Pub Date : 2020-10-16DOI: 10.31577/ekoncas.2020.09.01
Daniel Dujava, Marek Kálovec
Remittances represent one of the most important money flows into the developing world comparable to, and often exceeding, earnings from exports of goods and services and foreign direct investments. Even though importance of remittances in poverty reduction has been documented, impact of remittances on economic growth remains under-investigated mainly due to a strong endogeneity of remittances with respect to both level and growth rates of GDP. We provide detailed look into this endogenous relationship and discuss possible instruments which can help to remedy this problem in IV-estimation. In order to establish a link between economic growth and remittances we use range of instrumental variables encompassing geographical, microeconomic-based and internal instruments. By interacting remittances with other determinants of economic growth we provide evidence that remittances are especially important source of growth in poor countries not because of low level of development per se, but because the effect of remittances on growth is stronger providing level of human capital and savings rate are low and financial markets are underdeveloped.
{"title":"Do Remittances Matter for Economic Growth?","authors":"Daniel Dujava, Marek Kálovec","doi":"10.31577/ekoncas.2020.09.01","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.09.01","url":null,"abstract":"Remittances represent one of the most important money flows into the developing world comparable to, and often exceeding, earnings from exports of goods and services and foreign direct investments. Even though importance of remittances in poverty reduction has been documented, impact of remittances on economic growth remains under-investigated mainly due to a strong endogeneity of remittances with respect to both level and growth rates of GDP. We provide detailed look into this endogenous relationship and discuss possible instruments which can help to remedy this problem in IV-estimation. In order to establish a link between economic growth and remittances we use range of instrumental variables encompassing geographical, microeconomic-based and internal instruments. By interacting remittances with other determinants of economic growth we provide evidence that remittances are especially important source of growth in poor countries not because of low level of development per se, but because the effect of remittances on growth is stronger providing level of human capital and savings rate are low and financial markets are underdeveloped.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"21 1","pages":"869-894"},"PeriodicalIF":0.4,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72686021","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 : 2020-10-16DOI: 10.31577/ekoncas.2020.09.05
Pavla Mikušová
Measuring the efficiency of public higher education institutions has become a subject of many studies. We analyse these studies using meta-analysis and identify the most commonly adopted inputs and outputs in the DEA and SFA models (e.g. the number of students, graduates, academic staff). Data obtained from these studies were used for meta-regression analysis. We analyse the effect of independent variables (sample size, the number of inputs and outputs, method used, model orientations, returns to scale and to the country) on the average technical efficiency of public higher education institutions. Finally, we use this model to predict the average technical efficiency of the Czech and Slovak public higher education institutions.
{"title":"The Efficiency of Public Higher Education Institutions: A Meta-Analysis","authors":"Pavla Mikušová","doi":"10.31577/ekoncas.2020.09.05","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.09.05","url":null,"abstract":"Measuring the efficiency of public higher education institutions has become a subject of many studies. We analyse these studies using meta-analysis and identify the most commonly adopted inputs and outputs in the DEA and SFA models (e.g. the number of students, graduates, academic staff). Data obtained from these studies were used for meta-regression analysis. We analyse the effect of independent variables (sample size, the number of inputs and outputs, method used, model orientations, returns to scale and to the country) on the average technical efficiency of public higher education institutions. Finally, we use this model to predict the average technical efficiency of the Czech and Slovak public higher education institutions.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"17 1","pages":"963-977"},"PeriodicalIF":0.4,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90134658","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 : 2020-10-16DOI: 10.31577/ekoncas.2020.09.03
Bohdan Vahalík, L. Fojtíková
The aim of this paper is to estimate whether the liberalization process benefited a mutual trade between the EU and BRICS Members over the last two decades, and whether protectionism, which is currently on the rise, still represents a significant toll to trade. Our results proved that the multilateral trade liberalization process, represented by the WTO, is no longer benefiting trade among observed economies. It clearly confirms the long-standing stalemate in the WTO. We have also found that the observed FTA between the EU and South Africa created trade strongly, but unevenly. Finally, we found that the level of tariffs no longer represents a significant barrier to trade among observed countries.
