Post-Communist Economies最新文献

{"title":"Social trust and risky financial market participation: Evidence from China","authors":"Xinxin Ma","doi":"10.1080/14631377.2023.2262672","DOIUrl":"https://doi.org/10.1080/14631377.2023.2262672","url":null,"abstract":"ABSTRACTThe Chinese government has promoted the development of risky financial markets under the market-oriented reform period. Meanwhile, social trust has changed with institutional transitions. This study investigates the influence of social trust on risky financial market participation in China based on the national longitudinal data of 2014–2018. It also estimates the effects of social trust by education, age, urban/rural hukou resident groups, and periods. The empirical results indicate that social trust positively affects the probability of holding risky financial assets and their shares. However, these effects turn insignificant when accounting for unobservable individual heterogeneity. The positive effect of social trust is more pronounced among the younger generation, highly educated groups, women, and urban hukou residents compared to their counterparts. Additionally, the positive impact of social trust is observed to be stronger in the period following the 2015 stock market crash shock than in the period before 2015.KEYWORDS: Social trustrisky financial marketrisky financial assetChina Disclosure statementNo potential conflict of interest was reported by the author.Notes1. In 2015, stock prices, which had been rising since the beginning of the year, collapsed on June 12. Within a month, A-shares on the Shanghai Stock Exchange lost one-third of their total stock market capitalisation. An unprecedented situation emerged in the Shanghai A-share market, with nearly half of the stocks suspended from trading. The government implemented financial market bailout policies, including massive funds, and the stock market returned to its starting point in October. This event is known as the 2015 stock market crash shock.2. The options for each question ranged from 0 (do not trust) to 10 (completely trust). I calculated the total value of these two questions. I also performed the estimations using the trust in a stranger or trust in a foreigner separately; the results were approximately similar to those that used the total score of these two indicators. Hence, I only presented the results using these two indicators in this study. The other results are available upon request.3. There are thirteen options for the question, ‘Which organisations are you a member of?’ They are as follows: (1) Communist Party of China; (2) Democratic party; (3) People’s Congresses (representatives) at the county/district level and above the county/district level; (4) County/district and above county/district Political Consultative Conference (Member); (5) Trade union; (6) Communist Youth League; (7) Women’s Federation; (8) Federation of Industry and Commerce; (9) Informal networking organisations (communities, networks, salons, etc.); (10) religious/belief group; (11) Association of private business owners; (12) Self-employed workers association; (13) Others. The dummy variable for Communist Party of China membership is set to 1 if a respondent selected option (1) and 0 i","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"224 19","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136067424","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Windfall revenues and structural balance in the Czech Republic","authors":"Jan Pavel, Jana Tepperová, Markéta Arltová","doi":"10.1080/14631377.2023.2262626","DOIUrl":"https://doi.org/10.1080/14631377.2023.2262626","url":null,"abstract":"ABSTRACTAnalysis of the structural balance is a crucial element for assessing the character of fiscal policy. However, this approach entails potential shortcomings, where some tax revenues may be affected by the development of variables other than the economic cycle. This can lead to skewed assessments of the fiscal effort because of the existence of windfall revenues/losses. We address this issue and identify windfall revenues in the Czech Republic. First, we calculate the elasticities of individual taxes on relevant macroeconomic variables. Then we test these variables for sensitivity to the economic cycle. The absence of such sensitivity suggests the possibility of windfall revenue. Further, we quantify the volume of the windfall revenue for 2007–2019. We found that the development of the rental market is the main factor influencing windfall revenue in the Czech Republic. The windfall revenue range is around 0.15% of GDP per year.KEYWORDS: Windfall revenuestax elasticitiesstructural balancefiscal effort AcknowledgmentsThe present paper was supported by the long-term institutional scientific research funding scheme in the Faculty of Finance and Accounting, Prague University of Economics and Business (IP 100040).Disclosure statementNo potential