rss_2.0Review of Economic Perspectives FeedSciendo RSS Feed for Review of Economic Perspectiveshttps://sciendo.com/journal/REVECPhttps://www.sciendo.comReview of Economic Perspectives 's Coverhttps://sciendo-parsed-data-feed.s3.eu-central-1.amazonaws.com/6235bf2816ec570f8dad2440/cover-image.jpg?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20220627T210933Z&X-Amz-SignedHeaders=host&X-Amz-Expires=604800&X-Amz-Credential=AKIA6AP2G7AKP25APDM2%2F20220627%2Feu-central-1%2Fs3%2Faws4_request&X-Amz-Signature=555b5fb3c8429017b05626d87e859769325162b09409ddd5f04753b913dbfa54200300Wage Polarization in the Context of the Czech Republichttps://sciendo.com/article/10.2478/revecp-2022-0005<abstract> <title style='display:none'>Abstract</title> <p>Existing studies have provided evidence of job polarization in many developed countries. The issue of wage polarization is less obvious: many articles do not address it at all, and some even confuse it with job polarization. At the same time, the significance of the phenomenon of polarization results precisely from the consequence of wage polarization: the increase in wage inequality. The aim of this article is to find out whether wage polarization occurred in the Czech Republic during the period 2004–2018. Wage development in the private sphere does not imply wage polarization, but in the public sphere, results imply a very slight wage polarization mainly due to the development between 2004 and 2010. This phenomenon has occurred in both male and female occupations. Panel regression analysis shows that globalization reduces upper-tail inequality (the ratio Q90/Q50) while increasing lower-tail inequality (the ratio Q50/Q10). At the level of the whole economy, technology seems to contribute to reducing both upper-tail and lower-tail inequality. These results probably correspond to the nature of the Czech economy, which is based on middle-skilled workers with a pro-export focus.</p> </abstract>ARTICLE2022-06-23T00:00:00.000+00:00The firm-specific and macroeconomic determinants of the financial structure of construction companies in selected European countrieshttps://sciendo.com/article/10.2478/revecp-2022-0006<abstract> <title style='display:none'>Abstract</title> <p>This research builds on previous studies in the field of financial structure and develops knowledge for the construction industry in eight selected countries in Central and Eastern Europe – Visegrád Group, Austria, Bulgaria, Slovenia, and Romania. The aim of the research is to examine the influence of profitability, asset structure, the GDP growth rate and the reference interest rate on the level of total, long-term and short-term debt of companies. The research period is from 2009 to 2018. The main conclusion of the research is the finding that the amount of debt of selected construction companies is most affected by the determinants of the external environment – the development of the economy and the reference interest rate. This conclusion applies regardless of the size of the companies. The direction of the resulting impact differs, as each of the economies underwent a different economic development during the period under review. The interest rate negatively affected the amount of debt of Polish, Romanian and Hungarian companies, given the higher interest rates in these economies; the remaining companies have a positive impact. The impact of the GDP growth rate on the amount of debt is mainly negative for Romanian companies regardless of size, medium-sized Polish and Austrian companies, and large Czech companies; a positive effect was found for the remaining companies. Economies have grown for most of the period under review, and negative impacts may mean taking advantage of profits, which usually grow during periods of prosperity and are a cheap source of funding. This does not necessarily mean economic problems and, as a result, declining debt due to the unavailability of debt financing.</p> </abstract>ARTICLE2022-06-23T00:00:00.000+00:00Modelling Determinants of Inflation in CESEE Countries: Global Vector Autoregressive Approachhttps://sciendo.com/article/10.2478/revecp-2022-0007<abstract> <title style='display:none'>Abstract</title> <p>After a prolonged period of relatively stable price levels, the beginning of the third decade of the 21<sup>st</sup> century has brought inflation once again into the spotlight. This paper focuses on the inflation dynamics in a set of post-communist countries that eventually became members of the European Union. Due to EU accession augmented by the globalization process and involvement in global value chains (GVC), the international impacts are becoming progressively important for the domestic inflation dynamics and domestic variables are not sufficient to fully describe the domestic inflation dynamics. The employed methodology, Global Vector Autoregressive (GVAR) approach, allows modelling interactions and spillovers among countries, making the most of its advantages over the usual VAR models