Publikační činnost Katedry ekonomie / Publications of Department of Economics (114)

Permanent URI for this collectionhttp://hdl.handle.net/10084/64780

Kolekce obsahuje bibliografické záznamy publikační činnosti (článků) akademických pracovníků Katedry ekonomie (114) v časopisech registrovaných ve Web of Science od roku 2003 po současnost.
Do kolekce jsou zařazeny:
a) publikace, u nichž je v originálních dokumentech jako působiště autora (adresa) uvedena Vysoká škola báňská-Technická univerzita Ostrava (VŠB-TUO),
b) publikace, u nichž v originálních dokumentech není v adrese VŠB-TUO uvedena, ale autoři prokazatelně v době jejich zpracování a uveřejnění působili na VŠB-TUO.

Bibliografické záznamy byly původně vytvořeny v kolekci Publikační činnost akademických pracovníků VŠB-TUO, která sleduje publikování akademických pracovníků od roku 1990.

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Now showing 1 - 20 out of 117 results

Explaining the male-female wage gap: Do gender role attitudes matter?
(Sociologický ústav SAV, 2024) Johnson Filipová, Lenka; Balcar, Jiří; Plasová, Blanka; Brixiová Schwidrowski, Zuzana
Explaining the Male-Female Wage Gap: Do Gender Role Attitudes Matter? Using data from a unique survey of employees in the Czech Republic, this paper analyzes the rela tionship between gender-role attitudes and the male-female wage gap while controlling for observable characteristics such as work experience, education, family factors, and job characteristics. The analysis focuses on five factors representing gender-role attitudes that have not been systematically explored in the literature: preferred responsibility for income, preferred responsibility for household chores and child care, life priorities (career, family, others), preference for job flexibility, and prioritizing less demanding and stressful jobs over higher wages. The results demonstrate that in the Czech Republic, traditional gender-role attitudes are significantly correlated with wages and explain a significant part of the gender wage gap. To be effective, policies aiming to promote gender equality in the labor market need to take the prevailing gender norms into account.
Macroeconomic fundamentals and attention: What drives european consumers’ inflation expectations?
(Elsevier, 2024) Kučerová, Zuzana; Pakši, Daniel; Koňařík, Vojtěch
Using survey data on consumer inflation expectations in the European Union countries, we investigate the price, macroeconomic, attention, and geopolitical determinants of European consumers' inflation expectations. We employ panel data regression with both fixed and random effects. We conclude that when consumers in the EU form their expectations regarding future inflation, they are determined not only by past inflation and the general macroeconomic situation, but also by selected attention variables expressing their search queries on the Internet (SVI based on Google Trends), and uncertainty concerning economic policy (EPU) steps and measures. Moreover, our baseline specification also suggests that inflation expectations of consumers in the Central and Eastern European countries are higher than those in Euro Area countries. These findings are robust to multiple specifications using individual survey indicators of expected inflation.
Does macroprudential policy leak? Evidence from shadow bank lending in EU countries
(Elsevier, 2024) Hodula, Martin; Ngo, Ngoc Anh
Post the Global Financial Crisis, there has been a surge in the global use of macroprudential policy tools. Concerns have arisen due to the predominant targeting of traditional banks, potentially prompting activity reallocation towards shadow banking. This study scrutinizes the impact of macroprudential policy on shadow bank lending, using quarterly data from 23 European Union countries spanning 1999-2019. Employing a precise measure of non -bank financial intermediation, we find that macroprudential tightening consistently drives increased shadow bank lending. Particularly evident in low -capitalized banking sectors, this implies a strategic credit shift from banks to non -banks. Our results emphasize the need for a balanced regulatory framework for both institutions, illuminating the intricate relationship between macroprudential policies, capitalization levels, and credit dynamics. This insight informs the development of effective regulatory frameworks in the post -crisis financial sector.
