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The determinants of access to finance: evidence for transition economies
Cazachevici, Alina ; Horváth, Roman (advisor) ; Benáček, Vladimír (referee)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies MASTER THESIS The determinants of access to finance. Evidence for transition economies Author: Alina Cazachevici Supervisor: Roman Horvath, Ph.D. Academic Year: 2012/2013 Abstract The thesis provides an empirical analysis of impact of country-level and firm-level determinants on access to finance in transition economies. Generalized Ordered Logit model is applied on survey data for transition countries, combined with financial market indicators. The results show that higher concentration in banking sector, as well as higher financial deepening have a positive impact on access to finance, while volatile macroeconomic environment, higher implication of foreign-owned and state- owned banks seems to be perceived as increasing obstacles in accessing external financing. Combining indexes for liberalization in banking sector and liberalization of securities markets proved that before liberalization process firms had better access to finance. One of the possible explanations is that before liberalization state banks were forced by politicians to issue more loans, while after reforms the political pressure was removed, imposing stricter conditions for loan granting. Inclusion of corruption variable yields expectable results that...
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Social Determinants of Life Expectancy in Transition Economies
Song, Fei ; Bryndová, Lucie (advisor) ; Vykoukal, Jiří (referee) ; Háva, Petr (referee)
This thesis investigates the impact of social determinants on life expectancy in 16 transition economies from 1995 to 2012 by a panel data regression analysis. The regression result suggests that, air quality, coverage for tertiary education, spending in health care have statistically positive associations with life expectancy. To be specific, 1 microgram per cubic meter reduction in PM 2.5 air pollution(mean annual exposure) is associated with a gain of 2.16 months of life expectancy at birth. 100 dollars increase in health expenditure per capita is associated with a gain of 2.4 months of life expectancy at birth. 10% points increase in the gross enrolment ratio for tertiary school is associated with a gain of 3.6 months of life expectancy. But the proxy variable of democracy(Unified Democracy Sores), Economic Freedom and out-of-pocket health expenditure are not significant factors of life expectancy.
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The Role of Innovation and Competitive Pressure: A Case Study of Czech and Slovak Firms
Pallan, Hayley ; Vacek, Pavel (advisor) ; Svoboda, Karel (referee) ; Yoruk, Esin (referee)
This thesis examines the role of competition and innovation for firm performance, particularly during financial crises, through empirical analysis. The thesis first reviews the literature related to competition, innovation and financial crises. It next provides context of the economic legacies the transition economies in Central Europe have shared and how these legacies meant a lack of an environment for competitive firms (to operate most efficiently) and innovation (defined as new product development). Similarities and differences between the economies of the Czech Republic and Slovakia (which have a shared history over seventy years as Czechoslovakia) during the transition period and leading up to the 2009 financial crisis are reviewed, with attention to factors affecting the competitive and innovative environment in each country. Using cross-sectional regression analysis and comparing results for Czech and Slovak firms, this thesis confirms the positive influence of innovation and competition. Two variables for competition types are used in the regression - one for foreign pressure and one for domestic pressure. Both sets of firms indicate a positive influence of foreign competitive pressure to develop new products on firm performance (which is represented by firm sales in this analysis),...
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The determinants of access to finance: evidence for transition economies
Cazachevici, Alina ; Horváth, Roman (advisor) ; Benáček, Vladimír (referee)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies MASTER THESIS The determinants of access to finance. Evidence for transition economies Author: Alina Cazachevici Supervisor: Roman Horvath, Ph.D. Academic Year: 2012/2013 Abstract The thesis provides an empirical analysis of impact of country-level and firm-level determinants on access to finance in transition economies. Generalized Ordered Logit model is applied on survey data for transition countries, combined with financial market indicators. The results show that higher concentration in banking sector, as well as higher financial deepening have a positive impact on access to finance, while volatile macroeconomic environment, higher implication of foreign-owned and state- owned banks seems to be perceived as increasing obstacles in accessing external financing. Combining indexes for liberalization in banking sector and liberalization of securities markets proved that before liberalization process firms had better access to finance. One of the possible explanations is that before liberalization state banks were forced by politicians to issue more loans, while after reforms the political pressure was removed, imposing stricter conditions for loan granting. Inclusion of corruption variable yields expectable results that...
