Template-Type: ReDIF-Paper 1.0 Author-Name: Ondrej Bednar Author-Name-First: Ondrej Author-Name-Last: Bednar Author-Email: bedniyi@gmail.com Author-Workplace-Name: University of Economics, Prague Title: Euro adoption obliged countries viewed by Melitz Optimum Currency Area model Abstract: Empirically applied alternative Optimum Currency Area theory model proposed by J. Mélitz. We calculated trade-weighted terms of trade covariance of several European countries bound to become Eurozone members. The higher the covariance, the higher the cost of joining the Eurozone. Considering the openness index and nominal rigidities, we ordered the countries by the (dis)advantage of joining the Eurozone. According to the model, the highest cost of joining the currency block is attributed to Croatia as its trade partners have high covariance of terms of trade. Croatia is also not as open as other countries like the Czech Republic or Hungary, showing relatively higher nominal rigidity. On the other hand, Bulgaria appears to profit from adopting the Euro the most. Length: 12 pages Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 1-12 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/euro-adoption-obliged-countries-viewed-by-melitz-optimum-currency-area-model File-Function: First version, 2022 Number: 1101017 Classification-JEL: E52, F20, E00 Keywords: Eurozone, Optimum Currency Area Handle: RePEc:aop:posc:1101017 Template-Type: ReDIF-Paper 1.0 Author-Name: Lukáš Bernat Author-Name-First: Lukáš Author-Name-Last: Bernat Author-Email: luk.bernat@gmail.com Author-Workplace-Name: Prague University of Economics and Business Author-Name: Radka Michlová Author-Name-First: Radka Author-Name-Last: Michlová Author-Email: radka.michlova@seznam.cz Author-Workplace-Name: Prague University of Economics and Business Author-Name: Helena Mitwallyová Author-Name-First: Helena Author-Name-Last: Mitwallyová Author-Email: mitwally@volny.cz Author-Workplace-Name: Prague University of Economics and Business Author-Name: Adam Šim?ík Author-Name-First: Adam Author-Name-Last: Šim?ík Author-Email: adam.simcik@vse.cz Author-Workplace-Name: Prague University of Economics and Business Title: Municipalities investments and its impact on debt service Abstract: The aim of the study is find patterns in exact complete data set containing annual budget of the all municipal subject in Czech republic over past 20 years. The focus of analysis is on which resources could enable development and investment to municipal assets, especially estate property. As a method was chosen Financial and real estate analysis (FAMA) which provides comparable indicators to calculate debt service and other related features of subject performance on municipal level. Concerned indicators demonstrate whether municipal subjects follow responsible budgeting principle and/or how do they utilize own resources. To compute such enormous amount of data we used tools for data science providing advance data analytics such as machine learning. Length: 1 page Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 13-13 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/municipalities-investments-and-its-impact-on-debt-service File-Function: First version, 2022 Number: 1101014 Classification-JEL: C89, H76, R50 Keywords: investment, municipalities, responsible budgeting, data analysis, debt service Handle: RePEc:aop:posc:1101014 Template-Type: ReDIF-Paper 1.0 Author-Name: Krzysztof Echaust Author-Name-First: Krzysztof Author-Name-Last: Echaust Author-Email: krzysztof.echaust@ue.poznan.pl Author-Workplace-Name: Pozna? University of Economics and Business Author-Name: Ma?gorzata Just Author-Name-First: Ma?gorzata Author-Name-Last: Just Author-Email: malgorzata.just@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences Title: Bitcoin, Ether, Tether and Gold: Do these assets reduce losses or profits in the US stock market during the COVID-19 pandemic? Abstract: The effectiveness of an optimal hedging for a drop in the S&P500 using gold and cryptocurrencies in the COVID-19 pandemic is considered. Based on Value at Risk a new dynamic measure of relative benefit from the hedging strategy is proposed in the paper which allows us to compare the loss reduction and profit sacrifice. We find gold as good shelter for the US stock market. It effectively lowers volatility and downside risk. Moreover, gold reduces extreme losses more intensively than corresponding profits. Hedging with optimal weights for cryptocurrencies is not recommended since it establishes weights close to zero for Bitcoin and Ether and close to one for Tether. Length: 1 page Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 14-14 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/bitcoin-ether-tether-and-gold-do-these-assets-reduce-losses-or-profits-in-the-us-stock-market-during-the-covid-19-pandemic- File-Function: First version, 2022 Number: 1101006 Classification-JEL: A10, C58, C49 Keywords: Stock