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Paradox of Excess Liquidity in European Emerging and Transition Economies Prague Economic Papers (IF 0.797) Pub Date : 2022-02-24 Albulenë Kastrati
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Budget Deficit Sustainability: An Application to Turkey Prague Economic Papers (IF 0.797) Pub Date : 2022-02-24 Zuhal Ergen,Esin Güzhan
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Role of Uncertainty in Debt-Growth Nexus Prague Economic Papers (IF 0.797) Pub Date : 2022-02-24 Mindaugas Butkus,Diana Cibulskiene,Lina Garsviene,Janina Seputiene
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Impact of Institutions on Economic Growth Across OECD Countries Prague Economic Papers (IF 0.797) Pub Date : 2021-12-15 Óscar Afonso,Inês Almeida,Natércia Fortuna
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Study on Impacts of COVID-19 Pandemic Recession Based on Monte Carlo Simulation Prague Economic Papers (IF 0.797) Pub Date : 2021-12-15 Di Shang,Chang Yu,Gang Diao
We analyse the economic impact of the economic recession caused by the unprecedented COVID-19 pandemic by estimating the amplitude, duration and scope of influence of the recession. We employ the turning point method to extract the characteristics of the historical recessions since 1980 in 153 countries and use the information to obtain the distribution characteristics of the GDP growth rate in these
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Gender Pay Gap in the Czech Republic - Its Evolution and Main Drivers Prague Economic Papers (IF 0.797) Pub Date : 2021-12-15 Drahomíra Zajíčková,Miroslav Zajíček
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Introducing Flexible Retirement: A Dynamic Model Prague Economic Papers (IF 0.797) Pub Date : 2021-12-15 András Simonovits
Typically economists arguing for flexible (or variable) retirement age, but they rely on steady state analysis. In this paper we consider the replacement of a mandatory retirement system with a flexible one in real time. We show that even if early retirement is duly punished, diminishing the effective retirement age by 1 year raises the first year's and the total expenditures during transition by 8%
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Employer of Last Resort for the Czech Republic Prague Economic Papers (IF 0.797) Pub Date : 2021-12-15 Filip Červenka
1 This article simulates a programme called Employer of Last Resort, and analyses its potential impact in the Czech Republic. The design of the programme guarantees perfectly inelastic demand for labour at a given wage level. In practice, the state would offer a job to anyone willing to work in order to eliminate involuntary unemployment, reduce poverty and income inequality and secure stable growth
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Synthetic Indicators of Quality of Subjective Life in the EU: Rural and Urban Areas Prague Economic Papers (IF 0.797) Pub Date : 2021-10-22 María-Carmen Sánchez-Sellero,Beatriz García-Carro,Pedro Sánchez-Sellero
The aim of this paper is to develop subjective synthetic indicators that quantify the quality of life in the different countries of the EU-28, with data from the 2016 European Quality of Life Survey (EQLS). We add other indicators to the general synthetic ones in order to quantify the different dimensions of quality life due to its multidimensional nature. The successive but unchained application of
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Equity Release Contracts with Varying Payments Prague Economic Papers (IF 0.797) Pub Date : 2021-10-22 Agnieszka Marciniuk
Equity release contracts allow property owners to receive a financial benefit in exchange for surrendering their real estate to a company. The benefits depend on the life expectancy of owners, the real value of properties, and the rate of interest. These parameters are not the same throughout the years. The aim of the paper is to analyse varying payments of equity release contracts which have already
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Foreign Banks in Central and Eastern Europe: The Good, the Bad and the Ugly Prague Economic Papers (IF 0.797) Pub Date : 2021-10-22 Mihai Niţoi,Dorina Clichici,Simona Moagăr-Poladian
Foreign banks have played a major role in Central and Eastern European economic landscape over the last decades. They have spurred banking intermediation and fuelled economic growth for years. However, the global financial crisis unveiled the other side of the coin. This article analyses foreign banks' lending behaviour in Central and Eastern Europe over the period from 2000 to 2016. It aims to investigate
