Template-Type: ReDIF-Paper 1.0
Author-Name: Philippe Adair
Author-Name-First: Philippe
Author-Name-Last: Adair
Author-Email: adair@u-pec.fr
Author-Workplace-Name: University Paris-Est Créteil-UPEC; ERUDITE Research Team
Author-Name: Oksana Nezhyvenko
Author-Name-First: Oksana
Author-Name-Last: Nezhyvenko
Author-Email: oksana.nezhyvenko@gmail.com
Author-Workplace-Name: National University of Kyiv-Mohyla Academy-NaUKMA; ERUDITE Research Team
Title: Wage Differentials in EU Transition Economies (2009-2016): How Large a Penalty for Females and Informal Employees?
Abstract: The paper tackles the wage differentials issue upon a large sample of employees in eight EU transition countries over 2009-2016 with respect to human capital theory vs. labour market segmentation theory and according to gender. Using several measurement methods, the results display a significant penalty in average real monthly wages for informal employees, which is always higher for females; hence, informal female employees face a double penalty. In regard of individual and job characteristics, earnings functions investigate the wage penalty for informality, which declines respectively to 20 per cent and 12 per cent for males, and 27 per cent and 17 per cent for female employees. Next, fixed effects model demonstrates that wage penalty reaches 23 per cent for females and over 10 per cent for males. Last, according to the decomposition model, explained variables (individual and job characteristics) account for two-thirds of the wage differentials, which prove better explained on the demand side of firms and supports the segmentation theory.
Length: 22 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 1-22
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=001&rid=13129
File-Function: First version, 2020
Number: 10913129
Classification-JEL: E26, J16, J31
Keywords: Decomposition model; EU-SILC; informal employment; Mincer model; panel data; quantile regression; transition economy; wage differentials
Handle: RePEc:sek:iefpro:10913129
Template-Type: ReDIF-Paper 1.0
Author-Name: Philippe Adair
Author-Name-First: Philippe
Author-Name-Last: Adair
Author-Email: adair@u-pec.fr
Author-Workplace-Name: University Paris-Est Créteil-UPEC; ERUDITE Research Team
Author-Name: Imène Berguiga
Author-Name-First: Imène
Author-Name-Last: Berguiga
Author-Email: imne068@yahoo.fr
Author-Workplace-Name: IHEC-University of Sousse; ERUDITE Research Team
Title: Is Bank Loan Funding to SMEs in North Africa a Matter of Size?
Abstract: The paper tackles the bank loan issue according to the size of 3,896 businesses, a sample from the World Bank Enterprises Survey conducted as of 2013 in Egypt, Morocco and Tunisia. First, the sample is adjusted with respect to international standards. Second, businesses that did not apply vs. those that did apply for a loan are investigated as regards corporate finance theory. Third, a logistic model addresses the demand and the supply of 1,020 businesses that applied for a loan.  Characteristics of businesses -Size, Age, Registration and Financial inclusion influence loan demand, whereas Financial inclusion and Collateral influence loan supply.
Length: 18 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 23-40
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=002&rid=13130
File-Function: First version, 2020
Number: 10913130
Classification-JEL: G21, G32
Keywords: Bank loans; Corporate finance; Logistic regressions; North Africa; SMEs
Handle: RePEc:sek:iefpro:10913130
Template-Type: ReDIF-Paper 1.0
Author-Name: Krisztina Antal-Pomázi
Author-Name-First: Krisztina
Author-Name-Last: Antal-Pomázi
Author-Email: antal-pomazi@krtk.mta.hu
Author-Workplace-Name: Center for Economic and Regional Studies, Corvinus University of Budapest
Title: Corporate Interest in Antitrust Enforcement
Abstract: Antitrust enforcement is beneficial for consumers as long as they face lower prices, more alternatives to choose from, and get valid information about products and services. But what about the competing firms? Why is it good, or is it good at all for them if they are not allowed to form cartels, not allowed to become a monopoly, or not allowed to use their market power? The first part of the paper aims to answer questions like these. If we look beyond the idea of a welfare-maximizing social planner that creates competition policy in order to promote competition and put restraint on firms willing to monopolize markets, we might ask why such institutions emerge and who really benefits from them? Apart from the evident answer of consumers benefiting from lower prices, we consider the possibility of companies, or rather industries, benefiting from antitrust enforcement. In such a setting, preventing monopolization can be viewed as a service delivered by the regulating body. This service might be valuable for particular firms, but normally cannot be purchased on the market. Our paper presents a game theoretic model showing that such an effect exists under certain, sufficiently general conditions. Firms in an oligopolistic setting, prone to competitive escalation, would be willing to pay for the maintenance of an authority controlling business practices that are (considered) anti-competitive and thus preserving the status quo on the market. Finally, we test our results empirically, based on the practice of the competition authorities of the United Kingdom and the Netherlands. The data support the interest group theory of regulation and they match the predictions of our model.Acknowledgment: The present publication is the outcome of the project ?From Talent to Young Researcher project aimed at activities supporting the research career model in higher education?, identifier EFOP-3.6.3-VEKOP-16-2017-00007 co-supported by the European Union, Hungary and the European Social Fund.