Electrification, regulation and electricity access backlogs: regional development and border discontinuities across African power pools
(Springer Nature, 2024) Mainardi, Stefano
Faced with decaying networks, poor revenue collections, and substantial sunk costs and operating losses, over the last two decades, many developing countries have embarked on electricity sector reforms. This analysis examines factors driving the lack of household access to electricity in sub-Saharan Africa, including poor basic infrastructure, inadequate incentives in public service policies, geophysical barriers, and constraints in institutional environment. Based on cross-region panel datasets from Demographic and Health Surveys of 31 African countries between 2003 and 2018, a general-to-specific model selection procedure is applied to parametric regressions, with special attention to border discontinuities between power trading agreements and related border region effects. The chosen specifications are replicated in beta-function generalised linear models and kernel regressions, which specifically account for upper and lower bounds in the dependent variable. The econometric results turn out to be fairly robust to different estimation methods and data panels and suggest that sector restructuring and regional power integration initiatives have contributed to reducing the percentage shares of households without electricity access. However, remoteness from agglomeration economies of major urban centres and lack of substantive improvements in the grid and off-grid networks between neighbouring power trading pools have left many regions lagging behind, particularly in Central Africa. Programmes of poverty alleviation, including electricity services, should be more carefully targeted by strengthening local infrastructure development, access to modern energy, and cross-border integration within and between African regional power pools.
Drivers of European housing prices in the new millennium: demand, financial, and supply determinants
(Springer Nature, 2024) Melecký, Aleš; Pakši, Daniel
Many countries in Europe have experienced a steady increase in housing prices over the past decade, which continued even during the recent crisis. We analyze a panel of 15 European countries over the period 2000-2020. We find that demand-side determinants, such as GDP, unemployment, wage and population, strongly influence housing prices. Nevertheless, we suggest that construction costs, access to finance (credit to GDP), and financing costs (long-term interest rate) should be included to avoid biased results. We find that financial development can significantly affect housing prices in the long run. We confirm the robustness of our results by conducting a lag sensitivity analysis of selected determinants. In addition, we find a negative effect of the GFC and a positive effect of the Covid crisis on housing prices. Furthermore, we find that countries with a mild reaction to or a quick recovery from the GFC experienced significantly higher housing price growth.
How human capital prevents intergenerational poverty transmission in rural China: Evidence based on the Chinese general social survey
(Elsevier, 2024) Chen, Hong; Yu, Jia; Zhang, Ze; Li, Yuheng; Qin, Lijian; Qin, Mingshuai
Human capital plays an important role in preventing the intergenerational transmission of poverty. The study aims to examine in detail how human capital impacts the intergenerational poverty transmission in China based on nationwide rural household survey. The research results are: (1) the improvement of individual human capital significantly reduces the risk of intergenerational poverty transmission in rural China; (2) in comparison to individual educational level, parents' educational level may not effectively decrease the risk of intergenerational poverty transmission; (3) the impact from human capital on the risk of intergenerational poverty transmission has relatively lower effectiveness on female than male in rural China; (4) human capital of Western China area generates more impact on reducing the risk of intergenerational poverty transmission than that of the central and eastern regions. In approach to improve the role of human capital in preventing intergenerational poverty transmission, the following policy implications should be considered, such as improving the rural education conditions and mechanism, encouraging self-improvement rather than parents dependency, and supporting rural female education.
Researching the research: A central banking edition
(IJCB, 2024) Malovaná, Simona; Hodula, Martin; Gric, Zuzana
Psychological traits and wages in the Czech Republic
(Vysoká škola ekonomická v Praze, 2024) Vydrželová, Pavlína; Balcar, Jiří; Filipová, Lenka Johnson
Psychological traits have received significant attention in labour market research in recent decades. Unfortunately, empirical evidence remains limited for some psychological traits and their interactions. To address this gap, we conduct a representative survey of employees, assessing competitiveness, persistence, and risk tolerance using single-item scales. This comprehensive study sheds light on the connection between these traits and wages. Our results confirm that individuals possessing these traits tend to earn higher wages, even when we account for indirect factors, such as higher educational attainment and better job positions. It also suggests that competitiveness and risk tolerance are particularly valuable for individuals with middle and high incomes, while persistence is valuable for those with low and middle incomes. These findings support the systematic development of competitiveness, persistence, and risk tolerance through education and sporting activities.
