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1

REGULATORY ENVIRONMENT AND DEVELOPMENT OUTCOMES: EMPIRICAL EVIDENCE FROM TRANSITION ECONOMIES

100%
Petreski M.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 3
225 – 248
EN
The objective of this paper is to investigate the effect of the regulatory environment and the institutional quality on economic growth and the share of the informal economy in transition economies. We use a sample of 30 transition economies over the period 2005 – 2011 and observe the relationships within three geographic sub-groups, three regulatory sub-groups and pre- versus during the recent crisis. Results suggest that less cumbersome regulation improves growth if combined with better institutions. Both channels – the direct one working via firm creation and the indirect one working via informal economy reduction – are found to exert positive and significant effect on growth. The composite effects are the strongest for countries with less business-friendly regulations and institutional environment, for regulatory chapters potentially relevant for the entire life-cycle of the firm, such as investors’ protection, contract enforcement and trade, and during the crisis.
2

POPTÁVKA PO KAPITÁLU V TRANZITIVNÍCH EKONOMIKÁCH

100%
Pánková V.
Ekonomický časopis (Journal of Economics)
|
2005
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vol. 53
|
issue 2
119-128
EN
Demand for foreign investment can create a financial gap characterising a lack of home resources. Harrod-Domar model gives a benchmark but the gap can be smaller what can be tested under an assumption of non-zero elasticity of substitution of domestic for foreign capital. New capital is characterised by capital mobility. A more open capital account implies a higher productive performance but for strong economies only. An approach based on a Feldstein-Ha-rioka hypothesis is used to quantify a measure of capital mobility by econometric models. Technique of panel data regressions is briefly mentioned as a tool which helps to solve the problem of not sufficiently long individual time -series. Analysis of twelve European transition economies is performed.
3

MODELLING SOME PROPERTIES OF STOCK MARKETS IN TRANSITION ECONOMICS

100%
Jagric T., Podobnik B., Kolanovic M., Jagric V.
Ekonomický časopis (Journal of Economics)
|
2006
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vol. 54
|
issue 8
816-869
EN
In contrast to a predominant behaviour of the financial series of the developed markets (no or very short serial correlations), the financial series of the emerging markets exhibit a different behaviour. We investigate the financial series of the index returns for ten European transition economies. The results suggest the presence of the long-range correlations. Additionally, all series seem to be asymmetrically distributed and exhibit magnitude long-range correlations, as commonly found for the developed markets. We model these properties with a process, which is presented in Section II.
4

The soft budget constraint I-II

100%
Kornai J., Maskin E., Roland G.
Kozgazdasagi Szemle (Economic Review)
|
2004
|
vol. 51
|
issue 9
777-809
EN
In this study published in two parts (see Part I : ibid. Vol. 51. No. 7/8, 608-624.) the authors propose a clarification of the notion of soft budget constraint, which is widely used in analysis of socialist, transitional and market economies alike. The interpretation in the study is broad enough to embrace most existing approaches to soft budget constraint phenomena and provides a classification of the causes and consequences of these. In the light of this, the study goes on to review the theoretical literature on the subject and compare it with work on other dynamic commitment problems in economics.
5

DEVELOPMENT OF INTERNATIONAL INVESTMENT POSITION IN THE SELECTED NEW EUROPEAN UNION MEMBER COUNTRIES

100%
Mirdala R.
Rehionalna ekonomika
|
2008
|
issue 3(49)
139-151
EN
In the following paper we examine the main aspects of international investment position development in the selected new European Union member countries since 1999, with an emphasis on their international financial assets and liabilities structure. We assess the extent of the Bulgaria's and Romania's international financial integration compared with the Czech Republic and the Slovak Republic. The aim is to examine the main implications of the different economic performances of the countries on the selected aspects of their international financial integration. We also observe the main trends in their external capital structure development in terms of the relative importance of foreign direct investments, portfolio equity and debt investments and external debt. Finally, we study the implications of the accumulated stock of external capital for future trade and current account balances development.
6

FOREIGN THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH IN TRANSITION COUNTRIES

100%
Petković B.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 8-9
560 – 575
EN
The paper analyses the impact of economic, social, and political components of globalization on the gross domestic product of transition countries. Available data from 1995 to 2018 were analysed for two groups of European transition countries, divided according to geographical criteria into Western Transition (WT) countries and Eastern Transition (ET) countries. Based on the results of the panel ARDL approach, it was shown that economic and social globalization positively impact gross domestic product in both groups of countries in the long-run. In contrast, political globalization hurts the gross domestic product. Dumitrescu and Hurlin’s causality test showed that in WT countries, there is a significant causality from social globalization to gross domestic product and from social globalization to political globalization. In ET countries, there is significant causality from political globalization to economic and social globalization, while economic globalization causes gross domestic product.
7

