{"title":"Expectations of older workers regarding their exit from the labour market and its realization","authors":"Filip Pertold, Miroslava Federičová","doi":"10.2478/ceej-2022-0007","DOIUrl":"https://doi.org/10.2478/ceej-2022-0007","url":null,"abstract":"Abstract The objective of the paper is to analyse the labour market behaviour of older workers, specifically cross-country differences in expectations regarding the exit from the labour market and subsequent realization. Using longitudinal Survey of Health, Ageing and Retirement in Europe (SHARE) data and econometric analysis, we provide an international comparison of the situation of older workers in the Czech Republic with the other countries of Europe. The data show that although expectations about work activity at the age of 63 are quite similar in the Czech Republic from an international perspective, the work activity realized differs significantly between the Czech Republic and other countries. Our principal finding is that the Czech Republic has a high rate of unexpected retirements compared to all other European countries included in this analysis, even if we control for the socioeconomic background of respondents. The econometric analyses further show that up to about one-third of this difference can be explained by the lower retirement age set by the institutional environment in the Czech Republic, which is anticipated by employees at preretirement age. Conversely, the health status of older workers, and even the different allocation of employees to physically demanding occupations, does not have a significant impact on these cross-country differences in unexpected retirements.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"43 1","pages":"93 - 112"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76651072","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}
{"title":"The Economic Complexity of the Visegrád Countries and the Role of Trade with Germany","authors":"Semanur Soyyiğit, Bartosz Michalski","doi":"10.2478/ceej-2022-0013","DOIUrl":"https://doi.org/10.2478/ceej-2022-0013","url":null,"abstract":"Abstract The contemporary division of production in the global economy poses challenges typical for dependent market economies of the Visegrád countries (V4: Czechia, Hungary, Poland, and Slovakia). This comparative study explores whether the foreign trade of V4 with Germany contributes to their structural change. The analysis seeks to determine the long-term impact of specific intra-industry trade variables on the economic complexity, examined at different levels of technological sophistication. Our findings show that as a result of the characteristics of the trade dynamics, the progress of V4 structural change remains not as comprehensive as expected. As a result, it is critically important to provide incentives aimed at strengthening the geographical diversification of their exports and upgrade their position within the global value chains.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"160 1","pages":"219 - 236"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86380607","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}
{"title":"Equity-efficiency dilemma and tax harmonization","authors":"B. Dalamagas, J. Leventides, Stefanos Tantos","doi":"10.2478/ceej-2022-0020","DOIUrl":"https://doi.org/10.2478/ceej-2022-0020","url":null,"abstract":"Abstract The present paper attempts to demonstrate that finding an appropriate trade-off between direct and indirect taxes can help smooth policy makers’ way through reconciling the contradictory notions of equity and efficiency. Our theoretical and empirical analysis is based on the assumption that direct taxes discourage work effort, thus impinging on the incentives to supply labour, to save and to invest, and finally, to grow, whereas indirect taxes discourage consumption and bear more heavily on the poor. Central to our discussion is the argument that carefully designed adjustments in the tax mix can reduce distortions in the consumption-leisure decision, thus leading to an optimal allocation of resources between the equity and efficiency objectives. To derive a competitive equilibrium setting, a social welfare function is maximized and the first-order conditions are manipulated to trace out the optimal direct-indirect tax rates that pave the way for the equity-efficiency goals to be reconciled with each other.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"3 1","pages":"342 - 353"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72428120","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}
{"title":"How to create an engagement-friendly environment in reward-based crowdfunding?","authors":"Marcin Bielicki, Rafał Rydzewski","doi":"10.2478/ceej-2022-0003","DOIUrl":"https://doi.org/10.2478/ceej-2022-0003","url":null,"abstract":"Abstract Crowdfunding appears to be an innovative way of fundraising various projects. Although it is a relatively new and unique way of financing, competition for potential backers increases every year. While recent works have explored the role of engagement and involvement in crowdfunding, there is still a lack of understanding of how creators can stimulate backers’ activity. Therefore the aim of this paper is to identify and classify the methods used for crowdfunding by the top creators to boost and maintain backer engagement. Drawing from the Theoretical Model of Customer Engagement and Theory of Intrinsically Motivating Instruction, we propose a theoretical model that is backer engagement-based. It presents the unique role of involvement and participation in engagement and its interrelationship with value and community involvement. We investigate the top 30 most funded campaigns on Kickstarter in the tabletop games category. Based on our cross-case study, we identify and categorise tactics that create engagement-friendly environments. Our findings suggest that over time creators tend to focus on shorter but more dynamic campaigns with the higher engagement of backers. The creators of the best campaigns use similar tactics that affect both engagement and involvement. The important but often ignored factor that influences engagement is social interaction.