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№266. Macroeconomic Imbalances in the Euro Area: Symptom or cause of the crisis?

Author(s): Daniel Gros / Language(s): English

Lax financial conditions can foster credit booms. The global credit boom of the last decade led to larg ecapital flows across the world, including large movements of resources from the Northern countries of the euro area towards the Southern part. Since the start of the crisis and more markedly after 2009, these flows have suddenly stopped, creating severe adjustment pressures. At this point, the common monetary policy can only try to mitigate the unavoidable adjustment by maintaining overall financial stability. The challenge is to strike a delicate balance between providing liquidity for solvent institutions while keeping the overall pressure on for a rapid correction of the imbalances.

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HEADS OF STATE IN PARLIAMENTARY DEMOCRACIES: THE TEMPTATION TO ACCRUE PERSONAL POWER

Author(s): Vít Hloušek / Language(s): English Publication Year: 0

Throughout the last two decades many countries in Central and Eastern Europe have witnessed the ongoing development of democratic governance, with the ultimate result that these countries have now obtained the status of stable democracies. They no longer encounter the problems associated with post-communist transition, although they have new and unique challenges that they have to deal with arising from the present political situation.

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TAX BURDEN IN THE SLOVAK REPUBLIC AND ITS COMPARISON WITH OTHER STATES OF THE EUROPEAN UNION

Author(s): Norbert Gyurian,Angelika Kútna / Language(s): English Publication Year: 0

The paper concerns about the development in total tax burden in the European Union countries and the Slovak republic during the period 1995-2006. The paper compares the tax burden in the Slovak republic with the tax burden of the other members of the European Union as a whole during the period 1995-2006.

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Pandemia COVID-19 a koniunktura gospodarcza w okresie rządów Zjednoczonej Prawicy w Polsce i Fidesz-KDNP na Węgrzech. Analiza porównawcza

Author(s): Marek Sempach / Language(s): Polish Publication Year: 0

Poland and Hungary emerged from the communist period with similar economic and social experiences living for several decades in a dysfunctional system without their own self- -determination. Changes initiated at the end of the eighties of XX century led them to a new existential situation, functioning from scratch in free market economy. In the third decade of changes, some political parties sharing similar views and ideologies took power in these countries. This text is an attempt to assess the economic prosperity of Poland and Hungary during the governments of United Right and Fidesz-KDNP coalition taking into account COVID-19 pandemic time. The goal was verified using four key economic indicators obtained from the IMF’s World Economic Outlook database. Final dataset was analyzed and conclusions were drawn not only considering 2020–2021 COVID-19 pandemic time but for more efficient picture the entire period of selected political coalitions.

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Industrial Cooperation, Knowledge Sources and the Role of Public Sector in Manufacturing Firms: Case of Spain and Portugal

Author(s): Henry Junior Anderson,Solomon GYAMFI,Jan Stejskal / Language(s): English Publication Year: 0

Public Funding for firms has been argued as a catalyst for firms’ cooperative and knowledge generative activities in contemporary knowledge-based economies. As innovation potential is widely poised as regional competitive ability, firms’ cooperation with partners have been revered as a preliminary activity to establishing networks whilst sharing diverse knowledge from partners involved to initiate or even mediate innovation. Using data from Community Innovation Survey (2012-2014) and SEM analysis on Spanish and Portuguese manufacturing firms, the paper assesses the relevance of public funds on cooperation tendencies of firms, knowledge sourcing from partners and eventually, the moderator role played by cooperation in appropriating public funds for knowledge acquisition. It was found that public funding significantly influences cooperation in Spain than in Portugal whilst cooperation was much more influential in sourcing for knowledge from partners in Portugal than in Spain. Results also revealed a slightly higher moderator ability of cooperation in Spain than in Portugal. Country-specific recommendations were further created.

