Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00028
P. Pazitny, D. Kandilaki, R. Mužik, B. Benkova
{"title":"COVID-19 case fatality rate in the context of healthcare system organization and EHCI performance: Focus on the Visegrad (V4) countries","authors":"P. Pazitny, D. Kandilaki, R. Mužik, B. Benkova","doi":"10.1556/032.2021.00028","DOIUrl":"https://doi.org/10.1556/032.2021.00028","url":null,"abstract":"\u0000 This article tries to explain the differences in COVID-19 case fatality rate (CFR) in 22 European countries by their type of organization and performance level of their healthcare systems. The CFR is taken here as the most important indicator since it measures the ratio between COVID deaths and COVID cases. In our view, this indicator reflects the true performance of the healthcare system, as this indicator is freed form public health interventions, like testing, lockdowns or social distancing.\u0000 Our research is also unique, because it sees the healthcare system in a holistic way and tries to explain the CFR not by individual risk factors, socioeconomic indicators, or partial system parameters, but by using a complex healthcare system classification method adopted from Isabelle Joumard and an overall healthcare system performance index adopted from European Health Consumer Index (EHCI).\u0000 The main results are twofold. First, higher EHCI score is related to lower CFR. So, the countries are cumulated basically in two quadrants: High EHCI performers (score 790 and higher) with low CFR (below 1.93%) and low EHCI performers with high COVID CFR. Second, apart from Czech Republic, the V4 countries are not doing very well in fighting COVID. Hungary is the worst, not only from the V4 group, but the worst from the whole list of 22 European countries included in this research. Poland is doing better, but still is high above the median CFR. Slovakia was the second worst from the V4 group. Czech Republic is the best V4 performer and the only country with EHCI score lower than median and CFR also lower than the median.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44763578","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00034
Eter Halmai
{"title":"COVID-crisis and economic growth: Tendencies on potential growth in the European Union","authors":"Eter Halmai","doi":"10.1556/032.2021.00034","DOIUrl":"https://doi.org/10.1556/032.2021.00034","url":null,"abstract":"\u0000 The main objective of this paper is to identify the impacts of the COVID-crisis on growth, in particular on growth potential in the European Union (EU), in the context of a broader growth analysis. The quantitative analysis underlying this paper focuses on the financial and economic (“Great”) recession of 2008–2009, the subsequent recovery and the period of the COVID-crisis. We provide a detailed overview of some of the mechanisms of the COVID-crisis on growth.\u0000 The COVID-crisis is likely to have a direct impact on the level of potential output. A decrease in investments and labour market hysteresis may have long-lasting effects on potential growth. The former would have a negative impact on productivity. This can lead to increased inequalities and have a negative effect on social cohesion. The future development of divergences among the EU Member States is particularly important. Their possible intensification could disrupt the functioning of the euro area and the internal market.\u0000 A lasting source of potential growth in the EU Member States could be productivity growth. Its decisive structural factor is the growth dynamism of total factor productivity (TFP). There are large differences in this area with regard to the level and growth dynamism of performance of the Member States. Narrowing the output gaps vis-à-vis the front-runners through deep structural reforms could be a key factor in raising growth potential. The cleansing effects of crises, which force structural change and resource reallocation, can also create new opportunities for TFP growth.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41726710","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00035
V. Milovidov
{"title":"Pandemic in the network society: Network readiness increases population vulnerability to COVID-19 in less developed countries","authors":"V. Milovidov","doi":"10.1556/032.2021.00035","DOIUrl":"https://doi.org/10.1556/032.2021.00035","url":null,"abstract":"\u0000 This paper examines the factors which determine the impact of network communication and network connections on the likelihood of contracting the new coronavirus in the European and Latin American countries. The author presents several data sets to prove the following suggestions: 1) The generalized indicators of economic development and society’s globalization are not indicators of how vulnerable a country’s population may be in a pandemic; 2) Not the economy as such, but the conventional way of life of people, their daily behaviour and habits have a decisive influence on the disease spread; 3) Factors of prevention of illness and health promotion such as the habit of exercise, distance, and network communications use modern online services to become protective factors against the risk of infection only at a certain level of development of the country; 4) In the developed countries, a much broader set of factors than in the developing countries determine protection against disease risk; 5) The evolution of a networked society opens up significant opportunities for the developing countries to improve the quality of life, and the emergence of new, progressive traditions.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67622513","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00036
