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Abstract

The main purpose of this paper is to study the functional distribution of income in Portugal in the long run, considering the period between 1953 and 2017. The labour share in income or value added depends on two fundamental variables, labour productivity and the average labour compensation. The trends of these variables are quantified for the aggregate economy and for its main productive sectors. An interesting result emerges, namely the different dynamics across sectors, both for the (unadjusted) wage share (considering only the wages of employees) and for the adjusted labour share (considering also as labour compensation one fraction of mixed income). Moreover, a shift-share analysis is used, in order to distinguish the importance of each sector's wage share evolution (“within” effect) and the changes in each sector's weight (structural changes, or “between” effect). Finally, a first attempt to incorporate the effect of wage inequality on the functional distribution of income is made, subtracting the labour compensation of the highest paid workers (top 10%, 5% and 1%) in order to calculate the wage share of the (so-called) "typical" workers.

Open access

Abstract

It is now becoming widely accepted that our economy has reached the limits both in terms of the carrying capacity of our planet and in terms of bringing real social justice to the table. Degrowth is a research area that aims to transcend mainstream approaches. While moving beyond the growth paradigm would entail serious changes in all areas of social life and Degrowth research extends into most of them, the transformation of sports is not among them. Neither is Degrowth a recognised concept among those who deal with sports. The participatory backcasting research introduced in this paper attempts to fill this void. In the backcasting project, master students of sports economics envisioned the sustainable future of sports and identified potential intervention steps that lead towards such normative states. This paper describes the results and assesses those elements that aim for strong sustainability. The results show that relocalisation and the sharing economy are the most accepted Degrowth concepts in a normative scenario on sustainable sports in this group. At the same time, the paper offers frameworks of thoughts for those who want to move beyond the slogans of sustainability either as responsible citizens or in positions related to the world of sports.

Open access

Abstract

The article discusses how and why Green Recovery could be beneficial for the Visegrad countries based on a modelling exercise using the E3ME macroeconometric model. Green Recovery is defined as including policies in recovery plans that not only target economic recovery, but also contribute to environmental targets. The paper proposes that a Green Recovery could be valuable and suitable for the region contributing to both restoring employment and boosting economic activity as well as reaching climate goals. This is tested through a macroeconomic simulation, using the E3ME model. E3ME is built on Post-Keynesian economic theory and on econometric estimations of macroeconomic relationships. The results of the analysis focus on three dimensions: (1) social – employment, (2) environmental – level of CO2 emissions and (3) economic activity – gross domestic product (GDP). Outcomes indicate that a green recovery can shorten the time needed for employment and economic recovery as well as contributes to CO2 emission reductions. In Hungary, Czechia and Poland, the impact persists into the long-term; however, the paper also concludes that countries with high reliance on coal (e.g. Poland) could return to coal in the long term if no further policies are introduced.

Open access

Abstract

In recent years, the city of Veszprém was able to obtain several significant achievements concerning its green branding: it was awarded the “Hungary in Bloom” and the “Climate Star” titles together with the “Gold” prize of the Entente Florale Europe award and the special “President’s Award for the Restoration of a Public Open Space”. This case study examines the impact and results of the preparation work and participation in national and an international green branding contests on destination marketing and city image through the analysis of the literature and structured interviews with the theme specialists of the contests. The implications of the research, based on the result of displaying the future vision of Veszprém, offer best practice advice for communities that are considering using green branding tools such as entering a horticultural contest. The results of the research confirm that a potential winning entry, apart from having an attractive cityscape, needs to meet the more novel assessment criteria of these contests as well, i.e. the development of family friendly and accessible infrastructure, multilingual tourist information and digital accessibility.

Open access

Abstract

In a higher education institution, perceptions and values are split due to the emergence of subcultures, and market orientation is split into competitive, customer (student) and interfunctional orientation. This study seeks to shed light on the concept of market orientation in this context through a comparison of perceptions and values of market orientation in subcultures in a higher education institution in Hungary and consider avenues for potential best practice. Through a mixed method approach, subcultures are identified and are found to exhibit a combination of overlapping and disparate market-oriented values and perceptions. Market orientation is found to be a continuum and affected by an array of latent variables, such as level of support (institutional and collegial), attitudes to performance appraisal and extent of external focus. Management must tailor the initial message of a market orientation strategy to the shared values at the organizational level, and then adjust the message and incentives to each subculture. In this way, management can create an atmosphere of cohesion, whilst addressing diversity in subcultures.