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The Impact of Public Expenditure Efficiency on Labour Productivity in V4 Countries

Author(s): Eva Jílková,Miroslava ZÁVADSKÁ / Language(s): English Publication Year: 0

This paper is focused on the comparison of labour productivity in the four Visegrad countries (the Czech Republic, the Slovak Republic, Hungary and Poland). It briefly deals with the measurement of labour productivity on a macroeconomic scale. The main goal of this paper is to compare the development of labour productivity in the four Visegrad countries as related to public expenditures based on labour market policies and average wages. We use linear and nonparametric correlation analyses to quantify the association between the tested variables. To explore associations between variables we also use graphical displays. The results of our analysis on labour productivity show the dependency of the two indicators, namely the labour productivity and average wages. Moreover, no correlation was found between labour productivity and public expenditure on labour market policies for all V4 countries. The outcome for labour market policies expenditure shows in the highest correlation between the Czech Republic and Hungary, but no significant result for other V4 countries. It could be caused by different government strategies on labour policy and non-economic influence.

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Comparison of the tax burden on natural persons in the Slovak Republic and Spain

Author(s): Katarína Gašová,Katarina Repkova Stofkova / Language(s): English Publication Year: 0

Redistributive function of public finance is provided through the state budget, which is formed as a balance of revenue and expenditure side. Revenues are redistributed and provided to citizens through public services. The primary source of the state budget revenues are taxes, which represent up to 95% of total revenues, based on individual years. Tax policy is a part of the state's fiscal policy and represents a set of measures, which govern the tax system. The Slovak Republic and the Kingdom of Spain are European Union member states which use the same currency. Both countries differentiate in many areas e.g. economics, geography etc. despite some common features. The aim of the contribution is to analyze the current situation in the field of tax burden on personal entity in the Slovak Republic and Spain. Authors conduct comparison and evaluation of the tax burden on personal entity in both countries, based on the example of an employee working in selected countries. Spain, unlike the Slovak Republic, also takes into account the origin of the tax during the tax burden calculation i.e. the area in which is tax levied. It results into different tax rates for different regions of Spain.

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A Comparative Analysis of Shadow Economy in Croatia and Slovakia

Author(s): Sabina Hodžić,Jana Kockovicova / Language(s): English Publication Year: 0

Shadow economy includes all unrecorded economic activities, employment and income. All shadow economy activities are unregulated, untaxed, unregistered and unmeasured by official statistics. Since Croatia and Slovakia are countries in transition, numerous elements exist that support shadow economy in international exchange. Shadow economies in Croatia and Slovakia influence all kinds of economic activities with allocative, stabilizing, welfare and redistributive effects. The objective of this paper is a comparative analysis of shadow economy in Croatia and Slovakia in the period 2005 –2014. The labour approach is used because it relies on the difference between real and registered use of labour. Results show that, in this period, the level of Croatian shadow economy under the labour approach was highest in 2008 (3.65 percent), while in Slovakia it was highest in 2006 (27.47 percent). In order to improve the quality of the fight against corruption and to reduce the level of shadow economy, it is necessary to continue the development of the judiciary, take actions to improve the independence of the judiciary, review the principles of financial support for law enforcement and provide measures to improve their wages.

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Correlation analysis between macroeconomic indicators and level of ratings in EU countries

Author(s): Tomasz Kopyściański,Tomasz Rólczyński,Marzena Franków / Language(s): English Publication Year: 0

Credit rating agencies have a significant impact on the securities market, facilitating investment decisions on the basis of ready-made benchmarks. In this way they contribute to reducing the asymmetries and costs of obtaining information necessary to make decisions regarding buying or selling financial instruments, taking into account the debtor’s estimated risk of default. For many years now credit rating agencies have been an integral part of the financial market, impacting to an even greater degree the functioning conditions of countries, as their dependency on being able to finance their borrowing needs from external sources is continuously growing. Permanent budget deficits and public debt are inherent elements of contemporary public finances. The increased significance of the assessments made by the rating agencies refers closely to the dynamic development of the debt security market and thus emerging demand on the part of the buyers of those securities for an independent analysis, which would determine the issuer’s financial standing. The assessments which are published using special symbols reflect country’s ability to raise capital and its cost. The results of the analysis published in the previous article (Rólczyński, T., Kopyściański, T. (2016). Economic Condition of the European Union Countries and Level of Rating. European Financial Systems 2016, p. 654.), indicate that the ratings provided by the rating agencies are linked to the countries’ economic condition.

