Number of found documents: 824
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“Crime and punishment”? How banks anticipate and propagate global financial sanctions
Mamonov, Mikhail; Pestova, Anna; Ongena, S.
2023 - English
We study the impacts of global financial sanctions on banks and their corporate borrowers in Russia. Financial sanctions were imposed consecutively between 2014 and 2019, allowing targeted (but not-yet-sanctioned) banks to adapt their international and domestic exposures in advance. Using a staggered difference-in-differences approach with in-advance adaptation to anticipated treatment, we establish that targeted banks immediately reduced their foreign assets and actually increased their international borrowings after the first sanction announcement compared to other similar banks. We reveal that the added value of the next sanction announcements was rather limited. Despite considerable outflow of domestic private deposits, the government support prevented disorderly bank failures and resulted in credit reshuffling: the banks contracted corporate lending by 4% of GDP and increased household lending by almost the same magnitude, which mostly offset the total economic loss. Further, we introduce a two-stage treatment diffusion approach that flexibly addresses potential spillovers of the sanctions to private banks with political connections. Employing unique hand-collected board membership and bank location data, our approach shows that throughout this period, politically-connected banks were not all equally recognized as potential sanction targets. Finally, using syndicated loan data, we establish that the real negative effects of sanctions materialized only when sanctioned firms were borrowing from sanctioned banks. When borrowing from unsanctioned banks, sanctioned firms even gained in terms of employment and investment but still lost in terms of market sales pointing to a misallocation of government support. Keywords: staggered policy implementation; anticipation effects; treatment diffusion Fulltext is available at external website.
“Crime and punishment”? How banks anticipate and propagate global financial sanctions

We study the impacts of global financial sanctions on banks and their corporate borrowers in Russia. Financial sanctions were imposed consecutively between 2014 and 2019, allowing targeted (but ...

Mamonov, Mikhail; Pestova, Anna; Ongena, S.
Národohospodářský ústav, 2023

The effects of government spending in segmented labor and financial markets
Stojanović, Dušan
2023 - English
This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal stimulus induces changes in the composition of the labor force conditional on the extent of aggregate demand pressure. A period of high aggregate demand pressure is followed by a high value of forgone output as training activity causes production disruption. In this period firms decide to hire more low-skilled workers, who constitute a cheaper part of the labor force. When aggregate demand pressure is diminished, firms switch to hiring more high-skilled workers. However, the current literature considers only high-skilled workers, who tend to increase saving in government bonds to protect against poor employment prospects. In this case, the combination of weak employment prospects and the crowding-out effects of higher lump-sum taxes and government debt on private consumption and capital investment gives rise to recessionary effects. In contrast, this paper provides a model with a more realistic labor and financial market structure and suggests that countercyclical government spending in the form of government consumption and especially government investment can be used to deal with recessions.\n Keywords: government spending; training cost; search and match frictions Fulltext is available at external website.
The effects of government spending in segmented labor and financial markets

This paper develops a model with high-skilled and low-skilled workers to show the expansionary effects of government spending despite large training costs for new hires. The main idea is that a fiscal ...

Stojanović, Dušan
Národohospodářský ústav, 2023

Ruská imperiální válka a potřeba pomoci Ukrajině během války a po ní
Švejnar, Jan
2023 - Czech
V této eseji se na základě historického pohledu na imperiální ambice Ruska a Sovětského svazu zabývám Putinovou invazí na Ukrajinu a potřebou rozhodné pomoci západu Ukrajině během války a po ní. Zdůrazňuji, že role, kterou v západní reakci sehrály země středovýchodní Evropy, byla rozhodující, stejně jako je a v budoucnu může být jiným způsobem rozhodující role Číny. Západní sankce doposud nebyly příliš účinné, protože Evropa nadále dovážela ruskou ropu a plyn a většina západních firem Rusko neopustila. Na globální úrovni Putinova invaze na Ukrajinu také do značné míry předznamenává, že se žádná země nikdy nevzdá svých jaderných zbraní výměnou za bezpečnostní záruky velmocí. In this essay, I use a historical perspective on Russia’s and Soviet Union’s imperial ambitions to examine Putin’s invasion of Ukraine and the need for the West to assist Ukraine decisively during and after the War. I emphasize that the part played by the countries of Central-East Europe in western response has been critical, as is and may in the future be, in a different way, the part played by China. Western sanctions have not been very effective as Europe has continued importing Russian oil and gas and most western firms have not left Russia. At the global level, Putin’s invasion of Ukraine also pretty much ensures that no country will ever give up its nuclear weapons in return for security guarantees by the Great Powers. Keywords: Russia; invasion of Ukraine; assistance Fulltext is available at external website.
Ruská imperiální válka a potřeba pomoci Ukrajině během války a po ní

V této eseji se na základě historického pohledu na imperiální ambice Ruska a Sovětského svazu zabývám Putinovou invazí na Ukrajinu a potřebou rozhodné pomoci západu Ukrajině během války a po ní. ...

