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1

ASYMMETRIES IN TWIN DEFICIT HYPOTHESIS: EVIDENCE FROM CEE COUNTRIES

100%
Turan T., Karakas M.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 6
580 – 597
EN
We apply nonlinear autoregressive distributed lag (NARDL) approach to investigate the relationship between budget deficit and current account deficit in Croatia, Czech Republic, Hungary, Poland, Romania, Slovakia, and Slovenia. Our results indicate that changes in current account deficit have a significant effect on the budget deficit in Poland and Romania in the long-run and Croatia, Poland, Romania and Slovakia in the short-run. On the other hand, changes in budget deficit significantly affect the current account deficit in Czech Republic, Hungary, and Slovakia in the long-run and in Czech Republic, Hungary, Slovakia, and Romania in the short-run. Therefore, we conclude that the twin deficit hypothesis is valid for Czech Republic, Hungary and Slovakia but not for the case of Poland, Croatia, Romania and Slovenia in the long-run. Finally, we also present evidence for the existence of asymmetric effects in this context.
2

PRODUCER PRICE INDEX AND CONSUMER PRICE INDEX: CAUSALITY IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

100%
Khan K., Su C.-W., Tao R., Lobonț O.-R.
Ekonomický časopis (Journal of Economics)
|
2018
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vol. 66
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issue 4
367 – 395
EN
This article uses the bootstrap panel Granger causality to analyse the link between the Producer Price Index (PPI) and Consumer Price Index (CPI) in ten Central and Eastern European (CEE) countries. The result of cross-sectional dependency and slope homogeneity shows that PPI and CPI vary in different countries. However, the result indicates that PPI influences CPI in the sense of Granger causality in five CEE countries; namely, Latvia, Lithuania, Romania, Slovakia and Slovenia. The findings support the moderate inflation model in the significant countries, which explain that PPI is a primary contributing factor of CPI. On the other hand, CPI has a significant impact on the PPI only in Hungary. The results are useful for policy makers of these countries to formulate inflation targeting policies with greater attention towards the PPI.
3
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PENSION FUNDS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES. SOME LEGAL, ORGANIZATIONAL AND ECONOMIC ASPECTS (Fundusze emerytalne w krajach Europy Srodkowo-Wschodniej. Wybrane aspekty prawne, organizacyjne i ekonomiczne)

100%
Chybalski F.
Polityka Społeczna
|
2009
|
vol. 36
|
issue 2(419)
21-26
EN
The political and economic transformation in Central and Eastern European Countries in the last decade the 20th century coincided with the high unemployment and unfavorable demographical trends. Those factors resulted in the necessity of pension reforms in CEE countries. The main aim of the article is the characteristics of the selected legal, organizational and economic aspects of the pension funds functioning. The author describes the construction of pension system in selected countries, characterizes pension fund markets, legal aspects of pension funds investment activity and the pension companies reward system for managing pension funds
4

WHAT DRIVES HEALTHCARE EXPENDITURE GROWTH? EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN ECONOMIES

100%
Konatar M., Kaštelan S., Kaštelan U., Đurašković J., Radović M.
Ekonomický časopis (Journal of Economics)
|
2021
|
vol. 69
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issue 7
750 – 765
EN
The aim of this paper is to examine the determinants of healthcare expenditure in Central and Eastern Europe (CEE) countries. The study covers the period between the years 2000 and 2018. In our research, we implement error correction based on an autoregressive distributed lag (ARDL) model, with focus on the Pooled Mean Group (PMG) estimator. Our estimation results revealed that, in combination, health spending, income, medical progress, population ageing and fiscal capacity together form a statistically significant and stable long-term economic relationship. Our analysis indicates that healthcare spending responds to both short-term and long-term income changes. The obtained results support the prevailing view that health should not be considered a luxury good with income elasticity close to unity. In the long term, medical progress and population ageing also significantly influence health spending, whilst these variables prove to be insignificant over the short term. Ultimately, government capacity is positively related to health spending dynamics.
5

UNITED IN DIVERSITY. LABOUR MARKETS IN THE CEE COUNTRIES

100%
Benčík M.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 4
333 – 348
EN
We study supply side factors of the labour market in the Czech Republic, Hungary, Poland and Slovakia. The common economic history of these Central European economies suggests that long-run relationships should have similar patterns. While we find that for the Czech Republic and Hungary there exists a long-run relation of equilibrium unemployment rate to real wages, capital stock and terms of trade, such relationship does not hold for Poland and Slovakia. Instead, labour market trends are better described by the relationship of equilibrium real wages. This finding uncovers structural differences within the Visegrad countries. These differences relate to the extent to which labour supply can adapt to shocks. In practice this would suggest that it was more efficient for Slovakia to conduct supply-oriented policies to stabilize labour market conditions. On the contrary, the more efficient tools for the Czech Republic are wage-oriented policies, connected to the demand side.
6

