Tzv. Nobelovu cenu za ekonomii (The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) pro rok 2022 si rovným dílem rozděli tři Američané „za výzkumy bank a finančních krizí“. Poctěni byli B. S. Bernanke (*1953), aktuálně pracující v Brookings Institution ve Washingtonu, W. D. Diamond (*1953) z University of Chicago a P. H. Dybvig (*1953) s působištěm na Washington University v St. Louis. Počet ekonomických nobelistů dosáhl od roku 1969 celkového počtu devadesát dva. Americká příslušnost je uváděna, resp. spoluuváděna, u jedenasedmdesáti laureátů. University of Chicago, coby působiště v době udělení ocenění, v seznamu Nobelovy ceny za ekonomii (NCE) figuruje potřinácté.
{"title":"Nositelé Nobelovy ceny za ekonomii pro rok 2022","authors":"Pavel Sirůček, Jaroslav Šetek","doi":"10.18267/j.polek.1383","DOIUrl":"https://doi.org/10.18267/j.polek.1383","url":null,"abstract":"Tzv. Nobelovu cenu za ekonomii (The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel) pro rok 2022 si rovným dílem rozděli tři Američané „za výzkumy bank a finančních krizí“. Poctěni byli B. S. Bernanke (*1953), aktuálně pracující v Brookings Institution ve Washingtonu, W. D. Diamond (*1953) z University of Chicago a P. H. Dybvig (*1953) s působištěm na Washington University v St. Louis. Počet ekonomických nobelistů dosáhl od roku 1969 celkového počtu devadesát dva. Americká příslušnost je uváděna, resp. spoluuváděna, u jedenasedmdesáti laureátů. University of Chicago, coby působiště v době udělení ocenění, v seznamu Nobelovy ceny za ekonomii (NCE) figuruje potřinácté.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135066107","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The core of this paper is an econometric estimation of the relation between financial stress and a number of macroeconomic variables (consumption, real GDP, investment, unemployment). This estimation is done on Turkish quarterly data for the period 2002-2021 using threshold vector autoregression (i.e., TVAR). The paper observes the non-linear trade-off between financial stress and macroeconomic indicators. The effect of financial stress appears to be adverse when the stress level is already at a higher level. During high stress episodes, any further increase in financial stress drags economic growth down and the effect appears to be prolonged in nature. Consumption and investment growth also moderate due to a higher stress level. Furthermore, the forecast error decomposition indicates sustained contribution of financial stress impeding growth prospects over the forecast horizon. The findings corroborate with the financial friction mechanism. As borrowing constraint tightens during a high stress regime, the effect of financial stress moderates economic activities. Lastly, the paper extends a local projection approach for estimating a threshold VAR model as a robustness check.
{"title":"Financial Stress and Effect on Real Economy: Turkish Experience","authors":"Yusuf Yildirim, Anirban Sanyal","doi":"10.18267/j.polek.1370","DOIUrl":"https://doi.org/10.18267/j.polek.1370","url":null,"abstract":"The core of this paper is an econometric estimation of the relation between financial stress and a number of macroeconomic variables (consumption, real GDP, investment, unemployment). This estimation is done on Turkish quarterly data for the period 2002-2021 using threshold vector autoregression (i.e., TVAR). The paper observes the non-linear trade-off between financial stress and macroeconomic indicators. The effect of financial stress appears to be adverse when the stress level is already at a higher level. During high stress episodes, any further increase in financial stress drags economic growth down and the effect appears to be prolonged in nature. Consumption and investment growth also moderate due to a higher stress level. Furthermore, the forecast error decomposition indicates sustained contribution of financial stress impeding growth prospects over the forecast horizon. The findings corroborate with the financial friction mechanism. As borrowing constraint tightens during a high stress regime, the effect of financial stress moderates economic activities. Lastly, the paper extends a local projection approach for estimating a threshold VAR model as a robustness check.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136080564","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Karel Janda, Evzen Kocenda, Anna Kortusova, Binyi Zhang
Green bonds have gained prominence on China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume on the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been studied adequately. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant green bond yield premium of 1.8 basis points (bps) on average on the Chinese secondary market. As compared to Climate Bond Initiative (CBI) certified green bonds, we find that investors are more willing to accept lower yields (pay higher prices) to include People's Bank of China (PBOC) certified green bonds into their portfolio management. Thus, we argue that Chinese green investors prefer PBOC certified green bond over CBI certified green bonds on the Chinese market. Driven by pro- environmental preference, investors are also found to be willing to pay a higher price for green bonds issued by environmental, social and governance (ESG) performance-rated issuers. Our results point to some practical implications for investors and policymakers.
