The present study aims at highlighting some of the impacts that labour market an education mutually have on each other both in the context of economies in transition (even if they used to have long historic traditions related to pioneering in instruction and education at mass and elite level) and that of a steady and consequent capitalist state undisturbed by the storms of radical political changes and periods of totally negating the values and results created by former historic eras and communities.
The main idea is that the relationship between the labour market and education is that of a mutual demand and supply based corelation, permanently influencing each other, so no political or economic authority and power should miss taking this into consideration unless they want to fail.
Joanna Bogołębska, Ewa Feder-Sempach and Ewa Stawasz-Grabowska
Safe assets are recognized as being the cornerstone of contemporary financial systems. Due to financial globalization and massive international capital flows, they transformed into global safe assets, meaning that both demand and supply sides can be created by international investors. The article consists of two main parts. The first one concentrates on the theoretical issues of safe assets: definitions, attributes, categories of investors who search for them, as well as categories of suppliers. The theoretical considerations lead to the conclusions that only debt instruments can be used as safe assets, and due to limited substitutability between private and public issues, only the latter can perform this function properly, especially in times of stress. In the context of global safe asset considerations, it seems reasonable that only countries issuing reserve currencies can become public issuers of safe assets.
The empirical analysis presented in the second part of the article confirms the theoretical predictions. A study of sovereign bond yield differentials conducted for two groups of countries (issuers of reserve currency and non-issuers but possessing the highest credit ratings) shows that in the period 2005–2017, the spreads in the first group were depressed by the mere fact they held the status of a reserve currency issuer.
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This paper presents a discussion on the theoretical and conceptual framework on issues relating to access to financial services. The discussion begins by providing details of various theories that underpin the demand and supply side of access to financial services. The supply dimension of access to financial services is guided by the information asymmetry theory and the transaction cost theory, while the key demand dimension theories are the delegated monitoring theory and the rational choice theory. In the later sections, a conceptual framework was developed for the empirical evaluation of access to financial services and its impact on productivity with particular reference to farmers in emerging economies. The last section provides the concluding remarks, which recommends the use of empirical analyses to access factors influencing access and the impact of the access to farmers’ productivity.
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One of the most important synthetist of the practical socialist theory is János Kornai. In his works he tempted to describe the working mechanism of the socialist economy in actual practice.
The first part of the paper is to gather special keywords and analytical tools of Kornai’s description. As economist, the main tool is the description of demand and supply without the mathematical formalization of demand and supply functions, and without any Marshall crosses. Instead of them, the theory is based on quantity (stock, slack, shortage, forced substitution), on friction (caused by rigidity, resistance, and information asymmetry), and on soft budget constraint.
In the second part, we investigate if the tools and keywords correspond to economic streams. The first apprehension is that economy (either capitalist or socialist) is declared to be far from Walrasian equilibrium. The conservators of this “non-equilibrium” steady-state are the different forms of friction. The rigidity is one of the main keywords of the New Keynesian theory, surpassing price rigidity that was headstone of Keynes’s General Theory. Kornai attends to the adjustment of quantity (and not, or barely price), but he applies neoclassical analytical tool set (marginal analysis, comparative statics to separate substitution and income effect, etc.) in some (but rare) formal analysis. The soft budget constraint theorem determines the impossibility of neoclassical results because under those conditions the demand theoretically is not limited, but it is in reality. The removal of this contradiction requires devices borrowed from other social sciences.
Finally, the third part sets a question: the characteristics of Kornai’s description may be interpreted as the specialty of socialism (i.e. Kornai had no choice, the practical socialism has classical, neoclassical and new Keynesian features), or it is just his own logic that made his analyses such mixed. The answer is double. As Kornai did not take on the mathematical formalization of his theory, he had not to pin down himself to any theoretical economic school. His works about the socialist economy are decisively descriptive, as a non-market economy cannot be seen through the applied neoclassical algebra.