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Fair Insurance Cover for Export Credit Under OECD Pricing Framework Prague Economic Papers (IF 0.797) Pub Date : 2021-10-22 Mikuláš Pýcha
This article aims to analyse the issue of a lack of rules on the insurance cover of interest from an OECD perspective during the period 2010-2020. Export credit agencies (ECAs) support export and apply minimum premium rates (MPRs) to the principal amount only, while the insurance agreement covers also the interest amount. This area can be described as a grey zone, because ECAs can decide themselves
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Distribution of Expected Time of Old-Age Pension Receipt in Czechia Prague Economic Papers (IF 0.797) Pub Date : 2021-10-22 Tomáš Fiala,Jitka Langhamrová
This paper presents a calculation of the estimated value of the time of old age pension receipt for individual birth cohorts of Czech males and females born in the period 1900-2020. It is assumed that people start to receive the pension at the moment of reaching retirement age and receive it until death. Starting with the birth cohort of 1966, two variants of retirement age determination are assumed:
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Conditions for Development of Entrepreneurship in Regions of Visegrad Group Countries Prague Economic Papers (IF 0.797) Pub Date : 2021-08-31 Małgorzata Jabłońska,Joanna Fila
The aim of this paper is to analyse and evaluate the directions of changes in the development of entrepreneurship in the regions of the Visegrad Group countries, i.e., the Czech Republic, Poland, Slovakia and Hungary, in the period 2004-2018. We carried out research using an entrepreneurship model based on the Global Entrepreneurship Monitor (GEM) methodology. The literature analysis made it possible
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Military Recruitment and Czech Labour Market Prague Economic Papers (IF 0.797) Pub Date : 2021-08-31 Vladan Holcner,Monika Davidová,Jiří Neubauer,Ľubomír Kubínyi,Aloiz Flachbart
The article presents an empirical analysis of the relation between recruitment in the all-volunteer Czech Armed Forces and selected economic indicators, including actual economic performance, situation on the domestic labour market and development of defence expenditures based on data for the period 2005-2019. The relation between military recruitment and economic performance was examined using values
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Impact of Implementation of IFRS 9 on Czech Banking Sector Prague Economic Papers (IF 0.797) Pub Date : 2021-08-31 Oľga Pastiranová,Jiří Witzany
The aim of this study is to provide an overview of the principles of IFRS 9 implementation and to analyse its impact on the Czech banking sector. Unlike the previous IAS 39 standard, valid until the end of 2017, the new accounting rules require banks to estimate forward-looking expected credit losses (ECL) while considering relevant exposure level information as well as available macroeconomic predictions
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The Effect of Financial Leverage on Operating Performance: Evidence from the Czech Republic Prague Economic Papers (IF 0.797) Pub Date : 2021-08-31 Zdeněk Toušek,Barbora Malinská,Martin Prokop,David Procházka
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Firm-level Effects of Minimum Wages Prague Economic Papers (IF 0.797) Pub Date : 2021-08-31 Olena Chorna
We investigate how increases in minimum wage affect various firm-level characteristics. We study firm-level data from Poland, where the minimum wage experienced a large and persistent increase in 2008 and 2009. We show that firms which were more exposed to the minimum wage increase faced higher increases in total labour costs and larger reductions in profitability. Intuitively, higher total labour
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Random Forest as a Model for Czech Forecasting Prague Economic Papers (IF 0.797) Pub Date : 2021-06-11 Katerina Gawthorpe
Random forest models have recently gained popularity for economic forecasting. Earlier studies demonstrated their potential to provide early warnings of recession and serve as a competitive method to older prediction models. This study offers the first evaluation of the random forest forecast for the Czech economy. The one-step-ahead forecasting results show high accuracy on the Czech data and are