Networking increases the probability of women’s start-ups in EMDEs
(Taylor & Francis, 2024) Balcar, Jiří; Johnson Filipová, Lenka; Brixiová Schwidrowski, Zuzana; Sinha, Prity
In emerging markets and developing economies (EMDEs), entrepreneurship and self-employment, particularly among women, play a pivotal role as a means of livelihood. Unfortunately, the share of women participating in these activities is significantly lower compared to men, which has a negative effect on both the development of these countries and gender equality. Usual programs that support women's entrepreneurship are costly. We aim to explore the role of social networks for the entrepreneurial entry of women in EMDEs, as women can 'help themselves' through their development and activation. Our results, using GEM data for 53 low- and middle-income countries for the period 2011-2018, revealed that an entrepreneur on the women's social network increases the probability of their entrepreneurial entry by 3.3 percentage points. Our results also suggest that social networks represent an important source of information that enhances the determination of women to take advantage of good business opportunities, increases the positive effect of self-assessed start-up skills on entrepreneurial entry, and raises awareness of business risks. Based on these results (confirmed by robustness and causality checks), we can recommend supporting networking between entrepreneurs and women by targeted policy measures.
Boosted income, busted environment: a tradeoff in the wider economic impacts of transport corridor investments?
(Cambridge University Press, 2024) Melecký, Martin; Sharma, Siddharth; Subhash, Hari
The literature on the impacts of transport corridors points to a tradeoff between income and environmental quality. We estimate the impacts of India's Golden Quadrilateral and North-South-East-West highways on income and environmental quality to test this tradeoff hypothesis. Applying the difference-in-difference method to district level data, we find that the highways increased both local income and particulate matter air pollution. The estimated increase in air pollution is robust to using an instrumental variables approach, while that in income is not. Examining heterogeneity in these impacts, we find that the income-environment tradeoff was less steep in districts with initially higher educational attainment rates because they experienced a smaller increase in air pollution due to the highways.
Borrower-based macroprudential measures and credit growth: How biased is the existing literature?
(Wiley, 2024) Malovaná, Simona; Hodula, Martin; Gric, Zuzana; Bajzík, Josef
This paper analyzes over 700 estimates from 34 studies on the impact of borrower-based measures (such as loan-to-value, debt-to-income, and debt-service-to-income ratios) on bank loan provision. Our dataset reveals notable fragmentation in the literature concerning variable transformations, methods, and estimated coefficients. We run a meta-analysis on a subsample of 422 semi-elasticities from 23 studies employing a consistent estimation framework to draw an economic interpretation. We confirm strong publication bias, particularly against positive and statistically insignificant estimates. After correcting for this bias, the effect indicates a credit growth reduction of -0.6 to -1.1 percentage points following the occurrence of borrower-based measures, significantly lower than the unadjusted simple mean effect of the collected estimates. Additionally, our study examines the contexts of these estimates, finding that beyond publication bias, model specification and estimation method are vital in explaining the variation in reported coefficients.
Exploring the effect of internet usage on the urban rural income gap: empirical evidence from China
(Vytauto Didžiojo universitetas, 2023) Qin, Mingshuai; Dong, Hao; Chen, Hong; Qin, Lijian; Qin, Wenshuai
China has witnessed remarkable ongoing digitalization with the rapid spread and adoption of the Internet. However, this remarkable development remains uneven between urban and rural populations, and hence result in different impact on their income. Employing data China General Social Survey 2018, this study explores how internet usage affects income gap between the urban and rural China. Relying on the instrumental variables approach to regression analysis, we prove that internet usage contributes to higher increase in annual income for the urban employed compared to their rural counterparts. The RIF decomposition regression results then reveal the effects of differential urban-rural internet usage ratios, explaining the widened income gap between the urban and rural employed in various income levels. The difference in the returns to urban and rural internet usage narrowed the urban-rural income gap for low - and high-income employed, but further contributed to the urban-rural income gap for the middle-income employed.
Liberalizing passenger rail: The effect of competition on local unemployment
(Elsevier, 2023) Badura, Ondřej; Melecký, Aleš; Melecký, Martin
Competitive passenger rail can help people access new or better jobs or bring new business opportunities. This paper studies the wider economic impacts on local unemployment of the liberalized passenger rail between Ostrava, the third-biggest city in the Czech Republic, and Prague, its capital. The local impacts are estimated at the LAU 1 level (administrative districts) using the event study and difference-in-differences method. The liberalization motivated the entry of two new private providers to compete with the public provider. The resulting competition in ticket prices, the number of connections, and service quality had a strong beneficial effect on labor market connectivity and business opportunities in connected districts. It significantly reduced unemployment in the districts along the rail line compared with the control districts. The effect, however, weakens with the level of urbanization of the treated district and with the distance from the rail. It could partly be transmitted through better skill matching on the back of higher inward and outward migration, higher firm entry and lower firm exit from the local market, as well as more business opportunities for self-employed entrepreneurs.
