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ANALYSIS OF ECONOMIC ACTIVITY MOVEMENTS IN THE CZECH REPUBLIC – FREQUENCY APPROACH

100%

Poměnková J.

Metody Ilościowe w Badaniach Ekonomicznych

2009

tom 10

nr 1

207-220

The primary purpose of this work is to identify the business cycle types in the Czech Republic. In the light of business cycles problematic, and viewed from the frequency analysis perspective, harmonic analysis will be used. From the range of de-trending techniques, the first order difference, linear filtering, unobserved component model and Hodrick-Prescott filter are used. In the case of Hodrick-Prescott filter, a cyclical fluctuation estimate with the derivation of smoothing parameter designed specially for the Czech Republic case is investigated. The aim is to distinguish types of cyclical fluctuations in the Czech Republic. A consequent analysis of potential sources of cyclical movement is done.

FINANCIAL CRISIS AND FINANCING CONSTRAINTS OF SMES IN VISEGRAD COUNTRIES

63%

Koráb P. , Poměnková J.

Ekonomický časopis (Journal of Economics)

2014

tom 62

nr 9

887 – 902

The paper investigates the access of small and medium-sized enterprises to external financing during the recent financial crisis via non-parametric density estimation. The kernel density estimation is applied on a firm-level measure of financing constraints and evaluates its distribution on a balanced panel of SMEs. For application and cross-country comparison we use panel data on Limited Liability enterprises in the Czech Republic, Poland, Slovakia and Hungary. Our results reveal asymmetric impact of the financial crisis on the ability of SMEs to secure external financing. We identify that there is no sizeable difference in access to credit of SMEs in Hungary and Poland before and during the crisis. In Slovakia and the Czech Republic our results suggest that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that economic recession was the driving factor of financing constraints in Slovakia and the Czech Republic.

FINANCIAL AND TRADE INTEGRATION OF SELECTED EU REGIONS: DYNAMIC CORRELATION AND WAVELET APPROACH

63%

Kučerová Z. , Poměnková J.

Ekonomický časopis (Journal of Economics)

2015

tom 63

nr 7

686 – 704

We evaluate the process of financial and trade integration in 26 European Union (EU) countries over the period 1993 – 2012. We distinguish between “new” and “old” EU countries to compare the processes of financial and trade integration in the developed countries and formerly central-planned economies. We use classical and moving correlation, dynamic correlation and wavelet co-spectrum. The classical and moving correlation shows the strong relation until 2008. The dynamic correlation confirms strong relation for long and business cycle frequencies. Specification via wavelet co-spectrum reveals that long frequencies are correlated in the period 200 – 2009, business cycle frequencies in the period 1993 – 1994 and 2003 – 2004 and middle frequencies generally in the period 2008 – 201. The process of financial integration was stronger in the old EU member countries while the process of trade integration in the new member countries.