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Addressing Income Inequality in Vietnam’s Northern Midlands and Mountains: A Focus on Fiscal Policy Factors
(Technická Univerzita v Liberci, ) Ho, Lien H.; Benešová, Irena; Ekonomická fakulta
The Northern Midlands and Mountains constitute one of Vietnam’s six economic regions, yet it faces the lowest average income among the top 3 regions, with an average of only 1.613.000VND/month in 2014. Moreover, this region experiences the highest level of income inequality, as indicated by a Gini index of 0.42 in 2020. The study highlights that increased income inequality can lead to a decline in the region’s economic growth, significantly impacting the province’s GDP. The research emphasizes income redistribution as one of the essential functions of fiscal policy, alongside its roles in supporting macroeconomic stability and promoting overall growth. This research analyses and identifies the interplay between fiscal policy factors and income disparity to tackle the Northern Midlands and Mountains income inequality. The study utilizes panel data compromising 7,980 observations. Notably, the findings underscore the potential of increased investment and enhanced household education as critical factors for improving income inequality and fostering economic growth in the region. By considering these factors, Vietnamese economic strategists can devise effective measures to mitigate inequality and foster sustainable regional development.
Analysis of Key Macroeconomic Indicators and Their Relationship to Unemployment in the Czech Republic
(Technická Univerzita v Liberci, ) Hedvičáková, Martina; Pozdílková, Alena; Ekonomická fakulta
The Czech Republic boasts one of the lowest unemployment rates in the European Union, indicating a demand-supply imbalance in the labour market. This situation has implications for other labour market-related variables, such as nominal wages and labour productivity. In 2021, there was a significant increase in the inflation rate, reaching 15.1%. This development also impacted the trajectory of real wages. This article uses statistical analysis to predict the future economic trends of essential macroeconomic indicators related to the labour market. The dependence of individual variables on the unemployment rate will be determined through correlation analysis. Additionally, the study aims to assess the degree of independence between the unemployment rate and selected economic indicators, including nominal wages, labour productivity, real wages, and inflation. Future developments will be forecasted based on linear time series regression models for each examined variable. The statistical results will be economically interpreted in light of the current economic situation. Overall, the results of the correlation analysis indicate a significant statistical relationship between unemployment and nominal wages, suggesting a strong negative correlation between these variables. This finding aligns with macroeconomic expectations that an increase in unemployment leads to a decrease in the rate of nominal wage growth. The correlation analysis between unemployment and inflation reveals a moderate indication of a negative relationship between the two variables. However, the correlation analysis between unemployment and labour productivity and between unemployment and real wages indicates weak and insufficient evidence of any significant relationship between these variables. Therefore, further analyses and consideration of additional factors are necessary to obtain a more comprehensive and reliable understanding of these relationships.
Application of VAR Model to Determine Sustainability of Short-Term Rental Accommodation
(Technická Univerzita v Liberci, ) Guth, Karel; Aišmannová, Tereza; Benešová, Irena; Ekonomická fakulta
Platforms like Airbnb have fundamentally reshaped the hospitality sector as we have known it. With its distinctive model, short-term rentals (STR) have gained significant popularity among tourists and property owners alike. As the popularity of STR continues to grow, questions arise regarding its implications for sustainable tourism. In this paper, we investigate the impact of short-term rental accommodation on residential housing prices in the centre of Prague by employing an econometric analysis of time series. For this purpose, we apply the vector autoregressive (VAR) model. In the modelling, we use data on the numbers and locations of Airbnb listings alongside data on the average housing price per square meter. Other variables did not prove to be statistically significant in the equations. Firstly, the variables need to be tested for stationarity. Based on the detection of non-stationarity in the time series, the data are then transformed using the first differences. Finally, the variables are suitable for the estimation of their parameters. Subsequently, we present an impulse response analysis and plot a forecast. The prediction is then subject to the ex-post comparison, which visualises how the prognosis of the VAR model correlates with the real values.
