Certyfikat jakości 
kształcenia dla WNE

WNE Centrum
Egzaminacyjnym EBC*L 

WP9. Study on Benefit Transfer in an International Setting. How to Improve Welfare Estimates in the Case of the Countries' Income Heterogeneity?


The paper aims at investigating the validity of benefit transfer in the case of transfers between countries highly heterogeneous in income, and demonstrates relative performance of different benefit transfer methods under these conditions. We examine how income elasticity of WTP varies in line with the levels of income in order to provide scientifically sound elasticity factor for adjusting transferred welfare estimates. In addition, we have noted that using site-specific measures of income substantially outperforms transfers based on GPD per capita. The results provide conclusions for the future benefit transfers between countries differentiated by income. The accuracy of benefit transfer is compared using equivalence testing following the TOSC test; a new, more informative way of reporting equivalence is proposed and developed, based on computing minimum tolerance level rather than specifying it a priori. The empirical studies are one of the first applications of virtually the same study settings and questionnaires in an environmental quality context, what supplements a few previously existing applications in health effects settings. Lake water quality valuation studies were conducted in two countries in transition - Poland and the Czech Republic - that reflected the earlier studies carried out in Norway and Germany. The use of the same questionnaires and scenarios allowed to control for survey artefacts that could possibly bias the willingness to pay. The welfare estimates collected at four different sites provided a wide base for testing the benefit transfer and comparing the performance of methods to improve the transfer accuracy. Finally, the guidelines for future applications have been offered, as particularly valuable for benefit transfers between countries highly heterogeneous in income.
Mikołaj Czajkowski Milan Ščasný

WP8. Analysis of HF data on the WSE in the context of EMH


This paper focuses on one of the heavily tested issue in the contemporary finance, i.e. efficient market hypothesis (EMH). The existing evidence in the literature is ambiguous. For some markets the departure from efficiency is observed only when High Frequency (HF) data are analysed. Therefore, we verify efficient market hypothesis (EMH) basing our analysis on 5-minute data for WIG20 index futures quoted on the Warsaw Stock Exchange (WSE). We use robust regression that assigns the higher weights to the better behaved observations in order to verify the existence of daily and hourly effects. Our results indicate that the day of the week effect and hour of the day effect are observed. What is more important is the existence of strong open jump effect for all days except Wednesday and positive day effect for Monday. Considering the hour of the day effect we observe positive, persistent and significant open jump effect and the end of session effect. Aforementioned results confirm our initial hypothesis that Polish stock market is not efficient in the information sense.
Robert Ślepaczuk Paweł Strawiński

WP7. Unemployment Convergence in Transition


In this paper an attempt is made to inquire the dynamics of regional unemployment rates in transition economies. We use policy relevant NUTS4 unemployment rates for transition economies characterised by both relatively intense (Poland, Slovaka) and relatively mild labour market hardships (namely Czech Republic). We apply diverse analytical techniques to seek traces of convergence, including beta - and sigma-convergence as well as time-series approach. Results in each of the countries suggest no support in favour of beta-type convergence, i.e. convergence of levels. Even controlling for nation-wide labour market outlooks (conditional convergence) does not provide any support to this hypothesis. Further, regions with both very high and very low unemployment show signs of high persistence and low mobility in the national distribution, while the middle ones tend to demonstrate higher mobility and essentially no regional unemployment differentials persistence. This diagnosis is confirmed by sigma-convergence analysis which indicates no general divergence or convergence patterns. Transitions seem to be more frequent, but at the same time less sustainable for middle range districts, while movements up and down the ladder occur frequently for the same districts. Findings allow to define the patterns of local labour market dynamics, pointing to differentiated divergence paths. Importantly, these tendencies persists despite cohesion policies financing schemes, which allocate relatively more resources to deprived regions in all these countries.
Piotr Wójcik Joanna Tyrowicz David Katrencik

WP6. Foreign Debt And Domestic Savings In Developing Countries


This paper approaches the question of potential causality between foreign debt and domestic savings in the context of developing countries. Literature provides evidence in as far as foreign debt and development is concerned, but little attention was given so far to internal potential for capital formation. We provide a theoretical framework and test its relevance using 1975-2004 data for two groups of countries: sub-Saharan Africa and Latin America with the Caribbean. With the use of instrumental variables we find negative impact of foreign debt on domestic savings especially in the long run. The results are not susceptible to the choice of countries or outliers. However, the relationship between foreign debt and savings seems to depend on debt accumulation gaining significance only after passing a country specific threshold.
Joanna Tyrowicz Luke Emeka Okafor

WP5. Shadow economy and its relations with tax system and state budget in Poland 1995-2007


In this paper, results of the research on measurement of shadow economy in Poland in the period 1995 - 2007 are presented. This research is motivated by controversial existing estimates. First, some definitions of shadow economy are reviewed. Then, on the basis of monetary methods, an econometric model for currency demand is built. Using estimation results, the size of shadow economy is assessed. According to these estimates shadow economy declined in the period 1995 - 2007 starting from 40% of GDP in 1995 and reaching about 10% of GDP in 2007. The paper also analyses relations between shadow economy, state budget and tax system. Measures for these relations are discussed and a Vector Autoregressive model is estimated. Impulse Reaction Functions are drawn, showing that an increase in indirect tax burden enlarges shadow economy. A contrary effect arises due to an increase in a) direct tax burden, b) budget balance.
Stanisław Cichocki

WP4. How Much (E)S in CSR?


