Ekonomický časopis/Journal of Economics
type: channel
description: Ekonomický časopis/Journal of Economics is a peer-reviewed open-access scientific journal published by the Institute of Economic Research SAS and the Institute for Forecasting (Centre of Social and Psychological Sciences) of SAS. It provides a platform for topics related to socio-economic development and economic policy in the European Union, with a particular focus on the Central European region and an emphasis on the Slovak economy and national economic research. The journal prioritizes contemporary topics in macroeconomic and microeconomic research within the context of major trends such as the economic impacts of the financial crisis, the COVID-19 pandemic, and the war in Ukraine, as well as technological changes (energy transformation, digitalization, robotics/automation, and artificial intelligence), climate change and its effects on socio-economic development, the process of globalization/deglobalization, global financial stability, European integration, macroeconomic developments, monetary and fiscal policy, inflation, regional development, structural reforms, and new methodological approaches in machine and deep learning and their applications in economics and economic policy.
publisher: Ekonomický ústav SAV
language: en
publication name: Ekonomický časopis/Journal of Economics
issn: 0013-3035
items: Sustainability versus the dynamic eco-efficiencies of EU countries
items: Brigita Schmögnerová: Regulating capitalism. The Politics of Market and Financial Regulation. Springer, 2025
items: Reconsidering the Time-Series Approach to Estimating Cigarette Price Elasticities when Exploitation of Spatial Variation Appears Unattainable: The Case of Slovakia
items: Exploring the Causal Links between ESG, R&D, and Firm Performance: Evidence from the US Technology and Food Companies
items: Efficiency Analysis of EU Member States in the Context of Population Aging
items: The Impact of COVID-19 Fiscal Policy on the Performance of Slovak State Budget in 2020 and 2021
items: Factors of Tax Evasion: The Case of the Czech Republic
items: Determinants of Personal Risk Financing Strategies
items: The Impact of Globalization on Economic Growth in Transition Countries
items: Foreign Bank Origins and Efficiency in the Central and Eastern European Banking Sector
items: Financing Organic Farming through Crowdfunding: Is the Wisdom of Crowds More Supportive for Mixed Gender Teams?
items: Oil Price and Geopolitics Risk: New Causality Insights in Frequency-Domain
items: Business Sustainability Factors of Mining Companies Based on SEM Model
items: Factors Supporting the Job Satisfaction of the Middle Healthcare Management – The Role of Work Conditions, Managerial Competencies and Social Support
items: Impacts of Ongoing Global Geopolitical and Economic Turbulences on Exchange Rates: A Case Study of the Australian Dollar
items: Changes in Monetary Policy Responses in the Czech Republic, Hungary and Poland
items: The Ensuring Knowledge Continuity for Support of Sustainable Business
items: Suitability of the Monocentric City Model for Analysing Suburbanization Processes in the Czech Republic
items: The Impact of Public Governance on Fiscal Pressure in Selected Emerging Countries
items: News about COVID-19: Unraveling the Market Reactions and Investor Sentiment across Different Stock Exchanges
items: The Heterogeneity of European Bank Lending and the Role of Economic Policy Uncertainty
items: Institutional Quality and Foreign Direct Investment: Evidence from OECD Countries
items: Behavioral Attention by Google Trends: Evidence from the Car Industry
items: Beneish Model for the Detection of Tax Manipulation: Evidence from Slovakia
items: Analyzing the Drivers of the Shadow Economy for the Case of the CESEE Region
items: Digital Services Trade between China and V4 Countries – A Study of Trade Complementarity and Regulatory Restrictiveness
items: The China Syndrome Revisited: Impact of Technological Intensity and Chinese Import Penetration on Labor Market Outcomes in the EU
items: Behavioral Insights from Crowdfunding Financing: What Do Social Media Ties, Emotional Cues and Sentiment Tell Us?
items: Financial Stability of the Czech Insurance Companies
items: Sustainability-oriented Innovation: Crucial Sources to Achieve Competitiveness

Sustainability versus the dynamic eco-efficiencies of EU countries
type: item
description: In this study, the sustainable efficiencies of 25 EU countries are analyzed, and practicable paths for improvement are offered on a country-by-country basis. Dynamic eco-efficient production is not necessarily sustainable, and countries must therefore ensure the fulfillment of endogenously determined targets through additional measures. As the goals of maximizing production and avoiding pollutants seem to oppose each other, an optimization program with multiple simultaneous objective functions enlarges the dynamic eco-data envelopment analysis concept. The countries’ economies and their impacts on the environment are described in Eurostat and ECB data on the countries’ flow and stock inputs, output, resources for environmental protection, and emissions from 2014 to 2022. The examination reveals that the development of each EU country is far from sustainable. The countries that performed best were those that introduced carbon taxes early on, allowing their economies to largely adapt. The usage of the term “sustainable efficiency” is thus misleading, being used to measure static/dynamic eco-efficiency, without analyzing whether efficient production processes are indeed sustainable. To the best of the author’s knowledge, this is the first measurement of sustainable efficiency. To distinguish the approach developed in this article from traditional models, this study uses the term “conserving efficiency”.
subject: Regular submissions
  topic: section
subject: data envelopment analysis
  topic: keywords
subject: dynamic optimization
  topic: keywords
subject: multiple objective functions
  topic: keywords
subject: sustainability definition
  topic: keywords
subject: sustainable efficiency
  topic: keywords
subject: targets
  topic: keywords
creator: Alexander Schnabl
rights: Copyright (c) 2026 Alexander Schnabl https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-01-29
publication date: 2026-01-29
starting page: 377
ending page: 410
doi: 10.31577/