Macro-prudential policies to contain the effect of structural risks on financial downturns
(Elsevier, 2023) Hodula, Martin; Janků, Jan; Pfeifer, Lukáš
We investigate the extent to which various structural risks exacerbate the materialization of credit risk and affect financial cycle downturns. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30 countries over the period 2006Q1–2019Q4. We show that elevated levels of structural risks may have an important role in explaining the severity of credit risk materialization during financial cycle contractions. Among these risks, private and public sector indebtedness, banking sector resilience and concentration of real estate exposures stand out. Moreover, we show that the elevated levels of some of the structural risks identified may be related to long-standing accommodative economic policy. Our evidence implies a stronger role for macroprudential policy, especially in countries with higher levels of structural risks.
Holding the economy by the tail: analysis of short- and long-run macroeconomic risks
(Springer Nature, 2023) Franta, Michal; Libich, Jan
We put forward a macro-financial empirical modeling framework that can examine the tails of distributions of macroeconomic variables and the implied risks. It does so without quantile regression, also allowing for non-normal distributions. The framework offers a number of relevant insights into higher moments of the US output growth distribution, as well as the effects of monetary policy and financial (risk premia) shocks on downside macroeconomic risk. This is not only from the short-run perspective but also from the long-run perspective, which has remained largely unexamined in the existing Macro-at-Risk literature. In particular, we estimate the short-run (conditional) and long-run US output growth distributions and study their evolution. The short-run analysis finds that monetary policy and financial shocks render the conditional output growth distribution asymmetric. As such, they affect downside risk over and above their impact on the conditional mean that policymakers routinely focus on. The long-run analysis indicates that US output growth left-tail risk showed a general downward trend in the two decades preceding the Global Financial Crisis (GFC), but this trend got reversed post-2008. Our examination strongly points to the adopted unconventional monetary policy framework featuring quantitative easing as a potential source of elevated long-run downside tail risk in the post-GFC period.
European housing prices through the lens of trends
(Vysoká škola ekonomická v Praze, 2023) Melecký, Aleš; Pakši, Daniel
We study convergence and club formation of housing prices in European countries using several measures of housing prices. We employ correlations, innovative trend and gap approaches, and cointegration analysis to study the long-term development of housing prices and their reactions to crises. We find that housing prices in European countries do not converge and their development since the creation of the monetary union has differed. The most prominent examples are the differences between Southern European countries heavily affected by theGlobal Financial Crisis and the rest of the countries. Our analysis reveals several country clubs with similar growth patterns and reaction to crises which do not necessarily follow the traditional division between old and new EU member states. Our findings are in line with the literature, which finds that housing prices in the EU do not converge overall, and housing prices do not co-move in general, but only within smaller subgroups, which may be regionally dispersed.
The complex evaluation of the impact of COVID-19 pandemic at universities: A soft computing approach
(Česká zemědělská univerzita v Praze, 2023) Zapletal, František; Hudec, Miroslav; Švaňa, Miloš; Chytilová, Lucie; Hlaváček, Karel; Lokaj, Aleš; Urbanek, Anna; Glova, Jozef; Samartinho, João Paulo; Rodriguez, Cristina Maria Costa; Guðnason, Stefán
The COVID-19 pandemic impacted the educational process since the teaching process has been forced to go online in many countries. This enforced change revealed the weaknesses and strengths of the national educational systems and particular institutions. This article aims to analyse the impact of COVID-19 at selected European universities and assess the satisfaction of students, teachers, IT staff and management. This study is unique for its systematicity and complexity – it aggregates the opinions of all interested groups of stakeholders, distinguishes several time periods (before, during and after the pandemic), and allows the respondents to express hesitance in their evaluation. The evaluation model uses fuzzy sets to capture the uncertainty and to aggregate the opinions of different stakeholder groups. The empirical results show that most of the satisfaction development is the same or similar for all institutions examined. Then, the pandemic strongly influenced the satisfaction of all stakeholder groups at the universities examined. This impact was mostly negative, however, several lessons learnt have been revealed. Therefore, it was shown that it is highly beneficial to include these aspects to obtain a reliable picture of overall satisfaction.
