Ekonomický časopis - Obsahy ročníkov

This paper explores the impact of the Liquidity Coverage Ratio (LCR) as a binding constraint on banks. Using a panel dataset encompassing 707 banks located in EU countries over the years 2012 to 2018, we analyze the phased introduction of the LCR, starting at 60% in 2015 and reaching full implementation at 100% in 2018. Our research reveals a positive effect of the LCR on liquidity buffers and a negative impact on the loan-to-deposit ratio, indicating strengthened liquidity positions. Contrary to expectations, estimations across five bank types demonstrate a significant LCR impact on all categories. Additionally, the study investigates the adverse effects of low or negative interest rates, particularly affecting cooperative and savings banks. Based on these findings, we recommend that policymakers maintain a vigilant approach to liquidity regulations, ensuring their adaptability to diverse bank types and considering measures to alleviate the negative impact of prolonged low or negative interest rate environments on specific bank categories.

This study explores the presence of a nonlinear relationship between concentration, indicated by market share, and banking stability, represented by the Z-score, in relation to different levels of bank capitalization, assessed by the capital adequacy ratio in accordance with Basel standards, in the Euro Area countries from 2009 to 2019. By employing the panel smoothing transition regression model, we do not find the statistical significance of the coefficients when bank capitalization is low. However, the concentration-stability paradigm is confirmed when capitalization exceeds the current minimum regulatory requirements. These findings suggest that strengthening bank capitalization is crucial for enhancing stability in the Euro Area banking sector, as higher capitalization enables banks to better withstand negative economic shocks during adverse conditions.

Population aging and low birth rates are linked to the problem of unsustainability of ongoing pension systems. As demographic predictions follow unfavorable developments, adjusting such pension systems is inevitable. This paper discusses introducing child-related benefits into pension system models and their advantages and disadvantages. The model with child-related pension benefits dependent on the average wage is examined concerning the effects of the child factor on individual fertility and private savings. Subsequently, we estimate the size of the child factor in the current setting of Slovakia’s pension system and several other alternatives. Finally, the optimal setting of the above pension system model is presented and compared with the presented alternatives. We show that the current setting of the pension system can be brought closer to the optimum by, for example, more generous awarding of personal wage points for raising children.

Cieľom tejto štúdie je zaplniť medzeru vo výskume ohľadom efektu kvantitatívneho uvoľňovania vyjadreného prostredníctvom rastu menového agregátu M3 (tzn. širokých peňazí) na ekonomický rast v krajinách Hospodárskej a menovej únie (HMÚ). Zameriavame sa najmä na hľadanie optimálnej úrovne kvantitatívneho uvoľňovania v daných krajinách, ktorá umožnila najvyšší možný ekonomický rast v období rokov 2010 až 2019. Výsledky založené na systémovom odhade zovšeobecnenej metódy momentov (GMM) naznačujú vzťah krivky v tvare obráteného U medzi rastom širokých peňazí a rastom HDP na obyvateľa/rastom HDP s vrcholom paraboly na úrovni 6,24 – 8,08 %. Po prekročení tejto úrovne rastu širokých peňazí sa ich efekt na ekonomický rast javí ako negatívny, čo znamená, že nadmerné využívanie kvantitatívneho uvoľňovania brzdilo ekonomický rast HMÚ. Preto predpokladáme, že kvantitatívne uvoľňovanie praktizované príležitostne a s mierou by mohlo byť prospešné v časoch recesie a pri absencii inflačných tlakov, v opačnom prípade bude riziko stagflácie reálne.