rss_2.0Review of Economic Perspectives FeedSciendo RSS Feed for Review of Economic Perspectives of Economic Perspectives Feed Analysis of Elementary Schools in Bratislava – A Two Step DEA Approach<abstract> <title style='display:none'>Abstract</title> <p>Education is a key area that should matter to the whole society. Measuring efficiency in education is a widely discussed academic and professional topic. The presented article focuses on investigating the efficiency of 57 elementary schools in the city of Bratislava. We used a two-step approach. In addition to measuring the output efficiency of elementary schools through the analysis of the non-parametric Data Envelopment Analysis method (DEA) with variable returns of scale (VRS), we also performed regression analyses to examine the connection between contextual variables and the measured output efficiency. The analysis shows that the achieved output efficiency is positively associated by the technical equipment of schools, staff in schools and the establishment (prestige) of schools in society. We noted a negative association with the number of students with special needs. Our findings can serve the city administration, as they can largely influence the monitored parameters by their own decision.</p> </abstract>ARTICLEtrue contribution of renewable energy sector value added to the national economic development in Denmark: an empirical analysis<abstract> <title style='display:none'>Abstract</title> <p>Examining the relationship between sustainability and economic development was covered by research over the past decades. The initial goal of the present research is to evaluate the contribution of renewable energy sector value added to the national economic development in Denmark. The research tasks of this study include assessment of carbon dioxide allowances and environmental taxation as well as the effect of other factors in terms of their contribution to the economic growth. The application of the regression analysis in order to examine the relationship between renewable energy industry and national economic development in Denmark shows that the increasing of renewable energy value added leads to the sizeable expansion of the gross domestic product. From the environmental-economic standpoint this is presumably the first research to make unambiguous conclusion, that proves significance of renewable energy value added for economic development in Denmark. Likewise, the results of the present study prove that expanding usage of carbon dioxide (CO₂) allowances in Denmark leads to quite considerable increase of the gross domestic product. Besides that, this study provided evidence regarding positive and statistically significant impact of the other factors on the economic growth.</p> </abstract>ARTICLEtrue of Housing Affordability in Czech and Polish Regions<abstract> <title style='display:none'>Abstract</title> <p>Great differences are observed in the way of living, the quality of living, and the type of property ownership in individual countries of the world. However, housing affordability is currently a significant issue in every developed country. At the same time, it is also an important factor of economic development on both the national and regional level. The paper is focused on the comparison of housing affordability in the Czech and Polish regions. The presented research combines four different commonly used indicators of housing affordability (financial and physical) into a newly defined index and applies it to the Czech Republic and Poland regions for the period 2020-2022. The aim is the comparison of Czech and Polish regions according to the selected housing indicators and calculated standard housing affordability index SAI, which is a newly created index compiled by the authors. The result of the research is a calculation of housing availability in a total of 30 Czech and Polish regions and a comparison of the development of housing availability in 2020 and 2022 in these regions. The result of the research is the finding that the availability of housing in the Czech regions is on average lower than in the Polish regions and, in addition, that the availability has decreased compared to 2020 in both the Czech and Polish regions by 2022.</p> </abstract>ARTICLEtrue Impact of Project Management Tools on Project Results: Evaluation of a Survey Among Managers Leading International Development Projects for four selected Central and Eastern European Donors<abstract> <title style='display:none'>Abstract</title> <p>As the success rate of international development projects might be still below expectations, several studies have explored whether and how the use of project management (PM) tools might improve internal and external project performance. This article looks specifically at four selected Central and Eastern European countries and evaluates a newly collected data set. Based on a survey, the study examines the adoption of PM tools among project managers in the region. Furthermore, with the use of cluster analysis, it suggests that the tools are adopted progressively in four stages that differ culturally from other international studies. Last but not least, using structural equation modelling, the research indicates that among the surveyed project managers, the use of stage 1 tools might directly contribute to the improvement of internal project results and that these internal results might then have a positive impact also on the external project performance.</p> </abstract>ARTICLEtrue for urban public transport in the Czech Republic<abstract> <title style='display:none'>Abstract</title> <p>The research aims to analyse the influence of selected factors on the demand for urban public transport in the Czech Republic. Urban public transport is important publicly provided service worldwide. In the Czech Republic this means public ownership of transport companies and massive subsidies from municipal budgets. In line with the literature, we tested the effects of the fares, the quality of services offered, the population´s income, car ownership, the urban population´s size and employment level. Using cointegration and regression analyses of data for 2004 to 2019, we constructed unique demand models for selected cities. Our analysis revealed a positive effect of quality, fuel price (as a cost associated with car ownership), and the urban population´s size. In contrast, unemployment and the price of fares have a negative effect on demand. The income effect depends on whether the transport company operates vehicles that cope better with traffic congestion.