Journal of Economics - Obsahy ročníkov

Our study examines to what extent the introduction of Bitcoin spot exchange-traded funds (ETFs) affected Bitcoin’s properties, including market dynamics, volatility, returns, return distribution, and tracking errors. Using block bootstrap simulations, OLS regression, EGARCH modeling, and non-parametric tests, we find that Bitcoin ETFs increase volatility and downside risk while leaving average returns unchanged. Return distribution shifts, including reduced skewness and kurtosis, suggest partial normalization, typically linked to greater liquidity and market participation. However, unlike traditional ETFs, Bitcoin ETFs introduce fail-to-deliver (FTD) occurrences, previously absent in Bitcoin markets, which mitigate extreme price movements through delayed settlement. Tracking error analysis confirms that spot ETFs more accurately track Bitcoin’s price than futures-based ETFs. These findings offer critical insights into Bitcoin ETFs’ market effects, particularly regarding stability and investor behavior.

This paper assesses the cost-effectiveness of HPV vaccination in the Czech Republic, focusing on cervical cancer prevention. It compares the cost-effectiveness of existing reimbursement policies with proposed changes. A homogeneous multistate Markov model, based on public health insurance data, simulates disease progression. Our findings show that increasing immunization coverage from 65.8% to 80% is cost-effective, meeting the 1.2 million CZK per quality-adjusted life year threshold. Extending vaccination eligibility from age 13 only to 13 – 15 years old, while boosting coverage, also proves cost-effective. These results support the economic viability of the proposed policy enhancements for increasing HPV vaccination among women.

This study examines the impact of tax and non-tax determinants of corporate income tax (CIT) revenue. By conducting an empirical assessment, this paper seeks to highlight the key determinants currently affecting CIT revenue and their significant role in shaping tax policy. For a comprehensive analysis, the research is divided into two parts and examines both tax policy and government economic policy. The principal objective of this research is to determine how tax policy and government economic policy affect CIT revenue in selected countries. Using panel regression models, the analysis includes data from the EU Member States for the period 2000 – 2020. The contribution of this research lies in examining the interaction between tax policy and government economic policy, showing that in addition to tax determinants, non-tax determinants also significantly impact CIT revenue. A particular contribution of the empirical part of the research is the identification of the positive effects of human capital and government governance on CIT revenue. The research proposes a new concept of CIT that aligns with modern business conditions and provides a direction for reforming this tax, aiming to address its divergence and inconsistency globally.

This study investigates how the influence of foreign direct investment (FDI) on economic growth changes conditional on the level of financial development. Using data from 83 countries over 2002 – 2022 and applying the dynamic panel threshold regression (DPTR) method, the analysis uncovers a nonlinear – specifically, inverted U-shaped – pattern in the influence of FDI on growth, depending on financial development. The findings indicate that FDI is associated with stronger economic growth at moderate levels of financial development, whereas excessive financial development is linked to a diminished or vanishing effect of FDI on growth. These patterns remain consistent across robustness checks, including sample splits (developed vs. developing countries), interaction-based specifications, and alternative financial development indicators. The study concludes with policy considerations tailored to different country groups.