{"title":"The Effects of Trade Policy on Trade among the EU and BRICS Countries","authors":"Bohdan Vahalík, L. Fojtíková","doi":"10.31577/ekoncas.2020.09.03","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.09.03","url":null,"abstract":"The aim of this paper is to estimate whether the liberalization process benefited a mutual trade between the EU and BRICS Members over the last two decades, and whether protectionism, which is currently on the rise, still represents a significant toll to trade. Our results proved that the multilateral trade liberalization process, represented by the WTO, is no longer benefiting trade among observed economies. It clearly confirms the long-standing stalemate in the WTO. We have also found that the observed FTA between the EU and South Africa created trade strongly, but unevenly. Finally, we found that the level of tariffs no longer represents a significant barrier to trade among observed countries.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"7 1","pages":"918-938"},"PeriodicalIF":0.4,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83109927","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 : 2020-10-16DOI: 10.31577/ekoncas.2020.09.04
Lena Malešević Perović
In this paper we investigate the relationship between fiscal imbalances and long-term interest rates and assess various transmission channels of fiscal spillovers in EMU during 2002 – 2015. Our results support the importance of bilateral trade, informational and geographical channel of transmission, with spillovers accounting for more than 50 percent of the overall effect. Our findings suggest that if the share of public debt in GDP in all countries increases by 1 percentage point, the long-term interest rates of a given country will, on average, increase by 2.56 – 5.98 basis points, 1.9 – 3.61 basis points of which can be attributed to indirect effects.
{"title":"Transmission of Fiscal Spillovers on Interest Rates in EMU","authors":"Lena Malešević Perović","doi":"10.31577/ekoncas.2020.09.04","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.09.04","url":null,"abstract":"In this paper we investigate the relationship between fiscal imbalances and long-term interest rates and assess various transmission channels of fiscal spillovers in EMU during 2002 – 2015. Our results support the importance of bilateral trade, informational and geographical channel of transmission, with spillovers accounting for more than 50 percent of the overall effect. Our findings suggest that if the share of public debt in GDP in all countries increases by 1 percentage point, the long-term interest rates of a given country will, on average, increase by 2.56 – 5.98 basis points, 1.9 – 3.61 basis points of which can be attributed to indirect effects.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"23 1","pages":"939-962"},"PeriodicalIF":0.4,"publicationDate":"2020-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80674382","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 : 2020-09-02DOI: 10.31577/ekoncas.2020.08.04
Tomáš Štofa, M. Šoltés
This paper deals with private equity determinants w i hin the European Union, based on data covering 11 years and 20 countries. W e investigate driving forces of private equity activity in terms of the level of country maturity. The cluster analysis using Ward’s method is performed suggestin g three different clusters of countries with similar properties, to provide be tter country assessment than geographical distribution. We use panel data techni ques to study 26 possible determinants of private equity activity. The study reveals the macroeconomic factors, labour market, and business environment ha ve a significant impact on investment activity in countries, but the expected positive effect of the stock market was not confirmed. Furthermore, the differences b tween private equity determinants in individual clusters have been observe d. While the positive impact of innovation prevails in the more developed countr ies, there is also a negative effect of the interest rate. The less developed cou ntries tend to be more endangered by the crowding-out effect of government expe nditures and strong property rights protection rather than socio-political stabi lity and tax burden.