Length: 12 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 41-52
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=003&rid=12816
File-Function: First version, 2020
Number: 10912816
Classification-JEL: L13, L41, C72
Keywords: Antitrust, Public enforcement, Monopolization, Interest groups, Anticompetitive business practices, Competitive escalation 
Handle: RePEc:sek:iefpro:10912816
Template-Type: ReDIF-Paper 1.0
Author-Name: Emil Exenberger
Author-Name-First: Emil
Author-Name-Last: Exenberger
Author-Email: emil.exenberger@tuke.sk
Author-Workplace-Name: Technical University of Ko?ice
Author-Name: Michaela Kav?áková
Author-Name-First: Michaela
Author-Name-Last: Kav?áková
Author-Email: michaela.kavcakova@tuke.sk
Author-Workplace-Name: Technical University of Ko?ice
Title: Evaluation of financial health of companies through data envelopment analysis: Selection of variables for the DEA model in R
Abstract: Existing companies need to continually adapt to changing market conditions. The market situation may change, say, from day to day, as in 2008, when the Great Depression broke out, or as is currently the case during the COVID-19 pandemic. For this reason, companies need to monitor their financial health and be able to cope with such unpredictable situations. The aim of this paper is to provide a detailed guide to selecting appropriate financial indicators for the Data Envelopment Analysis model that can be used to evaluate the financial health of companies. Specifically, we use the Mann-Whitney test for indicators of IT companies in Slovakia during 2012-2017. The result is a process of selecting variables to evaluate the financial health of companies through the DEA model, applicable to both business practice and academia.
Length: 11 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 53-63
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=004&rid=13067
File-Function: First version, 2020
Number: 10913067
Classification-JEL: C14, C88, M21
Keywords: Data Envelopment Analysis, Mann-Whitney test, financial health, multicolinearity, financial indicators
Handle: RePEc:sek:iefpro:10913067
Template-Type: ReDIF-Paper 1.0
Author-Name: Kristina Kocisova
Author-Name-First: Kristina
Author-Name-Last: Kocisova
Author-Email: kristina.kocisova@tuke.sk
Author-Workplace-Name: Faculty of Economics, Technical University of Ko?ice
Author-Name: Martina Pastyriková
Author-Name-First: Martina
Author-Name-Last: Pastyriková
Author-Email: Mata.Pastyrikova@gmail.com
Author-Workplace-Name: Faculty of Economics, Technical University of Ko?ice
Title: Determinants of non-performing loans in European Union countries
Abstract: Using a panel data model, we study the macroeconomic and microeconomic determinants of non-performing loans across European Union countries during the period from 2005 to 2018. According to our estimation, the following variables are found to significantly affect NPL ratio: unemployment rate, gross domestic product per capita, capital adequacy, private debt ratio, nominal effective exchange rate and the net interest margin. As the NPL ratio is found to respond to macroeconomic conditions, such as GDP and unemployment, the analysis also indicates that there are substantial effects from the banking system to the real economy, thus suggesting that the high NPL that some European countries recorded after the financial crisis could be adversely affected in the future by the downturn in economic recovery due to the pandemic.
Length: 8 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 64-71
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=005&rid=13085
File-Function: First version, 2020
Number: 10913085
Classification-JEL: G21, E44
Keywords: Non-performing loans, Microeconomic determinants, Macroeconomic determinants
Handle: RePEc:sek:iefpro:10913085
Template-Type: ReDIF-Paper 1.0
Author-Name: STEFAN ADRIANA MATEI 
Author-Name-First: STEFAN ADRIANA
Author-Name-Last: MATEI 
Author-Email: adriana24matei@yahoo.com
Author-Workplace-Name: UNIVERSITATEA VALAHIA DIN TÂRGOVI?TE
Author-Name: BR?T??ANU SIMONA LUPU
Author-Name-First: BR?T??ANU SIMONA
Author-Name-Last: LUPU
Author-Email: simonabratasanu@yahoo.com
Author-Workplace-Name: UNIVERSITATEA VALAHIA DIN TÂRGOVI?TE
Title:  INNOVATION IN ROMANIAN ENTREPRENEURSHIP
Abstract: This paper investigates the flair for business, hard work, big ideas, disruptive innovation, the intangible characteristics of an entrepreneur that determines the success of the business, by bringing in small and medium enterprises, a set of modern tools to raise the level of entrepreneurial approaches - from capitalizing on know-how and research in partnership with the business environment, to strengthen transdisciplinary entrepreneurial approaches.Among the many qualities that help him cope with the challenges involved in developing a company, there are three essential things that every entrepreneur must possess: courage, innovation and resistance to stress.Innovations need entrepreneurs, but the reciprocal is also valid for a successful business, it is necessary to satisfy a need that has not been satisfied so far, to offer a lower price, an innovation process is necessary.Without the element of novelty, an entrepreneur is weak in the business world. That is why I say that innovation and entrepreneurship are two indestructibly linked fields. Promoting entrepreneurial approaches can start to generate positive results if the vision of young entrepreneurs, the development of skills related to entrepreneurship and innovation are correlated.