</p> </abstract>ARTICLEtrue Daces Bite Deeper than Sharks – Does the SMEs Public Subsidy Dose Matter?<abstract> <title style='display:none'>Abstract</title> <p>One of the EU's main priorities is to boost the competitiveness of its member states through subsidies from the European Structural Funds. As SMEs are key elements of competitiveness, their support through various subsidy programmes is important. However, as our research shows, the distribution of funds among SMEs is highly unequal. While some SMEs are very successful in obtaining subsidies, others (especially the smallest ones) are not. Using a robust dataset of Czech companies, we have identified subsidy ‘sharks‘ receiving multiple times more funds, compared to mediocre ‘salmons‘ and lowly supported ‘daces‘. While using counterfactual design with control for a subsidy dose and taking labour productivity as a proxy for competitiveness, we have found out that the subsidy dose really matters. It seems that the higher the dose, the lower the impact on competitiveness. Since, on average, subsidies led to higher competitiveness of beneficiaries, the subsidy daces significantly outpaced sharks. From a policy perspective, limiting support per beneficiary could lead to higher effectiveness of support programmes. This study also highlights the importance of the subsidy dose in evaluation practice and research.</p> </abstract>ARTICLEtrue Lawson on money<abstract> <title style='display:none'>Abstract</title> <p>Tony Lawson, the leading figure of the Cambridge Social Ontology Group, recently published a series of papers devoted to the question of the nature of money. These contributions have to be understood in the context of his broader approach to social ontology, the so called social positioning theory. While at first glance Lawson’s monetary ideas might appear disconnected and sometimes even contradictory or mistaken, there is a consistent vision behind them which is Lawson general social ontology. Lawson’s elaboration of the nature of money is not the only one compatible with the social positioning theory and an alternative one is briefly proposed in the paper. While systematising various Lawson’s monetary contributions, attention has been paid to several particular discrepancies and mistakes and their rectification. At the end of the paper, some lessons from analysing Lawson’s monetary contributions are drawn for his general approach to social ontology.</p> </abstract>ARTICLEtrue methodology to prioritize high-speed railway corridors<abstract> <title style='display:none'>Abstract</title> <p>The purpose of this article is to create and calibrate a high-speed rail passenger traffic-based ranking model using historical high-speed rail ridership data from Spain. The existing literature is scarce, and the models used have several main issues, such as arbitrariness, and not representing the real relations of variables. These models are analysed using real-world high-speed rail data; and improved by calibration with the data. Based on the results, I demonstrate the strengths and weaknesses of these models and propose a new model by combining the strong aspects of these models. I also show the importance of intermediate cities for the estimated ridership of an HSR corridor. The study develops our understanding of the ranking models and provides a more promising ranking solution as a contribution to high-speed rail planning.</p> </abstract>ARTICLEtrue savings of Czech municipalities: Precaution or inaction of their administration?<abstract> <title style='display:none'>Abstract</title> <p>Czech municipalities keep a substantial and growing volume of bank deposits. An analysis of determinants of unreserved deposits in 2021 suggests that municipalities are precautionary and accumulate fiscal reserves if they can and do so to stabilize their budget management. Signs of low activity of municipal administration such as low creation of new assets and low execution of the approved budget were not related to the volume of unreserved deposits in 2021. The change in the impact of the municipal debt on fiscal savings from strongly negative to weakly positive between 2016 and 2021 calls for more research on the impact of the introduction of new local debt regulation.</p> </abstract>ARTICLEtrue Taxation in the European Union: The Role of Intangibles in the Formulary Apportionment<abstract> <title style='display:none'>Abstract</title> <p>This paper seeks to contribute to the current debate on EU-wide corporate taxation, steered by the impending Proposal by the European Commission on a new framework for the taxation of income of businesses in Europe. The objective of this paper is to verify whether the inclusion of intangible assets enhances the ability of the current proposals for Formulary Apportionment to explain variability in profitability. The research question addressed is “What is the explanatory power of the Formulary Apportionment, for factors such as tangible assets, intangible assets, labour and sales by destination, to describe the variability in the profitability of companies active within the EU internal market?”. The paper employs regression analysis of cross-sectional microeconomic data to analyse the explanatory power of the Formulary Apportionment. The research reveals that the inclusion of intangible assets fails to enhance the explanatory power and that factoring in intangible assets does not appear to have a statistically significant effect in the model. The best-performing model, without the inclusion of intangible assets, explained 22.6 % of the variability in the profitability of companies active within the EU internal market.