Brigita Schmögnerová: Regulating capitalism. The Politics of Market and Financial Regulation. Springer, 2025
type: item
description: Book review
subject: Book reviews
  topic: section
creator: Monika Šestáková
rights: Copyright (c) 2025 Monika Šestáková https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-11-11
publication date: 2025-11-11
starting page: 370
ending page: 373
doi: 10.31577/ekoncas.2025.07-08.05

Reconsidering the Time-Series Approach to Estimating Cigarette Price Elasticities when Exploitation of Spatial Variation Appears Unattainable: The Case of Slovakia
type: item
description: Although the current dominant trend in the literature is to analyze cigarette demand through individual consumer microdata, an aggregate country-level approach might be more preferable for countries that legislatively prohibit spatial variation in their prices. This paper, therefore, explores the idea of utilizing the cigarette tax declaration data to estimate a monthly vector error correction model of cigarette prices and volumes taxed in Slovakia for a relatively stable period of Jun 2011 – May 2023. The results are also confronted with alternative estimates using the univariate autoregressive distributed lag model framework. Despite observing volumes of cigarettes stocked by Slovak retailers, after controlling for several exogenous variables, the estimated price elasticity tends to approach magnitudes quite similar to those found in the literature investigating inelastic cigarette demand. Additionally, the paper also provides evidence for measures of tobacco control policy effectiveness regarding the cigarette tax elasticity of volumes stocked by retailers.
subject: Regular submissions
  topic: section
subject: cigarette demand
  topic: keywords
subject: cigarette supply
  topic: keywords
subject: excise duty
  topic: keywords
creator: Filip Ostrihoň
rights: Copyright (c) 2026 Filip Ostrihoň https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2026-01-29
publication date: 2026-01-29
starting page: 411
ending page: 432
doi: 10.31577/

Exploring the Causal Links between ESG, R&D, and Firm Performance: Evidence from the US Technology and Food Companies
type: item
description: This study examines the causal relationships between ESG (Environmental, Social, and Governance) compliance, R&D expenditures, and financial performance in the technology and food sectors in the US. A panel dataset from 2012 – 2021 from the Thomson Reuters database was analysed for 12 food and 18 technology companies. The findings show that there are different causal relationships between sectors. While R&D investments in the technology sector positively affect firm performance by increasing ESG compliance, firm performance in the food sector directs ESG compliance, encouraging R&D investments. The study emphasizes that sectoral differences should be considered in sustainability and R&D strategies and guides policymakers and managers to develop approaches appropriate to the dynamics of the sector.
subject: Regular submissions
  topic: section
subject: ESG criteria
  topic: keywords
subject: firm performance
  topic: keywords
subject: R&D
  topic: keywords
subject: food industry
  topic: keywords
subject: technology sector
  topic: keywords
subject: causality
  topic: keywords
creator: Semra Boga
creator: Gozde Bozkurt
creator: Hasan Sadik Tatli
creator: Tom Gillpatrick
rights: Copyright (c) 2025 Semra Boga Sahin, Gozde Bozkurt, Hasan Sadik Tatli, Tom Gillpatrick https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-09-30
publication date: 2025-09-30
starting page: 99
ending page: 120
doi: 10.31577/ekoncas.2025.03-04.01

Efficiency Analysis of EU Member States in the Context of Population Aging
type: item
description: The population aging might threaten the economic development and efficiency of EU Member States. Based on the demographic projections, the EU’s old-age dependency ratio (as proxies of population aging) will be almost double – from 31% in 2019 to 57% in 2100. This study focuses on the efficiency analysis of European Union Member States in the context of population aging. Utilizing Data Envelopment Analysis (DEA) and the Malmquist Productivity Index, we evaluated how demographic changes affect the economic efficiency of various EU countries. Our findings reveal that some states, such as the Czech Republic, Germany, and Luxembourg, demonstrate high-efficiency levels when considering demographic factors. The results suggest that technological advancement and innovation are crucial in addressing the challenges associated with population aging.
subject: Regular submissions
  topic: section
subject: EU members states
  topic: keywords
subject: population aging
  topic: keywords
subject: data envelopment analysis
  topic: keywords
creator: Nikola Soukupova
creator: Marketa Kocourkova
creator: Jana Klicnarova
rights: Copyright (c) 2023 Nikola Soukupova, Marketa Kocourkova, Jana Klicnarova https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-24
publication date: 2025-07-24
starting page: 646
ending page: 666
doi: 10.31577/ekoncas.2023.10.04

The Impact of COVID-19 Fiscal Policy on the Performance of Slovak State Budget in 2020 and 2021
type: item
description: The contribution deals with the Slovak fiscal and budgetary policy as implemented and carried out during and immediately after the initial outburst of the COVID-19 pandemic. Its primary aim is to test the existence of the impact of the pandemic on fiscal developments and to quantify it using the estimate of the overall cash-based performance of the State budget of the Slovak Republic in 2020 and 2021. Next, the paper sets out to analyse the degree of disruption to the Slovak public finances due to the expansive fiscal policy measures aimed at mitigating the pandemic effects in 2020 and 2021 (i.e. stabilising macroeconomic variables). Deviances in the current performance of the Slovak State budget are assessed using the combination of actual values and own forecasts (point estimates), the latter being sourced from the authorial SARIMA-based econometric models applied on the 2010 – 2019 quarterly time series of the Slovak Republic’s State budget cash revenues and expenditures. Particular attention is paid to the associated additional expenditures and/or reduced (missing) budgetary revenues.
subject: Regular submissions
  topic: section
subject: Slovak Republic
  topic: keywords
subject: COVID-19
  topic: keywords
subject: fiscal policy
  topic: keywords
subject: GDP
  topic: keywords
subject: state budget
  topic: keywords
subject: unemployment
  topic: keywords
subject: econometric analysis
  topic: keywords
subject: SARIMA
  topic: keywords
creator: Zuzana Gdovcova
creator: Vojtech Menzl
rights: Copyright (c) 2023 Zuzana Gdovcova, Vojtech Menzl https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-24
publication date: 2025-07-24
doi: 10.31577/ekoncas.2023.10.03

