¿Predice la producción el desempleo? Una estimación de la ley de Okun para Grecia

Estimando una especificación dinámica de la ley de Okun, se examina la relación entre desempleo y producción en Grecia de 2000 a 2012. Estimada la prueba de Granger, el producto real resulta importante para comprender el comportamiento del desempleo y la razón de Okun es de tres a uno (un aumento de un 1 por ciento del desempleo está asociado a una caída de un 3 por ciento del producto real durante el periodo estudiado). El análisis de asimetría muestra que la respuesta del desempleo al producto real es más fuerte durante las contracciones que durante las expansiones de la actividad económica.     

In the eye of the beholder: Employee sexual orientation,perceived supervisory support for life beyond work and job satisfaction

We adopt congruence theory to compare perceptions of lesbian, gay and bisexual (LGB) and heterosexual employees between perceived supervisory support on life beyond work (LBW) and job satisfaction and the effect of life‐to‐work conflict (LWC). Using the 2011 UK WERS data and applying multilevel modelling, we find no incongruence between the two groups of employees on job satisfaction. We find a significant perceptual incongruence in the relation between supervisory support on LBW and job satisfaction. While the relation was positive for both groups, it was stronger for heterosexual than LGB employees. We also find significant perceptual incongruence when we add LWC. Specifically, as LWC increases, the positive relation between supervisory support on LBW and job satisfaction becomes stronger for LGB than heterosexual employees. This last finding may be the most interesting as it may place the concept of identity‐based conflict primarily in the life‐to‐work domain of LGB employees.     

Credit Risk Determinants for the Bulgarian Banking System

Using an autoregressive distributed lag model, this paper examines the factors that influence the credit risk of the Bulgarian banking system over the decade 2001–2010, as measured by non-performing loans. Recent papers aim to identify the determinants of non-performing loans using a cross-country modelling framework. As the South East European region (SEE) is non-homogeneous, our analysis is country-specific and captures the timeline between the bank privatisation era up to the global financial crisis and the ensuing Greek crisis. The contribution of our paper is twofold: it uses the ARDL modelling framework that is scarcely employed in related studies but also investigates spillover effects from the Greek crisis in view of the material presence of Greek banks in Bulgaria. In accordance with previous studies, the findings suggest that the credit risk determinants of Bulgarian banks should be sought endogenously in macroeconomic variables and industry-specific factors but also in exogenous factors. We evidence a pronounced role of the global financial crisis and the country’s bank regulatory framework. The Greek debt crisis appears to play an immaterial role indicating that Greek banks have not been a Trojan horse in the Bulgarian banking system.     

Do Balkan economies catch up with EU? New evidence from panel unit root analysis

This paper explores empirically the issue of income convergence for the Balkans over the period 1994–2011 and the investigation relies on income differentials from both the averages of the European Union’s-15 (EU-15) and the European Union’s-24 (EU-24) as well as within the Balkan group. The adopted methodology deploys the non stationary panel unit root framework to cope with the problem of limited sample providing more reliable insight and, in particular, the analysis uses the univariate and panel minimum Lagrange Multiplier (LM) unit root tests, suggested by Lee and Strazicich (2003, 2004) and Im et al. (2005), that accounts for one and two endogenously determined structural breaks. The overall evidence is in favor of catching up with the EU benchmark cases as well as in favor of convergence within the Balkan area. However, disparities for some countries are confirmed.