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Abstract

The aim of the article is to assess how much rebalancing of the six eurozone troubled economies (Ireland, Portugal, Spain, Italy, Greece, Cyprus) was achieved since the outbreak of the financial crisis in 2007/2008, to what extent migrations were a mitigating factor on their labor markets and how much the troubled countries were assisted in their adjustment by other countries. The first part of the article shows an overall macroeconomic picture of the troubled economies' rebalancing together with a presentation of the etiology of the problem (i.e. accumulation of imbalances). The second part presents the role of migrations and the third part the role of the Eurosystem and international financial assistance in the rebalancing process. The research is based on comparing developments in selected indicators across countries. The conclusions are that the rebalancing in the troubled countries was either at most limited or actually their economies continued to fall out of balance (various indicators showing various developments make the situation ambiguous), migrations were either not much supportive for rebalancing of the troubled economies or they did not provide any dent to unemployment at all and that the troubled countries were provided with significant international assistance mainly in the form of the ECB policies causing the rise in the Target balances.

Abstract

The German food retail market is considered to be one of the most competitive markets worldwide. A narrow oligopoly of domestic retail chains dominates competition at the national and regional levels, driven mostly by price competition and extensive market coverage. As a result, market entrance for potential newcomers is highly restricted, even for such global players like Wal-Mart, which retreated in 2006 after nine years of substantial financial losses in Germany. There have been discernable attempts by the domestic incumbents to rebalance the traditional “task division”, affecting the range of customers choices as well as retail brands. However, within ten years the share of large retailers brands earnings in the total food retail market increased from 21.8 percent to 38.8 percent in 2012, as “house brands” optimized their assortment, increased their independence from main suppliers and squeezed out competitors. The empirical analysis presented below describes the role played by different retail brands in German food retail market as measured by their market power, and considers its political implications.

Abstract

The rise of China has aroused heated debates on whether the country would become the “revisionist” power in challenging the supreme position of the “status quo” power, the United States. This paper aims to examine whether the rise of China would, firstly, empower Beijing to solve the long-term crisis in the Korean Peninsula, and secondly, complicates the picture in solving the difficult historical and political issues in Sino-Japanese relations. It is argued that the increasing economic and military capabilities of China are not instrumental in fostering significant changes within North Korea and in monitoring the external behavior of its leaders. A more nationalistic China which lacks soft power also hinders a favorable solution to the challenges of Sino-Japanese relations.

Abstract

A concern is emerging in Ireland that social care managers and staff are moving too far away from the ‘care’ in social ‘care’ work. In this paper a discussion of the impact of the bureaucratic procedures and regulation within the social work and social care work sectors is presented along with an exploration of leadership approaches. It is argued that certain leadership approaches, in particular pedagogical leadership, could not only help social care managers to negotiate the complex issues they are facing but also facilitate putting the ‘care’ back into social ‘care’ work. Pedagogical leadership is globally supported across a variety of human service disciplines: it facilitates the creation of a learning culture within the workplace where social care managers facilitate conversations with their teams to encourage reflection, critical thinking and contributions to the professional wisdom required for quality service. The purpose of this article is to contribute to the dialogue within leadership practice for social care professionals. This discourse is necessary if lessons are to be learned from past experiences in this country and others about how to balance the need for care, learning and compassion with accountability.

References ALBERTAZZI, U., BECKER, B. BOUCINHA, M. (2018). Portfolio rebalancing and the transmission of large-scale asset programs: Evidence from the euro area. European Central Bank Working Paper, No. 2125, November. ALTAVILLA, C., CARBONI, G., MOTTO, R. (2015). Asset Purchase Programmes and Financial Markets: Lessons from the Euro Area. European Central Bank Working Paper, No. 1864, November. ANDREWS, D. (1991). Heteroskedasticity and Autocorrelation Consistent Covariance Matrix Estimation. The Econometric Society. Econometrica , Vol. 59, No. 3, pp. 817

