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Posibilele rezultate ale facturării electronice asupra colectării taxelor și impactul asupra viitorului sistemului fiscal românesc

Author(s): Faud Bahramov / Language(s): English Issue: 16/2024

The research investigates the potential outcomes of e-invoicing on tax collection and itsimplications for the future of the Romanian tax system. Employing a comprehensiveapproach, the study combines theoretical frameworks with a comparative analysis ofcountries that have already applied e-invoice. Initially, it reviews significant research inthe field, utilizing bibliometric analysis to identify key contributions. The bibliometricanalysis was implemented based on the Web of Science database. Subsequently, itexamines the evolution of e-invoicing globally, comparing tax revenues before and afterits implementation in various countries to discern its impact. In this regard, the statisticaldata was extracted from The World Bank and Eurostat databases. Additionally, itprovides an overview of electronic invoicing specifically within the context of Romania.The methodology involves a comparative analysis of tax revenue data and the progressionof e-invoicing adoption which was represented according to data from the RomanianMinistry of Public Finance. This study aims to assess whether e-invoicing has a positiveor negative effect on tax collection and to offer insights into its potential implications forthe Romanian tax system.

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Analiza impactului inovației produselor digitale și al specialiștilor în resurse umane asupra intenției de utilizare a inteligenței artificiale în sistemul financiar-bancar

Author(s): Nicoleta-Valentina Florea,Gabriel Croitoru,Georgiana Radu (Cârstea),Daria Florea / Language(s): English Issue: 16/2024

Artificial Intelligence in the banking system is constantly developing, especially among young customers. Innovation of digital products has an important role in the use of banking services, but human resources specialists in the banking system also have such a role, due to their expertise, knowledge and involvement in explaining the benefits of using Artificial Intelligence and digital products in the banking financial system. In this article, the Technology Acceptance Model (TAM) was used to show the impact of internal variables (the role of human resources specialists in the banking system) and external variables (Artificial Intelligence and innovation of digital products), TAM-specific PU and PEU, on the intention to continue using Artificial Intelligence in the banking financial system. The results indicated that innovative digital products and the role of human resources in the use of Artificial Intelligence, PU and PEU have a positive and direct impact on the intention to use Artificial Intelligence in the financial system. All research hypotheses have been fulfilled, indicating that Artificial Intelligence has an important role in the Romanian banking financial system among young consumers. The paper contributes to the development of the banking financial system by using Artificial Intelligence, highlighting the importance of human resources, TAM and PLS-SEM specialists in this field.

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Reformy instytucjonalne Unii Gospodarczej i Walutowej po 2010 r. – ocena zasadności i efektywności wprowadzonych rozwiązań na gruncie teorii optymalnych obszarów walutowych

Author(s): Marta Wajda-Lichy / Language(s): Polish Issue: 88/1/2024

The economic shocks over the last 15 years revealed low effectiveness of macroeconomic adjustment mechanisms, as manifested by growing imbalances in the current accounts, public finances, and labour markets of the euro zone economies. The essence of the institutional reforms introduced after 2010 was to improve the mechanisms for stabilizing macroeconomic balances, as well as to increase the resilience of the EMU economies to future disturbances, especially those of a systemic nature. New solutions have a strong basis in the theory of optimum currency areas, as well as in institutional economics. The effects of the new institutional arrangements indicate a substantial improvement in the resilience of credit institutions to economic shocks, however, other macroeconomic risks remain.

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Effect of Political Stability, Geopolitical Risk and R&D Investments on Environmental Sustainability: Evidence from European Countries by Novel Quantile Models

Author(s): Serpil Kılıç Depren,Sinan Erdogan,Mustafa Tevfik Kartal,Uğur Korkut Pata / Language(s): English Issue: 2/2024

This research investigates the effect of political stability and geopolitical risk on environmental sustainability (ES) by considering R&D investments in nuclear and renewable energy. Considering the high political stability and recent energy crisis and increasing geopolitical risk, the study focuses on three leading European countries. We use the load capacity factor, include data between 1985/1 and 2020/12, and apply quantile on quantile regression (QQ), Granger causality in quantiles (GQ), and quantile regression (QR) models. The study finds that in higher quantiles (i) increasing political stability stimulates the ES in Sweden and the United Kingdom; (ii) increasing geopolitical risk supports the ES in France; (iii) R&D investments increase the ES in all the countries; (iv) there are generally causal effects from the explanatory variables to the ES except some quantiles (0.45–0.50) in all the countries; (v) the power effects of the variables differ according to countries, quantiles and variables.