Factors of Tax Evasion: The Case of the Czech Republic
type: item
description: The main goal of this paper is to estimate factors of tax evasion in the Czech Republic. Among other things, tax evasion reduces state revenues which fact leads to a decrease in the quantity and quality of publicly provided goods and services. Therefore it is necessary to ensure that taxpayers comply with their tax obligations. Firstly, we use the monetary method (cash/deposit ratio) to estimate the size of tax evasion in absolute and relative terms. According to our estimates, the extent of tax evasion in the Czech Republic was almost 3.6 percent of GDP in 2021. Secondly, we use multivariate time series cointegration analysis models to analyse the economic, tax, and institutional determinants of tax evasion in the Czech Republic. The factors negatively associated with tax evasion include tax overpayments, VAT revenue, and implementation of tax measures introduced in 2020. The positive impact has GDP, PIT revenue, CIT revenue, inflation, monetary freedom, Gross National Savings, trade freedom, PIT rate, unemployment, and average wage.
subject: Regular submissions
  topic: section
subject: tax evasion
  topic: keywords
subject: income taxes
  topic: keywords
subject: value-added tax
  topic: keywords
subject: cointegration analysis
  topic: keywords
subject: Czech Republic
  topic: keywords
creator: Kateřina Josková
creator: Savina Finardi
creator: Marketa Arltová
rights: Copyright (c) 2023 Katerina Joskova, Savina Finardy, Marketa Artlova https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-24
publication date: 2025-07-24
starting page: 596
ending page: 617
doi: 10.31577/ekoncas.2023.10.02

Determinants of Personal Risk Financing Strategies
type: item
description: Adverse income shocks may have an eminent effect on short-term and long-term financial stability of individuals and households. Optimal response to risk exposure is driven by effectively chosen risk management strategies through combination of insurance, savings and other tools. However, individuals and households do not always make optimal decisions in these situations. The paper investigates the determinants of individuals’ decisions on the implementation of risk financing strategies. We test demographic, economic, and personal characteristics (including risk attitude and financial literacy) with the aim to identify relevant factors associated with different personal risk management behaviour. We use data from the survey in the Slovak Republic. We analyse the use of the two risk financing strategies, risk transfer and self-insurance, in coping with life and health risks of individuals. Our results show that level of financial literacy and risk attitude are important elements in personal risk management decisions, which policy-makers should also reflect on in an effort to ensure the financial stability of individuals and households.
subject: Regular submissions
  topic: section
subject: personal risk management
  topic: keywords
subject: risk financing
  topic: keywords
subject: insurance demand
  topic: keywords
subject: precautionary savings
  topic: keywords
subject: survey
  topic: keywords
creator: Zuzana Brokesova
creator: Tomas Ondruska
creator: Erika Pastorakova
rights: Copyright (c) 2023 Zuzana Brokesova, Tomas Ondruska, Erika Pastorakova https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-24
publication date: 2025-07-24
starting page: 579
ending page: 595
doi: 10.31577/ekoncas.2023.10.01

The Impact of Globalization on Economic Growth in Transition Countries
type: item
description: The paper analyzes the impact of economic, social, and political components of globalization on the gross domestic product of transition countries. Available data from 1995 to 2018 were analyzed for two groups of European transition countries, divided according to geographical criteria into Western Transition (WT) countries and Eastern Transition (ET) countries. Based on the results of the panel ARDL approach, it was shown that economic and social globalization positively impact gross domestic product in both groups of countries in the long-run. In contrast, political globalization hurts the gross domestic product. Dumitrescu and Hurlin’s causality test showed that in WT countries, there is a significant causality from social globalization to gross domestic product and from social globalization to political globalization. In ET countries, there is significant causality from political globalization to economic and social globalization, while economic globalization causes gross domestic product.
subject: Regular submissions
  topic: section
subject: economic growth
  topic: keywords
subject: globalization
  topic: keywords
subject: ARDL approach
  topic: keywords
subject: causality panel
  topic: keywords
subject: transition economies
  topic: keywords
creator: Bojan Pejovic
rights: Copyright (c) 2023 Bojan Pejovic https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-23
publication date: 2025-07-23
starting page: 560
ending page: 575
doi: 10.31577/ekoncas.2023.08-09.04