Artificial Intelligence in Business Centres: A Case Study of 3 Business Centres in Slovakia
(Technická Univerzita v Liberci, ) Grachová, Dagmar; Ferencikova, Sonia; Ekonomická fakulta
Shared service centres and business centers are a technique that multinational organizations may use to boost the effectiveness of their company operations. Even business centers and Shared Service Centers are impacted by global developments and are continuously seeking new methods to develop, offer services more effectively, and maintain their competitiveness. Artificial intelligence is now having a big influence on how business centers operate and is becoming more integrated. This article's objective is to investigate the potential uses and existing status of artificial intelligence in business centres in Slovakia. A case study based on several cases was used as part of a qualitative approach to process the empirical portion of the paper. Based on the research, it can be concluded that in the case of business centers in Slovakia, it is not possible to determine a uniform state and level of implementation of artificial intelligence. The status and possibilities of implementation are largely influenced by the activities that the centers perform - or the service they provide. The centers provide various types of services, while in some services the human factor cannot be replaced by artificial intelligence (human resources, more serious decisions in the field of finances, etc.). The limitation of our research is the examination of selected three business centers operating in the Slovak market. In the future, this research can be expanded to other centers in Slovakia as well as in other countries.
Assessment of Non-financial Reports in the Context of Circular Economy: The Case of Czech Large Companies
(Technická Univerzita v Liberci, ) Nosková, Marta; Taušl Procházková, Petra; Machová, Kristýna; Ekonomická fakulta
The attention to environmental protection, sustainability, CSR, circular economy, and other related concepts became increasingly important to economies and their businesses nowadays, especially at the EU level. The upcoming Corporate Sustainability Reporting Directive (CSRD, Directive 2022/2464) which requires many businesses to report on sustainability, is a good example. In the Czech Republic, many large companies are already publishing their non-financial reports voluntarily or obligatorily. The presented research focuses on the Circular Economy (CE) concept and aims to asses, whether CE-related topics can be found in these types of reports. Thus, 50 large companies were selected and the level of their CE-related information in non-financial reports was assessed. Additionally, the overall assessment of the existence of these reports was made. Each company was given the evaluation score according to the amount of CE-related information published in its non-financial report or on the website. The results show that reports can bring necessary CE-related information, especially Sustainability reports or Corporate Social Responsibility reports. However, the quality of the non-financial reports depends on the fact whether organizations obligatorily publish them due to Directive 2014/95/EU or expect the obligation due to Directive (EU) 2022/2464. Those organizations that do not have to follow these directives do not publish almost any CE-related information.
Challenges and Opportunities in Knowledge Management in the Concept of Industry 5.0
(Technická Univerzita v Liberci, ) Michalová, Tereza; Sieber, Jakub; Ekonomická fakulta
We live in a fast-paced world with companies needing to adopt new technologies as fast as possible to stay competitive. Digital technologies are central to people's lives and could play a key role in enabling more sustainable business models and a regenerative vision for European industry. Organisations need to be able to adopt, embrace, optimise and integrate modern technologies into their organisational culture. This paper aims to present a literature review of advances in Knowledge Management (KM) in the concept of Industry 5.0 to enhance organisational practices and increase the efficiency of KM. Industry 5.0 has three core elements: human-centricity, sustainability and resilience, and artificial intelligence (AI) plays an important role in this framework, as it can analyse data, identify patterns and optimise production processes. The review is conducted via the systematic review method PRISMA 2020, which was used to screen 63 publications from Web of Science and Scopus databases from 2010 to 2023 to analyse chosen articles on digitisation, human resources and knowledge management under the concept of Industry 5.0. The systematic review provides a valuable overview of the challenges and potential advantages of interactions between AI and humans and the merits of implementing AI-powered methods for managing knowledge.