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How are 1bis pension pillar funds performing? A cross-country analysis

Author(s): Michal Mešťan,Ján Šebo,Ivan Králik / Language(s): English Publication Year: 0

Private DC pension schemes implemented in CEE countries possess common features in the way how contributions are made, investment vehicles and investment management. As the investment risk and subsequent adequacy risk is effectively shifted onto savers, pension funds’ performance net of fees and inflation is of utmost importance for the sustainability of the pension schemes and ability to deliver expected results from the view of replacement ratios. Understanding the investment returns and the impact of fees under the comparative analysis is therefore our main objective. Object of our research are the particular investment vehicles (pension funds) in three countries: Slovakia, Estonia and Latvia. Subject of our research is the risk adjusted returns of analyzed pension funds provided under the 1bis pillar pension scheme in these countries. We use conventional Sharpe and Sortino ratio to assess the performance and confirm that even if there are no major differences in investment policies, the risk adjusted performance is vastly different even when comparing similar pension funds based on their portfolio structure. We also suggest that these differences in risk adjusted performance may result in vastly different pension pots and thus replacement ratios.

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Efficiency of humanitarian nonprofit organizations – a case of the Red Cross in the Europe and Central Asia

Author(s): Jindřich Špička,Klára KOBLÍŽKOVÁ / Language(s): English Publication Year: 0

The efficiency of nonprofit organizations has been a key issue since the donors are interested in efficient and effective utilization of donations. The aim of the article is to compare the efficiency of the Red Cross and Red Crescent national societies (RCNSs) as the world’s largest nonprofit humanitarian network. Moreover, the relationship between financial efficiency and super-efficiency score based was investigated. Super-efficiency score is defined as the number of clients to the number of paid staff and volunteers. The Data Envelopment Analysis (DEA) in its super-efficiency modification was used as an indicator of efficiency of the RCNSs from 49 European and Central Asian countries in the average of 2013 - 2015. Nonparametric DEA method has been more frequently used than parametric methods in the nonprofit sector so far. Super-efficiency modification emerged as a good method for efficiency evaluation of humanitarian nonprofit organizations. The results show significant variance in the efficiency scores between countries. Our findings suggest distinct clusters of Red Cross national societies as they were identified by combination of financial efficiency and super-efficiency scores. Authors revealed negative relationship between financial efficiency and technical super-efficiency in all clusters.

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Healthcare benefits: luxury or necessity goods? EU countries case revisited

Author(s): Paulina Ucieklak-Jeż,Agnieszka Bem,Paweł Prędkiewicz,Rafal Siedlecki / Language(s): English Publication Year: 0

The aim of presented research is to analyse, whether healthcare services are luxury or necessity goods, taking into account several differences (income, healthcare’s financing system) between European countries. We have posed the following hypotheses: (H1): the character of healthcare services is affected by the level of national income; (H2): the character of healthcare services is affected by the model of healthcare financing. We have employed data coming from 28 European countries, covering the years 2004-2014. Data were obtained from Eurostat Database and OECD Health Data. Using the LS and WLS methods, we can conclude that: (1) in richer Europeans countries healthcare services are luxury goods; (2) in poorer European countries healthcare services are necessity goods; (3) in countries, where healthcare services are finance based on Beveridge system, healthcare benefits are necessity goods, while (4) in countries, where Bismarck system is employed – healthcare services are luxury goods. We have also found, that both in “poor countries” and “Beveridge countries” subgroup, the reduction of income inequalities, as well as the lowering of the ratio of people at risk of poverty, decrease the level of healthcare spending, while in the subgroup of “rich countries”, as well as in “Bismarck countries” this influence is entirely opposite.