Foreign Bank Origins and Efficiency in the Central and Eastern European Banking Sector
type: item
description: The main goal of this study is to analyse whether the source of capital in foreign participation in the domestic banking markets of countries that joined the EU after 2004 influences the evolution of efficiency levels in domestic banks and, consequently, the efficiency levels within these markets. It assesses the level of activity of foreign commercial banks in the aftermath of the 2008 – 2012 financial crisis and explores its relationship with banking sector efficiency. The study focuses on 13 countries, including Central European, South-Eastern European and Baltic states. Using the Data Envelopment Analysis (DEA) method, the research aims to determine whether foreign banks have gained or lost influence in these markets and the foreign countries that have the best performing banks in these markets. Furthermore, it provides insights into the potential influence of sources of foreign capital on the overall performance of domestic banking markets, indicating how competition could drive high-achieving foreign banks to outperform in their established markets.
subject: Regular submissions
  topic: section
subject: European Union
  topic: keywords
subject: banking sector
  topic: keywords
subject: foforeign and domestic capital
  topic: keywords
subject: efficiency
  topic: keywords
creator: Artem Piatkov
creator: Ignacio Jimenez-Hernandez
creator: Francisco Javier Saez-Fernandez
rights: Copyright (c) 2023 Artem Piatkov, Ignacio Jimenez-Hernandez, Francisco Javier Saez-Fernandez https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-23
publication date: 2025-07-23
starting page: 536
ending page: 559
doi: 10.31577/ekoncas.2023.08-09.03

Financing Organic Farming through Crowdfunding: Is the Wisdom of Crowds More Supportive for Mixed Gender Teams?
type: item
description: Organic production is on the upswing, owing to consumer preferences for safer products manufactured with environmentally friendly methods. It is frequently promoted to achieve economic development, poverty alleviation, and female empowerment. Crowdfunding is considered an ideal mechanism for mobilizing financial resources for people with limited access to traditional sources, such as women. This paper aims to analyze the gender gap in organic farming crowdfunding and estimate which characteristics foster the likelihood of crowdfunding success in organic production campaigns. We used a sample of crowdfunding campaigns from the Kickstarter platform and employed a binary logistic regression model to investigate the main research question. Our findings show that the crowd primarily supports gender-mixed teams. We also found that having more information about the campaign and project quality, a more realistic goal, and a shorter campaign duration increases the likelihood of succeeding. This paper contributes to the growing literature and policy initiatives to promote and develop gender equality in crowdfunding.
subject: Regular submissions
  topic: section
subject: crowdfunding
  topic: keywords
subject: organic farming
  topic: keywords
subject: gender gaps
  topic: keywords
subject: entrepreneurial finance
  topic: keywords
creator: Isidora Ljumovic
creator: Vladan Pavlovic
creator: Goranka Knezevic
rights: Copyright (c) 2023 Isidora Ljumovic, Vladan Pavlovic, Goranka Knezevic https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-23
publication date: 2025-07-23
starting page: 514
ending page: 535
doi: 10.31577/ekoncas.2023.08-09.02

Oil Price and Geopolitics Risk: New Causality Insights in Frequency-Domain
type: item
description: The paper explores the causality between oil price and geopolitical risk at global level by using the short- and long-run test of causality in the frequency-domain, over the period May, 1987 – April, 2020. For robustness checks, alternative tools in time-domain and additional variables are also considered. The key result claims that the oil price is a crucial signal for geopolitical risk on short- (i.e. up to 3 months) and long-run (i.e. more than 9 months) through its threats component. Interesting, no evidence shows that the oil price can explain the geopolitical acts per se. The results remain robust under the influence of global real economic activity in industrial commodity market. Surprisingly, no causality running from geopolitical risk to oil price is found.
subject: Regular submissions
  topic: section
subject: oil price
  topic: keywords
subject: geopolitical risk
  topic: keywords
subject: global economic activity
  topic: keywords
subject: causality in frequency
  topic: keywords
creator: Mihai Mutascu
rights: Copyright (c) 2023 Mihai Mutascu https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-23
publication date: 2025-07-23
doi: 10.31577/ekoncas.2023.08-09.01

Business Sustainability Factors of Mining Companies Based on SEM Model
type: item
description: The main goal of the study is to determine the factors of business sustainability, that is, to investigate the effect of knowledge management (KM) on green innovation (GI) and sustainable business (SB), both at the constructs and at the dimensional level, as well as to investigate whether green innovation is a mediator in the relationship between KM activities and SB, and between KM and SB dimensions of mining companies. The research and pilot test were carried out between March and mid-July 2022, and 288 employees from 32 Serbian mining companies were selected using a non-probabilistic convenience sample. The causal relation- ship between KM, GI, and the SB of the mining industry was assessed using the structural equation modeling methodology. The bootstrap procedure was used to assess the indirect effects of KM through GI on SB and its dimensions. The results showed that KM significantly influences GI and SB, both at the constructs and at the dimensional level. In addition, GI significantly determine SB. At the dimensional level, each of the dimensions of KM significantly affects the dimensions of GI and the SB dimensions. The impact of GI dimensions on the SB dimensions are also significant. The relationship between KM and SB, as well as KM and SB dimensions, was found to be partially mediated by GI.
subject: Regular submissions
  topic: section
subject: green innovation
  topic: keywords
subject: knowledge management
  topic: keywords
subject: sustainable development
  topic: keywords
subject: mediation analysis
  topic: keywords
creator: Sunčica Stankovič
creator: Violeta Jovanovič
creator: Maja Cogoljevic
rights: Copyright (c) 2023 Sunčica Stankovič, Violeta Jovanovič, Maja Cogoljevic https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 458
ending page: 486
doi: 10.31577/ekoncas.2023.06-07.04