that model each economy separately and panel models, where countries are often treated as independent units. The results of the empirical analysis confirm that the globalisation process has led to increasing the importance of international impacts on the domestic inflation dynamics. On the other hand, the results also indicate that accounting for a larger set of countries decreases the severity of the commodity price shocks and makes them less persistent. Furthermore, monetary policy acts as a buffer against adverse shocks, especially in the countries that are still not members of the euro-zone. The findings of the paper show that the analysed countries are pronouncedly heterogeneous. Hence, each of the analysed economies has its own set of country-specific factors which, from country to country, play a more important or a less significant role in explaining national inflation dynamics. Thus, the paper should contribute to a more comprehensive understanding of the inflation dynamics in the policy-making context.</p> </abstract>ARTICLE2022-06-23T00:00:00.000+00:00Activation programs for unemployment benefit recipients in Sloveniahttps://sciendo.com/article/10.2478/revecp-2022-0004<abstract> <title style='display:none'>Abstract</title> <p>Activation of the unemployed has been an important topic among policymakers during the last decades. This paper reviews the current measures in Slovenia in the area of activation of unemployment benefit recipients and it compares its formal requirements related to activation against the international background. The paper focuses on five activation areas: adjustment of unemployment benefit eligibility, improving employment services, participation in active labour market policies, monitoring and sanctions. The review lists several recommendations Slovenia should apply to activate unemployment benefit recipients, including introducing more demanding job search requirements and increased monitoring of the compliance with these requirements, introducing compulsory participation in active labour market programs, checking the consistency and effectiveness of the current profiling system, and strengthening the ex-ante effect of sanctions.</p> </abstract>ARTICLE2022-06-23T00:00:00.000+00:00Natural Resource Revenue Management: Which Institutional Factors Matter?https://sciendo.com/article/10.2478/revecp-2022-0001<abstract> <title style='display:none'>Abstract</title> <p>The paper deals with the topic of natural resource revenue management and the institutional background, it researches the impact of the institutional environment on a particular part of resource governance, the revenue governance. The Resource Governance Index is used as the crucial concept for the whole analysis. Using qualitative comparative analysis, it aims to find out which conditions, and their combinations, concerning the institutional background, lead to higher levels of revenue management. Firstly, it was found that individual institutional aspects impact the revenue management differently. The second finding is that voice and accountability is a sufficient condition for reaching higher levels of revenue management. On the contrary, the dimension of political stability and the absence of violence is an irrelevant condition. All the institutional aspects excluding political stability and the absence of violence create a consistent pathway to better achievements in revenue management, namely national budgeting, and subnational resource revenue sharing.</p> </abstract>ARTICLE2022-03-17T00:00:00.000+00:00Banks’ Credit Losses and Provisioning over the Business Cycle: Implications for IFRShttps://sciendo.com/article/10.2478/revecp-2022-0003<abstract> <title style='display:none'>Abstract</title> <p>This article examines the procyclicality of banks’ credit losses and provisions in the Czech Republic using pre-2018 data and then discusses the implications of the findings for provisioning in stage 3 under IFRS 9. This analysis is possible because the majority of banks seem to have aligned their accounting definitions of default with the regulatory definition before the implementation of IFRS 9. Based on our results, we find significant asymmetries in the Czech banks’ behaviour over the cycle. Firstly, provisioning procyclicality is the strongest in the later contractionary phase and the early recovery phase, while it is non-existent in the early contractionary phase. Secondly, banks with higher credit risk behave more procyclically than their peers with lower credit risk. If this behaviour persists under IFRS 9 and banks do not change their provisioning behaviour from backward to forward-looking, it may lead to a delayed transfer of exposures between stages and aggravate cyclical fluctuations.