REAL INTEREST RATE PARITY FOR CENTRAL AND EASTERN EUROPEAN COUNTRIES: A NEW UNIT ROOT TEST WITH TWO STRUCTURAL BREAKS

88%
Su C.-W., Jiang X., Chang H.-L.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 1
3 – 18
EN
This study applies Narayan and Popp’s (2010) unit-root test with two endogenous breaks, which has been proven to be more powerful than the other unit root tests with two breaks (Narayan and Popp, 2013) to assess the non-stationary properties of the real interest rate parity (RIRP) for thirteen Central and Eastern European (CEE) countries. We examine the validity of RIRP from the unit root with two breaks of view and provide robust evidence which clearly indicates that RIRP holds true for six countries. Our findings point out their real interest rate convergence is mean reversion towards RIRP equilibrium values with two structural breaks. Our results have important policy implications for these CEE countries under study.
7

SOCIAL FUNCTION OF HISTORICAL KNOWLEDGE AND SCHOLARLY HISTORY WRITING IN THE 21ST CENTURY

88%
Vörös L.
Historický časopis (Historical Journal)
|
2017
|
vol. 65
|
issue 5
785 – 797
EN
Historiography remains epistemologically diverse like no other discipline in the social sciences and humanities in the 21st century. Theoretically uninformed, often nationalist, and objectivist (reconstructionist) narrative historians coexist with constructionist and deconstructionist historians who work with social theories and conduct critical analyses within the same institutional frames of regional or national historiographies. In spite of decades of intense plausible criticism – at least in the countries of Central and Eastern Europe – the national/nationalist history writing based on rather naïve objectivist epistemology remains influential and forms an important, if not dominant, part of respective national historiographies. The present paper suggests that there are several factors of the lasting reproduction and even thriving of the obsolete epistemological positions that traditional, narrative national/nationalist historiographies are based on. These might be categorized as cognitive, social, and institutional in their nature. The paper analyses particularly the social purpose of the knowledge about the past and the social functions of institutionalized professional history writing. National histories play an important part in the politics of memory and identity; they provide a historical dimension to the ideal (imagined) national community, they also serve as legitimizing or delegitimizing narratives – these functionalities require a strongly objectivist (naïve) epistemology. In fact, the epistemological points of departure of the traditional narrative national/nationalist historians are very similar to the intuitive “pre-cognitive” theories of the past shared by most ordinary people. Both are based on the idea that the past can be narrated in the form of one true story. The paper comes to the conclusion that historiographies – at least in the Central and Eastern European countries – are formatively influenced by social determinants coming from outside the discipline to a much larger extent that most historians are ready to admit.
8

FISCAL POLICY IN CEE COUNTRIES. EVIDENCE FROM CZECH REPUBLIC AND ROMANIA

75%
Caraiani P.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 1
79 – 104
EN
The author investigates the fiscal policy in CEE countries using evidence from two of the most important economies, Czech Republic and Romania. A small open economy model with a Taylor fiscal rule is estimated on quarterly data for these countries. He explores the potential of counter-cyclical fiscal policy in the context of the on-going financial crisis, the reaction of the fiscal policy to negative demand shocks or to a more relaxed monetary policy, as well as the impact of fiscal shocks. There are evidences that fiscal shocks during the last years behaved in a pro-cyclical way and it appears that the countercyclical potential of fiscal policy during the financial crisis remained largely unused.
9

CAPITAL STRUCTURE AND FIRM PERFORMANCE: THE CASE OF CENTRAL AND EASTERN EUROPEAN ECONOMIES

75%
Brendea G., Pop F., Mihalca L.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 5
430 – 449
EN
The current study examines the relationship between capital structure and firm performance for a sample of non-financial firms from eight Central and Eastern European countries in the period 2008 – 2017. Based on the agency costs hypothesis, we investigate whether debt ratio as a proxy for capital structure has a positive relationship with firm performance for the countries included in the sample. The results indicate a negative relationship between these variables and, thus, they did not support the agency costs hypothesis. In addition, we test the reverse causality from performance to capital structure based on two opposite hypotheses, that is, the efficiency-risk and the franchise-value hypo-thesis. The results support the franchise-value hypothesis, indicating a negative relationship between debt ratio and firm performance.
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