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KOOPERACE KRAJNĚ PRAVICOVÝCH A POPULISTICKÝCH STRAN V REGIONÁLNÍCH VOLBÁCH

Author(s): Michal Pink,Josef Smolík / Language(s): Czech Publication Year: 0

The text analyses the extent and character of electoral support of extreme right-wing and populist parties in regional elections in the Czech Republic, as well as their collaboration in regional elections. The theoretical part of the text introduces parties labelled as extreme right and populist in the Czech Republic. The so-called extreme right-wing political party group will be discussed, followed by an overview of electoral results of these parties in each of the fourteen regions, with emphasis on the efficacy of gaining mandates. The basic statistical tools, correlation and variation analysis, are used to determine the relationship between electoral support of extreme right and populist parties. The text also explores regional differences in the absolute number of votes necessary to achieve the electoral threshold and party funding, which is closely connected to their electoral success since public funding of electoral parties in the Czech Republic depends both on the relative number of votes and on how many mandates their gain. The goal is to evaluate the ability of the parties to gain mandates with emphasis on the electoral potential of the whole group of extreme right and populist families.

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Prediction of Electricity Prices, Comparison of Germany and the Czech Republic

Author(s): Pavel Sedláček,Elena Láncošová / Language(s): English Publication Year: 0

The aim of this paper is to analyze time series that might have an impact on prices of energy commodities. Analysis and econometric modelling reveal which time series are corelated and how and the difference of Czech and German commodity exchange markets. This is input for further modelling of forecasting tool for electricity future prices prediction in near future. Selected time series are electricity and gas prices, contracted quantity per day, oil prices, coal prices, prices of emission allowances, weather (temperature and sunlight defining the consumption of energies), prices of electricity on day ahead market, currency exchange rate (EUR/CZK and EUR/USD) and correlation of particular week day. For the predicted value was chosen price of electricity on EEX for Germany and Czech Republic. The product is future “Cal+1” (product delivery is in next year) and time series were selected for period 1/2015-12/2018.

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EFFECTS OF PUBLIC PROCUREMENT CONTRACT ON FIRM PRODUCT AND SERVICE INNOVATION – CASE STUDY OF CZECHIA, SLOVAKIA AND NORWAY

Author(s): Solomon GYAMFI,Henry Junior Anderson,Viktor Prokop / Language(s): English Publication Year: 0

The public sector economy accounts for a large size of the National market demand for goods and services. Many scholars have tipped public procurement as an attractive measure to help boost innovation in firms for the state to achieve its innovation goals. But there has been a worrying case mainly by actors within the public sector and scholars to explore this policy instrument to support innovation. In light of the above, the research seeks to analyze the effect of public procurement contracts on the firm’s product and service innovation. Using logistic Regression model for the CIS 2014 data we analyze this effect in the case of the Czech Republic, Norway and Slovakia. Our empirical results showed that, the use of this policy instrument is dependent mostly on the type of innovation. We found that firms received contracts to execute projects from the public sector for service provision in all cases but in the case of product innovation, only Czech Republic firms did receive a public contract. Nevertheless, innovation was required when firms are contracted to provide services for the public sector only in the Czech Republic and Slovakia regarding product innovation.

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İki Lider İki Devlet: Haydar Aliyev ve Atatürk Karşılaştırması

Author(s): Farahila Fazil Babayeva-Şukurova / Language(s): Turkish Publication Year: 0

Tarihte, milletinin kaderini değiştirebilecek vizyoner liderlere nadir rastlanır. Azerbaycan Cumhuriyeti’nin kurucusu Ulu Öndər Haydar Aliyevde tarihte rastlanan bu liderlerdendir.Siyaseti derinden bilen vizyoner lider Haydar Aliyev kendi felsefesini her uygulama aşamasında parça-parça açıklamış oldu. Azerbaycan’ın Atatürk’ü olarak kurduğu bağımsız Azerbaycan devletinin ve ortaya koyduğu felsefenin tek teoricisi ve kuramcısı olmuştur. Atatürkçülüğün de, Aliyevçiliğin de en kısa anlamı “Çağdaşlaşma”, yani çağcıl olmak demektir. Yani, çağa yetişmeye çalışarak çağın üzerine çıkma mücadelesi vermek, uygarlığın üzerine çıkmaktır.

