This paper examines the effects of public debt on the growth rate, investment and domestic credit provided to private sector using the dynamic panel threshold regression method for a large number of developing countries, namely 53 (48) economies for growth and investment (credit) regressions. Our results suggest that public debt does not have a significant impact on the economic growth rate. Despite a strong negative effect of public debt on the total investment, our results do not support the existence of a (strong) threshold effect of public debt on total (private) investment. On the other hand, we present evidence for a threshold effect of public debt on public investment and credit. More precisely, public debt leads to a reduction in public investment and credit when the public debt exceeds the estimated threshold levels. Since public debt matters for investment and credit, it is important to ensure fiscal discipline and prudence in the long term.
{"title":"Non-linear Impacts of Public Debt on Growth, Investment and Credit: A Dynamic Panel Threshold Approach","authors":"Taner Turan, Pelin Varol Iyidogan","doi":"10.18267/j.pep.825","DOIUrl":"https://doi.org/10.18267/j.pep.825","url":null,"abstract":"This paper examines the effects of public debt on the growth rate, investment and domestic credit provided to private sector using the dynamic panel threshold regression method for a large number of developing countries, namely 53 (48) economies for growth and investment (credit) regressions. Our results suggest that public debt does not have a significant impact on the economic growth rate. Despite a strong negative effect of public debt on the total investment, our results do not support the existence of a (strong) threshold effect of public debt on total (private) investment. On the other hand, we present evidence for a threshold effect of public debt on public investment and credit. More precisely, public debt leads to a reduction in public investment and credit when the public debt exceeds the estimated threshold levels. Since public debt matters for investment and credit, it is important to ensure fiscal discipline and prudence in the long term.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42833086","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}
: 1 This study aims to evaluate the effects of selected key factors on health outcomes. Unfortunately, statistical reporting in this field is not harmonized, and in some countries it is completely absent. For this reason, valuable information for health determinant analysis may be lacking or overlooked. Using two different databases, we obtained data from 61 countries for the period 2000–2015. To analyse panel data with over 660 observations, a linear mixed model was applied. This paper contributes to the health economics debate by statistically testing the relationship between health outcomes and variables such as healthcare personnel, healthcare expenditure and infrastructure. The results confirm the importance of healthcare expenditure and healthcare infrastructure. However, the size and direction of the effect vary among countries with different income levels. In regard to human resources, the number of doctors proved to have a significant effect only in lower-income countries.
{"title":"Human Resources for Health and Health Outcomes: Panel Data Analysis","authors":"Lucie Kureková, Pavlína Hejduková, L. Komárková","doi":"10.18267/j.pep.830","DOIUrl":"https://doi.org/10.18267/j.pep.830","url":null,"abstract":": 1 This study aims to evaluate the effects of selected key factors on health outcomes. Unfortunately, statistical reporting in this field is not harmonized, and in some countries it is completely absent. For this reason, valuable information for health determinant analysis may be lacking or overlooked. Using two different databases, we obtained data from 61 countries for the period 2000–2015. To analyse panel data with over 660 observations, a linear mixed model was applied. This paper contributes to the health economics debate by statistically testing the relationship between health outcomes and variables such as healthcare personnel, healthcare expenditure and infrastructure. The results confirm the importance of healthcare expenditure and healthcare infrastructure. However, the size and direction of the effect vary among countries with different income levels. In regard to human resources, the number of doctors proved to have a significant effect only in lower-income countries.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47509451","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}
. 1 The paper aims at measuring the efficiency of the digital economy in EU countries. For that purpose, data envelopment analysis (DEA) is used. Sub-dimensions of the Digital Economy and Society Index (DESI) are used as inputs and the Sustainable Development Goals Index (SDGI) as an output. The results revealed that Bulgaria, Italy and Romania are the most efficient digital economies in terms of human capital; Belgium, Bulgaria, Cyprus, Croatia, Estonia, Finland, Greece, Lithuania, Poland and Portugal in terms of connectivity; Bulgaria, Hungary and Romania in terms of integration of digital technology; and Romania in terms of digital public services. The result of tobit regression analysis showed that not all the indicators of the DESI dimensions positively influence the efficiency of the digital economy.
