Open Access Article SciPap-1283
Risk-Return Based Performance Evaluation of Stocks in BIST 100 and KOMPAS 100 Indices of Borsa Istanbul and Indonesian Stock Exchange
by Hüseyin Öcal , Anton Abdulbasah Kamil

Abstract: This study aims to provide empirical insights into stocks' performance in the BIST 100 index of Borsa Istanbul and KOMPAS 100 index of the Indonesian Stock Exchange. The risk-free rates and top 100 stocks closing price data of Borsa Istanbul (BIST) and Indonesia Stock Exchange (IDX) have been examined. The Daily data between July 1, 2015, and June 30, 2020 are used. The Sharpe ratio and normal distribution tests are employed in the analysis. The study results have revealed that the portfolio's return consisting of positive low-five and top-five average Sharpe ratio stocks generally has beaten the Indices under review except that a positive low-five average Sharpe ratio stocks portfolio built from KOMPAS 100 constituents during bearish market. Besides, the average Sharpe ratio of each stock in the positive low-five and top-five portfolio has been greater than the average Sharpe ratio of the Indices. Moreover, the portfolio's return with the positive top-five average ratio Sharpe ratio stocks has outperformed the return of the portfolio with positive low-five average Sharpe ratio stocks. We recommend that the Sharpe ratio is computed for every six months or three months for BIST 100 and KOMPAS 100 stocks since the return data follow a more normal distribution in shorter periods.
Keywords: Bist 100, Kompas 100, Normal Distribution, Risk And Reward, Sharpe Ratio, Portfolio Investment
JEL classification: B26

Open Access Article SciPap-1279
Social Inclusion and Economic Uncertainty: The Reflection in Public Policy
by Iryna Radionova, Olena Krasota

Abstract: The considered study is based on the idea of the relationship between social inclusion and economic uncertainty. The way these phenomena relate to each other should be reflected in the choice of public policy model. Although social inclusion has various manifestations, it is primarily manifested in the stratification of society by income. The initial generalizations are made on the basis of the analysis of empirical data regarding the relationship between two indicators of differentiation. The authors interpret social inclusion as a phenomenon that implies a decrease in income differentiation against the background of economic indicators improvement. Certain public authority influential factors should be identified to make social inclusion public authority strategic target. A set of endogenous variables has been analyzed according to the Ukrainian data. Neural Networks tools have been used to assess their impact on income differentiation indicators. The differentiation of income in Ukrainian society has been influenced by obvious and hidden variables. The effects of the identified variables on income differentiation have appeared to be multilevel. These variables combined into nodes of interaction. Awareness of these links and nodes of interaction is an important prerequisite for the formation of a public policy model which can ensure social inclusion.
Keywords: Policy Uncertainty, Economic Uncertainty, Social Inclusion, Public Policy
JEL classification: E61, E62, G28, I22, I30

Open Access Article SciPap-1272
Do Converged to IFRS National Standards and Corporate Governance Attributes Affect Accounting Conservatism? Evidence from China
by Oleh Pasko, Fuli Chen, Yarmila Tkal, Mykola Hordiyenko, Oleksandr Nakisko, Inna Horkovenko

Abstract: The purpose of this paper is to examine the effect of the adoption of converged to IFRS national standards on accounting conservatism (AC) and to investigate the effect of corporate governance (CG) attributes (government ownership, management ownership, concentration of ownership, board size, board independence, CEO duality) on АС in China. The large sample of A-share Chinese listed companies, comprising 26,004 firm-year observations form 2925 companies spanning from 2003 to 2019 collected from CSMAR database and analysed using multivariate regression techniques. The study provides empirical evidence testifying to the decrease in AC level after converged to IFRS national standards in China became mandatory. The findings indicate that government ownership, management ownership, concentration of ownership and CEO duality are all negatively associated with AC. By contrast, board size, board independence, has no significant relationship with AC in Chinese institutional settings. Whereas prior studies investigate the IFRS adoption per se, our study examines how national standards converged to IFRS affect AC indicating that converged national standards produce the analogous effect expected from adoption of the genuine IFRS. Moreover, it means that accounting conservatism is inherent also in the standards as opposed to the conceptual framework. Next, our study is also instrumental in identifying the relationship between AC and CG attributes in an underexplored jurisdiction with a significant impact on the world economy - China. These findings can be utilized and be heeded to by managers in the design of companies’ supreme governing body, as well as regulators while proposing legislation/regulations concerning the composition of the board of directors. The results subject to the limitation for a limited range of CG variables and measurement of accounting conservatism applied. Next, the endogeneity problem is not solved as yet, therefore which direction the causality runs from CG to AC or from AC to CG is disputable.
Keywords: Accounting Conservatism, Cg, Accounting Standards, China, IFRS
JEL classification: G34, M14, M41

