Faculty of Economics

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Author: search.filters.author.Merdzan, GunterHas files: No

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    Do Wages Reflect Growth Productivity – Comparing the European East and West?
    (Taylor & Francis Online, 2023-01-19)
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    Gligorić, Dragan
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    Kozeski, Kristijan
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    The research determines the gap (Great Decoupling) between labour productivity and workers’ compensation in the two blocks of EU countries (Western versus Eastern). The division of countries into two groups provides a basis further to determine whether the previous socio-economic and political evolutionary development of these countries blocks still has a significant impact on the functional distribution of national income, on the extent to which labour productivity growth is transmitted to workers. The results are heterogeneous. In the sample of highly developed Western EU countries where higher levels of labour productivity, as well as high levels of technological development, lead to an increase in labour productivity to be followed by a lower increase in workers’ compensation. On the sample of Eastern EU countries, results indicate different relationships and the strength of causality between productivity and labour compensation. Central-East EU countries had a more positive relationship between real workers’ compensation and labour productivity, compared to the Southeast Europe (Balkan) countries where an increase in workers’ compensation causes a reduction in labour productivity. The results also offer a solid basis for understanding wage/income/productivity relationships d for creating policies for a more efficient distribution of national income.
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    Foreign Direct Investment and Domestic Investment in Central, Eastern and South-Eastern Europe: A Multivariate Time Series Analysis
    (SCF Society and Bandirma Onyedi Eylol University, 2022-12-14)
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    Merdzan, Gunter
    The paper uses the autoregressive distributed lag (ARDL) approach to examine whether foreign direct investment (FDI) crowds in or crowds out domestic investment in the economies of Central, Eastern and South-eastern Europe from 1995-2021. The selected group of countries includes countries with different levels of economic development, countries from the former socialist system, countries that are in a transition process and countries that have successfully overcome that process. The breadth and diversity of the sample allow for obtaining statistically valid results. The results of the empirical research show that foreign direct investments have a shortterm crowding-out effect on domestic investments, followed by long-term crowding-in effects. Of course, this depends on the choice of control variables in the different models. However, it takes some time for such investments to affect the domestic economy fully. Furthermore, we found out that in some countries, institutions moderate the crowding-out effects of FDI. That is, institutional quality is found to be important in determining the relationship between domestic investment and FDI. JEL Classification: E22, F21, F41