This research analyzes factors affecting the scientific success of central bankers. We combine data from the RePEc and EDIRC databases, which contain information about economic publications of authors from 182 central banks. We construct a dataset containing information about 3312 authors and almost 80,000 scientific papers published between 1965 and 2020. The results from Poisson regressions of citation impact measure (called the h-index) on a number of research features suggest that economists from the U.S. Federal Reserve Banks, international financial institutions, and some eurozone central banks are cited more frequently than economists with similar characteristics from central banks located in emerging markets. Researchers from some big emerging economies like Russia or Indonesia are cited particularly infrequently by the scientific community. Beyond these outcomes, we identify a significant positive relationship between research networking and publication success. Moreover, economists cooperating with highly cited scientists also obtain a high number of citations even after controlling for the size of their research networks.
Recent studies have shown that announcements of information about the state of the US economy have had a significant impact on European stock markets. However, the importance of information about the US economy may vary in time. In order to analyze this issue, we examine the impact of announcements of unexpected US macroeconomic news on the prices of selected stocks listed on the Vienna Stocks Exchange. On the basis of the 5-minute returns of 13 stocks we examine how the strength and the significance of the reactions of investors to unexpected macroeconomic news from the US has changed over the last 15 years. Event study methodology allows us to describe precisely such reactions in the first minutes after news announcements.
The study attempts to link the descriptive economics with the theoretical model of permanent income and life cycle hypothesis (PILCH) to shed some light on a low private savings rate for Polish households. These may be explained by the households' belief that the public pension are a collateral to borrow against, which could discourage the buffer stock effect. The study comprises two research fields: 1) the estimation of so called augmented wealth, and, 2) the marginal propensity to consume (MPC) out of different types of wealth with the permanent income model. The mean augmented wealth (i.e. net wealth plus public pension wealth) per household in PLN amounted to 705 thousands, consisting of public pension wealth of 388 thousands and net wealth of 415 thousands. The model perfectly matches the augmented wealth Lorenz curve. The average MPC out of all types of wealth reaches 10% on average, ranging 6-20%, with a negative MPC to wealth correlation, and 60% of hand-to-mouth households. The explanation for this perfect match may stem from a high wage growth (also public pension contributions wedge) that that builds the public pension wealth. The Ricardian-type households may then mentally account the future pensions as a collateral (fiduciary money) for current high MPC, which may implicate crowding out their propensity to save for retirement privately.
We study the migrants' assimilation, which we conceptualize as forming human capital productive on the labor market of a developed host country, and we link the observed frequent lack of assimilation with the relative deprivation that the migrants start to feel when they move in social space towards the natives. We presume that the native population is heterogeneous and consists of high-skill and low-skill workers. The presence of assimilated migrants might shape the comparison group of the natives, influencing the relative deprivation of the low-skill workers and, in consequence, the choice to form human capital and become highly skilled. To analyse this interrelation between assimilation choices of migrants and skill formation of natives, we construct a coevolutionary model of the open-to-migration economy. Showing that the economy might end up in a non-assimilation equilibrium, we discuss welfare consequences of an assimilation policy funded from tax levied on the native population. We identify conditions under which such costly policy can bring the migrants to assimilation and at the same time increase the welfare of the natives, even though the incomes of the former take a beating.
The European Green Deal is a strategy aimed at making Europe climate neutral in 2050. This work plan consists of several initiatives: European Climate Law, European Climate Pact, adaptation strategy, Farm-to Fork strategy and task to increase the EU 2030 climate target towards 55%. The aim of this article is to present the aims and structure of the European Green Deal with special notice on actions planed within „blue economy”. The maritime sector will have to play a central role in alleviating the multiple demands on the EU's land resources and tackling climate change by improving the use of aquatic and marine resources.
This article deals with the problem of the right to social security in the state of residence in the light of Regulation No 883/2004 on the coordination of social security systems. The judgment of the Court of Justice of 8 May 2019 in case C-631/17 SF v Inspecteur van de Belastingdienst served as an inspiration for the above-mentioned topic. In its judgement the Court has made a binding interpretation of Article 11(3)(e) of the said Regulation in the context of the situation of a national of a member state employed as a seaman on board a vessel flying the flag of a third state by an employer established in a member state other than the worker’s state of residence. The aim of the article is to justify the right to social security in the state of residence based on Article 11(3)(e) of the Regulation 883/2004. The analysis shows that it is necessary to introduce appropriate changes to the Polish legislation on the social security system. Simultaneously, as far as seafarers are concerned, it is desirable to consider the specificities of the work at sea, including the introduction of maritime social security as a specific type of social security, similar to French law for instance. The changes should be introduced gradually to avoid the risk of decline in the employment of Polish seafarers by EU shipowners.
