know that recruitment of talented and high performing employees is crucial for survival and sustainable competitiveness. There is a lot of academic research and discussions on which factors are the most effective in talent retention. The aim of this study was to analyse the antecedents of talented employees’ intention to stay with the organizations with an accent on selected demographic characteristics. The research sample consisted of 391 respondents - employees who have been identified as organizational talents (possibly included in the talent pool, if such exists in the organization). Data was collected using a questionnaire which, in addition to demographic characteristics, contained statements focusing on individual aspects of remaining in the organization. One of the aims of the study is to find out the deeper connections between the examined variables - to find out how and why the variables are correlated with each other through factor analysis. In order to determine the significance of the factors, inference statistics methods such as the Bartlett’s Test of Sphericity, the Kaiser-Meyer-Olkin test and the principal component analysis (PCA) were used. The influence of significant independent variables (demographic factors - gender, age, education, position held and length of employment in the organization) on the value of extracted factors was examined by means of ANOVA (Analysis of Variance). Read more
Keywords:
human resources, talent, talented employees, talent retention, COVID19

JEL:
M12, M54
Studies and researches
Vol. 14 Issue 1 - 6/2022
The Effects of Homeownership on Wealth Distribution
Within the broader context of new dimensions of poverty such as housing poverty, energy poverty, etc., this article describes dependencies between household income, real estate ownership and socio-economic trends. We argue that income is not the principal determinant for home ownership rate, but rather recent lifestyle changes can better explain the homeownership decreasing trend in developed economies. Job mobility, family formation determinants and demographical trends seem to find well-supported basis in literature and data. Using data for the US states we have proved that the decreasing rate of home ownership may be explained by social aspects of changing lifestyle such as increasing share of population moving from rural areas to cities, age of marriage, divorce rate, career-oriented lifestyle, rather than by the frequently cited price-income ratio. We have also observed a short-term correlation between financing availability and homeownership rate, but we conclude that property prices would adjust to lose monetary policy without any long-term effect on homeownership rate. It results that government or monetary policies aimed to cushion the housing unavailability (recently increasing value of price-income) ratio may distort the housing market. We propose a new insight in the housing availability discussion. Read more
Keywords:
home ownership, residential market, employment, household income

JEL:
E31, R21, R31
Studies and researches
Vol. 14 Issue 1 - 6/2022
Bitcoin is so Last Decade – How Decentralized Finance (DeFi) could Shape the Digital Economy
Ever since the Global Financial Crisis, the financial system has seen an accelerated level of innovation. Bitcoin offered a decentralized alternative to money, with thousands of other cryptoassets quickly emerging. Most recently, Decentralized Finance (DeFi) promises to offer a new digital economy, with smart contracts replacing the need for financial intermediaries. This new market aims to reinvent traditional financial products in a more transparent and interoperable way. In this paper we aim to undertake an extensive literature review of the financial stability risks posed by the fast-growing DeFi market and assess these using the Financial Stability Board’s fintech framework. We find that DeFi could pose several challenges to traditional financial infrastructure, primarily by increasing interlinkages between cryptoassets and traditional financial markets. However, if DeFi evolves in a safe way, it could increase competition and financial inclusion with overall positive implications for financial stability. Read more
Keywords:
DeFi, financial stability, fintech, cryptoasset, cryptocurrency

JEL:
O30, C88, E44, G29
Studies and researches
Vol. 14 Issue 1 - 6/2022
Current Labour Market Challenges in the Light of Future Economic and Demographic Developments
Economic growth and GDP growth have been dramatically affected by the COVID-19 pandemic. Both indicators are the factors that decisively affect the situation in the labour market, which is currently facing major challenges. One of the challenges is aging population. The number of the working- age population is declining, which may also have a significant impact on GDP growth in the future. The main purpose of the study is to analyse past and predicted GDP growth rates and the past and predicted shares of the working age population in the selected economies. Based on the analyses, the study attempts to identify the factors that are able to stimulate GDP growth while the size of working age population is predicted to shrink in the future. In the opening section of the empirical part, a comparison of the GDP evolution in China, Russia, USA, India, Slovakia and the EU is presented. Subsequently, long-term GDP and demographic forecasts are presented. It follows from the analyses that it is necessary to introduce new technologies to replace the shrinking workforce if sustainable economic growth is to achieve.

