Being a product consumer during the COVID-19 pandemic: profile of the Polish consumer in the organic dairy market

PurposeThe purpose of this paper was to determine the profile of dairy product consumers in the organic market.Design/methodology/approachThe study was based on a survey questionnaire developed by the author and administered to a total of 1,108 respondents. The statistical analysis (including descriptive statistics, the analysis of the discriminative function and the Chi2 test was performed with the use of Statistica 13.1 PL. The respondents' gender was the factor behind the differences in how they behaved.FindingsThe consumers indicated the channels they rely upon to find information on organic dairy products;in addition to trusting the opinions of their family members and experts, they also use web platforms. Further, they specified their preferred locations for buying favorite products during the pandemic: specialized organic food shops, large distribution chains and online stores.Practical implicationsThese outcomes will help in identifying target consumer segments and information channels for specific information and advertising messages. They also form an important resource for developing some potential strategies which the supply chain stakeholders could implement to promote organic consumption of dairy products.Originality/valueThis study identifies consumers' preferred dairy products;motives for purchasing organic dairy products;barriers that consumers believe exist in the market;sources of knowledge about products purchased by consumers;and consumers' preferred channels for purchasing organic dairy products. To the best of the author's knowledge, this is the first study of dairy product consumers in the organic market in Poland.

Economic Justice in Post-COVID India: A Macroeconomic Perspective

The COVID-19 pandemic and the subsequent lockdown wreaked havoc on substantial segments of the Indian population through unemployment and income loss, only highlighting the lack of institutional structures and policies to protect vulnerable sections of society from aggregate as well as idiosyncratic shocks. This chapter argues that the variations in the capacity to better one's life are conditional on socio-economic divisions a person belongs to and this makes such divisions fault lines. They constitute structural weaknesses in the economy leaving out millions of people without the capability to participate in the economy meaningfully and remuneratively. The author provides evidence of disproportionate impact of the pandemic along these fault lines and provides a policy framework for economic justice and prosperity to all in the post-COVID economy. He also highlights the importance of an interdisciplinary approach to policy-making given the complex nature of the problem. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023.

Lessons for the Age of Consequences: COVID-19 and the Macroeconomy

Comparative empirical evidence for 22 OECD countries shows that country differences in cumulative mortality impacts of SARS-CoV-2 are caused by weaknesses in public health competences, pre-existing variances in structural socio-economic and public health vulnerabilities, and the presence of fiscal constraints. Remarkably, the (fiscally non-constrained) U.S. and the U.K. stand out, as they experience mortality outcomes similar to those of fiscally-constrained countries. High COVID19 mortality in the U.S. and the U.K. is due to pre-existing socio-economic and public health vulnerabilities, created by the following macroeconomic policy errors: (a) a deadly emphasis on fiscal austerity (which diminished public health capacities, damaged public health and deepened inequalities);(b) an obsessive belief in a trade-off between ‘efficiency' and ‘equity', which is mostly used to justify extreme inequality;(c) a complicit endorsement by mainstream macro of the unchecked power over monetary and fiscal policy-making of global finance and the rentier class;and (d) an unhealthy aversion to raising taxes, which deceives the public about the necessity to raise taxes to counter the excessive liquidity preference of the rentiers and to realign the interests of finance and of the real economy. The paper concludes by outlining a few lessons for a saner macroeconomics.

Spending behavior and stimulus transfer use in response to income shocks among older Americans: evidence from the COVID-19 pandemic

This study examines household behavioural responses to the pandemic-induced income shocks regarding their overall spending and spending out of 2020 CARES stimulus payments. Using data from the 2020 Health and Retirement Study COVID-19 project and restricting our sample to older adults (51 years old and above), we show that the negative income shocks experienced during the COVID-19 pandemic put downward pressure on household spending. Results also reveal that, relative to those who did not experience an income shock, stimulus recipients who experienced income losses were more likely to use the stimulus transfer to increase spending, pay off debt, or for other purposes rather than to save.

How could a new universal code of conduct prevent and resolve sovereign debt crises? Proposals for design and implementation

In response to the COVID‐19 crisis, government spending around the world has increased significantly and will continue to grow as interest rates rise. In view of protracted and costly sovereign debt restructurings in the previous decades, contractual and noncontractual instruments of the Global Debt Governance‐system have been insufficient to prevent and to resolve sovereign debt crisis. While statutory and comprehensive approaches to resolve sovereign debt crises lack the political support such as an insolvency procedure for states incomprehensive contractual approaches including collective action clauses (CACs) cannot fully secure a comprehensive debt resolution. Codes of conduct could constitute an essential instrument to contribute to preventing and resolving sovereign debt crises. There are two main impediments for establishing and adopting such codes of conduct effectively. First, a range of codes of conduct with different institutional settings and principles have been established − and partly implemented − including those of the Institute of International Finance, the United Nations, the G20, the IMF and the OECD. However, differing institutional settings do not contribute to preventing or effectively resolving debt crises when the actors concerned apply different codes of conduct. We suggest a new universal code of conduct in which the elements of the various proposals made by the public and private sectors would be combined. Second, the global economic governance structure lacks incentives for creditors and debtors to adhere to this new universal code of conduct. This paper proposes measures providing incentives for creditors and debtors to apply the nonstatutory code of conduct.

