Template-Type: ReDIF-Article 1.0
Author-Name: Rudolf Kubík
Title: What is the Real Effect of Schooling on Economic Growth?
Abstract: This paper examines the effect of schooling on economic growth. It tests the link between schooling and economic growth using the system GMM estimation for a panel of 86 countries in the years 1960-2005. Affirming the results of the previous literature the positive impact of schooling on growth has been confirmed. The paper presents two main findings. First, additional year of schooling contributes positively to per capita output growth. Secondly, high percentage share of population with no formal education results in economic growth slowdown.
Keywords: education, growth, human capital, GMM estimation
Classification-JEL: C33, I21, O11
Pages: 125-135
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=504.pdf
File-URL: http://www.vse.cz/pep/504
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:504:p:125-135
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/504

Template-Type: ReDIF-Article 1.0
Author-Name: Carlos Rodríguez
Author-Name: Ricardo Bustillo
Title: Foreign Direct Investment and the Business Cycle: New Insights after the Great Recession
Abstract: In this paper we examine how business cycles in the home country affect outward flows of FDI (OFDI). We employ a panel data set of OFDI flows for a representative sample of countries from 1970 to 2011. The findings of the regression models that we have used are consistent with the hypothesis that OFDI flows behave pro-cyclically. This is the case for different country subsamples, for different business cycle specifications and for the inclusion of other control variables as well. Beyond this main conclusion, home country interest rate and exchange rates reveal a negative effect upon OFDI flows.
Keywords: foreign direct investment, real exchange rate, multinational firms, business cycles
Classification-JEL: F21, F23
Pages: 136-153
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=505.pdf
File-URL: http://www.vse.cz/pep/505
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:505:p:136-153
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/505

Template-Type: ReDIF-Article 1.0
Author-Name: Marek Hudík
Title: Homo Economicus and Homo Stramineus
Abstract: The model of Homo economicus has often been criticized as unrealistic. In particular, it has been found lacking for allegedly assuming that people are selfish, an assumption which is contradicted by both introspection and empirical evidence. The aim of this paper is to show that never in the history of the economic discipline has selfishness constituted the core of the Homo economicus model. In fact, the standard economic model of behaviour which has been used by economists for more than a hundred years is reticent about the motives of behaviour. Critics thus do not criticize Homo economicus but a straw man - Homo stramineus. Three possible reasons for confusing Homo economicus with Homo stramineus are identified: malicious intent, ignorance and an attempt to avoid the tautological model of behaviour.
Keywords: Homo economicus, self-interest, desire of wealth, utility, rationality
Classification-JEL: B12, B13, B21, B41, D01
Pages: 154-172
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=506.pdf
File-URL: http://www.vse.cz/pep/506
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:506:p:154-172
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/506

Template-Type: ReDIF-Article 1.0
Author-Name: Radek Hendrych
Author-Name: Tomáš Cipra
Title: Econometric Model of the Czech Life Insurance Market
Abstract: The aim of the article is to introduce a complex econometric model of cash-flows for the Czech life insurance market. Namely, technical-actuarial links among insurance variables observed in annually published summary balance sheets of life insurers are described by means of an econometric system of linear simultaneous equations. The suggested model is statistically verified and thus it can provide useful economic interpretations. Further, adjusted residual bootstrapping is introduced in this context as a straightforward alternative which can solve possible problems with questionable asymptotic distribution properties of residuals. This technique can be applied e.g. for signifi cance testing purposes. Finally, an important practical illustration of scenario analysis is considered. Such an analysis might be really useful, e.g. for internal calculations of the Czech life insurers, financial planning or stress testing in the framework of Solvency II. Two general approaches are presented: deterministic and stochastic. The second one is capable of delivering various empirical probabilities concerning possible future developments.
Keywords: econometric model, scenario analysis, econometric system of simultaneous equations, insurance market, life insurance, residual bootstrap, Solvency II
Classification-JEL: C30, C32, C39, G22
Pages: 173-191
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=507.pdf
File-URL: http://www.vse.cz/pep/507
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:507:p:173-191