</p> </abstract>ARTICLE2022-03-17T00:00:00.000+00:00A theoretical framework to evaluate ICT disparities and digital divides: Challenges and implications for e-government developmenthttps://sciendo.com/article/10.2478/revecp-2022-0002<abstract> <title style='display:none'>Abstract</title> <p>Understanding and using ICT is critical for increasing effectiveness of the public sector, improving access to public services, enhancing transparency and engagement of various stakeholders in public decision-making processes. At the same time, utilization of new emerging technologies such as cloud computing, big data analytics, open data, social media, or Internet of Things has become more commonplace in recent years. This study aims to understand what determines ICT disparities and digital divides in the context of new technologies and digital world shifts. For this purpose, a theoretical framework of ICT-related indicators elucidating differences between the traditional and new approach is proposed. These ICT indicators were identified through the decomposition of related ICT and e-government indices together with explanatory factors derived from the literature. The European Union Member States were chosen as a sample for the exploratory analysis because of the availability of relevant indicators. More specifically, correlation, factor, regression, and cluster analyses were employed as empirical strategies to carry out this study. The Human Development Index together with research and development expenditure are the most important explanatory factors for the new approach, while the traditional set of indicators is still mostly correlated with the gross domestic product per capita. Finally, five clusters of Member States were identified and their implications for improving the use of ICT in the public sector are described.</p> </abstract>ARTICLE2022-03-17T00:00:00.000+00:00The determinants of consumer behaviour of students from Brno when purchasing organic foodhttps://sciendo.com/article/10.2478/revecp-2019-0003<abstract><title style='display:none'>Abstract</title><p>The subject of this paper is the analysis of consumer behaviour in the organic market, focused on the behavior of students from Brno. Our study brings information which can potentially be used for further research and will also be useful for organizations with a practical interest in the production sale and distribution of organic food. To investigate the influence of the various factors was used the extended model of Theory of Planned Behaviour (TPB). In the current concept, there is no research in the Czech Republic that would apply the approach of <xref ref-type="bibr" rid="j_revecp-2019-0003_ref_038_w2aab3b7b3b1b6b1ab1ac38Aa">Yadav and Pathak (2016)</xref> to examine of consumer behaviour on the sample of students, i.e. young Czech generations who are a potential target group. The theoretical part deals with the concept of consumer behaviour, based on the findings of the latest studies, dealing with this topic. In the practical part, the own research is presented, realized on a sample of 403 young consumers, studying in the second largest city of the Czech Republic, the city of Brno. In the Czech Republic, the young consumer is influenced mainly by factors such as personal attitude and subjective norms. Limitations of this study are the fact that in our questionnaire we were interested in how the consumer viewed the purchase of organic food in general and not how they view the purchase of individual organic products and that the research may be limited by the fact that the questionnaire was aimed solely at the younger generation of consumers studying in Brno, the second largest city in the Czech Republic. The behaviour of the younger generation has received little investigation, and in the Czech Republic, there is a lack of research on the behaviour of this sector.</p></abstract>ARTICLE2019-03-29T00:00:00.000+00:00Socio-economic Development and its Impact on Health Personnel in Regions of Visegrad Group Plus Countrieshttps://sciendo.com/article/10.2478/revecp-2019-0001<abstract><title style='display:none'>Abstract</title><p>The quality of life and economic development of economies and their regions is influenced by socio-economic indicators such as unemployment, healthcare and education, environmental issues or household equipment. The question remains whether these indicators within regions can also influence each other and whether they have positive or negative effects. The paper aims to describe the impact of the selected socioeconomic indicators on health personnel, which was also divided from the gender perspective. For this purpose, the regions of the Visegrad Group Plus countries at NUTS II level were selected. The research was performed in the period from 2004 to 2013. According to our results based on the Generalized Method of Moments with panel data, we found out that a change in household income and a change in the number of vehicles in the monitored regions have the greatest (positive) impact on staff in hospitals. The research may contribute to the discussion about levels of regional economic development and the related competitiveness in terms of the socio-economic approach, and it may also provide a basis for further discussion on its measurement and use of appropriate indicators.