Prague Economic Papers, 2024 (vol. 33), issue 4

Impact of Globalization on Macroeconomic Dynamics Using a Time-varying Bayesian VAR

Georgiana Pleșa

Prague Economic Papers 2024, 33(4):380-413 | DOI: 10.18267/j.pep.872  

In the last two decades, advances in globalization have evolved remarkably and countries have become more integrated with the entire world. The implications of this process have attracted interest of researchers and monetary policy authorities. This paper provides an assessment of the impact of globalization on macroeconomic dynamics at the level of four representative Central Eastern European countries (Czechia, Hungary, Poland and Romania) between 2003Q2 and 2022Q4. The method proposed in this study is a time-varying vector autoregressive model with stochastic volatility estimated using the Metropolis-Hastings algorithm through Bayesian inference....

Exploration of the Size Effect on Transaction Data of Non-publicly Traded EU Companies

Tomáš Podškubka, Štěpán Kohoutek, Jana Skálová

Prague Economic Papers 2024, 33(4):414-443 | DOI: 10.18267/j.pep.870  

This paper examines the effect of company size on transaction multiples. The existence of the size effect has been investigated by a number of authors who have primarily used data for publicly traded companies for their research. Our research works with data from private transactions with non-traded companies (shares) from the EU. The transaction price concluded in these deals is decomposed into the product of profit and transaction multiple as when using market comparison valuation methods. Transaction multiples are relative types of financial metrics that typically compare various levels of profit such as EBITDA, EBIT or EAT to a value that an investor...

Incidence of Poverty in Working-age Population in EU Countries: A Gender Perspective

Eva Kovářová, Tereza Vašenková

Prague Economic Papers 2024, 33(4):444-477 | DOI: 10.18267/j.pep.864  

Poverty reduction has long been one of the political priorities of the European Union and its member states. Despite the political declarations and measures applied, poverty is still a phenomenon that affects the everyday lives of about 70 million Europeans. Moreover, trends in poverty incidence show how poverty risks are sensitive to overall socio-economic development and how they are more actual for some vulnerable population groups. Following the popular concept of poverty feminization, the analysis presented in the paper aims to identify gender perspective relationship between the poverty incidence and characteristics describing the situation on...

Volatility Spillover Effect from Energy Markets to Foreign Exchange Markets: The Case of Central and Eastern European and Eurasian Countries

Dejan Živkov, Boris Kuzman, Nataša Papić-Blagojević

Prague Economic Papers 2024, 33(4):478-503 | DOI: 10.18267/j.pep.865  

This paper investigates the nonlinear risk transmission from the oil and natural gas markets to the foreign exchange markets of five energy importers and one major energy exporter. We separate conditional volatility into the transitory (short-term) and permanent (long-term) parts, and then these volatilities are embedded in an elaborate robust linear quantile regression model. We find that the risk spillover effect is relatively low in Central and Eastern European countries (CEECs) probably because they pursue a managed float exchange rate regime. On the other hand, this effect is higher for Turkey and Russia, which is especially true for the effect...

Import Trade and the Green Transformation Development of Chinese Enterprises: Based on the Dual Perspectives of Import Technology Sophistication and Import Diversification

Ming Chen, Hongbo Wang

Prague Economic Papers 2024, 33(4):504-542 | DOI: 10.18267/j.pep.871  

Expanding imports and promoting balanced trade have been the direction China has been adhering to in recent years, and are also important measures for China to build an open domestic and international dual cycle development pattern. This paper incorporates the emissions of “three industrial wastes” into the production function, uses the Slack Based Measure model and the globally referenced Malmquist-Leuenberger index to measure the green total factor productivity of Chinese enterprises from 2002 to 2013 in order to measure enterprises’ green transformation development. Subsequently, it tests the green development effect of import...