{"title":"Differences of Private Equity Determinants: Country-level Evidence from Europe","authors":"Tomáš Štofa, M. Šoltés","doi":"10.31577/ekoncas.2020.08.04","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.08.04","url":null,"abstract":"This paper deals with private equity determinants w i hin the European Union, based on data covering 11 years and 20 countries. W e investigate driving forces of private equity activity in terms of the level of country maturity. The cluster analysis using Ward’s method is performed suggestin g three different clusters of countries with similar properties, to provide be tter country assessment than geographical distribution. We use panel data techni ques to study 26 possible determinants of private equity activity. The study reveals the macroeconomic factors, labour market, and business environment ha ve a significant impact on investment activity in countries, but the expected positive effect of the stock market was not confirmed. Furthermore, the differences b tween private equity determinants in individual clusters have been observe d. While the positive impact of innovation prevails in the more developed countr ies, there is also a negative effect of the interest rate. The less developed cou ntries tend to be more endangered by the crowding-out effect of government expe nditures and strong property rights protection rather than socio-political stabi lity and tax burden.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"17 1","pages":"827-845"},"PeriodicalIF":0.4,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78420305","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 : 2020-09-02DOI: 10.31577/ekoncas.2020.08.03
Ruxandra Trifan
{"title":"Behavioural Biases and Stock Market Reaction: Evidence from Six Post-communist Countries","authors":"Ruxandra Trifan","doi":"10.31577/ekoncas.2020.08.03","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.08.03","url":null,"abstract":"","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"84 1","pages":"811-826"},"PeriodicalIF":0.4,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72640988","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 : 2020-09-02DOI: 10.31577/ekoncas.2020.08.05
Tomáš Ondruška, E. Pastoráková, Zuzana Brokesová
The premature death of a breadwinner, serious inju ries or an insufficient level of income during retirement can decrease the living standard of households substantially. Life insurance represents a tool for managing such kinds of uncertainties, however, individuals do not adequately co nsider this need for security. Papers focusing on factors determining life-related insurance consumption identified many variations in the effect of these facto rs. The reasons are not clear, but one of the explanations is the aggregated natur e of life insurance without focus on the type of covered risks. Based on survey data, we confirm the differences in the determinants of various risks covered by life insurance. In the general life insurance model, we confirmed the foll owing as significant determinants: gender, head of household status, combinat io of marital status and dependent children, saving behaviour and employment status. In the private pension insurance coverage, significant determinant s re age, education, saving behaviour and employment status. The willingness to buy accident cover with life insurance is determined by the saving behaviou r and employment status. Marginal effect has the status of head of household .
{"title":"Determinants of Individual Life-Related Insurance Consumption: The Case of the Slovak Republic","authors":"Tomáš Ondruška, E. Pastoráková, Zuzana Brokesová","doi":"10.31577/ekoncas.2020.08.05","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.08.05","url":null,"abstract":"The premature death of a breadwinner, serious inju ries or an insufficient level of income during retirement can decrease the living standard of households substantially. Life insurance represents a tool for managing such kinds of uncertainties, however, individuals do not adequately co nsider this need for security. Papers focusing on factors determining life-related insurance consumption identified many variations in the effect of these facto rs. The reasons are not clear, but one of the explanations is the aggregated natur e of life insurance without focus on the type of covered risks. Based on survey data, we confirm the differences in the determinants of various risks covered by life insurance. In the general life insurance model, we confirmed the foll owing as significant determinants: gender, head of household status, combinat io of marital status and dependent children, saving behaviour and employment status. In the private pension insurance coverage, significant determinant s re age, education, saving behaviour and employment status. The willingness to buy accident cover with life insurance is determined by the saving behaviou r and employment status. Marginal effect has the status of head of household .","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"148 1","pages":"846-863"},"PeriodicalIF":0.4,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77370468","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 : 2020-09-02DOI: 10.31577/ekoncas.2020.08.06
Otto Dostál
{"title":"ŠTĚDROŇ, B. – MATĚJKA, J. – NAVRÁTIL, J. – PROROK, V. a kol. (2020): Právo a umělá inteligence","authors":"Otto Dostál","doi":"10.31577/ekoncas.2020.08.06","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.08.06","url":null,"abstract":"","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"5 1","pages":"864-866"},"PeriodicalIF":0.4,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81588781","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 : 2020-09-02DOI: 10.31577/ekoncas.2020.08.02
D. Živkov, Jelena Kovacevic, S. Lončar
This paper tries to determine how growth of money supply affects inflation in different time-horizons and under different inflati on levels in the Czech Republic, Poland, Hungary and Russia. The research is done by using two innovative methodologies – the wavelet approach and Bayesian q uantile regression. By observing these four countries, we can assess wheth er inflation targeting (IT) plays significant role in curbing inflation, becaus e three Visegrad group countries adopted IT almost two decades ago, while Russ ia tarted to conduct IT relatively recently. Estimated quantiles suggest th a money supply growth does not influence inflation in the Czech Republic and H ungary, whatsoever. We find that money growth impacts inflation in Poland, but very modestly. On the other hand, in the case of Russia, the transmission effec t rom money to inflation is much higher, and it goes around 40% in low infla tion conditions, when M1 aggregate is observed, and around 78% in low inflat ion conditions, when M3 aggregate is analysed. The overall results clearly indicate that the adoption of the IT framework as a disinflation strategy proved to be successful in the Visegrad group countries, since excessive money growth has little or no effect at all on inflation in these countries.