Length: 8 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 72-79
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=006&rid=13047
File-Function: First version, 2020
Number: 10913047
Classification-JEL: J24, A00, A10
Keywords: disruptive innovation, entrepreneurship, novelty, entrepreneurial approaches.
Handle: RePEc:sek:iefpro:10913047
Template-Type: ReDIF-Paper 1.0
Author-Name: Helena Mitwallyová
Author-Name-First: Helena
Author-Name-Last: Mitwallyová
Author-Email: mitwally@volny.cz
Author-Workplace-Name: University of Economics, Prague
Title: Obligatory Tasks of Self-Government ? A Way to Better Efficiency?
Abstract: In decentralised Europe, a regional self-government constitutes an important factor directly influencing the life of citizens in a given region. It is the outlined obligatory tasks where the public expenditure of self-governments should aim. An analysis of the legislation of European countries, having the obligatory tasks both defined as well as non-defined, and a comparison of the expenditure of their towns with the tasks defined by legislation all helped determine the most frequently represented obligatory tasks. Simultaneously the share of these tasks in the municipality budgets was scrutinised. The article aims at finding out whether the definition of the self-governments? so-called obligatory tasks in jurisprudence ensures saturation of the public interest and enhances the efficiency of municipal self-governments? activities, which has been proven by the research. At the same time, public supervision, education of the public in the field of state administration, training of elected representatives and a legal ?failsafe? against indebting the self-governments is considered fundamental.
Length: 17 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 80-96
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=007&rid=12804
File-Function: First version, 2020
Number: 11712804
Classification-JEL: H72, H76
Keywords: Self-government obligatory tasks, Public expenditure, Public interest, Self-government, Corruption
Handle: RePEc:sek:iefpro:11712804
Template-Type: ReDIF-Paper 1.0
Author-Name: Adriana Novotná
Author-Name-First: Adriana
Author-Name-Last: Novotná
Author-Email: adriana.novotna@tuke.sk
Author-Workplace-Name: Technical University of Ko?ice, Faculty of Economics, Department of Banking and Investment
Title: Importance of interest rates on the credit market in Slovakia
Abstract: One of the ways how monetary policy can affect the economy is through the interest rate channel. Interest rates have vital importance for economic decision making and recently, we can observe a rare phenomenon in European monetary policy, the negative interest rate. This situation can affect the volume of granted loans of every European area country. Slovakia is ranked among the fastest countries of retail lending increase in the European Union. The aim of this paper is to analyse the development of consumer loans and three interest rates which can affect the amount of granted loans by the Slovak banking market from 2009 to 2019 period, using monthly based data. The paper is concentrated on eight groups of loans, according to the division of the National Bank of Slovakia and it analyses the impact of three interest rates, the fixed rate set by the European Central Bank, the EONIA interest rate and the average interest rate for a specific group of loans in Slovakia. The paper also focuses on the analysis of the development of the credit market in Slovakia and the development of the loans and interest rates. The main analytical part of the paper uses the ordinary least squares regression method for linear models, which analyses the relationship between group of loans, as a dependent variable, and interest rates, represented as independent variables. The ANOVA method is performed, and it allows a comparison of more than two groups at the same time to determine whether a relationship exists between them.
Length: 15 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 97-111
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=008&rid=13060
File-Function: First version, 2020
Number: 10913060
Classification-JEL: G21, C12, B40
Keywords: Slovak credit market, interest rate, fixed rate, EONIA, OLS, ANOVA, Kruskal-Wallis test
Handle: RePEc:sek:iefpro:10913060
Template-Type: ReDIF-Paper 1.0
Author-Name: George Pasmangiu
Author-Name-First: George
Author-Name-Last: Pasmangiu
Author-Email: pasmangiu_george@yahoo.com
Author-Workplace-Name: Bucharest University of Economic Studies
Title: A RETROSPECTIVE ANALYSIS AND CONSTRUCTION OF A FINANCIAL STABILITY INDEX FOR ROMANIA IN THE 2010S
Abstract: Often it is implied that financial stability is synonymous with macroeconomic stability, but the two concepts do not reflect the same context. A composite Financial Stability Index (FSI) should accurately represent the components of a financial market. In Romania, the money market along with the capital market, the insurance market, and the private pensions market form the entirety of the financial market. A macroeconomic stability index should represent the overall situation of all economic markets within a country. The main purpose of this paper is to design a better, more suitable aggregate index that best describes the notion of financial stability. The composite Financial Stability Index signals through its components, the general financial conditions of a nation?s economy. This paper explores the constituent economic variables for Romania that would lead to the completion of an improved aggregate index and the evolution of said index. Romania entered the last decade in the middle of a financial crisis that delayed its economic development and the accession to the euro area. To determine the trend of the financial market in Romania during the last decade, a VAR model and Principal Component Analysis (PCA) are used to conduct an econometric analysis for the 2010-2019 period. The results of this study demonstrate that, even though the Romanian financial market was weakened from the beginning of the analyzed period, it gradually managed to reach financial stability in the more recent years, although residual instability still remains a possibility in the near future. The modeled econometric data was collected from various international and national databases, such as Thomson Reuters Eikon platform, The National Bank of Romania (NBR) database, and The Financial Supervisory Authority (ASF) reports.