</p> </abstract>ARTICLEtrue Effects of Social Distancing Measures on COVID-19 Spreads in European Countries<abstract> <title style='display:none'>Abstract</title> <p>This study investigates the effects of social distancing measures on various types of social mobility, using country- and day-fixed effects on a panel of daily data comprising 29 European countries. Although social distancing measures proved to be significant for all types of mobility in the examined period, they are best captured by retail and recreation mobility. Linear effects of restrictive measures on COVID-19 cases and deaths are examined by OLS regression with country- and day-fixed effects on a panel of 29 European countries, while non-linear effects were investigated by quantile regressions. Stricter mobility restrictions significantly reduced COVID-19 cases and deaths, but the variant of the virus was also an important determinant. Although the Delta variant was much more infectious, its mortality reduced. However, the impact of social distancing measures on COVID-19 cases and deaths was not constant but strengthened with increasing quantiles of the distribution of cases and deaths, suggesting that an early response from policy-makers was very important. Vaccination brought benefits for both cases and deaths, but a particularly beneficial effect can be seen on COVID-19 deaths. The vaccination benefits grew with the share of the vaccinated population. Distrust in public institutions proved to have a negative impact on both COVID-19 cases and deaths. The inclusion of a set of control variables (health, economic, social and demographic) revealed that country characteristics such as cardiovascular mortality, the share of male smokers, economic development, the proportion of the population living in extreme poverty, population density, the quality of education or the share of rural population were important determinants of COVID-19 spreads. The analysis of the linear and nonlinear effects of the stringency of measures on various categories of sales according to the digital cash collection system (eKasa) in Slovakia revealed that sales in essential sectors for consumers, such as retail and grocery stores, were relatively resistant to tightening measures, while sectors that are less essential for consumers were more sensitive to social distancing measures.</p> </abstract>ARTICLEtrue Affects Debt Enforcement Proceedings? Evidence from the Czech Republic<abstract> <title style='display:none'>Abstract</title> <p>This paper aims to identify the factors contributing to the unusually high prevalence of over-indebtedness and debt enforcement proceedings in the Czech Republic at the granular geographic level of extended-powers municipalities (ORP). The main reason for this level is simple, not to lose information about differences among the municipalities, since there is quite a sharp contrast even within the same regions. The dependent variable is the share of people with one or more debt enforcement proceedings outstanding against them. We employ a set of explanatory variables including long-term unemployment, socially excluded localities, regional GDP per capita, education level, and a proxy for distance to the local economic center. The results are estimated using panel data regression with random effects, due to the time-invariant nature of certain variables. Because of poor data availability for some variables at this highly localized level, we make several assumptions; for example, we transfer the regional GDP per capita values to all ORPs in the region. Similar problems arise with education level, where we use data from the 2011 national census. Even with these data restrictions, our set of explanatory variables is shown to be statistically significant with the expected coefficient signs. GDP per capita and higher education level have a negative impact on the prevalence of debt enforcement proceedings, while long-term unemployment, the number of socially excluded localities in the area, and the distance-to-center proxy have a positive effect.</p> </abstract>ARTICLEtrue effect of institutional environment on economic policy uncertainty: evidence from firms’ investments<abstract> <title style='display:none'>Abstract</title> <p>This paper investigates the link between corporate investments, eco-nomic policy uncertainty and the quality of institutional environments. The corporate investments of private firms in 10 European countries from 2009 to 2018 were examined and a negative effect of economic policy uncertainty on corporate investments was identified. More importantly, it was determined that the higher-quality institutional environments reduced the negative impact of economic policy uncertainty on corporate investments, especially when economic policy uncertainty was high. We also demonstrate the effects of government stability, legislative strength, government cohesion and socioeconomic conditions that mitigate the negative effects of economic policy uncertainty on corporate investments.</p> </abstract>ARTICLEtrue - Challenge to Improve Czech Labour Market<abstract xml:lang="en"><title style='display:none'>Flexicurity - Challenge to Improve Czech Labour Market</title><p>Flexicurity reflects the current basic trend of the EU in guaranteeing high employment levels and attainability of national fiscal systems. It was introduced in Denmark in the 1990s and significantly helped reduce unemployment levels. The Czech labour market, despite the transformation process, has still space for further improvement, especially in the time of economic slow-down. The best way is to try to apply elements and components which have been already successfully implemented in the other EU Member States. The aim of the paper is (based on the statistical indicators and official documents concerning labour markets topic) to describe the basic function of the model and find the components of the flexicurity model which could be used also in the Czech Republic and change labour market operation.