Záznam přidán/aktualizován: 11. března 2022 v 09.51 hod.
Heterogeneity of Returns to Business R&D: What Makes a Difference?
Petr Pleticha
Prague Economic Papers 2021, 30(3):253-271 | DOI: 10.18267/j.pep.767
Business R&D spending has been shown to exert both direct and indirect positive effects on value added. Nevertheless, the heterogeneity of the returns to R&D has seldom been examined. Using detailed sectoral data from Czechia over the period 1995-2015, this study finds that privately funded business R&D has both direct and spillover effects, but that the publicly funded part of business R&D only leads to spillovers. The results further suggest that both upstream and downstream spillovers matter, regardless of the source of funding, and that during the period studied, R&D returns were heavily affected by the economic crisis. Lastly,...
Does It Pay to Have Your Own R&D Department? In-house and External R&D in the Context of Innovations
Jacek Lewkowicz, Anna Lewczuk
Prague Economic Papers 2021, 30(3):272-289 | DOI: 10.18267/j.pep.771
What type of R&D is essential for creating innovations? Is in-house R&D more efficient than purchasing external innovations? The question of various strategies for private firms to succeed in developing innovations is key for ongoing national and international programmes for raising innovativeness of economies. The goal of the paper is to investigate the outcomes of different types of R&D in the context of innovations and to analyse their significance in European countries empirically. In this paper, we aim to provide a quantitative analysis of the problem on the data collected from the Common Innovation Survey. We cover innovations in...
Measuring Mancur Olson: What is the Influence of Culture, Institutions and Policies on Economic Development?
Tomáš Evan, Ilya Bolotov
Prague Economic Papers 2021, 30(3):290-315 | DOI: 10.18267/j.pep.770
Mancur Olson wrote his influential study Big Bills Left on the Sidewalk: Why Some Countries are Rich, and Others Poor in 1996. In his paper, Olson claimed that the differ-ences in economic development between countries are caused by only two factors: institutions and policies on the one hand and culture on the other. We attempt to test his conjecture using econometric modelling, combining and comparing it with a broadly defined orthodox production function in an indirect neoclassical notation (Solow-Minhas-Arrow-Chenery's SMAC framework). The "pseudo-production function" obtained is econometrically sound and of explanatory power similar to models...
Calibration of Borrower-based Macroprudential Measures for Mortgage Exposures: Rigorous Approach and Its Application to the Czech Republic
Hana Hejlová, Libor Holub, Miroslav Plašil
Prague Economic Papers 2021, 30(3):316-335 | DOI: 10.18267/j.pep.769
Although the use of residential real estate macroprudential tools has become common in recent years, rigorous approaches to their calibration have been relatively scarce. The goal of this paper is to present an approach to (i) evaluating direct risks to financial stability related to residential real estate exposures, and to (ii) calibrating borrower-based macroprudential measures. First we present a macroprudential indicator of potential losses related to the provision of new mortgage loans. Then we show how to determine risky values of the loan-to-value, loan-to-income and loan service-to-income ratios by per-forming stress tests on the individual...
Random Forest as a Model for Czech Forecasting
Katerina Gawthorpe
Prague Economic Papers 2021, 30(3):336-357 | DOI: 10.18267/j.pep.765
Random forest models have recently gained popularity for economic forecasting. Earlier studies demonstrated their potential to provide early warnings of recession and serve as a competitive method to older prediction models. This study offers the first evaluation of the random forest forecast for the Czech economy. The one-step-ahead forecasting results show high accuracy on the Czech data and are proven to outperform forecasts from the Czech Ministry of Finance and the Czech National Bank. The following multi-step random forest forecast, estimated for the next four quarters, shows results similar to those from the central institutions....
Environmental Regulation, Entrepreneurship and Economic Growth: An Empirical Study Based on Threshold Effect Test in China
Ma Weidong, Wu Cheng Chung, Tang Deshan
Prague Economic Papers 2021, 30(3):358-377 | DOI: 10.18267/j.pep.768
Based on panel data from 2000 to 2017 on 30 provinces in China, we analyse the threshold effect of environmental regulation on the quality improvement of economic growth in Eastern, Central, and Western China using a threshold regression model with entrepre-neurship as the threshold variable. The conclusions are as follows: (1) With a low entre-preneurship index, environmental regulation inhibits the quality of regional economic growth. When the entrepreneurship index is at a middle level, the effect changes from an original adverse impact to a favourable impact, which is very significant in Eastern and Western China, but not significant...