Journal of Economics - Obsahy ročníkov

We use a unique dataset of 167 North American and European clusters’ funding structures, obtained from an independent questionnaire survey carried out in the first half of 2016. The aim of this study is to determine possible differences in the proportions of public and private funds in the financing clusters from these two regions. Our results show that there is not a statistically significant difference in public-to-private funding sources among the European vs. American clusters. The proportion of public-to-private sources is on average approximately 43:57 in both regions. However, overall private sources of financing are significantly higher than funds obtained from public sources when we compare average values without respect to geographical regions. Furthermore, using a seemingly unrelated regression model, we identify dominant sources of public funding – in the European clusters dominate European Union budgets (24.29%), and for American clusters, the more prevailing sources are national (26.25%) and local budgets (10%). Keywords: clusters, funding, public/private sources, financial structure JEL Classification: L52, O38, R58

In order to calculate fiscal multipliers for Slovakia, I use a small open DSGE model of Slovakia constructed by Zeman and Senaj (2009) that is augmented by a more sophisticated fiscal sector, which comprises government expenditure components (consumption, investment and social transfers to liquidity-constrai¬ned households), as well as government revenue components (personal income taxes, employer social contributions, VAT (value-added tax) and a lump-sum tax). The Slovak government has laid out a plan of public finance consolidation for the period from 2013 to 2017 in order to meet the Fiscal Compact criteria. According to the fiscal multipliers calculated in this paper, the consolidation will cause an aggregate loss of 3.1% of GDP during this period, which turns out to be a more precise estimate than official government projections. Keywords: fiscal multipliers, expenditure and revenue components, DSGE simulations JEL Classification: E32, E62, H20, H50

This paper investigates the availability of bank credit to enterprises in the Eurozone after the recent financial crisis. The analysis draws from a rich firm- -level dataset on perceived credit availability of micro-, small- and medium-sized, and large enterprises in 11 countries in the Eurozone during the time horizon 2010 – 2014. Employing probit and logit estimators, the empirical results suggest that GDP growth is a significant factor improving availability to small and medium-sized, and large firms. I also find evidence on the heterogeneous impact of quantitative easing conducted by the European Central Bank within the Euro area. The non-standard measures improve credit availability in the central economies, while my estimates do not show an effect in the Eurozone periphery. Keywords: credit availability, credit rationing, credit constraints, credit supply, financial crisis recovery JEL Classification: E51, E52

This paper distinguishes between different forms of government intervention in a micro economy, including a firm’s tax burden, regulatory stringency, state shares and collective shares. To the best of my knowledge, I offer a first attempt to explore how these types of government intervention affect a firm’s financial access. With evidence from China, I use the 2005 World Bank Investor Climate survey data to confirm that a firm’s financial access is promoted by its tax burden and regulatory stringency but constrained by its state shares and collective shares. My estimates are robust to the potential endogeneity issue, the different measures of financial access and different samples. Given that most governments explicitly or implicitly dictate financial resources, this paper offers general applications for government policies or corporate finance. Keywords: government intervention, financial access, developing countries JEL Classification: G21, G28, O17

European Commission re-launches the common consolidated corporate tax base (CCCTB) in Europe within the efforts to fight with tax evasion and tax fraud via two step procedure. Firstly, only a common corporate tax base (CCTB) would be implemented with the possibility of cross-border loss offsetting CCCTB. Common consolidated corporate tax base should be introduced only in the second step. The aim of the paper is to research the impact of both implementation steps on the amount of the tax bases allocated in the Slovak Republic. The results show, that the first implementation step would results into the decrease of allocated tax bases by 0.27% in the Slovak Republic. The second implementation step would result in to the increase of the tax bases allocated in the Slovak Republic by 3.02%. Keywords: CCCTB, CCTB, group, tax base, tax revenue, Slovak Republic, corporate tax JEL Classification: H25, K22