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DETERMINANTS OF HOUSEHOLD FINANCIAL VULNERABILITY: EVIDENCE FROM SELECTED EU COUNTRIES

Nikola Šubová, Ladislav Mura, Ján Buleca

The financial crisis of 2007/2008, known as the global financial crisis, caused by a combination of an asset price bubble in the real estate sector and a credit bubble leading to excessive leverage, highlighted the importance of the household sector for financial stability of the whole economy. Easy to get a loan and the belief that the house prices would appreciate encouraged more borrowers to get into debt. American households and financial institutions became deeply indebted. At the end of 2007, American households’ total loans and debt securities relative to the GDP was 98.55% (International Monetary Fund, 2020). Mortgage defaults caused by the financial crisis affected financial stability also in European countries. The household sector can influence the economy mainly due to its size and position on the financial markets, but on the other hand, the economic situation of households is also affected by various social, economic, and political changes.
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COMPLEMENTING DATA GAPS ON WAGES IN THE LABOUR FORCE SURVEY DATA SET: EVIDENCE FROM POLAND

Wojciech Grabowski, Karol Korczak

Due to the low level of quality of the Labour Force Survey (LFS) data set, studies devoted to matching the LFS data with data from alternative sources are frequent. In this paper, we propose a novel method of complementing data gaps on wages in the Labour Force Survey data set. The method is based on estimataing the parameters of the multilevel model explaining wages on the basis of the Structure of Earnings Survey (SES) data set. In such a way, we identify the impact of individual characteristics and enterprise-level features on wages. We also find evidence of random differences between the wages of workers from different professional groups. The relative importance of consecutive groups of variables is evaluated on the basis of the estimates of the parameters of the full model and reduced models. The results of the estimation of the parameters are in line with expectations. The estimates of parameters and predictions of random effects are used in order to calculate the theoretical wages of individuals who do not report wages in the Labour Force Survey. When the predicted wages are compared with the observed ones, some discrepancies are observed. Rationales for these discrepancies are provided. Therefore, the use of a correction factor is proposed. Correction factors are provided for different features of workers and different features of enterprises. The use of the microeconometric multilevel model, as well as the correction factor, leads to reasonable wage estimates of workers not reporting them in the Labour Force Survey. The proposed method may be used in order to complement data gaps on wages for other EU countries.
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COMPETITIVENESS AND CONVERGENCE OF CZECH REGIONS: PERSISTENCE OF DISCREPANCIES

David Martinčík, Marta Šlehoferová

Regional competitiveness is one of the current topics dealt with in works of many authors. It was brought into focus after the accession of the Czech Republic to the European Union, namely due to the possibility of drawing money from EU funds for regional development. These finances are used to increase the competitiveness of regions and decrease regional disparities caused by various factors.
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