Pub Date : 2021-05-31DOI: 10.31577/EKONCAS.2021.05.02
Petar Sorić
The COVID-19 pandemic and consequent economic lockdown have triggered unprecedented economic uncertainty. The financial markets responded instantly, pricing in the uncertainty boom. This paper assesses the impact of anti-COVID social distancing measures on stock markets across the globe. Analyzing 60 world economies in a panel vector autoregression framework, we find that the stringency of social distancing interventions has a negative effect on market returns, but its character is strictly transitory and it fades away within 7 days. The magnitude of the pandemic in terms of recorded disease cases and deaths reveal a very similar pattern, causing a significant, but short-lived decline of stock prices. Our estimates reveal a considerable asymmetry in the identified interrelationships. Less developed markets seem to respond to the economic lockdown more intensively than highly developed economies.
{"title":"COVID-19 and the Stock Markets: A Glance at the Initial Effects of the Pandemic","authors":"Petar Sorić","doi":"10.31577/EKONCAS.2021.05.02","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.05.02","url":null,"abstract":"The COVID-19 pandemic and consequent economic lockdown have triggered unprecedented economic uncertainty. The financial markets responded instantly, pricing in the uncertainty boom. This paper assesses the impact of anti-COVID social distancing measures on stock markets across the globe. Analyzing 60 world economies in a panel vector autoregression framework, we find that the stringency of social distancing interventions has a negative effect on market returns, but its character is strictly transitory and it fades away within 7 days. The magnitude of the pandemic in terms of recorded disease cases and deaths reveal a very similar pattern, causing a significant, but short-lived decline of stock prices. Our estimates reveal a considerable asymmetry in the identified interrelationships. Less developed markets seem to respond to the economic lockdown more intensively than highly developed economies.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74227110","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}
Pub Date : 2021-05-31DOI: 10.31577/EKONCAS.2021.05.03
Jelica Petrović-Vujačić, Svetozar Tanasković, Marko Miljković, I. Vujačić
{"title":"States of the Former Yugoslavia – A Different Look at Convergence with the EU Core","authors":"Jelica Petrović-Vujačić, Svetozar Tanasković, Marko Miljković, I. Vujačić","doi":"10.31577/EKONCAS.2021.05.03","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.05.03","url":null,"abstract":"","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86812117","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}
Pub Date : 2021-05-31DOI: 10.31577/EKONCAS.2021.05.01
Marwa Sahnoun, Chokri Abdennadher
The employment policies, whether preventive (Active) or curative (Passive), arouse the interest of policy makers in the OECD countries. These policies are mainly concerned with the economy of labor market, but they are not detachable from the reference to the health economy in its social and psychological dimen-sion. Using different estimates (OLS, FE, GMM system), we found evidence that Active Labor Market Policies (ALMPs) have the strongest impact on the subjective well-being of the unemployed. Examination of the different types of ALMP reveals heterogeneity; programs of incentive employment, start-up incentives and training have been most effective in improving the well-being of the unemployed compared to those of direct job creation and supported employment and rehabilitation. Then, we propose some policy recommendations by emphasizing the disposition of the subjective well-being approach in the design, implementa-tion and evaluation of ALMPs.
