Search

The fiscal consolidation process is determined by many factors of economic, monetary, political or fiscal environment. The paper is focused on analysis and assessment of selected determinants on the attributes of fiscal consolidation process within European Union member countries. The purpose of this paper is to study relations between macroeconomic, fiscal, political and other determinants using methods of quantitative economy. Analysis is focused on the duration, length and intensity of fiscal consolidation episodes and the quantification of their impact polarity. The paper identifies statistically significant determinants that can affect the success of a fiscal consolidation. The research results of performed panel regression analysis within time period 1995-2016 within EU member countries pointed out that macroeconomic and fiscal conditions are significant for the whole consolidation process and to all its attributes. The paper was developed within the project VEGA 1/0967/15. [ABSTRACT FROM AUTHOR]

The main objective of this study is to indicate the influence of local macroeconomic and capital market factors on the values of IPOs in Poland over the period of 2003 to 2012. Our sample includes 330 local enterprises that conducted an IPO on the Main Market of the Warsaw Stock Exchange after Polish EU accession. The models for which estimation results are presented in this paper reveal that the individual country regression analysis working with untransformed IPO values (Model l) did not generate significant parameter estimates. On the other hand, a logarithmic transformation of IPO values leads to persistently significant estimates for our regressions. Based on the Model (2) the empirical evidence supported the hypothesis that Polish ten-year government bond yields (indicating the price of competing financing funds) have explanatory power for IPO values. However, our assumption that also other macroeconomic- and capital market indicators have explanatory power for IPO values in the Polish capital market could not be supported by empirical evidence. [ABSTRACT FROM AUTHOR]

The stock prices of companies are influenced by many variables; the predominant ones are macroeconomic factors. The objective of this paper is to analyze the existence of a relationship between select macroeconomic variables and the stock returns of financial sector companies listed on the Vienna Stock Exchange. The institutions that were chosen are CA Immobilien Anlagen, Erste Group Bank AG, Immofinanz AG, Raiffeisen Bank International AG, Uniqa Insurance Group AG and Vienna Insurance Group AG. The focus is on Austria due to the lack of empirical literature on stock prices, stock returns and the indicators that influence them. A time series with a quarterly frequency is used to examine the occurrence of long term and short-term relationship links using the Johansen cointegration test and the Vector Error Correction Model (VECM). The empirical estimates are calculated for the 2005 - 2015 period, which includes the global financial crisis. Our main finding is that the macroeconomic factors used have a primarily negative impact on the stock returns of the select institutions. [ABSTRACT FROM AUTHOR]

The objective of the presented paper is, in the first place, to look into the solution of current serious macroeconomic problems of member states of the European Union by laying down a new enforcement mechanism described in the Alert Mechanism Report (AMR). In recent years distinctive and persistent macroeconomic imbalances have accumulated that are reflected in high and persistent external deficits and surpluses, in the persistent loss of competitiveness, in the dramatic increase in indebtedness and in the increase in real estate bubbles, which were one of the causes of the current financial crisis. Macroeconomic problems of the European Union's economies are dealt with in the very AMR, which defines a new procedure for the prevention and reformation of macroeconomic dysfunctions. Based on compliance with ten selected indicators according to determined threshold values those economies are identified that are liable to undergoing various macroeconomic imbalances in years to come. In the end the paper uses selected statistic methods, namely cluster analysis, to look into the mentioned indicators of external imbalances and competitiveness and imbalances inside an economy in question. The article focuses on the analysis of the created clusters according to their similarity in the development of the mentioned macroeconomic indicators and on the assessment of the conclusions of the EU commission. [ABSTRACT FROM AUTHOR]

This paper deals with a comparison of the e-Government development index, which is presented by the United Nations since 2003, usually every two years. It compares and describes the progress of this index between the years 2008 and 2014 in the European Union Member States in the context of the economic decline and the global recession. It also considers factors contributing to successful e-Government implementation, such as unemployment or inflation rate. The purpose of the submitted research study is to identify the influence of the selected macroeconomic indicators on the e-Government development index. The methodology of this research study comprised bibliographic studies, analysis of specialised reports, statistical analyses and evaluations. The main methods used were descriptive, correlation and the cluster analysis, which was in this case represented by the connectivity model (hierarchical clustering) as well as the centroid model (K-means clustering). The findings confirmed that the global recession and the Eurozone crisis have influenced the progress of the e-Government in the evaluated years. This research study provides insights that may be useful in improving the implementation of e-Government services. [ABSTRACT FROM AUTHOR]