 

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Keywords:
Gross domestic product (GDP), covid-19, labour market, demography, new technologies

JEL:
F63, F66, J11
Studies and researches
Vol. 14 Issue 1 - 6/2022
Internationalisation of Higher Education – A View from the Bucharest University of Economic Studies
The present paper aims to provide up-to-date information on the internationalisation endeavours undertaken in the last five years by the Romanian topmost economic university – the Bucharest University of Economic Studies (ASE), based on ambitious goals set by means of its “Internationalisation Strategy” launched in 2016. We first briefly refer to key national and international literature on the internationalisation of higher education, and to the University’s international dimension since its establishment in 1913: the enrollment of foreign students, the presence of study programs in foreign languages, the existence of student exchange programs, cooperation agreements with universities from abroad etc. Next, the paper illustrates the measures taken since 2016 in four priority areas, where constant progress has been recorded: in-house internationalisation; internationalisation abroad; internationalisation of research; and consolidation of international prestige. The analyzed data are collected mainly from ASE’s International Relations Department, the Rector’s Annual Reports (2016-2019), but also from various pages of the institutional website. The discussion and conclusion sections highlight the contribution and limitations of this paper to the national literature in the field. Read more
Keywords:
Internationalisation of higher education, in-house internationalisation, international university rankings, Bucharest University of Economic Studies (ASE), Romania, internationalisation abroad;

JEL:
I23, A22, A23
Studies and researches
Vol. 14 Issue 1 - 6/2022
Turkish Imports of Strategic Products from Israel: Strategic Bonds amongst Turbulent Relations
During the last two decades, Turkish-Israeli relations were downgraded from a strategic importance status to an almost hostile one. At the same time, the trade between these two countries has not been affected at all by this negative development. Even though this paradox has already been noticed in the relevant literature, scholarly works have not yet focused on the study of the strategic trade between these two countries in order to examine deeper this contradictory trade-foreign relations interaction. Taking into account that the bilateral relations reached a bottom level only after a political change in Turkey in 2002, the present paper focuses on the strategic products that Turkey imported from Israel. Therefore, the paper addresses the question whether the latter turbulent Turkish-Israeli relations have affected the Turkish imports of strategic products from Israel. To this research question, the paper hypothesizes that the unfavorable climate of the bilateral relations had a quite negative impact on the imports of such products from Israel. Thus, the aim of the paper is to study these imports of strategic products in terms of size and magnitude in order to explore their role in the overall imports of Turkey from Israel and the bilateral relations of these two countries, as well. To achieve this aim, the paper analyzes the quantitative data of Turkish imports from Israel concerning a number of strategic products, from 1995 to 2019, employing descriptive and correlation statistics. The research results reveal that strategic products constitute the main content of the imports of Turkey from Israel, while their trading took place mainly during the years when the bilateral relations had been severely deteriorated. Therefore, the role of strategic products is proved fundamental for the trade and foreign relations between Turkey and Israel.

 

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Keywords:
strategic trade, imports, foreign relations, Turkey, Israel

JEL:
F14, F50, P45
Studies and researches
Vol. 14 Issue 1 - 6/2022
Mapping the COVID-19 Economy: An Exploratory Bibliometric Analysis
In recent decades, the COVID-19 pandemic is the biggest social and economic crisis that has influenced all aspects of human life. The main purpose of this research paper is to yield a bibliometric analysis in terms of research papers regarding the influence of the SARS-CoV-2 virus on the international economy. Accordingly, the findings will reveal the papers written in the domains of economics, business and business finance, management, hospitality, leisure, sport and tourism. Thus, current areas of research were examined and future study may be proposed. The analysis shows key information concerning the authors, journals, countries and keywords. It may be acknowledged that the COVID-19 pandemic was of utmost importance for the worldwide researchers. Our judgments and recommendations are supposed to act as a framework to possible research opportunities and conspicuous implications for the economic area. Read more
Keywords:
COVID-19, bibliometric analysis, global economy, COVID-19 economy