{"title":"Do Active Labor Market Policies Increase the Subjective Well-being of the Unemployed? Evidence from OECD Countries","authors":"Marwa Sahnoun, Chokri Abdennadher","doi":"10.31577/EKONCAS.2021.05.01","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.05.01","url":null,"abstract":"The employment policies, whether preventive (Active) or curative (Passive), arouse the interest of policy makers in the OECD countries. These policies are mainly concerned with the economy of labor market, but they are not detachable from the reference to the health economy in its social and psychological dimen-sion. Using different estimates (OLS, FE, GMM system), we found evidence that Active Labor Market Policies (ALMPs) have the strongest impact on the subjective well-being of the unemployed. Examination of the different types of ALMP reveals heterogeneity; programs of incentive employment, start-up incentives and training have been most effective in improving the well-being of the unemployed compared to those of direct job creation and supported employment and rehabilitation. Then, we propose some policy recommendations by emphasizing the disposition of the subjective well-being approach in the design, implementa-tion and evaluation of ALMPs.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86360067","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}
Pub Date : 2021-05-31DOI: 10.31577/EKONCAS.2021.05.04
M. Vovk, V. Varenyk, Z. Pestovska, P. Atamas, O. Atamas, V. Shevchenko
In current paper, we have researched the influence of environmental policy stringency (EPS) on economic development of the EU-28. The problem of identifying the influence of stringency of environmental policy (EP) on economic development of the EU-28 is that currently there is no well-established understand-ing of what economic results can be achieved depending on the extent of EPS within a separate country. The paper aims at making contribution to theoretical, empirical and political scopes of perception of EP as an independent factor of economic development of the EU-28. The results of research indicate that EPS is significant factor of economic development of the EU countries.
{"title":"Measuring the Influence of Environmental Policy on Economic Development of the Countries: EU-28 Scope","authors":"M. Vovk, V. Varenyk, Z. Pestovska, P. Atamas, O. Atamas, V. Shevchenko","doi":"10.31577/EKONCAS.2021.05.04","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.05.04","url":null,"abstract":"In current paper, we have researched the influence of environmental policy stringency (EPS) on economic development of the EU-28. The problem of identifying the influence of stringency of environmental policy (EP) on economic development of the EU-28 is that currently there is no well-established understand-ing of what economic results can be achieved depending on the extent of EPS within a separate country. The paper aims at making contribution to theoretical, empirical and political scopes of perception of EP as an independent factor of economic development of the EU-28. The results of research indicate that EPS is significant factor of economic development of the EU countries.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74563956","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}
Pub Date : 2021-05-31DOI: 10.31577/EKONCAS.2021.05.05
Enikő Korcsmáros
{"title":"Atypical Forms of Employment in SMEs: Case Study of Nitra Region","authors":"Enikő Korcsmáros","doi":"10.31577/EKONCAS.2021.05.05","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.05.05","url":null,"abstract":"","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88906870","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}
Pub Date : 2021-05-03DOI: 10.31577/EKONCAS.2021.04.02
L. Pinda, Michal Páleš, Lenka Smažáková, B. Mišota
The article proposes insurance of agricultural crop represented by hectare yield in Slovakia. There is a systemic risk, for which the fund from collected premiums may not be sufficient for the insurer. It therefore seeks reinsurance in the reinsurance market. If it is exhausted, the reinsurer transfers the unbearable part of the risk to the capital market by means of ILS instruments, namely CAT bonds. The indicator of a loss event is the value of the loss index. The diverse geographical relief of Slovakia causes different conditions for farmers to grow crops, in our article we took wheat. Different hectare yields are achieved due to different geographical conditions in the same production process. This causes a balance distortion between the amount of the same premium and the amount of the risk borne and the existence of a basis risk. Due to its elimination, we will divide growers according to cultivated land into agricultural production areas, where the achieved hectare yields are registered, and we will evaluate CAT bond for each of them. The risk is then transferred to the capital market. For a securitization process to be feasible, the tradability of a CAT bond is essential.
