Prague Economic Papers, 2026 (vol. 35), issue 3

Original contributions, Original article, Research article

US-China Tensions and Financial Spillovers: Uncovering Asymmetric TVP-VAR Transmission

Veysel Karagöl, Deniz Sevinç, Ayşegül Şahin

Prague Economic Papers 2026, 35(3):314-344 | DOI: 10.18267/j.pep.917  

This study investigates the transmission of geopolitical tensions between the United States and China to their stock markets within a dynamic and asymmetric framework. The analysis uses monthly returns of the S&P 500 and the Shanghai Composite Index, along with the log-difference of the US-China Tension Index (UCT), covering the period 1993-2024. An asymmetric TVP-VAR model is applied to capture time-varying and directional spillovers arising from positive and negative tension shocks. At the same time, a quantile-VAR connectedness analysis is employed for robustness. The results reveal pronounced asymmetries in spillover dynamics. Increases in...

Determinants of Saving of Institutional Sectors of the National Economy in the Czech Republic

Kateřina Šímová

Prague Economic Papers 2026, 35(3):345-371 | DOI: 10.18267/j.pep.913  

The paper analyses the saving of individual sectors in the national economy. The analysis at this level is crucial to consider the specificities of each institutional sector. First, saving are described from the perspective of Keynesian economic theory, followed by a literature review. Next, the sectors of the national economy are briefly defined, particularly the concept of saving in each sector is presented. The analysis concludes with an empirical verification of the determinants of sectoral saving by using ARDL models reparameterized into EC. The results of the models show that the sectoral determinants are different and confirm the necessity of...

Do supplier analysts react to customers' data asset information disclosure?

Rumeng Yang, Delin Wu

Prague Economic Papers 2026, 35(3):372-415 | DOI: 10.18267/j.pep.916  

This study examines whether customers' data asset information disclosure improves suppliers' analysts forecast accuracy. Using data from Chinese firms between 2010 and 2024, this study uses text analysis to measure the degree of data asset information disclosure. The findings suggest that more customer data asset disclosure reduces analyst forecast errors for supplier firms, thereby improving analyst forecast accuracy for supplier firms. The results are robust to various endogeneity and robustness checks. The mechanism analysis shows that customer data asset disclosure improves forecast accuracy by enhancing information transparency and signaling customers'...

Does Consumer Confidence Matter? Reconsidering the Relationship between Interest Rates and Dollarization in Turkey

Banu Demirhan

Prague Economic Papers 2026, 35(3):416-445 | DOI: 10.18267/j.pep.915  

This study examines deposit and credit dollarization in Turkey, with a particular focus on whether consumer confidence moderates the relationship between interest rates and dollarization. Using monthly data from January 2012 to May 2025, we estimate an autoregressive distributed lag model as the main empirical framework and assess robustness using fully modified ordinary least squares, dynamic ordinary least squares, and canonical cointegration regression. The empirical findings indicate a conditional association between interest rates and dollarization, which should be interpreted cautiously, given potential simultaneity and endogeneity concerns....

Digital Payment Channels and Fintech Performance in Kosovo: An Econometric Analysis Using HAC-GMM

Nexhat Kryeziu, Esat Durguti

Prague Economic Papers 2026, 35(3):446-475 | DOI: 10.18267/j.pep.914  

This research paper analyzes the impact of digital payment channels on fintech performance in Kosovo using monthly data from the Central Bank of Kosovo for the period 2018-2024. The analysis covers several key categories of financial transactions, specifically Credit Transfers in Paper Form (CTPF) and in Electronic Form (CTEF), Electronic Funds Transfers at Point of Sale (EFTPOS), Automated Teller Machine (ATM) based operations, including ATM Cash Withdrawals (ATMW) and ATM Deposits (ATMD), Credit Transfers via ATMs (CTATMs), as well as Cash Withdrawals and Card Payments at POS terminals (CWPOS and CPPOS). The empirical methodology relies on Ordinary...