Publikační činnost Ekonomické fakulty / Publications of Faculty of Economics (EKF)

Permanent URI for this collectionhttp://hdl.handle.net/10084/106751

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Now showing 1 - 6 out of 6 results

De-branching, too-much-branching, and cost of debt of SMEs in Slovakia
(Wiley, 2022) Rafaj, Oliver; Širaňová, Mária
We investigate nonlinear effects of bank branch saturation on SMEs' cost of debt at regional level in Slovakia over the period 2013-2019. We adopt the two-step approach by first constructing model of bank branch localization, and then analyzing effects of positive and negative deviations from the equilibrium level. We observe negative effect of debranching, but report no effect of positive increase in deviations from equilibrium level on SMEs' cost of debt. The most affected firms are middle-sized, domestically owned, operating in low-tech industries, and with better creditworthiness. Bank market characteristics also tend to matter for pricing of firm's debt.
Multi-chronological hierarchical clustering to solve capacity expansion problems with renewable sources
(Elsevier, 2021) Domínguez, Ruth; Vitali, Sebastiano
Renewable sources are increasing their presence in power systems to achieve the goal of decarbonizing the generation of electricity. However, the variability of these resources introduces high uncertainty in the operation of a power system and, hence, fast generating and storage units must be incorporated in the system. To obtain economically and technically efficient solutions in the capacity expansion problem, an adequate representation of the variability of the renewable resource is crucial, but this may increase the size of the problem up to computational intractability. The most suitable representation is often selected through clustering techniques. The clustering algorithms proposed in the literature suffer from a significant trade-off between their ability to capture the inter-temporal correlation of the clustered elements and the representativeness of the clusters when only very few are needed. This paper proposes an innovative clustering technique that overcomes this trade-off. A case study based on the European power system is solved. The outcomes given by the new clustering algorithm and other well-known techniques are investigated through in-sample and out-of-sample analyses applied to multiple cases that differ in to the number of clusters and the minimum renewable production.
Technology choice in an evolutionary oligopoly game
(Springer, 2018) Lamantia, Fabio; Negriu, Anghel; Tuinstra, Jan
In this paper, we propose and analyze a two-stage oligopoly game in which firms first simultaneously choose production technologies and in the second stage simultaneously choose production quantities. After characterizing the Nash equilibrium of the game, we cast our static model in a dynamic setting exploring the stability properties of the market equilibrium in two different cases: (i) exogenously distributed technologies and Cournot adjustments and (ii) endogenously distributed technologies in an infinite population game with Cournot-Nash equilibrium outputs. The main aim of the paper is that of extending the results about Cournot oligopoly stability in an evolutionary setting of heterogeneous decreasing returns-to-scale technologies. We show how the interplay between production decisions and R&D decisions can generate endogenous market fluctuations leading to complex dynamic phenomena.
The role of foreign sentiment in small open economy
(International Institute of Social and Economic Sciences, 2015) Juriová, Jana
The role of foreign sentiment is researched for explaining macroeconomic fluctuations in small open economy. The main goal is to find out whether the domestic variables react significantly to the shocks in the foreign sentiment. For this purpose a structural vector autoregression model is constructed for the Czech Republic and the Slovak Republic including relations between foreign environment and domestic variables. Both small open economies considered are highly dependent on foreign demand from euro area. Therefore the foreign development is represented by real GDP in euro area and alternatively is explored the possibility to replace foreign real GDP by economic sentiment indicator of euro area as sentiment indicators are available in advance. The impact of foreign shocks is examined by impulse response functions on the following domestic variables – real gross domestic product, consumer prices and effective exchange rate against euro area trading partners. The study confirms that foreign economic sentiment can be used for explaining fluctuations of domestic variables of a small open economy.
Money market equilibrium in the Czech Republic
(Vysoká škola ekonomická v Praze, 2016) Juriová, Jana
This paper examines the theoretical concept of equilibrium in the money market that is empirically verified for the economy of the Czech Republic. The subject of the analysis is the relationship defining equilibrium in the domestic money market, i.e. when money demand corresponds to the money supply in the economy. The main objective is to determine whether such a long-term equilibrium relationship exists by verifying this assumption on real data for the Czech economy. The Johansen cointegration approach is applied for modelling the money demand function including four domestic macroeconomic indicators: money supply, price level, gross domestic product, and interest rate. The results suggest that the level of real money supply fluctuated around the estimated long-run equilibrium value in the analysed period 2000–2013.
Contagion risk in the Czech financial system: a network analysis and simulation approach
(Elsevier, 2015) Hausenblas, Václav; Kubicová, Ivana; Lešanovská, Jitka
This paper examines the potential for contagion within the Czech banking system via the channel of interbank exposures of domestic banks, enriched by a liquidity channel and an asset price channel, over the period March 2007 to June 2012. A computational model is used to assess the resilience of the Czech banking system to interbank contagion, taking into account the size and structure of interbank exposures as well as balance sheet and regulatory characteristics of individual banks in the network. The simulation results suggest that the potential for contagion due to credit losses on interbank exposures was rather limited. Even after the introduction of a liquidity condition into the simulations, the average contagion was below 3.8% of the remaining banking sector assets, with the exception of the period from December 2007 to September 2008. Activation of the asset price channel further increases the losses due to interbank contagion, showing that the liquidity of government bonds would be essential for the stability of Czech banks in stress situations. Finally, the simulation results for both idiosyncratic and multiple bank failure shocks suggest that the potential for contagion in the Czech banking system has decreased since the onset of the global financial crisis.

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