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Struktura zdrojů neziskových organizací a její determinanty

Author(s): Vladimír Hyánek,Jiří Špalek,Laura Fónadová,Tomáš Katrňák,Marie Hladká,Marie Jakubcová,KLÁRA Placier / Language(s): Czech Publication Year: 0

Dostupné české oficiální zdroje jsou jen částečně schopny zachytit změny ve struktuře příjmů neziskových organizací. I proto se naše analýza, opírající se o data z rozsáhlého empirického šetření, zaměřuje na popis struktury zdrojů neziskových organizací a jejích změn ve sledovaném období. Jejím cílem je zjistit, zda došlo mezi roky 2008 a 2013 k posílení či naopak k poklesu významu jednotlivých typů zdrojů organizací. Zajímá nás především, zda, resp. jak se mění relativní význam veřejných zdrojů v celkové finanční struktuře neziskových organizací v ČR. Liší se podíl veřejných zdrojů a změny v něm mezi lety 2008 a 2013 z hlediska odvětví působení organizací?

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CESTOVNÍ RUCH V ČESKÉ REPUBLICE OD POČÁTKU EKONOMICKÉ KRIZE

Author(s): Alena Hellerová / Language(s): Czech Publication Year: 0

Návštěvnost ubytovacích zařízení v období před začátkem světové ekonomické krize. Vrchol příjezdového cestovního ruchu, dopad krize na frekvenci a délku pobytu zahraničních návštěvníků, pokles tržeb českých ekonomických subjektů. Vývoj domácího cestovního ruchu, jeho specifika v době krize i před ní. Vývoj výjezdového cestovního ruchu, vliv na platební bilanci ČR.

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Financial resources of local government units in respect of the financial perspective of the European Union

Author(s): Ewa Gubernat / Language(s): English Publication Year: 0

Finance is the basis for the implementation of public tasks and determines the conditions of local economic development. One of the key issues relevant for local and regional development is the local government unit’s capacity in investment activities. They are the most important category of beneficiaries of EU funds. Based on literature review, I have posed the following research hypothesis: there are four key indicators that determine the absorption capacity of the local government units as a beneficiary of EU funds. I have also analysed the relationship between total budget revenue, budget expenditure, results achieved and debt. I have found that: absorption capacity is closely correlated between the financial condition and the state of local finances, what means that changing in the financial system of local governments units does not affect the absorption capacity and can significantly reduce it. Data were obtained from the GUS Local Data Bank and studies by the Ministry of Finance, as well as data from the National Regional Councils of the Accounting Chamber, covering years 2007-2013.

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Market Concentration and Stability in European Banking

Author(s): Kristína Kočišová / Language(s): English Publication Year: 0

Using aggregate balance sheet data from banking sectors across the European Union (EU) countries over the period from 2004 to 2014 this paper provides empirical evidence on the testing the links between the concentration and stability. The paper contains a theoretical definition of approaches used to test the relation between these two characteristics of the banking sector. We used selected methods to estimate the concentration and stability and to test the presence of concentration-stability or concentration-fragility paradigm in conditions of EU. The stability was estimated with Banking Stability Index (BSI) and Z-score and the market concentration was evaluated with Herfindahl-Hirschman Index (HHI) and Concentration Ratio (CR5). The presence of the paradigm was verified with the test of the Granger causality for panel data. As the result of our analysis, we can say, that in our study the only one-way relationship running from stability to market concentration was estimated.

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How do remittances react to business cycle in receiving countries? Evidence from transition countries

Author(s): Cristina Procházková Ilinitchi,David Procházka / Language(s): English Publication Year: 0

There are two main views on remittances. The first one implies that remittances increase dependency of receiving countries and distort economic development, serving as a transfer mechanism for business cycles. The second view claims that remittances serve as an important mechanism for internal development through various channels and that on the contrary remittances reduce volatility of economic growth in receiving countries due to their stability and size. The paper assesses the association of remittances with the aggregate output in receiving countries. The analysis consists of 11 transition countries over the period 1993-2015. The findings reveal that remittances towards transition countries seem to be rather procyclical as in 4 countries there is a downturn in remittances when GDP decreases and vice-versa. Only in one country remittances are found to be countercyclical. For the remaining 6 countries, no pattern of cyclicality is found, the character of remittances being assessed as acyclical. The paper discusses possible explanations for these findings.

