The main goal of this paper is a quantitative identification of bear market periods during the 2007–2009 global financial crisis in the case of the Visegrad Group stock markets. We analyse four countries, namely Poland, the Czech Republic, Hungary, and Slovakia and, for comparison, the US stock market. The sample period begins on May1, 2004, and ends on April 30, 2013, i.e. it includes the 2007 US subprime crisis. We use the statistical method of dividing market states into bullish and bearish markets. Our results reveal October 2007–February 2009 as the common downmarket period of the recent global financial crisis, except for Slovakia. It is instructive to formally identify crises, as it enables sensitivity analyses of various relationships and linkages among international stock markets using econometric and statistical tools, with respect to the pre-, post- and crisis periods. Moreover, we investigate the effect of increasing cross-market correlations in the crisis compared to the pre-crisis period, applying both standard contemporaneous correlations and volatility-adjusted correlation coefficients. The results confirm that accommodating heteroskedasticity is critical for detecting contagion across economies. A number of studies document that crossmarket correlations vary over time, thereby making the benefits of international portfolio choice and diversification questionable.
The aim of this study is to apply the stochastic job search framework to the analysis of three transition economies (Poland, Hungary, and the Czech Republic). Two versions of equilibrium unemployment models have been developed resembling Mortensen and Pissarides’ models, namely the dynamic and stochastic models. The dynamic model’s properties were briefly examined by evaluating the Jacobian matrix and plotting the phase plane of the economy. In the primary analysis of the stochastic model, job destruction decisions are endogenous as a response to random productivity changes. A martingale, i.e. a discrete-space version of the geometric Brownian motion with the drift and volatility parameter, was used to enable fluctuation of endogenous variables and to perform numerical simulations. The results are promising, although ambiguous in some points, e.g. the main model-generated time-series are close to the empirical time-series, including reasonable fluctuations, correlation signs, and autocorrelations. However, the model was unable to capture some subtle differences in productivity and job destruction rate series across the countries, which is its main limitation.
Authors:Alexandra Ferreira Lopes and Tiago Neves Sequeira
In this work, we assess the existence of an S-Curve pattern in 10 Central and Eastern European countries (CEEC-10) for the relation between the trade balance and the terms of trade. Empirical results support the existence of this curve for Slovenia and Hungary. In the case of Bulgaria, the Czech Republic, and Slovakia the pattern is weaker, but it still prevails, as is the case for an aggregate of the 10 transition countries. We then document this property of business cycles in the dynamic general equilibrium trade model of Backus et al. (1994), calibrated specifically to match the CEEC-10 aggregate economy. Results support the existence of an S-Curve, except when technology shocks are absent and domestic and imported goods are perfect substitutes. Since technological shocks are determinant in explaining the S-Curve pattern and transition countries seem to be experiencing some type of technological shocks, it is not likely that this pattern will fade away in the near future and hence it is important for economic policy to be aware of this phenomenon and its consequences for these countries in terms of real convergence and the timing of euro adoption.
The paper deals about significant projects of large scale mapping at the beginning of 19th century in the Habsburg Empire. They have been already based on uniform geodetic horizontal control. Basic parameters and features of Second Military Survey in the territory of the Czech Lands as well as links with project of Stable cadastre are delineated. Technology of establishing the horizontal control (1st order trigonometric networks) is described in detail. Qualitative parameters of geodetically measured data and the survey documentation are analysed. Accuracy analysis of angular measurements and methodology of co-ordinate computations in the Gusterberg coordinate system are also discussed.By means of identical points the horizontal control enables unambiguous transformation from the Gusterberg and St. Stephen co-ordinate systems into the national co-ordinate system (JTSK) or WGS 84 with the accuracy higher than graphical accuracy of original maps. This transformation, published here as the global transformation key (GTK), is of great importance. The results of tests of GTKs compiled separately for Bohemia and Moravia+Silesia together with the analysis of contact zone of both above mentioned historical co-ordinate systems are introduced.As an example of GTK application georeferenced map sheets from Second Military Survey are presented. GTKs are of fundamental importance in unification of heterogeneous geodetic information files of cadastre of real estates in the Czech Republic.
The Müller’s map of Bohemia originated in the years 1712 till 1718 as the result of the first systematic topographic mapping of the Czech lands. This map served as a base for the First Military Survey realized 1763–1787 on the area of the whole Habsburg Empire. The paper presents a study of relations between the Müller’s map of Bohemia and the maps from the First Military Survey from the region near the town Kladno in the Central Bohemia. The sections of the above mentioned old maps in electronic form have been used for accuracy analysis of selected points located within the test area. The same area has been investigated on the present topographic map of the Czech Republic (scale: 1:25 000). The centres of 39 settlements have been identified in all compared maps and their rectangular plane co-ordinates have been recorded. For the analysis, affine transformation was applied on the point coordinates. The presented results may contribute to the discussion on the positional accuracy of these old maps and on the way our predecessors used for mapping of the Czech Lands in the 18th century.