{"title":"Estimation of green bond premiums On the Chinese secondary market","authors":"Karel Janda, Evzen Kocenda, Anna Kortusova, Binyi Zhang","doi":"10.18267/j.polek.1363","DOIUrl":"https://doi.org/10.18267/j.polek.1363","url":null,"abstract":"Green bonds have gained prominence on China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume on the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been studied adequately. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant green bond yield premium of 1.8 basis points (bps) on average on the Chinese secondary market. As compared to Climate Bond Initiative (CBI) certified green bonds, we find that investors are more willing to accept lower yields (pay higher prices) to include People's Bank of China (PBOC) certified green bonds into their portfolio management. Thus, we argue that Chinese green investors prefer PBOC certified green bond over CBI certified green bonds on the Chinese market. Driven by pro- environmental preference, investors are also found to be willing to pay a higher price for green bonds issued by environmental, social and governance (ESG) performance-rated issuers. Our results point to some practical implications for investors and policymakers.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"262 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135997570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The article examines the factors of convergence of price levels among European countries, even regarding the time lag since previous research on the Czech Republic's accession to the EU. In addition to the factors included in the Balassa-Samuelson model, it has been found that certain structural factors contribute to price convergence, as could be expected especially in the transition economies after accessing the EU in 2004. It has also been confirmed that in the context of liberalization of the economies in Central and Eastern Europe, the enlarged internal market and harmonization from the EU level, it is not possible to clearly distinguish between "tradable" and "non-tradable" sectors. Contrary to expectations, however, it has been questioned that due to price deregulation in the Czech Republic, reduced price deviation would be reported for goods with regulated prices so the threat of Baumol's disease is still seen in this context. It is also relevant for the context of European integration that it is possible to doubt the risk of price jumps in the Czech Republic after the adoption of the euro, regarding the examination of the price convergence factors.
{"title":"Cenová konvergence zemí Evropské unie od východního rozšíření a její dopady na Českou republiku","authors":"Martin Gorčák, S. Šaroch, Josef Bič","doi":"10.18267/J.POLEK.1318","DOIUrl":"https://doi.org/10.18267/J.POLEK.1318","url":null,"abstract":"The article examines the factors of convergence of price levels among European countries, even regarding the time lag since previous research on the Czech Republic's accession to the EU. In addition to the factors included in the Balassa-Samuelson model, it has been found that certain structural factors contribute to price convergence, as could be expected especially in the transition economies after accessing the EU in 2004. It has also been confirmed that in the context of liberalization of the economies in Central and Eastern Europe, the enlarged internal market and harmonization from the EU level, it is not possible to clearly distinguish between \"tradable\" and \"non-tradable\" sectors. Contrary to expectations, however, it has been questioned that due to price deregulation in the Czech Republic, reduced price deviation would be reported for goods with regulated prices so the threat of Baumol's disease is still seen in this context. It is also relevant for the context of European integration that it is possible to doubt the risk of price jumps in the Czech Republic after the adoption of the euro, regarding the examination of the price convergence factors.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"69 1","pages":"393-412"},"PeriodicalIF":0.3,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46631530","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Quo Vadis, Nobel Prize in Economic Sciences? The so-called Nobel Prize in Economics is not one of the original Nobel Prizes according to the testament of A. B. Nobel. Although it has been the target of various critics since its inception in 1969, it has become the most prestigious economic award. The paper summarizes more than 50 years of the history of this award, including the focus of the laureates, and asks - sometimes provocative - questions about the perspectives of economic science in the 21st century.
Quo Vadis，诺贝尔经济学奖?根据诺贝尔的遗嘱，所谓的诺贝尔经济学奖并不是最初的诺贝尔奖之一。虽然自1969年设立以来，它一直是各种批评的对象，但它已成为最负盛名的经济奖项。这篇论文总结了该奖项50多年的历史，包括获奖者关注的焦点，并就21世纪经济科学的前景提出了一些问题(有时带有挑衅性)。
{"title":"Quo vadis, \"nobelovské\" ocenění za ekonomické vědy?","authors":"Pavel Širůček","doi":"10.18267/J.POLEK.1321","DOIUrl":"https://doi.org/10.18267/J.POLEK.1321","url":null,"abstract":"Quo Vadis, Nobel Prize in Economic Sciences? The so-called Nobel Prize in Economics is not one of the original Nobel Prizes according to the testament of A. B. Nobel. Although it has been the target of various critics since its inception in 1969, it has become the most prestigious economic award. The paper summarizes more than 50 years of the history of this award, including the focus of the laureates, and asks - sometimes provocative - questions about the perspectives of economic science in the 21st century.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"69 1","pages":"479-504"},"PeriodicalIF":0.3,"publicationDate":"2021-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41906438","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analysis of Relations in Uncovered Interest Rate Parity: Example of CZK/EUR Exchange Rate","authors":"M. Mandel, Jan Vejmělek","doi":"10.18267/j.polek.1322","DOIUrl":"https://doi.org/10.18267/j.polek.1322","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Occupation Policy in Protectorate of Bohemia and Moravia Industry: An Example of Škoda Works","authors":"Klára Fabianková, T. Burianová","doi":"10.18267/j.polek.1316","DOIUrl":"https://doi.org/10.18267/j.polek.1316","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Dynamic Model of Common-pool Emission Permit Market as a Method for Solving the Persistent Pollutant Problem","authors":"A. Čaplánová, R. Sivák, K. Willett","doi":"10.18267/j.polek.1317","DOIUrl":"https://doi.org/10.18267/j.polek.1317","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67828025","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Differences in Capital Structure of Publicly Traded Companies in Europe and USA","authors":"Peter Krištofík, Lea Šlampiaková","doi":"10.18267/j.polek.1320","DOIUrl":"https://doi.org/10.18267/j.polek.1320","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2021-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Selected Determinants of Employment of Persons in Post Productive Age on Labour Market in Czech Republic and Slovakia","authors":"A. Zubikova, Katarína Švejnová-Höesová, Z. Chytil","doi":"10.18267/J.POLEK.1302","DOIUrl":"https://doi.org/10.18267/J.POLEK.1302","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"69 1","pages":"170-192"},"PeriodicalIF":0.3,"publicationDate":"2021-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45400186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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