Prague Economic Papers, 2024 (vol. 33), issue 3
Optimization Strategy for the Modeling and Estimation of Interactive Effects
Xiaohui Hu
Prague Economic Papers 2024, 33(3):261-276 | DOI: 10.18267/j.pep.863 
Modeling policy effects in the context of high-dimensional data requires a balanced consideration of omitted interaction bias and overfitting problems. This paper investigates the role of machine learning algorithms in stabilizing estimates and demonstrates the possible regularization bias caused by common LASSO methods. To overcome the three problems simultaneously, post-double selection is used to screen for the interaction terms that need to be included in the model, and the variance estimates are expanded to measure the uncertainty of the interaction effects and marginal effects. Monte Carlo simulations analyze the main factors affecting conditional...
Hidden Consequences of Consumer Protection on the Financial Market: Regulation-introduced Bias
Jiøí ©indeláø, Petr Budinskı
Prague Economic Papers 2024, 33(3):277-318 | DOI: 10.18267/j.pep.862
This paper deals with the problem of how the risk perception among retail customers is affected by the consumer protection regulation on the financial market. Through a questionnaire survey, we have measured the effect of selected consumer protection measures on banking or investment decisions taken by a young (student) population. These measures included the most common elements of financial regulation, such as bank deposit insurance, corporate bond prospectus, licenced fund management and securities broker indemnity insurance. Our results show that protective state intervention represents strong stimuli for customer decision-making with a widely...
The Level of Awareness of Non-fungible Tokens as an Investment Tool in the Czech Republic
Kry¹tof Tichı, Pavlína Petrová
Prague Economic Papers 2024, 33(3):319-335 | DOI: 10.18267/j.pep.861
Non-fungible tokens are transferable rights to digital assets such as artwork, videos, in-game items, collectibles or music. Non-fungible tokens relate only to a specific unique item and carry information about the owner. The non-fungible token market has received widespread attention and has grown enormously since the beginning of 2021. Despite significant growth in the market, there needs to be more surveys, especially in the context of the Czech Republic. This article, therefore, aims to evaluate the level of awareness of non-fungible tokens in the Czech Republic. The paper presents the basics of the non-fungible token market, its potential and...
The Effect of Economic and Social Inequalities on Academic Success in Türkiye: Evidence from the Classical and Bayesian Discrete Choice Models
Muhammet Kutlu, Hüseyin Özer
Prague Economic Papers 2024, 33(3):336-356 | DOI: 10.18267/j.pep.860
The main objective of this study is to determine the effects of economic and social inequalities on academic success and to test whether the cycle of inequality is active through education. This objective is accomplished using classical and Bayesian discrete choice models for the sample obtained from Türkiye. The results reveal that students' economic and social characteristics affect their academic success and that these characteristics are possible sources of inequality in education. According to the findings obtained from models employed in the study, income, private school education, parental education level, region of residence, neediness to work,...
Budgetary policy and Macroeconomic resilience in Morocco: Assessment and Impact
Oussama Ritahi, Abdellah Echaoui
Prague Economic Papers 2024, 33(3):357-379 | DOI: 10.18267/j.pep.858
This study investigates the macroeconomic resilience of the Moroccan economy using a comprehensive analysis of key indicators and policy variables. Utilising data from sources such as the World Bank, we examined GDP per capita, government debt, government final expenditure, agriculture and industry sectors as a percentage of GDP, output gap, and trade openness. Applying the Autoregressive Distributed Lag (ARDL) method, we established both long-run and short-run relationships between these variables and the output gap, which represents the cyclical trend in the economy. Our findings revealed that both government final consumption in % of GDP and government...