conflict of interest was reported by the author(s).Notes1. A typical example is the MTO (Medium Term Objective) rule in the EU. If a member state does not reach the MTO value, it must show a fiscal effort of at least 0.5% of GDP per year.2. A detailed description of the estimation methodology is available at https://www.mfcr.cz/cs/legislativa/metodiky/2020/metodika-odvozeni-vydajovych-ramcu-statn-39442/. The results, including the data used, are available at https://www.mfcr.cz/cs/verejny-sektor/makroekonomika/makroekonomicka-predikce/2022/makroekonomicka-predikce-listopad-2022–492723. Income from the sale of real estate is exempt in the case of holding by the taxpayer for more than ten years; until 2020, the time test was five years. If the real estate is used for the living of the taxpayer or the living of his family members, the time test for exemption of the income is two years. The time test can be even shorter if the money received from selling the real estate is used for the own living of the taxpayer or his family again. The closeness of the relationship of the family members is specified within the law. If taxable, the purchase price can be considered as a taxable expense up to the amount of taxable income, similar to selling shares.Additional informationFundingThe work was supported by the Prague University of Economics and Business.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"63 4","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136235846","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Language skills and unemployment: post-Soviet bilingualism in Latvia","authors":"Kadri Männasoo, Miina Hõbenael, Svetlana Ridala","doi":"10.1080/14631377.2023.2263215","DOIUrl":"https://doi.org/10.1080/14631377.2023.2263215","url":null,"abstract":"ABSTRACTThis study investigates the relationship between the unemployment of working-age men with their skills in the local languages, Russian and Latvian, and in English, the most spoken foreign language in Latvia. To determine who benefits and from which language skills in the labour market, the analysis uses data from the Eurostat Adult Education Survey (AES 2016) and the Baltic Institute of Social Sciences Language Survey (BISS 2008). The results show an inverse link between language skills and unemployment for Latvians and Russian speakers, but more so for the latter. English skills benefit the older Latvian workers without a tertiary degree, while for Russians the benefits are greater and more general. Latvian skills benefit the younger tertiary-educated Russian speakers. For Latvians, the link between Russian-language skills and unemployment remains inconclusive. The analysis considers the bilingual context and the measurement bias of self-reported language skills.KEYWORDS: Language skillsunemploymentpost-Soviet bilingualismLatviaRussian language minority AcknowledgmentsThe authors would like to thank the participants at the 4th Baltic Economic Association Conference, the 14th International ECEE Conference and the 8th European User Conference for EU-Microdata for their useful comments and suggestions.Disclosure statementNo potential conflict of interest was reported by the author(s).Data availability statementThe data that support the findings of this study are available from Eurostat (Adult Education Survey 2016) and the Baltic Institute of Social Sciences (Language Survey 2008). The responsibility for all conclusions drawn from either dataset lies entirely with the authors.Notes1. The first Russian school was founded in 1789 in Riga.2. The analysis on the BISS 2008 data also uses the bilingualism variable based on the use and intensity of both languages in communications at home.3. Estimating small samples with limited observations produces insignificant outcomes.4. The principal components combine the Latvian/Russian and English skills from the AES (2016) and receptive and expressive language skills from the BISS (2008) Language Survey.5. Latvia joined the North Atlantic Treaty Organisation (NATO) and the EU in 2004, adopted the euro and joined the European Monetary Union (EMU) in 2014 and became a member of the Organisation for Economic Cooperation and Development (OECD) in 2016.Additional informationFundingThe research leading to these results has received funding from the EEA Grants 2014-2021 Baltic Research Programme under project S-BMT-21–8 (LT08-2-LMT-K-01–073). This project has received funding from the European Union’s Horizon 2020 Research and Innovation programme under Grant Agreement No 952574 and the Marie Skłodowska-Curie Grant Agreement No 734712. This work was also supported by the European Regional Development Fund under Grant number 2014-2020.4.01.16-0032.