How non-price instruments can help increase energy efficiency at the right time
Project Title – How non-price instruments can help increase energy efficiency at the right time
Application Code – No 01.2.2-LMT-K-718-02-0007
Research Group – dr. Andrius Kažukauskas, dr. Jūratė Jaraitė - Kažukauskė, dr. Vincentas Giedraitis, dr. Tomas Baležentis, dr. Rimvydas Baltaduonis, dr. Marye Fissha Asmare
Project Goal – The goal of this project is to bring the discussion on inefficiencies in residential energy use from theory to practical application using innovative technical methods and insights from the field of behavioural economics. This goal will be reached by accomplishing two main tasks. The first task is to analyse the issue of energy inefficiency in households, focussing on a lack of awareness and relevant information about energy use. The second task is to study Lithuanian households’ energy and financial literacies, their interaction, factors, and ways of increasing these literacies.
Project Summary – This project will implement several experiments that will help answer the question of how the provision of different types of information affects the energy consumption of Lithuanian households. This information will be updated in real time and transmitted to households via smartphones and other portable electronic devices. JSC Lietuvos Energija will provide the real-time electricity consumption data from the new generation of multifunctional electronic electricity meters required for the implementation of these experiments. Given the rapid development of these advanced meters and other information technology, project research will show whether this non-cost-effective approach can effectively lead to energy savings. As the experiments will generate frequent data, it will be possible to find out whether various non-cost interventions affect energy consumption during peak and off-peak electricity demand hours. The knowledge gained from this project can contribute to the provision of tangible value-added services to households and the energy sector as a whole. This project will provide valuable information on the importance of non-cost-effective measures delivered with the help of innovative high technologies to reduce valuable resource consumption.
Funding Resource – This project has received funding from European Regional Development Fund (project No 01.2.2-LMT-K-718-02-0007 ) under grant agreement with the Research Council of Lithuania (LMTLT).
Reassessment of the Optimum Currency Area in the persistently heterogeneous European Union (Euro4Europe)
Project Title – Reassessment of the Optimum Currency Area in the persistently heterogeneous European Union (Euro4Europe)
Application Code – No 09.3.3-LMT-K-712-01-0123
Principal Investigator – Chief researcher dr. Svatopluk Kapounek
Chief researcher dr. Jesus Crespo Cuaresma
Chief researcher dr. Jarko Fidrmuc
Chief researcher dr. Peter Huber
Researcher dr. Povilas Lastauskas
Researcher dr. Dmitrij Celov
Chief researcher doc. dr. Laimutė Urbšienė
Researcher dr. Rima Rubčinskaitė
Project Goal – the main goal of this project to improve the qualifications of researchers through high-level research in the field of business cycle synchronization, promoting the exchange of scientific ideas on the impact of European integration on business cycle asymmetries, as well as providing empirical evidence on the impact of European integration on business cycle asymmetries. The project will promote scientific cooperation with researchers from prestigious foreign research institutions - Vienna University of Economics and Business, Austrian Institute for Economic Research, Mendel University in Brno, and Zeppelin University in Friedrichshafen.
Project Summary – the project aims to improve the qualifications of researchers through high-level research. The project will carry out a business cycle synchronization study using 3 empirical strategies: a) analysis of national business cycle synchronization; (b) a study on economic integration and the transmission of macroeconomic shocks; (c) a study on the integration of regional business cycles. The project will seek to examine whether there is evidence to support the view of proponents of endogenous optimal currency space theory that integration increases or decreases asymmetries in business cycles (Frankel and Rose, 1998) (Krugman, 1993). The results of the project's research will: a) reassess the evolution of business cycle synchronization in Europe through equal access and at different territorial levels (national, regional); (b) provide empirical evidence to proponents of endogenous theories of an optimal currency area that integration increases or decreases asymmetries in business cycles; (c) fill the gap in business cycle synchronization measurement concepts. The regional research level will contribute to a better understanding of microconvergence from the perspective of a flexible and sustainable economic and monetary union in Europe.
|Published articles (2020):|
Title: Fragility and the effect of international uncertainty shocks
Title: Macroeconomic impact of Basel III: Evidence from a meta-analysis
Title: Meta-Analysis of the New Keynesian Phillips Curve in Developed and Emerging Economies
|Published articles (2019):|
|Title: Spillovers from US monetary policy: evidence from a time varying parameter global vector autoregressive model
Journal: Journal of the Royal Statistical Society: Series A (Statistics in Society) (ABS reitingas 3)
|Title: Historical decoupling in the EU: Evidence from time-frequency analysis
Journal: International Review of Economics and Finance (ABS reitingas 2)
|Title: Macroeconomic impact of Basel III: Evidence from a meta-analysis
Journal: Journal of Banking and Finance (ABS reitingas 3)
Funding Resource – this project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-01-0123) under grant agreement with the Research Council of Lithuania (LMTLT).
Data Literate: Digital Data Literacy for Education
Address: Universiteto St.3, LT-01513 Vilnius
Dr. Laimutė Urbšienė (project manager); Ona Marija Vyšniauskaitė; Daiva Mažeikaitė; dr. Aida Mačerinskienė.
Project Web Site - https://www.dataliterateproject.eu/
Start Date 1/04/2021
End Date 31/03/2023
EC Contribution (Total) 232400 EUR
EC Contribution (VU) 37630 EUR
Vilnius University (LT); INOVA+ (PT); Dataninja Societa a Responsabilita Limitata Semplificata (IT); Vilniaus Jezuit High School (LT); Agrupamento de Escolas Sebastião da Gama (AESG) (PT); Instituto de Educación Secundaria "Villa de Albarán” (ES); Istituto Tecnico Economico e Tecnologico "Girolamo Caruso" (IT)
Topics: data literacy; digital data literacy; digital competences; digital education for secondary shools.
