Mapping Fiscal Research Trajectories through Bibliometric Analysis: Echoes of Global Crises in Central and Eastern Europe

Two sociological theories are engaged to assess the temporal (in)stability of the relationship between CO2 emissions and economic development in Central and Eastern European (CEE) nations. Ecological modernization theory argues that while economic development harms the environment, the magnitude of the harmful link is likely to decrease through time. Treadmill of production theory posits that the association between environmental harms and development will remain constant or possibly increase in magnitude through time. To evaluate these competing propositions, interactions between economic development and time are used in analyses of three measures of CO2 emissions for 13 CEE nations during the 1992 to 2005 period. The results indicate that the magnitude of development's effect on all three outcomes increased through time, which supports the propositions of treadmill of production theory, while also suggesting that economic development in CEE nations became progressively less sustainable in the initial post-Soviet era.

Energy consumption, human well-being and economic development in central and eastern European nations: A cautionary tale of sustainability

Stock market comovements between developed (represented in the article by markets of Austria, France, Germany, and the UK) and developing stock markets (represented here by three Central and Eastern European (CEE) markets of Slovenia, the Czech Republic, and Hungary) are of great importance for the financial decisions of international investors. From the point of view of portfolio diversification, short-term investors are more interested in the comovements of stock returns at higher frequencies (short-term movements), while long-term investors focus on lower frequencies comovements. As such, one has to resort to a time-frequency domain analysis to obtain insight about comovements at the particular time-frequency (scale) level. The empirical literature on the CEE and developed stock markets interdependence predominantly apply simple (Pearsons) correlation analysis, Granger causality tests, cointegration analysis, and GARCH modeling. None of the existent empirical studies examine time-scale comovements between CEE and developed stock market returns. By applying a maximal overlap discrete wavelet transform correlation estimator and a running correlation technique, we investigated the dynamics of stock market return comovements between individual Central and Eastern European countries and developed European stock markets in the period from 1997-2010. By analyzing the time-varying dynamics of stock market comovements on a scale-by-scale basis, we also examined how major events (financial crises in the investigated time period and entrance to the European Union) affected the comovement of CEE stock markets with developed European stock markets. The results of the unconditional correlation analysis show that the developed European stock markets of France, the UK, Germany and Austria were more interdependent in the observed period than the CEEs stock markets. The later group of countries exhibited a lower degree of comovement between themselves as well as with the developed European stock markets during all the observed time period. The Slovenian stock market was the least correlated with other stock markets. By using the rolling wavelet correlation technique, we wanted to answer the question as to how the correlation between CEE and developed stock markets changed over the observed period. In particular, we wanted to examine whether major economic (financial) and political events in the world and European economies (the Russian financial crisis, the dot-com financial crisis, the attack on the WTC, the CEE countries joining the European union, and the recent global financial crisis) have influenced the dynamics of CEE stock market comovements with developed European stock markets. The results show that stock market return comovements between CEE and developed European stock markets varied over time scales and time. At all scales and during the entire observed time period the Hungarian and Czech stock markets were more interconnected to developed European stock markets than the Slovenian stock market was. The highest comovement between the investigated CEE and developed European stock market returns was normally observed at the highest scales (scale 5, corresponding to stock market return dynamics over 32-64 days, and scale 6, corresponding to stock market return dynamics over 32-64 and 64-128 days). At all scales the Hungarian and Czech stock markets were more connected to developed European stock markets than the Slovenian stock market. We found that European integration lead to increased comovement between CEE and developed stock markets, while the financial crises in the observed period led only to short-term increases in stock market return comovements.DOI: http://dx.doi.org/10.5755/j01.ee.23.1.1221