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China's Political Risk and Transition to Cleaner Energy: Evaluating the Role of Political Economy for COP27

Author(s): Difei Hu,Weizheng Wang,Xiaohan Gu,Xiao Gu / Language(s): English Issue: 2/2024

In the pursuit of sustainable development, economies such as China are placing a paramount emphasis on significantlyaugmenting the utilization of renewable energy sources. This marks a departure from conventionalresearch approaches that solely focused on macroeconomic determinants while investigating patterns of renewableenergy consumption. Thus, this research pursues to witness the relationship between the politicalrisk index (PRI), renewable electricity output (RELOP), public-private partnership investment in energy(PPINENR), and renewable energy consumption (RECNS) in China from 1984 to 2022. For data estimations,this study utilizes time series methods, which include DF-GLS and Johansen cointegration for unit rootand long-run equilibrium with FMOLS, DOLS and CCR as primary methods. The research also employsthe least squares method with break years and robust least squares as robustness check methods while forcausal relationships, we deploy the Granger causality approach. The outcomes assert that variables are foundstationary at differences and long-run equilibrium is confirmed among variables. The empirical estimationspredict that GDP and PPINENR reduce the RECNS in China in both short and long term. Furthermore,PRI and RELOP enhance renewable energy consumption in the short as well as long run. Therefore, policymakersshould mostly focus on the encouraging role of PPINENR towards renewable electricity to enhanceRECNS in developing economies, particularly in China. To achieve the targets of COP27, China should increaseits focus on the efficient utilization of public-private partnership investments and also manage the politicalrisks in the economy to promote renewable energy consumption and achieve a sustainable environment.Moreover, the causality analysis unearths that PRI could be utilized along with other variables to enhanceRECNS in China. The robustness check asserts similar and robust outcomes.

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Sustainable Growth, Political Risk and Carbon Footprint: Do Energy Transition and Financial Expansion Matter?

Author(s): Shuqing Yu,Yi Zhou,Qasim Raza Syed,Dervis Kirikkaleli / Language(s): English Issue: 2/2024

Unclean energy consumption stimulates carbon footprint (CF) leading to increased environmentalpollution. Renewable energy transition (ETN) can curb the CF; however, political risk can obstructthis process. Hence, this study analyses the connections between economic growth, ETN and CFby considering political risk and financial expansion in a panel of top 10 emitters from 1992to 2020 using the method of moment quantile regressions (MM-QR). The results elucidate thatETN significantly reduces the CF in the top emitters. Thus, expanding the ETN is beneficial forreducing the CF and promoting sustainable development. Improving the political environment byreducing the political risk (POLR) helps curb the CF. The inverted U-shaped connection betweenCF and economic growth shows that increased growth can reduce CF if top emitters can continueto promote energy transition and political stability. The positive impact of financial expansionon CF becomes insignificant at higher quantiles. Finally, policy suggestions are discussed.

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Sustainable Growth through Green Electricity Transition and Environmental Regulations: Do Risks Associated with Corruption and Bureaucracy Matter?

Author(s): Runguo Xu,Uğur Korkut Pata,Jiapeng Dai / Language(s): English Issue: 2/2024

Electricity production strategies of countries rely on fossil fuel-based electricity generation.Environmental regulations (ER) are needed to shift to green electricity for achieving energytransition, but corruption and bureaucracy can influence ER, energy transition and ecologicalquality. Hence, this research considers two important constituents of country risks includingcorruption and bureaucracy in the model while understanding the connections between greenelectricity, ER and the load capacity factor (LCF) in BRICS from 1992 to 2018. The researchchooses a recent proxy of ecological quality (i.e., LCF), which effectively measures the ecologicalquality and indicates the possibility of sustainable growth by using biocapacity and ecologicalfootprint figures. The results of the research disclose that green electricity Granger-causes andenhances the LCF, whereas controlling corruption and enhancing bureaucracy quality improvesecological quality. ER improves environmental quality and the load capacity curve (LCC)hypothesis also exists. Lastly, policy directions are discussed.