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Measuring Mancur Olson: What is the Influence of Culture, Institutions and Policies on Economic Development? Prague Economic Papers (IF 0.797) Pub Date : 2021-06-11 Tomáš Evan,Ilya Bolotov
Mancur Olson wrote his influential study Big Bills Left on the Sidewalk: Why Some Countries are Rich, and Others Poor in 1996. In his paper, Olson claimed that the differ-ences in economic development between countries are caused by only two factors: institutions and policies on the one hand and culture on the other. We attempt to test his conjecture using econometric modelling, combining and comparing
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Does It Pay to Have Your Own R&D Department? In-house and External R&D in the Context of Innovations Prague Economic Papers (IF 0.797) Pub Date : 2021-06-11 Jacek Lewkowicz,Anna Lewczuk
What type of R&D is essential for creating innovations? Is in-house R&D more efficient than purchasing external innovations? The question of various strategies for private firms to succeed in developing innovations is key for ongoing national and international programmes for raising innovativeness of economies. The goal of the paper is to investigate the outcomes of different types of R&D in the context
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Calibration of Borrower-based Macroprudential Measures for Mortgage Exposures: Rigorous Approach and Its Application to the Czech Republic Prague Economic Papers (IF 0.797) Pub Date : 2021-06-11 Hana Hejlová,Libor Holub,Miroslav Plašil
1 Although the use of residential real estate macroprudential tools has become common in recent years, rigorous approaches to their calibration have been relatively scarce. The goal of this paper is to present an approach to (i) evaluating direct risks to financial stability related to residential real estate exposures, and to (ii) calibrating borrower-based macroprudential measures. First we present
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Heterogeneity of Returns to Business R&D: What Makes a Difference? Prague Economic Papers (IF 0.797) Pub Date : 2021-06-11 Petr Pleticha
Business R&D spending has been shown to exert both direct and indirect positive effects on value added. Nevertheless, the heterogeneity of the returns to R&D has seldom been examined. Using detailed sectoral data from Czechia over the period 1995-2015, this study finds that privately funded business R&D has both direct and spillover effects, but that the publicly funded part of business R&D only leads
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Self-employment: Influence of Tax Incentives and Income Underreporting Prague Economic Papers (IF 0.797) Pub Date : 2021-04-14 Adam Adamczyk
The aim of the article is to answer the question whether the tax benefits that can be obtained by the self-employed in Poland influence the decision to start their own business. In the study, the EUROMOD microsimulation model is used to determine tax benefits from self-employment. The estimated tax benefits are then used in a probit regression to explain the probability of self-employment. The survey
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Critical Literature Review on Tax Avoidance Prague Economic Papers (IF 0.797) Pub Date : 2021-04-14 Petr Procházka
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Why Do Some Special Economic Zones Attract More Firms Than Others? Panel Data Analysis of Polish Special Economic Zones Prague Economic Papers (IF 0.797) Pub Date : 2020-12-09 Piotr Ciżkowicz,Magda Ciżkowicz-Pękała,Piotr Pękała,Andrzej Rzońca
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GHG Emissions Performance: Alternative Accounting Approaches for the European Union Prague Economic Papers (IF 0.797) Pub Date : 2020-12-09 Patricia Milanés-Montero,Esteban Pérez-Calderón,AnaIsabel Dias
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Problems with Long-term Financial Sustainability of Export Credit Agencies Prague Economic Papers (IF 0.797) Pub Date : 2020-12-09 Mikuláš Pýcha
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Why Cannot Direct Payments Be Capped in Slovakia? A Political Economy Perspective Prague Economic Papers (IF 0.797) Pub Date : 2020-11-27 Jan Pokrivčák,Marián Tóth,Pavel Ciaian,Martin Bušík,Andrej Svorenčík
Annually the Common Agricultural Policy (CAP) provides support to the farming sector amounting to more than EUR 50 billion in the EU, of which direct payments (DPs) take around 70%. DPs are often argued to be granted unfairly to large farms. In this paper we analyse implications and the political economy of DP capping in Slovakia in the context of the ongoing negations about the future CAP reform.