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Türkiye’de ve Dünyada Kripto Paraların Vergilendirilmesi ve Denetimi

Author(s): Ece Demiray Erol / Language(s): Turkish Publication Year: 0

Dijitalleşme sürecinde küresel ekonomide önemli gelişmeler, ekonomik alanda da ciddi değişmelere yol açmıştır. Dijital ekonomi sonucu reel sektörde yaşanan değişim, finansal sektörde kripto para olgusunu gündeme getirmiştir. Finansal dijitalleşme kapsamında merkeziyetsiz finansın işlerlik kazanması, kripto paranın kullanımının artması ile zamanla mevzuat karşısındaki yeri tartışılmaya başlanmıştır. Kripto parayla birlikte ekonomide oluşan bu yeni durum karşısında zaman zaman geleneksel yöntemler yetersiz kalmıştır. Buna bağlı olarak her geçen gün finansal piyasalar içindeki yeri ve önemi artmaktadır.

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LE SOCIALISME, QU’EST-CE QUE C'EST ?

Author(s): Vaclav Muller / Language(s): French Publication Year: 0

On a déjà beaucoup écrit sur les funestes conséquences du système d’administration et de direction qui était l'aboutissement logique d’un monopole politique tout-puissant. En bref, notre pays se trouvait au bord d'une profonde crise économique, politique et morale.

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THERMAL REHABILITATION OF BUILDINGS - AN ESSENTIAL COMPONENT OF GLOBAL CLIMATE CHANGE POLICIES. A PUBLIC POLICY VIEW IN THE UNITED STATES, THE EU, CHINA AND AUSTRALIA

Author(s): Cristina Oneţ,Ciprian Florea / Language(s): English Publication Year: 0

Starting from the premise already stated in the title according to which the energetic rehabilitation of buildings is an essential component of the policies regarding the fight against the climate change, this paper briefly presents several international variants of thermal rehabilitation policies and energy of buildings, with the lens of the most important countries, both from the point of view of the number of buildings that must be subjected to this process, as well as the diversity and efficiency of the policies adopted and the programs used in order to achieve this objective. This presentation of policies from some of the most important countries in the world is not intended to be exhaustive, but it provides a general and useful perspective on the most effective and used specific programs. The second part of the work includes a presentation of the most important legislative measures and national programs adopted by Romania in the effort to improve the energy performance of the built real estate fund, as well as a series of useful conclusions for both Romania and any other state in a similar situation. Any of the presented models, even if only briefly, we consider that they could represent sources of inspiration for identifying the most suitable and effective solutions for a country like Romania, which is at the beginning of the road on the path of adopting and implementing policies to combat a climate changes, in general and those regarding the thermal rehabilitation of buildings, in particular.

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LOCAL BUDGET AS A TOOL FOR RESILIENT CITIES – COMPARATIVE APPROACHES AND BEST PRACTICES ACROSS EU MEMBER STATES

Author(s): Florin Oprea,Lenuta Cojocariu / Language(s): English Publication Year: 0

The core problem of resilient cities is ensuring the capacity to preserve their main functions and keep provide public services throughout different shock or stress, while protecting and enhancing community members’ lives. Along the many factors related to cities’ resilience (e.g. territoriality, urbanization, infrastructure, social capital, educational attainment, the skills of the region’s workforce, place attachment, leadership, community cohesion and efficacy, community networks, and knowledge and learning etc.), fiscal variables should be considered as crucial ones, since both providing public services and fueling the (good) triggers of resilience, for medium and long term, need to be supported by public financing. Moreover, recent economic and pandemic crises demonstrated that local finance are in many cases very fragile, local public incomes being largely affected by their effects, and thus producing a negative impact on local expenditures and municipalities development. In this context, cities’ fiscal resilience gained an important position on governments’ public agenda, claiming better-oriented public policies, which could be supported by empirical evidence that scientific research could bring. On this direction, our paper intends to identify the main roots of the local budgets resilience and the specific connections with cities resilience, based on a sample of 23 EU Member States, synthetizing the best practices that could be adapted to other systems.

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