{"title":"Efficiency of Digital Economy in the Context of Sustainable Development: DEA-Tobit Approach","authors":"Viktorija Skvarciany, Indrė Lapinskait&#, Viktorija Stasytyt&#","doi":"10.18267/j.pep.824","DOIUrl":"https://doi.org/10.18267/j.pep.824","url":null,"abstract":". 1 The paper aims at measuring the efficiency of the digital economy in EU countries. For that purpose, data envelopment analysis (DEA) is used. Sub-dimensions of the Digital Economy and Society Index (DESI) are used as inputs and the Sustainable Development Goals Index (SDGI) as an output. The results revealed that Bulgaria, Italy and Romania are the most efficient digital economies in terms of human capital; Belgium, Bulgaria, Cyprus, Croatia, Estonia, Finland, Greece, Lithuania, Poland and Portugal in terms of connectivity; Bulgaria, Hungary and Romania in terms of integration of digital technology; and Romania in terms of digital public services. The result of tobit regression analysis showed that not all the indicators of the DESI dimensions positively influence the efficiency of the digital economy.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42550088","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}
Ondřej Sankot, Tereza De Castro, J. Vlčková, Cristina Procházková Ilinitchi
Czechia is one of the most export-oriented countries, reaching high levels of economic complexity. However, its innovative capabilities remain limited. Taking these factors into consideration , we determined the country’s optimal diversification path by identifying prospective export sectors which would enhance the country’s competitiveness. We combine the product space and proximity methodologies on predicted export data together with a company-level analysis. We identified machinery for specialized industries and parts thereof (SITC 7284), machine-tools for specialized industries parts or accessories (SITC 7281) and power hand tools, pneumatic or non-electric, and parts thereof (SITC 7541) as the most prospective categories in terms of high complexity, expected trade volume growth, proximity to Czechia’s existing production capabilities and manufacturing base operated by large, highly innovative Czech - owned firms
{"title":"Mapping of Capabilities and Export Opportunities of Czechia","authors":"Ondřej Sankot, Tereza De Castro, J. Vlčková, Cristina Procházková Ilinitchi","doi":"10.18267/j.pep.829","DOIUrl":"https://doi.org/10.18267/j.pep.829","url":null,"abstract":"Czechia is one of the most export-oriented countries, reaching high levels of economic complexity. However, its innovative capabilities remain limited. Taking these factors into consideration , we determined the country’s optimal diversification path by identifying prospective export sectors which would enhance the country’s competitiveness. We combine the product space and proximity methodologies on predicted export data together with a company-level analysis. We identified machinery for specialized industries and parts thereof (SITC 7284), machine-tools for specialized industries parts or accessories (SITC 7281) and power hand tools, pneumatic or non-electric, and parts thereof (SITC 7541) as the most prospective categories in terms of high complexity, expected trade volume growth, proximity to Czechia’s existing production capabilities and manufacturing base operated by large, highly innovative Czech - owned firms","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-04-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45303112","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":"Estimating Bohn's Fiscal Sustainability Model with Temporal Variation: Evidence from Turkey","authors":"Cansın Kemal Can","doi":"10.18267/j.pep.822","DOIUrl":"https://doi.org/10.18267/j.pep.822","url":null,"abstract":"Abstract","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49228518","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}
E. Bukalska, Tomasz Sosnowski, Anna Wawryszuk-Misztal
The aim of the paper is to analyse the association between the use of accrual-based and real earnings management practices before the company goes public and the decision of institutional investors on buying or refraining from buying shares offered in initial public offering (IPO). The sample consists of 258 Polish new stock companies over the period 2005-2020. We find that such companies refrain from massive earnings management in the pre-IPO period: both real and accrual-based. However, we find evidence that the presence of institutional investors in the IPO is related to earnings inflation (selling, general and administrative expenses). Our study contributes to the debate on the role of institutional ownership in the IPO process in Central and Eastern Europe.