The aim of this paper is to identify the current pension reform's ability to contribute to long-term sustainability of the Czech pension account. Using analytical method the paper describes the so-called small and large pension reforms and discusses their macroeconomic impacts. The paper concludes that the impact of the reforms is ambiguous. The small reform should have a positive effect on the long-term financial sustainability of the pension account mostly due to the number of parametrical changes of the pay-as-you-go pension pillar. On the contrary, the large reform implementing a funded pillar of the social insurance appears to have a negative effect mostly due to an expectable uneven participation of different income groups and its negligible impact on the majority of the population. However, the negative impact caused by the social insurance payments income shortfall should still be viable and it should not amount to a high percentage [ABSTRACT FROM AUTHOR]

The aim of this paper is to determine whether it is possible, in line with the purpose of the cohesion policy, to identify the elimination of disparities across the EU 2004+ countries and their cohesion regions, as measured by a relevant method of geographical analysis of disparities. The disparities were assessed, based on the indicator of gross domestic product per capita, both for each country as a whole and for individual cohesion regions. We have chosen the Theil index as the primary method of assessment, with the results then being checked using the Adjusted Geographic Concentration index (AGC). Both methods have consistently shown that, although there are disparities in the GDP per capita indicator among the countries and their cohesion regions, the disparities can be qualified as relatively low (with the exception of Hungary) based on the values gained using the two methods. Regarding the actual development of disparities, the Theil index identified a significant increase, especially after the crisis year of 2008, while the harmonized AGC index of production revealed, with regard to the different development of individual national indices (stagnation, decline and growth), that the development of discrepancies in wealth creation has not changed. [ABSTRACT FROM AUTHOR]

Corruption was, is and most likely in the future remains one of the forms of economic behavior with serious societal implications. Aim of this paper is to present one of the possible ways of analysis of the issue of corruption relevant instruments for research in economics. The present article is a microeconomic analysis of the causes and motives of corrupt conduct. In contrast to the opinions of psychologists and sociologists have come out from the assumption that you can not get by just listing the various causes of antisocial, and a decision on participation in illegal activities is accompanied by a systematic, rational economic calculation - calculation of risk (cost) of these activities and their expected benefits. [ABSTRACT FROM AUTHOR]

In any country the successful strategic development of the tourism industry aims at economic growth, as it helps to reduce unemployment and increase national income, as well as to make tourism attractive. Long-term experience has shown that both isolated subjects of tourist businesses and those of public administration are totally ineffective. Achieving good results requires a common development strategy with specific objectives for each of the subjects. It is for this goal that tourist clusters are created in the world community. The present study provides analysis of macro-, mesoand microenvironment to determine the potential of the tourism industry clustering in the Zaporizhzhia region, Ukraine. After making the analysis of microeconomic environment of the tourism industry in the region generally suggests that of five tourism clustering potential components, four of them have a high level (A) and one has intermediate (B), meaning that the Zaporizhzhia region possesses all the potential to create a competitive tourism cluster. The obtained data will make it possible to form a regional tourism development program, to identify gaps in infrastructure management, to do comprehensive research of whether it is effective and appropriate to establish cluster organizations on any territories. [ABSTRACT FROM AUTHOR]

Foreign trade is an important part of the national economy and represents very important macroeconomics parameter. The report focuses on the part of the foreign trade -- export, which plays a key role for small and open economy. Each state has drafted its own pro-export strategy and in every country operates institutions that provide direct and offer support for export. The exception is not nor Czech Republic and Slovak and in these two countries will be performed comparative analysis of the development of export support through export-oriented institutions that operate in each of these economies. Object of this article is oriented on the comparison of the results of support for export in the Czech and Slovak Republic, as an important factor of development of exports as a key component of aggregate demand, which plays a very important role for both economies. The aim of this article is to analyze and assess the trends in the development of pro-export policy in the Czech Republic and Slovakia from the viewpoint of institutions that dealing with support for export. The article is also to highlight as well as the importance of institutions that provided support in both economies. [ABSTRACT FROM AUTHOR]

Foreign trade as part of the national economy, including the circulation of goods and services across national borders and economies, represents one of the important macroeconomic parameters. Each country attempts to produce an active balance in foreign trade obtained through maximum of export activity. The submitted article focuses on the development of foreign trade in two countries, namely the Slovak and the Czech Republics. It also contains a comparative aspect focused on export activities of the said countries. The aim of the article is to analyse foreign trade in the selected countries and the factors that may have an influence on this indicator. Emphasis will also be placed also on the commodity and territory structure of foreign trade. Foreign trade in both countries has increased; however, the development of the foreign trade balance was different. Slovakia permanently suffered a foreign trade with a negative remainder except the years 2009 and 2010 when the country had a slightly positive balance and a slightly negative remainder in the year 2008. The opposite trend was noticed in the Czech Republic which has had a positive foreign trade balance since 2005. [ABSTRACT FROM AUTHOR]