Accelerating inflation expectations of households in the euro area: sources and macroeconomic spending consequences

In 2021 and 2022, inflation expectations of households in the euro area rose dramatically. Based on a time-series investigation from 1995 to 2022, I find that inflation expectations are driven by current price developments of three consumption product categories and house prices (which are not included in the consumer price index). About half of the recent rise was fuelled by energy prices, 20% by food prices, over 10% by transportation costs and almost 20% by house prices. On a macro-level, controlling for a standard set of spending determinants, a regression analysis suggests that accelerating inflation expectations in general will slow down growth of area wide real private consumption, but under circumstances of low nominal interest rates helped to cushion the negative shock of the covid pandemic and the energy crisis.

The effect of increasing health disaster risk and public spending on economy conditions: a DSGE perspective

PurposeThe main motivation of the present study is to understand the severity of the effect of health shock on Iran's oil economy and analyze the role of government under these conditions.Design/methodology/approachDynamic stochastic general equilibrium (DSGE) models can show the precise interactions between market decision-makers in the context of general equilibrium. Since the duration of the virus outbreak and its effect on the economy is not known, it is more appropriate to use these models.FindingsThe results of the survey of hands-on policies scenarios compared to the state of hands-off policy indicate that the effect of government expending shocks on the economy under pandemic disease conditions has much less feedback on macroeconomic variables.Originality/valueAs a proposed policy, it is recommended that the government play a stabilizing role under pandemic disease conditions.Key messages There is no study regarding health shock and its economic effects in Iran using DSGE models. Also, in foreign studies, the health shock in an oil economy has not been modeled.The general idea in the present study is how the prevalence of a pandemic infectious disease affects the dynamics of macroeconomic variables.In three different scenarios, according to the persistence of health disaster risk and the deterioration rate of health capital due to this shock, the model is simulated.In modeling pandemic diseases, quarantine hours are considered as part of the total time of individuals.According to the research findings, it is recommended that the government, as a policy-maker, play a stabilizing role under pandemic crises conditions.

The impact of military expenditures on out of pocket healthcare payments: international evidence based on a dynamic panel data analysis

PurposeThe empirical analysis dealt in this paper emphasizes on the impact of military expenditures on out of pocket (OOP) healthcare payments. A sizeable body of defence economics literature has investigated the trade-off between military and public health expenditure, by testing the crowding-out or growth-stimulating hypothesis;does military expenditure scaling up crowd-out or promote governmental resources for social and welfare programs, including also state health financing?Design/methodology/approachIn this study, panel data from 2000 to 2018 for 129 countries is used to examine the impact of military expenditure on OOP healthcare payments. The dataset of countries is categorized into four income-groups based on World Bank's income-group classification. Dynamic panel data methodology is applied to meet study objectives.FindingsThe findings of this study indicate that military expenditure positively affects OOP payments in all the selected groups of countries, strongly supporting in this way the crowding-out hypothesis whereby increased military expenditure reduces the public financing on health. Study econometric results are robust since different and alternative changes in specifications and samples are applied in our analysis.Practical implicationsUnder the economic downturn backdrop for several economies in the previous decade and on the foreground of a potential limited governmental fiscal space related to the Covid-19 pandemic adverse economic effects, this study provides evidence that policy-makers have to adjust their government policy initiatives and prioritize Universal Health Coverage objectives. Consequently, the findings of this study reflect the necessity of governments as far as possible to moderate military expenditures and increase public financing on health in order to strengthen health care systems efficiency against households OOP spending for necessary healthcare utilization.Originality/valueDespite the fact that a sizeable body of defence economics literature has extensively examined the impact of military spending on total and public health expenditures, nevertheless to the best of our knowledge there is no empirical evidence of any direct effect of national defence spending on the main private financing component of health systems globally;the OOP healthcare payments.

THE ECONOMY AND POLICY TRADE-OFFS

Good evening. It is a pleasure and an honour to be here at NIESR to give the annual Dow lecture. We are very lucky in the UK to have high-quality independent institutions such as NIESR focusing on the policy landscape, and in my time on the MPC I have always valued their commentary and research.

