Review of Economic Perspectives最新文献_第5页

What is the Sustainable Level of Banks’ Credit Losses and Provisions? 银行信贷损失和准备金的可持续水平是多少？

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Review of Economic Perspectives Pub Date : 2021-09-01 DOI: 10.2478/revecp-2021-0011

Simona Malovaná, Ž. Tesařová

引用次数: 0

Oil price shock in the US and the euro area – evidence from the shadow rate and the term premium 美国和欧元区的油价冲击——来自影子利率和期限溢价的证据

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Review of Economic Perspectives Pub Date : 2021-09-01 DOI: 10.2478/revecp-2021-0014

Martin Pažický

{"title":"Oil price shock in the US and the euro area – evidence from the shadow rate and the term premium","authors":"Martin Pažický","doi":"10.2478/revecp-2021-0014","DOIUrl":"https://doi.org/10.2478/revecp-2021-0014","url":null,"abstract":"Abstract The aim of this article is to investigate the consequences of oil price changes for the economy of the US and the euro area. Oil price transmission channel is assessed using Granger causalities and structural vector autoregressive (VAR) specifications (applying the Cholesky factorization and the restrictions following the method of Blanchard and Quah). The conventional oil price transmission channel is extended by a shadow policy rate and term premium, as the importance of both indicators has been growing rapidly in recent years. The results confirm that the oil price shock is not negligible in the aftermath of the Global Financial Crisis and in the subsequent period of monetary policy normalization. The findings are confirmed by the outcomes of the Bayesian VAR specification with sign restrictions. The consequences of changes in oil prices have significantly grown since the introduction of unconventional monetary instruments. The magnitude of the response of industrial production, price level and shadow interest rate to the oil price shock is strongest in the period corresponding to the unconventional monetary policy. In many cases, however, the reaction is short-lived. The conventional instrument (policy rate) in the euro area has still not been sufficient to stabilize the economy in the recent period of monetary policy normalization in the US.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44037359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does the instability of economic development affect the elasticity of the labour market? 经济发展的不稳定性是否会影响劳动力市场的弹性?

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Review of Economic Perspectives Pub Date : 2021-09-01 DOI: 10.2478/revecp-2021-0013

M. Daňová, I. Vozarova

{"title":"Does the instability of economic development affect the elasticity of the labour market?","authors":"M. Daňová, I. Vozarova","doi":"10.2478/revecp-2021-0013","DOIUrl":"https://doi.org/10.2478/revecp-2021-0013","url":null,"abstract":"Abstract Despite extensive research, the estimates of changes in employment are heterogeneous in different conditions of economic development. In this study, we examined the impact of the instability of economic growth on the elasticity of the labour market in a set of EU27 member states in the period 2000Q1–2019Q4.The sensitivity of the labour market was quantified in parallel by two available methods which are used for this purpose – by calculating the values of the arc elasticity coefficient and by regression analysis. Logarithmic linear regression models were compiled according to the analysis criteria individually for each member state. By comparing the values of the obtained elasticity indicators, differences in the responses of the labour market were identified. Our results show that the heterogeneity of opinions is to some extent natural. The elasticity of the labour market determined by calculating the values of the elasticity coefficient is characterized by a high variability of values. Similarly, the values of the regression coefficient reflect the nature of the macroeconomic development of the period under review. According to our findings, the frequent short-term trends of negative economic development result in a reduced sensitivity of the labour market to the changes in economic performance, manifested by a lower employment elasticity compared to its values in economies with a stable development trend. Based on this, we formulate the connection between the elasticity of the labour market and the positive and negative economic development. We condition the sensitivity of the labour market to the changes in the trend of economic development with the occurrence of longer-lasting trends of negative economic development.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48919656","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The Impact of Seven Macroprudential Policy Instruments on Financial Stability in Six Euro Area Economies 七项宏观审慎政策工具对六个欧元区经济体金融稳定的影响

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Review of Economic Perspectives Pub Date : 2021-09-01 DOI: 10.2478/revecp-2021-0012

Eva Lorenčič, Mejra Festić

{"title":"The Impact of Seven Macroprudential Policy Instruments on Financial Stability in Six Euro Area Economies","authors":"Eva Lorenčič, Mejra Festić","doi":"10.2478/revecp-2021-0012","DOIUrl":"https://doi.org/10.2478/revecp-2021-0012","url":null,"abstract":"Abstract The aim of this paper is to investigate whether macroprudential policy instruments can influence the credit growth rate and hence financial stability. We use a fixed effects panel regression model to test the following hypothesis for six euro area economies (Austria, Finland, Germany, Italy, Netherlands and Spain) during time span 2010 Q3 to 2018 Q4: “Macroprudential policy instruments (degree of maturity mismatch; interbank loans as a percentage of total loans; leverage ratio; non-deposit funding as a percentage of total funding; loan-to-value ratio; loan-to-deposit ratio; solvency ratio) enhance financial stability, as measured by credit growth”. Our empirical results suggest that the degree of maturity mismatch, non-deposit funding as a percentage of total funding, loan-to-value ratio and loan-to-deposit ratio exhibit the predicted impact on the credit growth rate and therefore on financial stability. On the other hand, interbank loans as a percentage of total loans, leverage ratio, and solvency ratio do not exhibit the expected impact on the response variable. Since only four regressors (out of seven) have the signs predicted by our hypothesis, we can only partly confirm it.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43501586","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Current Implementation of the Circular Economy in Enterprises in the Czech Republic 捷克共和国企业循环经济的实施现状