Obligation to use the best available technology (BAT) in the protection of the environment is envisaged in many international treaties. It is not only legal, but also moral obligation. Treaties concluded under the auspices of the International Maritime Organization (IMO) that aim at the protection of the environment and the prevention of pollution from ships, enshrine the precautionary principle which encompasses the obligation to use the best available technology. Many IMO treaties consider technological development, some of them even drive it, however, not all standards are based on the best and the newest solutions. The discussion at the IMO’s Marine Environment Protection Committee regarding the energy efficiency design index demonstrates the impact of political and economic interests on the text of adopted standards. The Initial IMO strategy on the reduction of greenhouse gas emissions from ships identifies levels of ambitions consistent with the Paris Agreement. In the shipping industry this will be achieved, if the adopted standards were based on the best available technology.
In the beginnings of COVID-19 pandemic outbreak public opinion has been con-centrated on the tragic events taking place at the cruise ships, where the new virus has spread substantially. It is not the first outbreak of the infectious disease at a cruise ship. The following article aims at presenting the relevant case law of the British courts that have considered carrier’s liability for passengers’ claims in relation to personal injury caused by the outbreak of gastrointestinal illnesses caused by the norovirus. Fur-thermore, the readers will be familiarized with the legal situation of injured passengers under the American law.
The aim of the article is to answer the question about the role of insurance in solving the financial consequences of environmental disasters. Using the method of dogmatic-legal analysis, the author presented legal conditions for the development of environmental insurance in the EU, limiting herself to the EU regulations. Attention was drawn to the global character of the issue by presenting examples of environmental disasters which occurred on other continents. Looking for the specificity of environmental insurance, attention was paid to the importance of the preventive function and the way of its realization as well as the importance of public-private partnership.
This paper deals with the legal aspects of saving life at sea by the Maritime Search and Rescue Service (SAR Service). Depending on the situation, it is possible to provide assistance to a ship in distress at sea and to people on board, either from the sea by another ship, or from the land side, i.e. from the coast by specially prepared services. The effective functioning of the SAR organizational system determines the effectiveness of the SAR action in terms of the number of people saved from danger at sea. In order to provide assistance, SAR services around the world performs distress monitoring, communication, coordination, as well as search and rescue tasks, including the pro-vision of medical advice, initial medical assistance or medical evacuation, through the use of public and private resources, including associated aircraft. The tasks of the SAR services include organizing disembarkation of rescued people.
This article clarifies the prevention of costal sea line. The author describes this subject on the activity of organ of public administration, which is a director of sea office. As the appointed organ responsible for the protection of the environment on costal line of the sea. It has many competences, but there are difficulties with finding specific aim which is a counteraction of crime against the nature of the beaches and area Natura 2000. Protection is not exactly efficient protection, if the consequences of breaking such laws are not enforced. Owners of campings on the beaches on Penisula of Hel they make crime to built with not legal permission a larges beaches and destroy costal line of the sea with the nature in protection of area.
Shipowner’s insurance plays an important role in modern maritime relations. This paper deals with the issues of cargo, fuel and crew insurance. The discussed issue has not found proper reflection in maritime insurance literature, although the history of insurance in maritime transport dates back to the 18th century. The first maritime insurances covered the ship and its cargo and only then the need to introduce the insurance of civil liability for damages caused by sea navigation was noticed. The author’s aim is to draw attention to the variety and complexity of shipowner's insurance both in the subjective and personal sphere.
From the announcement of the Independence by Ukraine in 1991 and signing many bilateral agreements with the Russian Federation on the state border, the joint use of the Azov Sea and the Kerch Strait, until the annexation of the Crimea in 2014, both parties did not manage to carry out maritime distractions on these waters, due to different positions. After the annexation of the Crimea, the situation became beneficial for FR, because in its hands there was a Kerch Strait and the Russian side started the economic blockage of Ukrainian ports on the Azov Sea. The Ukrainian site, wanting to increase the number of its ships in the Berdyansk base located on this sea, decided to move through the sea team consisting of 2 artillery cutters and a subsidiary (tug) belonging to the Navy of Ukraine. During the approach to Kerch Strait, an incident occurred on November 25, 2018 between Ukrainian ships and the ships of the border service of the Federal Security Service (shelling, detention of the ships, arrests and putting their crews before the court). The above action was inconsistent with international law violating Articles 32, 58, 95 and 96 of the Convention on the Law of the Sea from 1982. The International Tribunal for the Law of the Sea in its judgement ordered RF to give back the ships and send seamen to Ukraine. The warrant was performed partially: ships were returned, while seafarers returned as part of the exchange of prisoners between the parties. Currently, Russia continues to run the economic blockage of the Ukrainian ports, closing (due to military exercises) approaches to the Kerch Strait for ships and vessels of other countries. The current situation indicates that Russia implements its geopolitical goals and disregards the provisions of international law of the sea.
en
pl
