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Leasing Financing and Debt Financing - Determinants and the Linkages with the Economy
Migová, Patrícia ; Pečená, Magda (advisor) ; Jakubík, Petr (referee)
This study examines the macroeconomic and legal determinants of leasing fi- nancing. The dataset used in this thesis is an unbalanced panel. It includes 30 countries and covers the period between 2012 and 2020. The leasing to GDP ratio represents the dependent variable. The key determinants are examined by the dynamic System Generalized method of moments. The results indicate that statistically significant macroeconomic variables are in line with the economic theory. The borrowing interest rate and value-added tax show the most robust results. Moreover, the value-added tax is the most important tax variable that negatively impacts leasing, and it was the only statistically significant regulatory variable. Furthermore, the analysis for the leasing to credit ratio is provided. The results support the existing literature that the corporate tax rate is an important determinant for leasing to credit ratio from the macroeconomic point of view and not only from the firms' perspective. Keywords Leasing financing, Debt financing, panel data models, System GMM estimator
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Natural Resource Curse and Shadow Economy: Emprical Evidence
Chen, Anna ; Horváth, Roman (advisor) ; Janda, Karel (referee)
The study aims to investigate the impact of natural resource wealth on the shadow economy. The theoretical section provides the basis of understanding the nature of two phenomena and discusses the possible transmission channels through which natural resources might influence the shadow economy. Consequently, the key determinants of the shadow economy are examined by static and dynamic models. Natural resource abundance is proxied by natural resource rents. We employ a panel data set for 109 countries for the period from 1996 to 2006. The results reveal that resource wealth is associated with the decrease of the shadow economy. This result is robust for different resource types (durable and non-durable), and the effect is more profound for countries with a low income level. JEL Classification C33, E26, O13 Keywords natural resources, shadow economy, dynamic panel data models, system GMM estimator Title Natural Resource Curse and Shadow Economy: Empirical Evidence
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Transition to a Cashless Society: Impact on Economic Activity
Berkimbayeva, Aliya ; Komárek, Luboš (advisor) ; Schneider, Ondřej (referee)
The present study aims to deliberate over a wider perspective on the topic of physical currency, assuming the global conversion to digital payment instruments affecting stakeholders at different scales alters number of aspects. The theoretical section discusses the process of transition to cashless society by identifying transformation stages and the barriers faced to undertake the shift. Subsequently, the links between factors as business environment, globalization, and shadow economy in relation to physical currency in circulation are examined by static and dynamic panel data analyses applying annual panel data for 70 countries for the period from 2013 to 2017. The conclusive inference is formulated based on outputs from the Blundell-Bond (1998) system GMM estimator. The empirical results provide significant evidence on negative relationship between business environment and physical currency in circulation and contrary positive link for shadow economy. Further, the greater impact of business environment on physical money among variables included, implies the promotion of electronic money solutions solely to be not sufficient to transit to cashless economy. We also construct transformation score ranking for the last five years to snap the transit stage among countries included in the study with...
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