Open Access Article SciPap-1255
The Impacts of the COVID-19 Pandemic and Responses from Various Policy Actors in the Czech Republic and Slovakia in 2020: An Introduction to a Special Issue
by Daniel Klimovsky, Juraj Nemec

Abstract: Hundreds of thousands of articles related to COVID-19 have been published worldwide, and many of them have focused on public administration and public policy aspects related to this pandemic. Certainly, the general lack of relevant knowledge and necessary experience for a robust governance strategy and evidence-based policy-making became a global problem in 2020. This is certainly the case for all countries of the Central and Eastern European region, including the Czech Republic and Slovakia. This gap in research perspectives needs to be filled because of the enormous public policy challenges raised due to the COVID-19 pandemic. SciPap is an international academic journal of regional importance, and this special issue aims to contribute some answers to present research shortcomings and the lack of inputs for evidence-based policy-making. More precisely, this special issue is focused on public policies and responses of various actors to the COVID-19 pandemic in the Czech Republic and Slovakia in 2020.
Keywords: Pandemic, Covid-19, Public Policy, Slovakia, Public Administration, Czech Republic
JEL classification: E61, H12, H72, H75

Open Access Article SciPap-1249
Impact of the COVID-19 Pandemic on the Budget of Slovak Local Governments: Much Cry and Little Wool?
by Tomáš Černěnko, Erika Neubauerová, Alena Zubaľová

Abstract: The aim of the paper is to examine the impact of the COVID-19 pandemic on the budgets of Slovak local governments and to propose measures that would help them better cope with similar shocks in the future (in the economic context). In the first step, we compare tax revenues with their forecast values from 2019. Subsequently, we focus on the dependence of local government revenues on share taxes - personal income tax, which we examine using the Herfindahl-Hirschman Index at the level of individual local governments. We then examine this in the context of size categories of local governments as well as physical space - regions and districts. The results suggest that the COVID-19 impact on local government revenues was much less than expected. However, it revealed the economic limits of the system (structure) of local self-government in Slovakia with a majority of small (and vulnerable) local governments. The way out would be a shift to property taxes, but this is limited due the reluctance of local government representatives to accept a greater degree of responsibility for filling the revenue side of budgets with local taxes and fees.
Keywords: Herfindahl-Hirschman Index, Shared Taxes, Tax Income Concentration, Local Taxes And Fees, Covid-19, Local Government
JEL classification: H24, H30, H71

Open Access Article SciPap-1248
Enablers of Participatory Budgeting in Slovakia During the COVID-19 Pandemic
by Jakub Bardovič, Jozef Gašparík

Abstract: In Slovakia, participatory budgeting represents one of the relatively new instruments of political participation. It has been used since 2011. Currently it is present on both levels of territorial self-government (i.e., local level and regional level). Nevertheless, its implementation into practice is only a gradual one, as the number of local and regional governments using participatory budgeting is limited. Furthermore, both local and regional governments are currently exposed to the consequences of the COVID-19 pandemic, so a question arises as to how they managed to deal with the situation and how it affected the implementation of approved participatory budgets. The aim of this paper is to identify how the local governments in Slovakia approached the implementation of participatory budgeting in 2020. With regard to the above-mentioned goal, we focus on the following: the implementation of participatory budgeting before 2020, its continuation in 2020 and, if maintained, its adjustment to the "period of social distancing". The findings show that there is a large group of local and regional governments that have decided to either suspend or cancel the implementation of participatory budgeting. Out of those who opted for its implementation, one group did not need to significantly adapt to the distancing restrictions, another group managed to hold potential meetings before the first restrictions came into force. It was only the latter group that faced the most serious challenge. However, active employment of online tools along with the use of the period of released measures proved crucial for the implementation of participatory budgeting.
Keywords: Regional Governments, Participatory Budgeting, Local Governments, Covid-19 Pandemic, Slovakia
JEL classification: D72, H72