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Do Institutions Influence Economic Growth? Prague Economic Papers (IF 0.797) Pub Date : 2020-11-27 Klára Čermáková,Pavel Procházka,Lucie Kureková,Jiří Rotschedl
Economic growth has been the subject of much focus throughout the history of economic thought as it has profound economic, social and political consequences. The sources of economic cycles are surrounded by intense and controversial scientific dispute. In our article, we want to contribute to the institutional economics debate by analysing selected institutional factors and testing their influence
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Dynamic Herding Behaviour In the US Stock Market Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Muhammad Yasir,A. Önder
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ATP Identification Using Balance of Payments Data: Case of the Czech Republic Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Jan Pavel,Jana Tepperová
Multinational enterprises apply aggressive tax planning (ATP) to optimize global tax liability usually by combining parameters of different tax systems in both national jurisdictions and double tax treaties. At a macroeconomic level, the implementation of various optimization schemes affects the given values of the balance of payments. By conducting econometric analysis, the present paper examines
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Analysis of the Status Quo Behavioural Concept During the Global Economic Crisis Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Anton Vaskovskyi
The objective of this paper is to examine one of the essential behavioural concepts - the 'status quo bias' - on the available macroeconomic data. The recent global economic crisis has provided a valuable opportunity for analysing the concept and ensured that relevant and sufficient inputs for such academic research are available. Specifically, to study the 'status quo bias', this paper studies the
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Factors Affecting Collateralized Borrowing by SMEs: Evidence from Emerging Markets Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Aysa Ipek Erdogan
This study aims to enhance the empirical evidence on the determinants of collateralized borrowing by small and medium-sized enterprises (SMEs) by presenting new empirical evidence on emerging market countries. Using the data from World Bank Enterprise Surveys from nine emerging markets, we find that older SMEs are less likely to provide collateral for bank loans. The results also reveal that loans
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Does Social Progress Explain the Dividend Payout Decision? Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Hanaan Yaseen
This paper investigates whether national social progress influences dividend payout policy of companies around the world. Using a large database of 12,312 companies from 70 countries, for 7 years (2008-2014), I provide strong evidence that social progress is significant in relation to important corporate decisions on paying dividends. Dividend payout policy is explained by the social progress of the
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Does Distribution Growth Affect the Insurers' Asset Allocation in Life Insurance? The Case of Central Europe Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Jiří Šindelář, Michal Erben
This paper deals with the effects of distribution stress and macroeconomic factors on the composition of life insurance investment portfolios on the Central European market. Using a wide array of variables and the VAR model as our main method, we have found that a strong majority of insurers react to external shocks, induced by high levels of contract turnover or positive changes in macro-variables
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Assessing the Systemic Risk Between American and European Financial Systems Prague Economic Papers (IF 0.797) Pub Date : 2020-09-09 Ayhan Orhan, Vahit Ferhan Benli, Rui Alexandre Castanho
The present study focuses on the analysis of systemic risk in the American and European financial systems for the period from 20 August 2004 to 28 February 2014. The global crisis in 2007 has brought attention to the urgent need to understand the systemic risk issues and the stability of financial systems along with their actors. To assess systemic risk, Adrian and Brunnermeier (2011) advocated the
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THE INFLUENCE OF FDI ON DOMESTIC INNOVATION: AN INVESTIGATION USING STRUCTURAL BREAKS Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Mingbo Zheng, Gen-Fu Feng, Jun Wen, Chun-Ping Chang