Švejnar, Jan
Národohospodářský ústav, 2023

Are subsidies to business R&D effective? Regression discontinuity evidence from the TA CR ALFA programme
Bajgar, Matěj; Srholec, Martin
2023 - English
Governments subsidise business research and experimental development (R&D) to promote development of the economy, because externalities and information asymmetries inherent to the innovation process make private funding of these activities fall short of what is socially desirable. Nevertheless, how effective such subsidies are and whether they achieve their goals is an open question that needs to be studied empirically. This study leverages the state-of-the-art method of regression discontinuity (RD) that allows us to come very close to making causal inferences about the effects of subsidies, to find out whether the Technology Agency of the Czech Republic’s (TA CR) ALFA programme stimulated new business R&D inputs, outputs, and positive economic impacts that would not have happened otherwise. Keywords: government subsidies; innovations; economic development Fulltext is available at external website.
Are subsidies to business R&D effective? Regression discontinuity evidence from the TA CR ALFA programme

Governments subsidise business research and experimental development (R&D) to promote development of the economy, because externalities and information asymmetries inherent to the innovation process ...

Bajgar, Matěj; Srholec, Martin
Národohospodářský ústav, 2023

Rozdíly nákladnosti vysokoškolského výzkumu mezi vědními oblastmi: jak moc se liší od „KENů“ ve výuce?
Srholec, Martin
2023 - Czech
Na téma nízkých mezd v oblasti sociálních a humanitních věd bylo v poslední době hodně řečeno a napsáno. Akademici proti tomu už i demonstrovali v ulicích a začalo se dokonce mluvit o stávce. Ačkoliv řešení vypadá v nedohlednu, jeden pozitivní výsledek tomu nelze upřít. Začalo se totiž konečně mluvit o tom, jestli tzv. koeficienty ekonomické náročnosti (KEN), podle kterých již třicet let rozděluje MŠMT hlavní část dotace na vysokoškolskou výuku, nepotřebují aktualizovat. Cílem této studie je porovnat rozptyl těchto KENů s rozdíly v nákladnosti akademické činnosti, která má k vysokoškolské výuce nejblíže, což je bezesporu výzkum a vývoj (VaV). Nesnažíme se spočítat nové KENy – což by bylo žádoucí, ale není v rámci nám dostupných dat a zdrojů proveditelné – nýbrž alespoň rámcově zjistit, do jaké míry se současné KENy liší od proporcí pozorovaných ve VaV. Much has been said and written recently about low wages in the social sciences and humanities. Academics have demonstrated in the streets about it, and there has even been talk of a strike. Although a solution seems to be out of sight, one positive outcome cannot be denied. Discussion has finally begun on whether the so-called „koeficienty ekonomické náročnosti“ (KEN), on the base of which the Ministry of Education, Youth and Sports (MEYS) distributes the main part of the subsidy for teaching in higher education over the past thirty years needs to be updated. This study compares the dispersion of KENs with the differences in costs of the academic activity closest to higher education teaching, which is undoubtedly research and development (R&D). We are not attempting to recalculate the KENs - which would be desirable, but is not feasible with the data and resources available to us - but at least to approximate the extent to which current KENs differ from the costs observed in R&D. Keywords: social sciences and humanities; R&D; wages Fulltext is available at external website.
Rozdíly nákladnosti vysokoškolského výzkumu mezi vědními oblastmi: jak moc se liší od „KENů“ ve výuce?

Na téma nízkých mezd v oblasti sociálních a humanitních věd bylo v poslední době hodně řečeno a napsáno. Akademici proti tomu už i demonstrovali v ulicích a začalo se dokonce mluvit o stávce. Ačkoliv ...