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Optimization Strategy for the Modeling and Estimation of Interactive Effects

Author(s): Hu Xiaohui / Language(s): English Issue: 3/2024

Modeling policy effects in the context of high-dimensional data requires a balanced consideration of omitted interaction bias and overfitting problems. This paper investigates the role of machine learning algorithms in stabilizing estimates and demonstrates the possible regularization bias caused by common LASSO methods. To overcome the three problems simultaneously, postdouble selection is used to screen for the interaction terms that need to be included in the model, and the variance estimates are expanded to measure the uncertainty of the interaction effects and marginal effects. Monte Carlo simulations analyze the main factors affecting conditional and non-linear relationships: covariance and sample size. The results of empirical examples show that different model settings and estimation methods can lead to observable differences in the conclusion of treatment effect heterogeneity, and in general, post-double selection has better performance than other estimation methods.

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The Well-Informed Critique of the Economy: A Study of Lay Economic Reasoning in Ukraine

Author(s): Maksym Kolomoiets,Martin Hájek / Language(s): English Issue: 3/2024

This article provides insight into the lay economic reasoning process through a qualitative gamification-method study conducted in Ukraine. Rather than economically naive individuals, laypeople in the study present themselves as Schützean well-informed citizens who are aware of expert knowledge and capable of using a metapragmatic register of critique in the discussion of the economic reality at hand. The doxic elements of lay economic knowledge, as an obstacle for metapragmatic reasoning, were also revealed in the study. The Ukrainian context of the research ensured that the respondents’ economic claims were, on the one hand, largely separated from their political opinions, and on the other, problematized the functioning of the economic institutions, which would remain uncontested in other conditions. The paper engages in discussion with the recent literature on lay economic knowledge and advocates the abandonment of reductionist perspectives on the subject in further research.

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The Level of Awareness of Non-fungible Tokens as an Investment Tool in the Czech Republic

Author(s): Kryštof Tichý,Pavlina Petrova / Language(s): English Issue: 3/2024

Non-fungible tokens are transferable rights to digital assets such as artwork, videos, in-game items, collectibles or music. Non-fungible tokens relate only to a specific unique item and carry information about the owner. The non-fungible token market has received widespread attention and has grown enormously since the beginning of 2021. Despite significant growth in the market, there needs to be more surveys, especially in the context of the Czech Republic. This article, therefore, aims to evaluate the level of awareness of non-fungible tokens in the Czech Republic. The paper presents the basics of the non-fungible token market, its potential and uncertainty, and the interdisciplinary nature of non-fungible token research. First, the characteristics of nonfungible tokens are described based on a literature review. The methodological part outlines an empirical analysis based on a quantitative survey in which 103 respondents in the Czech Republic took part. Based on the research results, it was found out that in the Czech Republic, there is low level of awareness of non-fungible tokens and also low level of trust in digital assets in general. In conclusion, it is possible to say that this article provides an overall understanding of the phenomenon of non-fungible tokens in the Czech Republic.

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ESG Score Uncertainty and Excess Stock Returns: European Stock Market Case

Author(s): Michal Vyletelka / Language(s): English Issue: 2/2024

The study explores a relationship between divergence in ESG scores (measurements of a company’s performance in environmental, social and governance issues) and excess stock returns on the European equity market. The sample consists of 851 European stocks in the period from January 2015 to May 2022. It is concluded that, despite previous findings on the US stock market, a similar effect is not observed for equities in Europe. Even though the stock portfolios with the most and the least divergent ESG scores bear excess returns, the effect disappears when it is adjusted for Fama-French factors. The effect is not relevant for any specific industry, nor does it depend on the level of ESG awareness of the issuer’s country. Deeper exploration of the nature of ESG score divergence, specifically by decomposition of the individual elements of ESG scores, could further contribute to the understanding of the relationship between the quality of non-financial disclosures and stock performance.

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Contribution of EU Cohesion Policy to Regional Growth: Evidence from V4 Countries

Author(s): Martin Maris / Language(s): English Issue: 2/2024

The EU Cohesion Policy is one of the European Union’s key policy instruments for reducingeconomic and social disparities among its regions. The paper evaluates the policy contributionto regional economic growth in V4 (Visegrad Four) countries. The study establishes a significantvariation in ESIF (European Structural and Investment Funds) distribution at the NUTS2(Nomenclature of Territorial Units for Statistics) level within the V4 regions over 2000–2018.It suggests that ESIF absorption was not evenly distributed across regions within the V4 countries.This finding indicates that regional disparities in ESIF distribution may have contributedto economic imbalances within the countries. Secondly, a causal link between regional growthand ESIF absorption is identified. Along with other covariates, the use of the ESIF showsa statistically significant, although very modest, effect on the economic growth of V4 countries.Finally, the assumption of cross-country growth dispersion is investigated. The research resultssuggest statistically significant regional growth differences between Czechia and Slovakiaon the one hand and Poland and Hungary on the other. It implies that the impact of ESIFabsorption on economic growth may have varied among these V4 countries, potentially dueto differences in policy implementation, economic structures or other factors.