{"title":"Institutional Investors' Response to Earnings Management Before Initial Public Offering in Poland","authors":"E. Bukalska, Tomasz Sosnowski, Anna Wawryszuk-Misztal","doi":"10.18267/j.pep.819","DOIUrl":"https://doi.org/10.18267/j.pep.819","url":null,"abstract":"The aim of the paper is to analyse the association between the use of accrual-based and real earnings management practices before the company goes public and the decision of institutional investors on buying or refraining from buying shares offered in initial public offering (IPO). The sample consists of 258 Polish new stock companies over the period 2005-2020. We find that such companies refrain from massive earnings management in the pre-IPO period: both real and accrual-based. However, we find evidence that the presence of institutional investors in the IPO is related to earnings inflation (selling, general and administrative expenses). Our study contributes to the debate on the role of institutional ownership in the IPO process in Central and Eastern Europe.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45155323","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}
Yiming Chang, Xiangyuan Yu, Wei Shan, Fang Wang, Yinying Tao
1 This paper examines the impact of financial market development, financial crises and deposit insurance on bank risk based on macro data of 86 countries during the period 1998–2014. The results show that banking sector development and stock market development have
{"title":"Impact of Financial Market Development, Financial Crises and Deposit Insurance on Bank Risk","authors":"Yiming Chang, Xiangyuan Yu, Wei Shan, Fang Wang, Yinying Tao","doi":"10.18267/j.pep.820","DOIUrl":"https://doi.org/10.18267/j.pep.820","url":null,"abstract":"1 This paper examines the impact of financial market development, financial crises and deposit insurance on bank risk based on macro data of 86 countries during the period 1998–2014. The results show that banking sector development and stock market development have","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41248288","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}
This study evaluates the effects of opening new segments of mass rapid transit (MRT) lines on housing prices near the MRT stations in Tucheng District and Xinzhuang District, New Taipei City, Taiwan. The effect of proximity to each MRT station is estimated separately with difference-in-differences regressions integrated with spatial econometrics with heteroscedasticity-robust standard errors. The opening of the new segment of the Blue Line, also known as Bannan Line of the Taipei Metro, does not significantly influence housing prices within 600-metre road network distance of the MRT stations, compared to prices outside the distance range. In contrast, and also unlike the findings of prior studies, although the segment and the stations are underground structures, the opening of the new segment of the Orange Line, also known as the Zhonghe-Xinlu Line of the Taipei Metro, significantly decreases housing prices within 600-metre road network distance of the MRT stations, compared to prices outside the distance range, perhaps because the opening of the stations is delayed about one and a half years to be used as a temporary storage area for MRT trains. The findings have implications for homebuyers, investors, mortgage lending institutions and tax assessment authorities.
{"title":"Are the Effects of Opening New Mass Rapid Transit Segments in Taiwan on Nearby Housing Prices Positive?","authors":"Lee Ming-Te, Lee Ming-Long, Ya-Ting Cheng","doi":"10.18267/j.pep.823","DOIUrl":"https://doi.org/10.18267/j.pep.823","url":null,"abstract":"This study evaluates the effects of opening new segments of mass rapid transit (MRT) lines on housing prices near the MRT stations in Tucheng District and Xinzhuang District, New Taipei City, Taiwan. The effect of proximity to each MRT station is estimated separately with difference-in-differences regressions integrated with spatial econometrics with heteroscedasticity-robust standard errors. The opening of the new segment of the Blue Line, also known as Bannan Line of the Taipei Metro, does not significantly influence housing prices within 600-metre road network distance of the MRT stations, compared to prices outside the distance range. In contrast, and also unlike the findings of prior studies, although the segment and the stations are underground structures, the opening of the new segment of the Orange Line, also known as the Zhonghe-Xinlu Line of the Taipei Metro, significantly decreases housing prices within 600-metre road network distance of the MRT stations, compared to prices outside the distance range, perhaps because the opening of the stations is delayed about one and a half years to be used as a temporary storage area for MRT trains. The findings have implications for homebuyers, investors, mortgage lending institutions and tax assessment authorities.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2023-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43247366","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}
Fiscal policy is an effective instrument in helping governments in developed countries overcome a recession with a high unemployment rate or a hot economy with a high inflation rate to keep the economy on a stable path. Does governance contribute significantly to keeping this goal in these countries? The study looks for an answer by empirically investigating the role of governance in the output gap – fiscal policy relationship for a group of 27 developed countries between 2002 and 2019. It employs the difference GMM Arellano-Bond estimators and the PMG estimator for estimation and robustness check. The results provide some interesting findings. Firstly, both public spending and government revenue are counter-cyclical, confirming the counter-cyclical fiscal policy in developed countries. Secondly, governance hinders the counter-cyclical fiscal policy. The findings imply some crucial policies for governments in developed countries in running the fiscal policy.
{"title":"Counter-cyclical Fiscal Policy in Developed Countries: Does Governance Hinder?","authors":"Nguyen Van Bon","doi":"10.18267/j.pep.814","DOIUrl":"https://doi.org/10.18267/j.pep.814","url":null,"abstract":"Fiscal policy is an effective instrument in helping governments in developed countries overcome a recession with a high unemployment rate or a hot economy with a high inflation rate to keep the economy on a stable path. Does governance contribute significantly to keeping this goal in these countries? The study looks for an answer by empirically investigating the role of governance in the output gap – fiscal policy relationship for a group of 27 developed countries between 2002 and 2019. It employs the difference GMM Arellano-Bond estimators and the PMG estimator for estimation and robustness check. The results provide some interesting findings. Firstly, both public spending and government revenue are counter-cyclical, confirming the counter-cyclical fiscal policy in developed countries. Secondly, governance hinders the counter-cyclical fiscal policy. The findings imply some crucial policies for governments in developed countries in running the fiscal policy.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2022-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41730680","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}
京公网安备 11010802042870号
京ICP备2023020795号-1
扫码关注我们
求助内容：
应助结果提醒方式：