</p></abstract>ARTICLE2019-03-29T00:00:00.000+00:00Transport Geography Workshop 2018 at Masaryk Universityhttps://sciendo.com/article/10.2478/revecp-2019-0004ARTICLE2019-03-29T00:00:00.000+00:00Spatial Distribution of Investment Incentives and the Impact of New Incentive System for Less Developed Regions in Turkeyhttps://sciendo.com/article/10.2478/revecp-2019-0002<abstract><title style='display:none'>Abstract</title><p>Regional policy has been on the agenda of Turkey since the First Five-Year Development Plan (1963–1967), and so far, Turkey has put into practice to overcome regional disparities, one of the most important is regional-sectoral incentives. Thus, the incentive system, which has undergone many changes until today, has been revised and updated in 2012. Although this incentive system has been put into practice for increasing the investment in eastern provinces/regions, development gap between eastern and western regions still stands. The main purpose of this study is to investigate the success of the new incentive system and to determine whether the new investment incentive system is effective in shifting investments from developed regions to backward regions in Turkey. In the study, the regional distribution of investment incentives during 2001–2016 and the effect of new investment incentive system to change the distribution of investments in favor of less developed provinces/regions will be examined. By using investment incentives data, regional distribution of investments will be revealed with the help of map-graph technique. The study found that both the share of incentive certificates and the share of the investment amount have increased during the period of 2001–2016 in the less developed provinces. From this point of view, it is possible to say that the new investment incentive system has a positive impact on increasing the share of incentives in these provinces.</p></abstract>ARTICLE2019-03-29T00:00:00.000+00:00Distribution of new cars – no longer an issue for EU competition law?https://sciendo.com/article/10.2478/revecp-2021-0016<abstract> <title style='display:none'>Abstract</title> <p>Distribution cartels in the automotive sector used to be frequently dismantled and sanctioned by the European Commission and the EU Courts still some 15 years ago. In recent years, however, only a few cases have been reported at the national level of EU Member States. Is it because the distribution of new cars really ceased to be a competition problem as the European Commission declared when it removed this part of the automotive business from the specific Block Exemption Regulation for the automotive sector in 2010? The purpose of the present analysis is first to inspect the car distribution cases that emerged in the EU after the year 2000 and, second, to speculate somewhat whether new forms of distribution, brought by the digitalization of marketing and sales, cannot bring about also new risks to cartel agreements and other types of distortions of competition in car sales.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Reality and expectations of old-age pension savings in the pension system of the Slovak Republichttps://sciendo.com/article/10.2478/revecp-2021-0018<abstract> <title style='display:none'>Abstract</title> <p>The aim of the authors is to provide a critical statistical-analytical view of the current pension system of the Slovak Republic with special regard to old -age pension savings in its fifteen-year existence, resulting in proposals for adjustments to its operation. It includes an analysis of the sustainability of pension systems, an analysis of the age distribution of savers as well as possible investment strategies of savers and the distribution of their property savings in pension funds. We model the investment strategy of a participant in old-age pension savings. We draw attention to the evaluation of old -age pension savings in pension funds during its existence and quantify the potential loss caused by an inappropriate investment strategy of savers. The an alysis showed that the Slovak participant in old-age pension savings invests mainly in conservative pension assets, which bring low volatility in the short term, which may not be optimal in the long run. In order to achieve change, we also outline the possibilities of changing the attitudes of savers to value their savings and propose reform steps that would contribute to ensuring a balance between the financial and social sustainability of the pension system.