Factors Supporting the Job Satisfaction of the Middle Healthcare Management – The Role of Work Conditions, Managerial Competencies and Social Support
type: item
description: The job satisfaction of middle healthcare managers affects organizational results of healthcare facilities. Purpose of the paper is to explore the relationship between competent leadership and work conditions with the job satisfaction of middle healthcare managers and the role of job autonomy and social support as mediators of this relationship, and to verify the influence of moderators – evaluation and ability of psychological detachment on strength of this relationship. The sample of quantitative questionnaire research consisted of 225 mid-level managers of healthcare facilities in Slovakia. The data were processed using the SPSS 24 software package. The findings show that managerially competent leadership is directly related to the job satisfaction of middle healthcare management. This effect can be strengthened by evaluation of work; psychological detachment has the opposite effect on the researched relationship. Social support and job autonomy act as mediators, the influence of social support is particularly important.
subject: Regular submissions
  topic: section
subject: job satisfaction
  topic: keywords
subject: middle healthcare management
  topic: keywords
subject: managerial competences
  topic: keywords
subject: work conditions
  topic: keywords
subject: evaluation
  topic: keywords
subject: social support
  topic: keywords
subject: psychological detachment
  topic: keywords
subject: moderation and mediation effects
  topic: keywords
creator: Nadežda Jankelová
creator: Zuzana Joniaková
creator: Andrea Čambalíková
rights: Copyright (c) 2023 Nadežda Jankelová, Zuzana Joniaková, Andrea Čambalíková https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 428
ending page: 457
doi: 10.31577/ekoncas.2023.06-07.03

Impacts of Ongoing Global Geopolitical and Economic Turbulences on Exchange Rates: A Case Study of the Australian Dollar
type: item
description: This research investigates the impact of the 2022 Ukraine conflict and subsequent economic sanctions on Russian exports on global supply chains and energy prices. Utilizing daily data from 2022, this study employs time-varying Granger causality and DS-ARDL techniques to analyze the effects of these events on the foreign exchange market. The results reveal a significant relationship between energy price shocks and exchange rates, with the Australian dollar appreciating against Euro, British pound, and Japanese yen. The study suggests that while major consumers of raw materials and energy, like Japan and European nations, face adverse effects due to the conflict, Australia could potentially benefit due to its role as a primary exporter of commodities. These results have noteworthy implications for policymakers and investors, highlighting the need for strategic reassessment of geopolitical risks and their direct and indirect effects on financial markets and economies.
subject: Regular submissions
  topic: section
subject: geopolitical risk
  topic: keywords
subject: commodity currencies
  topic: keywords
subject: exchange rates
  topic: keywords
subject: energy price shocks
  topic: keywords
creator: Amin Sokhanvar
rights: Copyright (c) 2023 Amin Sokhanvar https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 405
ending page: 427
doi: 10.31577/ekoncas.2023.06-07.02

Changes in Monetary Policy Responses in the Czech Republic, Hungary and Poland
type: item
description: In this paper, we analyze how the monetary policy responses of the Czech National Bank, the Hungarian National Bank, and the National Bank of Poland have changed over the period from 1996 Q1 to 2022 Q3 using the Kalman filter. Our findings are as follows. Firstly, we identify concealed discretion among the monetary policy authorities, which is traced through significant changes in their monetary policy parameters, highlighting the importance of applying a time-varying estimation framework. Secondly, we observe a decreasing response of policy rates to the inflation gap over the observed period. The reduced response in interest rates aligns with the anchored inflation expectations in the Czech Republic and Poland. Thirdly, the interest rate smoothing parameter has declined over the observed period, reflecting the central banks’ increased willingness to adjust policy rates more vigorously. Additionally, we find a significant decrease in the long-term equilibrium interest rates, indicated by the policy-neutral rate, across the analyzed countries.
subject: Regular submissions
  topic: section
subject: central bank
  topic: keywords
subject: monetary policy
  topic: keywords
subject: inflation
  topic: keywords
subject: time-varying parameters
  topic: keywords
subject: Kalman filter
  topic: keywords
creator: Tomáš Pokorný
creator: Helena Chytilová
rights: Copyright (c) 2023 Tomáš Pokorný, Helena Chytilová https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 369
ending page: 404
doi: 10.31577/ekoncas.2023.06-07.01

The Ensuring Knowledge Continuity for Support of Sustainable Business
type: item
description: Changes in approach of management of organizations to human resource management in generations Y and Z are also a very significant trend. An organization must use all possible stimulation tools to ensure knowledge continuity and to help with effective knowledge sharing between generations and support sustainable business. The goal of this article is to identify the benefits that an organization derives from ensuring knowledge continuity, and to identify the strategic documents of an organization that support it and support sustainable business. Data were obtained using quantitative research within selected Czech companies (n = 207) and qualitative research (8 interviews and one focus group). The results showed that 69.6% of the surveyed organizations ensure the knowledge continuity between generations of employees to some (varying) degree, which is influenced by the existence of a human resources management strategy (56.0%) and of an appropriately set organizational culture strategy (52.7%).
subject: Regular submissions
  topic: section
subject: age management
  topic: keywords
subject: innovation
  topic: keywords
subject: process approach
  topic: keywords
subject: strategic documents
  topic: keywords
subject: strategic goals
  topic: keywords
subject: sustainability
  topic: keywords
subject: survey
  topic: keywords
creator: Hana Urbancová
creator: Roman Zuzák
rights: Copyright (c) 2023 Hana Urbancová, Roman Zuzák https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 343
ending page: 366
doi: 10.31577/ekoncas.2023.04-05.04