JEL:
F40, F49, E71
Studies and researches
Vol. 14 Issue 1 - 6/2022
Literature Review of Economic and Regional Development through Quantitative Methods and Social Network Analysis
Economic and Regional Development is a subject of research that is not recent in the international literature. The unequal spatial distribution of income, economic opportunities and activities has attracted the interest of a large number of researchers in recent decades. The studies focused on the spatial disparities between the regions and their evolution over time using statistical analysis methods. In this paper we present a systematic review of the existing literature of economic and regional development through quantitative methods and social network analysis. Via research questions we summarize the different research approaches and offer a discussion and suggestions for future research. To what extent has regional development been studied by quantitative methods? How is research evolving in regional development of the European Union? Has Social Network Analysis been used in the context of regional development? This paper attempts to go one step further and introduce the use of techniques and methods of Social Network Analysis in Economic and Regional Development. Read more
Keywords:
economic development, regional analysis, quantitative methods, social network analysis

JEL:
F63, R11, C10, D85
Studies and researches
Vol. 14 Issue 1 - 6/2022
Proference: Behavioural Mix Between Propensity and Preference on Financial Market
The origin of economic preference is still disputable inside general economic theory and, especially, inside microeconomics (more specifically, regarding financial market functioning). The invariant vs. adjustable nature, or the objective vs. subjective character of the economic preference are within the core of conceptual, methodological, and instrumental debates and controversies. The paper enters this polemic with a new proposal, namely a model which builds, for the behaviour on financial market, the concept of propensity (coined by Karl Popper), from the objective/invariant side, and the concept of preference, as a behavioural mix which could be named as proference. To this end, the normative framework of society, viewed as a cultural geodesic will is aimed at to give the relative stability to the preference which, in turn, will act in an adaptive way on the cultural geodesic, in an evolutionary circular causality. Therefore, a new mechanism of financial market functioning – which could be named as Proference-Based Market Hypothesis (PBMH) – is proposed and (in its essential features) discussed. The main findings of the research are: a) although the economic preference is, generally, idiosincratic, however it is (necessarily) anchored to a quasi-objectified (not objective!) pillar, namely, to the cultural geodesic of the society as a whole; b) any economic preference is adaptive, and its adaptivity is so that it enters a co-evolution process with the cultural geodesic; c) in fact, on the financial market we always meet the preference, never we meet neither the propensity (that is, the cultural geodesic per se), nor the preference (that is, the idiosyncrasy per se); d) the concept of preference should be taken over by the financial theory and introduced into the logical and quantitative models of the financial market.

 

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Keywords:
proference, propensity, preference, financial market, behaviour

JEL:
B41, D40, D81
Young researchers
Vol. 14 Issue 1 - 6/2022
Similarities between Stock Market Reactions during the 2007 Financial Crisis and the 2020-2021 Coronavirus Pandemic. Correlation and Cointegration Analyses
In light of two recent global economic shocks, the global financial crisis of 2007/08 and the COVID-19 pandemic, this paper analyzes the relationships between global shocks and the national stock markets, looking to trends in volatility for the leading stock indices in six CEE countries, namely Austria, Bulgaria, Czech Republic, Hungary, Poland, and Romania, and indices from Germany (DAX) and the United States (S&P 500). The selected indices include the largest domestic companies in each country and make up most of the domestic market capitalization. For the analysis we used Garman-Klass (GK) volatility estimator, as the volatility was considered the most important proxy for market uncertainty. Then we used a simple correlation matrix to show initial tendencies. Also, the Johansen's test was used to determine if the indices are cointegrated and if this relationship has changed significantly in the non-crisis periods. We analyze Granger causality and the network approach as proposed by Diebold and Yilmaz (2015). The GK volatility results were individualized in three periods: 2007-2011 as a proxy for the global financial crisis and European sovereign debt; 2012-2019 representing a period of economic recovery and ultimately 2020-2021 representing the data points for the COVID-19 global pandemic. We find that particularly during periods of global distress, correlations between patterns of volatility for the stock market indices from these countries increase, and they exhibit stronger patterns of cointegration. These findings highlight the increasing connectivity in global financial markets and added challenges in crafting portfolio diversification strategies based on geography of stock holdings. Read more
Keywords:
COVID-19, stock market, financial crisis, volatility

JEL:
G01, G40
Young researchers
Vol. 14 Issue 1 - 6/2022
The Need for Reform of Financial Markets in Times of Crisis in Emerging Economies: The Case of Lebanon

While many countries were confronting immense financial crises, Lebanon was one of the few countries that were able to withstand the dramatic consequences of the crises despite suffering from decades of geopolitical and financial instability. However, the burdened capital structure of Lebanon was overstrained by the incrementing cost of borrowing. The actual beneficiary from the latter financial model was the domestic banking sector. This sponsored the process of attracting customer deposits to be reinvested in the government debt issued by different Lebanese governments for securing the funds needed in financing the process of the development and reconstruction following decades of continuous war and destruction.