This paper investigates the influence of foreign direct investment on innovation by em-ploying the panel cointegration method incorporating multiple structural breaks and a dynamic common correlated estimation for 34 countries over the period 1991-2016. Our findings indicate that the series of innovation and foreign direct investment are stationary after considering the potential structural breaks
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SINGLE STIMULI, MULTIPLE RESPONSES: PERFORMANCE FEEDBACK AND FIRMS' R&D CHANGES Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Michal Jirásek
The behavioral theory of the firm assumes that firms react on performance feedback by increasing their search for alternative courses of action. However, the empirical literature is full of contradictory findings. This paper puts forward the idea that at least part of these contradictions can be explained if we can identify groups of firms behaving differently from firms in other groups and theoretical
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ASSESSING THE JOB-FINDING PROBABILITY OF OLDER AND PRIME-AGE UNEMPLOYED WORKERS Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Vladislav Flek, Martin Hála, Martina Mysíková
We analyse the extent and determinants of somewhat gloomy employment prospects of older unemployed populations in Austria, the Czech Republic, Poland and Slovakia. For this purpose, we explore the European Union Statistics on Income and Living Conditions over the period 2004-2014. Survival estimates suggest that older unemployed workers face lower job-finding probabilities compared to prime-age unemployed
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SUSTAINABILITY OF CURRENT ACCOUNT SURPLUSES: EVIDENCE FROM EUROPEAN COUNTRIES Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Ayşen Sivrikaya, Zühal Kurul
Over the last two decades, the current accounts in the European Union (EU) have diverged substantially. This divergence has raised concerns about the sustainability of the core countries' current account surpluses since the peripheral countries' financing of their significantly rising levels of current deficits depends on them. In this study, by applying both linear and nonlinear unit root tests and
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AN EXPLORATIVE PAPER ON SPECULATIVE APPROACHES TO SMART CONTRACTS Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Sanel Halilbegovic, Necip Ertem
The trend of cryptocurrencies has stirred interest in the underlying technology that qualifies cryptocurrencies as a secure structure with speedy, timely and cheap transactions. The aforementioned technology, the blockchain, in brief terms is a decentralized ledger technology that attains an immutable characteristic through consensus and timestamp mechanics. The model also sets the stage for transparency
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APPLICATION OF COPULAS TO MODELLING OF MARRIAGE REVERSE ANNUITY CONTRACT Prague Economic Papers (IF 0.797) Pub Date : 2020-08-31 Joanna Dębicka, Stanisław Heilpern, Agnieszka Marciniuk
We model the probabilistic structure and cash flows arising from marriage reverse annuity contracts in the case of the joint-life status and the last surviving status. In contrast to the classical approach, we take into consideration that future lifetimes between spouses are dependent. The structure of dependence of the length of spouses' lives is modelled using copulas. The term structure of interest
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Do FDI and Patents Drive Sophistication of Exports? A Panel Data Approach Prague Economic Papers (IF 0.797) Pub Date : 2020-06-24 Seren Ozsoy, Burcu Fazlioglu, Sinan Esen
This paper investigates whether inflows of FDI and innovative activities act as a channel of knowledge spillovers in improving quality of countries' output. In measuring export quality, sophistication of a country's export basket is utilized. Utilizing panel data of countries for the period 2002-2015 and applying GMM methodology, the results indicate that the level of financial development, the quality
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Impact of Export of Travel Services on Current Account Balance and Growth in Mediterranean Countries Prague Economic Papers (IF 0.797) Pub Date : 2020-06-24 Maja Bacovic, Danijela Jacimovic, Julija Cerovic Smolovic
Observing the expanding and high share of export of travel services in both GDP and total export of services in Mediterranean countries, we focus our research on travel service export in twelve countries from 1998 to 2018. We investigated both short-term and long-term significance of export of travel services for GDP growth in Mediterranean countries using the VAR and VECM model and the fixed-effects
