European economies are traditionally considered to be bank based regarding the debt financing. However, in times of crises in the bank sector, this feature may indicate a weakness of these economies when the credit squeeze phenomenon may occur and companies' competitiveness might be negatively affected thanks to unstable financing possibilities. In such conditions, a shift from bank loans to bonds might be expected. That is why this paper focuses on mutual development of corporate bond and business loan markets in the developing Czech economy in the years 2006-2014 with regard to the impacts of the global financial crisis of 2008/2009. The main goal of this article is to identify whether, thanks to the impacts of the global recession in 2009, there was a shift in Czech economy in business financing from the loans to bonds in a similar fashion as in the case of East Asian economies after their financial crisis in the nineties. Since Czech companies practically do not use short-term bonds, a mutual relationship is examined between amounts of long-term corporate bonds and economic development captured by the GDP per capita, and between long-term business loans and development of long-term corporate bonds. The main findings of this study are that since the global financial crisis, bond financing of businesses has been growing faster than loan financing. Czech economy thus shifts and becomes more bond market-based. The development of bond financing is positively correlated with the GDP per capita. Time series of both loans and bonds develop along the same trend. However, residual components are correlated negatively, which confirms the standing of loans and bonds as substitutes. Two main practical implications may be derived from this study. First, a growing usage of bonds increases demands on the market regulator, especially in the field of monitoring. Second, the growing bond market leads to the increased effectiveness, which makes additional effective sources of finance available to businesses and makes Czech economy more competitive even in times of difficulties in the banking sector.
Introduction The regulatory area is one that restricts human behaviour and opportunities, but it also allows the prevention of loss of property, health, or even life in various fields. Regulations provide the market with public confidence, which is extremely important in the field of innovative medical devices. The aim of this article is to analyse critical factors and economic methods for regulatory impact assessment in the medical device industry, to focus on the finances, processes, or innovation activity of organisations operating in the medical device sector. Methods The paper consists of a scoping review according to the PRISMA methodology of the available literature in Web of Science and Scopus database, whereby combing the keywords “regulation” AND “innovation” AND “medical device” AND “economic impact,” we obtained a set of 156 results in the form of English-written articles. The output was then limited to the period between 2011 and 2020. Finally, 23 papers were used based on the exclusion and inclusion criteria. Results The resulting challenges of the identified problems in particular are the amount of high-quality data available at an appropriate cost and the availability of a flexible notified body. There are also challenges specific to the situation, such as demands on the safety of medical devices for children. From a public expectations point of view, there is a continuing need to maintain the urgency of the balance between available innovation and safety. Discussion As for the methods of economic assessment in general, or methods for assessing the economic impact of regulations in particular, cost-effectiveness analysis is the most commonly used method for research and development, while internal rate of return is frequently used for the producers, and budget impact analysis is typically used for healthcare service providers. A non-financial indicator that is often discussed is the time demands associated with meeting compliance requirements. The time-to-market indicator is also often mentioned. Economic and financial topics are not discussed in depth, as the reviewed articles simply mention the generally high costs attendant on complying with regulations and obtaining certificates.
Seven of the eight EU countries not yet using the euro as their legal tender undertook to adopt the common currency in the future. However, the actual moment of adoption may influence, e.g. the attitude of the population (households). Other needs for the use of the euro have a business sector that is managed considering current market conditions and opportunities. The prerequisite of this article is that within the non-EMU EU economies, due to the close ties to EMU members and the prospect of a future, albeit often uncertain, approach to the euro area, the gradual euroization of businesses takes place. Among other things, euroization should be reflected in foreign trade, namely in the currency of invoicing. Using the Eurostat data from 2010–2018 on import and export and the currency of non-EMU countries invoicing to third countries expressed in EUR, USD, national and other currencies, the links between invoicing currency, size of economies and exchange rate regime were sought. The aim was also to describe the actual trend of invoicing international trade to third countries outside the EU. According to the results of the analysis, it was found that the block of non-EMU countries rather euroizes and the importance of the national currency is rather declining. The level of growth of the share of the euro and the decline of the national currency has a different intensity for imports and different for exports. At the same time, it was found that in the case of imports in EUR and NC and exports in EUR, a possible relationship between the invoicing currency and the exchange rate regime can be identified. Last but not least, it was found that in the case of invoicing in EUR and NC (national currency), there is a relationship between the size of GDP and the invoicing currency.
Saving with the services of a building society is popular in the Czech Republic, mainly due to financial state support combined with low risk that is typical for savings.At first glance, the Czech environment of building societies seems like an oligopoly, where there are currently five entities on the market with a not very differentiated product. It is therefore proposed to carry out an analysis to ensure that these features do not give rise to undesirable effects, in particular with regard to public expenditure and its justification. That is why the aim of this paper was to defend or question the position of building savings among financial market savings and investment instruments with regard to the presence of state support within the Czech environment. Special attention was paid to bank fees. From the result of the analysis it is possible to conclude that not only clients but also building societies themselves are significant recipients of state support which reduces the efficiency of public spending. On the other hand, state financial support helps to attract a significant amount of deposits, which largely serve as housing loans. Thus, this finding speaks in favor of the efficiency of public spending.
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