Employment mobility in small business between 1992 and 2001

88%
Berde E., Scharle A.
Kozgazdasagi Szemle (Economic Review)
|
2004
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vol. 51
|
issue 4
346-361
EN
Writers on structural change in the economy present the expansion of small business as one contributor to the process, but empirical analysis in Eastern Europe provides little support for this. The study's initial hypothesis was that the self-employed can change occupations more easily than the employed and thereby facilitate the structure-change process. Analysis of individual-level data from the Central Statistical Office labour survey, however, suggests that on Hungary's labour market, which has traditionally low mobility, the frequency of occupation change among the self-employed exceeded that among the employed at most in the early years of the 1990s.
8

How high can Hungary's sustainable growth rate be? I. Theoretical questions about sustainable economic growth

88%
Erdos T.
Kozgazdasagi Szemle (Economic Review)
|
2004
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vol. 51
|
issue 5
389-414
EN
The central question with sustainable economic growth is what rate can be achieved in the long term alongside internal and external equilibrium and without irreparable harm to the natural environment. At a given employment level, the growth rate is ultimately determined by technical development, but the rate is not irrespective of the proportion of investment. But a reverse relation applies here. Rather than the rate being arrived at from the investment ratio, but it determines the proportion of investment to GDP - through the general and marginal levels of capital efficiency. This brings to the fore the questions of investment funds and domestic savings, the external sources. Countries catching up with the developed economies usually suffer from a funding shortage, due to a number of factors, which gives special importance to investment efficiency and factors that increase internal sources and improve efficiency. A salutary role in these is played by reforming the system of institutions and developing human capital. The links make clear that the growth rate can be understood from the system of internal and external conditions - growth is endogenous in nature. The study underlines theoretical connections that help to determine the growth potential of the Hungarian economy.
9

THE IMPACT OF AID ON THE FISCAL BEHAVIOUR OF GOVERNMENTS IN TRANSITION ECONOMIES

88%
Erden L., Güven A.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 5
445-457
EN
AThis study contributes to the aid-effectiveness literature by applying a fiscal response model to a panel of 24 transition nations over the periods 1990 - 2005. The study employs various dynamic panel estimation methods in an effort to analyze the impact of foreign aid on governments' fiscal behaviour; that is, government investment, government consumption, public revenue creation and borrowing activities. The findings shed some light on the aid-growth nexus, indicating that aid promotes government investment while does not influence government consumption behaviour. Further, there appears to be a positive association between aid and public borrowing, which can be detrimental to the growth process in transition economies.
10
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FOREIGN DIRECT INVESTMENTS AND LABOUR FORCE INDICATORS IN TRANSITION ECONOMIES: LINEAR MIXED-EFFECTS MODELS IMPACT ANALYSIS

75%
Peric M., Filipovic S.
Sociológia (Sociology)
|
2021
|
vol. 53
|
issue 3
238 – 265
EN
Main objective of this paper is to analyse the impact of foreign direct investments (FDI) on labour force in transition economies, through monitoring and quantification of selected labour force market indicators. This research analyses and discusses the effects of FDI inward flow on labour force indicators in transition economies from the economic and social point of view (i.e. quality of life of labour force). The paper argues that FDI inward flow should have a positive effect on labour force, through the increase of employment growth rate, wages, and reduction of income inequality. Data processing was done by applying Linear Mixed-Effects Models on 17 transition countries during the period 2000 – 2017. The findings show a positive and significant impact of FDI inward flow on employment rate and on wages and salaries, while the impact of FDI inward flow on income inequality is uncertain. Finally, there are policy and future research recommendations.
11

ANALYZING THE DRIVERS OF THE SHADOW ECONOMY FOR THE CASE OF THE CESEE REGION

75%
Amir A., Gökmenoğlu K.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 2
155 – 181
EN
This study explores the influence of financial development on the shadow economy, alongside other possible determinants, for the CESEE region. To this objective, we used a panel dataset of annual figures for eleven CESEE countries from 2003 to 2019. To estimate the long-run coefficients, panel FMOLS and DOLS were employed. Our findings suggest that an increase in financial development and tax burden leads to the enlargement of the shadow economy. While improvements in institutional quality, trade openness, and economic freedom reduce the magnitude of the shadow economy. The study’s results offer various policy recommendations that can be used to combat the shadow economy in CESEE countries. Tax policy and institutional reforms are encouraged to pro-mote greater trust within institutions, enabling the shift of economic activities from the shadow to the formal economy.
12

SOCIAL DISCOUNT RATES FOR SIX TRANSITION COUNTRIES

63%
Seçilmiş E., Akbulut H.
Ekonomický časopis (Journal of Economics)
|
2019
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vol. 67
|
issue 6
629 – 646
EN
The key role of public sector investments in economic transformations makes the choice of social discount rate especially crucial for transition countries. The aim of this study is to estimate the social discount rates of six transition economies – Czech Republic, Estonia, Hungary, Latvia, Poland and Slovak Republic – by using two different approaches. We observe that the estimates produced by tax approach are concentrated in a band between 3.3% (Hungary) and 6.91% (Estonia). In comparison with tax approach estimations, the social discount rates obtained by food demand approach are lower for all selected countries: the lowest value is 1.94% (Czech Republic) and the highest is 3.5% (Latvia).
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