Journal of Economics - Obsahy ročníkov

Current account imbalances and their sustainability in the EU member countries has been examined in the recent empirical literature since the establishment of the Euro Area. Deeper trade integration within the EU is generally beneficial. However, international fragmentation of production resulting from emergence of global value chains deepens external imbalances due to persisting differences in macroeconomic performance among member countries. The main objective of the paper is to examine effects of price and non-price determinants of exports and imports in 21 EU member countries. We have estimated the determinants of export and import demand functions in the 21 EU member countries. Our results indicate the high role of imports in aggregate export functions, while aggregate functions indicated a high contribution of domestic demand to the imports dynamics. Disaggregated analysis revealed the importance of intermediates in the external trade within and outside the EU from territorial and commodity aspects. Keywords: current account, external balance, export, import, global value chains; JEL Classification: F13, F41, H62

Using a gravity model, this article explores the determinants driving stocks of international migrants from developing countries in Czechia and in Slovakia. It presents an overview of international migration to both countries between the years 2006 and 2015 including the major countries of origin. It also proposes a brief discussion of different migration theories that can be used to explain the number of international migrants in both destinations. The gravity model used throughout the study includes four groups of explanatory variables: standard gravity variables, economic, institutional and those that approximate mutual relationships. The results show that the number of migrants in both destinations increases with higher GDP per capita and population in the countries of origin. Furthermore, mutual links such as trade or distance between the destinations and the countries of origin are significant as well. While only developing countries were selected for this analysis, this model provides a useful exploratory tool that can help with further analyses of migration flows to different countries and regions. Keywords: International migration, developing countries, gravity model, Czechia, Slovakia; JEL Classification: F22

The aim of this paper is to verify the impact of the market structure on financial stability in the banking sectors in Central and Eastern European countries, with particular emphasis on the change in the concentration and the share of foreign capital in the period 1999 – 2015. Using the methodology of panel regression, GMM estimator, we examine the implications of banks’ concentration on bank stability of a group of countries from Central and Eastern Europe. Because many empirical studies have examined the role of market concentration, we complement our results with findings on the market concentration-bank fragility trade-off. Employing a concentration ratios (CR5 and HHI) we find that CEE banks are more fragile within a concentrated environment. Our results also reveal that the persistence of risk is affected by the level of bank concentration and this effect is exacerbated mainly during downturns. Finally, the results of this research did not lead to any definite conclusions as to the role of foreign capital participation and rather indicate the impact of bank size and concentration on bank stability. Keywords: banking, concentration, foreign capital, stability, Central and Eastern European countries; JEL Classification: F36, G2, G21, G34, L10

The aim of our research is to empirically evaluate and analyse the effects of quality of institutions on the level of early-stage entrepreneurial activity, but also the effects on the motivation of individuals to start new businesses and thus to enter into entrepreneurship. Our research focuses on member countries of the European Union, using panel data estimation techniques and targets a period of fifteen years, between 2002 and 2016. The results of our study show that, the level of the total early-stage entrepreneurial activity can be significantly affected by the quality of institutions, and the impact of institutional factors is different depending on the types of entrepreneurial activities analysed. The findings of the study confirm previous findings showing that the economic freedom and the quality of governance are significant predictors of entrepreneurial activity but also of individuals’ motivation to start a business. The results of our empirical investigation could be of interest to policymakers, who should be concerned about identifying and implementing the most appropriate measures to increase the quality of institutions, which should lead to the promotion of entrepreneurship and the development of entrepreneurial activities within a country. Keywords: entrepreneurship, opportunity-motivated entrepreneurs, necessity-motivated entrepreneurs, economic freedom, governance indicators; JEL Classification: L26, M13, C23

Other than financial and non-financial effects for universities, academic entrepreneurship also generates new thoughts and ideas and allows for transfer of knowledge, leading to creation of inventions and innovations. Thanks to this, academic entrepreneurship represents a source of economic growth and compe¬titiveness and contributes significantly towards sustainable development. This role appears to be especially important from the point of view of post-communist economies which are still to a certain extent transforming. The objective in this study is therefore to assess the level of academic entrepreneurship in one of the post-communist countries – a small economy with a traditional role played by education – the Czech Republic. Data gained via a questionnaire survey, the respondents of which were competent managers from 76 HEIs and faculties working in the Czech Republic, was compared with the relevant international studies. Keywords: academic entrepreneurship, higher education institution, knowledge transfer, Czech Republic; JEL Classification: D83, I23, I25, L14, O39