Prague Economic Papers, 2022 (roč. 31), číslo 3-4
Providing Export Credit Support Right: Consequences for Public Budgets
Mikuláš Pýcha
Prague Economic Papers 2022, 31(3):217-235 | DOI: 10.18267/j.pep.803 
This analysis tries to address the problem of the insufficiency of premium rates used by export credit agencies. This paper aims to answer why and how states should run agencies that may create losses. We see that each supported exporter brings some other benefits to the public budget, and we try to propose how it could be measured. This paper therefore focuses on benefits and costs of the domestic economy. This analysis aims to develop a model that calculates the impacts of each supported export project. The results must be comparable between projects so that projects can be ranked and decisions made on which ones should receive support under current...
Price Efficiency, Bubbles, Crashes and Crash Risk: Evidence from Chinese Stock Market
Muhammad Usman
Prague Economic Papers 2022, 31(3):236-258 | DOI: 10.18267/j.pep.804
When there is bad news hoarding from managers, returns of stocks are no longer efficient. We hypothesize that a proxy for efficient returns predicts stock price bubbles, crashes and crash risk. We find evidence in support of our hypotheses. Lagged price efficiency significantly predicts bubbles, crashes and crash risk in multivariate linear regressions and logit regressions, as predicted by our hypotheses. We also find that the lagged probability of bubbles is only correlated with future returns. In contrast, the lagged probability of crashes is correlated with both future returns and fundamental values of stocks. This result validates our explanation...
How Important is the Time Value of Money in Decision Making? Results of an Experiment
Victor Dragotă
Prague Economic Papers 2022, 31(3):259-275 | DOI: 10.18267/j.pep.805
This paper tests how important the time value of money (TVM) principle is in decision making in real-life conditions, when different selection criteria can be considered. A three-stage survey was administered to students from a Romanian university of economics. They were asked to choose between two cars. These cars have equal total cash outflows but different present values. The benefits from using them were not specified, thus inducing a model ambiguity: respondents may consider only cash flows, but they can consider other benefits, too. It was tested whether the answers remain stable when supplementary information is provided....
Asymmetries in Exchange Rate Pass-through in Turkey: A Threshold VAR Analysis
Meryem Türel, Ayhan Orhan
Prague Economic Papers 2022, 31(3):276-295 | DOI: 10.18267/j.pep.806
This paper analyses the asymmetric behaviour of exchange rate pass-through in Turkey using a threshold VAR model. The main purpose is to examine the asymmetries in the exchange rate pass-through based on size, direction and inflationary environment of an emerging market economy with a highly depreciated domestic currency and two-digit inflation rate. Monthly exchange rate movements and monthly inflation rates were used as threshold variables. Nonlinear impulse response functions were employed to compare upper and lower regimes. According to our findings, the transmission of exchange rate shocks to domestic inflation in the upper regime is stronger...
Investigating Spatial-Temporal Pattern and Inducing Factors to Green Technology Innovation and High-Quality Economic Development
Chen Yang, Xu Shaorui, Ali Farhan
Prague Economic Papers 2022, 31(3):296-323 | DOI: 10.18267/j.pep.807
Green development prioritizes ecology and sustainability and strengthens scientific and technological innovation to drive high-quality economic development. This paper con- structs a coupled coordination model of a system evaluation index to explore the spatial and temporal pattern of green technology innovation and high-quality economic development. it also employs a Tobit regression model to analyse the influencing factors of coordinated development further. For this purpose, panel data on 30 Chinese provincial administrative regions were selected, ranging from 2010 to 2019. The results indicate that the level of coupling and coordination of green...