China in Africa: A World-System Analysis
(Technická Univerzita v Liberci, ) Profant, Tomáš Imrich; Ekonomická fakulta
As China rises so does its involvement abroad, in particular in various African countries. The aim of this paper is to use the world-system theory advanced by Immanuel Wallerstein and apply it on the case of Chinese economic and geopolitical activities on the African continent. The analysis is thus based on the division of the world into core, semiperiphery and periphrey. These areas are divided on the basis of the sophistication of their production, which results in the creation of monopolies and quasi-monopolies. The paper shows the nature of trade between China and Africa, which confirms the basic pattern of relations in the hierarchy of international economic relations. Whereas China moved in the hierarchy from the periphery to the semiperiphery, Africa remains a periferal world region. The paper also shows Sudan and Taiwan as special cases that offer a different understanding of the Chinese foreign policy. The question with these two cases becomes whether China practices a single foreign policy and how human rights and their normative power influence Chienese policy. The conclusion normatively assess the consequences of Chinese policy for Africa. Overall the paper is written from a political-economic perspective and emphasizes the economic element in international relations bordering the subfield of geo-economics.
Circular Economy as a Determinant of Environmental Behavior and Engagement of Business Subjects in Slovakia
(Technická Univerzita v Liberci, ) Jurkovič, Miroslav; Ekonomická fakulta
The paper focuses on the current issue of business and its environmental aspects with regard to the circular economy in the Slovak business environment. As indicators of corporate environmental behavior, companies' approaches to the circular economy, willingness to invest in environmental technologies and implement environmental innovations, and character interactions of companies with the market and competition are defined. One of the approaches that forms the basis of such behavior is the circular economy. The aim of the article is to define the environmental behavior of Slovak companies and their decision-making on the concretization of environmental approaches and strategies in business activity and to identify the areas of concretization of the environmental behavior of Slovak companies operating in various industries and their environmental engagement. It was based on the assumption that Slovak companies show environmental awareness depending on their size, economic strength and the subject of their business. Factor analysis based on the KMO test was used to identify the individual groups of environmental approaches that are applied within the company's business activities, thus verifying the correlation between the variables. The highest intensity of environmental manifestations of business behavior was expected for economically strong companies operating in manufacturing sectors located in the western regions of Slovakia with the highest interaction with customers and partners who take into account the environmental behavior of companies and competitors. An increase in the intensity and a stronger enforcement of environmental behavior in the business activities of Slovak business entities compared to the present will require an increase in the support of the business environment at the macro, meso, and micro levels. Not only high-quality legislation or various support mechanisms in the financial and technological fields, but also continuous information of these business subjects and effective support of science and research are essential.
Circular Economy Implementation from the Perspective of Benefits and Barriers
(Technická Univerzita v Liberci, ) Zemanová, Veronika; Ekonomická fakulta
The circular economy is an economic model focused on reducing waste generation and promoting resource reuse. It has gained popularity as a sustainable solution to the linear economy's negative impact on the planet and socio-economic conditions. Implementing the circular economy involves replacing the concept of "end of life" with reduction, reuse, recycling, and restoring materials at various levels, from micro to macro. To explore the benefits and barriers of implementing the circular economy in the business environment, a literature review was conducted using the Web of Science Core Collection database. Among the 1,510 initial search results, 17 relevant articles were selected for analysis with application of snowball method. These articles represent contributions from various countries, with a majority from outside Europe. The analysis of the selected articles revealed six basic groups of benefits and barriers associated with the circular economy. Benefits include improved public relations, cost savings, competitive advantage, economic growth, environmental restoration, and job creation. However, barriers such as organizational culture, lack of information, financial constraints, inadequate legislation, low awareness, and limited customer interest pose challenges for implementation. While the circular economy offers numerous benefits, its successful implementation starts at the micro level, requiring businesses to overcome internal barriers. Companies must innovate their business models, consider future directions, and navigate financial challenges. Despite obstacles, the circular economy presents an opportunity for cost savings, improved company image, and positive environmental and societal impact. By embracing this model, businesses can contribute to a sustainable and prosperous future.