This paper aims to assess the economic development and development policies in the Central and Eastern European (CEE) countries in 1990–2005, from the collapse of the USSR to the enlargement of the European Union. A great number of authors have generally seen the transition as a very positive process. They have concluded that the reform policies focusing on macroeconomic and price stability have been the key to success for CEE economies. A reliable economic environment is, of course, instrumental for longer-term economic success, as exemplified by the prolonged crisis in most of the former Soviet Union. Our analysis of the economic development and competitive advantages in the region, however, leads to the conclusion that the specific approach to transition that the Central and Eastern European countries followed came at a rather high cost. Comparative neglect and weakness of a set of policies crucial for longer-term development, such as science, technology and innovation policies, has led to deterioration in the last decade rather than the strengthening of the competitive advantages of Central and Eastern European economies. Furthermore, we argue that, in most cases, CEE countries have unfortunately overlooked or misjudged a number of development challenges, and have thus implemented policies that have generated growth at the cost of rapidly increasing risks. This is how the financial fragility of several Central and Eastern European countries has recently increased drastically, and the region seems to have virtually arrived at the brink of economic collapse. Since the CEE countries joined the European Union, the CEE governments have gradually moved towards acquiring a more active role in economic development. These policies need, however, to be strengthened considerably and reinforced by macroeconomic policies that curb current excessive dependence on foreign-financed growth.

Objectives: This paper summarises the findings of a report by Acedański et al. (2023) that focuses on the relationship between science and economic growth. The report was commissioned by the Conference of Rectors of Economic Universities (KRUE) and prepared by researchers from five public economic universities in Poland. The authors of the report and the KRUE aim to share their message with a wide audience that includes policymakers, academic experts, and students. Additionally, the article analyses the impact of research and higher education spending on convergence processes in Central and Eastern European countries. Research Design & Methods: The study examined different indicators, including government expenditure on basic research, higher education, and research and development. We utilised SURE models and observed that there was notable diversity in the convergence processes among the analysed countries. Additionally, we found a correlation between research spending and the rate of catching up. However, it is important to note that this relationship is not universal and varies across countries, even those within the same region. Findings: Acedański et al. (2023) report quantifies the relationship between science, higher education, GDP, and economic development in Poland. The report states that science and higher education sectors positively impact local economies, and individuals with higher education contribute the most to human capital resources in the economy, leading to GDP growth. However, Poland has a funding gap in research and science compared to highly developed countries as well as many Central and Eastern European countries. The report suggests that investment in a country’s education and higher education system is essential for generating developmental impulses and supporting its economy. Implications / Recommendations: The impact of scientific activity depends heavily on funding, especially through higher education institutions. In Poland, the salaries of academic teachers have decreased compared to other professions, and their position in the wage distribution is the worst it has been in the past two decades. Investing in a country’s education and higher education system is essential to support the economy. Acedański et al. (2023) suggest that a 0.1 percentage point increase in research and development expenditure, as a percentage of GDP, can lead to a 0.8 to 1.3 percentage point increase in GDP growth. However, the conclusion was based on panel data from EU countries, and the impact of scientific research on GDP may differ when analysing Central and Eastern European (CEE) countries. In this paper, we also present an extended analysis of the impact of science and education on economic growth through the lens of convergence processes. We show that the relationship above is not straightforward and represents substantial variability across countries, even those of the same region. Contribution / Value Added: Firstly, the report by Acedański et al. (2023) emphasises the importance of the science and higher education sector for economic growth. Their empirical research helps quantify the relationship between science, higher education, GDP, and economic development, offering a deeper understanding of this connection. The report complements previously published analyses and research on the topic. Secondly, our regional research shows that the convergence processes vary greatly among the analysed countries. The inclusion of spending on science, research, or higher education in the convergence equations has a varied impact on the assessment of the pace of the catching-up processes in the CEE region.

Crises existed not only in the last decades. In each country fluctuations such as upswings or downturns can be observed in the economy. The serious economic crisis can take place when the extending long-lasting decline continues. In the situation when the crisis ap­pears in the economy it is significant to have a stable financial system. The last financial crisis showed weakness of the contemporary model of social-economic development functioning in the global world, also in Central and Eastern Europe (CEE). The paper presents the situa­tion of Central and Eastern Europe during the financial crisis. The goal is to analyze the most important kinds of macroeconomic indicators of CEE countries, present development differ­entiation in the regions at NUTS2 level and systematize causes of the crisis and anti-crisis activities in Central and Eastern Europe. In this paper theoretical aspects of the financial crisis and financial crises’ types are shown as a basis for further analysis. The theoretical study, the observation method and the statistical data analysis were used to present the global financial crisis influence on the CEE economy. Finally, the method of coefficient of variation was im­plemented to confirm regional development differentiation in Central and Eastern Europe re­gions and to answer the question if the CEE regions can still narrow the development gap between them and other regions of the European Union.