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"22 4 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136037942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"The link between household savings rates and GDP: evidence from the Visegrád group","authors":"Nikola Šubová, Ján Buleca, Ermanno Affuso, Franklin G. Mixon","doi":"10.1080/14631377.2023.2262688","DOIUrl":"https://doi.org/10.1080/14631377.2023.2262688","url":null,"abstract":"ABSTRACTDuring the past two decades, two global events highlighted the importance of household savings to economies and individuals, and their relation to economic activity and growth. First, the Global Financial Crisis of 2008 reminded the world that household savings are essential for economic recovery and sustainable economic development. Second, the recent COVID-19 pandemic showed how vulnerable household savings are to various external shocks. This paper investigates the relationship between household savings rates and real GDP in the four countries of the Visegrád Group, namely the Czech Republic, Hungary, Poland, and Slovakia, for the period 1996–2021. Our empirical analyses indicate short-run Granger causality from real GDP to household savings rates, and from household savings rates to real GDP, in both the Czech Republic and Hungary. Additionally, we also report significant long-run relationships between household savings rates and real GDP, particularly in Hungary .KEYWORDS: SavingsGDPVisegrád groupcointegrationvector error correction model AcknowledgmentsThe authors thank two anonymous reviewers for helpful comments. This research was supported by J. William Fulbright Commission for Educational Exchange in the Slovak Republic, the Scientific Grant Agency of the Ministry of Education, Science, Research and Sport of Slovakia, and the Slovak Academy of Sciences within project VEGA 1/0646/2023. The content is the sole responsibility of the authors and does not necessarily reflect the official views of the aforementioned entities.Disclosure statementNo potential conflict of interest was reported by the author(s).Data availability statementData are available from the authors upon request.Notes1. The savings rate sharply increased during the first two quarters of 2020. More specifically, it rose by about five percentage points through the first quarter and by about 12%-points through the second quarter (Dossche & Zlatanos, Citation2020).2. The household savings rate in the Czech Republic was about 21.1%, while household savings rates in Poland, Hungary, and Slovakia were about 8.8%, 15.1% and 10.9%, respectively (Eurostat, Citation2021b).3. See Caudill et al. (Citation2020) for a more extensive discussion.4. One of the main arguments underpinning the studies of savings rates and GDP states that savings play an important role in increasing GDP (Aghion et al., Citation2016; Botev et al., Citation2019). Household savings are also considered to be central to economic development (Sekantsi & Kalebe, Citation2015; Gross et al., Citation2020).5. A few studies analyse the link between savings and GDP in both developed and developing countries at the same time (e.g. Brueckner et al., Citation2023; Misztal, Citation2011).6. They are located in the tables labelled ‘GDP and main aggregates per capita’ (nama_10_pc), and ‘Key indicators’ (nasa_10_ki).7. Rejection of the null hypothesis occurs when the calculated t-statistic is greater than the critical va","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"184 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136142584","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Property ownership and firm performance: firm-level analysis of post-communist economies","authors":"Zafar Nazarov, Aziz Goziev","doi":"10.1080/14631377.2023.2246628","DOIUrl":"https://doi.org/10.1080/14631377.2023.2246628","url":null,"abstract":"","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41815669","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Total factor productivity gap between the “New” and “Old” Europe: an industry-level perspective","authors":"Dragana Radicic, Z. Borovic, Jelena Trivić","doi":"10.1080/14631377.2023.2236868","DOIUrl":"https://doi.org/10.1080/14631377.2023.2236868","url":null,"abstract":"ABSTRACT The main goal of this article is to investigate the source of productivity growth for the Central and Eastern Europe (CEE) countries, at the industry level, based on the Schumpeterian creative destruction mechanisms. Our study provides valuable insights into productivity drivers for the CEE countries, which are vital for the policy makers. To measure productivity, we calculate the Total factor Productivity (TFP) measure based on the raw labour, at the industry level. There is a substantial productivity gap at the industry level between the CEE and core European countries (EU14). The result of econometric analysis suggests that the further a country lies behind the frontier, the higher is the rate of TFP growth, i.e. the convergence process.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"35 1","pages":"770 - 795"},"PeriodicalIF":2.