The Clarity of Financial Reports in the Global Environment: A Comparative Study of Selected Issues in the Czech and Brazilian Accounting Systems
(Technická Univerzita v Liberci, ) Malíková, Olga; Begnor Bedra, João Marcos; Ekonomická fakulta
The paper focuses on selected Czech and Brazilian financial accounting systems issues. These two systems have historically developed in quite different socio-economic conditions, but due to globalisation in recent decades, there has been a growing demand to harmonise the conditions for the creation of the content of financial information disclosed primarily by entities that are in the public interest. This paper aims to investigate to what extent similarities and differences can be identified in selected areas of financial accounting and reporting. Given the limited scope of the paper, the areas discussed are accounting regulation, and the form and structure of balance sheets of business entities. The objective was achieved by applying traditional scientific methods, namely by searching scientific and professional papers to obtain knowledge about the current level of knowledge in the field under study, as well as by describing the current state of accounting regulation in both countries and comparative analysis of the requirements placed on the balance sheet of entrepreneurs. The historical method was partly applied to obtain knowledge in the necessary historical context of the topic. The final discussion provides a synthesis of the knowledge gained on the identified similarities and differences in the above areas of financial accounting. The paper can be seen as unique, as it introduces the previously unpublished topic of comparability of the accounting systems of the Czech Republic and Brazil.
Correlation Between GDP per Capita and Vehicle Sales in the Context of COVID-19 Pandemics
(Technická Univerzita v Liberci, ) Dzuro, Matus; Ekonomická fakulta
The wealth of the country can be measured by the GDP per capita. The sales of passanger cars and light utility vehicles are of major economic importance for the EU countries. The present parper studies if there is a correlation between the GDP per capita and the car sales in selected central European countries. This potential correlation is further studied in the context of the negative impact of the COVID-19 pandemics that occured in 2020 in the EU. The focus region for this study is the central European Union countries. They have different economical strength and react differently to external influences. In Austria the correlation measured on combined sales of passenger cars and LCVs strengthened with the start of pandemics, in Hungary there was no impact and the correlation weakened in Slovakia.
Correlation of Indicators of Development in the Insurance Market in the Czech Republic, Slovak Republic and the EU Average
(Technická Univerzita v Liberci, ) Benetti, Karina; Izáková, Katarína; Khalil, Dalia; Ekonomická fakulta
In 2004 the Czech and Slovak Republics became part of the European Union, which brought many changes influencing the financial markets, including the insurance industry. Czech, Slovak, and European markets are constantly evolving, and they respond to the changes in the environment in which they operate. Given these facts, the paper focuses on analysing the interdependence of the insurance market in the Czech Republic, Slovak Republic, and the EU insurance market (the EU average) and on identifying the conditions of this dependence. The successfully functioning financial sector has a significant positive impact on economic growth; for this reason, the paper will pay attention to the issue of how insurance influences economic growth. To capture the insurance market, many insurance indicators can be used, among which are, in particular, gross premiums written, insurance penetration and density. In comparing the development of the insurance market in the Czech Republic, Slovak Republic and other European countries or the EU average, it is necessary to select the appropriate indicator given. The development of the global insurance market and the individual insurance markets is influenced not only by events in the world economy (economic development, development of the financial markets, the impact of economic or financial crisis), but it is also influenced by many factors that can be divided into two groups according to how on the insurance market act. In our article, we will focus mainly on extrinsic factors. Data for the analyses were drawn from SwissRe (Sigma journal), Eurostat and OECD databases.
Criminality vs. Development and International Trade, Case of Latin America
(Technická Univerzita v Liberci, ) Zubaľová, Ľubica; Drieniková, Kristína; Smolková, Sára; Ekonomická fakulta
Latin America as a developing region is facing various developing problems, however one of them is the most convex - the high crime rates. High inequality of the region only deepens the negative effect of criminality. Several authors deal with psychological, sociological, historical, legal, political impacts of crime, less attention is paid to the impact of crime on development and international trade involvement. Therefore, we decided to explore whether increased crime is precisely connected to countries with low economic development, and whether countries with an important level of crime have low involvement in the international trade. To confirm this hypothesis, we used econometric regression OLS models. We concluded that development and international trade are complex phenomena, and even in economies with higher development, an increase in crime can occur. We can conclude that crime is not the main factor leading to a decline in economic growth and international trade involvement.