The presented study analyzes the specific features of economic cooperation of Russia and China with the countries of Central and Eastern Europe (CEE). In recent years, China has begun to actively cooperate with the former socialist republics of Central and Eastern Europe, offering them new institutional projects, such as the Belt and Road and 16+1 initiatives. At the same time, the CEE region has been distancing itself from Russia — it's once main economic partner — for a number of political reasons. Russia needs to maintain its standing in the region of its traditional external interests. This makes the analysis of the specific features of China and Russia's strategies for cooperation with the CEE countries relevant and practical. Aim . The study aims to analyze the specific features of economic cooperation of the People's Republic of China (PRC) and Russia with the countries of Central and Eastern Europe, assess the efficiency of their cooperation, and examine the existing problems. Tasks . The authors determine historical and strategic prerequisites for the development of Russia and China's cooperation with the countries of Central and Eastern Europe; examine the institutional framework of interaction between the countries under study; assess the dynamics of changes in the volume and structure of Russia and China's trade with the CEE countries; analyze the dynamics, priority sectors, and regional structure of direct Chinese investment in the countries of Central and Eastern Europe; assess the problems in Russia and China's cooperation with the CEE countries and prospects for further development of their interaction. Methods . This study uses such research methods as verbal and statistical analysis, observation, synthesis, generalization, description, graphical modeling, and data classification. Results . Central and Eastern Europe currently occupies one of the leading positions in China's foreign policy. After a long period of stagnating economic cooperation, relations between China and the CEE countries have entered a new stage within the framework of established institutional formats. The 16+1 strategy has been proposed, and the CEE countries have been included in China's Belt and Road Initiative. The pattern of economic interaction between Russia and the countries of Central and Eastern Europe in 2005-2018 is cyclical. Political factors have a significant impact on Russia's cooperation with the CEE. Conclusions . The lack of diverse tools for economic cooperation between Russia and Central and Eastern Europe, combined with Russia's low investment opportunities, prevents this cooperation from fulfilling its potential. Russia needs new institutional formats of interaction with the countries in this region, similar to those introduced by China.

The idea of ‘Europe’ in Central and Eastern Europe (CEE) has evolved significantly during the three decades of post-communist transition. Initially, anti-Soviet elites from the 1980s portrayed the region as equal/complementary to the Western part of the continent, which for its part perceived CEE as its ‘Other’. The first decade of post-communist transition was marked by a switch to nationalist thinking and the evocation of the idea of ‘Europe’ as one of nation-states. Finally, contemporary discourses of ‘Europe’ in CEE revolve around three different pillars, that is, European exceptionalism, European universalism and Transatlanticism, in contrast to Western discourses.