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"103 1","pages":"38 - 55"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80698898","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}
{"title":"Splitting of Corporate Taxes in Germany and Formulaic Distribution of a CCCTB – Critical Comparison","authors":"Sandra Müller-Thomczik, L. Reiter","doi":"10.2478/ceej-2022-0016","DOIUrl":"https://doi.org/10.2478/ceej-2022-0016","url":null,"abstract":"Abstract The introduction of a formulaically apportioned common consolidated corporate tax base (CCCTB) could represent a milestone in international taxation. No agreement has yet been reached, however. In contrast, Germany already has a long-standing system that apportions corporate taxes by splitting trade tax and corporate income tax. This conceptual study, presented at the European Accounting Association (EAA) Congress in Bergen in 2022, will examine whether the German method of splitting could lead to some lessons for an appropriate design for an international profit distribution formula. Methodologically, we use a two-step approach: First, we compare the designs, and then we juxtapose both on a factual level. Next, we ask what the objectives these mechanisms have; do they even coincide? If the goals are not comparable, one cannot indisputably serve as a model for the other. We determine that, even though there are partial deviations, a closer look reveals significant overlaps; however, the German implementation is far from consistent and prioritises practicability. This leads us to our main result: The German system makes a clear value decision towards practicability, although there is a different set of aims. For the implementation of formulaic EU profit sharing, the lesson to be learned is that practicability should play a central role in the design of the formula. This lesson is important and helpful to accompany and support the implementation process in the EU.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"20 1","pages":"269 - 290"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80016086","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}
{"title":"Sources of Finance for Public-Private Partnership (PPP) in Poland","authors":"Roman Osinski","doi":"10.2478/ceej-2022-0002","DOIUrl":"https://doi.org/10.2478/ceej-2022-0002","url":null,"abstract":"Abstract This paper aims to present and discuss the already existing studies and try to uncover possible potential for further research on the topic of financial resources in public–private partnership (PPP) projects. The article presents the main relevant papers regarding financial resources and examines how deep the topic of financial sources has been explored in both academic and practical literature. Moreover, the article reviews Poland’s PPP market and, particularly, types of used financial sources. The ‘Literature review’ results show that there is a gap in studying the private sector and financial resources, especially in Polish PPPs. We attempt to close this gap by summarising the main factors that influence the choice of the source of financing PPPs. The Polish case shows that the main source of financing of PPP projects in Poland is bank loans and many projects have partial funding from various European Union (EU) programmes. Policymakers should pay attention to other financial resources in PPPs. Moreover, it would be fruitful to extend the Polish database of PPP projects with new factors that can simplify ex-post and ex-ante analysis.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"14 1","pages":"19 - 37"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72997562","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}
{"title":"Covid-19 Pandemic and Day-of-the-week Anomaly in Omx Markets","authors":"Monika Bolek, Agata Gniadkowska-Szymańska, Katerina Lyroudi","doi":"10.2478/ceej-2022-0010","DOIUrl":"https://doi.org/10.2478/ceej-2022-0010","url":null,"abstract":"Abstract This paper aims to discuss market efficiency due to the changes that appeared in this field after the COVID-19 outburst. The OMX exchange and its indices are taken into consideration because they represent markets not analysed in such a context before (a) Baltic: Estonia, Latvia and Lithuania; (b) Scandinavian: Denmark, Finland, Iceland, Norway and Sweden). Two periods before and during the COVID-19 pandemic are considered (January 2009 to January 2020 and February 2020 to February 2021), and the efficient market hypothesis is tested together with the day-of-a-week effect anomaly to recognize the differences in market efficiency that could appear under special conditions, such as a pandemic. The results indicated that the impact of this pandemic on market efficiency was positive in most of the OMX markets studied. The added value of the article is related to supplementing the theory of market efficiency and showing that in difficult times investors make more rational decisions.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"121 6 1","pages":"158 - 177"},"PeriodicalIF":0.2,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88767254","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}