Data Literate project has a well-defined and very specific mission to capacitate educators in Digital Data Literacy (DDL), through continuous professional development (CPD) initiatives and hands-on, collaborative approach which will allow not just teachers, but also school leaders and students to increase their Digital Competences, in particular those related with digital data literacy for education.
By actively contributing to teachers’ high-quality CPD in the field DDL and through a holistic, collaborative approach which brings together school communities, as well as training & data literacy experts, the project will not only tackle specific European education challenges bought up by COVID19, but will at the same time address the Commission proposes to consolidate ongoing efforts and further develop the European Education Area along with dimensions to improve basic skills, including digital competences, facilitate international cooperation between education institutions, assure teachers and trainers have opportunities for continuous professional development
The project has been funded within the European Commmission’s Erasmus+ Program as a Strategic Partnerships in Response of The Covid-19 Situation
COVID-19 Challenges and Implications: Modeling the Future Scenario for International Trade and Foreign Direct Investment in Eastern European Countries
Project Title – COVID-19 Challenges and Implications: Modeling the Future Scenario for International Trade and Foreign Direct Investment in Eastern European Countries
Project agreement No S-MIP-21-28
Research Group – Viktorija Cohen, Jolanta Droždz, Arūnas Burinskas
Project Goal – to model future scenarios and possible development trends after assessing the challenges of the COVID-19 pandemic and its implications for international trade and foreign direct investment in Eastern European countries.
Project Summary – The active spread of COVID-19 infection and the resulting containment measures have made it clear that both supply and demand are experiencing shocks and global production networks are being disrupted on an unprecedented scale. Therefore, the project aims to assess the challenges and implications of the COVID-19 pandemic for international trade and foreign direct investment (FDI) in Eastern European countries and to model future scenarios and possible development trends. The study aims to identify indicators of international trade and FDI and their correlations before the COVID-19 pandemic and perform a comparative analysis of Eastern European countries; to determine the impact of COVID-19 on the selected indicators and to assess their interrelationship in Eastern European countries. In addition, the competitive position of selected sectors in Eastern European countries in the development of international trade and in attracting FDI before and after the COVID-19 pandemic will be assessed; an analysis of exporters' economic expectations regarding the post-COVID-19 assessment of export and investment development opportunities will be carried out. The project also intends to formulate forecasts for COVID-19 economic impact on international trade and FDI and assess countries’ development potentials, and finally distinguish the development drifts in Eastern European for selected sectors post COVID-19.
This project has received funding from the Research Council of Lithuania (LMTLT), agreement No S-MIP-21-28
Modelling the impact of gamification on an online store loyalty
Project Title – Modelling the impact of gamification on an online store loyalty
Project agreement No S-MIP-21-23
Research Group – Vytautas Dikčius, Karina Adomavičiūtė, Sigita Kiršė, Ignas Zimaitis
Project Goal – to create a model of the impact of gamification elements on the loyalty of online store users.
Project Summary – The use of gamification elements has recently attracted more and more attention from business practitioners and academics as an effective tool to increase brand interest and involve consumers in planned activities. The scientific relevance of gamification elements is also emphasized by the fact that in 2020, the A-level Journal of Business Research published a special issue related to gamification. The importance of gamification elements in marketing is most often analyzed in the service sector: education, tourism, banking, social marketing. Meanwhile, the impact of gamification elements in the case of online stores was analyzed very randomly.
The use of gamification elements is strongly associated with increased involvement of participants in certain activities, but involvement does not yet guarantee consumer loyalty to the organization. It is therefore not clear whether gamification elements can have a positive effect on loyalty, and which types of loyalty could be affected. In addition, recent research suggests that the impact of gamification elements on consumer behavior is ambiguous, ranging from very positive to very negative. The analysis of such a phenomenon will undoubtedly contribute to the development of ecommerce both in Lithuania and in other countries.
Thanks to the project, a typology of gamification elements will be created, taking into account their impact, and the classification of gamification element users will be clarified. The project will allow to assess the importance of demographic and cultural factors in assessing the impact of gamification elements, and to develop (adapt) tools for assessing the impact of gamification elements. As a result of the project, a model of the impact of gamification elements on online store loyalty will be developed, taking into account different types of loyalty.
The results of the project will provide recommendations for online retailers on the application of gamification elements. The obtained results will pave the way for further e-loyalty research in other service areas and provide useful insights for company managers on the use of gamification elements to increase employee loyalty. The project will also provide social benefits, as gamification elements can be an educational tool for novice shoppers online.
This project has received funding from the Research Council of Lithuania (LMTLT), agreement No S-MIP-21-23
Circular economy modelling and empowerment perspective in a small open economy
Project Title – Circular economy modelling and empowerment perspective in a small open economy
Project Code – No S-MIP-19-38
Research Group – Justina Banionienė (Kaunas University of Technology), Jurgita Bruneckienė (Kaunas University of Technology), Lina Dagilienė (Kaunas University of Technology), Michael Donadelli (University of Brescia), Patrick Grüning (Bank of Lithuania and Vilnius University), Marcus Jüppner (Deutsche Bundesbank and Goethe University Frankfurt), Renatas Kizys (Southampton Business School), Kai Lessmann (Potsdam Institute for Climate Impact Research), Rūta Nedzinskienė (Kaunas University of Technology), Viktorija Varaniūtė (Kaunas University of Technology)
Project Goal – the goal of this project is to evaluate and improve the functioning of CE in Lithuania (as a case of a small open economy in the EU) by deriving policy recommendations how a higher level of CE implementation can be achieved in an efficient way.