Policy Research (CEPR). (2011). National Income Accounting for the Washington Post and Robert Samuelson [online]. Washington, DC: Center for Economic and Policy Research,2011. 1p.[cit. 2012.08.21.] Available from Internet: < http://www.cepr.net/index.php/blogs/beat-the-press/national-income-accounting-for-the-washington-post-and-robert-samuelson > Dorrucci, E. et al (201). In ECB Occasional Paper: China’s economic growth and rebalancing . [online]. Germany : ECB, No.142. February 2013.[cit. 2013-05-21]. Available from Internet: < http

Abstract

Background: Investors on financial markets are interested in finding trading strategies which could enable them to beat the market. They always look for best possibilities to achieve above-average returns and manage risks successfully. MGARCH methodology (Multivariate Generalized Autoregressive Conditional Heteroskedasticity) makes it possible to model changing risks and return dynamics on financial markets on a daily basis. The results could be used in order to enhance portfolio formation and restructuring over time.

Objectives: This study utilizes MGARCH methodology on Croatian financial markets in order to enhance portfolio selection on a daily basis. Methods/Approach: MGARCH methodology is applied to the stock market index CROBEX, the bond market index CROBIS and the kuna/euro exchange rate in order to model the co-movements of returns and risks on a daily basis. The estimation results are then used to form successful portfolios.

Results: Results indicate that using MGARCH methodology (the CCC and the DCC model) as guidance when forming and rebalancing a portfolio contributes to less portfolio volatility and greater cumulated returns compared to strategies which do not take this methodology into account.

Conclusions: It is advisable to use MGARCH methodology when forming and rebalancing portfolios in terms of portfolio selection.

Abstract

This paper is dedicated to the investigation of the strategies related to the high-dividend portfolio investment. The aim of this research is to increase the high-dividend portfolio efficiency by adding some filters and optimization weights of the assets in the portfolio. In order to achieve this goal, the authors complement the classical version of the «Dogs of the Dow» strategy with financial indicators ROA and P/E with equal and optimized weights of the assets in each portfolio. Two additional parameters are also used in the process of testing: the number of stocks and the month of the annual portfolio rebalancing. Thus, the obtained models have high-quality advantages in comparison with the traditional concept of high-dividend investing, eliminating its inherent disadvantages and providing higher rates of return.

Abstract

This paper seeks to fill an important gap in literature on institutional adaptation, using Irish chambers of commerce services to examine how managers of business associations adjust long-term balances in services, and respond to short-term challenges. The paper uses the theoretical expectations from collective action theory, transactions cost economics, the theory of organisational evolution and interactions with state supports to explore how the management strategies of chambers adapted to challenges from the economic and institutional environment. The paper demonstrates durability in the long term over the 200- year history of chambers, by an adaptation of service bundles and resource mixes, with major ‘change points’ being critical to re-balancing services and income sources. Using the example of challenges arising from the ‘change point’ of the Irish economic contraction 2008–2012, the paper shows how short-term adaptation mechanisms operate. Larger chambers generally survived better. Smaller chambers had more challenges, but demonstrate the durability of engaged management by volunteers.

Abstract

Efficiency measurement of economic phenomena is of great importance to economists. Known terms and concepts from microeconomic theory and Data Envelopment Analysis regarding efficiency have been developed and adapted to cater to different questions and areas of economics. This paper focuses on applications in the area of finance, more specifically, portfolio optimization and Markowitz model. The paper has two goals. First is to give a concise overview of the theoretical and empirical research regarding Luenberger shortage (distance) function in portfolio optimization. The second goal is to empirically evaluate the efficiency of a portfolio on the Sarajevo Stock Exchange (SSE). The contribution of the paper is the first comprehensive evaluation of sources of inefficiencies of a portfolio which is not positioned on the efficient frontier on the SSE, as well as the Balkan region. The results of the analysis show that efficiency can be obtained with rebalancing the initial portfolio with the inclusion of transaction costs as well.