Prague Economic Papers, 2024 (roč. 33), číslo 5

Impact of Green Finance on High-Quality Economic Development: A Panel Data Regression

Zhao Liang, Ellisha Nasruddin

Prague Economic Papers 2024, 33(5):543-564  

Green finance aims to achieve a balance between economic performance and sustainable economic development. This study examines the effect of green finance on sustainable eco- nomic development at the national level by spotlighting countries that are at the forefront of green bond issuance. Employing balanced panel data and utilizing a mediation model with fixed effects, the results demonstrate a significant ability of green finance to mitigate carbon emissions and promote high-quality economic development. The robustness of the findings is confirmed by a series of statistical tests. Furthermore, the renewable energy consumption structure enhances the...

Portugal's Rising Unobserved Economy Share in a Single-country Study

Óscar Afonso, Nuno Torres

Prague Economic Papers 2024, 33(5):565-598  

We estimate that the Unobserved Economy (UnEc) share in Portuguese GDP rose to a maximum of 34.37% in 2022. The results suggest that cutting the tax burden and improving the efficacity of social benefits could reduce UnEc and foster inclusive growth. The rising UnEc share MIMIC estimates found in our single-country study, with variables suited to Portugal, contrast with the downward trend (from 22.2% in 2003 to 16.5% in 2021) in the MIMIC multi-country study by Schneider (2021), who uses different variables - mostly reflecting the economic structure of advanced economies - and does not report if and how country heterogeneity is dealt with. Compared...

Age in Employee Selection and Promotion: A Comprehensive Study

Iveta Černíková, Markéta Šnýdrová, Ivana Šnýdrová

Prague Economic Papers 2024, 33(5):599-616  

This study examines the role of age in the selection and promotion of employees within public and private organizations, with a particular focus on Czech organizations. The research investigates the impact of age on career advancement across various industries and regions, aiming to provide insights into potential age-related biases in the workplace. The study utilizes a mixed-methods approach, combining quantitative analysis of promotion rates with qualitative insights from organizational representatives. Despite the intriguing nature of the topic, the study faces several challenges, including a relatively low number of respondents and limited data...

Consumption Expenditures on Food, Non-food Products and Services in Romania

Andrei Tudorel, Bourbonnais Régis, Mirică Andreea

Prague Economic Papers 2024, 33(5):617-644  

This paper aims to assess the relationship between income and consumption expenditures of households in Romania between 1997 and 2022. The chosen econometric methods are the Augmented Dickey-Fuller and Phillip-Perron unit root tests, Granger causality tests and the Johansen-Juselius test. Our study highlights the fact that together with the increase in the monetary income, there was a considerable reduction in the income in kind that ensured the coverage of the consumption needs at the household level. Additionally, the increase in the population's monetary income is essential for reducing the share of expenses on the consumption of food products and...

Assessing the Impact of Terrorist Attacks on Sovereign Risk Perception: Evidence from Turkey's CDS Market

Ecem Demirhan, Ekin Tokat, Hakki Arda Tokat

Prague Economic Papers 2024, 33(5):645-661  

This study investigates the impact of terrorism on financial markets, focusing specifically on Turkey's sovereign Credit Default Swap (CDS) premiums from 2011 to 2017 - period characterized by frequent and diverse terrorist activities. Employing an EGARCH model with dummy variables for various terrorist groups, we analyze immediate and short-term market reactions across different event windows. Our findings reveal significant volatility in CDS premiums following terrorist incidents, with market responses varying depending on the terrorist group perpetrating the incident. This study enhances the understanding of capital market reactions on terrorist...