Template-Type: ReDIF-Article 1.0
Author-Name: Rumeysa Bilgin
Title: Relative Importance of Country and Firm-specific Determinants of Capital Structure: A Multilevel Approach
Abstract: This paper evaluates the relative importance of country and firm-specific determinants of capital structure using a multilevel modelling approach. Annual data for 18,201 public and non-financial firms from 66 countries are analysed for the period 2000-2016. Variance decomposition analysis is employed in order to assess the relative importance of country and firm levels. Additionally, random intercept and random coefficient models are used to analyse direct and indirect effects of capital structure determinants. Our results showed that country and firm levels explain approximately 10% and 60% of the total variability in capital structures, respectively. This shows that managers assign a higher importance to the firm-level factors when making capital structure decisions. Also country-level variables affect leverage choices to a lower extent.
Keywords: panel data, multilevel mixed model, determinants of capital structure
Classification-JEL: C33, G30, G32
Pages: 499-515
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=700.pdf
File-URL: http://www.vse.cz/pep/700
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:700:p:499-515
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Template-Type: ReDIF-Article 1.0
Author-Name: Karel Janda
Author-Name: Zuzana Lajksnerova
Author-Name: Jakub Mikolasek
Title: A General Equilibrium Model of Optimal Alcohol Taxation in the Czech Republic
Abstract: This paper provides a general equilibrium theoretical model of alcohol taxation and empirically estimates the model. For this purpose, we use a model determined by both externality corrections and fiscal considerations as the tax increase is assumed to immediately change other governmental policies such as labour taxation or medical expenditures. The results of our analysis show that under most parametric scenarios, the current Czech tax rate on beer and wine is below its optimal level and that the fiscal component has a significant impact on the optimal level of tax.
Keywords: wine, tax, social costs, price, elasticity, Czech Republi, beer, alcohol
Classification-JEL: H21, Q02, Q18
Pages: 589-611
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=706.pdf
File-URL: http://www.vse.cz/pep/706
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:706:p:589-611
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/706

Template-Type: ReDIF-Article 1.0
Author-Name: Jakub Bechný
Title: Unemployment Hysteresis in the Czech Republic
Abstract: This paper analyses the unemployment hysteresis in the Czech Republic on data from 1999 to 2016. The hysteresis is modelled by allowing for the impact of cyclical unemployment on the nonaccelerating inflation rate of unemployment. Models are estimated using the Bayesian approach and provide robust evidence in favour of the hysteresis. The estimates imply that in response to an increase in the cyclical unemployment of 1 percentage point, the non-accelerating inflation rate of unemployment increases by 0.18 percentage points.
Keywords: unemployment, state-space models, Phillips curve, NAIRU, hysteresis
Classification-JEL: C11, C32, E24, E32
Pages: 532-546
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=709.pdf
File-URL: http://www.vse.cz/pep/709
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:709:p:532-546
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Template-Type: ReDIF-Article 1.0
Author-Name: Yong-Cong Yang
Author-Name: Pu-yan Nie
Author-Name: Zhao-Hui Wang
Author-Name: Zheng-Xun Tan
Title: Spatial Monopoly with Upgrades of Durable Goods
Abstract: This paper establishes a two-stage Hotelling model to identify the implications of the upgrades of durable goods produced by a spatial monopoly. The major findings indicate that, due to the positive effects on profits of the upgrading of products, the monopoly has the motivation to launch upgraded versions with high quality instead of solely producing products with low quality. The monopoly, meanwhile, would not make a commitment to either the high-quality products or the low-quality ones. In addition, the price of the low-quality products decreases as upgraded ones appear on the market in a second stage, since no consumers would store the low-quality products for future consumption.
Keywords: upgrade, spatial monopoly, game theory, durable goods, commitment
Classification-JEL: C61, C72, D40, L10
Pages: 516-531
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=712.pdf
File-URL: http://www.vse.cz/pep/712
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:712:p:516-531
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Baláž
Author-Name: Juraj Bayer
Title: Energy Prices and their Impact on the Competitiveness of the EU Steel Industry
Abstract: An essential part of the EU’s growth strategy is support to its own international competitiveness. The reason is that the domestic industry is losing its former positions and is being pushed out of both domestic and international markets. Developments on the international steel market over the last year confirm that the market is likely to see significant changes as a result of protective measures. Most of them will jeopardise the international competitiveness of the European steel industry with negative impacts on its overall economic growth. The aim of this paper is to analyse the influence of energy prices and, based on an international comparison of production conditions, identify the comparative advantages of the EU in this segment. For this purpose, use will be made of the RCA indicator and other research methods. The authors formulate some statements concerning the future development of this sector and the conditions which need to be satisfied to boost its competitiveness.
Keywords: international trade, european steel industry, energy security, competitiveness
Classification-JEL: E62, F01, F40
Pages: 547-566
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=715.pdf
File-URL: http://www.vse.cz/pep/715
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:715:p:547-566
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Template-Type: ReDIF-Article 1.0
Author-Name: Kamil Filipek
Author-Name: Andrzej Cwynar
Author-Name: Wiktor Cwynar
Title: Does Social Capital Influence Debt Literacy? The Case of Facebook Users in Poland
Abstract: Debt literacy has been considered to be a critical competence of modern societies since the recent global financial crisis. Debt-literate individuals are less prone to financial abuse and perform better in terms of credit management. Currently, debt-related information and knowledge are widely accessible through social networking sites (SNS), such as Facebook. However, not all SNS users have equal access to debt-related resources, and, consequently, they reach different scores in debt literacy tests. This study examines relational factors (resources) behind the debt literacy of Facebook users (N = 1,055) in Poland by applying the Resource Generator tool built into the online questionnaire. This quantitative instrument helps to diagnose resources that are embedded and mobilised (social capital) from personal networks made up of kin, friends and acquaintances. We found that users with more social capital, that is, better access to resources, perform better in debt literacy tests. Moreover, weak ties (acquaintances) appear to be good sources of debt-related information and knowledge that have positive impact on debt literacy scores.
Keywords: social media, social capital, financial literacy, Facebook, debt literacy
Classification-JEL: D83, G41, L82
Pages: 567-588
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=721.pdf
File-URL: http://www.vse.cz/pep/721
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:721:p:567-588
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Template-Type: ReDIF-Article 1.0
Author-Name: Kateřina Gawthorpe
Title: Input-Output DSGE Model for the Czech Republic
Abstract: This study questions the importance of accounting for sectoral heterogeneity in a DSGE model for the Czech Republic. The benchmark DSGE model originally developed by the Czech Ministry of Finance benefits from features such as wage and price stickiness, habit formation in the utility function and capital adjustment costs. The Input-Output DSGE model extended hereby proves to provide more precise estimates for the evolution of aggregate variables and to supply a more detailed structure of the economy. The set of variables the dynamics of which significantly improve consists of inflation rate and nominal interest rate. The disaggregated model also fits data well in terms of sectoral production functions. Finally, the absence of industrial heterogeneity in the model is shown to lead to an underestimation of the impact of the technology shock on the Czech gross domestic product.
Keywords: Input-Output DSGE model, DSGE, Czech Republic
Classification-JEL: C67, C68, E17
Pages: 612-630
Volume: 2019
Issue: 5
Year: 2019
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=724.pdf
File-URL: http://www.vse.cz/pep/724
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2019:y:2019:i:5:id:724:p:612-630
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/724