Introduction: Do we really want a return to normal?

Governments in many nations responded to these upheavals with public spending programmes on vaccines and medical equipment, and financial support for businesses and workers during lockdowns and public safety mandates. Taking a visual approach to borders, through the photographic self-representations of the study's participants, Biglin finds that legal status and a sense of belonging, being at home in one's space, do not correspond. BRETT NICHOLLS is Head of Media, Film and Communication at the University of Otago in New Zealand.

Institutional Quality and Education Quality in Developing Countries: Effects and Transmission Channels

The main objective of this study is to analyze the effect of institutional quality on education quality in developing countries. The literature review explores the channels through which institutional quality transits to affect education quality. The empirical analyses cover a sample of 82 developing countries. The main results obtained using ordinary least squares and two-stage least squares estimators show that institutional quality has a positive effect on student achievement and school completion, and a negative effect on educational failure. Concerning the role of transmission channels, the results show that a deterioration in institutional quality, characterized in particular by the presence of corruption, political instability, or the deterioration of government effectiveness, reduces the effectiveness of public spending on education and the quality of teaching through unethical behavior of teachers and the recruitment of untrained or less trained persons to carry out teaching tasks.

Impact of Direct Taxation on Economic Growth: Empirical Evidence Based on Panel Data Regression Analysis at the Level of Eu Countries

Through fiscal policy, the government can influence businesses and individuals in order to regulate their behaviour. The research used panel data from all 27 EU countries covering the period 2008–2020 to investigate the impact of direct taxation on economic growth at the level of two main clusters of countries concerning fiscal efficiency. Therefore, the analysis employed cluster methods to classify the main EU countries in both groups of countries with a high level of fiscal efficiency and those with a rather limited level of fiscal efficiency. The study employs fixed effect models and dynamic GMM methods to investigate the effect of direct taxation components (personal and corporate income taxes) on economic growth. The analysis also considers the informal economy's role in relation to the official economy. The empirical results revealed that corporate income taxes significantly negatively impact economic growth for both clusters of high- and limited fiscal efficiency countries. Additionally, personal income tax was associated with lower economic growth for countries in the limited fiscal efficiency group. Thus, from the perspective of policymakers, lowering direct taxation can increase disposable income, stimulate consumption and economic growth, encourage investment leading to job creation, increase competitiveness, and reduce tax evasion and avoidance, thereby leading to a more efficient tax system.

Mortality and Health Spending during the First Year of the COVID-19 Pandemic. Comparing Central, Eastern and Western Europe

The article shows the relationships between the COVID and non-COVID deaths during the first year of the pandemic, compared with the stringency of restrictions imposed and the compul- sory spending on healthcare. We compare these relationships among European countries, analysing weekly data and applying cointegration models. Regarding the pandemic's inten- sity, we split the period into two: March - August 2020 and September 2020 - February 2021. We find that, most often, if there was a relationship between the stringency index and COVID or non-COVID mortality, it was usually positive and mortality driven. That sug- gests that although the governments tailored the restrictions to the growing mortality rate, they were unable to control the pandemic. No relationships, or negative ones, were most of- ten found in these countries where the spending on healthcare was the highest (i.e., Northern and Western European countries). The biggest weekly changes in non-COVID deaths during the second sub-period were observed in the Central and Eastern European countries, where government healthcare expenditures per capita are the lowest.

Social spending and chronic unemployment: evidence from OECD countries

PurposeSocial spending is at the forefront of the tools used to repair the damage caused by the global epidemic. However, one of the most critical questions in recent days is as follows: what are the effects of social expenditures in eliminating unemployment? The primary purpose of this article is to provide empirical evidence on the impact of social spending on chronic unemployment in the selected organization for economic co-operation and development (OECD) countries.Design/methodology/approachIn this study, the data of 30 selected OECD countries between 1991 and 2018 have been compiled. First, countries have been divided into four categories according to their spending intensity to determine the effects of social spending on the long-term unemployment rate. Then, the auto-regressive distributed lag (ARDL) approach and the error correction models (ECM) examine the variables' short- and long-term interactions.FindingsThe author found that the change in the share of social expenditures in GDP affects chronic unemployment similarly. This finding is consistent with the results of studies in the literature dealing with the relationship between public sector size and unemployment. However, the research findings are specifically about the effects of social expenditures on chronic unemployment. In this respect, the results reflect that expenditures with passive characteristics have an expansionary effect on long-term unemployment. In addition, the progressive effect of social expenditures on chronic unemployment is increasing in countries with high expenditure intensity. In countries with relatively low spending intensity, the impact of social spending is limited to the short run and is lower.Originality/valueMultiple studies have reported that public policies developed in line with the incentives of active employment and public or private sector investments reduce the unemployment rate by positively affecting the output/employment level. This study, unlike other studies, focuses on the effects of social expenditures on chronic unemployment. It also compares the effects of social spending on the long-term unemployment rate for countries with varying spending intensities. Therefore, this article tests the impact of social expenditures used against a concrete socioeconomic problem in the OECD sample. In this respect, the findings contribute to the literature by addressing the relationship between social spending and chronic unemployment.

