Acta Oeconomica最新文献_第10页

Internal devaluation: A controversial effort for adjustment within the Euro area 内部贬值：欧元区内部有争议的调整努力

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2021-03-30 DOI: 10.1556/032.2021.00002

E. Boros

{"title":"Internal devaluation: A controversial effort for adjustment within the Euro area","authors":"E. Boros","doi":"10.1556/032.2021.00002","DOIUrl":"https://doi.org/10.1556/032.2021.00002","url":null,"abstract":"The euro crisis and its lessons are still not a closed chapter for economists and policy makers. The challenge to find the most appropriate ways to prevent intra-area imbalances is still on the top of the agenda. Nominal adjustment (internal devaluation) remains one of the most critical aspects of this debate. Many are indeed interested in whether austerity measures in several countries “made sense.” But much more is at stake here than evaluating the past. The true question is whether the eurozone can rely on nominal adjustment to align internal economic fluctuations. This paper contributes to the answer by investigating the size of price changes and their impacts on output and trade in the wake of the euro crisis. Selecting the most appropriate variables to measure competitive outcomes, the basic idea of “expansionary contraction” is tested. We rely on a comprehensive panel of all Eurozone member states in the post-crisis years (2010–2017). The results suggest that flexible price levels cannot be taken for granted, and a link to competitiveness is not self-evident, either. Other channels of adjustment may prove to be more important, but scaling them up will ultimately require a sound consensus on the future architecture of the euro.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46420867","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}

引用次数: 0

The state of the state – Economic property rights and firm profitability versus corruption. New evidence from the Czech Republic 国有经济的状态——产权、企业盈利能力与腐败。来自捷克共和国的新证据

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2021-03-30 DOI: 10.1556/032.2021.00006

A. Malinowska

{"title":"The state of the state – Economic property rights and firm profitability versus corruption. New evidence from the Czech Republic","authors":"A. Malinowska","doi":"10.1556/032.2021.00006","DOIUrl":"https://doi.org/10.1556/032.2021.00006","url":null,"abstract":"Despite significant advances in economic literature on the relationship between graft and economic growth, the consensus in nowhere in sight. The current paper enriches the extant literature on the subject by: 1) extending econometric techniques in an attempt to quantify and model institutional development; and 2) providing novel results on the dynamics between non-standardised and standardised institutional metrics. Utilising a new dataset compiled for 423 publicly quoted Czech, non-financial companies with macroeconomic and institutional metrics, we fashion a dynamic model approximating the interactions between the country's institutional development and firm profits as well as examining the relationship between the Czech corruption and the national institutional framework in the years of 2007–2016. The economic property rights appear to contribute to firm accounting profits- and cash flow-based profitability metrics. As regards the anti-corruption policies, the study's outcomes indicate that improvement in economic property rights could have propelled the positive impact of lax anti-corruption government action and inefficient judiciary on firm profits.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"71 1","pages":"117-136"},"PeriodicalIF":0.8,"publicationDate":"2021-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47024774","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}

引用次数: 2

The impact of budget deficit, public debt and education expenditures on economic growth in Poland 预算赤字、公共债务和教育支出对波兰经济增长的影响

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2021-03-30 DOI: 10.1556/032.2021.00003

M. Konopczynski

引用次数: 3

GDP and beyond: Prosperity convergence in the countries of Western and Eastern Europe GDP及其后：西欧和东欧国家的繁荣趋同

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00033

Mirjana Gligorić Matić, B. Gavrilović, Nemanja Stanišić

引用次数: 6

Is gold a safe haven? The international evidence revisited 黄金是安全的避风港吗?重新审视国际证据

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00035

L. Bulut, Islam Rizvanoghlu

引用次数: 4

Perception of multilevel factors for entrepreneurial innovation success: A survey of university students 创业创新成功的多层次因素感知:对大学生的调查

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00039

B. Borsi, T. Dőry

引用次数: 4

Market liquidity and funding liquidity: Empirical analysis of liquidity flows using VAR framework 市场流动性与融资流动性：基于VAR框架的流动性实证分析

