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1

MODELING OF EXPORTS FLOWS IN THE VISEGRAD SUB-REGION

100%
Clarke D., Slovik P.
Ekonomický časopis (Journal of Economics)
|
2007
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vol. 55
|
issue 8
747-761
EN
This study investigates the determinants of the Visegrad Group (V-4) export performance with special attention to quantitative analysis of bilateral trade flows. Based on preliminary statistical analysis, a broad categorization of export directions for V-4 is introduced. Innovative application of the gravity model for international trade is applied to the various trade direction categories, revealing important results particularly in regards to the significance of inward FDI, the restrictive forces associated with the distance between markets, and the relative importance of estimates for aggregate supply and demand potentials. A new variable is introduced in this study to account for the fact that there is a new political border between Czech Republic and Slovakia. Evidence from this study suggests that the fact that these two now independent nations were unified until about 15 years ago remains a strong positive factor for the size of trade flows between them.
2

EFFICIENCY CHANGE OF BANKING SECTORS AND BANKS IN THE FINANCIAL CONGLOMERATES IN VISEGRAD GROUP COUNTRIES

88%
Palečková I.
Ekonomický časopis (Journal of Economics)
|
2017
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vol. 65
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issue 1
79 – 92
EN
The objective of this paper is to estimate the efficiency change in the banking sectors of the group of Visegrad countries during the 2009 – 2013 period and to determine whether banks that belong to a financial conglomerate are more or less efficient than other banks in the sector. We used Data Envelopment Analysis and the Malmquist index to analyse the banking efficiency. The positive efficiency change during the 2009 – 2013 periods was primarily due to innovation, superior management and technological growth. There were differences in banks in the financial conglomerates across Visegrad group countries. Several banks from the financial conglomerate were less efficient than other banks in the banking industry.
3

DETERMINANTS OF THE FDI INFLOW INTO THE VISEGRAD COUNTRIES

88%
Darmo Ľ., Novák M., Kálovec M., Rybošová P.
Ekonomický časopis (Journal of Economics)
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2020
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vol. 68
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issue 10
1057 – 1080
EN
The FDI inflow represents an important part of the Visegrad economies. These countries have experienced a high rate of foreign direct investment since the 1990s. However, the flow of investment is different among these countries with a diverse peak of inflow into individual economies. Slovakia, Czech Republic, Hungary and Poland reformed their political and economic systems and were considered as transition economies. Just like other transition economies, the economic, social and political system of the Visegrad Group countries has some peculiarities. The inflow of foreign direct investment is determined by many factors that might influence the inflow of foreign direct investment positively, but also in a negative way. The paper identifies specific determinants of the inflow of foreign direct investment into the Visegrad Group countries. It assesses their impact on the investment inflow. We apply panel regression with the use of standardized variables. Based on the results, we may consider as determinants influencing the FDI inflow into the V4 countries the size of the economy, or its potential, labour productivity, corporate tax, wages, unit labour cost, inflation, education of workforce, openness of the economy, road and railway density, i.e., the quality or development of infrastructure, level of corruption in particular countries and membership of the Economic and Monetary Union.
4

QUANTIFICATION OF LONGEVITY RISK FOR PENSION INSURANCE IN V4 COUNTRIES

88%
Gogola J.
Ekonomický časopis (Journal of Economics)
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2017
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vol. 65
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issue 8
751 – 762
EN
Longevity risk, the risk that people will live longer than expected, weighs heavily on those who run pension schemes and on insurers that provide annuities. Hence the prediction of future mortality rates is an issue of fundamental importance for the insurance and pensions industry. Our analysis focuses on mortality at higher ages (65 – 95), given our interest in pension-related applications where the risk associated with longer-term cash flow is primarily linked to uncertainty in future rates of mortality. We use data on deaths and exposures for the Visegrad Group (V4) – the Czech Republic, Poland, Hungary and Slovakia from the Human Mortality Database (HMD). We have shown that if the today rate of increase will continue, it will at age 65 concluded (after calculation) to increase the present value of pension liabilities in defined-benefit schemes about 5% if we use cohort life table instead of period life table.
5

CO-MOVEMENT (SUB-) INDICATOR AS THE MEASUREMENT OF THE SYNCHRONY OF EA AND VISEGRAD GROUP COUNTRIES

88%
Poměnková J., Klejmová E., Malach T.
Ekonomický časopis (Journal of Economics)
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2020
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vol. 68
|
issue 3
231 – 251
EN
The paper deals with the construction of a co-movement indicator suitable for assessing the synchrony between countries. The indicator is represented as a time series and its construction is based on a reconstruction of a co-spectrum measure from the time-frequency to the time domain. We use the statistically significant part of the power wavelet co-spectrum for pairs of countries. An advantage of the newly proposed co-movement indicator is a possibility to construct sub-indicators which correspond to the predefined frequency range, e.g. business cycle frequencies. In such a way we can obtain a decomposition of the co-movement indicator (covering all frequencies) into, for example, short-run cycles, medium and long business cycles and long-run cycles. The proposed methodology is demonstrated on the US and EA monthly data of industrial production index in 1991 – 2018. A further application is performed on the EA and Visegrad Group Countries with the same data type and time range.
6