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Estimating the determinants of FDI in Transition economies: comparative analysis of the Republic of Kosovo
Berisha, Jetëmira ; Dědek, Oldřich (advisor) ; Benáček, Vladimír (referee)
This study develops a panel data analysis over 27 transition and post transition economies for the period 2003-2010. Its intent is to investigate empirically the true effect of seven variables into foreign flows and takes later on the advantage of observed findings to conduct a comparative analysis between Kosovo and regional countries such: Albania, Bosnia and Herzegovina, Macedonia, Montenegro and Serbia. As the breakdown period (2008-2010) was included in the data set used to modelling the behaviour of FDI, both Chow test and the time dummies technique suggest the presence of structural break. Ultimately, empirical results show that FDI is positively related with one year lagged effect of real GDP growth, trade openness, labour force, low level of wages proxied by remittances, real interest rate and the low level of corruption. Besides, the corporate income tax is found to be significant and inversely related with foreign flows. The comparative analysis referring the growth rate of real GDP shows that Kosovo has the most stable macroeconomic environment in the region, but still it is continuously confronted by the high deficit of trade balance and high rate of unemployment. Appart, the key obstacle that has abolished efforts for foreign investment attraction is found to be the trade blockade of...
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Foreign bank participation in transition economies: the effects on access to credit
Krafková, Anna ; Geršl, Adam (advisor) ; Marková, Katarína (referee)
The thesis discusses the topic of foreign bank participation in transition economies. First part presents theoretical considerations about foreign bank entry and their empirical support. The main focus is then on the empirical investigation of the possible relation between the degree of foreign bank participation and the availability of credit across transition countries. Combining responses from a survey of firms operating in 38 transition economies with data on the degree of foreign bank participation, we derived some interesting conclusions. The analysis suggests that conditions for obtaining credit seem to be better in economies having higher share of foreign banks within countries of Central and Eastern Europe. The opposite conclusion was derived for countries of Commonwealth of Independent States; there economies with higher foreign presence tend to perceive conditions of financing as more problematic. Moreover, it was shown that enterprise size, its ownership and sector within which operates also matter when drawing conclusions on the effects on foreign bank on the availability of credit. Additionally, we identified that the share of state-owned banks and the effectiveness of domestic banking sector are other determinants of credit accessibility.
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Mutual link between the monetary and exchange rate policy and economic development on the example of Romania and Bulgaria
Mleziva, Daniel ; Brůna, Karel (advisor) ; Obešlo, František (referee)
This bachelor's thesis focuses on the possible link between the monetary and exchange rate policy and economic development. The first part presents basic theoretical aspects of monetary and exchange rate policies which are then applied to the case of two selected countries, namely Romania and Bulgaria. The practical part analyses the evolution of monetary and exchange rate policies in both countries and also follows the development of both economies with the help of several indicators. The objective of the thesis is to describe a possible dependence of the economy's evolution on monetary policy regime using the evaluation and comparison of collected data.
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Models Predicting Financial Distress with an Emphasis on Transition Economies
Čámská, Dagmar ; Scholleová, Hana (advisor) ; Neumaierová, Inka (referee) ; Majdúchová, Helena (referee)
The basic aim of this dissertation is to evaluate the predictive ability and accuracy of the existing and until now created corporate models predicting financial distress and verification of multinational force models. Partial goals must be filled to meet the basic objective and therefore the theoretical part is especially mapping models used and developed in the Czech Republic and other European economies, of which the emphasis is primarily on the former transition economies. These now post-transition economies have passed a similar political and economic development as the Czech Republic, and therefore prediction models created and used there could be transferable to the environment of the Czech economy and Czech companies whose financial health and conditions are assessed. The practical part is based on the author's own research, which is dedicated to the evaluation of prediction models when applied to Czech business entities differentiated according to belonging to a particular industry branch. During the models' evaluation the emphasis is on the fact whether they are national (Czech) or foreign models.
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Structural Reforms and Economic Growth: A Meta-Analysis
Babecký, Jan ; Havránek, Tomáš
This paper evaluates the impact of structural reforms, mainly liberalization and privatiza- tion, on economic growth. To provide stylized facts on how such reforms worked in the past, we quantitatively review 60 studies that estimate the relation between reforms and growth empirically. These studies examine structural reforms carried out in 26 transition and post-transition countries around the world. Our results show that a typical reform caused costs in the short run, but had strong positive effects on long-run growth. Reforms focused on external liberalization proved to be more beneficial than other types of reform in both the short and long run. The findings hold even after correction for publication bias and misspecifications present in some primary studies
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