Project Summary – Today, economic activity is predominantly characterized by a linear transformation of natural resources to production, consumption, and waste. The paradigm of circular economic activity seeks to overcome this by promoting reduction and reuse of materials, remanufacturing and recycling of products, but the consequences of its wide-scale implementation for economic dynamics, business cycles, wealth, and welfare remain unclear, and a deep understanding of the paths from linear to circular economy (CE) is still lacking. This project analyzes the effects of moving small open economies from linear processing of resources to the CE.
The European Commission has recognized the urgency of moving towards CE and in 2015 adopted the Circular Economy Package and an Action Plan. On the national level many member states identified priorities related to the CE in their Smart Specialisation Strategies. However, the EU is confronted with a double challenge for policymaking: supporting the laggards, e.g., Lithuania, Latvia, Slovakia (EEA, 2016) to catch up, and challenging the frontrunners to make next steps to fully closing loops and moving towards shorter loop R-imperatives (Reike et al., 2018). Accordingly, we assume that national policy strategies influence significantly the CE implementation.
This project will proceed in two phases. First, the theoretical analysis and the data needed for this kind of analysis are created. Second, a dynamic stochastic general equilibrium model for a small open economy is developed in order to evaluate the consequences of moving further with implementing CE principles.
To achieve this overall goal, the project proceeds along the following tasks:
- To clarify the concept of CE based on an extensive literature review, encompassing the interactions between micro, meso, and macro levels, and to refresh an analysis of strategic documents.
- To develop a research methodology for database creation and experts’ survey.
- To create a novel database of CE functioning in Lithuania.
- To identify drivers and challenges of the CE policy in Lithuania by carrying out a survey among experts.
- To develop a state-of-the-art dynamic stochastic general equilibrium model for a small open economy with CE elements so that the macroeconomic effects of moving to a higher CE implementation level can be evaluated.
- To introduce strategic proposals and recommendations for moving to a higher CE implementation level.
Funding Resource – This project has received funding from the Research Council of Lithuania (LMTLT), agreement No S-MIP-19-38.
Factors, influencing the willingness to disclose personal data, and impact of the willingness on the choice of a purchasing channel
Project Title – Factors, influencing the willingness to disclose personal data, and impact of the willingness on the choice of a purchasing channel
Application Code – No S-MIP-19-19
Research Group – dr. Sigitas Urbonavičius, dr. Vatroslav Škare, dr. Mindaugas Degutis, dokt. Ignas Zimaitis, dokt. Vaida Kaduškevičiūtė
Project Goal – The goal of the project is to find out what factors influence the willingness to disclose personal data, when it is collected for commercial purposes, and how the willingness influences purchasing. More specifically, it seeks to (1) discover the main antecedents of the willingness to disclose personal data, and (2) find out how the willingness influences the choice of a purchasing channel (on-line, off-line, multi-channel) and how it interacts with the trust in a seller and with the expected benefit from the data disclosure.
Project Summary – The growing use of data in the business allows making more personalised offerings. However, the use of personal data is linked with personal privacy, and disclosure of data presents a risk, if data is used improperly. Though privacy concerns are widely studied, another aspect of privacy is understood much less: this is the willingness to disclose personal data for commercial purposes in order to obtain personal benefits. The issue is especially important in the context of the newly approved General Data Protection Regulation (GDPR) that requires data to be collected only after unambiguous and individualized affirmation on consent from the data subject and thus precisely delineates the scope of the permission marketing. The willingness to disclose personal data becomes directly dependent on the trust in a processor of the data, as well on the benefit that is expected after the data disclosure. These issues disclose a remarkable gap in research knowledge, and the project aims to contribute to its reduction.
This project has received funding from the Research Council of Lithuania (LMT).
Personal Pricing, Privacy And Search In Retail Markets
Project Title - Personal Pricing, Privacy And Search In Retail Markets
Application Code – No 09.3.3-LMT-K-712-18-0001
Research Group - dr. Vaiva Petrikaitė
Project Goal – the main goal of this project is to investigate consumer incentives to store personal information in retail markets where personal pricing and information asymmetries prevail and to promote the exchange of research experience and knowledge between researchers and the host institution.
Project Summary – by letting sellers of goods and services know more about themselves, the consumer can not bother and look for the desired purchases: the sellers themselves will make tailor-made offers. Unfortunately, the product offered, while meeting the needs of the consumer, will often be expensive. Hence, the buyer may choose to store personal data and, without receiving personal offers, engage in time- and effort-intensive low-cost searches for the required item. During the implementation of this project, the researcher will analyze such consumer choices in the retail markets of goods and services and formulate recommendations on how to improve the efficiency of these markets and increase consumer welfare. The researcher will become a member of the academic community of Vilnius University, share the research experience gained in academic institutions in Spain and the Kingdom of the Netherlands, and contribute to the development and strengthening of international academic relations. At the same time, she will gain experience in the development and improvement of study programs and establish contacts with representatives of local businesses and other organizations. These steps will ensure that in the future the researcher will carry out successful high-level research projects, in which she will work together with the academic community of Vilnius University and other Lithuanian higher education institutions, as well as representatives of business and state institutions.
