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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...
Persistent link: https://www.econbiz.de/10005673621
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If local public goods exhibit spillovers and regions are sufficiently symmetric, decentralization implies underprovision, whereas cooperative centralization is associated with strict Pareto-improvement. This classic inference rests on two assumptions: local politicians are delegated sincerely...
Persistent link: https://www.econbiz.de/10005698660
There is hardly any bigger economic tragedy than poor economic development of sub-Saharan Africa. The persistent character of its slow growth or even decline is not possible to explain when using standard growth theories and cross-coutry data. We have suggested a classification framework for...
Persistent link: https://www.econbiz.de/10005698661
In this paper, we examine the effects of Czech monetary policy on the economy within VAR and the structural VAR framework. We document well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various...
Persistent link: https://www.econbiz.de/10005698663
In this paper, we combine macro and microeconomic approaches to a pension reform. First, we modify an OLG model and estimate macroeconomic effects of a pension systém switch from a pure PAYG to a mixed system. Second, we employ macroeconomic results in a microeconomic simulation in which we...
Persistent link: https://www.econbiz.de/10005698665
This paper studies the dependence structure on Central European, German and UK stock markets within the framework of a semiparametric copula model for weekly stock index return pairs. Although the linear correlation is much lower, we find similar degree of lower tail dependence as between...
Persistent link: https://www.econbiz.de/10005698666
This paper focuses on the extraction of volatility of financial returns. The volatility process is modeled as a superposition of two autoregressive processes which represent the more persistent factor and the quickly mean-reverting factor. As the volatility is not observable, the logarithm of...
Persistent link: https://www.econbiz.de/10005698678
The paper assesses the developments in the current accounts of transition countries in Central, Baltic and South-Eastern Europe. Attention is given to policy issues, such as the relationship between savings, investments and government deficits, reinvested profits, official transfers from the...
Persistent link: https://www.econbiz.de/10005698686