Loss given default (LGD) is one of key parameters to estimate credit risk in an internal rating based approach considered in The New Basel Capital Accord. The aim of this paper is to find determinants of LGD using a set of firm loan micro-data of an anonymous Czech commercial bank. The authors...

The paper evaluates recent tax legislation in Slovakia, effected January 2004, according to principles of optimal taxation and optimal tax systems. The author evaluates Slovak tax reform with particular regard to personal income tax and commodity taxes. The adoption of a flat personal-income-tax...

We provide evidence on the policy risk of social security in Hungary, Czech Republic and Slovakia by computing the changes in the social security wealth induced by the pension reforms undertaken since the 1990s. Methodologically we follow upon McHale’s (2001) study of selected reforms in G7...