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00034

Adam Czelleng

{"title":"Market liquidity and funding liquidity: Empirical analysis of liquidity flows using VAR framework","authors":"Adam Czelleng","doi":"10.1556/032.2020.00034","DOIUrl":"https://doi.org/10.1556/032.2020.00034","url":null,"abstract":"One of the many consequences of financialization in the past decades has been the significant appreciation of the importance of financial markets’ liquidity. In order to maintain financial stability, one must have a clear understanding of the sources of market liquidity (ML). A finer comprehension of liquidity and its direction would help policy makers in fine-tuning the current regulations while also identifying each of the elements that compose it. In this paper, a recursive vector autoregressive model is utilized to empirically analyze how to detect the causality relations between funding and ML in four post-communist countries (Czech Republic, Hungary, Slovakia and Poland). For the analyses freely accessible data on the balance sheets of aggregated banking sectors was utilized with the overall aim of finding a proxy for funding liquidity (FL) in every examined country. As a proxy for ML, government bonds’ bid-ask spreads were utilized in the model. The paper provides an empirical evidence that FL drives ML in each economy. The results are clear, statistically significant and robust. They can be understood as evidence for the importance of the role of the trader’s FL for the liquidity of financial assets’ markets. The results of the paper have important implications for monetary policy, as well as microand macro-prudential regulation.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"70 1","pages":"513-530"},"PeriodicalIF":0.8,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42735396","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}

引用次数: 3

State-building for the market economy in Eastern Europe 东欧市场经济的国家建设

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00032

P. Hare

{"title":"State-building for the market economy in Eastern Europe","authors":"P. Hare","doi":"10.1556/032.2020.00032","DOIUrl":"https://doi.org/10.1556/032.2020.00032","url":null,"abstract":"Kornai's earlier works embodied the idea that state institutions formed a system with a strong tendency to reproduce itself, and hence to resist minor reforms. Thus, at the end of socialism, huge changes were needed in politics, economics, and the law to build a new system oriented towards the market-type economy, which would again be stable, self-reinforcing and self-sustaining. Transition promoted the development of new states in Eastern Europe that conformed to the Copenhagen criteria for the EU accession. Were we too hasty in thinking that we had succeeded? The new systems are not returning to the previous one, and only in a few areas have the basic norms of a market-type economy been set aside in Hungary or Poland. But concerns arise at the interface between politics, law and economics – to do with the rule of law, the nature and role of the state, and the interactions between parliament, the executive and the judiciary. Unavoidably, there is also an interesting international dimension here, represented by the shift from the Warsaw Pact and CMEA to NATO and the EU. This paper explores these issues in the light of some of Kornai's recent analysis of developments in Hungary, while also drawing on his very insightful earlier works.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41878644","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}

引用次数: 1

Hardening the budget constraint: Institutional reform in the financial management of Hungarian local governments 强化预算约束：匈牙利地方政府财政管理体制改革

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00037

Tamás Vasvári

{"title":"Hardening the budget constraint: Institutional reform in the financial management of Hungarian local governments","authors":"Tamás Vasvári","doi":"10.1556/032.2020.00037","DOIUrl":"https://doi.org/10.1556/032.2020.00037","url":null,"abstract":"Kornai (2014) described the problems of municipal indebtedness in Hungary and analysed the process of bailout carried out between 2011 and 2014. In the same period, the central government also reformed the local government system, which included serious limitations of their financial independence. This study re-examines the state of the soft budget constraint (SBC) of Hungarian local governments. To start, the general theoretical framework of SBC is introduced. Then, the budget constraint on the Hungarian local governments before the bailout is described briefly, followed by an assessment of the corresponding measures which were expected to offset the negative messages of the completed bailout and to harden the budget constraint. The study concludes that the central government decided to harden the budget constraint through the introduction of new hierarchical mechanisms, while the development of fiscal discipline stopped. On the one hand, this resulted in the consolidation of municipal budgets, but on the other, it was accompanied by a serious limitation of local autonomy, projects and borrowing in general, while the central government employs specific administrative tools to show favour to some settlements according to its (political) interests.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"70 1","pages":"571-592"},"PeriodicalIF":0.8,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45546726","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}

引用次数: 6

Hidden religious aspects of job satisfaction and work attitudes: The differences between Eastern and Western Europe 工作满意度和工作态度的隐藏的宗教方面:东欧和西欧之间的差异

IF 0.8 4区经济学

Acta Oeconomica Pub Date : 2020-12-01 DOI: 10.1556/032.2020.00038

Kamila Fialová, A. Beláňová

引用次数: 1