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Our aim is to explain why the post-communist countries were inclined to implement proportional income taxation schemes, given the broad variety of personal tax regimes and rates applied in the rest of the world. To resolve this problem a new type of social welfare function, allowing for variable (including negative) marginal utility of income, is introduced. This new approach improves our ability to comprehend the communist and post-communist social policy attitudes from a comparative standpoint. To verify our assertions, a probit regression model is applied. The empirical investigation is based on panel data including 42 countries from Europe and Central Asia for the period of 2000–2015. The primary inference is that the decisions to implement flat tax can be explained by the law of diminishing marginal utility of income and some additional policy-related factors. As it concerns the future, a successful catching-up strategy by the post-communist countries creates conditions for gradual abandonment of the flat tax practices.

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Education is one of the key factors of economic growth. Despite the huge amount of researches investigating the relationship between education and GDP as a proxy of well-being, to the best of our knowledge, none of these studies examined a group of post-socialist countries comparing with not-post-socialist countries. This paper aims to fill this gap. We examine the correlation between growth and education with panel data evidence for 18 post-socialist (PS) countries and 16 developed market economies (DME) over the 1990–2014 period. The goal of this paper is to test two hypotheses: (i) The relationship between GDP per capita and tertiary education’s enrolment rate is stronger in the post-socialist countries than in other countries. (ii) In the post-socialist countries, the relationship between GDP per capita and tertiary education’s enrolment rate is stronger than the relationship between GDP per capita and any other level of education. Correlation analyses confirmed both hypotheses. Our findings suggest that the patterns of relationship between GDP and measures of tertiary education are different for PS and DME countries and would be interesting to observe when and how the gap between the patterns disappears.

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The aim of the paper is to estimate cost efficiency and its determinants of the Czech and Slovak commercial banks within the period of 2005–2015. In this paper two-stage Data Envelopment Analysis (DEA) is used. In the first stage, I estimate the relative cost efficiency applying the input-oriented model with variable return to scale and find that the Czech banks were more cost efficient than the Slovak banks. The main reason of cost inefficiency is the excess of clients' deposits in the banks' balance sheet. In the second stage, I use the panel data analysis and estimate the determinants of cost efficiency in the two countries. I choose 8 bank-specific and macroeconomic factors that influence cost efficiency. The results show that the larger banks with higher liquidity risk and with a lower value of the net interest margin were more efficient. It confirms the reason of inefficiency determined from the DEA model. Banks were highly cost efficient during the economic expansion with a lower value of the inflation rate.

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. Breitung , J. ( 2000 ): T he Local Power of Some Unit Root Tests for Panel Data . In: Baltagi , D. (ed.): Nonstationary Panels, Panel Cointegration, and Dynamic Panels, Advances in Econometrics . Elsevier Science Inc., pp. 161 – 178

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. Arellano , M. – Bond , S. ( 1991 ): Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations . Review of Economic Studies , 58 ( 2 ): 277 – 297

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. – Bond , S. R. ( 1991 ): Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations . Review of Economic Studies , 58 ( 2 ): 277 – 297

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://www.imf.org/external/pubs/ft/weo/2016/01/weodata/index.aspx Judson , R. – Owen , A. L. ( 1997 ): Estimating Dynamic Panel Data Models: A Practical Guide for Macroeconomists . Finance and Economics Discussion

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Acta Oeconomica
Authors: José Augusto Lopes Da Veiga, Alexandra Ferreira-Lopes, Tiago Neves Sequeira, and Marcelo Serra Santos

Growth in South Africa (1975–2011) . Mediterranean Journal of Social Sciences , 4 ( 13 ): 761 – 772 . Chudik , A. – Pesaran , M. H. ( 2015 ): Panel Data Models with Weakly

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Research Observer , 15 ( 1 ): 99 – 135 . Arrelano , M. – Bond , S. ( 1991 ): Some Tests of Specification in Panel Data: Monte Carlo Evidence and an Application to Employment

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Conditions and Moment Restrictions in Dynamic Panel Data Models . Journal of Econometrics , 87 (August): 115 – 143 . Bonin , J. – Hasan , I. – Wachtel , P. ( 2005 ): Bank

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