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DOPADY PROGRAMOVÉHO OBDOBÍ 2007-2013 REGIONÁLNÍ POLITIKY EU NA ROZVOJ ČESKÝCH MIKROREGIONŮ

Author(s): Pavel Zdražil,Petra APPLOVÁ / Language(s): Czech Publication Year: 0

The aim of this paper is to evaluate the impacts of the 2007-2013 programming period of EU regional policy on development of economic environment in micro-regions of the Czech Republic. The analysis is based on statistical methods - non-parametric correlation analysis and Ward's method of hierarchical cluster analysis. It examines the relationships between the resources allocated by EU regional policy and changes of the economic environment indicators - unemployment and number of business units, in terms of all micro-regions, as well as subgroups. The results have shown variegated impacts of EU regional policy on development of economic environment in the Czech micro-regions. On the one hand, the general conclusion is that public funds do not crowd-out private resources but complement them, which is positive. On the other hand, any unambiguously positive effects of EU regional policy on development indicators of the economic environment have not been proved.

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BOOSTING REGIONAL LABOUR MARKET VIA FOREIGN INVESTMENT: EVIDENCE FROM THE LIBEREC REGION

Author(s): Sylvie Kotikova,RENATA ČUHLOVÁ / Language(s): English Publication Year: 0

The paper evaluates the impact of primary jobs created in foreign direct investments localized in the Liberec region of the Czech Republic. The research sample includes 25 foreign direct investments that received investment incentive in the analyzed period 2002- 2014.With a choice of such a sample conclusions about the benefits from investment incentives can be drew. Based on comparative analysis of information from the annual reports of companies and Czech Statistical Office data and Czech Invest, the direct effect of jobs´ creation in foreign direct investment on unemployment in the region is quantified. The contribution of these investments to solution of the unemployment problem is illustrated in a hypothetical rate of unemployment. It displays the situation of the regional labour market in case of an absence of these investments. The comparative analysis of foreign direct investment´s data from the time period 2002-2014 shows reduction of the regional unemployment rate by about 3% annually on average. This quantified impact is caused by creation of 4.500 job positions on average.

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ZMENY VO VÝVOJI REGIONÁLNEJ NEZAMESTNANOSTI A V PRIAMYCH ZAHRANIČNÝCH INVESTÍCIÁCH V PODMIENKACH SR

Author(s): RADOMÍRA HORNYÁK GREGÁŇOVÁ,MIRIAM PIETRIKOVÁ / Language(s): Slovak Publication Year: 0

One of the determinants of economic performance is the rate of using of manpower, which we can quantify by various indicators. One indicator is the unemployment rate, a new term in the national economy after 1990, as a result of radical changes associated with the transition from a centrally planned economy to a market economy. A period which significantly affected the unemployment rate in Slovakia was the global economic crisis whose full implications are showed in the period 2009-2010 in Slovakia. The aim of the paper is comparison of districts in terms of changes in the registered unemployment rate as a result of changes in the proportion of economically active population and foreign direct investment in the period 2009-2014. This figures created the input for the application of cluster analysis in SAS software. For the clusters was used an average linkage method. The analysis confirmed the existence disparities respectively deepening the disparity between districts in terms of the potential workforce, quantified registered unemployment rate, the share of economically active population and flows of foreign direct investment.

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MALÁ OBEC JAKO PÓL ROZVOJE: ODRAZ PRŮMYSLOVÉ ZÓNY V KVASINÁCH V REGIONU

Author(s): Ondřej Konečný,Michal Ševčík,Milan Damborský / Language(s): Czech Publication Year: 0

The paper focuses on the industrial zone in Kvasiny (Hradec Kralove), where one of the most important companies operating in the Czech Republic - Skoda Auto, is located. Although Kvasiny is rather a small village, the industrial zone has become an important source of jobs in the region. Therefore, the aim of the presented paper is to capture the importance and impact of the zone on selected socio-economic characteristics of the territory. Local importance (the municipalities of Kvasiny and Solnice) and also regional importance is evaluated. The territory of regional importance is set with regard to workers commuting to the factory, and is evaluated in two areas - the core and extended area. The development of selected characteristics is monitored in the years 2010-2016. The results have revealed that both the actual scope of the enterprise at the local level and the automotive industry in the region can be considered as elements constituting a pole of development and driving industries. On the other hand, despite the situation of the territory in the labour market is very positive, statistics on housing development and the dynamics of population and its structure do not support such positive trends. It is therefore impossible to speak of the positive image of the region as regards the residential function of the area.