Open access

Abstract

We explore to what extent official interest rate changes can potentially in a procyclical manner impact different financial cycle indicators (credit/GDP, debt service ratio, house prices and stock market indices). We test this on data covering 1995−2016 in 21 countries and the euro area using the Concordance index and Monetary policy procyclicality ratio. Results show that this was not a widespread phenomenon, but there was significant heterogenenity across countries. The procyclicality of interest rate changes was usually higher when financial cycle gaps were increasing and lower when they were decreasing. On average, central banks in several larger economies were running potentially less procyclical monetary policy than those in the smaller ones. The resulting propensity of conflicts between achieving price and financial stability by central banks was low, as only in 10% of the cases the objectives were conflicting (usually when inflation was below the target and the credit cycle was in an expansion phase).

Full access

Abstract

The big waves of change in state ownership in the 20th-century Europe moved in the same direction ‒ either nationalization or privatization. Yet this homogeneity has fallen apart in the last decade: globally and within several countries, the two directions have changed quickly or even have been appearing in parallel. So, it is worth returning to the question: what is the reason for these reversals? Are there any cycles in the extension and contraction of public ownership? Most studies in this field analyse nationalizations and privatizations separately. They examine closely the aims and motivations, but remarkably few focuses on the causes of changes in direction. Based on the lessons of these latter analyses, this paper attempts to interpret the expansion and contraction of public property within an integrated framework, identifying the emergency situations as key factors of fluctuation. The central role of crises in ownership changes is not fundamentally new in the literature. The novelty of the recent approach is the attempt to unfold the mechanism of their impact, including also the explanation why the previously uniform direction of big waves has been broken up after 2008. We argue that the main reason behind the parallel occurrence of large-scale nationalizations and privatizations in this period is the eclipse of a dominant economic-policy (and theoretical) paradigm, rendering the previously firm background of ownership waves uncertain.

Open access

Abstract

The paper proposes the construction of a multi-speed, multi-track and multi-level European Union framework as a way to increase the flexibility of the integration process and facilitate inter-country conflict resolution. The paper shows that this malleable framework is superior, even for sensitive macroeconomic spillover issues like monetary union and immigration.

Full access

Abstract

The paper presents a comprehensive overview of the public health system in the separatist Trasnistrian region of Moldova, an analytically unorthodox undertaking, as this entails looking at the health system of a fragile breakaway state-like entity, a set of circumstances that — rather inevitably, it seems — may define certain basic features of the health system at hand. Attention will be dedicated to outlining the main challenges the region's public health system faces, for instance, concerning the spread of infectious diseases such as tuberculosis, HIV/AIDS, and SARS-CoV-2. Studying the impact of the coronavirus pandemic can especially serve as a litmus test of the available capacities in Transnistria to deal with public health challenges: facing a novel pathogen, and the related disease and epidemic which threaten to overburden the local institutions. A key question examined here, through the example of Transnistria, is the degree to which international support to the region and the increasing cooperation with the internationally recognized state of Moldova are indispensable for public health security in the unrecognized state.

Open access

Abstract

Crowdfunding is a disruptive innovation and has provoked interest as a new way of raising finance. The objective of our research was to analyse both the demand and supply sides of the crowdfunding ecosystem. The study used two methods. The first was a database analysis of 259,114 Kickstarter campaigns. The second was a survey on public awareness of crowdfunding in Hungary, from the perspective of 132 potential investors. The findings suggest several success factors that may be useful for campaign launchers: (1) appealing project presentation; (2) diverse pool of rewards; (3) realistic set of funding goals; (4) appropriate categories and sums of pledges; and (5) frequent communication and satisfactory information about the campaign. Furthermore, the study revealed the differences between the potential investors' expectations and the reality of crowdfunding practices.

Open access