Managerial Economics
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ISSN 1898-1143
e-ISSN: 2353-3617
Issue Date
2021
Volume
Vol. 22
Number
No. 2
Description
Journal Volume
Managerial Economics
Vol. 22 (2021)
Projects
Pages
Articles
The dependencies of subindexes of Stoxx 600 during the Covid-19 pandemic
(Wydawnictwa AGH, 2021) Gurgul, Henryk; Syrek, Robert
In this index study, the relationships between Stoxx Europe 600 and sector indices are analyzed. This research uses DCoVar and MES as analytical tools developed as a measure of systemic risk and applied to financial institutions, to sectoral subindexes. For the sake of systemic risk assessment we calculate the dynamic correlation model with bivariate t copula distribution. We focus on the impact of sectors on the market. Despite the similarity between the time series plots of both measures, with maximum values on similar days, the compatibility of daily rankings, measured as a percentage of concordant pairs, is equal to about 50%. The rankings of the most and least risky sectors are different and depend on the choice of measure, but in the case of both we observe poor stability. When sectors are ranked in terms of the highest and lowest mean values at specific intervals (designated by the structural break estimation method, which surpisingly detects very similar dates of structural changes) we draw the same conclusions. For both measures we note huge percentage changes in mean values of risk, especially in the period from February 24, 2020 till August 20, 2020 with respect to the previous period. The percentage changes for both intervals indicate the same most risky sectors, but the indications of both measures are not consistent.
The impact of the COVID-19 pandemic on the German banking industry - a critical analysis of regulatory easing for banks
(Wydawnictwa AGH, 2021) Hastenteufel, Jessica; Haag, Anke; Eschenröder, Maria
The COVID-19 pandemic was a challenge for all aspects of life. Besides others, this includes health and social life as well as the overall state of the economy. To contain the spread of the coronavirus, governments throughout the world imposed temporary closures (lockdowns). The banking industry was affected by these lockdowns in multiple ways. To mitigate the potential negative impact of the COVID-19 pandemic on banks, the national and international supervisory authorities passed comprehensive measures. The aim of this paper is to highlight the main regulatory facilitations for German banks by focussing on measures regarding capital buffers and the operating areas of banks. Besides this, an expert study was conducted to analyse how the measures are perceived by German banks and to develop recommendations for action. The results of the study show that the measures have mainly had a signalling effect on banks. However, measures like the easing of capital requirements are also related to higher risks for the banks. The results illustrate that most banks have hesitated in taking these additional risks if they can avoid them, with other measures like general moratoria on payments considered helpful. Overall, the results demonstrated that the experts prefer a cautious approach to using the easing measures
Forecasting the economic impact of a vacuum tube high-speed transport system in Poland - an input-output approach
(Wydawnictwa AGH, 2021) Lach, Łukasz; Suder, Marcin; Kusa, Rafał; Duda, Joanna
The aim of this paper is to specify the multiplier effects that are induced in the national economy in reference to the construction of Hyperloop lines in Poland using tunnel and trestle technology. In particular, we calculate the added value and employment growth for several industries that will contribute to the construction process. We use an input-output analysis that enables us to take the detailed structure of interindustry linkages in Poland into account. According to our results, constructing a Hyperloop infrastructure in Poland would have the greatest stimulating impact on several sectors of the Polish economy, including crude oil and natural gas, metal ores, other mining products, building objects and construction work, products from other non-metallic raw materials, finished metal products, land and pipeline transport, and wholesale trade. However, this impact will be affected by the choice of construction technology (tunnel versus trestle). In addition, our calculations relate to particular routes of the potential Hyperloop network. This study contributes to the body of literature on transport infrastructures and public investments as well as Hyperloop technology development. Additionally, it contributes to the econometric methodology by employing an input-output analysis for forecasting the multiplier effects of constructing a Hyperloop system. This study has practical implications for the decision-making process on Hyperloop network development in the future.