{"title":"Reflections on Rationality, Utility, University, Mass Culture and Unsustainable Society","authors":"Jerzy Śleszyński","doi":"10.2478/ceej-2021-0012","DOIUrl":"https://doi.org/10.2478/ceej-2021-0012","url":null,"abstract":"Abstract This paper is an expression of gratitude, remembrance and honour the jubilee of Prof. Tomasz Żylicz. As I have been invited to write a paper for a special issue of the CEEJ journal, I sincerely wanted to express regarding my friendship and my research that have been binding me with Tomasz in my more than 40-year work in the Faculty of Economic Sciences, University of Warsaw. Our cooperation was varied and rich including joint articles, research projects and our work for the Ministry of the Environment. In this paper, after friendly acknowledgment, I decided to propose my polemical answer to the paper ‘Is reason valued now?’ written by Tomasz. The subject of my reply is primarily the rationality in general and in the institution of university in the context of teaching and practicing science, including first of all economics and ecological economics. The method applied in this paper is my descriptive and polemical reference to Tomasz's theses with the analytical use of literature, both classics and very current references. The basic topic of the paper focuses on the fact that modernity continues in an increasingly inertial movement towards mass culture and is dominated by three criteria in this mechanism namely usefulness, non-exclusion and accessibility. I analyse these three fetishes in our dynamic times and with particular emphasis on their negative role in academic education. In my conclusions I categorically state that scientific knowledge and education, perfectly represented by universities, were formed and developed in an alliance with usefulness and utility, but never only thanks to them and never only for them.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"34 1","pages":"180 - 190"},"PeriodicalIF":0.2,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88827664","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}
{"title":"Classification of Open-End Investment Funds Using Artificial Neural Networks. The Case of Polish Equity Funds","authors":"Katarzyna Perez, Małgorzata Szczyt","doi":"10.2478/ceej-2021-0020","DOIUrl":"https://doi.org/10.2478/ceej-2021-0020","url":null,"abstract":"Abstract In this study we utilise artificial neural networks to classify equity investment funds according to two fundamental risk measures—standard deviation and beta ratio—and to investigate the fund characteristics essential to this classification. Based on a sample of 4,645 monthly observations on 37 equity funds from the largest fund families registered in Poland from December 1995 to March 2018, we allocated funds to one of the classes generated using Multilayer Perceptron (MLP) and Radial Basis Function (RBF). The results of the study confirm the legitimacy of using machine learning as a tool for classifying equity investment funds, though standard deviation turned out to be a better classifier than the beta ratio. In addition to the level of investment risk, the fund classification can be supported by the fund distribution channel, the fund name, age, and size, as well as the current economic situation. We find historical returns (apart from the last-month return) and the net cash flows of the fund to be insignificant for the fund classification.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"42 1","pages":"269 - 284"},"PeriodicalIF":0.2,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76482084","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}
{"title":"Motives for Combining Motherhood with Employment: Evidence for Medium and Highly Educated Polish Women Around the EU Accession","authors":"A. Matysiak, M. Mynarska","doi":"10.2478/ceej-2021-0005","DOIUrl":"https://doi.org/10.2478/ceej-2021-0005","url":null,"abstract":"Abstract This article provides insights into employment decisions of mothers and mothers-to-be in a post-socialist Poland around the entry to the EU. Previous studies for this country continuously pointed to a strong determination among mothers to be employed during the economic transformation, despite increasing obstacles to combining paid work with childrearing over the 1990s. We analyse in-depth interviews to explore women's motives to work for pay. We investigate how these motives are related to women's childbearing experiences and intentions. Our analyses show that motherhood was central in women's lives at this point in Polish history, but females sought to combine it with employment. We also find that women's perceptions about their ability to balance work and motherhood were strongly related to the meanings that they attached to paid work.","PeriodicalId":9951,"journal":{"name":"Central European Journal of Economic Modelling and Econometrics","volume":"363 1","pages":"63 - 78"},"PeriodicalIF":0.2,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77411428","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}