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PODPORA VÝSKUMU A VÝVOJA A DOPAD NA EKONOMICKÝ RAST

Author(s): Jarmila Hudáková / Language(s): Slovak Publication Year: 0

Research and development is important field of regional economy. Indicators characterizing research and development are also used for evaluation of knowledge and innovation potential. The aim of this article is to help establish a correlation analysis of the interdependence between the growth of spending on research and development and economic growth as measured by gross domestic product in various regions of Slovakia. We examined whether the research and development support in the form of expenditure affected the economic growth of Slovak regions at NUTS III level. Data were obtained from the Statistical Office of the Slovak Republic for the period 2002 to 2015. The results showed regional differences. In some regions, the correlation was high, some low. High correlation proved particularly Bratislava region and Košice region. From the results obtained, however, we cannot unambiguously conclude that the promotion of research and development has no positive impact on the economic development of the regions where it was reported a low correlation.

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Impact of Macroeconomic Factors on the Value of Loans Granted to Non-Financial Enterprises by Monetary Financial Institutions in the Euro Area Countries

Author(s): Agnieszka Anna Huterska,Robert Huterski,Justyna Łapińska / Language(s): English Publication Year: 0

The use of low interest rates by the European Central Bank as an instrument to counteract the effects of the financial crisis in 2008 seemed to create favorable conditions for a significant increase in demand from non-financial corporations for loans granted by monetary financial institutions. Indeed, the demand for loans in individual euro area countries reported by non-financial corporations is shaped by both conditions common for the entire euro area and numerous factors reflecting the specificity of a given national economy. The aim of the article is to assess the impact of key macroeconomic factors on the size of lending to non-financial enterprises by monetary financial institutions in the euro area countries. The macroeconomic factors examined include GDP growth rate, unemployment rate, wage growth, inflation and the long-term interest rate according to the Maastricht criterion. The survey covers the euro area countries in 2008-2015, without Estonia and Latvia due to incomplete data for these countries for the above period. The data comes from the databases of the European Central Bank and Eurostat. For the purpose of assessing the above-mentioned factors, an econometric model based on panel data will be created.

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Financial Crisis Influence on Tax Mix Changes

Author(s): Gabriela Kukalová,Lukáš Moravec,Jakub Ječmínek,Barbora Martásková / Language(s): English Publication Year: 0

The aim of the study is to evaluate the reaction of tax policy makers to financial crisis in the short term based on the statistical analysis of consequent tax mix changes in the EU member states. The paper describes the changes in tax structure of EU members, particularly focusing on the period 2008 – 2009. The analysis verifies the statistical significance of the financial crisis influence on the changes in tax structure of the EU member states. The post crisis changes statistical significance evaluation is realized particularly by using the paired t-test for defined groups of taxes and levies comparing the development nature in the period before and after the financial crisis in 2008 based on the data issued by EUROSTAT following the methodology ESA 95 valid in the period analyzed. The Statistica 12 software is used. The results show the statistically significant changes in tax mix as result of the slowed down economies in 2008 and also as the result of the stress on different group of taxes, applied by the policy makers, based on the tax avoidance resistance of different group of taxes.

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Banking System Development and Economic Growth: Evidence from a Sample of High Income Countries and Low & Middle Income Countries

Author(s): Lukáš Vodička / Language(s): English Publication Year: 0

This paper evaluates the relationship between banking system development and economic growth using data from 141 countries over the 1998 – 2015 period. Observed countries are also divided into two groups: high income countries and low & middle income countries. The set of explaining determinants describes three characteristics of the banking system – depth, efficiency and stability. The data is collected from following databases: World Development Indicators, Global Financial Development, KOF Index of Globalization and Financial Access Survey. Two-step system GMM estimator is used to address the issue of endogeneity. Robustness of the obtained results is tested with fixed-effects estimator. Using these methods we find that bigger banking system per se does not foster economic output, however its quality does. In case of high-income countries greater effect of banking sector instability on economic growth is observed.