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Determinants of labour force migration: Evidence from the Western Balkans

Author(s): Atdhetar Gara,Besnik Fetai / Language(s): English Issue: 2/2024

This paper empirically analyses the determining factors of the growth in the migration ratein the countries of the Western Balkans. The analysis is carried out with panel data over 17 yearsfrom 2005 to 2021. The purpose of this paper is to analyse social variables such as unemploymentand standard of living, and political variables such as corruption, political stability, governmenteffectiveness, rule of law and the level of corruption in the migration of citizens. For this purpose,we employ different econometric models and techniques such as OLS, OLS robust fixed andrandom effects models, and GMM (generalized method of moments). The study’s findingsdemonstrate that high levels of unemployment in the Western Balkan region are the primarycause of the surge in migration; thus, large levels of labour force migration are also presentin these countries. The findings also show that variables related to the political situation havestatistical significance in reducing migration. The paper does not find a statistically significantinfluence of the level of corruption on migration. The recommendations for the countriesof the Western Balkan region are to create long-term sustainable employment policies andincrease wages as preventive measures for migration.

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Comprehensive Assessment of Enterprise Digital Competitiveness

Author(s): Viktorija Skvarciany,Daiva Jurevičienė / Language(s): English Issue: 2/2024

There are studies investigating a country’s digital competitiveness; however, there is a lackof research examining digital competitiveness at the enterprise level. Hence, the current study aimsat composing an enterprise digital competitiveness index (EDCI), which provides a possibilityto assess the level of enterprise digital competitiveness and could be used by policymakersin the development of a strategy for transitioning to the digital economy. The CRITIC andCOPRAS approaches are employed for the index construction. The criteria and subcriteriaprovided by Eurostat (2022) are used as antecedents of the EDCI. The results indicate that Nordiccountries have reached the highest level of enterprise digital competitiveness. The mentionedcountries’ GDP per capita is in the top 5 among the EU countries, while the countries withthe lowest GDP per capita show the lowest EDCI.

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Enhancing Corporate Performance through Debt Financing: Evidence from Nigerian Consumer Goods Firms

Author(s): Biliqees Ayoola Abdulmumin,David Kayode Kolawole,Abdulrasheed Bolaji Yunus / Language(s): English Issue: 1/2024

Background: Consumer goods firms play a significant role in any economy, like other businesses, require a mix of financing methods to amplify their performance. Aim: The study examined enhancement of corporate performance of Nigerian Consumer Goods Firms through debt financing for a period of eleven (11) years from 2011 to 2022. Methods: The data obtained were estimated using descriptive statistics and panel regression model of fixed effect. Results: The study found a positive and significant impacts of long-term debt (β=0.469729, P=0.0311) and firms’ size (β=0.154547, P=0.0251) on the performance of Nigerian consumer goods firms’ but negative and significant impacts of loan quality (β=−0.037431, P=0.0241) and short-term debt (−0.023417, P=0.0124) on their performance. Recommendation: The study recommends financing through Long-term debt for businesses in Nigeria.

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User Cost of Housing Analysis of the German Real Estate Market