Open Access Article SciPap-1247
Public Policy Responses to the COVID-19 Epidemic – The Case of Family Policy in the Czech Republic
by David Špaček, Robert Jahoda, Ivan Malý

Abstract: Families with dependent children are among the social groups most affected by the COVID-19 pandemic. This paper examines the development of measures applied by the Czech national government for compensating families with children during the COVID-19 crisis. It summarizes the aims of the measures as announced by the government or its ministries. This is supplemented by a summary of the available opinions of experts and other policy stakeholders. Based on this, the paper discusses the adequacy of the adopted measures and points out lessons for the future policymaking in the given area. A relatively high number of measures were identified. This suggests that the government strived for proactive policy to address families as a vulnerable social group. However, a rapid and sometimes unrestrained legislative process seems to have come at the expense of a proper public debate on the need for and impact of the new measures. Given the uncertain time horizon of the epidemic, the apparent lack of consideration regarding the budgetary implications of the measures seems worrying.
Keywords: Family Policy, Policy Learning, Policy-Making, Covid-19, Public Policy, Czech Republic
JEL classification: H

Open Access Article SciPap-1246
How to Lead Self-Government Employees Through the Crisis Empirical Evidence on Impact of Crisis Management Competencies on Team Performance in COVID-19 Pandemic
by Zuzana Skorková, Nadežda Jankelová, Zuzana Joniaková, Jana Blštáková, Katarína Procházková

Abstract: The emergence and spreading of COVID-19 pandemic were surprising and sudden. It caused the need for competent crisis management throughout the public administration to manage the initial stage of the crisis. The purpose of our research is to identify the connection between the competencies of crisis management in self-governments and employee performance, measured at the time of the initial stage of the crisis, by their feeling of satisfaction, safety and establishment of conditions for work. In this research report, we expect these variables to be connected via the sharing of information, teamwork and cognitive diversity of work teams. The research used the mediator model according to Baron and Kenny. Sobel’s test was used to test the mediator effect. Regression analysis was used to verify the hypotheses. The ANOVA variance analysis was used to analyze multiple dependency. The level of significance was 5%. The research sample consisted of 207 managers in self-government organizations operating in Slovakia. The hypothesis on the dependency between the crisis management competencies and team performance during the initial stage of the crisis, facilitated by sharing of information, teamwork and cognitive diversity of crisis management, was confirmed.
Keywords: Crisis Leadership, Employee-Performance, Self-Governments, Covid-19 Pandemic, Slovakia, Teamwork
JEL classification: H11, H12

Open Access Article SciPap-1245
The Response of Cultural Policies in COVID-19 Pandemic in Slovakia
by Zuzana Révészová, Barbora Andor Tóthová, Miriam Šebová

Abstract: Culture can be a powerful driver for development, with broad social, economic and environmental impacts. UNESCO acknowledged the role of culture as an enabler and a driver of sustainable development. There are undisputable effects of culture on community building, social cohesion and empowering people. The economic importance of the cultural sector is growing. Creative and cultural industries can be a source of structural economic development, job creation and innovation. The sector of culture is among the hardest hit by the corona crisis in the whole of Europe. In Slovakia, the sector suffered by austerity measures also before the pandemic. The paper is focused on the impacts of a COVID 19 pandemic on the cultural and creative sector in Slovakia. The paper's objective is to critically analyse the supportive measures for the sector at the national and local level. The theoretical framework is based on the cultural policy and its evolution in Slovakia, which created the baseline for the analysis. The paper summarises local and national bodies' compensations for cultural workers and organisations based on text analysis of available documents. There is also presented a case study of a local cultural centre in Košice. The data for the case study stems from the semi-structured interviews with the managers of the centre about the impacts of a pandemic on their business. The results show that the policies to support firms and workers during the pandemic can be scarcely adapted to the non-traditional business models and employment forms in the cultural sector.
Keywords: Pandemic, Cultural And Creative Industries, Cultural Policy
JEL classification: Z1

Open Access Article SciPap-1244
Effect of the COVID-19 Pandemic on the Management of Czech Regions: The Case of the Moravian-Silesian Region
by Irena Szarowská