Funding Resource - this project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-18-0001 ) under grant agreement with the Research Council of Lithuania (LMTLT)
Development of an online learning platform with a learning motivation system based on game design elements and „blockchain“ technology
Project Title – Development of an online learning platform with a learning motivation system based on game design elements and „blockchain“ technology
Application Code – No J05-LVPA-K-04-0133
Research Group – prof. dr. Vytautas Dikčius, prof. dr. Sigitas Urbonavičius, asist. dr. Karina Adomavičiūtė, asist. dr. Dalia Čiupailaitė, doc. dr. Degutis Mindaugas, j. asist. Ignas Zimaitis.
Project Goal – The goal of the project is to carry out research on learning motivation and create an online learning platform with an integrated learning motivation system, game design elements, and „blockchain“ technology.
Project Summary – The project develops an innovative next-generation online learning platform with blockchain technology, based on a system for promoting user motivation, tracking achievements, and integrated social communication and mutual assistance functionalities. The platform developed by JSC „Bitdegree“ will be the world's first online learning platform based on „blockchain“ technology, the main focus of which will be on developing skills and competencies in the digital economy. The platform will teach programming languages, website development, online business intricacies, computer game development, and other digital sciences relevant to retraining market needs and important for modern employers.
Funding Resource – this project has received funding from European Regional Development Fund (project No J05-LVPA-K-04-0133)
Flexibility in industrial relations and labor market inequality
Project Title – Flexibility in industrial relations and labor market inequality
Application Code – No P-LL-18-256
Research Group – prof. dr. Romas Lazutka, prof. Joanna TYROWICZ, dr. Linas Tarasonis, dr. Jose Garcia-louzao-Perez
Project Goal – The goal of the project is to provide a wide battery of tests of an important hypothesis concerning the origins of the labor market inequality in a wide, comparative context across countries. Also, to provide several methodological innovations (concerning estimation techniques and identification strategies) as well as methodological diversity (econometrics, simulations, and experiments).
Project Summary – Goldin (2014, AER) argues that societies have made remarkable progress in closing the wage and employment gaps in the last fifty years; yet, they have failed to achieve full labor market equality. Goldin boils down the remaining difference to the concept of time flexibility, which should be understood both from employee and employer perspectives. For example, primary caregivers have lower time endowment to allocate to market work. By the same token, groups disadvantaged due to a remote location, disability, etc. may be at a disadvantage when compared to workers without such handicaps. While the conjecture of Goldin is attractive, empirical evidence is scarce, and at times contradictory. In this project, we provide a battery of tests Goldin’s conjecture, analyzing the role of working time flexibility in determining wages and employment.
This project has received funding from the Research Council of Lithuania (LMTLT).
Social policy responses to the consequences of the COVID-19 crisis: analysis of the unemployment and poverty situation, international experience and recommendations for Lithuania
Researchers from the VU Faculty of Philosophy, Institute of Sociology and Social Work, Faculty of Mathematics and Informatics and Faculty of Economics and Business Administration are launching the project “Social Policy Responses to the Consequences of the COVID-19 Crisis: Analysis Of The Unemployment And Poverty Situation, International Experience And Recommendations For Lithuania ” (Contract No. S-COV-20-17). The project aims to analyze how the economic crisis caused by Covid-19 has affected the employment and poverty situation of the population, the extent to which the newly introduced social protection measures have responded to the changing situation and their long-term impact. Based on the analysis and international experience, recommendations will be provided to public policy actors.
During the project it is planned to analyze Lithuanian and international documents in order to evaluate the adopted measures to reduce unemployment and poverty caused by the crisis, to analyze foreign experts' assessments of the crisis package in their countries, to assess the opinion of Lithuanian employers and trade unions on the domestic package, data on the unemployment and poverty situation, to interview the population of the country how they assess the package of measures to mitigate the consequences of the crisis.
Based on the collected information, the aim will be to prepare alternative scenarios for Lithuania. It is planned to prepare recommendations to Lithuania on measures to mitigate the consequences of the COVID-19 crisis by submitting proposals for amendments to legal acts, as well as recommending which public administration procedures should be improved in order to facilitate their implementation.
A team of highly experienced scientists from the fields of economics, social policy, mathematics, and public administration has been gathered for the implementation of the project. This will allow to harmonize the research methods applied by these sciences and to comprehensively substantiate the recommendations.
Project manager – prof. Romas Lazutka
dr. Daiva Skučienė
dr. Rūta Brazienė
dr. Lina Šumskaitė
dr. Jekaterina Navickė
dr. Aldona Skučaitė
dokt. Vitalija Gabnytė
dokt. Nerijus Černiauskas
habil. dr. Arvydas Guogis
This project has received funding from the Research Council of Lithuania (LMTLT), contract No. S-COV-20-17
Adolescent’s Impact On Parental Purchase Decision‐Making Of Consumerinnovative Products
Project Title – Adolescent’s Impact On Parental Purchase Decision‐Making Of Consumerinnovative Products
Application Code – No MIP‐15510
Research Group – dr. Vytautas Dikčius, dr. Indrė Pikturnienė, dr. Vilmantė Pakalniškienė, dr. Anahit Armenakyan, dokt. Eleonora Šeimienė, dokt. Monika Kavaliauskė
Project Goal – the goal of the project is to determine adolescent’s impact on parents’ decision to purchase innovative goods, and to draw the typology of innovative goods (from the consumer perspective) depending on the adolescent’s impact on parents’ purchase decisions.
