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Economic Growth Effects of Public and Private Investment: Evidence from Dynamic Panel Estimation for Developed and Developing Countries 公共和私人投资对经济增长的影响：来自发达国家和发展中国家动态面板估计的证据
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-08-11 DOI: 10.18267/j.pep.781
Taner Turan, Halit Yanīkkaya, Hüseyin Alperen Özer
{"title":"Economic Growth Effects of Public and Private Investment: Evidence from Dynamic Panel Estimation for Developed and Developing Countries","authors":"Taner Turan, Halit Yanīkkaya, Hüseyin Alperen Özer","doi":"10.18267/j.pep.781","DOIUrl":"https://doi.org/10.18267/j.pep.781","url":null,"abstract":"We examine the growth effects of public and private investment by using data for a large sample of countries. For the full sample, our dynamic panel estimations indicate that both public and private investment have strong positive effects on growth. Our estimations for income levels also show that the impacts of both public and private investment are positive and statistically significant for developing countries. Interestingly, public and private investment promote growth in developing countries with effective and ineffective governments. It seems that countries can significantly benefit from investment regardless of their institutional quality levels. Furthermore, the effect of public investment generally appears to be larger than that of private investment. Given the robust relationship between investment and growth in both ineffective and effective developing countries, an important policy implication of our study is that both types of investment should be encouraged to foster economic growth.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47582357","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: 4
Distribution of Expected Time of Old-age Pension Receipt in Czechia 捷克养老金领取预期时间分布
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-08-11 DOI: 10.18267/j.pep.785
T. Fiala, J. Langhamrová
{"title":"Distribution of Expected Time of Old-age Pension Receipt in Czechia","authors":"T. Fiala, J. Langhamrová","doi":"10.18267/j.pep.785","DOIUrl":"https://doi.org/10.18267/j.pep.785","url":null,"abstract":"This paper presents a calculation of the estimated value of the time of old age pension receipt for individual birth cohorts of Czech males and females born in the period 1900-2020. It is assumed that people start to receive the pension at the moment of reaching retirement age and receive it until death. Starting with the birth cohort of 1966, two variants of retirement age determination are assumed: (a) a fixed retirement age threshold equal to 65 years for both males and females; and (b) a flexible retirement age (equal for males and females) defined in such a way that the average time of pension receipt would be equal to one quarter of the total expected total life span of people reaching senior age. The average lengths of pension receipt as well as the structure of adult persons from each birth cohort according to five-year time intervals of pension receipt (including the proportion of adult persons not surviving until retirement age) in the future are presented. Cohort life tables were used for calculations.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45096554","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
Fair Insurance Cover for Export Credit Under OECD Pricing Framework 经合组织定价框架下出口信贷的公平保险
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-08-11 DOI: 10.18267/j.pep.779
Mikuláš Pýcha
{"title":"Fair Insurance Cover for Export Credit Under OECD Pricing Framework","authors":"Mikuláš Pýcha","doi":"10.18267/j.pep.779","DOIUrl":"https://doi.org/10.18267/j.pep.779","url":null,"abstract":"This article aims to analyse the issue of a lack of rules on the insurance cover of interest from an OECD perspective during the period 2010-2020. Export credit agencies (ECAs) support export and apply minimum premium rates (MPRs) to the principal amount only, while the insurance agreement covers also the interest amount. This area can be described as a grey zone, because ECAs can decide themselves what cover they provide for a limited price. This paper explains which parts of a lending rate should be covered under credit insurance and provides theoretical and empirical analysis of the maximum extent of interest cover. The extent of such cover is closely related to the return on ECAs' investments. An excessive amount of interest cover creates room for market failures such as moral hazard or adverse selection, which have a negative impact on the domestic economy. The right amount of interest cover, on the other hand, guarantees long-term sustainability and a level playing field among ECAs, as the OECD requires.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41804944","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
Military Recruitment and Czech Labour Market 征兵与捷克劳动力市场
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-06-02 DOI: 10.18267/J.PEP.778
Vladan Holcner, Monika Davidová, J. Neubauer, Ľubomír Kubínyi, Aloiz Flachbart
{"title":"Military Recruitment and Czech Labour Market","authors":"Vladan Holcner, Monika Davidová, J. Neubauer, Ľubomír Kubínyi, Aloiz Flachbart","doi":"10.18267/J.PEP.778","DOIUrl":"https://doi.org/10.18267/J.PEP.778","url":null,"abstract":"The article presents an empirical analysis of the relation between recruitment in the all-volunteer Czech Armed Forces and selected economic indicators, including actual economic performance, situation on the domestic labour market and development of defence expenditures based on data for the period 2005-2019. The relation between military recruitment and economic performance was examined using values of GDP and GDP dynamics (GDP index). General unemployment rate, the economic activity index and the military-to-general average wage ratio were used to analyse the relation of military recruitment and situation on the domestic labour market. The relation between military recruitment and defence expenditures was examined based on general defence burden (share of defence expenditures in GDP), state sector defence burden (share of defence expenditures in state budget expenditures) and year‑on‑year changes in defence expenditures.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43501942","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
Remittances and Inequality: The Post-Communist Region 汇款与不平等:后共产主义地区
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-06-02 DOI: 10.18267/J.PEP.776
Azizbek Tokhirov, Jaromír Harmáček, M. Syrovátka
