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The correlation between the automotive industry output cycle and the business cycle in the Czech Republic
Yin, Shiqi ; Jeřábek, Petr (advisor) ; Merrino, Serena (referee) ; Čech, František (referee)
This paper aims to investigate the correlation between the output cycle and the business cycle of the Czech Republic's core industry, the automotive industry. The paper begins by analysing the volatility of each variable, and finds that the trends of the automotive industry output cycle and the business cycle align, while the automotive industry output cycle keeps lagging behind the business cycle. Secondly, this paper adopts the VAR model to examine the relationship between the Czech automotive output and its macroeconomic indicators, using the real GDP and the Gross Value added (GVA) to represent the macroeconomic situation. The results show that there is a correlation between Czech automotive industry output and the macroeconomy, but the correlation is asymmetric, which means the automotive industry is more sensitive to macroeconomic shocks but has weaker impact on the macroeconomy. Finally, this paper also measures the correlation between the automotive industry and monetary policy (M2) and finds that the monetary policy shows strong stability and independence, which can affect the progress of the automotive industry, but no reverse effect has been observed.
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Economic Development and Pension Privatisation: Evidence from Central and Eastern European Countries and Visions for the Future
Zhang, Yunyang ; Jeřábek, Petr (advisor) ; Merrino, Serena (referee) ; Čech, František (referee)
Since the mid-1990s, to boost the macroeconomy, many countries in the Central and Eastern European region have implemented pension privatisation policies. They followed the recommendations of the World Bank and established a multi-pillar pension model, including a mandatory second pillar with the most privatised features. This paper reviews the literature on pension privatisation policy, summarising its history and development in Central and Eastern Europe, and providing a comparative analysis of privatisation reforms in individual countries. The promotion of economic development, as the most important driver of pension privatisation reforms, has not yet received a definitive conclusion. This paper aims to extend existing empirical research on the impact of pension privatisation on economic development by employing a time-varying difference-in-difference model with data from 1996 to 2022 for a sample of 11 EU countries in the Central and Eastern European region. The results of the study show that the pension privatisation policy significantly contributes to economic development and increases domestic savings, and that the contribution to economic development is greater in the long run than in the short run. As a result, the pension privatisation policy should continue to be promoted in the future.
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Corporate Social Responsibility and Corporate Financial Performance: The Mediating Role of Innovation Ability
Li, Xiangyu ; Baxa, Jaromír (advisor) ; Merrino, Serena (referee) ; Vokoun, Marek (referee)
Firstly, this paper empirically analyzes the relationship between corporate social responsibility and corporate financial performance without considering innovation ability by using dynamic panel threshold model. The empirical results show that there is a nonlinear relationship between corporate social responsibility and corporate financial performance; Corporate social responsibility has a double threshold effect on corporate financial performance, and the positive impact of corporate social responsibility on corporate financial performance decreases marginally. Furthermore, this paper explores the intermediary or regulatory role that innovation ability may play between the two. The empirical results show that this paper measures the innovation ability of enterprises by innovation input, innovation output and innovation efficiency, but only the first two play a partial intermediary role and positive adjustment role in the relationship between corporate social responsibility and financial performance. By analyzing the relationship between corporate social responsibility and financial performance in Poland, this paper examines the influence of innovation ability on the relationship between them, which provides a new perspective for enterprises to achieve better financial performance and the...
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Intra-industry trade and human capital endowment: a case of EU-CEE trade
Zeng, Jiayi ; Semerák, Vilém (advisor) ; Merrino, Serena (referee) ; Jeřábek, Petr (referee)
To assess the effect of human capital endowment on intra-industry trade between CEE countries and the EU, this paper used trading data from 2000-2019 in the machinery sector between the Visegrad and Germany as the representative. Meanwhile, this paper used secondary and tertiary educational attainments separately as the proxy for human capital endowment and included other factors influencing intra-industry trade. Before the econometric regression, a descriptive statistical analysis was carried out, and we recognized that the intra-industry trade between the CEE countries and the EU is of vertical nature. According to regression results, we found that the domestic market size and the difference in economic mass had a positive relationship with the intra-industry trade of CEE countries. Similarly, the GDP per capita was positively correlated to intra-industry trade in this area. In addition, geographical distance and contiguity levied significant impacts on intra-industry trade of CEE countries. However, the effect of EU membership was nonsignificant in our sample. More importantly, secondary and tertiary educational attainments had opposite influences on intra- industry trade between CEE countries and the EU, which implies that although they have high educational attainments, the CEE countries...
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Analyzing the link between Environmental, Social and Governance (ESG) and sovereign bond spreads: an empirical analysis of CEE countries
Guan, Yanqi ; Baxa, Jaromír (advisor) ; Merrino, Serena (referee) ; Jeřábek, Petr (referee)
This study investigates the effects of a country's environmental, social and governance (ESG) performance on sovereign bond spreads in CEE countries. We used both the sovereign bond spreads vis-à-vis the U.S. and bond spreads vis-à-vis Germany. We employed a dynamic panel generalized method of moments model, based on a sample of 10 CEE countries from 2009 to 2018. The analysis reveals that overall, better ESG performance is associated with lower sovereign bond spreads. When looking at bond spreads vis-à-vis the U.S., all three sub-dimensions of ESG are found to have significant negative impacts on sovereign bond spreads. When using bond spreads vis-à-vis Germany, only environmental and governance sides show significant effects. In addition, the results suggest that environmental side has more pronounced economic impacts on sovereign bond spreads than the other two sides in CEE countries.
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