Abstract: The aim of the article is to examine financial impact of the COVID-19 pandemic on the financial management of Czech regions, especially on the Moravian-Silesian Region. Significant pressures to deepen the imbalance between public revenues and expenditures are reflected at the level of regional budgets, too. First, an empirical evidence is provided focusing on Czech regional budgets before the pandemic. Results suggest a very good financial condition of Czech regions as is regularly confirmed by a fulfilment a set of Ministry of Finance monitoring indicators. Next, the article focuses on the main measures in the financial management of the Moravian-Silesian Region. It was found that the Regional Council implemented 296 budgetary measures in the amount of 41.560.077 thousand CZK as a response on the COVID-19 pandemic in 2020. Responsible financial management of the Moravian-Silesian Region was also confirmed by the approval of a favourable loan in December 2020, which will allow to continue investing despite the effect of COVID-19 pandemic.
Keywords: Budgetary Measure, Financial Management, Regional Governance, Crisis, Covid-19 Pandemic, Region, Financial Stability
JEL classification: E62, G01, H12, H7

Open Access Article SciPap-1243
The COVID-19 Pandemic and Budget Shortfalls in the Local Governments in Slovakia
by Andrea Cajkova, Ivana Butoracova Sindleryova, Michal Garaj

Abstract: The study focuses on budget policy implementation at the level of local governments in Slovakia in connection with the COVID-19 pandemic. The research problem focuses on identifying shortfalls in initially planned funds to local government budgets caused by the COVID-19 crisis and the potential ways individual local governments in Slovakia have been able to cover them. The aim of the study is to identify the accepted crisis mechanisms for solving financial shortfalls in local budgets due to the pandemic situation. In the descriptive-analytical study qualitative and quantitative methods were used. Available information on Slovakia indicates several main findings. It has been confirmed the pandemic had negative effects for of all local governments nationwide, regardless of the status of the town or municipality. The municipal fiscal imbalance as a result of the Covid-19 crisis and municipal financial resources are not commensurate and the most important tool that municipalities have the opportunity to use is their reserve funds. Consequently, they have become highly dependent on repayable financial assistance from the state. The authors contribute to the ongoing debate about the current Covid-19 crisis and its consequences for local government finance.
Keywords: Local Budgets, Budget Shortfalls, Covid-19, Local Governments, Slovakia
JEL classification: D73, H12, H72, H83

Open Access Article SciPap-1242
Impact of COVID-19 on Czech Cross-Border Commuters: Legal Perspective
by Lukas Novotny

Abstract: The paper focuses on the impact COVID-19 has on Czech cross-border commuters. Emphasis is placed on the legal and political science perspective and on the comparison of measures against traffic at the state border, against the free movement of persons and specifically against commuter workers (also known as cross-border commuters, or as pendlers in the Czech context), during both previously declared states of emergency in the Czech Republic. From a theoretical perspective, the paper summarizes information and data on cross-border commuters in Europe and the world. The research was performed by means of two qualitative case studies. In general, the legal measures at the Czech-German state border and the conditions of commuter workers during these states of emergency are compared. The research stage also included media searches (during both states of emergency) and content analysis of relevant policy outputs. The results suggest that border closures and related measures and the inability to travel abroad were unconstitutional, which also damaged commuters. And this also resulted in the fact that during the second state of emergency, the commuters were, in effect, not subject to any measures from the Czech side.
Keywords: Borderland, Cross-Border Commuting, Covid-19, Labour Market, Czech Republic, Germany
JEL classification: R58, O52, J6, K31

Open Access Article SciPap-1241
Impacts of the COVID-19 Pandemic on the Policy of Cultural and Creative Industries of Slovakia
by Katarína Vitálišová, Kamila Borseková, Anna Vaňová, Thomas Helie

Abstract: The main aim of this paper is to identify and evaluate the impact of the COVID-19 pandemic on the cultural and creative industries from the national point of view and to assess the measures applied by the Slovak government in order to eliminate its consequences. The paper is oriented towards a microeconomic and macroeconomic perspective with special attention devoted to the financing of the cultural and creative industries, and the social impacts on the different groups of respondents. Because of the lack of data (even non-existence), this paper presents the results of original primary research conducted among representatives of these industries between November and December 2020 and through online structured interview with the representatives of the Ministry of Culture of the Slovak Republic. The last part of the paper critically evaluates the implemented support measures and their real influence on solving the unprecedented crisis caused by the COVID-19 pandemic in cultural and creative industries.
Keywords: Policy, Economic And Social Impacts, Creative Industries, Culture
JEL classification: O38