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Social Welfare Effects of Progressive Income Taxation under Increasing Inequality Prague Economic Papers (IF 0.797) Pub Date : 2020-06-24 Saša Ranđelović, Marko Vladisavljević
During the 2008 economic crisis, labour market inactivity, unemployment and work informality in Serbia rose substantially, triggering a salient increase in Gini-measured inequality (by 4.3 pp), while income tax progressivity remained very low. Using the micro-simulation and utility function estimation techniques on 2007 and 2012 household survey data for Serbia, we compare the social welfare effects
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The Effects of Economic Policy Uncertainty on Export: A Gravity Model Approach Prague Economic Papers (IF 0.797) Pub Date : 2020-06-24 Fei Jia, Xiaoyong Huang, Xiangyun Xu, Haoyu Sun
We use a gravity model that accounts for multilateral resistance terms (MRT) to examine the impact of economic policy uncertainty (EPU) on a country's export. Empirical analysis based on data from 20 countries that traded with one another (creating 380 pairs of importing-exporting countries) over the period 2002-2016 shows that the export of a country is negatively associated with the EPU of its corresponding
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Cross-Currency Basis Spread and Its Impact on Corporate Lending Rates in the Czech Banking Sector Prague Economic Papers (IF 0.797) Pub Date : 2020-06-24 Dušan Staniek
For successful monetary policy implementation, it is crucial to know the pricing behaviour of banks and the determinants of banks' lending rates. With the onset of the global financial crisis, markets in unsecured lending ceased to provide a reliable level of market costs, while markets in cross-currency products gained significance. The aim of this research is to gauge the extent to which the EUR-CZK
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EXPLORING THE MIGRATION INTENTION OF ROMANIAN STUDENTS IN ECONOMICS Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Aurelian-Petruș Plopeanu, Daniel Homocianu, Christiana Brigitte Sandu, Elisabeta Jaba
In the context of increasing concerns about the demographic decline of Europe and the lack of sustainable policies to fight against it, the main purpose of this study is to estimate the migration intention of the Romanian students in economics and business administration and the influence of the determinant factors. Data are collected from a questionnaire survey applied to a sample of 1,155 students
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PLANNING CITY DEVELOPMENT DIRECTIONS WITH THE APPLICATION OF SENTIMENT ANALYSIS Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Dorota Jelonek, Cezary Stępniak, Tomasz Turek, Leszek Ziora
The aim of the article is to present a model of sentiment analysis tool application for planning directions of city development. The study presents a model of using sentiment analysis to build city development strategies as well as realization of projects related to it. The presented model is a part of a larger work on developing the concept of the Regional Spatial Business Community (RSBC). The RSBC
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A LIQUIDITY RISK STRESS-TESTING FRAMEWORK WITH BASEL LIQUIDITY STANDARDS Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Hana Hejlová, Zlatuše Komárková, Marek Rusnák
We present a macro stress-testing model for banks' market and funding liquidity risks with a survival period of one year. The model follows the main principles of the Basel standards LCR and NSFR. Besides, the model takes into account the impact of both bank-specific and market-wide scenarios and includes second- round effects of shocks due to banks' feedback reactions. The presented methodology is
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Outreach and Effects of the ECB Corporate Sector Purchase Programme Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Jakub Jakl
This paper analyses the effects of the ECB Corporate Sector Purchase Programme (CSPP) on yields of corporate sector bonds and its impact on the corporate sector's debt markets. The CSPP started as a part of an existing asset purchase programme and significantly affected corporate bond markets. Any research undertaken in this area of the ECB's respective actions is fairly limited due to the restrained
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Does Financial Support from ERDF and CF Contribute to Convergence in the EU? Empirical Evidence at NUTS 3 Level Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Mindaugas Butkus, Alma Mačiulytė-Šniukienė, Kristina Matuzevičiutė, Diana Cibulskienė