Project Summary – lack of parents’ time and children socialisation result in higher adolescents’ impact on parents’ purchase decisions. Expert power of adolescents is grounded by involvement in digital technologies and the ability to find information. Their impact on parents is affected by other leverages, such as communication in the family, or emotional aspects. Innovative goods (from the consumer perspective) exist several product categories. When faced with an innovative good, consumers experience adoption barriers that can be reduced by the product knowledge, encouragements, information, or consumption experiences of others (including family members). The impact an adolescent makes in purchase decisions of various innovative goods yet lacks clear determination. The goal of the project is to determine adolescent’s impact on parents’ decision to purchase innovative goods, and to draw the typology of innovative goods (from the consumer perspective) depending on the adolescent’s impact on parents’ purchase decisions.
This project has received funding from the Research Council of Lithuania (LMTLT).
Model for Assessing the Impact of COVID-19 Pandemic on Financial System and Sustainable Economic Growth and the Effectiveness of Mitigation Measures
Project Title – Model for Assessing the Impact of COVID-19 Pandemic on Financial System and Sustainable Economic Growth and the Effectiveness of Mitigation Measures
Application Code - P-COV-20-71
Research Group – dr. Rasa Kanapickienė, dr. Deimantė Teresienė, dr. Greta Keliuotytė-Staniulėnienė, dr. Jekaterina Kartašova, dokt. Daiva Budrienė
Project Goal – after analyzing the global implementation practice of sustainable investment projects and researching the concept of sustainable financial development opportunities, to create a model for evaluating the effectiveness of sustainable growth investment projects (hereinafter - YES) and their financing and to prepare a sustainable financial development implementation strategy in Lithuania.
Project Summary – the idea of sustainable finance is gaining popularity around the world because the foundation of sustainable finance is a springboard for a sustainable economy. The financial system has a significant impact on a sustainable economy through three main dimensions of sustainability: environmental, economic and social, so finance can only be considered sustainable if it serves the needs of sustainable development activities at each stage of the development cycle. The “Financing Plan for Sustainable Growth” (08/03/2018) published by the European Commission sets the goal of directing capital flows to sustainable investments in order to achieve sustainable and inclusive growth; to manage the financial risks posed by climate change, resource depletion, environmental degradation and social problems, and to increase transparency and encourage greater consideration of the long-term perspective in financial and economic activities. One of the priorities of the Lithuanian financial markets declared by the Ministry of Finance is also sustainable (green) finance. In this context, the problem of the impact of investments and their financing on sustainable development becomes relevant. When analyzing investments, it is necessary to assess not only the financial benefits, but also their impact on all three dimensions of sustainability. Therefore, this project aims to create a model for evaluating the efficiency of sustainable growth investment projects (hereinafter - YES) and their financing and to prepare a strategy for the implementation of sustainable financial development in Lithuania. The result of this project is that the developed model will allow environmental, social and management factors to be taken into account in investment decisions; funding will make a greater contribution to sustainable and inclusive growth. The developed strategy for the implementation of sustainable financial development will contribute to the creation of a more favorable YES financing system and at the same time ensure a smoother implementation of projects and contribute to the solution of climate change problems.
This project has received funding from the Research Council of Lithuania (LMTLT), agreement No S-COV-20-21
The fiscal-monetary policy nexus in post Covid-19 euro area
Project Title – The fiscal-monetary policy nexus in post Covid-19 euro area
Application Code – 09.3.3-LMT-K-712-23-0194
Research Group – Dr. Linas Jurkšas
Project duration – 2021.07.01-2023.06.30
Internship supervisor - Dr. Deimantė Teresienė
Project Goal – Raising the scientific qualification of the research fellow in the context of the study on the fiscal-monetary policy nexus in the euro area following the COVID-19 pandemic.
Project Summary – The main research idea is to analyse the bilateral linkages of monetary and fiscal policies before and after the Covid-19 pandemic in the euro area. The unprecedented increase of sovereign debt in euro area member states and other advanced economies during the recent non-war period has made economists re-evaluate the motives of such increase. This ballooning of sovereign debt has been accompanied by the reduction of policy rates to the levels close to 0% as well as the implementation of non-standard monetary policy measures, including the purchases of sovereign debt by central banks. The Covid-19 crisis led to the further substantial increase of sovereign debt in tandem with an increase of central bank’ debt holdings. Efforts by governments and central banks to stabilize the economy may have changed their traditional response functions and decision-making processes. Thus, the research would be split into two parts: one focusing on monetary policy reaction function, while second one – on fiscal policy side. The study would address the issue of the unique institutional framework in euro area, i.e. homogenous formulation of monetary policy and heterogeneous conduct of fiscal policies among individual euro area member states. The results of the research could be used by the academic society, market analysts and traders as well as both fiscal and monetary policymakers who want to improve their decision making processes.