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00What are the factors of tax evasion? New findings in the EVS Studyhttps://sciendo.com/article/10.2478/revecp-2021-0017<abstract> <title style='display:none'>Abstract</title> <p>This paper is analyzing tax morale in three selected European countries through the evaluation of the results of the European Values Study. The main aim is to identify the factors that influence taxpayers’ decisions on the issue of whether they justify cheating on tax or not. The dependence and effect of selected factors were determined by analyzing data from the latest European Values Study (2019). The analysis revealed that not only demographic factors (gender, age), but also other socio-economic and institutional factors (religion, willingness to defend the home country, being a proud citizen, trust in government and respect for authorities) have a significant impact on taxpayers’ justification of cheating on taxes. This research is specifically focused on the Czech Republic, Poland and Spain.</p> </abstract>ARTICLE2021-12-30T00:00:00.000+00:00Oil price shock in the US and the euro area – evidence from the shadow rate and the term premiumhttps://sciendo.com/article/10.2478/revecp-2021-0014<abstract> <title style='display:none'>Abstract</title> <p>The aim of this article is to investigate the consequences of oil price changes for the economy of the US and the euro area. Oil price transmission channel is assessed using Granger causalities and structural vector autoregressive (<italic>VAR</italic>) specifications (applying the Cholesky factorization and the restrictions following the method of Blanchard and Quah). The conventional oil price transmission channel is extended by a shadow policy rate and term premium, as the importance of both indicators has been growing rapidly in recent years. The results confirm that the oil price shock is not negligible in the aftermath of the Global Financial Crisis and in the subsequent period of monetary policy normalization. The findings are confirmed by the outcomes of the Bayesian VAR specification with sign restrictions. The consequences of changes in oil prices have significantly grown since the introduction of unconventional monetary instruments. The magnitude of the response of industrial production, price level and shadow interest rate to the oil price shock is strongest in the period corresponding to the unconventional monetary policy. In many cases, however, the reaction is short-lived. The conventional instrument (policy rate) in the euro area has still not been sufficient to stabilize the economy in the recent period of monetary policy normalization in the US.</p> </abstract>ARTICLE2021-09-17T00:00:00.000+00:00The Impact of Seven Macroprudential Policy Instruments on Financial Stability in Six Euro Area Economieshttps://sciendo.com/article/10.2478/revecp-2021-0012<abstract> <title style='display:none'>Abstract</title> <p>The aim of this paper is to investigate whether macroprudential policy instruments can influence the credit growth rate and hence financial stability. We use a fixed effects panel regression model to test the following hypothesis for six euro area economies (Austria, Finland, Germany, Italy, Netherlands and Spain) during time span 2010 Q3 to 2018 Q4: “Macroprudential policy instruments (degree of maturity mismatch; interbank loans as a percentage of total loans; leverage ratio; non-deposit funding as a percentage of total funding; loan-to-value ratio; loan-to-deposit ratio; solvency ratio) enhance financial stability, as measured by credit growth”. Our empirical results suggest that the degree of maturity mismatch, non-deposit funding as a percentage of total funding, loan-to-value ratio and loan-to-deposit ratio exhibit the predicted impact on the credit growth rate and therefore on financial stability. On the other hand, interbank loans as a percentage of total loans, leverage ratio, and solvency ratio do not exhibit the expected impact on the response variable. Since only four regressors (out of seven) have the signs predicted by our hypothesis, we can only partly confirm it.</p> </abstract>ARTICLE2021-09-17T00:00:00.000+00:00Does the instability of economic development affect the elasticity of the labour market?https://sciendo.com/article/10.2478/revecp-2021-0013<abstract> <title style='display:none'>Abstract</title> <p>Despite extensive research, the estimates of changes in employment are heterogeneous in different conditions of economic development. In this study, we examined the impact of the instability of economic growth on the elasticity of the labour market in a set of EU27 member states in the period 2000Q1–2019Q4.The sensitivity of the labour market was quantified in parallel by two available methods which are used for this purpose – by calculating the values of the arc elasticity coefficient and by regression analysis. Logarithmic linear regression models were compiled according to the analysis criteria individually for each member state. By comparing the values of the obtained elasticity indicators, differences in the responses of the labour market were identified. Our results show that the heterogeneity of opinions is to some extent natural. The elasticity of the labour market determined by calculating the values of the elasticity coefficient is characterized by a high variability of values. Similarly, the values of the regression coefficient reflect the nature of the macroeconomic development of the period under review. According to our findings, the frequent short-term trends of negative economic development result in a reduced sensitivity of the labour market to the changes in economic performance, manifested by a lower employment elasticity compared to its values in economies with a stable development trend. Based on this, we formulate the connection between the elasticity of the labour market and the positive and negative economic development. We condition the sensitivity of the labour market to the changes in the trend of economic development with the occurrence of longer-lasting trends of negative economic development.