market, Gold, Cryptocurrencies, Volatility, Value at Risk, Safe haven Handle: RePEc:aop:posc:1101006 Template-Type: ReDIF-Paper 1.0 Author-Name: Emilie Jašová Author-Name-First: Emilie Author-Name-Last: Jašová Author-Email: emilie.jasova@mpsv.cz Author-Workplace-Name: University of Finance and Administration Title: Analysis of immigration impact on labour market, population and family indicators by age, sex and citizenship Abstract: The aim of the paper is to verify and further expand the knowledge about the existence and nature of the impact of selected immigration indicators on the labour market, population and family using empirical analysis. In terms of age across the world economies, there is an apparent negative impact of immigrant women aged 34 and especially 44 years old arriving in Croatia, Slovakia, Spain and Poland on the indicator of the number of households of one adult with two children under the age of six. On the other hand, the effect of immigrant women aged 50 years (arrivals in Luxembourg and the Netherlands) on the LMP expenditure by type of action indicator is positive. In the Czech Republic, no statistically significant positive and negative values of the regression coefficient have been mapped. In terms of citizenship, there is a clear negative impact of immigrants from Africa (mainly to Slovakia and, to a lesser extent, to Belgium) on the indicator of the number of households with no working adult and two children under six years of age. In the Czech Republic, immigrant men with citizenship in America and immigrant women with citizenship in America and Europe were a reason for the favourable development of the NAIRU indicator of men with a basic occupation. Length: 14 pages Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 15-28 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/analysis-of-immigration-impact-on-labour-market-population-and-family-indicators-by-age-sex-and-citizenship File-Function: First version, 2022 Number: 1101016 Classification-JEL: J24, J32, J38 Keywords: Immigration, LMP expenditure by type of action, Inactive population, NEET, NAIRU, Minimum wage, Job tenure by sex, age, professional status and occupation. Handle: RePEc:aop:posc:1101016 Template-Type: ReDIF-Paper 1.0 Author-Name: Ma?gorzata Just Author-Name-First: Ma?gorzata Author-Name-Last: Just Author-Email: malgorzata.just@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences, Faculty of Economics, Department of Finance and Accounting Author-Name: Aleksandra ?uczak Author-Name-First: Aleksandra Author-Name-Last: ?uczak Author-Email: aleksandra.luczak@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences, Faculty of Economics, Department of Finance and Accounting Title: EVT-Based Methods as Support for the Construction of a Synthetic Index of Socio-Economic Development for Territorial Units Abstract: Socio-economic development is an important multidimensional issue and its measurement is complex. This process reveals many problems that need to be resolved, such as data availability, selection of indicators and their measurement, selection of appropriate methods for normalization, weighing and aggregation of indicators. The main problem with the real data are atypical observations. In our research, we deal with the solution of this problem. We propose a comprehensive linear ordering procedure to assess the level of socio-economic development of various types of territorial units. It is based on the positional version of Technique for Order Preference by Similarity to Ideal Solution (TOPSIS) and methods of Extreme Value Theory (EVT). In the first stage, we propose to use a two-step procedure based on six automatic methods to identify the tail of the data distribution (atypical observations). In the second stage, we suggest to use the positional TOPSIS method to aggregate indicators and eliminate the impact of asymmetry, mainly in the central part of the data distribution. Length: 1 page Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 29-29 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/evt-based-methods-as-support-for-the-construction-of-a-synthetic-index-of-socio-economic-development-for-territorial-units- File-Function: First version, 2022 Number: 1101011 Classification-JEL: C19, C43, C61 Keywords: extreme value theory, tail distribution, TOPSIS, socio-economic development, territorial units Handle: RePEc:aop:posc:1101011 Template-Type: ReDIF-Paper 1.0 Author-Name: Lukáš Augustin Máslo Author-Name-First: Lukáš Augustin Author-Name-Last: Máslo Author-Email: lukas.maslo@vse.cz Author-Workplace-Name: University of Economics, Prague Title: The Just Wage and Ineffectiveness of Its External Enforcement Abstract: This paper deals with the problem of effectiveness of enforcement of the just wage. The author makes use of the standard models of the product market, labor market and isoquant-isocost analysis to capture the effect of the decision to pay the just wage. In