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FIRM AGILITY AND DIGITALISATION LESS HELPFUL THAN EXPECTED DURING THE COVID-19 PANDEMIC, BUT VALUABLE IN THE LONGER RUN

Tjaša Redek, Tomaž Čater, Barbara Čater, Matej Černe, Matjaž Koman

The world had only just bounced back from the 2009 crisis when in 2020 COVID-19 triggered one of the biggest crises in almost a century, according to the OECD (2020b), causing a major disruption to world health, economic activity, well-being, and jobs. Estimated GDP performance in 2020 shows the 27 members of the European Union on average lost 6.1% of GDP compared to 2019 and around 660,000 jobs, despite substantial government support. The greatest decline was seen in Italy, losing almost 11% of GDP over 2019. Spain, Greece, and Croatia lost 8% or more of GDP, being hit largely due to their dependence on tourism. CEE economies lost between 2.7% (Poland) and 5.6% (Slovenia) of GDP (Eurostat, 2021). While aggregate estimates have been available for a few months, very little evidence can be found on the crisis’ impact on the firm level and the contribution made by various factors to differences in firm performance in 2019.
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TRANSMISSION OF FINANCIAL STRESS SHOCKS BETWEEN THE USA AND THE EURO AREA DURING DIFFERENT BUSINESS CYCLE PHASES

Silvo Dajčman, Alenka Kavkler, Peter Mikek, Dejan Romih

After the global financial crisis and the Great Recession, a large and growing body of literature has examined real business-financial cycle linkages. To this end, Claessens et al. (2012) examined a large database of business and financial stress periods, corroborating that financial crisis periods are often longer and deeper than economic recessions and tend to amplify and prolong the latter. Our research aims to contribute to an understanding of the financial stress-macroeconomy nexus by studying the spillovers of US (euro area) financial stress shocks and their macroeconomic effects (i.e. effects on industrial production, inflation and unemployment) into the euro area (USA). This paper asks whether these effects are contingent on the phase of the business cycle. Traditionally, domestic and international financial stress-business cycle linkages have been investigated within the linear modelling framework.
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INNOVATIVE ACTIVITY AND BUSINESS CYCLE: AUSTRIA IN THE 19TH AND 20TH CENTURY

Pavol Minárik, Marek Vokoun, František Stellner

The period of economic recession and crisis usually intensifies the discussion of policies that aim to increase economic performance. Among these we often find suggestions to increase support of research and development, entrepreneurship and innovations. Economic crises create certain pressures to search for adequate policies in this respect; at the same time, crises seem to be the appropriate periods for implementing new policies. However, the research of the relation between business cycles and innovative activities is still rather marginal.
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TESTING THE EFFICACY OF INFORMATION TRANSMISSION: IS EQUITY STYLE INDEX BETTER THAN STOCK MARKET INDEX?

Wee-Yeap Lau, Chin Lee

Equity style index has been widely used in the field of investment management since the introduction of return-based style analysis by Nobel Laureate William Sharpe in 1992. The style index is used as one of the independent variables in decomposing the fund returns to their respective allocation in different asset classes.
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KOMPOZITNÝ PREDSTIHOVÝ INDIKÁTOR HOSPODÁRSKÉHO CYKLU SLOVENSKA

Andrea Tkáčová, Anna Bánociová

Za priekopníkov v oblasti monitorovania cyklickéhovývoja ekonomiky sa vo svete považujú Moor, Burns a Mitchell, ktorí položili základy sledovania hospodárskeho cyklu za pomoci kompozitných indikátorov. Tieto indikátory slúžia k monitorovaniu a analýze pozície ekonomiky v hospodárskom cykle a na ich základe je možné stanoviť aktuálnu fázu a možný budúci priebeh hospodárskeho cyklu.
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Asymmetry in the Okun Coefficient in Romanian Economy

Petre Caraiani

Any recession is characterized by social costs.The loss of jobs, the specter of unemployment, and the decrease of earnings are all negative phenomena that produce during the recessions. During the ngoing financial crisis, unemployment rose quickly in Romanian economy. From a very low unemployment rate, at about 3.5 % before the trigger of the recession, in less than a year, the unemployment more than doubled. Coupled with the loss of budgetary revenues and the increasing public debt, this put further constraints on the optimal decisions of policy makers.
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Štruktúra nákladov kvality a citlivosť podnikov na výkyvy ekonomiky

Martin Mizla, Patrycja Pudło

Kvalita je jedným z hlavných faktorov, ktorý vplýva na rozhodovanie zákazníka pri nákupe a voľbe produktov. Podnik, ktorý chce dlhodobo podnikať, potrebuje zabezpečiť vysokú kvalite svojich produktov a neustále zvyšovať alebo aspoň udržiavať svoju pozitívnu reputáciu. Kvalita by tak mala byť zárukou prosperity podniku zvyšovaním objemu predaja a čiastočne aj tržieb.
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