Suitability of the Monocentric City Model for Analysing Suburbanization Processes in the Czech Republic
type: item
description: In previous decades, we could see significant growth of population in suburban areas in the Czech Republic, which was connected with significant environmental, social, and economic costs. As the rapid suburbanisation continues, the better understanding of its determinants and estimation of their effects become necessary. In this article, we test the suitability of popular monocentric city model for analysing suburbanization processes in polycentric areas in the Czech Republic, which led to employing data for Czech districts (NUTS 4) in the period 2010 – 2019. The results show that the monocentric city model is suitable for analysing suburbanization in the Czech districts (represented by suburban land growth), as all its determinants (population size, unemployment, and commute costs) with the exception of price of building plots were found to be statistically significant and with expected signs. Moreover, the alternative operationalization of the model provided evidence on the robustness of the results and heterogeneity analysis revealed interesting differences between districts different in urbanisation level and other characteristics. The application of spatial regression revealed a statistically significant spatial spillover effect of the unemployment.
subject: Regular submissions
  topic: section
subject: suburbanization
  topic: keywords
subject: urban sprawl
  topic: keywords
subject: monocentric city model
  topic: keywords
subject: spillover effect
  topic: keywords
subject: spatial regression
  topic: keywords
creator: Martin Krajčí
creator: Jiří Balcal
rights: Copyright (c) 2023 Martin Krajčí, Jiří Balcal https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 321
ending page: 342
doi: 10.31577/ekoncas.2023.04-05.03

The Impact of Public Governance on Fiscal Pressure in Selected Emerging Countries
type: item
description: The purpose of our article is to assess the effect of diverse indicators pertaining to government quality and risk on fiscal pressure. The analysis focuses on 14 emerging countries in the European Union from 2002 to 2020. The results reveal that public governance indicators account for 51 percent of the variance in fiscal pressure, with the quality of regulations, corruption, and rule of law indicators having the most significant impact. This empirical study addresses an essential concern for policymakers, specifically the quality of public governance and its subsequent influence on fiscal pressure, with direct repercussions on the lives of citizens.
subject: Regular submissions
  topic: section
subject: fiscal pressure
  topic: keywords
subject: public governance indicators
  topic: keywords
subject: governmental risk indicators
  topic: keywords
subject: public governance
  topic: keywords
subject: emerging states
  topic: keywords
creator: Raluca Andreea Ghetu
creator: Cristina Simona Capatina
creator: Petre Brezeanu
rights: Copyright (c) 2023 Raluca Andreea Ghetu, Cristina Simona Capatina, Petre Brezeanu https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 300
ending page: 320
doi: 10.31577/ekoncas.2023.04-05.02

News about COVID-19: Unraveling the Market Reactions and Investor Sentiment across Different Stock Exchanges
type: item
description: This paper examines the impact of news regarding the spread of the coronavirus on stock market returns. We investigate this impact across different geographical regions and behavioral aspects through regression analysis. Specifically, we explore the relationship between stock returns and factors such as investors’ attention, the number of new positive COVID-19 cases and deaths, and government measures implemented during the pandemic. Our findings reveal that news concerning new deaths associated with the virus and attention towards the vaccine significantly affected stock markets in Europe, the United States, and globally. Notably, these effects were observed prior to the approval of the first vaccine. However, our analysis does not confirm these results for the Japanese and Chinese stock markets. As a result, we argue that the Japanese stock market presents an opportunity for diversification during similar shocks. These findings contribute to a deeper understanding of the dynamics between public health crises and financial markets.
subject: Regular submissions
  topic: section
subject: COVID-19
  topic: keywords
subject: sentiment
  topic: keywords
subject: attention
  topic: keywords
subject: stock market
  topic: keywords
creator: Peter Albrecht
creator: Lucie Maršálková
creator: Pavel Dorňák
rights: Copyright (c) 2023 Peter Albrecht, Lucie Maršálková, Pavel Dorňák https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-01
publication date: 2025-07-01
starting page: 281
ending page: 299
doi: 10.31577/ekoncas.2023.04-05.01

The Heterogeneity of European Bank Lending and the Role of Economic Policy Uncertainty
type: item
description: The paper examines the relationship between bank lending activity and economic-policy uncertainty, using data from 1998 to 2018 for 7,844 banks from the European Union (28). Our findings demonstrate a negative impact of European uncertainty on bank lending. Importantly, we observe heterogeneity within the EU. While the impact on Western European countries is statistically significant, this effect has not been confirmed for Central and Eastern European Countries. This heterogeneity is also evident using different model specifications.
subject: Regular submissions
  topic: section
subject: economic policy uncertainty
  topic: keywords
subject: bank lending
  topic: keywords
subject: European Union
  topic: keywords
creator: Daniel Pastorek
creator: Dajana Mazurkova
rights: Copyright (c) 2023 Daniel Pastorek, Dajana Mazurkova https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-27
publication date: 2025-06-27
starting page: 258
ending page: 278
doi: 10.31577/ekoncas.2023.03.04