The Impact of Online Banking Services on Customer Spending Behavior

This paper is aimed on examining and testing the effect of mobile banking services on customer spending behavior and the changes caused by this influence of the COVID-19 pandemic in The Kingdom of Bahrain. In this study, the online banking services is the independent variable, where customer spending behavior is the dependent variable, COVID-19 pandemic is the moderator variable of the study. The study is focused on examining and testing the impact of the online banking services toward the consumer spending and saving behavior on making decision either to buy or save. The data will be collected in a primary form where the questionnaire survey method will be adopted to gather responses from bank consumers in the Kingdom of Bahrain and will be analyzed through the Statistical Package for the Social Sciences software (SPSS) tool by using the built-in functions such as regression, mediation, scale, correlation, coefficient, significant, and moderation analysis. The results of the study will show the acceptance and rejection of the hypotheses of the study. © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Economic Role of Government Budget Revision in the Presence of COVID-19

Fiscal policies are one of the most important instruments of government to guide the progress of the country's economic development. They find significant use in cases where the economy is experiencing a period of recession, such as the current one caused by COVID-19. This study aims to assess the multiplier effects that budget revision has on the economy for the case of Albania, and more specifically by referring to the initial and revised budget scenario for the year 2020 which is characterized by significant changes caused by the presence of COVID-19. Referring to the multipliers from the input–output tables (IOT) the total effect that the state budget brings to the economy for a certain year is derived. From this paper, it appears that the budget restructuring that takes place during the year does not take into account the multiplier effect in the economy, but is mostly done for specific purposes related to certain government functions. In this context, it is very important that various options during budget revision are evaluated, concluding with the option that has the highest returns for the economy.

Inclusive and sustainable growth. A mission-driven multi-stakeholder approach

Este documento trata sobre cómo aprender de la experiencia pasada y cómo avanzar hacia las nuevas formas de capitalismo que deben estar en el centro de un sistema impulsado por la misión, en el que los grandes problemas de nuestro tiempo, como la brecha digital, los sistemas sanitarios y el cambio climático sean centrales, y cómo trabajar juntos para abordarlos. Este documento trata sobre cómo diseñar un sistema de producción que sea colectivo, pero sobre todo que distribuya adecuadamente las recompensas, en lugar de la forma disfuncional en que lo hacemos actualmente, que consiste en socializar los riesgos y los costes y privatizar después los beneficios. He tenido el honor de trabajar con responsables políticos de todo el mundo para llevar la noción de reto, propósito e impulso hacia la misión al corazón del diseño de las políticas públicas. Este documento trata también de los cambios sistémicos, de lo que realmente significan, de cómo entendemos la economía, de cómo producir de otra manera.Alternate :This paper is about how to learn from past experience and how to move towards the new forms of capitalism that must be at the heart of a mission-driven system, in which the big issues of our time such as the digital divide, health systems and climate change are central, and how to work together to address them. This paper is about how to design a production system that is collective, but more importantly one that properly distributes the rewards, rather than the dysfunctional way we currently do it, which is to socialise the risks and costs and then privatise the benefits. I have had the honour of working with policy makers around the world to bring the notion of challenge, purpose and mission-drive to the heart of public policy design. This paper is also about systemic change, about what it really means, about how we understand the economy, about how to produce differently.

Evaluation of the Impact of the Covid-19 Pandemic on Consumer Spending in Turkey by Structural Break Analysis

The purpose of this study is to investigate and evaluate the impact of the global Covid-19 crisis on consumer spending tendencies in Turkey. The data of the study, which are weekly data, consists of the "Debit Card and Credit Card Expenditure" amounts of the Central Bank of the Republic of Turkey (CBRT) for the period 6/3/2015–5/8/2022. Changes in consumer expenditures during the Covid-19 pandemic process were examined with the help of structural break tests. The main contribution of this article subsists in an empirical study to examine structural breaks in Turkey using personal debit and credit card disaggregated total expenditure data during the Covid-19 period. According to the research findings;the change observed at the beginning of the Covid-19 period in card expenditures is less than the change observed at the end of the period. With the end of the pandemic, an upward breakout was observed in most of the expenditure items.3 © 2023,Statistika. All Rights Reserved.