Open Access Article SciPap-1239
Public Expenditures in the Selected Economic Industries: Policy Implications for the Period of the COVID-19 Pandemic Crisis
by Veronika Mitkova, Vladimír Mlynarovič

Abstract: The paper presents the constrained multiplier methodology in semi-input-output analysis and quantifies the effect of the government support to the industries mostly affected by COVID-19 pandemic in Slovakia. In contrary to traditional input-output analysis, the methodology in this paper allows to drop assumptions of the unlimited industries’ supply. The analysis is conducted for 57 economic industries, households, governments, and the foreign using the Global Trade Analysis Project data. The analysis not only identifythat the most stricken industry is the recreation and other services together with transport industry, it also enumerates the effects of the government subsidy. Each Euro of the government support to the Recreation sector increases the Gross Domestic Product by 1.21 Euro, to the Transport industry by 0.93 Euro, while to the automotive industry included to this analysis by 0.54 Euro. The government subsidy should aim the Recreation industry not only for the highest decline of sales during the pandemic, also for the highest number of firms at risk and because of very effective return of the government support which almost triples the total output and generates more than one Euro of the GDP.
Keywords: Public Expenditures, Covid-19, Semi-Input-Output Analysis, Multiplier
JEL classification: C67

Open Access Article SciPap-1237
One Crisis After Another? How Much Has the COVID-19 Pandemic Impacted Opinions on Welfare-State Priorities
by Dan Ryšavý

Abstract: With rising spending during the COVID-19 pandemic, the state has become involved in decision-making in areas where it has held back for years. In the case of housing the state’s role has declined sharply since 1989, and the expectation that housing is the private responsibility of each individual and his or her family has strengthened over time as has the homeownership norm. Many measures introduced in the acute phase of the pandemic related in some way to housing and housing quality, such as efforts to ensure social distancing, reduce social contacts, etc. State interventions correspond to the normative assumption that, with some exceptions, the state should not get involved in housing. In this study, we examine the effects of three global crises – the financial crisis, housing affordability, and the pandemic – based on how citizens rank the priorities of the welfare state. Special attention is paid to housing support and how young people differ in evaluation of welfare state priorities. This means people who on the one hand largely make up the net payers in the welfare state and those who have been affected most by the current crisis in housing affordability. The changes in public opinion during the pandemic resemble a Mikado game, a game of pick-up sticks, with health care being deemed the highest priority set apart from the barely distinguishable cluster of other welfare state provisions.
Keywords: Housing, Covid-19 Pandemic, Welfare State, Public Opinion, Global Crisis, Young People
JEL classification: H53, I38, Z18

Open Access Article SciPap-1210
Relationship Between Citizens’ Trust in Local Government and Participation in Local Governance
by Diana Šaparnienė, Iveta Reinholde, Sandra Rinkevičienė

Abstract: The article analyses the relationship between citizens’ trust in local government institutions and participation in local governance. The research results have revealed that citizens’ trust in local government is still low and participation lacks activeness. Civic participation is more active than political participation. According to the research results, the main reasons of absence of participation in local governance are lack of information and knowledge about public participation, lack of information about participation opportunities, lack of communication and response to expressed opinion and suggestions. The results of quantitative research showed that participation and trust dimensions are related. Absence of clear communication and response to citizens expressed opinion and suggestions causes distrust and lower participation. However, the research revealed the weak relationship between the trust in local government and participation in local governance. This fact requires further research.
Keywords: Local Government, Citizens’ Trust, Citizens’ Political And Civic Participation, Local Governance, Democracy
JEL classification: H83

Open Access Article SciPap-1209
Innovation Processes and Economic Growth in the Context of European Integration
by Oksana Zhylinska, Olena Bazhenova, Tetyana Zatonatska, Oleksandr V. Dluhopolskyi, Givi Bedianashvili, Ihor Chornodid

