Číslo 8 - Ročník 68/2020
R-star in Transition Economies: Evidence from Slovakia
Strana 761, Číslo 8 - Ročník 68/2020
Cieľom tohto článku bolo odhadnúť rovnovážnu úrokovú mieru na Slovensku využitím semi-štrukturálnych modelov s nepozorovanými komponentmi. Pod pojmom rovnovážna úroková miera v tomto článku rozumieme krátkodobú, bezrizikovú, reálnu úrokovú mieru, ktorá zodpovedá reálnemu hrubému produktu na jeho potenciálnej úrovni a inflácii na cieľovej úrovni po odznení všetkých ekonomických šokov. Príspevok do literatúry je v dvoch oblastiach: (i) návrh modelového prístupu pre malé, otvorené a konvergujúce ekonomiky, ktorý je možné použiť aj pre iné tranzitívne ekonomiky a (ii) analýza vplyvu zavedenia eura na rovnovážnu úrokovú mieru. Odhady rovnovážnej úrokovej miery naznačujú, že táto miera poklesla z pozitívnych úrovní pred zavedením eura (súčasne aj pred krízou) až na negatívnu úroveň.
Is Inflation a Monetary Phenomenon in the East European Economies? – Multifrequency Bayesian Quantile Inference
Strana 787, Číslo 8 - Ročník 68/2020
This paper tries to determine how growth of money supply affects inflation in different time-horizons and under different inflation levels in the Czech Republic, Poland, Hungary and Russia. The research is done by using two innovative methodologies – the wavelet approach and Bayesian quantile regression. By observing these four countries, we can assess whether inflation targeting (IT) plays significant role in curbing inflation, because three Visegrad group countries adopted IT almost two decades ago, while Russia started to conduct IT relatively recently. Estimated quantiles suggest that money supply growth does not influence inflation in the Czech Republic and Hungary, whatsoever. We find that money growth impacts inflation in Poland, but very modestly. On the other hand, in the case of Russia, the transmission effect from money to inflation is much higher, and it goes around 40% in low inflation conditions, when M1 aggregate is observed, and around 78% in low inflation conditions, when M3 aggregate is analysed. The overall results clearly indicate that the adoption of the IT framework as a disinflation strategy proved to be successful in the Visegrad group countries, since excessive money growth has little or no effect at all on inflation in these countries.
Behavioural Biases and Stock Market Reaction: Evidence from Six Post-communist Countries
Strana 811, Číslo 8 - Ročník 68/2020
This article investigates the relationship between several behavioural biases and stock market reactions. We analyse six post-communist countries (Romania, Poland, Hungary, Slovenia, the Slovak Republic and the Czech Republic) for the January 2012 – September 2019’ time period. We test for any effect of different measures used in behavioural finance literature (investors’ optimism, respectively pessimism, spontaneous behaviour and the anchoring effect) on stock market’s trading volume. Our empirical findings suggest that judgement and emotions are a significant driver of the stock market, not all market players acting rationally when investing. Investors are susceptible to behavioural biases which influence significantly their decision making process. Polish investors are pessimistic individuals, while in Romania, Hungary and the Czech Republic the optimistic sentiment exercises a greater influence on the trading activity. Spontaneous behaviour characterizes the Romanian, Hungarian and Slovak investors. Lastly, the anchoring effect is found significant in 5 out of 6 countries analysed, no effect being observed in the Czech Republic.
Differences of Private Equity Determinants: Country-level Evidence from Europe
Strana 827, Číslo 8 - Ročník 68/2020
This paper deals with private equity determinants within the European Union, based on data covering 11 years and 20 countries. We investigate driving forces of private equity activity in terms of the level of country maturity. The cluster analysis using Ward’s method is performed suggesting three different clusters of countries with similar properties, to provide better country assessment than geographical distribution. We use panel data techniques to study 26 possible determinants of private equity activity. The study reveals the macroeconomic factors, labour market, and business environment have a significant impact on investment activity in countries, but the expected positive effect of the stock market was not confirmed. Furthermore, the differences between private equity determinants in individual clusters have been observed. While the positive impact of innovation prevails in the more developed countries, there is also a negative effect of the interest rate. The less developed countries tend to be more endangered by the crowding-out effect of government expenditures and strong property rights protection rather than socio-political stability and tax burden.
Determinants of Individual Life-Related Insurance Consumption: The Case of the Slovak Republic
Strana 846, Číslo 8 - Ročník 68/2020
Predčasná smrť živiteľa rodiny, vážne zranenia alebo nedostatočný príjem počas staroby môžu mať za následok podstatné zníženie životnej úrovne jednotlivca alebo domácnosti. Životné poistenie predstavuje nástroj na riadenie takýchto druhov neistôt, avšak jednotlivci častokrát tieto potreby nereflektujú v dostatočnej miere. Výskumy zamerané na skúmanie faktorov určujúcich spotrebu životného poistenia identifikovali rozdielne vplyvy týchto faktorov. Dôvody takýchto rozdielov nie sú jasné, ale jedným z vysvetlení môže byť aj agregovaný charakter analyzovanej spotreby životného poistenia bez ohľadu na druh krytých rizík. Na základe údajov z dotazníkového prieskumu potvrdzujeme rozdiely v determinantoch rôznych typov rizík, ktoré sú kryté životným poistením. V klasickom životnom poistení sme potvrdili ako významné determinanty: rod, hlava domácnosti, kombinácia rodinného stavu a ekonomicky závislých detní, tvorba úspor a postavenie v zamestnaní. Pokiaľ ide o súkromné dôchodkové poistenie, významnými určujúcimi faktormi spotreby sú vek, dosiahnuté vzdelanie, tvorba úspor a postavenie v zamestnaní. Ochota uzavrieť úrazové pripoistenie je určená vplyvom náklonnosti k tvorbe úspor a postavení v zamestnaní. Čiastočný vplyv sme identifikovali aj pri premennej hlava rodiny.