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The Yield Curve as a Predictor of Economic Activity – the Case of Germany, Great Britain and France

Author(s): Jana Hvozdenská / Language(s): English Publication Year: 0

In this paper we study the ability of the yield curve to predict GDP activity in Germany, France and Great Britain. The dataset contains the spread between 10-year and 3-month sovereign bonds and real GDP of the countries mentioned above between the years 2000 and 2018. The natural and probably the most popular measure of economic growth is GDP growth, taken quarterly. The steepness of the bond yield curve should be an excellent indicator of a possible future economic activity. A rise in the short rate tends to flatten the yield curve as well as to slow down real growth the near term. The relationship between the spread and future GDP activity was proved already before. The results showed that the prediction of the GDP growth or decrease was proven after year 2008 (the financial crisis) in all mentioned countries, the predictive power of the yield curve was lowered before the year 2008. Certainly the simple yield curve growth forecast should not serve as a replacement for the complex predictive models, it does, however, provide enough information to serve as a useful check on the more sophisticated forecasts. The results showed that the best predictive lag is a lag of five quarters. The theory says that it should be lag of four quarters. The results presented also confirm that 10-year and 3-month yield spread has significant predictive power for real GDP growth after financial crisis. These findings provide further evidence of the potential usefulness of the yield curve spreads as indicators of the future economic activity. These findings might be beneficial for investors and provide further evidence of the potential usefulness of the yield curve spreads as indicators of the future economic activity.

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Foreign Capital Inflows and Domestic Savings in Turkey

Author(s): Özcan Karahan / Language(s): English Publication Year: 0

Since a high level of financial funding is needed to stimulate investment and thus enhance economic growth, most of the developing countries have sought to attract foreign capital to their financial system. Accordingly, after the implementation of different policies aiming the country to be attractive for foreign funds, Turkey have attracted huge financial capital to the own economy over the last decades. This study aims to determine the impact of capital inflows on total saving in Turkey by using ARDL Bound Testing Approach for quarterly data between 2002 and 2018. Empirical findings indicated that capital inflows to Turkey could not create the positive effect on total saving as much as expected from them. This is because foreign funds provided by capital inflows to Turkey had a substitution effect rather than completing domestic savings in the Turkish Economy. This result also shows that external dependence and thus fragility of financial markets in Turkey have significantly increased. Therefore, it is necessary to give priority to policies related to the management of capital inflows in order to ensure financial stability and achieve sustainable growth in Turkey.

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Regional Differences in the Relation of Flat Prices to Net Disposable Income of Households

Author(s): Lenka Komárková,Libor Votava,Jiří Dvořák / Language(s): English Publication Year: 0

The residential real estate market (especially flats) is currently a very topical issue both from an economic as well as social point of view. Flat and house prices determine the economic burden in family finances and the availability of housing for households in regions. The paper aims to identify differences in the relation between flat prices and net disposable income of households among 14 regions in the Czech Republic based on the publicly available data from the period 2000 - 2017. To deal with the panel (longitudinal) data, a linear mixed model was used for the analysis. Twenty statistically significant differences from a total of 91 were identified. The results show that flat prices grow with increasing household disposable income faster in Prague as compared to other regions, except South Moravia. The results of our study can be helpful in the perspective of the regional economic policy or households’ decision makings about their living place or the family real estate investment.