Relationships between wellbeing and sustainable development in a group of selected developed countries
(Politechnika Lubelska, Wydział Inżynierii Środowiska, 2023) Drastichová, Magdaléna; Filzmoser, Peter; Gajanin, Rastko
This work evaluates the crucial aspects of sustainable development (SD) related to wellbeing and quality of life, which were measured by twenty-two relevant indicators (indices) in a sample of 31 countries over the period 2010 – 2019. All the pillars of SD are reflected, while the indicators applied either reflect one of these dimensions, i.e. the economic, social or environmental pillar of SD, or two/all of them. Several of these indicators also measure specific aspects encompassed by the particular pillars, which are of great importance for SD and have to be in cluded. These include especially health and inequality, which belong to the social pillar of SD, and are reflected in several indicators used. Furthermore, the indicator of subjective happiness is included as well. Principal com ponent analysis (PCA) and parallel factor analysis (PARAFAC) are the main methods used to analyse relationships between twenty-two indicators (composite indices) reflecting crucial aspects of SD, wellbeing, and quality of life in the sample. Three stages of both analyses were carried out. For both of them similar results were identified. Principal component 1 (for PCA)/component 1 (for PARAFAC) divided the sample into the less and the more developed countries, since the positive contribution was predominantly determined by the socioeconomic, well being and the more complex environmental or SD indicators, which are predominantly the highest (high) in the more developed countries. On the contrary, the negative contribution was determined by the pollution damage indicators, which are the highest in the less developed countries. Principal component 2 (for PCA)/component 2 (for PARAFAC) divided the sample according to a crucial aspect of the social pillar of SD, i.e. quality of health, particularly reflected in Healthy life years at birth (HLY), which has also poor results in the many developed countries. At the third stage this component is determined by the environmental indicators reflecting resource depletion/consumption and also pollution damages in monetary values, being crucial for SD, since a number of them had the highest values in the developed countries.
Does sentiment affect stock returns? A meta-analysis across survey-based measures
(Elsevier, 2023) Gric, Zuzana; Bajzík, Josef; Badura, Ondřej
We are the first to meta-analyze the literature on the relationship between sentiment and stock returns, a topic that reacts to the history of systemic events causing asset bubbles in financial markets. We focus on three questions — whether the literature is biased; what is the “true effect” beyond this bias; and what are the key determinants of the variance among the estimates in the literature. To answer those questions we collect 1311 point estimates from 30 primary studies and use state-of-art meta-analytical approaches. Both linear and non-linear tests for publication bias suggest that the “true effect” of an improvement in sentiment is non-negligible and negative. In the majority of specifications, researchers tend to report this effect as being much stronger than it actually is. Next, using Bayesian model averaging we show that the effect of sentiment on future returns is significantly stronger for individual investors than for large institutions, and in US stock markets compared with European ones. The effect also depends on several data and model characteristics.
Did the quality of digital communication skills in education improve after the pandemic? Evidence from HEIs
(MDPI, 2023) Urbanek, Anna; Losa, Anna; Wieczorek-Kosmala, Monika; Hlaváček, Karel; Lokaj, Aleš
In the global transition, digital technologies are perceived as important drivers of change. Contemporary IT technologies help to enhance the productivity and efficiency of numerous systems on the way to achieving sustainable development goals. Wider use of digital communication tools in HEIs (higher education institutions) can reduce inequalities and increase inclusiveness of tertiary education. In this paper, we present the results of exploratory research aimed at assessing whether COVID-19 has improved digital communication skills in higher education. We revised the quality of digital direct and indirect communication skills between students and teachers (both ways), by referring to the level of satisfaction of both sides of digital communication (teachers and students). The results indicate that there is a statistically significant improvement in the quality of digital communication skills, in particular, if we compare the position of both students and teachers after the pandemic, relative to the pre-COVID-19 pandemic period. Our investigation confirms that COVID-19 was a shock that enhanced the improvement of digital communication skills in higher education, and the pandemic experience had a positive impact on the more efficient use of digital education technologies.

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