Length: 18 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 112-129
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=009&rid=13090
File-Function: First version, 2020
Number: 10913090
Classification-JEL: C32, C38, E44
Keywords: capital market, financial market, financial stability index, money market, VAR model
Handle: RePEc:sek:iefpro:10913090
Template-Type: ReDIF-Paper 1.0
Author-Name: John Polimeni
Author-Name-First: John
Author-Name-Last: Polimeni
Author-Email: jm.polimeni@verizon.net
Author-Workplace-Name: Albany College of Pharmacy and Health Sciences
Author-Name: Raluca Iorgulescu
Author-Name-First: Raluca
Author-Name-Last: Iorgulescu
Author-Email: raluca_i@lycos.com
Author-Workplace-Name: Institute for Economic Forecasting-NIER, Romanian Academy
Title: The Personal Health-Poverty Connection: A Case Study of Schenectady, NY
Abstract: The importance of personal health cannot be overstated. Without good health earning a good income is difficult. As a result, personal health is often linked to poverty. Further exacerbating the connection is that the poor spend a higher percentage of their income on healthcare. This health-poverty link leads to poor health outcomes and health issues such as respiratory diseases, lead poisoning, physical injuries, and mental health issues, to name just a few. Therefore, the relationship between poverty and personal health illustrates the socioeconomic disparities that exist. This paper examines the connection between poverty and personal health in the City of Schenectady, New York. Primary data collected from surveys are used to examine the poverty and personal health connection for Section 8 public housing residents and applicants, residents living in lower-income neighborhoods, and residents living in middle-class neighborhoods. Data are analyzed as subgroups and as an aggregate to determine the connection between the poverty and personal health. The paper concludes with a discussion of potential public policies that can be implemented to reduce personal health problems of the poor to achieve better health outcomes.
Length: 17 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 130-146
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=010&rid=12964
File-Function: First version, 2020
Number: 10912964
Classification-JEL: I14, I18, I30
Keywords: Health OutcomesPoverty
Handle: RePEc:sek:iefpro:10912964
Template-Type: ReDIF-Paper 1.0
Author-Name: Nelly Popova
Author-Name-First: Nelly
Author-Name-Last: Popova
Author-Email: npopova@unwe.bg
Author-Workplace-Name: Department of Finance, University of National and World Economy, Sofia
Title: FISCAL RISK SHARING IN THE ECONOMIC AND MONETARY UNION
Abstract: The economic, debt and banking crises had strongly asymmetric effects on euro area countries and revealed the vulnerabilities in the institutional setting of the EMU and created significant risks to the single currency. In the aftermath of the crises there were significant changes in EMU aimed at increased risk sharing but they did involve the introduction of supra-national macroeconomic stabilization function. It is suggested in the paper that deeper fiscal integration is necessary to complement the currency union and strengthen the economic integration in the EU. The paper outlines the theoretical background of risk sharing and examines the main alternatives for a common fiscal capacity in the euro area. 
Length: 11 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 147-157
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=011&rid=13061
File-Function: First version, 2020
Number: 10913061
Classification-JEL: E62, F15, H77
Keywords: Fiscal Policy, Economic Integration, Fiscal Federalism
Handle: RePEc:sek:iefpro:10913061
Template-Type: ReDIF-Paper 1.0
Author-Name: Andrey Pushkarev
Author-Name-First: Andrey
Author-Name-Last: Pushkarev
Author-Email: a.a.pushkarev@urfu.ru
Author-Workplace-Name: Ural Federal University
Author-Name: Oleg Mariev
Author-Name-First: Oleg
Author-Name-Last: Mariev
Author-Email: o.s.mariev@urfu.ru
Author-Workplace-Name: Ural Federal University
Author-Name: Natalia Davidson
Author-Name-First: Natalia
Author-Name-Last: Davidson
Author-Email: natalya.davidson@gmail.com
Author-Workplace-Name: Ural Federal University
Title: The effect of spatial concentration on the business performance in various types of Russian cities
Abstract: This paper empirically analyzes the effect of spatial concentration of economic activities on enterprise productivity, using Russian firm-level data. Panel data allows us to control for endogeneity biases associated with estimation of agglomeration economies, using fixed effects method. Our results show that Russian firms benefit from the share of similar enterprises in the total city revenue and urbanization, also that these advantages differ by city type. We also find a lack of connection between the level of wages and the revenues of firms for cities within agglomerations (while for other types of cities this effect is significant and positive). We assume that this is primarily due to the role of the agglomeration center, which determines the level of wages in all cities of the agglomeration. The results show that for the optimal development of territories it is necessary to pursue a diversified regional policy.