Template-Type: ReDIF-Article 1.0
Author-Name: Ovidiu Stoica
Author-Name: Mark J. Perry
Author-Name: Seyed Mehdian
Title: An Empirical Analysis of the Diffusion of Information across Stock Markets of Central and Eastern Europe
Abstract: In this paper, we examine the efficiency of the transmission of information across the stock markets of Bulgaria, the Czech Republic, Hungary, Poland, Romania, and Slovakia, as well as the relative importance and influence of advanced equity markets of Germany and France on the abovementioned markets. The analysis is carried out using maximum likelihood regressions, Generalized Autoregressive Conditional Heteroskedastic (GARCH) models, and vector autoregression (VAR) estimations. The empirical results suggest that the Central and Eastern European stock markets react to the arrival of price innovations from Germany and France, but national stock market price innovations account for more error variance compared to those of Germany and France, and generally show an increasing responsiveness over time, which could be interpreted as progress in the European financial integration.
Keywords: European integration, diffusion of information, integration of equity markets, entral and Eastern European countries
Classification-JEL: G14, G15
Pages: 192-210
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=508.pdf
File-URL: http://www.vse.cz/pep/508
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:508:p:192-210
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/508

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Hasman
Author-Name: Josef Novotný
Title: Cross-National Variation in Income Inequality and its Determinants: An Application of Bayesian Model Averaging on a New Standardized Inequality Data Set
Abstract: A new good quality standardized data set for cross-national comparisons of income inequality covering 147 countries has been constructed. The Bayesian model averaging and multiple imputation approach have been used to identify robust correlates from a larger pool of potential predictors of cross-national variation in inequality determined from previous literature. The results document significant macro-regional specifi city both regarding levels and predictors of inequality. While globalization associates with lower inequality in Western countries, it has opposite effects in Latin America, Sub-Saharan Africa or post-communist countries. Age structure, the extent of social spending, or colonial history are another important factors with regionally specific impacts on inequality. By contrast, explanative power of some other traditional determinants of inequality has not been corroborated.
Keywords: income inequality, Bayesian model averaging, cross-country analysis, multiple
Classification-JEL: C11, D31, O15
Pages: 211-224
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=509.pdf
File-URL: http://www.vse.cz/pep/509
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:509:p:211-224
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/509

Template-Type: ReDIF-Article 1.0
Author-Name: Tomas Baležentis
Title: The Sources of the Total Factor Productivity Growth in Lithuanian Family Farms: A Färe-Primont Index Approach
Abstract: The Lithuanian agricultural sector still features the processes of land reform, farm structure development, and modernisation. Accordingly, there is a need to utilise the benchmarking techniques in order to fathom the underlying trends and sources of efficiency and productivity. This paper therefore aims at analysing the productive efficiency and the total factor productivity in the Lithuanian family farms. The research is based on the Farm Accountancy Network Data covering the period of 2004-2009. The Färe-Primont Indices were employed to estimate and decompose the total factor productivity changes. Furthermore, the stochastic kernels were applied to analyse the distributions of the efficiency scores along with the econometric analysis which aimed at revealing the relationships of the environmental variables and the efficiency scores. The results do indicate that the technical efficiency was a decisive factor causing decrease in TFP efficiency for crop and mixed farms. Meanwhile, the scale efficiency constituted a serious problem for mixed farms. Indeed, these farms were the smallest ones if compared to the remaining farming types. Finally, the mix efficiency was low for all farming types indicating the need for implementation of certain farming practices allowing for optimisation of the input-mix.
Keywords: total factor productivity, data envelopment analysis, Färe-Primont indices, family farms
Classification-JEL: C610, D240, Q120
Pages: 225-241
Volume: 2015
Issue: 2
Year: 2015
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=510.pdf
File-URL: http://www.vse.cz/pep/510
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2015:y:2015:i:2:id:510:p:225-241
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/510