* At the centre of the interface between the developmental needs of national industry and evolutionary processes in the MNEs' subsidiaries are knowledge-seeking and knowledge-generation processes. * Based on new survey evidence, we examine the strategies of MNE in Central and Eastern Europe (CEE). In particular, we investigate the knowledge characteristics of MNE subsidiaries in CEE by analysing the roles of subsidiaries, market orientation and sources of technology over time. Key Results * Initially market-seeking operations dominated in CEE, with little integration of CEE subsidiaries into global MNE networks. The relative scarcity of export-oriented efficiency-seeking operations in CEE can be explained by persistent high-levels of uncertainty in CEECs and resistance from MNEs' longer-established Western European manufacturing subsidiaries. * European MNEs pursue the most country-centred strategies while the Asian MNEs have the highest export-orientation. Also it is found that CEE subsidiaries in motor vehicle and mechanical engineering have the highest export-orientation to European Union markets. However we suggest that product differentiation using CEE creative capabilities (i.e. technology and engineering expertise) rather than cost-competitiveness, may ultimately secure a more sustainable and embedded entry into MNEs' wider European (or global) networks. * Host governments may consider targeted and coherent policies that reduce business uncertainties and, thus, may sway MNEs to locate higher value-added activities in their country. Introduction MNEs pursue a variety of strategic objectives when investing in Central and Eastern Europe (CEE), thus establishing different types of operations (Estrin/Hughes/Todd 1997, Mutinelli/Piscitello 1997), and interacting in different ways with the host economy. This paper examines which alternative strategies are being pursued by multinational enterprises (MNEs) in CEE and their implications for the processes of industrial transformation and economic development in CEE. The contributions to the host economy would greatly vary with the heterogeneity of MNEs' operations and evolutionary processes that emerge at subsidiary level. Our analysis thus aims to provide a fuller understanding of how MNEs contribute to sustainable economic development. At the centre of the interface between the developmental needs of the host-country economy and evolutionary processes in the MNEs' subsidiaries are knowledge-seeking and knowledge-generation processes. A major research concern is thus how MNEs contribute to knowledge accumulation by providing a creative component in the transformation of transition economies (Dunning 1994, Manea 2002, Meyer 2004). This study addresses these issues by analysing the characteristics of subsidiaries that may influence the nature and value of MNEs' contribution to economic development. Recent research has analysed MNE operations in CEE economies in terms of motivations for foreign investment and types of subsidiaries (Lankes/Venables 1996, Mutinelli/Piscitello 1997, Meyer 1998, Rojec 1994, Rojec/Svetlicic 1993, Estrin et al. 1997, Donges/Wieners 1994). We go beyond this literature by considering the contribution of foreign enterprises to transition economies as being caseor role-specific. Subsidiaries have different strategic roles in their MNE group and vary in many attributes and their business activities. In consequence, they differ in their interactions with the local environment and their contribution to economic development (Meyer 2004). The needs of transition economies have evolved in two distinct phases: 1) the fundamental restructuring of the industrial sector and 2) the post-transition phase with more steady changes. The second phase involves different challenges as firms and countries have to sustain international competitiveness by developing and exploiting dynamic sources of comparative advantage. …

This chapter focuses on Central and Eastern European (CEE) countries and the relationship between their economic performance and air transport markets. In 2004, all seven investigated Central and Eastern European countries, together with Slovenia, Malta, and Cyprus, joined the European Union and entered the single aviation market. However, compared with the developed economies of Western European regions, Central and Eastern European countries still lag behind them in terms of the level of GDP per capita. The transformation of CEE economies from centrally managed to market-driven, initiated at the end of the 20th century, led to gradual changes in air transport markets at the beginning of this process. Air transport liberalisation accelerated the transformation and integration processes of CEE countries, not only in the field of air transport markets, but also through the development of whole economies. The relationships between economic development and the air transport market have been the subject of many studies.

Purpose This paper aims to investigate theoretically and empirically the interactions between smart economic development (SED) and competitiveness in Central and Eastern European (CEE) countries. The main argument to uphold here is that smartness approach has been traditionally more focused on smart urban planning and smart specialization. Design/methodology/approach An evaluation by index, correlation and significance analysis is used to present original empirical evidence from six CEE countries. Findings Smartness approach integration into economic development justifies the identification of SED determinants: basics (welfare, digitality, environmental, social responsibility) and enhancers (learning, networking, agility, innovations and knowledge-driven). The interaction between SED and countries’ competitiveness in CEE countries might be described by two approaches, namely, focus-based (several most important basics and enhancers) and balance-based (equal importance of basics and enhancers). Research limitations/implications The limitations relate to the particular sample of CEE countries and gathering opportunities of statistical data. Practical implications The combination of SED-Index sub-indices and WEF GCI might aid a more accurate ex ante measurement. Despite common global challenges, each country should choose its own combinations for smartness determinants to achieve long-term competitiveness. Social implications The findings are important for fostering smartness approach in economic development for long-term competitiveness. Originality/value This paper contributes to economic development literature by discovering basics and enhancers for SED. By linking well-known term of competitiveness and economic development with a concept of smartness, the new approaches, namely, focus-based and balance-based, to policy making in CEE countries emerged.