Length: 8 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 158-165
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=012&rid=13084
File-Function: First version, 2020
Number: 10913084
Classification-JEL: D24
Keywords: spatial concentration, localization, urbanization, home market potential, Russian cities
Handle: RePEc:sek:iefpro:10913084
Template-Type: ReDIF-Paper 1.0
Author-Name: Andrey Pushkarev
Author-Name-First: Andrey
Author-Name-Last: Pushkarev
Author-Email: a.a.pushkarev@urfu.ru
Author-Workplace-Name: Ural Federal University
Author-Name: Anna  Sennikova
Author-Name-First: Anna 
Author-Name-Last: Sennikova
Author-Email: aannsennikova@gmail.com
Author-Workplace-Name: Ural Federal University
Author-Name: Oleg Mariev
Author-Name-First: Oleg
Author-Name-Last: Mariev
Author-Email: o.s.mariev@urfu.ru
Author-Workplace-Name: Ural Federal University
Title: ECONOMETRIC ESTIMATION OF MARKET SELECTION IN RUSSIA: DIFFERENT PERFORMANCE INDICATORS
Abstract: This paper contributes to the analysis of several firm performance indicators for estimating market selection forces on the industrial level by using econometric estimation method. For the comparison we employ data on Russian manufacturing firms for the period from 2006 to 2017. The sample contains more than 79 thousand enterprises for a period of 2 to 12 years. This research is focused on such performance indicators as labor productivity, total factor productivity (TFP) and profit per employee. We compare results of the econometrical examination of the link between each of them and the firm growth. The main result implies that the bulk of the impact of productivity variables relates to efficiency changes more than to absolute differences of productivity levels across firms. Comparing three performance indicators we see that the median values of total explanatory ability are close for the labor productivity and total factor productivity. This holds true also on the level of individual industries. The results for profit per employee provide slightly higher median estimate. The research shows that such indicator as profit of the firm can well substitute labor productivity indicator in the market selection and competition research.
Length: 7 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 166-172
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=013&rid=13104
File-Function: First version, 2020
Number: 10913104
Classification-JEL: L11, D40
Keywords: productivity, market selection, Russian firms
Handle: RePEc:sek:iefpro:10913104
Template-Type: ReDIF-Paper 1.0
Author-Name: Stefan Raychev
Author-Name-First: Stefan
Author-Name-Last: Raychev
Author-Email: stefan1@abv.bg
Author-Workplace-Name: Department of Economic Science, University of Plovdiv Paisii Hilendarski
Author-Name: Blaga Madzhurova
Author-Name-First: Blaga
Author-Name-Last: Madzhurova
Author-Email: bmadzhurova@yahoo.de
Author-Workplace-Name: Department of Economic Science, University of Plovdiv Paisii Hilendarski
Author-Name: Dobrinka Stoyanova
Author-Name-First: Dobrinka
Author-Name-Last: Stoyanova
Author-Email: bini_stoyanova@abv.bg
Author-Workplace-Name: Department of Economic Science, University of Plovdiv Paisii Hilendarski
Title: POLICIES AND INNOVATIONS TO PROMOTE ECONOMIC GROWTH AND EMPLOYMENT  IN THE AGE OF GLOBALIZATION
Abstract: Over the last two decades, economic relations have been marked by fundamental changes. Globalization, the fourth technological revolution, the global economic crisis of 2008 are only part of the challenges facing each national economy.Methods have been used to illustrate the dynamics of the time series by major economic indicators through graphical and tabular visualization tools. Cross - correlation analysis using statistical software is applied to investigate the relationship and the relationship between the indicators used. The survey was conducted in the context of Bulgaria and the EU28 over a ten-year period by economic sectors and demographic groups.In certain sectors, an increase or decrease in the overall trend during the study period is observed. The nature of jobs in terms of sectoral employment is clearly changing from primary and secondary to tertiary. There is a clear significant link between investment in innovation and lifelong learning on economic growth and the dynamics of the labor market.In today's rethinking economic doctrines, the need to redefine economic policies is crucial in order to find the right path to manage the economic system through innovation, to enhance wealth through sustainable economic growth and an efficient labor market.