{"title":"Remittances and Inequality: The Post-Communist Region","authors":"Azizbek Tokhirov, Jaromír Harmáček, M. Syrovátka","doi":"10.18267/J.PEP.776","DOIUrl":"https://doi.org/10.18267/J.PEP.776","url":null,"abstract":"This study aims to investigate the impact of international remittances on income inequality in the post-communist region. The association between the variables is examined via static and dynamic panel models. Using macroeconomic data from 27 countries over the period 1991-2014, we discover that income inequality progresses along a U-shaped course as a country becomes more dependent on remittances. For most of the countries, the relationship between remittances and inequality is inverse. When remittances account for more than 20% of GDP, they exacerbate economic inequality. This finding challenges the view that remittances should only be viewed as a pro-poor redistribution mechanism because in certain cases, additional migrant transfers may actually increase income inequality.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49137932","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: 5
Impact of Implementation of IFRS 9 on Czech Banking Sector 国际财务报告准则第9号的实施对捷克银行业的影响
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-05-27 DOI: 10.18267/J.PEP.775
Oľga Pastiranová, J. Witzany
{"title":"Impact of Implementation of IFRS 9 on Czech Banking Sector","authors":"Oľga Pastiranová, J. Witzany","doi":"10.18267/J.PEP.775","DOIUrl":"https://doi.org/10.18267/J.PEP.775","url":null,"abstract":"The aim of this study is to provide an overview of the principles of IFRS 9 implementation and to analyse its impact on the Czech banking sector. Unlike the previous IAS 39 standard, valid until the end of 2017, the new accounting rules require banks to estimate forward-looking expected credit losses (ECL) while considering relevant exposure level information as well as available macroeconomic predictions. Due to the increased complexity of the ECL models and changing macroeconomic expectations, we hypothesize that the new standard leads to increased volatility of loan loss allowances. This hypothesis is empirically tested and more or less confirmed by an analysis of the quarterly flows of allowances for a sample of large Czech banks from the years 2016-2017 under IAS 39 and from 2018-2019 under IFRS 9.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48363119","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: 4
Conditions for Development of Entrepreneurship in Regions of Visegrad Group Countries 维谢格拉德集团国家区域创业发展的条件
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-05-27 DOI: 10.18267/J.PEP.777
M. Jabłońska, J. Filá
{"title":"Conditions for Development of Entrepreneurship in Regions of Visegrad Group Countries","authors":"M. Jabłońska, J. Filá","doi":"10.18267/J.PEP.777","DOIUrl":"https://doi.org/10.18267/J.PEP.777","url":null,"abstract":"The aim of this paper is to analyse and evaluate the directions of changes in the development of entrepreneurship in the regions of the Visegrad Group countries, i.e., the Czech Republic, Poland, Slovakia and Hungary, in the period 2004-2018. We carried out research using an entrepreneurship model based on the Global Entrepreneurship Monitor (GEM) methodology. The literature analysis made it possible to formulate the main research hypothesis, which states that the factors of entrepreneurship development in this period had a different impact on the establishment of enterprises at the level of regions in the Visegrad Group countries. Assigning individual regions of these countries to entrepreneurship classes in the investigated years showed significant differences, which means that the NUTS 2 regions of the Visegrad Group countries differ significantly in terms of entrepreneurship development conditions.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45486797","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
Firm-level Effects of Minimum Wages 企业层面的最低工资效应
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-03-25 DOI: 10.18267/J.PEP.773
O. Chorna
{"title":"Firm-level Effects of Minimum Wages","authors":"O. Chorna","doi":"10.18267/J.PEP.773","DOIUrl":"https://doi.org/10.18267/J.PEP.773","url":null,"abstract":"We investigate how increases in minimum wage affect various firm-level characteristics. We study firm-level data from Poland, where the minimum wage experienced a large and persistent increase in 2008 and 2009. We show that firms which were more exposed to the minimum wage increase faced higher increases in total labour costs and larger reductions in profitability. Intuitively, higher total labour costs driven by higher minimum wages directly reduce firm profits in the absence of price adjustments. We also show that the sharp increases in the minimum wage increased capital and decreased overall labour productivity and employment. The impact of policy is statistically significant only on capital.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48195889","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 Effect of Financial Leverage on Operating Performance: Evidence from the Czech Republic 财务杠杆对经营绩效的影响:来自捷克共和国的证据
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-03-24 DOI: 10.18267/J.PEP.774
Z. Toušek, Barbora Malinska, Martin Prokop, D. Procházka
{"title":"The Effect of Financial Leverage on Operating Performance: Evidence from the Czech Republic","authors":"Z. Toušek, Barbora Malinska, Martin Prokop, D. Procházka","doi":"10.18267/J.PEP.774","DOIUrl":"https://doi.org/10.18267/J.PEP.774","url":null,"abstract":"","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41916719","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
Random Forest as a Model for Czech Forecasting 随机森林作为捷克预测模型
IF 0.7 4区 经济学
Prague Economic Papers Pub Date : 2021-02-10 DOI: 10.18267/J.PEP.765
Kateřina Gawthorpe
{"title":"Random Forest as a Model for Czech Forecasting","authors":"Kateřina Gawthorpe","doi":"10.18267/J.PEP.765","DOIUrl":"https://doi.org/10.18267/J.PEP.765","url":null,"abstract":"Random forest models have recently gained popularity for economic forecasting. Earlier studies demonstrated their potential to provide early warnings of recession and serve as a competitive method to older prediction models. This study offers the first evaluation of the random forest forecast for the Czech economy. The one-step-ahead forecasting results show high accuracy on the Czech data and are proven to outperform forecasts from the Czech Ministry of Finance and the Czech National Bank. The following multi-step random forest forecast, estimated for the next four quarters, shows results similar to those from the central institutions. The main difference stems from the household and industrial confidence variables, which significantly impact on the random forest forecast. The variable-importance analysis further emphasizes the soft variables as valuable determinants for Czech forecasting. Overall, the findings motivate other forecasters to exercise this method.","PeriodicalId":45324,"journal":{"name":"Prague Economic Papers","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2021-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49203127","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
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