Srholec, Martin
Národohospodářský ústav, 2023

Sexual-orientation discrimination and biological attributions: experimental evidence from Russia
Baghumyan, Gayane
2023 - English
Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of sexual orientation by providing evidence that supports biological causes of homosexuality. I employ money allocation tasks to measure discrimination. This allows me to causally identify the impact of information on discriminatory behavior. I first document the prevalence of discrimination against individuals with same-sex partners in Russia. On average, roughly 54% of participants exhibit discriminatory behavior against profiles with same-sex partners by allocating 16 percentage points less money to them. Further, the results suggest that exposure to evidence on the biological causes of homosexuality negatively affects discriminatory behavior. Participants in the treatment group allocate less money to profiles with same-sex partners, relative to participants in the baseline group. Potential rationales for this behavior could include the following: (i) the provision of information that contradicts existing beliefs might cause cognitive dissonance, triggering irritation and intensifying discriminatory tendencies, (ii) the information might foster beliefs that individuals in same-sex partnerships are fundamentally ’other’ - even at a biological level - thereby widening the perceived social gap between participants and these sexual minority groups and fostering discrimination further. Keywords: discrimination; information; sexual minorities Fulltext is available at external website.
Sexual-orientation discrimination and biological attributions: experimental evidence from Russia

Understanding what drives discriminatory behavior is important in order to identify the best strategy to combat it. In this study, I exogenously manipulate participants’ beliefs about the origins of ...

Baghumyan, Gayane
Národohospodářský ústav, 2023

Platy učitelů v roce 2022 a výhled: cesta z propasti a zase zpět
Münich, Daniel; Smolka, Vladimír
2023 - Czech
Výše relativních učitelských platů spoluurčuje atraktivitu učitelské profese a zajišťuje dostatečný zájem o profesi. Výběrovost profese, jak na straně vysokoškolské přípravy, tak během kariéry, spoluurčuje kvalitu vzdělávání. Tyto procesy se realizují dlouhodobě průběžnými příchody a odchody do a z profese a dalším vzděláváním. Proto lze dopady učitelských platů na zájem o profesi, kvalitu práce učitelů a vzdělávací výsledky země vysledovat až s dlouhodobým odstupem. The relative amounts of teachers‘ salaries helps to define the attractiveness of entering the teaching profession and can be a component in ensuring sufficient interest in the profession. Selectivity into teaching, both at entry and throughout the career, determines the quality of education. These processes are realised in the long term through continuous entries and exits from teaching, and ongoing training during the career. Therefore, the effects of teacher salaries on interest in entering the profession, the quality of teachers' work, and ultimately a country's educational outcomes can only be tracked over the long term. Keywords: teachers’ salaries; Czech Republic Fulltext is available at external website.
Platy učitelů v roce 2022 a výhled: cesta z propasti a zase zpět

Výše relativních učitelských platů spoluurčuje atraktivitu učitelské profese a zajišťuje dostatečný zájem o profesi. Výběrovost profese, jak na straně vysokoškolské přípravy, tak během kariéry, ...

Münich, Daniel; Smolka, Vladimír
Národohospodářský ústav, 2023

Máme příliš mnoho vysokoškoláků? Co lze vyčíst z celoživotních mzdových profilů
Hrendash, Taras; Jurajda, Štěpán; Münich, Daniel; Doleželová, P.; Mrázek, P.
2023 - Czech
Od počátku nového století došlo v ČR k dynamickému růstu VŠ vzdělané pracovní síly. V ČR k tomu nejdříve přispěl vznik a rozvoj soukromých vysokých škol na konci 90. let a posléze výrazné otevírání veřejných vysokých škol po roce 2005. Podíl VŠ vzdělaných ve věkové skupině 30–34 let se tak během tří dekád více než zdvojnásobil. Nemáme už v Česku z ekonomického pohledu příliš mnoho vysokoškolsky vzdělaných? Odpověď na otázku je důležitá pro rozhodování, do jaké míry by měl stát finančně či jinak podporovat další růst počtu VŠ studentů a absolventů a nakolik by měl občany k počátečnímu a celoživotnímu VŠ studiu motivovat. Odpověď je důležitá i do debaty o potřebě posílení dnes velmi nízké úrovně a rozsahu finanční podpory VŠ studentů. V předkládané studii vytváříme popisné statistiky o mzdách a platech zaměstnanců, které jsou užitečným podkladem pro diskusi o této důležité otázce. Srovnáváme vývoj úrovně mezd a platů vysokoškoláků pro kohorty narozené v letech 1960, 1970, 1980 a 1990. Tyto kohorty se výrazně liší co do zastoupení vysokoškolsky vzdělaných. Zároveň pro tyto kohorty sledujeme vývoj mzdového (platového) poměru mezi absolventy vysokých a středních škol (VŠ/SŠ), tj. procentního rozdílu průměrných, resp. mediánových mezd (platů) středoškolsky a vysokoškolsky vzdělaných zaměstnanců. Since the beginning of the 21st century, the Czech Republic has experienced dynamic growth in its university-educated workforce. This trend was initially driven by the foundation and growth of private universities in the Czech Republic in the late 1990s, followed from 2005 onwards by a substantial opening-up of public universities. The share of the population aged between 30 and 34 with higher education has more than doubled over the course of three decades. From an economic perspective, do we now have too many university graduates in the Czech Republic? The answer to this question is crucial when it comes to deciding the extent to which the state should – financially or otherwise – support future growth in the numbers of university students and graduates, and how much it should encourage citizens to pursue initial or lifelong university education. The answer is also an important factor in debates about the need to increase the currently low financial support available to university students. The study we present here provides descriptive statistics about employees’ wages and salaries, which serve as a useful basis for any discussion of this important question. We compare trends in university-educated employees’ wages and salaries for cohorts born in 1960, 1970, 1980 and 1990. The shares of university graduates in these cohorts differ substantially. Further, we observe trends in the earnings ratio for these cohorts between university- and secondary-educated employees, i.e., the percentage differences between the mean or median earnings of employees with higher education and those of employees with only secondary education. Keywords: university education; human capital; Czech Republic Fulltext is available at external website.
Máme příliš mnoho vysokoškoláků? Co lze vyčíst z celoživotních mzdových profilů