Length: 19 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 173-191
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=014&rid=12996
File-Function: First version, 2020
Number: 10912996
Classification-JEL: E01, E60, E24
Keywords: Innovation; Economic growth; Employment; Employment policies; EU; Bulgaria
Handle: RePEc:sek:iefpro:10912996
Template-Type: ReDIF-Paper 1.0
Author-Name: Josef Klement
Author-Name-First: Josef
Author-Name-Last: Klement
Author-Email: josef.klement@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Adela Zubikova
Author-Name-First: Adela
Author-Name-Last: Zubikova
Author-Email: adela.zubikova@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Miroslav Sevcik
Author-Name-First: Miroslav
Author-Name-Last: Sevcik
Author-Email: sevcik@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Tomas Lejsek
Author-Name-First: Tomas
Author-Name-Last: Lejsek
Author-Email: lejt00@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Title: The Impact of the Global COVID-19 Pandemic on the Stock Market Indices of Selected Countries
Abstract: The worldwide spread of coronavirus has shaken stock markets and significantly increased risk. The most-watched US stock index S&P 500 fell by 35% from 19th February to 23rd March. Indices of other countries registered a similar development. Although the spread of the virus has been brought under control in many countries currently, the worldwide number of infections is still growing. Unprecedented monetary and fiscal stimuli, on the other hand, have reversed sentiment in the markets. From 23rd March 2020, stock markets gradually had been growing until the S&P 500 index reached only 5% below historical highs on 8th June 2020. The paper deals with the development of volatility of selected stock indices, their mutual correlations, and the relationship with the number of infected in a given country.Acknowledgment: The publication of this article was supported by the University of Economics, Prague research grant IGA no. IGS F5/41/2020
Length: 11 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 192-202
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=015&rid=13113
File-Function: First version, 2020
Number: 10913113
Classification-JEL: F44, F65, G15
Keywords: coronavirus, COVID-19, volatility, stock indices, financial markets
Handle: RePEc:sek:iefpro:10913113
Template-Type: ReDIF-Paper 1.0
Author-Name: Miroslav Sevcik
Author-Name-First: Miroslav
Author-Name-Last: Sevcik
Author-Email: sevcik@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Adela Zubikova
Author-Name-First: Adela
Author-Name-Last: Zubikova
Author-Email: adela.zubikova@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Pavel Smolak
Author-Name-First: Pavel
Author-Name-Last: Smolak
Author-Email: pavel.smolak@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Title: The Advantages of an Independent Currency for Mitigating the Economic Impact of External Shocks Using the Example of the Coronavirus Pandemic: A Comparison of the Czech Republic and Slovakia
Abstract: The content of the paper defines and characterizes five key arguments for why, given the absence of an optimal monetary area, it is advantageous for an economy to be able to dispose of its own currency during periods of crisis, such as the current coronavirus pandemic. The article bases its arguments on the optimal currency area theory and the Mundell-Fleming model. The analytical part of the article approaches the example of the Czech Republic and the Slovak Republic, a well-matched comparison given that they are both small open economies with a common history but also because they faced the coronavirus pandemic at the same time and were affected to a similar extent. Unlike its Czech neighbour, the Slovak Republic adopted a single currency, the Euro, in 2009 and therefore became a member of the eurozone. Therefore, the use of its own currency to mitigate the coronavirus pandemic effects can be approximated by comparing the two countries. The analysis in this article results in the identification of the following five arguments for the advantage of having an independent currency: 1) absence of an optimal monetary area in the eurozone, 2) an independent monetary policy, 3) foreign trade support, 4) mitigating the effects of the coronavirus pandemic on price level changes, 5) supporting domestic production and services. The coronavirus pandemic has deepened the already existing problems of the eurozone and has clearly demonstrated the benefits of maintaining an independent currency in the case of the Czech Republic.
Length: 17 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 203-219
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=016&rid=13142
File-Function: First version, 2020
Number: 10913142
Classification-JEL: E42, E58, F40
Keywords: Monetary union, Czech crown, Euro area, International trade, Czech Republic, Slovakia, COVID-19, pandemic crisis
Handle: RePEc:sek:iefpro:10913142
Template-Type: ReDIF-Paper 1.0
Author-Name: Miroslav Sevcik
Author-Name-First: Miroslav
Author-Name-Last: Sevcik
Author-Email: sevcik@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Marek Koten
Author-Name-First: Marek
Author-Name-Last: Koten
Author-Email: kotm13@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Author-Name: Simunek Lubor
Author-Name-First: Simunek
Author-Name-Last: Lubor
Author-Email: siml02@vse.cz
Author-Workplace-Name: Faculty of Economics, University of Economics, Prague
Title: FAILURE OF EUROPEAN UNION INSTITUTIONS IN RESOLVING CORONAVIRUS CRISIS AND IN SUBSEQUENT REDISTRIBUTION OF FUNDS
Abstract: The goal of this article is to carefully analyze the political-economic reactions of the European Union Institutions on the pandemic crisis created by the SARS-CoV-2 virus causing Covid-19 disease, commonly known as coronavirus. The first part of the article is dedicated to the general theory of integration, the history of European integration, and the historical development of EU institutions. The general theory of integration and EU institution's development are both included because understanding these basic principles and processes is vital in understanding the contemporary problems within the European Union. The second part of this article is dedicated to the analysis of the reactions done by EU institutions, regional Visegrad group, and selected EU member states to the rapidly spreading Covid-19 disease. The third part of this article is dedicated to possible future outcomes for European nations once the coronavirus pandemic is over. The possible future outcomes of pandemic crisis are in the context of this article changes in European or national legislative, changes in money redistribution done by EU institutions, or changes in the mood among the people living in member states of the European Union.Acknowledgment: The publication of this article was supported by the University of Economics, Prague research grant IGA no. IGS F5/41/2020
Length: 15 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 220-234
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=017&rid=13143
File-Function: First version, 2020
Number: 10913143
Classification-JEL: F50, H75, I38
Keywords: Institutions of the European Union, European Union, European Integration, Covid-19, Coronavirus, Visegrad 4
Handle: RePEc:sek:iefpro:10913143
Template-Type: ReDIF-Paper 1.0
Author-Name: Jakub Sopko
Author-Name-First: Jakub
Author-Name-Last: Sopko
Author-Email: jakub.sopko@tuke.sk
Author-Workplace-Name: Faculty of Economics, Technical University of Ko?ice
Title: An overview of selected risk factors for health in OECD countries
Abstract: The aim of this paper is to highlight the fundamental determinants of health in OECD countries between 2007 and 2017. The average level of life expectancy at birth was 80.6 years in 2017 in OECD countries. The tobacco and alcohol consumption decreased between 2007 and 2017 in several OECD countries. In the second part of our paper we are dealing with the health risk assessment among young people in Slovakia. The evaluation of socioeconomic impacts on the state of health is carried out in the form of open questions and based on the evaluation of the questionnaire. To test the statistical significance, we use the Pearson´s chi-square test of independency and the column proportions test. The results indicate that in the case of drinking alcohol, students who have part time job spend more money on an average on alcohol than students who do not work and the costs of alcohol per month are higher for men than women. We believe that the results can serve as a methodological platform for academics and policymakers for further setting of similar mapping of major health risks among the population.