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Review of Economic Perspectives Pub Date : 2021-06-01 DOI: 10.2478/revecp-2021-0009

Otakar Ungerman, Jaroslava Dědková

{"title":"Current Implementation of the Circular Economy in Enterprises in the Czech Republic","authors":"Otakar Ungerman, Jaroslava Dědková","doi":"10.2478/revecp-2021-0009","DOIUrl":"https://doi.org/10.2478/revecp-2021-0009","url":null,"abstract":"Abstract The subject of this paper is the contemporary use of the circular economy in business practice. The topicality of this theme was the reason for resolving the main objectives, which were to determine how enterprises in the Czech Republic are currently involved in the circular economy. The authors focused on empirical research, the methodological framework of which contains three interrelated parts. The basis was secondary research from scientific databases, which was followed up by the primary research. The objects of the primary research were based on three research questions, which were focused on the use of standardised environmental activities, the identification of tools of the circular economy and determining their importance. The research was evaluated using the methods of content analysis, descriptive and inductive statistics. The research showed that 71 % of enterprises present themselves as taking an active approach to the environment beyond the scope of the statutory obligations. Enterprises then make most use of regulatory tools such as the ISO 14001 standard or Ecodesign. An in-depth interview was used to identify sixteen tools of the circular economy as they are perceived by enterprises. When assessing importance, the highest rated tool was reducing energy consumption in production, waste from production, the consumption of materials, emissions and minimization of waste. Statistically significant differences were also identified with these tools. The research showed that the circular economy is most used in automotive industry enterprise.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44811507","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature 欧盟财政制度对公共财政的影响:实证文献中的证据回顾

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Review of Economic Perspectives Pub Date : 2021-06-01 DOI: 10.2478/revecp-2021-0010

Martin Gorčák, Stanislav Šaroch

{"title":"Impact of fiscal institutions on public finances in the European Union: Review of evidence in the empirical literature","authors":"Martin Gorčák, Stanislav Šaroch","doi":"10.2478/revecp-2021-0010","DOIUrl":"https://doi.org/10.2478/revecp-2021-0010","url":null,"abstract":"Abstract This paper examines the impact of budgetary institutions on public finances in the European Union on the basis of a critical survey of the relevant theoretical and empirical literature. In general, the authors find that fiscal institutions (namely fiscal rules) have successfully contributed to greater fiscal sustainability, reduced procyclicality of fiscal policies within the EU, and increased national ownership of fiscal rules by strengthening national fiscal frameworks. A fiscal reaction function was one of the widely used methods to determine the principal variables affecting fiscal outcomes. Some authors used cyclically-adjusted fiscal outcomes as the dependent variable representing the discretionary fiscal policy-making whereas others put emphasis on other fiscal outcomes. The samples of countries covered mostly the EU Member States, representing rather homogenous samples in the context of common EU fiscal framework. Institutional aspects used as independent variables differed significantly among authors and some could be added for future research. Based on the literature survey, several recommendations were made for fiscal policy-making.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45418708","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

The Occurrence of the Preconditions for Social Exclusion in the Czech Republic: A Basis for the Planning of Social Prevention Services 捷克共和国社会排斥的先决条件的发生:社会预防服务规划的基础

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Review of Economic Perspectives Pub Date : 2021-06-01 DOI: 10.2478/revecp-2021-0008