A. Nagy, B. Konka, A. Torok
{"title":"The COVID problem reflected by economics – A bibliometric analysis","authors":"A. Nagy, B. Konka, A. Torok","doi":"10.1556/032.2021.00036","DOIUrl":"https://doi.org/10.1556/032.2021.00036","url":null,"abstract":"\u0000 COVID-19 has been the “hottest” topic in many fields of research during 2020–2021. Our analysis focuses on the publications related to the pandemic in the business and economics area. Using the Web of Science database, the main international research patterns in this field have been analysed. Our research covers less than two years (2020 and part of 2021), but the number of publications is large (more than 1,000) in this limited time span. The publication patterns of the CEE countries have also been examined. Bibliometric and social network analysis was used to assess which countries and institutions published the most during this period. For analysing the main trends in the given field, keyword analysis was performed.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46413119","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00026
V. Tanzi
{"title":"Pandemics and the role of governments","authors":"V. Tanzi","doi":"10.1556/032.2021.00026","DOIUrl":"https://doi.org/10.1556/032.2021.00026","url":null,"abstract":"\u0000 The recent pandemic has raised fundamental questions about the traditional role of government. That role has stressed the pursuit of national interests and identified the tools that governments should use in the pursuit of those interests. While over the past century the desirable role of the state was amended to include new objectives (such as equity and stabilization) the focus had remained national interests. This paper argues that this national focus has become increasingly anachronistic and damaging.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42835533","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00030
Kálmán Kalotay, M. Sass
{"title":"Foreign direct investment in the storm of the COVID-19 pandemic and the example of Visegrad countries","authors":"Kálmán Kalotay, M. Sass","doi":"10.1556/032.2021.00030","DOIUrl":"https://doi.org/10.1556/032.2021.00030","url":null,"abstract":"\u0000 The immediate effects of COVID-19 on the global flows of foreign direct investment (FDI) were devastating, resulting in a large drop. Flows to the Visegrad countries were also affected but less than the world average. The fall in FDI was the result of underlying trends that started before the pandemic but accentuated by the latter, creating a “perfect storm”. These secular trends include the digitalisation of production and the birth of Industry 4.0, resulting in more asset-light international production and reorganisations of company networks, the sustainability imperative, making the impact of FDI more relevant than its quantity, and a slowdown in the liberalisation of the policy framework for FDI both in individual countries and at the multilateral level. The recovery of FDI from the shock of 2020 is expected to be long and it will be impossible to return to the pre-pandemic structural and geographical patterns. Building resilience and diversification of production at the expense of the search for the lowest-cost locations will be the top priorities of investors, forcing the host countries to revise their investment promotion strategies focused on cost reduction. In the Visegrad countries, the model based on low labour costs will sooner or later reach its limits.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46906114","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00025
{"title":"Surprise after surprise – A preface of the editor","authors":"","doi":"10.1556/032.2021.00025","DOIUrl":"https://doi.org/10.1556/032.2021.00025","url":null,"abstract":"At the end of the assembling this Special Issue in August 2021, the 11 of its kind, it is not yet clear whether the worldwide use of the designation COVID-19 is appropriate. There are some indications that the first cases of the new type of coronavirus may have occurred before 2019 and, more importantly, it is not known whether this deadly disease affects calendar years 2020 and 2021 or whether 2022 will be a pandemic year, too. All we know for sure is that when the WHO declared the outbreak a Public Health Emergency of International Concern on 30 January 2020, no one thought that it would hit the economies of every country on Earth hard. The medical problem initially appeared to have only a public health dimension. There is a famous phrase in Marx’s Capital that all macroeconomists, regardless of their worldview, have always regarded as trivial: “Whatever the form of the process of production in a society, it must be a continuous process, must continue to go periodically through the same phases. A society can no more cease to produce than it can cease to consume. When viewed, therefore, as a connected whole, and as flowing on with incessant renewal, every social process of production is, at the same time, a process of reproduction.” That in peacetime the governments of most countries in the world would be willing to halt production by administrative fiat – that is, with the deliberate intention of reducing GDP and increasing unemployment – was utterly inconceivable.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43045916","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00032