{"title":"Proposal for Securitization of Systemic Risk in Slovak Agriculture","authors":"L. Pinda, Michal Páleš, Lenka Smažáková, B. Mišota","doi":"10.31577/EKONCAS.2021.04.02","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.02","url":null,"abstract":"The article proposes insurance of agricultural crop represented by hectare yield in Slovakia. There is a systemic risk, for which the fund from collected premiums may not be sufficient for the insurer. It therefore seeks reinsurance in the reinsurance market. If it is exhausted, the reinsurer transfers the unbearable part of the risk to the capital market by means of ILS instruments, namely CAT bonds. The indicator of a loss event is the value of the loss index. The diverse geographical relief of Slovakia causes different conditions for farmers to grow crops, in our article we took wheat. Different hectare yields are achieved due to different geographical conditions in the same production process. This causes a balance distortion between the amount of the same premium and the amount of the risk borne and the existence of a basis risk. Due to its elimination, we will divide growers according to cultivated land into agricultural production areas, where the achieved hectare yields are registered, and we will evaluate CAT bond for each of them. The risk is then transferred to the capital market. For a securitization process to be feasible, the tradability of a CAT bond is essential.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81119906","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}
Pub Date : 2021-05-03DOI: 10.31577/EKONCAS.2021.04.01
M. Kameník, Ľubica Štiblárová
In this paper, we alternatively apply a threshold SVAR methodology to measure fiscal multipliers in selected world’s economies with regard to the size of the fiscal space defined by a proxy variable of primary balance, which may be substantially linked to the ability of the fiscal policy instruments to affect the output. Results suggest that positive and negative shocks do not necessarily result in symmetric response of variables as smaller fiscal multipliers (i.e., less effective fiscal policies) are observed when economies show weaker fiscal position. Thus, expansionary fiscal policy in times of narrow fiscal space dampens expansionary effects on real economic activity. At the same time, we find considerably lower revenue than spending multipliers, confirming Keynesian theory (except for France).
{"title":"How Fiscal Space Matters? Evidence on Fiscal Multipliers from Threshold SVAR Methodology","authors":"M. Kameník, Ľubica Štiblárová","doi":"10.31577/EKONCAS.2021.04.01","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.01","url":null,"abstract":"In this paper, we alternatively apply a threshold SVAR methodology to measure fiscal multipliers in selected world’s economies with regard to the size of the fiscal space defined by a proxy variable of primary balance, which may be substantially linked to the ability of the fiscal policy instruments to affect the output. Results suggest that positive and negative shocks do not necessarily result in symmetric response of variables as smaller fiscal multipliers (i.e., less effective fiscal policies) are observed when economies show weaker fiscal position. Thus, expansionary fiscal policy in times of narrow fiscal space dampens expansionary effects on real economic activity. At the same time, we find considerably lower revenue than spending multipliers, confirming Keynesian theory (except for France).","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84451723","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}
Pub Date : 2021-05-03DOI: 10.31577/EKONCAS.2021.04.04
Martin Januška, Adam Faifr
The goal of this paper is to describe and evaluate the framework conditions for young innovators in selected countries in the Central Europe region. Young innovators – people not older than 35 with innovative ideas – represent a specific target group worthy of support in their efforts and in overcoming the issues they may face due to their age, experience, knowledge or social background when attempting to develop their innovative ideas and realize their entrepreneurial ambitions. 144 young innovators and 120 mentors were gathered in so-called Regional Innovation Labs drawing on the well-known concept of living laboratories. In this context, it was possible for them to articulate young innovators’ needs and requirements concerning the initial support for the development of their potential. The result was a list of twenty key supporting services selected by focus groups, including the evaluation of availability and quality of these services in selected countries.
{"title":"Evaluation of Framework Conditions Supporting Young Innovators in Central Europe","authors":"Martin Januška, Adam Faifr","doi":"10.31577/EKONCAS.2021.04.04","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.04","url":null,"abstract":"The goal of this paper is to describe and evaluate the framework conditions for young innovators in selected countries in the Central Europe region. Young innovators – people not older than 35 with innovative ideas – represent a specific target group worthy of support in their efforts and in overcoming the issues they may face due to their age, experience, knowledge or social background when attempting to develop their innovative ideas and realize their entrepreneurial ambitions. 144 young innovators and 120 mentors were gathered in so-called Regional Innovation Labs drawing on the well-known concept of living laboratories. In this context, it was possible for them to articulate young innovators’ needs and requirements concerning the initial support for the development of their potential. The result was a list of twenty key supporting services selected by focus groups, including the evaluation of availability and quality of these services in selected countries.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77224816","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}
Pub Date : 2021-05-03DOI: 10.31577/EKONCAS.2021.04.03
Wen Jun, Junaid Waheed, H. Hussain
Working women with their highly relative bargaining power and compulsive buying behavior can significantly affect household consumption expenditures. This study investigates the relationship between the number of working women and aggregate consumption expenditures. We examine the hypothesis that changes in the number of working women have a perceptible impact on per capita household consumption expenditures, by extension, on aggregate consumption. Using panel data for a set of The Organization for Economic Co-operation and Development (OECD) countries from 2000 – 2018, the outcomes of two-stage least squares and generalized method of moment estimations indicate that as the number of women increases, gross domestic consumption rises. The implied disparity in consumption propensities exists among different age groups of working women. These findings suggest the importance of considering working women’s spending behavior and household decision-making in planning for the development of gross domestic consumption and output.