Od počátku nového století došlo v ČR k dynamickému růstu VŠ vzdělané pracovní síly. V ČR k tomu nejdříve přispěl vznik a rozvoj soukromých vysokých škol na konci 90. let a posléze výrazné otevírání ...

Hrendash, Taras; Jurajda, Štěpán; Münich, Daniel; Doleželová, P.; Mrázek, P.
Národohospodářský ústav, 2023

Hostility, population sorting, and backwardness: quasi-experimental evidence from the Red Army after WWII
Ochsner, Christian
2023 - English
Does a short episode of conflict or exposure to hostile troops cause regional economic backwardness, and if so, why and how does it persist? I answer these questions by exploiting economic differences across the idiosyncratic and short-lived line of contact between the Red Army and the Western Allies in South Austria at the end of WWII. Spatial regression discontinuity estimates show that hostile presence of the Red Army for 74 days caused an immediate relative population decline of around 12%, amplified to 25% by today. Age-specific migration patterns and subsequent fertility differences explain the multiplying effects. Sector development and measures of local labor productivity in 2011 also lag behind in regions briefly seized by the Red Army, likely driven by skill-specific migration and hampered investment patterns after WWII. The findings provide novel insights into the long-run effects of wars and conflicts, and point to the isolated role of the Red Army’s hostile actions after WWII to understand the European economic East-West divide.\n Keywords: conflict; hostility; population shock Fulltext is available at external website.
Hostility, population sorting, and backwardness: quasi-experimental evidence from the Red Army after WWII

Does a short episode of conflict or exposure to hostile troops cause regional economic backwardness, and if so, why and how does it persist? I answer these questions by exploiting economic differences ...

Ochsner, Christian
Národohospodářský ústav, 2023

Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures
Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
2023 - English
In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In 2013, the Central Bank of Russia launched a large-scale bank closure policy and started detecting fraudulent (sin) banks and revoking their licenses. By 2020, two-thirds of all operating banks had been shuttered. We analyze this unique period in history using credit register data. First, we establish that before sin bank closures, there was no informational leakage and the borrowing firms remain unaffected. After the closures, there is a clear sorting pattern: poorly-performing firms rush to other (not-yet-detected) sin banks, while profitable firms transfer to financially solid banks. We find that the coupling of poorly-performing firms and not-yet-detected sin banks occurs more frequently when the two sin banks (the prior and the next lender) are commonly owned or when the local banking market is unconcentrated. Finally, we show that during the transition period (i.e., after the sin bank closures and before matching to new banks), poorly-performing firms shrink in size and experience a sharp decline in borrowings and market sales, whereas profitable firms strengthen in terms of employment, investment, and market sales. A potential mechanism involves credit risk underpricing by sin banks: we find that poorly-performing firms (especially commonly owned) received loans at lower interest rates than profitable firms prior to sin bank closures. Keywords: credit register; bank clean-up; regulatory forbearance Fulltext is available at external website.
Quo vadis? Evidence on new firm-bank matching and firm performance following “sin” bank closures

In this paper, we analyze how firms search for new lenders after a financial regulator forcibly closes their prior banks, and what happens to the firms’ performance during this transition period. In ...

Goncharenko, R.; Mamonov, Mikhail; Ongena, S.; Popova, S.; Turdyeva, N.
Národohospodářský ústav, 2023

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