Critical Reflection on Selected Issues Connected with Economic Terminology
(Technická Univerzita v Liberci, ) Kraft, Jiří; Ekonomická fakulta
Clear and unambiguous categories and concepts defined in accordance with generally accepted epistemological principles are some of the cornerstones of each scientific discipline. The objective of this paper is to critically highlight selected problems related to the creation and use of categories and concepts and their symbols in economics. The paper describes in examples the inconsistent use of symbols (the income example), the unsystematic use of concepts (the labour force example) and, in particular, the creation and use of ambiguously defined categories or concepts in a situation where economic science already has an established concept for the reality concerned (the rent example). Adequate methods are chosen for an article of this type. The initial method is desk research, followed by analysis, deduction, induction and exploration. In addition to the actual critical description of the problems, an appropriate solution is proposed to the problem presented in each example. However, the paper also makes references to links with other economic disciplines and the current socio-economic reality. The purpose of the presented critical reflection on selected issues related to economic terminology is, on the one hand, to achieve greater understanding in scientific communication and, on the other hand, to facilitate educational impact, but also to find a common ground between academics and practitioners to the extent that social practice is intertwined with economic theory.
Crowdfunding and Sustainability. UN SDG Goalsversus Campaign Goals in Developing and Developed Countries. Does it Matter?
(Technická Univerzita v Liberci, ) Mačí, Jan; Krtička, Tomáš; Ekonomická fakulta
Sustainability can be perceived as a life belief as well as a way to impress when presenting a business plan, or a combination of both. Cr owdfunding can be the way to finance such a business plan linked to sustainability. For example, the UN has established 17 sustainability goals, the so-called Sustainable Development Goals (SDGs). According to the several sources, especially the World Economic Forum survey, it was possible to indirectly deduce that in developing countries the goals perceived in the survey as top-ranked are accentuated, while in developed countries rather the goals perceived as least-important. In view of the above, the aim of this contribution is to identify and describe how crowdfunding campaigns work with the concept of sustainability with regard to the SDG goals, using the case of a selected crowdfunding platform (indiegogo). The monitored variables were the nature of the campaign in relation to the SDG goal being met, the degree of development of the economy in which the campaign was launched, and the percentage of the received amount from the target amount. The work concludes that the analyzed campaigns do not systematically communicate their intention with regard to the SDGs, which are perceived as important for their environment. I.e. the dependence between the nature of the campaign fulfilling the SDG goal and the degree of economic development was not identified. On the other hand, it is still possible to observe that campaigns respecting the SDGs in relation to their economy are more successful in terms of the amount collected.
The Destiny of Globalisation and the Fate of Climate Protection
(Technická Univerzita v Liberci, ) Kislingerová, Eva; Ekonomická fakulta
The study addresses the question of the future of the circular economy after the economic shocks brought about by the COVID-19 disease pandemic and the energy crisis linked to the war in Ukraine and other phenomena. It is based on the hypothesis that global climate agreements are closely linked to deepening globalisation. The latter is identified here as the most significant economic trend of the late twentieth and first two decades of the twenty-first century. The working hypothesis is that if pandemics and energy crises mark the end of further globalisation or even begin a process of deglobalisation, this could very well threaten the future of climate agreements and the withdrawal of many countries from their commitments. At the same time, the climate agreements are one of the cornerstones of the promotion of the circular economy in developed countries, since it is the commitments made under these agreements (currently, the Paris Agreements in particular) that underpin legislative action to promote the circular economy. At the same time, globalisation is defined as a primarily economic process, the essence of which is to maximise the exploitation of comparative and absolute advantages, in other words, to maximise the efficiency of cooperative links. This means that if the hypothesis formulated is fulfilled, the deglobalisation process must necessarily imply a reduction in the overall efficiency achieved globally. At the same time, the study formulates the hypothesis that the reduction in global pressure to implement the circular economy will be largely substituted by national and regional pressures. However, these will not be motivated by efforts to prevent climate change, but by the need to reduce dependence on global logistics and on the supply of raw materials and components or intermediate goods from countries with unstable access to their own geopolitical objectives for strategic reasons.