{"title":"Do Working Women Contribute to Higher Consumption Expenditures?","authors":"Wen Jun, Junaid Waheed, H. Hussain","doi":"10.31577/EKONCAS.2021.04.03","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.03","url":null,"abstract":"Working women with their highly relative bargaining power and compulsive buying behavior can significantly affect household consumption expenditures. This study investigates the relationship between the number of working women and aggregate consumption expenditures. We examine the hypothesis that changes in the number of working women have a perceptible impact on per capita household consumption expenditures, by extension, on aggregate consumption. Using panel data for a set of The Organization for Economic Co-operation and Development (OECD) countries from 2000 – 2018, the outcomes of two-stage least squares and generalized method of moment estimations indicate that as the number of women increases, gross domestic consumption rises. The implied disparity in consumption propensities exists among different age groups of working women. These findings suggest the importance of considering working women’s spending behavior and household decision-making in planning for the development of gross domestic consumption and output.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85603545","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}
Pub Date : 2021-05-03DOI: 10.31577/EKONCAS.2021.04.05
Andrea Zelienková
This paper contributes to the current body of knowledge regarding prospect theory parameter testing in the business domain. The aim of this research was threefold. First, the methodology of Tversky and Kahneman (1992) was used to extract parameters for risk aversion, loss aversion and weighting function from a sample of entrepreneurs. Second, differences in the prospect theory parameters dependent on the business performance were examined. Third, differences in risk preferences based on human capital investments, thus education and parental entrepreneurial background, were tested. Findings showed that entrepreneurs are risk-seeking, have quite low loss aversion and an average ability to estimate probabilities. It was shown that entrepreneurs with a university degree have higher ability to estimate probabilities than entrepreneurs without university education. Regarding business performance, it was shown that entrepreneurs in the stabilization phase were the most risk-seeking, which is contradictory to the reflection effect proposed by Fiegenbaum and Thomas (1988). Results of this research suggest that entrepreneurs differ from other high-achieving individuals in their attitude toward loss rather that risk-seeking attitude.
{"title":"Testing Prospect Theory Parameters and the Impact of Human Capital in the Business Domain","authors":"Andrea Zelienková","doi":"10.31577/EKONCAS.2021.04.05","DOIUrl":"https://doi.org/10.31577/EKONCAS.2021.04.05","url":null,"abstract":"This paper contributes to the current body of knowledge regarding prospect theory parameter testing in the business domain. The aim of this research was threefold. First, the methodology of Tversky and Kahneman (1992) was used to extract parameters for risk aversion, loss aversion and weighting function from a sample of entrepreneurs. Second, differences in the prospect theory parameters dependent on the business performance were examined. Third, differences in risk preferences based on human capital investments, thus education and parental entrepreneurial background, were tested. Findings showed that entrepreneurs are risk-seeking, have quite low loss aversion and an average ability to estimate probabilities. It was shown that entrepreneurs with a university degree have higher ability to estimate probabilities than entrepreneurs without university education. Regarding business performance, it was shown that entrepreneurs in the stabilization phase were the most risk-seeking, which is contradictory to the reflection effect proposed by Fiegenbaum and Thomas (1988). Results of this research suggest that entrepreneurs differ from other high-achieving individuals in their attitude toward loss rather that risk-seeking attitude.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":null,"pages":null},"PeriodicalIF":0.4,"publicationDate":"2021-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77207427","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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