Ekonomický časopis - Obsahy ročníkov

Cieľom príspevku je vykonanie analýzy vplyvu vstupu SR do Európskej únie a eurozóny na efektívnosť slovenských bánk. Pri výpočte efektívnosti bánk využívame analýzu DEA a následne odhadujeme vplyv determinantov efektívnosti pomocou regresných modelov OLS a tobit. Z výsledkov analýzy vyplýva, že po vstupe Slovenskej republiky do Európskej únie aj eurozóny došlo k nárastu efektivity. Samotné prijatie eura má pozitívny vplyv na efektívnosť bánk v dlhodobom horizonte, avšak z krátkodobého horizontu môže dôjsť k negatívnemu poklesu. Naše výsledky zároveň naznačujú, že efektívnosť slovenských bánk nebola výrazne ovplyvnená makroekonomickými podmienkami a bankovými reformami, čo je v súlade s hypotézou, že slovenský bankový sektor je natoľko dostatočne rozvinutý, že vplyv týchto faktorov zohráva menšiu rolu. Z výsledkov takisto vyplýva, že veľké banky majú tendenciu byť efektívnejšie ako malé banky a zahraničné banky sú efektívnejšie ako domáce banky.

The aim of the paper is to build a Monetary Conditions Index (MCI) for four Central and Eastern European (CEE) countries by combining changes in the short-term interest rate and in the real effective exchange rate over the period August 2005 – December 2015. Contrary to previous papers, we employ a Vector Error Correction Model to assess the relative importance of real interest rate and real exchange rate for the monetary conditions in several CEE countries. The results of the analysis provide new empirical evidence on the MCI’s ability to capture the monetary policy developments. Furthermore, we employ Granger causality to infer the extent of external influences on the overall monetary conditions of analysed countries. The results highlight that monetary decisions in the Eurozone have a prominent influence on monetary conditions in CEE countries.

The present paper uses a two-country overlapping generations framework in order to assess the implications of the degree of fiscal discipline on the fiscal policy effectiveness in a currency union. The results show that, initially, a fiscal stimulus implemented under the condition of returning to a balanced budget leads to a higher increase in per capita output and consumption compared to a fiscal expansion with permanently higher public debt. However, in the medium run, the strict fiscal discipline case leads to an output recession despite the increase in private per capita consumption whereas a loosening of the fiscal discipline helps avoid the recession at the cost of higher public debt. The overlapping-generations framework shows also the demographic impact on the fiscal policy effectiveness under different degrees of fiscal discipline.

The paper explores the various typologies of confidence indices and barometers that have been developed by audit and consultancy firms, research centres or banking associations with the purpose to assist banks in better understanding customers’ needs, perceptions and expectations. The study gravitates around the European banking sector, by relying on the customer experience index developments during 2011 – 2015. We follow a twofold statistical approach, meant to investigate whether the index dynamics may be significantly determined by changes in several broad coverage variables, and respectively the presence of a two-way causality between the index and variables included in the sample. The findings obtained are of interest not only for banks, but also for public authorities and financial regulators, as the customers’ confidence index used in the study appears to drive subsequent changes in the level of several macroeconomic, financial and institutional variables.

We have adopted Rodrik’s “undervaluation” hypothesis to verify the conjecture that innovative firms in Poland opt for a weak currency because they face obstacles in the labour and financial markets. We do it by exploring a new database on Polish manufacturing exporters in order to find some interrelations between the exchange rate level and innovation activity. Our findings suggest that a weak Zloty is preferred by exporting firms that have carried out product and process innovations and registered a trademark, patent or claimed a copyright. We confirmed that financial constraints and labour market regulations were important factors preventing the growth of innovative firms. Based on the research on Polish firms, we claim that although innovative companies use technology to gain competitive advantage, their success and innovation activity also hinge on prices in general and on a weak exchange rate in particular because it helps to overcome market imperfections related to financial and labour resources.