Determinants of Development of Municipal Economic Activity Zones in Poland
(Technická Univerzita v Liberci, ) Kurowska-Pysz, Joanna; Pierzyna, Janusz; Ekonomická fakulta
The research aims to identify the factors that can significantly affect the creation and development of economic activity zones set up in recent years in many Polish communes as an alternative to special investment zones centrally created by the state. The research was conducted in 2020–2022 in an interpretational mode with the application of a qualitative approach, i.e., with the use of quality detailed research (CATI and CAWI structured interviews). The research sample included 15 representatives of local self-governments who run such zones and 45 entrepreneurs investing in these zones. Apart from that, there were 5 individual in-depth interviews with representatives of self-governments. The study identified social and economic challenges that led to the development of municipal economic activity zones and related factors. The key objectives and circumstances concerning the establishment of the zones have been identified.
Development of the Office Space Prices on the Czech Market
(Technická Univerzita v Liberci, ) Matoušková, Michaela; Ekonomická fakulta
The price developments in the commercial real estate market can affect the financial stability of countries, particularly through the level of lending by companies operating in this area. In the literature, research can be found dealing mainly with residential real estate, while commercial real estate stands rather in the background. The aim of this paper is to analyse the price development of the office space (CRECVI index) in the Czech market between years 2005 to 2022. As part of the cointegration analysis, an ADL model is constructed to describe how commercial real estate prices respond to changes in selected macroeconomic indicators. The results of the analysis show that office space prices are mainly influenced by the evolution of gross domestic product, unemployment and the level of inflation and interest rates.
Dual Focus on Systemic Risk in Portfolio Management
(Technická Univerzita v Liberci, ) Neděla, David; Tichý, Tomáš; Ekonomická fakulta
In this paper, we examine a complex portfolio selection strategy with a dual emphasis on systemic risk. This strategy or only its elements are advisable for both portfolio managers as well as macroprudential regulators. In particular, first, we present the concept of an early warning system (alarm) employing selected entropy measures, which allow us to detect systemic risk in financial markets. Secondly, we apply the two-phase optimization framework to determine the optimal composition of the portfolio. Essentially, the first phase of this strategy includes the reward‒risk ratio maximization part and the following phase aims at systematic risk minimization. Furthermore, we approximate the returns using a dynamic set of components obtained from the principal component analysis and the classical ordinary least squares regression. In the empirical analysis using US market data, the wealth paths and statistics of different portfolio strategies are compared with each other. Ex-post results confirm higher profitability of the early warning system with double optimization, even if the transaction costs are taken into account. However, the main benefit lies in the significantly better risk properties of the proposed strategy.
The Effect of the Covid-19 Pandemic on Economic Growth and R&D Spending in the EU Countries
(Technická Univerzita v Liberci, ) Kotorov, Iouri; Krasylnykova, Yuliya; Demel, Jaroslav; Blaschke, Petr; Ekonomická fakulta
The article deals with the issue of economic growth and R&D spending in the EU-27 countries during the Covid-19 pandemic. Using time series analysis, the article examines whether the pandemic and the associated restrictive measures and bailout packages have impacted economic growth and R&D funding. To answer this research question, the development of GDP and GERD Eurostat data was taken, and the period of 2011–2021 was analysed. Besides the development of the monitored indicators (GDP, GERD, GERD as a percentage of GDP), the chain index was constructed to compare year-on-year changes and to analyse the growth rate of the indicators further. The research shows that Covid-19 impacted GDP as well as the field of R&D. Talking in absolute numbers, the impact of the pandemic can be seen in the decrease of both GDP and GERD in 2020. However, since the GDP of the EU-27 countries decrease reached 4 % in 2020 while GERD only reduced by 1 % in the same year, the overall effect on the R&D intensity was positive. However, while the GDP and GERD resumed their growth in 2021 – annual change of 8 % (GDP) and 6 % (GERD) – R&D intensity declined by 2 % compared to 2020. This decline was caused by a more significant growth of GDP than GERD in the same year. However, based on the analysis performed, it can be concluded that the impact of the Covid-19 pandemic on GDP and GERD of the EU-27 countries was neither significant nor had a long-term nature.

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