The Lebanese financial system was abridged by redirecting the investors in the financial sector towards placing their capitals in customer deposit schemes with the domestic banks rather than channeling the capitals towards other economic sectors. In fact, the incentive for the investors was designated in the high yields secured by the reinvestment opportunity in the government debt that has been rising every day to reach historic records while the incentive for the domestic banks remained the conventional scheme of premiums charged for intermediation between the lender and the borrower. The latter process led to increase the concentration risk of customer deposits as liabilities on the balance sheets of the local banks.

This research study aims at demonstrating the feasibility of the implementation of a scientific reform by interpreting the recognition of modern investment alternatives for the investors in the Lebanese financial sector while securing the same funding level for the Lebanese government and governing the roles of the sponsoring banks. The study will adopt referenced fundamental and technical interpretation and arguments to emphasize the necessity of launching a new era of investment derived from stimulating the domestic financial market by activating and incentivizing the role of country’s stock exchange.

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Keywords:
financial market, emerging economy, times of crisis, Lebanon

JEL:
F36, B26, P34
Studies and researches
Vol. 14 Issue 1 - 6/2022
Users’ Feedback about a Digital Well-being System
In this research, we investigated the users’ feedback to understand the requirements of Turkish users of a digital well-being system which maximizes users happiness. We focus on the software features that persuade digital well-being system users to increase their happiness. Fifteen digital addicted university students participated to the surveys and the interviews. A simple wireframe was designed to share a content-intensive simple image. Users focused on features. In addition, the participants gave feedback about the system while using the application about their happiness. Users’ needs were asked depending on the users’ feedback. Based on users' feedback, we list the software features they would like to have in their digital well-being system to manage their happiness. Read more
Keywords:
digital well-being systems, software users’ feedback, software requirements, persuasive technology

JEL:
I31, O39
Studies and researches
Vol. 14 Issue 1 - 6/2022
COVID-19 Pandemic: New Opportunities for Employment and Education?
The economic consequences of the COVID-19 pandemic are, and of course in the future will be, serious. These consequences are very often foundable also in labour market and education. Some of them are not only problems, but also new opportunities: improving of working conditions, modernising employment services and making them more flexible, strengthening employment and social protection systems, family-friendly working time, promoting lifelong learning opportunities, strengthening digital skills, etc. The paper focuses on different approaches and responses to changes in society caused by the COVID-19 pandemic. There are currently various scientific sources analyzing the threats initiated by the pandemic and their effects on various areas of human activity, including employment and education. However, every crisis can be taken also as an opportunity. This paper therefore primarily deals with the opportunities that the current crisis brings, especially in the field of employment and education. The paper is based on assessment of analyses (literary research) provided by international institutions such as the International Labour Office (ILO), and documents and other research studies prepared and published by the European Union or OECD. Read more
Keywords:
COVID-19 pandemic, employment, labour market, education, opportunities

JEL:
F60, I00, J00
Studies and researches
Vol. 14 Issue 1 - 6/2022
Revising the Curriculum of Governance Teaching Post COVID-19
Governance has become a common part of teaching curriculums for most business schools, public administration schools and other related faculties. This paper questions the content of governance curriculums taught before COVID-19 pandemic in 5 European countries and provides a comparative assessment. Research findings indicate that apart from teaching general governance courses, governance is most often taught as specific for certain organizational or industrial context. This is followed with governance from perspective of leadership and change management, but also governance within business administration discipline of strategy. However, the intensity of governance as a topic within curriculums differs significantly. Only limited number of curriculums include resilience topics which have proven their importance during COVID-19 pandemic. Findings of this paper can be used to develop unitary and internationalized curriculums on governance studies at European universities in a post COVID-19 world. Read more
Keywords:
governance, teaching curriculum, resilience, COVID-19

JEL:
I21, I23, G34
EJIS is published under the research grant no. 91-058/2007 The Development of Interdisciplinary Academic Research Aimed at Enhancing the Romanian Universities International Competitiveness, coordinated by The Bucharest University of Economic Studies and financed by CNMP Romania.
The Call for Papers is:

OPEN

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