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KONVERGENČNÉ TENDENCIE V PODMIENKACH REGIÓNOV SR

Author(s): Michal Levický,Marta URBANÍKOVÁ,Jarmila Hudáková,Milan Maroš,MICHAELA ŠTUBŇOVÁ / Language(s): Slovak Publication Year: 0

Regional differences, their intensity, development and their resources are being studied in almost every country in the world. The aim of the article is to evaluate the convergence tendencies in the regions of Slovakia at the level of the NUTS III category in the period 2005 to 2016. Especially dispersion characteristics are used in the analysis, by means of which we can quantify the differences in the values of selected indicators in individual regions of Slovakia. As indicators for the diagnosis of convergence tendencies we chose the indicators of regional gross domestic product per capita, average monthly nominal wage and registered unemployment rate. Based on the results achieved, it can be stated that the differences in the development of the basal indicator regional GDP per capita persist, mainly due to disparities in the performance of the regions caused mainly by the intense absolute growth of the indicator in the Bratislava region. In the case of indicators, the average monthly nominal wage and the rate of registered unemployment can be seen in a decreasing trend in the differences between the regions of Slovakia, while the amplitudes in the development of these indicators are to some extent influenced by the phase of the economic cycle. At the time of economic growth, the differences in these indicators in the regions of Slovakia diminished and, conversely, in the period of decline they deepened. However, despite governments' efforts to reduce them, they remain a major problem in the national economy.

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REGIONÁLNÍ DISPARITY PŘÍSTUPNOSTI CESTOVNÍHO RUCHU V KONTEXTU MATERIÁLNÍ DEPRIVACE V ČR

Author(s): Milena Botlíková,Josef Botlík / Language(s): Czech Publication Year: 0

The aim of the article is to describe the interregional disparities of tourism accessibility, ie. to evaluate the development of disadvantaged people due to a lack of funds excluded from a certain standard of living. Specifically, it is one of the items of material deprivation. Although the Czech Republic is the region with the lowest level of poverty and people with material deprivation within Europe, there were still many Czech households in 2018 who had a problem financing the weekly vacation during the year. The interregional comparison is based on analyses of EU-SILC data for the period 2009 to 2018 at the NUTS 2 region level. As the result showed, the most affected group of the unavailability of weekly holidays are households of regions with a high share of unemployment, a high proportion of persons below 60% of the median average wage.

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Büyüme, Cari Açık ve Enflasyon İlişkisi: Türkiye Üzerine Bir İnceleme

Author(s): Serhat Alpağut / Language(s): Turkish Publication Year: 0

This research examines the relationship between growth, current account deficit and inflation with the annual data of 1974-2021. In the research, impulse-response and variance decomposition analysis based on VAR (Vector Autoregressive) model was applied. The findings show that economic growth reacts in a short-term (1-2 years) negative and decreasing way in the event of a shock in the current account deficit. In addition, the current account deficit reacts negatively to the economic growth shock. The next important determinant after the forecast error variance in the current account deficit shock is economic growth. Although the current account deficit affects the growth negatively in Turkey, it has been concluded that economic growth brings the current account deficit together. The effects of inflation are statistically insignificant. The results are in line with theory and literature. In this case, growth-oriented foreign trade policies should be implemented meticulously. Considering the fact that Turkey grows with the support of imports, it should be taken into account that every growth has a current account deficit cost.

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İstanbul Hisse Piyasasının Evrimi: Galata Bankerlerinden Borsa İstanbul’a Yolculuk

Author(s): Nuri Volkan Kayaçetin / Language(s): Turkish Publication Year: 0

The trading of capital assets in İstanbul, which has begun in the second half of the 19th century with the trading of debt securities among Galata merchants in the process of transitioning into a financial bourgeoisie, continues today under the roof of the modern Borsa İstanbul campus in Sarıyer, İstinye. This study discusses the evolution of capital asset trading activity in Istanbul from the late Ottoman period to the present day in the light of socioeconomic developments and events that have affected the economy. In this process, the exchange survived three moratoriums (1875, 1895 and 1958), two world wars (1914-1918 and 1939-1945), and more than a dozen economic crises and managed to emerge stronger from the bottlenecks experienced. Our modern stock exchange started its operations in its Cağaloğlu building with only 19 listed shares under the name of Istanbul Stock Exchange (ISE) on January 3, 1986, and merged with the Futures and Options Exchange and the Istanbul Gold Exchange on April 3, 2013, under the name of Borsa İstanbul (BIST). With 501 listed shares, a total market capitalization exceeding 1 trillion Turkish liras, and a monthly trading volume in excess of 100 million lots, BIST globally ranks thirty-seventh in terms of its market capitalization and first in terms of its average share turnover today.

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