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SOVEREIGN CREDIT RATINGS AND ASIAN FINANCIAL MARKETS

Khansa Pervaiz, Zuzana Virglerová, Muhammad Asif Khan, Usman Akbar, József Popp

Sovereign credit rating (SCR) is an important utensil to judge the creditworthiness and competitiveness of an economy, which facilitates the potential investors to gain confidence in making investment decisions across the globe (Yang et al., 2019). It serves as a “credit passport” to investors to gain useful information about the financial markets in terms of dependable share prices, trim financial obstacles along with provocative effective investment (Mclean et al., 2012; Xu et al., 2019; Zhao et al., 2020). Higher SCR signals a relatively higher performance of companies/ economies (Cubas-Díaz et al., 2018). The efficient market hypothesis holds that financial markets are sensitive to new information, where a piece of information is translated into security prices, depending upon the development of such markets.
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DETERMINANTS OF PERSISTENT AND TRANSIENT TECHNICAL EFFICIENCY OF MILK PRODUCTION IN EU

Gabriela Trnková, Zdeňka Žáková Kroupová

The evaluation of the competitiveness of different agriculture sectors has, traditionally, been based on the measurement of technical efficiency. We focus on the dairy sector because the EU dairy sector is one of the pivotal agricultural sectors in the EU. The dairy sector currently faces several challenges arising from growing EU and global demand, price volatility, fodder crisis as a result of climate change and the fact that dairy farms are highly specialized, which on the one hand may be an advantage, on the other hand a threat due to higher vulnerability to income shocks. Milk production is carried out on mixed farms or specialized farms. In 2012, the share of the sector covered by specialized farms in the FADN, on which this analysis is based, is more than 80% in the EU-15 (EU members until the 2004 enlargement) and around 50% in the other member states. There are big differences in coverage among EU countries: only 17% of milk production in Slovakia and 19% in the Czech Republic, but full production in Ireland and Finland.
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IMPACT OF EDUCATION AND ECONOMIC GROWTH ON LABOUR MIGRATION IN THE EUROPEAN UNION. A PANEL DATA ANALYSIS

Nicolae Istudor, Vasile Dinu, Emilia Gogu, Elena-Maria Prada, Irina-Elena Petrescu

The migration phenomenon is complex and difficult to fully understand and summarize. From the perspective of human migration there are numerous studies that have tried to systematize the reasons of migration (Parkins, 2011; Faist, 2011; O’Reilly, 2013; Wickramasinghe & Wimalaratana, 2016). One of the main components of migration is labour migration. Most studies have dedicated an important part of literature to labour migration and many of the migrationist theories have revolved around this aspect: neo-classical theory, New Economics of Labour Migration (also known as NELM), Dual Labour Market Theory (Wickramasinghe & Wimalaratana, 2016). This paper explores the determinants of migration from the perspective of the sustainable development goals (SDG’s) that are related to education, decent work and economic growth.
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A NONLINEAR DYNAMIC MODEL FOR INTERNATIONAL TOURISM DEMAND ON THE SPANISH MEDITERRANEAN COASTS

Isabel Albaladejo, Maribel González-Martínez

The Mediterranean is one of the main destinations for international tourism in Spain. According to the Spanish Statistics Institute (INE, 2016), more than half of international tourists staying at hotels chose the Mediterranean coastal provinces as a destination in 2015. Spain has about 3,500 km of Mediterranean coastline (INE, 2016). As shown in Fig. 1, these kilometers are distributed between the peninsular coast (2,058 km) and the archipelago of the Balearic Islands (1,428 Km). Tourism is an important economic sector on the Spanish Mediterranean coasts and it has become one of the most important sources of employment. For example, in Balearic Islands the tourism sector contributed 44.8% to the gross domestic product (GDP) and created 150,346 jobs (32.0% of total), in 2014.
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THE ROLE OF COUNTRY GOVERNANCE ON VALUE-ADDED TAX AND INEQUALITY

Sok-Gee Chan, Zulkufl y Ramly

Rising income inequality is a growing concern for governments due to its adverse effect on the poverty level, income distribution, social and institutional stability, which in turn impede the economic growth and may lead to political instability. Taxation has long been regarded as the key instrument in a fiscal policy to reduce income inequality via the redistribution of tax revenues to finance public goods and to correct for market-income inequality (Atkinson, 1991). Although prior studies have extensively investigated the effect of taxation on income inequality (Martinez-Vazquez et al., 2012), the findings are inconclusive especially in developing countries (Bird & Zolt, 2014).
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FACTORS AFFECTING SENSITIVITY OF COMMERCIAL BANKS TO BANK RUN IN THE VISEGRAD COUNTRIES

Pavla Klepková Vodová, Daniel Stavárek

The recent financial crisis has shown that liquidity risk plays an important role in the contemporary financial system. This is especially true for economies that are traditionally based on banks and credit markets. A liquidity shock may propagate through a real channel or an information channel and then affect the entire financial system (Frait & Komárková, 2011). As a systemic banking crisis can have costly consequences such as declines in gross domestic product growth, real house prices and real equity prices and increases in unemployment rate, real public debt, among other effects (Reinhart and Rogoff, 2009), it is not surprising that most regulators, policymakers and academics devote significant attention to various aspects of liquidity risk measurement and management.
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Transformation of 3t Model towards the Comparison of Creative Centres within the European Union

Jitka Kloudová, Ondřej Chwaszcz

The creative economics paradigm is just composing nowadays. Most authors dealing with this topic take their own view on the creativity, and that is why the results reached are hardly comparable. This works perceives the creativity as a new element, which should supplement the existing economic growth theory based mainly on Paul Romer and its endogenous growth theory. The endogenous growth theory points out the necessity of human resource and investments in research and development.
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Does the Permanent Income Hypothesis Exist in 10 Asian Countries?

Kuan-Min Wang

Hall changed the direction of research on consumption by hypothesizing that consumers are rational and forward-looking, and base their current spending behavior on their expectation of future income, during their entire career. He examined U.S. macroeconomic time series data, and found that regression of consumption on current income is not significant, but consumption based on expected future income is significant.
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