Institutional Quality and Foreign Direct Investment: Evidence from OECD Countries
type: item
description: The main purpose of this research is to investigate the effect of institutional quality on FDI inflows in the Organization for Economic Cooperation and Development (OECD) countries by using the panel autoregressive distributed lag of pooled mean group (ARDL-PMG) over the period 1996 – 2017. The results reveal that institutional quality is an important factor attracting foreign direct investment (FDI) over the long term to countries with low quality of institutions. In the short term, in contrast, the relationship is not significant. Institutional quality does not play any significant role in attracting FDI to the countries with sound institutions in either long or short terms. When considering components of institutional quality, property rights have the greatest impact on FDI flows. Finally, when considering a non-linear relationship between institutional quality and FDI inflows, we find diminishing returns of institutional quality on FDI flows for the countries with stronger institutions. This paper contributes to the literature by considering both the different individual aspects of institutional quality and a broad composite measure of institutional quality in order to analyse their impact on FDI inflows. Additionally, the study applies the CS-ARDL method as a robustness check, in addition to the ARDL-PMG. The scope of this study is limited as it only examines the impact of institutional quality on overall foreign direct investment (FDI) inflows, rather than analysing sector-specific FDI flows.
subject: Regular submissions
  topic: section
subject: institutional quality
  topic: keywords
subject: foreign direct investment
  topic: keywords
subject: Panel Autoregressive Distributed Lag-Pooled Mean Group (ARDL-PMG)
  topic: keywords
subject: OECD countries
  topic: keywords
creator: Emre Gokceli
rights: Copyright (c) 2023 Emre Gokceli https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-27
publication date: 2025-06-27
starting page: 222
ending page: 257
doi: 10.31577/ekoncas.2023.03.03

Behavioral Attention by Google Trends: Evidence from the Car Industry
type: item
description: We investigated the link between stock returns of automobile companies, Fama French factors, and behavioral attention, represented by demand for a selected car brand belonging to an automobile company. Using Google search activity, we focus on the impact of searches about car brands on 17 automobile companies from 2004 to 2020. We concluded that even though general intuition provides positive results, negative historical events can result in a fall in prices in some cases. Dieselgate, an event specific to this industry, engulfed the affected company and resulted in an EU-wide scandal; however, the increase in interest did have not the same effect on automobile companies based in other countries.
subject: Regular submissions
  topic: section
subject: automobile industry
  topic: keywords
subject: behavioural attention
  topic: keywords
subject: behavioural finance
  topic: keywords
subject: Dieselgate,
  topic: keywords
subject: financial crisis
  topic: keywords
subject: Google Trends
  topic: keywords
subject: sector sentiment
  topic: keywords
creator: Jolana Stejskalová
rights: Copyright (c) 2023 Jolana Stejskalová https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-27
publication date: 2025-06-27
starting page: 202
ending page: 221
doi: 10.31577/ekoncas.2023.03.02

Beneish Model for the Detection of Tax Manipulation: Evidence from Slovakia
type: item
description: To test the usefulness of the Beneish model, we use a unique, not publicly avail- able database from the Financial Administration of the Slovak Republic, aggre- gating the results of all on-site financial inspections conducted by this authority during 2015 – 2019. This database is paired with firm-level accounting data from the Registry of Financial Statements and the Business Register to obtain additional corporate governance data. Our results indicate that (a) the performance of the Beneish model is inferior for the Slovak data; (b) there are several significant financial variables with statistical and economic significance, but their relevance is conditional on the industry group; and (c) corporate governance indicators appear to be more relevant preventive factors of fraudulent behavior, especially foreign ownership, female CEO and corporate social responsibility.
subject: Regular submissions
  topic: section
subject: earnings manipulation
  topic: keywords
subject: Beneish model
  topic: keywords
subject: accounting fraud
  topic: keywords
subject: Slovakia
  topic: keywords
subject: corporate governance
  topic: keywords
creator: Tomáš Bačo
creator: Eduard Baumohl
creator: Matúš Horváth
creator: Tomáš Výrost
rights: Copyright (c) 2023 Tomáš Bačo, Eduard Baumohl, Matúš Horváth, Tomáš Výrost https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-06-27
publication date: 2025-06-27
starting page: 185
ending page: 201
doi: 10.31577/ekoncas.2023.03.01

Analyzing the Drivers of the Shadow Economy for the Case of the CESEE Region
type: item
description: This study explores the influence of financial development on the shadow economy, alongside other possible determinants, for the CESEE region. To this objective, we used a panel dataset of annual figures for eleven CESEE countries from 2003 to 2019. To estimate the long-run coefficients, panel FMOLS and DOLS were employed. Our findings suggest that an increase in financial development and tax burden leads to the enlargement of the shadow economy. While improvements in institutional quality, trade openness, and economic freedom reduce the magnitude of the shadow economy. The study’s results offer various policy recommendations that can be used to combat the shadow economy in CESEE countries. Tax policy and institutional reforms are encouraged to promote greater trust within institutions, enabling the shift of economic activities from the shadow to the formal economy.
subject: Regular submissions
  topic: section
subject: shadow economy
  topic: keywords
subject: financial development
  topic: keywords
subject: FMOLS
  topic: keywords
subject: DOLS
  topic: keywords
subject: transition economies
  topic: keywords
creator: Aysel Amir
creator: Korhan Gokmenoglu
rights: Copyright (c) 2023 Aysel Amir, Korhan Gokmenoglu https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 155
ending page: 181
doi: 10.31577/ekoncas.2023.02.04

Digital Services Trade between China and V4 Countries – A Study of Trade Complementarity and Regulatory Restrictiveness
type: item
description: Digital services trade has definitely played an important role in the innovation of the bilateral trade cooperation mechanism between China and the Visegrád Group (V4), but the complementarity of their bilateral digital services trade has been little studied. We examine the complementarity of V4 countries’ digital services trade with China, based on the UNCTAD classification of ICT-enabled services. The results show that the V4 countries have complementarity with China mainly in education services, intellectual property fees, architectural and engineering services. However, we also find that the regulatory heterogeneity of digital services between China and the V4 countries is negatively associated with their bilateral trade. Therefore, China and V4 countries should better enhance regulatory policy synergy for future trade cooperation in digital services.
subject: Regular submissions
  topic: section
subject: digital services trade
  topic: keywords
subject: trade complementarity
  topic: keywords
subject: Visegrád group
  topic: keywords
subject: regulatory restrictivenes
  topic: keywords
subject: DSTRI heterogeneity
  topic: keywords
creator: Xiaosong Zheng
creator: Anran Sun
rights: Copyright (c) 2023 Xiaosong Zheng, Anran Sun https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 139
ending page: 154
doi: 10.31577/ekoncas.2023.02.03