Funding Resource – European Union Funds’ Investment operational programme 9th priority “Educating the society and strengthening the potential of human resources” measure No. 09.3.3-LMT-K-712 “Development of scientific competence of researchers, other researchers, students through practical scientific activities”
Joint Enterprise University Learning (JEUL)
Organisation University of Siena
Address Rettorato, via Banchi di Sotto 55, 53100 Siena, Italy
Project Web Site www.jeul.eu
Start Date 08/01/2018
End Date 07/01/2022
EC Contribution Co-funded by the Erasmus+ Programme of the EU
Partners University of Siena – UNISI, University of Economics Ho Chi Minh city (UEH), Banking University HCMC (BUH), Nankai University (NA), Nanjing University of Aeronautics and Astronautics (NUAA), University of Kent (UKC), Vilnius University (VU), ŠKODA AUTO VYSOKÁ ŠKOLA o.p.s. (ŠAVŠ)/ŠKODA AUTO University (SAVS), EU-China Economics & Politics Institute (EUCHINAEPI)
Topics University-industry cooperation, higher education, enterpreneurship, curricula
The aim of this project is to establish and develop lasting cooperation among HEI and private sector, to influence the way universities work and enable them to learn from the entrepreneurial nature of companies, develop and use case studies based on the experience of companies - enhance their teaching and learning methods and gain an understanding of the needs of enterprises and improve the curricula accordingly. The idea is for them to move towards becoming ‘Entrepreneurial Universities. The specific objectives of the project are:
- Establish university-industry links on a formal basis to arrange placements for staff and students and to involve enterprises in university committees;
- Improve teaching and learning methods by developing and using case studies on the basis of partner companies’ specific experiences;
- Identify the skill and knowledge needs of enterprises through a survey and feedback on student placements, and upgrading the curricula by embedding these skills;
- Develop and implement a 2-module Enterprise Pathway in each partner country university.
Product and labour market reforms and economic activity in the EU countries
Project Title – Product and labour market reforms and economic activity in the EU countries
Application Code – No S-LL-18-12
Principal Investigator: Dr. Povilas Lastauskas
Other Main investigators: dr. Aurelija Proškutė, Julius Stakėnas
Project Goal – The primary goal of this research project is to evaluate a short- and medium-term impact of labour and product market regulations on economic performance in the EU countries in the period 1995-2013 with a particular focus placed on factors determining its magnitude, persistence and cross-country spill-overs.
Project Summary – The set of hypotheses to be verified in the research is as follows:
Hypothesis #1. Labour and product market reforms depend on economic and political factors in the reforming country as well as the reform intensity abroad.
Hypothesis #2. The effects of labour and product market regulations for economic activity depend on the granularity of analysis. In particular these effects depend on inter- and intra-sectoral structure of the economy.
Hypothesis #3. An impact of labour and product market regulations on economic activity is non-linear and heavily depends on country-specific economic circumstances, including fiscal policy stance and accompanying tax- or expenditure- based fiscal reforms, debt sustainability, economic business cycle, monetary regimes and heath of financial sector.
Hypothesis #4. Labour and product market reforms generate cross-country spill-overs which are affected by the economy‘s position in the global value chain (downstream or upstream).
Funding Resource – This project has received funding from the Research Council of Lithuania (LMTLT), agreement No S-LL-18-12.
PITCH – Promoting And Implementing Training On Entrepreneurship, Innovation And Creativity In Higher Education
Project title - PITCH – Promoting And Implementing Training On Entrepreneurship, Innovation And Creativity In Higher Education
Organisation: Universität Duisburg-Essen
Address: Universitätsstr. 2, 45141 Essen, Germany
Project Web Site: https://pitch-project.eu/
Start Date: 01/11/2019
End Date: 31/10/2021
EC Contribution - 36.195,00 Eur.
1. Vilnius University (Faculty of Economics And Business Administration) ( VU, Lithuania);
2. Aristotelio Panepistimio Thessalonikis university (AUTh, Greece);
3. Duisburg-Essen university (UDE, Germany);
4. Blended Learning Institutions Cooperative (BLINC EG, Germany);
5. Smart Revolution srl (SR, Italy);
6. Instituto Politecnico De Leiria (IP Leira, Portugal).
Topics: Training on Entrepreneurship, Innovation and Creativity in Higher Education.
Project Summary – The project aims at developing a holistic, ICT-supported and competence-oriented learning and validation system which is focusing on modular courses, including mobility learning and traineeships, in different informal learning contexts at the interface of academia and business. The project seeks to introduce entrepreneurship, and with it sense of initiative, creativity and innovation as a "key competence" in an overarching approach which can be transferred to a large variety of research fields and study domains in European Higher Education.
Data Literacy at the interface of higher education and business (DATALIT)
Organisation Istituto per le Tecnologie Didattiche (ITD) - Consiglio Nazionale delle Ricerche
Address Via Ugo La Malfa 153 · 90146 Palermo, IT
Project Web Site https://datalit.pa.itd.cnr.it/en/
Start Date 1/01/2020
End Date 31/11/2021
EC Contribution 26.548,00 EUR
Partners The consortium is composed by 14 experienced partners from 4 Programme EU Countries (Italy, Germany, Portugal, Lithuania), 1 Non-EU Programme Country (Serbia) and 1 Partner Country from Western Balkans (Albania). In particular we have 5 Universities, 5 SMEs, 1 Educational centre, 1 EU network, 1 umbrella organisation:
Istituto per le Tecnologie Didattiche (ITD) (Consiglio Nazionale delle Ricerche) (IT, Coordinator);
Evodevo srls (IT); Dataninja (IT); Smart Revolution Srl (IT); Q21 GmbH (DE); BLINC (Blended Learning Institutions Cooperative) (DE); University Duisburg-Essen (DE); Vilnius University (Faculty of Economics And Business Administration) (LT); The Lithuanian Confederation of Industrialists (LPK) (LT); Universidade Nova de Lisboa (PT); INOVA+ (PT); University of Novi Sad (SRB); PanonIT (SRB); European University of Tirana (AL).