ECONOMIC COOPERATION BETWEEN THE REPUBLIC OF SERBIA AND THE MEMBER STATES OF THE VISEGRAD GROUP

88%
Božiċ Miljkoviċ I.
Ekonomický časopis (Journal of Economics)
|
2021
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vol. 69
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issue 2
158 – 179
EN
The paper analyses the effects and measures the intensity of economic cooperation that Serbia has achieved with the member countries of the Visegrad Group (V4 Group) from 2000 until today. The starting hypothesis is that the common cultural and historical heritage, the geographical proximity of the market and the common experience of the economic transition process can be an incentive for the development of economic cooperation between Serbia and the countries of the V4 Group. A gravity econometric model Poisson Pseudo Maximum Likelihood (PPML) estimator was used to test the hypothesis. The results of the research confirm a significantly positive impact of the GDP of Serbia and the observed countries, a significantly negative impact of distance and a significantly positive effect of the neighbourhood on bilateral trade flows. Predictors related to the quality of institutions also have a significant positive effect on increasing bilateral trade cooperation between Serbia and the V4 Group.
7
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TENDENCJE W KSZTAŁTOWANIU SIĘ CEN SKUPU ZBÓŻ W KRAJACH GRUPY WYSZEHRADZKIEJ W LATACH 2000-2017

88%
Kubala S.
Zagadnienia Doradztwa Rolniczego
|
2018
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issue 4(94)
43-57
EN
For the Visegrad Group (V4) countries, 2004 is the time that for the market of agricultural raw materials of countries belonging to the grouping is extremely important, mainly due to their integration into the structures and principles of the common market. Since then, many transformations have occurred as a result of cyclical and structural changes. The essential question then becomes whether the trends in prices of agricultural commodities in the V4 countries are similar. The main aim of this article is to analyze the dynamics and direction of changes in grain prices in the countries of the V4. Also examined correlation between the price evolution of purchase prices of basic cereals between countries of the V4. Five main raw materials included in the cereals: wheat, rye, barley, oats and maize were selected for the study. Studies have shown that there is a significant degree of variation in grain prices in the V4 in the years 2000-2017. In the post-accession period, they showed an upward trend. The largest increase in prices took place in 2009-2012, the largest increase in prices recorded in rye. In the later period there was a slow decline in the price of cereals.
8

ASPECTS OF CROSS-BORDER MERGERS OF CZECH ENTERPRISES WITHIN THE VISEGRAD GROUP

75%
Gláserová J., Otavová M.
Ekonomický časopis (Journal of Economics)
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2019
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vol. 67
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issue 8
837 – 856
EN
The paper deals with the cross-border mergers of Czech enterprises within the Visegrad Group countries. It contains an analysis of the total number of cross-border mergers carried out in the years 2008 – 2016. This analysis has become the starting point for assessing the development of cross-border mergers in the years mentioned above, i.e. since the introduction of the Business Transformation Act into Czech law. An investigation was also made into whether there is an outflow of companies from the Czech Republic or whether the Czech Republic becomes the principal place of business for the successor company. The identified motives for mergers were verified through some indicators of the financial analysis of data about the merging companies. The issue of cross-border mergers is largely related to tax and accounting implications, which can be looked upon as motives for or barriers to merger implementation. In terms of taxes, the issue of transferring tax losses is examined as one of the motives for conducting mergers. In terms of accounting, some new items added to the final accounts are studied, and their impact on the balance sheet, profit and loss, and owner’s equity is evaluated.
9

ANALÝZA UKAZOVATEĽA LOAN TO DEPOSIT V KRAJINÁCH VYŠEHRADSKEJ SKUPINY

75%
Kočišová K.
Ekonomický časopis (Journal of Economics)
|
2015
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vol. 63
|
issue 10
1053 – 1075
EN
The main aim of submitted paper was to analyse liquidity risk in the banking sectors in Visegrad group countries (V4) using data at the macro level from 2006 to present. We used regression to analyse the impact of banking sector specific factors and macroeconomic variables to the Loan to Deposit ratio (LTD). The results showed that the LTD of Slovak banking sector was positively related to size and specialisation of banking sector. In case of Czech Republic factor with negative impact was interest rate of central bank; and factors with positive impact were specialisation of banking sector, 3M PRIBOR and gross domestic product in log form. LTD ratio of Poland was negatively related to 3M WIBOR, unemployment rate and gross domestic product in log form; and positively related to size and specialisation of banking sector and interest rate of central bank. In Hungarian banking sector LTD was negatively related to 3M BUBOR and positively related to size and specialisation of banking sector, capital adequacy, interest rate of central bank and long term interest rate.
10
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Współpraca państw Grupy Wyszehradzkiej na forum Unii Europejskiej – doświadczenia i wyzwania

75%
Adamczyk A.
Studia Europejskie-Studies in European Affairs
|
2015
|
issue 4
71-90
EN
Cooperation between the members of the Visegrad Group in the European Union has its ups and downs. The countries of the Group, which should be bound by geographical proximity and common interests, are not always able to cooperate. This also means that the priorities formulated by the governments in Warsaw, Bratislava, Budapest, and Prague do not always converge. Of course, the countries of the Visegrad Group have much in common, such as their attitude to the Cohesion Policy, their perception of climate goals and visions of the EU subsequent budgets. Unfortunately, there are many divergences between them in important issues: for example foreign policy, especially the attitude to Russia’s aggression on Ukraine. Despite the fact that it has been functioning for a quarter of a century, including a decade in the EU, so far the V4 has not managed to develop a strong European ‘brand’.
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