The article assesses well-being in the Czech Republic compared to other Visegrad countries (Slovakia, Hungary, Poland) and neighbouring Germany and Austria. By employing various approaches designed by several international organisations it takes an aggregate perspective to assess both the current well-being and its sustainability into the future. All employed indicators that relate to current well-being evaluate the well-being in the Czech Republic as moderate among the OECD countries. The results indicate that the position in well-being rankings improves with the growing number of dimensions or subjective factors included in the well-being measure, mainly due to the reduction in relative importance of income dimension and higher emphasis on the multidimensionality and complexity of well-being. In the case of sustainability, large differences can be identified in evaluation stemming from Happy Planet Index and Sustainable Society Index perspective. Although both of them agree on unfavourable situation as regards environmental sustainability in the Czech Republic, different accent on economic area alters the final result substantially. The analysis shows that for any well-being assessment, the choice of indicators is crucial and a large portion of caution is necessary when interpreting these.
We conduct an exploratory analysis using proxy measures of cross-sectional returns and rental yields in residential real estate. Asset pricing models predict that expected returns should exhibit some sensitivity to one or several fundamental variables that represent a common source of undiversifiable risk. Residential real estate, just like works of art and collectibles, is unique because it represents both an investment vehicle and a durable consumption good. Its pricing and returns should thus reflect both the benefits from portfolio diversification and the effect of supply and demand. In this paper, we investigate the variation in proxy returns and proxy rental yields across 34 major European cities, using a handful of independent variables that should account for the influence of market risk, inflation, and liquidity. In spite of obvious limitations stemming from our sample, we find that the explanatory power of our model is unusually high for a cross-sectional data analysis. Some of our findings concur with other studies showing that in spite of strong segmentation, real estate markets respond to the same structural risk factors. A good portion of our results, however, is hard to explain and interpret. Either we need to take into account cultural differences between Eastern and Western Europe as part of a behavioral approach, or we have to concede that we have been misled by the mismatch in the level of aggregation and the crude estimation of the dependent variables.
Sustainable Development in the European Union and World Economy-Main Selected Aspects
The aim of the paper is to present key theoretical and empirical issues of sustainable development and environmental protection issues from the global and European perspective, with special reference to the implication of this concept for Central and Eastern European members of the EU.
Main aspects are discussed in the paper from the EU and global perspective, with special reference to: the global partnership for sustainable development; fighting poverty and promoting social development; sustainable management of natural and environmental resources; trading in greenhouse gas emission allowances; main global and European challenges; goals and challenges facing the European Union member states as stemming from major strategic European Union renewed documents promoting sustainable development; especially promoting consumption and production that is sustainable and environmentally-friendly and green labeling system; a detailed look at "new" environmental policies; with special reference to sustainable transportation; a strategy for the sustainable use of natural resources; preventive strategy (preventing the creation of wastes) and waste recycling; sustainable and competitive tourism.
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Harms (2011). Consistent with expectations, public sector debt increases the likelihood of default. Introducing the distinction between the share of public loans and bonds in GDP, as well as private liabilities stemming from bonds and credit allows to conclude that both public bonds and public bank credit exert a negative and significant impact on the probability of sovereign default; while in case of private sector liabilities, bonds enter with a statistically significant negative sign (these results are shown in column 2).
Most control variables turned out to be
Janusz Kudła, Katarzyna Kopczewska, Agata Kocia, Robert Kruszewski and Konrad Walczyk
-tax dynamic model. First, the bond issuance is positive in the steady state but its level is limited by the ratio of tax revenues to the product of labour and capital. Fulfilling the constraint ensures fiscal solvency of the country. This is a simplifying assumption that allows for introducing the solvency rule into the model without detailed specification of the financial market. The idea stems from creditworthiness and measures the capacity of the market to accept the given level of governmental bond issue. Hence, the bonds are not a transitory phenomenon of budgetary
capita by roughly 0.2–0.5 points, whereas increasing investment rate by one percentage point would result in an increase in GDP per capita by 0.1–0.5 points. Trade, too, appears to have a significant but small impact on income with the coefficient being 0.2. The differences between the panel estimates stem from the availability of data (changing sample size). As far as the measures of health are concerned, health spending has a positive coefficient, whereas TBC incidence a negative one. The cross-sectional variation seems to be an important driver of the outcome
explanation for a technological shock. The novelty, however, is that the transmission mechanism of energy price shocks stems from a relatively little explored relationship between energy usage and services provided by physical capital, described in this paper. Put differently, since energy enters the production function only because it is essential to the utilization of capital, the endogenous variations in utilization and energy use would be inter-related.
It comes as no surprise that unexpected changes in world energy prices are very important for an energy
users and enables the company to grow. The second activity, ensuring quality control, stems from performing activities to ensure quality, and legitimacy of submitted photographs. This is particularly important as some buildings or sites are not legally allowed to be photographed; not following legal guidelines could bring lawsuits.
iStockPhoto Business Model Canvas, left side
– Related to photography
– Community nurturing
– Quality control
numbers. However, describing reality with numerical values may not be sufficient in the modelling of many phenomena. The main reasons for this stem from the fact that measurements, evaluations or ratings have a degree of uncertainty and imprecision. The uncertainty of measurement results, among other things, from the so-called 'human error' or from the imperfection of measuring instruments. Also, estimations or evaluations made by experts are often subjective and can be perceived by others in various ways. This necessitates a return to the mathematical tools that allow