Abstract: The paper explores the influence of innovations on economic growth in countries, which are candidates to membership in the European Union. For empirical research, we have chosen nine countries such as Albania, Bosnia and Herzegovina, Georgia, Montenegro, North Macedonia, Serbia, Moldova, Turkey, and Ukraine. To investigate the impact of innovation factors on economic performance we have constructed three panel data models with fixed effects. The results of models estimation show ICT service exports (% of total service exports) and number of researchers in R&D (per million people) affect GDP per capita of the countries – candidates for membership in the EU with a lag of one year. Besides this, all control variables are significant except government expenditure on education. Given the ceteris paribus clause, an increase in the ICT service exports by 1% will lead to the rise of GDP per capita by minimum 0.09 and maximum 0.16 percent points. At the same time, an increase in the number of researches in R&D with a lag 1 by 1% – to the rise of GDP per capita by minimum 0.22 and maximum 0.25 percent points. Insignificance of high-technology exports and patent applications of residents and significance of ICT service exports and number of researchers in R&D in countries – candidates for membership in the EU might indicate that these countries are ones with preferably low-processed exports but potential for driving the innovations production activities
Keywords: Economic Growth, European Union, Innovations, High-Technology Exports, Panel Data Models
JEL classification: E01, E62, O11, O30, O41, O52

Open Access Article SciPap-1192
Social Inclusion as an Instrument for Reducing Socio-Economic Inequality
by Olena Krasota, Tetiana Melnyk

Abstract: Socio-economic inequality is growing on both local and global levels. It harms economic growth and welfare. As governments do not have enough resources to invest in education, healthcare, etc., reducing inequality is challenging. Income redistribution is a widespread means of limiting social differentiation. In this case, people are passive members of the process and lack motivation for productive activity. Therefore, reducing inequality has to be conducted in a way other than through social protection system. We consider social inclusion to become an effective instrument of inequality reduction. It includes giving all the society members equal rights regarding access to all resources and goods and involving people in economic, social, and political changes.
Keywords: Economic Growth, Social Inclusion, Socio-Economic Inequality, Gini Index, Social Exclusion
JEL classification: D63, H53, I30, O15

Open Access Article SciPap-1184
Innovation and Bank Efficiency in Vietnam and Pakistan
by Phat-Tien Pham, Boris Popesko, Abdul Quddus, Thi Kieu Ny Nguyen

Abstract: The study investigates the effect of innovation on bank efficiency and the difference in efficiency between Vietnam and Pakistan banks. The balanced panel data from 23 banks (7 banks in Vietnam and 16 banks in Pakistan) in 2011-2019 is aggregated from the State Bank of Pakistan, the Vietstock, the MorningStar, the World Bank, and the website of banks. The quantitative models' estimation result is processed by the Pooled, the Fixed-effect, the Random-effect, and the Generalized Least Square approach, and confirmed again by the Tobit and T-test approach. The outcomes gave that innovation is the negative factor of bank efficiency. With or without the effect of innovation, the bank's efficiency in Vietnam is still lower than in Pakistan. The finding indicates that bank efficiency can be enhanced by increasing bank size instead of innovation, and bank age is the barrier to utilizing innovation for enhancing bank efficiency. Moreover, we found the bank's efficiency in Vietnam can be improved more quickly than in Pakistan by increasing bank assets. The macroeconomic condition is favorable for bank efficiency in both countries.
Keywords: Innovation, Data Envelopment Analysis, Bank Efficiency, Vietnam, Pakistan
JEL classification: G20, G21

Open Access Article SciPap-1170
Poverty Risk and Quality of Housing in the EU Regions with a Different Urbanisation Rate
by Ivana Kraftová, Romana Provazníková, Tetiana Korovchenko

Abstract: The aim of this article is to compare selected parameters of /quality of life in the European Union countries by the degree of urbanization of living space and to verify the validity of three hypotheses aimed at quality of life evaluation in rural EU areas. The main data source is the Eurostat statistical data. Comparative analysis, variability, and concentration analysis using the method of adjusted index of geographical concentration have been applied during the processing. The analysis results show that the degree of risk of poverty "is split" in the EU between rural areas and cities. In this respect, European countries are divided into two roughly equal groups. The degree of concentration of people at risk of poverty in rural areas exceeds half the attainable interval. The extent of the actual geographic concentration of the population, and at the same time the disparities existing between European countries are both involved in it. Cost and quality of housing show the highest variability within European rural areas. The findings are in accordance with those experts who plead for a more effective tool targeting of EU cohesion policy in pursuit of its objectives in the field of poverty decreasement.
Keywords: Rural Region, Housing, Degree Of Urbanization, Risk Of Poverty, Overcrowding, Cost Overburden
JEL classification: R58, R21, I31