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42813610","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Market segmentation, marketisation change speed and R&D investment of private firms","authors":"Bojun Hou, Yuehe Yu, Yifan Zhu, Xiaoxuan Zhu, Chen Zhu, Ji-wan Hong","doi":"10.1080/14631377.2023.2236877","DOIUrl":"https://doi.org/10.1080/14631377.2023.2236877","url":null,"abstract":"ABSTRACT This study examines the impact of market segmentation on R&D investment in transitional economy. Based on the analysis of 14,032 Chinese private firms, we find that market segmentation has an inverted U-shaped relationship with firm R&D investment, that is, private firms’ innovation investment presents a trend of first increase and then decrease in relation to the deepening of market segmentation. In addition, this study explores the moderating effect of marketisation change speed (MCS), and the results indicate that MCS strengthens the inverted U-shaped relationship between market segmentation and R&D investment of private firms. Our findings provide insights into how emerging economies leverage the role of the market to better stimulate private sector investment in innovation.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46068780","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Foreign divestment and domestic investment in Eastern European countries","authors":"J. Djokoto, Eglantina Hysa, Egla Mansi","doi":"10.1080/14631377.2023.2237211","DOIUrl":"https://doi.org/10.1080/14631377.2023.2237211","url":null,"abstract":"","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48046821","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Glass ceiling or glass cliff: an examination of the role of female board members on market performance in Poland","authors":"M. Aluchna, B. Honig, B. Kamiński","doi":"10.1080/14631377.2023.2236878","DOIUrl":"https://doi.org/10.1080/14631377.2023.2236878","url":null,"abstract":"ABSTRACT We examine gender bias related to the effect of women in executive management leadership. Specifically, we examine when women are recruited to executive positions and follow companies’ market performance before and after their appointment. Our study is conceptually situated within the field of queuing theory, suggesting certain patterns of labour market queuing behaviour according to race, gender, and class. We formulate two hypotheses: (1) the presence of female executives is associated with lower firm value; and (2) companies with female-centric executive boards are valued lower by investors than companies with male-centric boards. We test these hypotheses employing panel data, using a unique sample of 159 companies listed on the Warsaw Stock Exchange in the years 2006–2015, with hand-collected data on the number of female directors on executive boards. Our results suggest that market queuing behaviour is evident in the case of Poland. Men are more often hired in executive roles than women, whereas females are more likely to be appointed to executive boards in firms which are performing poorly. Moreover, higher participation of women in executive positions is associated with resulting lower value in the long run. According to our interpretation, isomorphism and gender bias diffuse through the reproduction and valuation of capitalist markets.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":"1 1","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41365071","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Beliefs in the attributes of success in life and bribery in post-communist European countries","authors":"A. Plopeanu","doi":"10.1080/14631377.2023.2236874","DOIUrl":"https://doi.org/10.1080/14631377.2023.2236874","url":null,"abstract":"ABSTRACT This article examines the influence of internal and external beliefs about the attribution of success in life on perceptions of corruption and corrupt behaviour. Using individual-level data from the Life in Transition Survey III for 21 former communist European countries, the results show that, on the one hand, beliefs that success in life is achieved eminently through effort and hard work and through intelligence, skills and competences reduce both the likelihood of perceiving corruption and acting corruptly. On the other hand, external attributes of life success achieved through political connections and breaking the law are associated with higher perceptions of corruption and bribery-related behaviour. These findings highlight the significant positive role of personal effort (rather than any help from unfair sources) and meritocracy in achieving success in life on the assessment of perceptions of corruption and corrupt behaviour in former communist European societies.","PeriodicalId":46517,"journal":{"name":"Post-Communist Economies","volume":" ","pages":""},"PeriodicalIF":2.2,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41630828","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}