Authors:A. Derejko, M. Studnicki, W. Mądry and E. Gacek
The grouping of locations from local-scale multi-environmental trials (METs) into megaenvironments has been criticized. Some European countries, e.g. the Czech Republic, Poland and Germany, have been characterized as possessing homogeneous environmental conditions. For aligned environmental conditions, it has been assumed that cultivar rankings will be similar and consequently cannot be used to designate mega-environments. An example of METs at the local scale is the Polish Post Registration Variety Testing System. The objective of this study was to determine groups of test sites within 16 Polish regions which are characterized by similar yield ranking of 50 winter wheat cultivars over three growing seasons (2011–2013). The compatibility of these cultivar yield rankings across regions was evaluated using Pearson correlation coefficients. Thereby, the 16 regions were divided into six groups (mega-environments) of locations. Regions within each group have similar cultivar rankings, whereas between groups, we observed different cultivar rankings, indicating crossover interactions. Besides similar cultivar yield responses the regions within megaenvironments were characterized also by similar environmental (soil and/or climate) conditions.
Authors:O. Sedlář, J. Balík, J. Černý, L. Peklová and M. Kulhánek
The influence of the injection of nitrogen fertilizers with the CULTAN system (Controlled Uptake Long Term Ammonium Nutrition) on nitrogen uptake by winter wheat (Triticum aestivum L.) was observed at small-plot field experiments under conditions of the Czech Republic (central Europe) during 2007–2013. The CULTAN system consisting in the injection of all the nitrogen in one dose was compared with conventional broadcast surface fertilization which is carried out in three partial nitrogen doses. The total nitrogen dosage was 150 kg N.ha−1. If the CULTAN fertilization was carried out at the beginning of tillering of winter wheat (BBCH 22) instead of at the end of tillering (BBCH 29), the CULTAN-treated winter wheat did not suffer from nitrogen deficiency at the BBCH 45 (boot stage) and BBCH 51 (beginning of heading) growth stages. Nitrogen utilization efficiency and biomass production efficiency were significantly higher with the CULTAN treatment compared to the conventional fertilization whereas nitrogen uptake efficiency tended toward lower values with the CULTAN treatment. Nitrogen use efficiency (NUE), post-heading nitrogen uptake, the contribution of nitrogen translocation to the total nitrogen in grain, the partial factor productivity of nitrogen as well as grain yield were not significantly influenced by the CULTAN system. Prolonged nitrogen uptake from the soil with the CULTAN treatment resulting in delayed plant senescence was not confirmed. Neither an application of sulphur-containing fertilizer nor the increased dosage of nitrogen (200 kg N.ha−1) positively affected the studied parameters.
Authors:Petra Baji, Imre Boncz, György Jenei and László Gulácsi
The paper reviews the existing cost-sharing practices in four Central European countries namely the Czech Republic, Hungary, Poland and Slovakia focusing on patient co-payments for pharmaceuticals and services covered by the social health insurance. The aim is to examine the role of cost-sharing arrangements and to evaluate them in terms of efficiency, equity and public acceptance to support policy making on patient payments in Central Europe. Our results suggest that the share of out-of-pocket payments in total health care expenditure is relatively high (24–27%) in the countries examined. The main driver of these payments is the expenditure on pharmaceuticals and medical devices, which share exceeds 70% of the household expenditure on health care. The four countries use similar cost-sharing techniques for pharmaceuticals, however there are differences concerning the measure of exemption mechanisms for vulnerable social groups. Patient payment policies for health care services covered by the social health insurance are also converging. All the four countries apply co-payments for dental care, some hotel services or in the case of free choice of physician. Also the countries (except for Poland) tried to extend co-payments for physician services and hospital care. However, their introduction met strong political opposition and unpopularity among public.
Authors:F. De Corte, A. De Wispelaere, R. van Sluijs, D. Bossus, A. Simonits, J. Kučera, J. Frána, B. Smodis and R. Jaćimović
At the Special Sessionk0
of the MTAA-8 (Vienna, 1991), and later on at the Intemationalk0 Users Workshop-Gent (1992), progress was reported with respect to the development and use of computer codes in order to mould thek0-standardization of neutron activation analysis into an effective working instrument. Among others, this resulted in the software package KAYZERO for PC DOS, which was designed and distributed by DSM Research (Geleen, NL), and which is based on thek0-methodology, algorithms and nuclear data file developed and created at the INW (Gent, B) and the KFKI (Budapest, H), the traditional
k0-centres. One of the most recent initiatives is a project in the framework of the COPERNICUS programme of the Commission of the European Union. It uses the synergism of a Joint Research Project to give an impulse to the exploitation of KAYZERO-assisted NAA as a manageable and competitive analytical tool in industry and environmental sanitation in Hungary, the Czech Republic and Slovenia. An outline is given of the strategy worked out in this JRP, emphasizing the procedures applied in the three institutes for the calibration of their irradiation facilities and Ge-detectors, quality control and assurance procedures following the implementation of the method, and the identification and tackling of the practical analytical problems which are of relevance to the Central European partner countries.
This paper focuses on the electoral issues relating to modern international migration. The main topics of paper are the political electoral integration of immigrants in the Central European countries and also the opportunities for voting abroad. Voting from abroad is very important possibility for the citizens living abroad and for other expatriots. The Czech, Slovak and Polish political experience in this field is relatively long, but for Hungary it is new problem which has only existed for a couple of years. At present, all Central European countries allow their citizens living abroad to vote in parliamentary elections in some form or another, while some of them also permit voting in direct presidential elections. There are two models regarding to the political integration of immigrants: The more liberal model, which is typical for Hungary and Slovakia and more restrictive Czech and Polish model. Hungary and Slovakia permit the electoral participation on the local and regional level not only for the EU citizens living there, but for the third countries nationals too. The Czech Republic and Poland have opened their local electoral level only for the EU citizens.