</p> </abstract>ARTICLE2021-09-17T00:00:00.000+00:00Measuring monetary policy by money supply and interest rate: evidence from emerging economieshttps://sciendo.com/article/10.2478/revecp-2021-0015<abstract> <title style='display:none'>Abstract</title> <p>Although measuring monetary policy is a contentious issue in the literature, much less evidence on this issue is available for emerging economies. This paper aims to investigate the role of interest rate and money supply in measuring monetary policy in twelve emerging economies that target inflation through the analysis of Granger causality, impulse response function, and forecast error variance decomposition. The empirical results show that both money supply and interest rate are useful predictors for changes in inflation. Moreover, both show a comparable power to explain the variation of inflation. However, a rise in interest rate increases rather than decreases inflation, whereas money supply has a positive and expected effect on inflation. These findings suggest that interest rate may not fully capture the overall stance of monetary policy or interest rate has a limited effect on inflation.</p> </abstract>ARTICLE2021-09-17T00:00:00.000+00:00What is the Sustainable Level of Banks’ Credit Losses and Provisions?https://sciendo.com/article/10.2478/revecp-2021-0011<abstract> <title style='display:none'>Abstract</title> <p>In this paper, we estimate the sustainable level of lifetime expected credit losses and provisions and assess the procyclicality of banks’ credit losses and provisions in the Czech Republic. Further, we discuss the implications of the results for provisioning in stage 3 under the IFRS 9. Based on the estimation results, we can identify periods of insufficient provisioning when the actual values were below the sustainable levels. Additionally, we show that credit losses and provisions behave procyclically (i.e., decrease with a rising output gap and increase with a falling output gap) while banks recognize impaired credit losses and create provisions with a delay of three to four quarters after the output gap starts shrinking. Such a delay may result in a sharp increase in lifetime expected credit losses and provisioning in response to a deterioration in economic conditions under the IFRS 9 regime.</p> </abstract>ARTICLE2021-09-17T00:00:00.000+00:00The Occurrence of the Preconditions for Social Exclusion in the Czech Republic: A Basis for the Planning of Social Prevention Serviceshttps://sciendo.com/article/10.2478/revecp-2021-0008<abstract> <title style='display:none'>Abstract</title> <p>Persisting social exclusion is one of the key issues the European Union Member States have to handle according to the headline targets of the Europe 2020 strategy. In the Czech Republic, more than 1 million people – 12.5% of the whole population – lived in the year 2019 at risk of poverty or social exclusion. Between the years 2010 and 2019, the monetary poverty rate oscillated around 10%. Although these are one of the lowest rates among the EU Member States, reduction and elimination of social exclusion has still been a challenge for the Czech policy-makers due to the relatively constant rates of monetary poverty, as low incomes are generally recognized as one of the causes of social exclusion. The aim of the paper is to identify the occurrence of the preconditions for social exclusion in the Czech districts revealed in the inter-district comparison that is based on the multi-criterial evaluation of the socio-economic situation in these districts. Such evaluation can serve as a basis for the planning of social prevention services, which are regarded as the means of prevention and reduction of social exclusion. Our findings obtained with the use of the Multi-Criteria Decision Making technique reveal that the occurrence of the preconditions for social exclusion varies among LAU1 districts of the Czech Republic and that districts lying in two NUT3 regions are affected more than others. Individuals living there are more likely to be socially excluded, especially if this higher probability derived from the districts’ socio-economic situation is accompanied with their individual poor skills, health, or family breakdown.</p> </abstract>ARTICLE2021-06-22T00:00:00.000+00:00en-us-1