Length: 14 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 235-248
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=018&rid=13074
File-Function: First version, 2020
Number: 10913074
Classification-JEL: I10, I15, I18
Keywords: health survey; health determinants; health risk; alcohol consumption; tobacco consumption
Handle: RePEc:sek:iefpro:10913074
Template-Type: ReDIF-Paper 1.0
Author-Name: Mihaela Tomaziu - Todosia
Author-Name-First: Mihaela
Author-Name-Last: Tomaziu - Todosia
Author-Email: mihaela.tomaziu@gmail.com
Author-Workplace-Name: Alexandru Ioan Cuza University of Ia?i
Title: Determinants of Health Policies in the Field of Cardiovascular Policies
Abstract: The theme of public health is one with a very strong impact on the entire population. The problems in this sector affect every patient or potential patient, which is why public attention is very high on this topic. The interest in addressing this issue arises from the need for the balanced health status of the population, and health policies can support this goal. Public Health Policies refer to three aspects, based on the health system performance concept developed by the World Health Organization: population health status, citizens' satisfaction with the performance of the health system and the extent to which the system provides financial protection. Thus, the field of study of health policies is a general interest, and health policies in the field of cardiovascular medicine also taking into account that cardiovascular disease is the leading cause of death worldwide, according to statistics. This article aims to address the importance of health policies from the perspective of their determinants, given the influence of the population's illnesses on the development of health policies.
Length: 11 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 249-259
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=019&rid=12779
File-Function: First version, 2020
Number: 10712779
Classification-JEL: H51, H75, I10
Keywords: health, health policies, cardiovascular medicine, development
Handle: RePEc:sek:iefpro:10712779
Template-Type: ReDIF-Paper 1.0
Author-Name: Maria - Daniela Tudorache
Author-Name-First: Maria - Daniela
Author-Name-Last: Tudorache
Author-Email: mariadanielatudorache@gmail.com
Author-Workplace-Name: Bucharest University of Economic Studies
Title: Human development: a key driver of socioeconomic development in EU
Abstract: This paper examines the economic development drivers and the ones of  the social development in order to check if there is a potential trade-off between these development forms at the level of European Union, with a focus on human development and technological progress. In this context, I have used panel yearly data covering the period 2010-2018 for EU Member States. Both models were estimated using Panel Estimated Generalized Least Squares and some weighting options as Period SUR and Cros-section weights. However, the specificities of the data led to a different application of the methods in the case of the mentioned models. In this regard, I have run a Fixed Effects Model in studying the determinants of economic development and a None Effects Model when analysing the drivers of social development. The main results of the paper showed a positive relationship between human development and social and economic development. In adition, the study estimated a positive impact of ITC sector on economic development and a negative one on the poverty rate. However, the negative impact of ITC on social development is quite low and it may also include a positive impact on poverty (lower than the one manifested through the opportunities channel) exercised by automation, but this needs to be further explored. Both models provided feasible results which strengthens the confidence in the examined relationships. 