</p></abstract>ARTICLEtrue Challenge of Socio-Economic Coherence for Poland's Economic Policy in Context of Transformation Processes<abstract xml:lang="en"><title style='display:none'>The Challenge of Socio-Economic Coherence for Poland's Economic Policy in Context of Transformation Processes</title><p>The article focuses on Polish socio-economic coherency in the European and regional context during post WWII period. The author argues that the source of this incoherency are faulty mechanisms, its economic, social and regional policies which were before the transformation based on central coordination of strategies and later, prior to Polish membership in the EU, due to autonomic processes. Much of the weaknesses after accession of Polan to the EU have been due to mixed policies practiced. This has been based on competitive harmony in which economic, social and territorial coherence that is augmented by open coordination methods at union, national, regional and sub-regional levels. It is not sufficient applying socio-economic coherence to processes of eliminating disproportions existing in regional development. Their practical utility requires taking cognizance of the specificity of local material, human and social capital resources. The key issue of socio-economic coherence is harmonizing the development of all aspects of human living.</p></abstract>ARTICLEtrue of Czech Enterprises: What affects the performance of the Enterprise?<abstract xml:lang="en"><title style='display:none'>Competitiveness of Czech Enterprises: What affects the performance of the Enterprise?</title><p>This article is based on an empirical survey performed by the Research Centre for Competitiveness of the Czech Economy in 2007. We analyzed a sample of 432 companies. The main objective of the article is to formulate the factors which decrease the probability that a given company will be rated as competitive. Using advanced statistical methods (particularly statistical method of pattern recognition developed by UTIA ČSAV and modified in a special way for the purpose of our research) we formulate 20 qualitative characteristics, which can cause uncompetitiveness of the selected firm. These characteristics are then discussed and basic recommendations are drawn.</p></abstract>ARTICLEtrue Approach and the Corporate Financial Performance<abstract xml:lang="en"><title style='display:none'>Stakeholder Approach and the Corporate Financial Performance</title><p>The following paper aims to describe the analysis and utilization of stakeholder approach, which was used in the research of the Research Centre for Competitiveness of Czech Economy. The stakeholder model was employed in the research to explain the behavior of enterprises and to find factors of competitiveness. Here we can find assessment of stakeholders' importance and its relationship to corporate financial performance with some chosen interfering factors, which is preceding step before assessment all potential factors of competitiveness using multi dimensional analysis. Also the achieved results are related to chosen international and Czech studies.</p></abstract>ARTICLEtrue Analysis of New EU Member States in the Context of Cohesion Policy<abstract xml:lang="en"><title style='display:none'>Regional Analysis of New EU Member States in the Context of Cohesion Policy</title><p>The paper concentrates on the new European Union member states, i.e. the states of central and eastern Europe which entered the Union in 2004 (Czech Republic, Slovakia, Poland, Hungary, Lithuania, Latvia, Estonia and Slovenia) and 2007 (Bulgaria and Romania). The basis of the paper is the evaluation of the cohesion policy in the countries in question, which are then analysed at the level of NUTS 2 regions (cohesion regions). The aim of the socioeconomic analysis is to assess the economic level of the regions and to use the results to form their typology. Ten characteristic indicators were chosen so that the study was as complex as possible. For each indicator in the examined countries the average was calculated, which allowed for a considerable increase of the information relevance of the study conclusions. For the cartographic representation of the regional differentiation intervals based on this average and the standard deviation were used. The final part of the study presents a concluding synthesis together with the above-mentioned typology of the regions. The results are interpreted in the context of the optimal strategy selection for the regional policy determined by the EU cohesion policy.</p></abstract>ARTICLEtrue and Inclusion Practices as a Booster for Firm Sustainability: Evidence from the Czech Automotive Sector<abstract> <title style='display:none'>Abstract</title> <p>The paper investigates implemented diversity and inclusion practices’ effect on firm sustainability. The study covers a sample of small and middle-sized automotive firms in Czechia, where diversity and inclusion practices have been implemented in relation to firm sustainability. The paper’s methodology is based on theoretical models of diversity management and firm sustainability in the automotive sector. The paper provides evidence that a low number of firms in the Czech Republic in the automotive sector have been rolling out any diversity and inclusion measures but at the same time, the majority of the selected firms have been considering the development and implementation of human resource management practices in the area of diversity and inclusion as a vital part of attracting more investors and aligning with the global sustainable goals of the United Nations. Moreover, the paper brings evidence that the automotive firms in the Czech Republic are following global and regional trends on diversity and inclusion as an important step for a sustainable strategic development.</p> </abstract>ARTICLEtrue effects of economic policy uncertainty on adult and youth unemployment<abstract> <title style='display:none'>Abstract</title> <p>The paper studies the effects of foreign (the US, the UK and the Chinese) and domestic economic policy uncertainty (EPU) shocks on unemployment in Germany, France, Italy and Spain. The analysis is run separately for the rates of adult and youth unemployment. Impulse responses derived from vector autoregressive models show that the magnitudes of the responses of the adult and youth segments of the labour market are quite different. Following an uncertainty shock, the youth unemployment rate increases significantly more than the adult unemployment rate. This is the case for France, Italy and Spain. The German labour market seems to be resistant to foreign (except Chinese) and domestic EPU shocks, while the remaining labour markets, foremost the Spanish and Italian ones, are susceptible to uncertainty shocks, especially to the US EPU shocks.</p> </abstract>ARTICLEtrue