Topics data literacy; data-driven competence; narrowing the gap between business and academia;
The project DATALIT aims at:
- Offering to university students across different Faculties, the opportunity to reach a suitable level of data knowledge that they can use and apply appropriately and diversely throughout their personal and professional lives,
- Narrowing the gap between business and academia and putting EU enterprises in direct contact with potential future employees or business partners properly trained to exploit data effectively
To meet this challenge, DATALIT will develop and pilot an approach based on a long-term partnership of academia, business and educational partners. After an in-depth research phase, aimed at identifying best practices and experiences of data literacy inclusion in EU higher education and better understand the needs and expectations of the target groups (students, HE professionals, and employers), the partners will define a common understanding of data literacy as competence and design a syllabus to orient the creation of data courses. In parallel, the partners will develop a digital learning environment to integrate the class-based courses and a sound validation and certification system connected to the EQF, ECTS and EUROPASS systems. The Universities involved will pilot the outputs developed and by students that will have the opportunity to apply their data skills through internship experiences in EU enterprises.
Creativity and Innovation Management in higher education (CIM)
Organisation University Duisburg-Essen
Address Forsthausweg 2; 47057 Duisburg, GE
Project Web Site https://cim-project.eu/the-cim-project-2/
Start Date 1/11/2018
End Date 31/10/2019
EC Contribution 23 588 EUR
Partners: University Duisburg-Essen (D), German Institute For Adult Education, Leibniz Centre For Lifelong Learning (Die) (D), Blinc Eg - Blended Learning Institutions Cooperative (D), Q21 (D), Joker (B), Trendhuis (B), Scuola Superiore Di Studi E Di Perfezionamento Sant’anna (I), Consiglio Nazionale Delle Ricerche (I), Centro Studi E Iniziative Europeo (Cesie) (I), Vilnius University Faculty Of Economics (Lt), Lithuanian Confederation Of Industrialists (Lt), Aristotelio Panepistimio Thessalonikis (Auth) (Gr), Catro Bulgaria (Bg), Die Berater (A), Dublin City University (Irl). Instituto Politécnico De Leiria (P)
Topics: Creativity and Innovation Management; Innovative blended learning; Interface between higher education (HE) and business
CIM competences are hardly to be acquired in frontal teaching lessons or self-learning exercises. The ideal learning contexts to acquire these competences are the informal/non-formal ones such as traineeships or mobility. However, it is a challenge to set up learning contexts that facilitate CIM. Only singular attempts have been made to systematically include the development of these competences in curricular or extracurricular HE courses and the assessment of these competences requires a new competence framework system to give evidence of students’ development, to connect them to existing certification systems and to offer a European wide validation approach. CIM will develop and pilot an approach to tackle this issue based on a long-term partnership of academia, business and educational partners. The traineeships will involve students from 6 universities and will be carried out in businesses in different EU member-states (students will have the possibility to travel to other EU countries). The innovative momentum of these internships is that they work along a project management structure and self-directed learning approach; each trainee has to plan, develop and assess his/her project, which leads towards at least one of the key competences described above. Well-proven validation approaches will be applied to assess and evidence informal learning. Students of different sciences will develop CIM projects along an innovative blended learning concept based on transferrable study units that can be integrated in the formal curricula and on an experiential learning approach in European enterprises. Competences will be validated and connected to European validation and certification instruments.
DEveloping DAta Literacy courses for University Students (DEDALUS)
Organisation Istituto per le Tecnologie Didattiche (ITD) - Consiglio Nazionale delle Ricerche
Address Via Ugo La Malfa 153 · 90146 Palermo, IT
Project Web Site https://dedalus.pa.itd.cnr.it/
Start Date 1/11/2019
End Date 31/10/2021
EC Contribution 21 434 EUR
Partners Istituto per le Tecnologie Didattiche (ITD) (Consiglio Nazionale delle Ricerche) (IT, Coordinator); Dataninja (IT); Vilnius University (Faculty of Economics And Business Administration) (LT); BLINC (Blended Learning Institutions Cooperative) (GE); University of Alcalá (ES); University of Novi Sad (SRB); University of Milan (IT); University of Southampton (UK).
Topics data literacy; data-driven competence; digital education.
DEDALUS - DEveloping DAta Literacy courses for University Students is aiming to equip students with the necessary competences to cope with future digital challenges and to create an additional value for the enterprises and industries where they would be employed. It will do so by developing an innovative modular, open and online learning curriculum to include data literacy competences in any study field. At the same time, through the CPD qualification for HE professionals it will develop the digital competences of educators, enabling them to transfer such competences in their practice.
Data literacy is a cross-cutting competence which is relevant in all disciplines since data are used in a multitude of domains and future entrepreneurs, regardless of the type of business they wish to run, need to deal with data and analytics to make quicker and more brilliant decisions and to get the most from business intelligence solutions. At the same data literacy is a difficult concept, since the required knowledge, skills and attitudes related to it are dependent on the context and so is the competence level. Indeed, courses and certification paths available on the market, as well as in universities are only scattered approaches that are lacking a convincing learning and study trajectory oriented towards a competence framework which maps the competences along the requirements of the study domain and the future field of application. This again would increase the employability of the students since their expertise could be better identified. The business sector, in turn, lacks a proper understanding of what digitalization means and which requirements it has to face in terms of expertise to cope with future challenges.
Counterparty credit risk assessment in the context of the COVID-19 pandemic
Project Title – Counterparty credit risk assessment in the context of the COVID-19 pandemic
Application Code – 09.3.3-LMT-K-712-22-0365
Research Group – Doc. Deimantė Teresienė, Beatričė Gudavičiūtė
Project Goal – The goal of this project is to develop a valuation model, after examining the theoretical aspects of counterparty credit risk, which would support risk management decisions in COVID-19 pandemic situation and would also benefit risk management decisions during other economic and financial crises.
