Template-Type: ReDIF-Article 1.0
Author-Name: Marek Tomaszewski
Title: Corruption - A Dark Side of Entrepreneurship. Corruption and Innovations
Abstract: In this article, corruption is treated as an expression of human entrepreneurship, which does not fully fit in the commonly accepted moral and legal standards. Despite being negatively perceived, it is persistently present in the public, economic and political life of every country as evidenced by a number of press releases on corruption. Research literature analysis reveals the existence of two conflicting opinions with regard to the way in which corruption affects innovative activity of companies and economic growth. The more morally correct theory, which can be dubbed the sand-the-wheels theory, assumes that corruption negatively influences innovative activity and economic growth. Whereas, the grease-the-wheels theory, which is inconsistent with the principles of social responsibility of business, argues for the positive influence of corruption on innovative activity of companies and economic growth. This article is a voice in that discussion.
Keywords: economic growth, corruption, entrepreneurship, the sand-the-wheels theory, innovations, the grease-the-wheels theory
Classification-JEL: D23, D73, L26, O31, O32, O38
Pages: 251-269
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=647.pdf
File-URL: http://www.vse.cz/pep/647
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:647:p:251-269
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/647

Template-Type: ReDIF-Article 1.0
Author-Name: Evžen Kočenda
Title: Survey of Volatility and Spillovers on Financial Markets
Abstract: In this survey article, we present a rich extent of literature on volatility and its propagation on financial markets via spillovers. We document how new approaches or improved existing methodologies lead to results that offer richer insights than those derived from standard econometric techniques. Moreover, the implications of the results can be related to a wide set of markets as the surveyed articles cover emerging and developed European markets as well as the United States.
Keywords: volatility, financial markets, volatility spillovers
Classification-JEL: C10, E44, F31, G15
Pages: 293-305
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=650.pdf
File-URL: http://www.vse.cz/pep/650
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:650:p:293-305
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/650

Template-Type: ReDIF-Article 1.0
Author-Name: Goran Vukšić
Title: Pre-Crisis Wage Leadership in Croatia in the Context of Export Competitiveness: Any Lessons for the Future?
Abstract: This study explores the determinants of sectoral wage dynamics in Croatia, including intersectoral wage linkages, using both panel data methods and Granger causality analysis. Given the large deficits in Croatian merchandise trade and accumulated external liabilities, wage formation in the exporting sectors receives a particular focus. It has been found that exporters are wage leaders and that labour productivity is a more important wage determinant for the exporting sectors than for other sectors. Public sector wages do not affect wages in private sectors. There are, however, wage spillovers within the group of exporting sectors and possibly a bi-directional causal relationship between wages in exporting and private sheltered sectors. Thus, some exporting industries may face pressure from wage increases in more successful exporting sectors as well as in private sheltered sectors. A more coordinated wage-setting system could contribute to improving overall export performance and reducing external trade imbalances.
Keywords: competitiveness, wages, exports, wage setting, incomes policy, Croatia
Classification-JEL: E64, F16, J30, J50
Pages: 306-330
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=655.pdf
File-URL: http://www.vse.cz/pep/655
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:655:p:306-330
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/655

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Macháček
Author-Name: Aleš Melecký
Author-Name: Monika Šulganová
Title: Macroeconomic Drivers of Non-Performing Loans: A Meta-Regression Analysis
Abstract: Common exposure to macroeconomic risk factors across financial institutions is a source of a systemic risk that influences quality of banks´ loan portfolios. This paper focuses on the growing literature on credit risk determinants. The aim of the paper is to provide more general information on effects of macroeconomic drivers with the use of quantitative metaanalytic techniques. We consider five of the most common macroeconomic determinants of non-performing loans ratio. The meta-regression results suggest that there are some significant differences among studies, which could be identified. For instance, data specification, estimation method, number of countries and observations included in the model play a significant role. In some cases, e.g. inflation and exchange rate, the size of the effects presented in journals with impact factor are significantly different from other types of studies included in the analysis. The sub-sample analysis mostly confirms meta-regressions results.
Keywords: meta-analysis, aggregate credit risk, macroeconomic credit risk drivers, non-performing loans ratio, sub-samples analysis
Classification-JEL: C20, E44, G21
Pages: 351-374
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=656.pdf
File-URL: http://www.vse.cz/pep/656
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:656:p:351-374
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/656

Template-Type: ReDIF-Article 1.0
Author-Name: Lucia Mihóková
Author-Name: Radovan Dráb
Author-Name: Andrea Kralik
Title: Assessing the Impact of Tax Evasion on Long-Term Fiscal Imbalance: A Sensitivity Analysis Application
Abstract: Tax evasion can have important consequences for the macroeconomic and social balance of a country, as well as for its monetary and fiscal development. A limited number of studies dealing with the consequences for fiscal imbalance are present, but their objectives vary a lot. This analysis has been conducted with the purpose to empirically assess the impact of the tax evasion changes on the public debt in the 28 EU countries. The research considers the dynamics of public debt during the period of 21 years. The research is based on a probabilistic sensitivity analysis approach that was conducted individually for four clusters using @Risk of Palisade Decision Tools Package. The analysis showed a negative correlation between the tax evasion and the public debt, where the growth of the tax evasion is connected with the decrease of the public debt in a given country. The extent of the effect varies depending on the country, or more precisely on the groups of countries and is conditioned by other macroeconomic variables.
Keywords: public finance, simulation, tax evasion, long-term fiscal imbalance, probabilistic sensitivity analysis, EU countries
Classification-JEL: H26, H63
Pages: 331-350
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=662.pdf
File-URL: http://www.vse.cz/pep/662
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:662:p:331-350
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/662

Template-Type: ReDIF-Article 1.0
Author-Name: Jovan Njegić
Author-Name: Dejan Živkov
Author-Name: Irena Janković
Title: Interrelationship and Spillover Effect between Stock and Exchange Rate Markets in the Major Emerging Economies
Abstract: This paper analyses the dynamic nexus and bidirectional spillover effect between stocks and exchange rates in seven major emerging markets and one developed market. Three types of BEKKGARCH models were utilized in the research process - basic BEKK-GARCH, asymmetric BEKK-GARCH and asymmetric BEKK-GARCH with structural breaks. Model with breaks gave the best fitting results in six out of eight cases. VAR based volatility spillover method serves as a complementary methodology. Results showed that dynamic connection between two major asset classes behaves in accordance with the portfolio balanced approach in emerging markets, while the nexus is in line with the flow oriented theory in the US market. In addition, according to the BEKK-GARCH results, shock and volatility spillover effect is predominantly directed from exchange rate market to stock market in all countries, while in the VAR based model it is not so obvious.
Keywords: exchange rate, structural breaks, stocks, BEKK-GARCH
Classification-JEL: C51, F31, G15
Pages: 270-292
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=669.pdf
File-URL: http://www.vse.cz/pep/669
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:669:p:270-292
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Template-Type: ReDIF-Article 1.0
Author-Name: Ilya Bolotov
Title: All the Relevant Information on Foreign Direct Investment in One Book Publication
Pages: 375-376
Volume: 2018
Issue: 3
Year: 2018
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=673.pdf
File-URL: http://www.vse.cz/pep/673
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2018:y:2018:i:3:id:673:p:375-376
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/673