Author(s): Felix Florian Balz / Language(s): English Issue: 1/2024

Background: This study looks at the development of the German real estate landscape, which recorded a continuous rise in prices between 2009 and 2022. These were due to a genuine excess demand, a shortage of supply and favorable financing conditions. In the course of 2022, mortgage rates then rose after a historically long period of low interest rates.Aim: This study aims in particular to assess whether the financial advantage of home ownership remains robust. The aim is to determine the relative attractiveness of home ownership compared to renting in all 401 German districts and independent cities.Methods: The owner-occupier costs are determined using the user cost of housing approach and compared with the current rental prices in the respective cities and districts. Various factors are taken into account, including the purchase price, financing costs, maintenance and rental prices.Results: The results of the analysis show that home ownership still offers a considerable cost advantage on average across Germany: In mid-2023, it is around 57% cheaper per square meter to invest than to rent. However, it is important to point out that this result does not take into account differences in the population’s ability to afford home ownership. Furthermore, the analysis raises questions about the sustainability of past house price growth and whether this increase is due to fundamental factors or low mortgage rates. In this sense, the study confirms that home ownership on the German real estate market remains economically favorable compared to renting, even with increased interest rates. It underlines how important it is to consider the long-term benefits for wealth accumulation when deciding between owning and renting.Practical relevance/social implications: The study is of practical relevance for people who rent an apartment or house in Germany and are considering whether it is sensible and economical for them to invest in property. The findings from the analysis are helpful for current purchasing decisions.Originality/value: It also offers original results and provides the reader with added value, as it captures and evaluates current real estate developments on the German market in a well-founded manner.

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Financial Account Determinants Of Exchange Rate Regime Switching In Developing Countries

Author(s): Viktar Dudzich / Language(s): English Issue: 1/2024

The paper explores the interconnections between foreign capital flows and the exchange rateregime switching in developing countries. We formulate the exchange rate regime switchingas annual time series of binary/ordered variables employing de facto classification of exchangerate arrangements and regress them on the financial account capital flows for a panel of 28developing countries which experienced change in their exchange rate regime during the period2000–2016. Employing probit and logit regression, we discover the FDI, portfolio flows andchanges in reserve assets to precede and/or coincide with switching. Specifically, accumulationof foreign reserves increases the probability of switching from floating to peg, while theirspending coincides with exits from pegged regimes; at the same time, outflows of FDI andportfolio investments tend to accompany exchange rate regime liberalization, although theevidence on that is less consistent.

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Does Financial Integration Matter During Financial Crises? A Comparative Analysis of Economies of Developing Countries

Author(s): Besnik Fetai / Language(s): English Issue: 1/2024

Using developing countries in Europe for context, this study examines the complex relationship between financial crises and financial integration. We use panel data comprising 37 countriesin Europe, including Iceland, Belarus, Ukraine, Turkey, and Russia from 2000–2019 andthe general method of moments. Our findings show that there is a positive relationship betweenfinancial integration and development and economic growth. In addition, the results suggest thata higher degree of financial integration is not necessarily increasing financial fragility duringa financial crisis. Therefore, the results show that it is a self-defeating policy for developing countries to apply a strategy of financial protectionism over a financial crisis.

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Psychological traits and wages in the Czech Republic

Author(s): Jiří Balcar,Pavlína Vydrželová,Lenka Johnson Filipová / Language(s): English Issue: 1/2024

Psychological traits have received significant attention in labour market research in recent decades. Unfortunately, empirical evidence remains limited for some psychological traits and their interactions. To address this gap, we conduct a representative survey of employees, assessing competitiveness, persistence, and risk tolerance using single-item scales. This comprehensive study sheds light on the connection between these traits and wages. Our results confirm that individuals possessing these traits tend to earn higher wages, even when we account for indirect factors, such as higher educational attainment and better job positions. It also suggests that competitiveness and risk tolerance are particularly valuable for individuals with middle and high incomes, while persistence is valuable for those with low and middle incomes. These findings support the systematic development of competitiveness, persistence, and risk tolerance through education and sporting activities.

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Multiple Large Shareholders, Investment Efficiency and Corporate Tax Avoidance: Evidence from China

Author(s): Xiaohong Yu,Maonan Chen,Yujun Ye / Language(s): English Issue: 1/2024

This study assesses the relationship between the ownership structure and corporate tax avoidance based on annual financial data of Chinese A-share listed firms during 2010–2020. Firstly,the empirical results demonstrate that when a listed firm has multiple large shareholders (MLS),these shareholders are likely to weaken internal monitoring and collude with each other, whichwill lower its corporate governance level and increase its corporate tax avoidance (CTA) level.The empirical conclusion remains valid after multiple robustness tests. Secondly, the empiricalresult of the baseline model is significantly influenced by the nature of ownership, the qualityof external audit, the tracking of securities analysts and the firm’s location. Finally, the resultof our mediating effect analysis shows that the presence of MLS reduces the company investmentefficiency, which provokes firms to make aggressive financial choices to obtain resourcesto ensure their future development.

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