Project Summary – In the current conditions of the COVID-19 pandemic , credit risk assessment has become a serious challenge for many financial institutions and businesses. Both central banks and other financial institutions have faced the difficult task of reconciling the level of credit risk they take with the need to boost the country’s economy in the context of the impact of the COVID-19 pandemic. The European Central Bank has taken steps to manage credit risk in order to provide an economic stimulus mechanism. The Eurosystem central banks have also taken steps to implement local stimulus measures. Counterparty credit risk assessment is crucial in this context, as it determines the extent to which a country's or region's economy will be able to absorb funds, which would help to repel the impact of the COVID-19 pandemic on both the business segment and the country's financial stability. The rapid downgrading of corporate and country credit ratings by credit rating agencies has significantly reduced the ability of central banks to contribute to economic stimulus through monetary policy measures in the context of the COVID-19 pandemic. There is a strong need to develop new credit risk assessment models, especially for counterparty credit risk, and this proposed research would make a significant contribution to solving practical problems and, in particular, to developing young researchers' competencies in risk management decisions in difficult crisis situations.
Funding Resource – This project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-22-0365) under grant agreement with the Research Council of Lithuania (LMTLT).
The role of Bitcoin as an investment asset in economic policy uncertainty (COVID - 19)
Project Title – The role of Bitcoin as an investment asset in economic policy uncertainty (COVID - 19)
Application Code – 09.3.3-LMT-K-712-22-0334
Research Group – Doc. Alfreda Šapkauskienė, Gustė Statulevičiūtė
Project Goal – The goal of this project is to investigate the role of Bitcoin as an investment asset in the economy in the face of the global crisis - COVID - 19.
Project Summary – The results of this project investigation will deepen the scientific and practical knowledge of investors about the potential of virtual currencies, specifically Bitcoin, which has the largest market capitalization, (not) to become a safer alternative investment asset during economic crises. This project will carry out activities such as the analysis of the scientific literature, the importance of the scientific problem, for the justification of research variables and empirical research methods; based on the analysis of the scientific literature, the research methodology is developed; primary research data is collected; after the research, in accordance with the established research methodology, the research results, conclusions and recommendations are presented in the research activity report; the results of the research are also presented at the student scientific conference. The project aims to provide confirmatory results that Bitcoin cannot become a safe investment asset in the face of COVID - 19 and other turbulences that contribute to global economic uncertainty.
Funding Resource – This project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-22-0334) under grant agreement with the Research Council of Lithuania (LMTLT).
The Evaluation Of The Level Of Application Of Strategic Management Accounting Instruments In Lithuanian Companies
Project Title – The Evaluation Of The Level Of Application Of Strategic Management Accounting Instruments In Lithuanian Companies
Application Code – 09.3.3-LMT-K-712-22-0182
Research Group – Doc. Daiva Tamulevičienė, Kamilė Medeckytė
Project Goal – The goal of this project is to improve the student's scientific qualification by carrying out practical scientific activities, exchange of scientific ideas, promoting the development of scientific communication.
Project Summary – The project aims to promote the student's readiness to conduct scientific research and improve scientific qualification by organizing and conducting research on the level of application of strategic management accounting instruments in Lithuanian companies, summarizing and evaluating research results and presenting them to the academic and scientific community. The uncertain and changing business situation becomes a precondition for the emergence of a new direction of management accounting - strategic management accounting. Strategic management accounting is characterized by a variety of instruments, most of which have become popular in recent decades. The application of these instruments helps companies monitor the success of achieving strategic goals by providing information on customer and competitors’ strategies, product markets, cost structure and other information that influences long-term strategic decisions. However, despite the potential benefits of strategic management accounting instruments in corporate governance, companies are more prone to use traditional management accounting methods due to limited knowledge of the efficiency and applicability of new instruments. Although a number of researches have been conducted in Lithuania examining individual strategic management accounting instruments, there is a lack of more comprehensive research on the application of these instruments in practice. The project aims to investigate and evaluate the level of application of strategic management accounting instruments in Lithuanian companies. It is expected that the results of the research will allow to determine which strategic management accounting instruments are applied in Lithuanian companies, how widespread they are, and what reasons determine the (un)popularity of one or another instrument. Based on the results of the research, it is planned to prepare a report on scientific activities, a scientific report and a publication, which is planned to be submitted to the peer-reviewed journal “Buhalterinės apskaitos teorija ir praktika”.
Funding Resource – This project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-22-0182) under grant agreement with the Research Council of Lithuania (LMTLT).
Bibliometric Analysis of Central Bank Digital Currency Research
Project No – 09.3.3-LMT-K-712-24-0219
Project Title – Bibliometric Analysis of Central Bank Digital Currency Research
Research Project Manager: Dr. Alfreda Šapkauskienė
Project Participant: Ieva Turskytė
Project Implementation Period: 05/07/2021 – 31/08/2021
Project Summary – The goal of this project is to perform a bibliometric analysis of central banks' digital currency research. Recently, bibliometric research has become a new and viable field of research, given the importance of evaluating scientific output. The results of the bibliometric research will benefit both Lithuanian and foreign researchers and practitioners in deepening their scientific and practical knowledge in order to fully understand and evaluate the central bank's digital currency (CBDC) research directions, research topics, the most popular scientific publications, CBDC-related publications, research-leading researchers according to their citation, countries and keywords of publications. The results, conclusions and recommendations of the research will be presented in the scientific activity report.
Funding Resource – This project has received funding from European Social Fund (project No 09.3.3-LMT-K-712-24-0219) under grant agreement with the Research Council of Lithuania (LMTLT).