Length: 13 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 260-272
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=020&rid=13075
File-Function: First version, 2020
Number: 10913075
Classification-JEL: O15, C33, P46
Keywords: human development, growth, poverty, panel, European Union 
Handle: RePEc:sek:iefpro:10913075
Template-Type: ReDIF-Paper 1.0
Author-Name: Martin Zeman
Author-Name-First: Martin
Author-Name-Last: Zeman
Author-Email: martin.zeman@vse.cz
Author-Workplace-Name: University of Economics, Prague
Author-Name: Jan Kozak
Author-Name-First: Jan
Author-Name-Last: Kozak
Author-Email: jan.kozak@vse.cz
Author-Workplace-Name: University of Economics, Prague
Author-Name: Stepan Pekarek
Author-Name-First: Stepan
Author-Name-Last: Pekarek
Author-Email: xpeks00@vse.cz
Author-Workplace-Name: University of Economics, Prague
Author-Name: Jan Vondracek
Author-Name-First: Jan
Author-Name-Last: Vondracek
Author-Email: jan.vondracek@vse.cz
Author-Workplace-Name: University of Economics, Prague
Author-Name: Miroslav Sevcik
Author-Name-First: Miroslav
Author-Name-Last: Sevcik
Author-Email: Miroslav.sevcik@vse.cz
Author-Workplace-Name: University of Economics, Prague
Title: Fiscal Responsibility and Debt Sustainability. Preparedness for External Shock: The Case of the Czech Republic and Slovakia 
Abstract: The article compares the development of the main government debt indicators in the Czech Republic and in Slovakia between 2014 and 2019 while evaluating their respective positions in at the beginning of the crisis caused by the spread of Covid-19 in early 2020. After a review of the characteristics and the nature of the external shock in comparison to previous crisis which took place from 2008 to 2009, the article discusses the preparedness of both economies for negative external shocks, primarily from the public finance perspective. The authors conclude that the Czech fiscal position is one of slightly higher overall preparedness to overcome possible economic problems than that of its Slovak counterpart. However, further assessment of the underlying tensions within Czech government deficit structure, past procyclical economic policy behavior and recent policy actions lessen the superiority of the Czech fiscal position and render both economies equally exposed to the negative effects of the coming crisis. In the current environment of uncertainity, it is difficult to establish a conclusive projection but the authors highlight the key risk areas for the medium-term horizon in the concluding discussion of the paper.Acknowledgment: The publication of this article was supported by the University of Economics, Prague research grant IGA no. IG504020
Length: 14 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 273-286
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=021&rid=13141
File-Function: First version, 2020
Number: 10913141
Classification-JEL: H63, E62
Keywords: Covid-19; Fiscal Policy; General Government; Debt Management; Business Cycle  
Handle: RePEc:sek:iefpro:10913141
Template-Type: ReDIF-Paper 1.0
Author-Name: THI HOAI PHUONG NGUYEN
Author-Name-First: THI HOAI PHUONG
Author-Name-Last: NGUYEN
Author-Email: phuongnh@neu.edu.vn
Author-Workplace-Name: School of Banking and Finance, National Economics University
Author-Name: THI BICH THUY NGUYEN
Author-Name-First: THI BICH THUY
Author-Name-Last: NGUYEN
Author-Email: bichthuy@vinhuni.edu.vn
Author-Workplace-Name: Faculty of Economics, Vinh University
Author-Name: THI THU CUC NGUYEN
Author-Name-First: THI THU CUC
Author-Name-Last: NGUYEN
Author-Email: hoangcucdhv@gmail.com
Author-Workplace-Name: Faculty of Economics, Vinh University
Author-Name: HUU TAI NGUYEN
Author-Name-First: HUU TAI
Author-Name-Last: NGUYEN
Author-Email: tainh@neu.edu.vn
Author-Workplace-Name: School of Banking and Finance, National Economics University
Title: The impact of opportunity factors leading to fraudulent behavior in Vietnam stock market
Abstract: To evaluate the opportunity factors that lead to fraudulent behavior in Vietnam stock market, the authors combine the case study methodology with in-depth interviews and surveys. During the survey process, the answers from 568 experts were collected from securities companies, fund management companies, Stock Exchanges and the State Securities Commission in Vietnam. By using the exploratory factor analysis method, the authors  have identified opportunity factors leading to fraudulent behavior in Vietnam stock market including: (i) Group of opportunity factors due to an internal person and an issuer (Person whose internal information has not been published by the company; Collusion of the issuer and securities company; An important person in the company who abuses power; An issuer has complex organizational structure; A person has multiple positions; An issuer does not control internal information well). (ii) Group of opportunity factors by investors (Investors trade securities following an internal person; Investors trade securities following foreign investors; Investors trade securities according to brokerage company recommendations; Investors make securities transaction according to advisory information on securities forums). (iii) Group of opportunity factors due to market management and supervision (The penalty is not strict and deterrent; The penalty is untimely; The authority of the securities committee is limited). The authors then use  the regression model to determine the order of the impact of each group of factors that lead to fraudulent behavior in Vietnam stock market from high to low including: opportunity factors due to an internal person and the issuing organization, the opportunity factors due to the market management and supervision and finally the opportunity factors due to investors.
Length: 19 pages
Creation-Date: 2020-07
Publication-Status: Published in Proceedings of the Proceedings of the 13th Economics & Finance Conference, Prague, Jul 2020, pages 287-305
File-URL: https://iises.net/proceedings/13th-economics-finance-conference-prague/table-of-content/detail?cid=109&iid=022&rid=12952
File-Function: First version, 2020
Number: 10912952
Classification-JEL: G28
Keywords: Fraudulent behavior, Price manipulation, Insider trading, Opportunity factors
Handle: RePEc:sek:iefpro:10912952