Analysing papers that reveal by decomposing territorial inequalities in the EU that the share of disparities attributed to the NUTS 3 level has increased over the last 20 years, this paper aims to examine to what extent the financial support in 2000-2006 from ERDF and CF, which are the main regional policy tools but mainly are directed to address the issues arising at the NUTS 2 level, contributed
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How Consumers’ Inflation Expectations Respond to Explosive Periods of Food and Energy Prices: Evidence for European Union Countries Prague Economic Papers (IF 0.797) Pub Date : 2020-06-16 Aytül Ganioğlu
In this study, using the recent recursive unit root tests proposed by Phillips et al. (2015), we identify and date-stamp periods where food and energy prices deviate explosively relative to other prices in the economy and analyse the implications in terms of anchoring inflation expectations. During the period from January 2003 to July 2018, we have detected the existence of such periods for 17 out
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COMMUTING TIME AND LIFE SATISFACTION OF HIGH SCHOOL STUDENTS IN THE CZECH REPUBLIC, ITALY AND SLOVENIA Prague Economic Papers (IF 0.797) Pub Date : 2020-05-11 Julius Janáček, Václav Rybáček
This study is a contribution to research into the relationship between commuting and life satisfaction. Our focus is on high school students. The research is based on a questionnaire survey among students in three countries: the Czech Republic, Italy and Slovenia. The analysis is conducted using six OLS regression models: three countries and both boys and girls in each country. The results show significant
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VALUATION OF EQUITY RELEASE CONTRACTS IN CZECH REPUBLIC, REPUBLIC OF POLAND AND SLOVAK REPUBLIC Prague Economic Papers (IF 0.797) Pub Date : 2020-05-11 Agnieszka Marciniuk, Emília Zimková, Vlastimil Farkašovský, Colin W. Lawson
An ageing European population and, therefore, a rising dependency ratio of retirees to the working population, strongly suggests that a pension funding gap will be a key social issue in future. Yet many older people have significant real estate assets that they could access using equity release products. They could sell their assets in exchange for lifelong or temporary monthly payments. Equity release
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Sectoral Price Stickiness and Inflation Persistence in Poland: A Two-Sector DSGE Approach Prague Economic Papers (IF 0.797) Pub Date : 2020-04-15 Agnieszka Leszczyńska-Paczesna
This paper presents a theoretical model that is suitable for the analysis of price-setting hetero-geneity in a small open economy. The model is based on Benigno and Lopez-Salido's (2006) work and is one of many examples of a dynamic stochastic general equilibrium (DSGE) model that utilizes heterogeneous price stickiness (e.g., Aoki, 2001; Bodenstein et al., 2008). The model allows analyses of a small
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The Impact of Fee Income Share on EU Banks’ Performance and Its Implication on Drivers of Banks’ Business Model Changes Prague Economic Papers (IF 0.797) Pub Date : 2020-04-15 Karolína Vozková
This paper contributes to the current literature dealing with drivers of bank business model changes. We analyse the relationship between fee and commission income share and banks' performance in terms of profitability, risk and risk-adjusted profitability in the European Union. We applied the System Generalized Method of Moments to a unique data set of 329 EU banks in the period 2005-2014, which resulted
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Relationship between the Brent Oil Price and the US Dollar Exchange Rate Prague Economic Papers (IF 0.797) Pub Date : 2020-04-15 Radmila Krkošková
This article deals with an analysis of the relationship between the Brent oil price and the US dollar price. This paper analyses the development of the intensity and direction of dependence between the nominal effective exchange rate of the US dollar and the price of Brent oil and other commodities, such as industrial metals, agricultural commodities, gold (including jewellery and platinum) in the
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INTEREST RATES AND HOUSEHOLD SAVING BEHAVIOUR: AN EMPIRICAL PUZZLE AND A SOLUTION USING CZECH DATA Prague Economic Papers (IF 0.797) Pub Date : 2020-03-13 Ondřej Badura
This paper investigates the transmission from interest rates to household saving behaviour when introducing two main innovations of analysing this relationship. The first one is based on the use of a set of client interest rates instead of one monetary policy rate. This step enables us to distinguish impacts of the substitution and income effects in more detail. The second major innovation lies in