{"title":"Is Inflation a Monetary Phenomenon in the East European Economies? – Multifrequency Bayesian Quantile Inference","authors":"D. Živkov, Jelena Kovacevic, S. Lončar","doi":"10.31577/ekoncas.2020.08.02","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.08.02","url":null,"abstract":"This paper tries to determine how growth of money supply affects inflation in different time-horizons and under different inflati on levels in the Czech Republic, Poland, Hungary and Russia. The research is done by using two innovative methodologies – the wavelet approach and Bayesian q uantile regression. By observing these four countries, we can assess wheth er inflation targeting (IT) plays significant role in curbing inflation, becaus e three Visegrad group countries adopted IT almost two decades ago, while Russ ia tarted to conduct IT relatively recently. Estimated quantiles suggest th a money supply growth does not influence inflation in the Czech Republic and H ungary, whatsoever. We find that money growth impacts inflation in Poland, but very modestly. On the other hand, in the case of Russia, the transmission effec t rom money to inflation is much higher, and it goes around 40% in low infla tion conditions, when M1 aggregate is observed, and around 78% in low inflat ion conditions, when M3 aggregate is analysed. The overall results clearly indicate that the adoption of the IT framework as a disinflation strategy proved to be successful in the Visegrad group countries, since excessive money growth has little or no effect at all on inflation in these countries.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"91 1","pages":"787-810"},"PeriodicalIF":0.4,"publicationDate":"2020-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80440800","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 : 2020-07-17DOI: 10.31577/ekoncas.2020.07.05
Anita Čeh Časni Čeh Časni, Irena Palić, Petra Palić
The aim of this paper is to explore the basic featu res of consumption of 50+ population in Croatia by using the data from Survey of Health, Ageing, and Retirement in Europe – SHARE (SHARE, 2017). Thereby w e use an extended model of consumption that includes basic consumption dete rminants that are stipulated by the economic theory and empirical research, name ly income and wealth which are retrieved from SHARE database and augment it wi h other economic and socio-demographic features of „50+“ population that may exhibit an influence on consumption decisions. In order to model ho usehold consumption, we use ordinary least squares (OLS) method when estima ting the baseline regression equation. Additionally, control variables labo ur status, gender and marital status are used in order to explore whether the hou sehold consumption is more responsive to changes in household income and wealt h for specific groups of respondents. The results of the analysis indicate t hat retired individuals have higher marginal propensity to consume compared to t he employed individuals, which is in line with the life-cycle theory.
{"title":"The Determinants of Consumption of 50+ Population in Croatia","authors":"Anita Čeh Časni Čeh Časni, Irena Palić, Petra Palić","doi":"10.31577/ekoncas.2020.07.05","DOIUrl":"https://doi.org/10.31577/ekoncas.2020.07.05","url":null,"abstract":"The aim of this paper is to explore the basic featu res of consumption of 50+ population in Croatia by using the data from Survey of Health, Ageing, and Retirement in Europe – SHARE (SHARE, 2017). Thereby w e use an extended model of consumption that includes basic consumption dete rminants that are stipulated by the economic theory and empirical research, name ly income and wealth which are retrieved from SHARE database and augment it wi h other economic and socio-demographic features of „50+“ population that may exhibit an influence on consumption decisions. In order to model ho usehold consumption, we use ordinary least squares (OLS) method when estima ting the baseline regression equation. Additionally, control variables labo ur status, gender and marital status are used in order to explore whether the hou sehold consumption is more responsive to changes in household income and wealt h for specific groups of respondents. The results of the analysis indicate t hat retired individuals have higher marginal propensity to consume compared to t he employed individuals, which is in line with the life-cycle theory.","PeriodicalId":45333,"journal":{"name":"Ekonomicky Casopis","volume":"35 1","pages":"737-755"},"PeriodicalIF":0.4,"publicationDate":"2020-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87489845","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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