E. Kovářová, R. Vavrek

{"title":"The Occurrence of the Preconditions for Social Exclusion in the Czech Republic: A Basis for the Planning of Social Prevention Services","authors":"E. Kovářová, R. Vavrek","doi":"10.2478/revecp-2021-0008","DOIUrl":"https://doi.org/10.2478/revecp-2021-0008","url":null,"abstract":"Abstract Persisting social exclusion is one of the key issues the European Union Member States have to handle according to the headline targets of the Europe 2020 strategy. In the Czech Republic, more than 1 million people – 12.5% of the whole population – lived in the year 2019 at risk of poverty or social exclusion. Between the years 2010 and 2019, the monetary poverty rate oscillated around 10%. Although these are one of the lowest rates among the EU Member States, reduction and elimination of social exclusion has still been a challenge for the Czech policy-makers due to the relatively constant rates of monetary poverty, as low incomes are generally recognized as one of the causes of social exclusion. The aim of the paper is to identify the occurrence of the preconditions for social exclusion in the Czech districts revealed in the inter-district comparison that is based on the multi-criterial evaluation of the socio-economic situation in these districts. Such evaluation can serve as a basis for the planning of social prevention services, which are regarded as the means of prevention and reduction of social exclusion. Our findings obtained with the use of the Multi-Criteria Decision Making technique reveal that the occurrence of the preconditions for social exclusion varies among LAU1 districts of the Czech Republic and that districts lying in two NUT3 regions are affected more than others. Individuals living there are more likely to be socially excluded, especially if this higher probability derived from the districts’ socio-economic situation is accompanied with their individual poor skills, health, or family breakdown.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46702322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Identifying the Main Determinants of Part-Time Employment in EU Countries 确定欧盟国家兼职就业的主要决定因素

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Review of Economic Perspectives Pub Date : 2021-06-01 DOI: 10.2478/revecp-2021-0007

Rasa Miežienė, Sandra Krutulienė, Boguslavas Gruževskis

{"title":"Identifying the Main Determinants of Part-Time Employment in EU Countries","authors":"Rasa Miežienė, Sandra Krutulienė, Boguslavas Gruževskis","doi":"10.2478/revecp-2021-0007","DOIUrl":"https://doi.org/10.2478/revecp-2021-0007","url":null,"abstract":"Abstract The article analyses the prevalence of part-time employment in different EU countries with a focus on the factors affecting the rate of part-time employment across the EU. Based on the literature review, a distinction is made between three groups of factors that are relevant for the rate of part-time employment, in particular, cyclical factors, political and institutional factors, and structural factors. The article analyses how these factors influence part-time employment rates in EU countries. The linear regression analysis based on EU-28 macroeconomic data for the period of 2007-2018 has shown that all three groups of determinants (i.e. cyclical, political and institutional as well as structural factors) affect the rate of part-time employment in the EU-28. Part-time employment is a complex phenomenon which depends on a number of factors. However, the regression analysis has found that the following political and institutional as well as structural independent variables are also significant predictors of part-time employment rates in EU Member States (EU-28): average annual wages, the tax rate on low wage earners, expenditures on children and family benefits as a percentage of gross domestic product, trade union density, and the activity rate of people aged 15-24 and 55-64. Cyclical factors (the unemployment rate in Model (1) and real GDP per capita in Model (2)) have also been found to have a significant effect on part-time employment in EU-28 countries.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44013248","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

The effects of education-job (mis)match on the earnings of graduates in the Czech Republic 教育-工作(错配)对捷克大学毕业生收入的影响

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Review of Economic Perspectives Pub Date : 2021-06-01 DOI: 10.2478/revecp-2021-0006

J. Sedlacek, M. Zelenka

{"title":"The effects of education-job (mis)match on the earnings of graduates in the Czech Republic","authors":"J. Sedlacek, M. Zelenka","doi":"10.2478/revecp-2021-0006","DOIUrl":"https://doi.org/10.2478/revecp-2021-0006","url":null,"abstract":"Abstract This paper deals with the effects of education-job (mis)match on the earnings of higher education graduates in the context of higher education expansion and different phases of the economic cycle in the Czech Republic in 2006–2018. It aims to contribute to knowledge about the effects of education-job (mis)match on earnings in two ways. First, it concentrates on both the vertical and the horizontal dimensions of education-job (mis)match. Second, it considers the effects of contextual variables: the share of graduates in the population and the unemployment rate of graduates. The paper is based on assumptions derived from assignment theory. The authors use data of graduates’ self-evaluation collected in national and international graduate surveys – REFLEX, REFLEX 2010, REFLEX 2013, and Absolvent 2018. The data for contextual variables come from Eurostat and the Czech Statistical Office. The analyses focus on graduates four to five years after graduation. They are examined both as a whole and in groups based on the field of study using the method of weighted least squares. Overeducation usually has significant negative effects on earnings. Horizontal match effects are contradictory. The education-job (mis)match effects are relatively small in comparison with other factors. The role of contextual variables is mostly predictable, however, some exceptions uncover specifics of the labour market in the Czech Republic. There are important differences among groups of graduates in different fields of study.","PeriodicalId":43002,"journal":{"name":"Review of Economic Perspectives","volume":null,"pages":null},"PeriodicalIF":0.7,"publicationDate":"2021-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42814743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

German Exports: Impact on the Selected EU Countries 德国出口:对选定欧盟国家的影响

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Review of Economic Perspectives Pub Date : 2021-03-01 DOI: 10.2478/revecp-2021-0003

M. Juráček

引用次数: 2