a discussion about the type of justice which governs the wage relation, the author proves that this relation does not fall within the category of distributive justice, on the grounds of (un)willingness of the owners of the factors of production to share the loss. On the contrary, arguments are being presented why the wage relation is being governed by the principles of commutative and social justice. In the aspect of commutative justice, a personal component and a family component of the just wage are being distinguished. The author justifies the concept of the personal component of the just wage by an analogy with renting a capital good. The empiricist objection of arbitrariness of any quantification of the just wage is being settled by a reference to the distinction of necessary and accidental signs. The author draws the conclusion that it is the owners of the firm who hold the key to the just wage. The author concludes that there is no way to force the owner of the firm to start paying the just wage if he does not want to. Any externally enforced increase in the wage is counter-productive, in the end. The threat of external sanctions has no effect. The only sanction which is effective is the internal sanction, i. e. the employer’s own conscience. To the objection of inefficiency brought about by internal sanctions, the author answers that the employment of labor not needed by the employer is a gift and the employer is not obliged to pay the just wage in this case. Length: 14 pages Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 30-43 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/the-just-wage-and-ineffectiveness-of-its-external-enforcement File-Function: First version, 2022 Number: 1101003 Classification-JEL: A12, D63, J50 Keywords: just wage, profit maximization, commutative justice, distributive justice, social justice, Catholic social teaching Handle: RePEc:aop:posc:1101003 Template-Type: ReDIF-Paper 1.0 Author-Name: Aleksandra ?uczak Author-Name-First: Aleksandra Author-Name-Last: ?uczak Author-Email: aleksandra.luczak@up.poznan.pl Author-Workplace-Name: Pozna? University of Life Sciences, Faculty of Economics Author-Name: S?awomir Kalinowski Author-Name-First: S?awomir Author-Name-Last: Kalinowski Author-Email: skalinowski@irwirpan.waw.pl Author-Workplace-Name: Polish Academy of Sciences, Institute of Rural and Agricultural Development Title: Subjective Poverty: New Techniques of Measurement and Statistical Analysis Abstract: Poverty has always been a highly visible problem not restricted to the poorest countries as often is believed. It is a phenomenon occurring all over the world, with varying degrees of intensity. The state of poverty is not dichotomous and cannot be simplified down to categorizations of “poor” and “not poor.” There are many degrees of poverty ranging from none to extreme. Research on poverty, which has been going on for more than 120 years, rarely acknowledges this reality. Moreover, the measurement of poverty is often limited to objective measures that describe economic conditions, e.g. by household income or expenditure. However, the problem of subjective poverty measurement is important, as it studies the different perceptions of poverty among respondents and is often dependent on the point of reference (on the groups to which the respondents compare themselves such as neighbors or family). Hence, we undertook research on the measurement of subjective poverty. We proposed and compared four approaches to the construction of a synthetic index of subjective poverty using the classic and fuzzy TOPSIS (The Technique for Order of Preference by Similarity to Ideal Solution) and the classic and fuzzy Hellwig's method. The vertex method (fuzzy approaches) and generalized distance measure (classic approaches) were used to calculate the distance from the pattern and the anti-pattern. The main goal is presenting approaches to assessing subjective poverty of households and comparing the results obtained with their help. The research was based on the primary research entitled “My situation during the coronavirus pandemic” conducted in April 2021. The measurement of the level of subjective poverty is an important tool for assessing anti-poverty policy; furthermore, the proposed methods for quantification of subjective poverty can be the basis for the development of anti-poverty strategies and policies Length: 1 page Creation-Date: 2022-09 Publication-Status: Published in Proceedings of the Proceedings of the Open Scientific Conference 2022, Sep 2022, pages 44-44 File-URL: https://conference.eurrec.org/proceedings/open-scientific-conference/article/subjective-poverty-new-techniques-of-measurement-and-statistical-analysis File-Function: First version, 2022 Number: 1101010 Classification-JEL: I32, C10, C43 Keywords: subjective poverty, TOPSIS, Hellwig’s method, fuzzy TOPSIS, fuzzy Hellwig’s method, generalized distance measure Handle: RePEc:aop:posc:1101010