This paper approaches the problem of CSR in the context of social economy development in New Member States at the example of Poland. We explore the opportunities for companies to engage into socially beneficial undertakings with direct rather than indirect economic advantages. Namely, we demonstrate to what extent currently existing legal regulations enable bridging the world of civil society institutions with corporate world. We suggest that even without specialized instruments adopted and implemented by CEECs governments, innovative inclusion solutions developed by civil society organizations may actually provide sufficient incentives for companies in new member states to develop CSR. We suggest that for instance standard handicapped rehabilitation legislation not only enables CSR through social inclusion, but actually provides strong financial incentives. We furthermore raise the issue of how legal regulations regarding the labour market situation of other groups endangered by exclusion may lead to unfair competition between the groups of excluded. Finally, we suggest a mechanism for fostering CSR via social enterprises.
Joanna Tyrowicz Anna Sienicka

WP3. How to 'Sell' an Environmental Good: Using Labels to Investigate Scope Effects


Insufficient sensitivity to scope remains one of the pivots of criticism addressed at validity of stated preference methods. Many studies demonstrate failure of a scope test of some sort, while many others show that WTP responses are sensitive to the scope of environmental change. Despite some existing explanations and reasons for insensitivity to scope (embedding, warm glow, uncertainty over supply of a public good, awareness of all options) there seems to exist no clear conclusion on how to deal with it. The paper provides an alternative explanation for insufficient sensitivity to scope, based on redefinition of value drivers of environmental goods. In the proposed framework respondents' WTP need not depend only on physical characteristics of a valued good but may also partly be a function of a 'label' under which the environmental good is 'sold'. To investigate this problem and empirically test the hypothesis and its implications, a CE study in a biodiversity valuation setting is designed and conducted. The conceptual framework and empirical evidence provide an alternative explanation for problems with the insufficient sensitivity to scope observed in many studies. Finally, we set out some implications of the nature of labels as value drivers for the design of future valuation studies.
Mikołaj Czajkowski Nick Hanley

WP2. Valuing Changes in Forest Biodiversity


The paper offers an innovative approach to valuation of biodiversity. Instead of the prevailing approach of using only one indicator of biodiversity (usually number of species) we provide evidence that it is possible to provide attributes describing complex characteristics of biodiversity based on sound ecological knowledge. We argue that our approach managed to value the multi-level changes in the biological diversity, by using the attributes which described structural, species and functional diversity at the same time. Our study shows that even complex indicators of multi-level biodiversity might be successfully communicated to respondents in a comprehensible and meaningful way. The empirical application of the method is provided based on a choice experiment study conducted in Białowieża Forest, Poland. The results underline the importance of using multi-level indicators and question the validity of only species-level indicators. Interestingly, the respondents appreciated passive protection regimes, resulting in preservation of natural ecological processes. In addition, the respondents seemed to be concerned about means, and not only about the results of protection programmes. Finally, some conclusions for future applications and policy making are drawn.
Mikołaj Czajkowski Małgorzata Buszko-Briggs, Nick Hanley

WP10. Intra-Provincial Inequalities and Economic Growth in China


This paper approaches the problem of inequalities in China. It is specifically focused on analyzing the effects of intra-provincial disparities on provincial economic development. Rising inequalities have been widely discussed in the literature on the examples of fast growing developing countries like Brazil, India. However, each of these countries existed in a different socio-political context. Should and is anything done to contain the rising inequalities? This is something the world is struggling now not only with respect to the Chinese case. In the broadest sense, there seem to be two kinds of answers. One, more 'European', or 'social/Christian/democratic' is that too much inequality is morally hard to accept and also bad for social cohesion. Another, more neo-liberal or 'American' says that while much should be done to alleviate poverty, economic inequality is not a reason for concern, that it is inevitable (reflecting varying endowments of individuals) and in some way also positive as motivating for work and innovation. Inequalities, as measured by Theil index, seem to be positively related to growth. However, a more profound analysis suggests highly diversified patterns, which suggests many conclusions about actual policy-making standards in China.
Joanna Tyrowicz Jacek Kochanowicz, Joanna Rymaszewska

WP1. Vertical coordination from the angle of farmer loyalty and access to capital. Theory and evidence from the Polish dairy sector.


Numerous studies have shown that processing and retail industries have actively engaged in assisting farmers to join the modern food marketing systems. Data from the Polish dairy sector shows that assistance is provided not only for the traditiona-channel farmers wishing to modernise, but also for farmers already included in the modern marketing channel. Drawing on the literature, two explanations could be provided to account for this phenomenon: 1) Even the modern-channel farmers lack sufficient funds to maintain required quality/quantity on their own; 2) After undertaking the necessary adjustments the modern-channel farmers are more likely to quit their relationship with current processor and turn elsewhere so the assistance is needed to prevent them from doing that. Basing on the household data, it is robustly found that these hypotheses could provide at most partial explanation for vertical linkages observed between modern-channel provcessors and farms. The present paper takes advantage of logit models, instrumental variables' approach, panel data estimations, as well as propensity score matching methods.
Jan Fałkowski

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