The China Syndrome Revisited: Impact of Technological Intensity and Chinese Import Penetration on Labor Market Outcomes in the EU
type: item
description: This paper contributes to research on the factors that have led to the decline of manufacturing employment in advanced economies by studying the impact of both import penetration and technological intensity on manufacturing employment between 2008 and 2018 using an extensive industry-level dataset for 28 EU countries. The findings make it clear that the growing share of Chinese imports in total extra-EU-28 imports significantly explains the declining trend in EU sectoral employment. The mentioned trend is shown to be mainly driven by the import penetration of Chinese consumer goods and less by the outsourcing of intermediate products. Yet, little evidence is found of technological intensity having a detrimental impact on sectoral employment outcomes. While the correlation between business expenditure on research and development per employee and employment growth was weakly negative, the share of information and communication technologies assets in total assets was positively correlated with both aggregate employment growth and the share of unskilled workers in the sector.
subject: Regular submissions
  topic: section
subject: labor-market outcomes
  topic: keywords
subject: polarization
  topic: keywords
subject: technological intensity and import penetration
  topic: keywords
creator: Jože Damijan
creator: Črt Kostevc
creator: Tjaša Redek
rights: Copyright (c) 2023 Jože Damijan, Črt Kostevc, Tjaša Redek https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 119
ending page: 138
doi: 10.31577/ekoncas.2023.02.02

Behavioral Insights from Crowdfunding Financing: What Do Social Media Ties, Emotional Cues and Sentiment Tell Us?
type: item
description: The aim of this paper is to identify the factors that contribute to the successful funding of crowdfunding projects, with a focus on conventional, social media and affective factors. Our unique dataset contains 267,830 Kickstarter projects from the U.S., Australia, Canada, the U.K., and Europe. In addition to determinants based on conventional factors, we study the textual characteristics of a project’s description and comments, including sentiment and emotional cues, extracted using a web scraper. We find that social media factors (such as social networks, comments on projects, the experience and social media capital of the project founder) as well as affective factors (emotional cues and sentiment related to project description) influence the success of projects in addition to the conventional determinants such as the funding goal, funding project duration, and project category. Our results are stable when we control for partial time periods, the geographic origin of the founder, and the founder’s social media capital and experience.
subject: Regular submissions
  topic: section
subject: crowdfunding
  topic: keywords
subject: behavior, emotional cues
  topic: keywords
subject: sentiment
  topic: keywords
subject: text analysis
  topic: keywords
creator: Jan Janku
creator: Zuzana Kučerová
creator: František Dařena
rights: Copyright (c) 2023 Jan Janku, Zuzana Kučerová, František Dařena https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 89
ending page: 118
doi: 10.31577/ekoncas.2023.02.01

Financial Stability of the Czech Insurance Companies
type: item
description: Financial stability has become an important topic, especially in recent years. However, there is no consistent approach for measuring the financial stability of insurance companies. The aim of this paper is to construct the summarized financial stability index for the insurance companies and applied this index on the Czech insurance companies. We construct and applied the financial stability index separately for insurance companies that predominantly provide life insurance and non-life insurance. The financial stability index focuses on five areas. The results show that insurance companies specialised in a particular non-life insurance product are more financially stable. The research suggests that the evolution of insurance companies has been influenced by organisational changes and economic changes. During the period 2004 – 2019, the examined insurance companies did not show any problems in terms of financial stability.
subject: Regular submissions
  topic: section
subject: financial stability of insurance company
  topic: keywords
subject: non-life insurance
  topic: keywords
subject: life insurance
  topic: keywords
subject: summary index
  topic: keywords
subject: market share
  topic: keywords
creator: Přečková Lenka
creator: Iveta Palečková
rights: Copyright (c) 2023 Přečková Lenka, Iveta Palečková https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 65
ending page: 86
doi: 10.31577/ekoncas.2023.01.04

Sustainability-oriented Innovation: Crucial Sources to Achieve Competitiveness
type: item
description: Innovation is an important part of a sustainable society and a prerequisite for the long-term competitiveness of organizations. Continuous innovation can support the sustainability of organizations, which represents an important area for every organization and for the entire society. This paper aims to identify the main sources of innovation that support sustainability and competitiveness in the organizations surveyed. The study is based on both quantitative and qualitative research (the questionnaire survey of n1 = 183; the focus groups of n2 = 5), using the tools of descriptive statistics and factor analysis by the method of principal components. The results have shown that the main sources of innovation are stakeholders involved in the sales chain, primary and applied research, innovation programmes focused on employees as well as customers, and enchmarking.
subject: Regular submissions
  topic: section
subject: best practice
  topic: keywords
subject: benchmarking
  topic: keywords
subject: sustainable business
  topic: keywords
subject: innovation potential
  topic: keywords
subject: organizational culture
  topic: keywords
creator: Hana Urbancová
creator: Pavla Vrabcová
rights: Copyright (c) 2023 Urbancová Hana, Pavla Vrabcová https://creativecommons.org/licenses/by-nc-nd/4.0
date: 2025-07-30
publication date: 2025-07-30
starting page: 46
ending page: 64
doi: 10.31577/ekoncas.2023.01.03