Central and Eastern European (CEE) countries are struggling with internal and external macroeconomic and social factors in their catching-up strategies to be closer, as economic wealth, to the Western developed European countries. In these ex-communist countries, institutional factors could be seen as critical for success in narrowing the income gap. The paper proposes an analysis of the impact of economic and financial development and globalization on the income gap in 11 Central and Eastern European (CEE) countries (Bulgaria, Croatia, Czechia, Estonia, Latvia, Lithuania, Poland, Romania, Slovak Republic and Slovenia) for the period of 1996 to 2019, taking into consideration institutional factors. The study analyses the variables: transition coefficient as a proxy for income gap, GDP per capita, KOF Financial Globalisation Index, Financial Development Index and World Bank Institutional Indicators in a panel approach methodology and estimation of FMOLS and DOLS equations. The paper’s findings show that all considered factors have a significant contribution to the income gap in the examined period of time. Economic and financial development, as well as institutional quality, is positively associated with the closing income gap, while globalization has a negative influence. It is also revealed the direction of the causality relationship between the considered variables: from economic and financial development, globalization and institutional quality to the income gap. These findings suggest some policy recommendations in support of the continuation of the European integration process.

East-West mortality gap and environment

This article reflects on and discusses Central and Eastern European (CEE) learners’ adaptability and achievement in one English post-1992 university. There appears to be a scarcity of studies of values, beliefs, attitudes and needs as well as achievement (and factors contributing to it) between CEE and other learners. Since the expansion of the European Union, CEE students’ presence in British higher education has become more pronounced. CEE learners are treated as home students (for the purpose of fees) and yet they come from a distinctively different socio-historical background and pedagogic tradition – tradition (as explained further in the article) that is, to a certain extent, common in CEE countries as a result of the sovietisation of education systems within post communistic countries of Central and Eastern Europe. In the British higher education sector there is a move in curriculum delivery towards more personalised learning, which underlines that effective teaching and learning starts with understanding the individual student. Therefore, it is important that universities with a high proportion of EU students attempt to understand where CEE students come from and what their aspirations might be. This article provides some insights into CEE learners’ values, attitudes and motivations to learn and looks for possible reasons for their success.

The recent financial crisis had serious worldwide impacts. Initial resilience and good past performances led to the illusion that the Central and Eastern European (CEE) region was able to decouple from developments in advanced economies. This initial illusion was however immediately denied since the crisis spread to that region just with a lag. The CEE region was, in fact, suddenly placed at the epicenter of the emerging market crisis. Further, the consequences of the crisis were not uniform among countries of the CEE region. Strong cross-country disparities in the resistance and recovery capacities have been observed. Focusing on a CEE sub-region, the Central Europe and the Baltics (CEB), our research project aims to analyze and disentangle the resilience performance to the 2008 financial crisis within countries of this region according to their shock isolation and absorptive capacities.\nWe develop a new methodology to investigate two important dimensions of resilience, namely recovery and resistance. The latter can be defined as the relative vulnerability or sensitivity of economies within CEB region to disturbances and disruptions, whereas the former is the speed and extent of recovery from such a disruption or recession. Our methodology is based on Bayesian estimation techniques for general equilibrium models. We build and estimate a DSGE model for a small-open economy, which features nominal wage and price rigidities, as well as financial frictions in the form of liquidity-constrained households and limited access to deposits for the bank system. Then we group our parameter estimates in two sets: structural parameters and stochastic structure. The former individuates the deep parameters affecting the economic recovery capacities after stochastic disturbances (innovations) occur; the latter governs the innovation distributions and their intrinsic persistence. Accordingly, we study the relative differences across CEB economies using Principal Component Analysis (PCA), obtaining synthetic orthogonal indexes of these differences in a parsimonious way. Finally, we use the two sets to compare the relative recovery (resistance) country performances of a single country to those of a hypothetical economy characterized by a CEB average structural (stochastic) set of estimated parameters. Precisely, considering estimated parameters as variables of a cross-sectional dataset organized by country, we first look at national differences considering as reference a hypothetical country, where there are no distortions and/or unaffected by disturbances; second we use, as reference, a hypothetical average country, built on the estimated parameter means.