B. Dancsik, Zita Fellner
{"title":"Why do households participate in the loan moratorium in Hungary? Theoretical and empirical considerations","authors":"B. Dancsik, Zita Fellner","doi":"10.1556/032.2021.00032","DOIUrl":"https://doi.org/10.1556/032.2021.00032","url":null,"abstract":"\u0000 In order to mitigate the economic effects from the COVID-19 epidemic, a moratorium on loan repayments was introduced in several countries, including Hungary. Essentially, a loan moratorium provides additional finance for participants, allowing theories of both credit demand and consumption to be tested on debtors’ decisions as to whether or not they participate in the programme. In this paper, we use a linear probability model on the Hungarian survey data to examine the driving factors behind the households’ decision to participate in the scheme. Our results show that the younger debtors and those with more children are more likely to utilise the programme. Stretched financial situations, i.e., lower incomes, lower savings and higher payment-to-income ratios, increase the probability of continued participation as well. The chance of participating in the scheme also increases significantly when a household has faced borrowing constraints over the past two years, i.e., it has not been or only partially been able to satisfy its credit demand.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43027862","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}
Acta OeconomicaPub Date : 2021-11-25DOI: 10.1556/032.2021.00033
M. Buti, Istvan P. Szekely
{"title":"The European Union post COVID-19: Preserving innovation's cutting edge and fostering social cohesion","authors":"M. Buti, Istvan P. Szekely","doi":"10.1556/032.2021.00033","DOIUrl":"https://doi.org/10.1556/032.2021.00033","url":null,"abstract":"\u0000 Despite a long period of post-crisis recovery, the COVID crisis caught the EU in a precarious state. The policy and institutional innovations during the financial crisis tempered the macroeconomic imbalances that had caused the crisis. Nevertheless, the EU was left with a strong trend of divergence in economic and social performance because of the lack of sufficiently strong reforms at EU and national levels. But the lessons of the previous crisis were learned. This time around, the EU-level policy and institutional innovations were decisive. The fiscal capacities of the hard-hit countries were strengthened quickly. Green and digital transformation will require a major new wave of innovation in the corporate sector in the EU. This, in turn, critically hinges on improving the quality of public and private institutions and advancing with the implementation of major reforms at the EU level, such as the digital single market or Capital Market Union. Implementing these reforms fully, and preventing later reversals is a key to stemming the trend of economic and social divergence, thus strengthening the coherence of the EU.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":"1 1","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67622358","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}
Acta OeconomicaPub Date : 2021-09-21DOI: 10.1556/032.2021.00022
Zoltán Pollák, David Popper
{"title":"Stress tests in Hungarian banking after 2008","authors":"Zoltán Pollák, David Popper","doi":"10.1556/032.2021.00022","DOIUrl":"https://doi.org/10.1556/032.2021.00022","url":null,"abstract":"\u0000 The 2008 crisis highlighted the importance of using stress tests in banking practice. The role of these stress tests is to identify and precisely estimate the effect of possible future changes in market conditions on capital adequacy and profitability. This paper seeks to show a possible methodology to calculate the stressed point-in-time probability of default (PD) parameter. The presented approach contains a linear autoregressive distributed lag model to determine the connection between the logit of default rates and the relevant macroeconomic factors, and uses migration matrices to calculate PDs from the forecasted default rates. The authors illustrate the applications of this methodology using the Hungarian real credit portfolio data.","PeriodicalId":45104,"journal":{"name":"Acta Oeconomica","volume":" ","pages":""},"PeriodicalIF":0.8,"publicationDate":"2021-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47930121","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}