SciPap, Volume 29 (2021)

https://doi.org/10.46585/sp29


Open Access Article SciPap-1355
Evaluation of Selected Indicators of Health Care in the Context of Health care Systems: Case of 27 European Union Countries
by Renata Halásková, Pavel Bednář

Abstract: Healthcare in European countries is provided through different systems run at national levels. The aim of the article is to evaluate selected health care indicators in EU countries, while accentuating similarities and differences between the EU countries in the context of health care systems. Applying the method of multivariate analysis, the selected health care indicators (from the areas of financing, service provision, health status) are evaluated on a set of 27 EU countries in the period 2013-2018. Factor analysis was applied to generate two factors (i.e. expenditures and satisfaction with health care, health status and bed availability in hospitals) from the original indicators of health care. As a next step, hierarchical cluster analysis was utilised to divide the EU countries into six clusters by similarity of the health care factors. The results of the factor analysis demonstrate marked differences between the countries regarding the evaluated health care factors. A higher (lower) level of socio-economic development is the aspect of better (worse) results of health care in the majority of the countries evaluated. However, according to the evaluated health care factors, clusters of similar countries used different systems of health care by type and source of financing. The findings thus demonstrate both similar and different approaches towards the provision of health care and funding health care systems in EU countries.
Keywords: Methods Of Multivariate Analysis, Health Care Systems, Health Care Indicators, Health Care Financing, Health Care
JEL classification: C38, H51, I15, I18

Open Access Article SciPap-1342
Forecast of the Development of Sectors of the National Economy in Slovakia
by Peter Burger, Viera Hovančíková

Abstract: This paper aims to estimate the expected development of the share of employees in sectors of the national economy in selected regions of Slovakia (Bratislava, Košice, and Prešov Regions) and in the Slovak Republic as a whole up to 2025. It also predicts which sectors of the national economy (primary, secondary, tertiary or quaternary) will grow in Slovakia in 2020–2025 and which sectors will stagnate or decline. The results predict a steadily declining share of people employed in the primary and secondary sectors in Slovakia and in the self-governing regions investigated. In contrast, the share of the quaternary sector in total employment is likely to increase up to 2025 both in Slovakia and in the Bratislava and Košice Regions. The share of employees in the tertiary sector is expected to grow in Slovakia, but at the same time it is confirmed that in the Bratislava Region there is a gradual reallocation of employees working in the services sector and an increase in the share of employees working in the quaternary sector at the expense of the tertiary sector. This expected development of the shares of employees in the individual sectors and, in particular, the increase in the share of employees in the quaternary sector are in line with the reallocation of the shares of employees in the sectors of the national economies of the developed EU countries, especially the countries of Western and Northern Europe.
Keywords: National Economy., Employment Trends, Quaternary Economy, Share Of Employees, Sectoral Change, Sectoral Division
JEL classification: O14, O11, J21

Open Access Review SciPap-1341
Disadvantages of Patent Performance Indicators in Performance-Based Research Funding Systems
by Ivan Vershinin

Abstract: Although the use of patent indicators in statistics has been under discussion for a long time, there are surprisingly very few studies devoted to explaining the use of patent indicators as performance indicators in performance-based research funding systems. The widespread assumption is based on the perception that patents have some recognizable value as an element of innovation process and this value is undoubtedly transferred to patents that are created in order to fulfill performance indicators. However, there is still no established distinction in the literature between patent indicators used in statistical analysis and patent performance indicators used as goal setting and evaluation tools in the context of performance-based research funding systems. This article is aimed at filling the gap and seeks to clarify the theoretical validity of the use of patent performance indicators in such context. Based on the review of the literature, the article compares the results of seminal works on the nature of patenting and patent indicators to the purposes of its use as patent performance indicators in performance-based research funding systems. The results demonstrate at least five arguments in favor of the statement that the use of patent indicators in the context of performance-based research funding systems requires rethinking.
Keywords: Moral Hazard, Side Effects, Patent Indicators, Performance Indicators, Public Research Organizations, Performance-Based Research Funding Systems, Research Policy
JEL classification: I23, I28, O38, O31, O34

Open Access Article SciPap-1323
Aligning Enterprise Performance Goals and Pay Motivational Design in Forest Enterprises, Transcarpathia, Ukraine
by Svitlana Slava, Vladyslava Puhinska

Abstract: This paper suggests a way of aligning two economically related, but sometimes antinomic in interests goals: enterprise performance indicators and respectively connected pay system using goal-based motivational design. Responding to this, the aspects of enterprise performance/pay relations are analysed through the links specifically between net revenue and labour productivity, from one side, and structural components of remuneration, from the other. The sample includes nineteen public forest enterprises, in Transcarpathia, Western Ukraine, and represents the total number of the forest enterprises with similar activities. The research results contribute to the enterprise performance-pay theorisation by adding (1) a generalised regional relational model aiming at measuring functionality of existing connections between enterprise performance and structural components of total wage remunerations, and (2) developed an adaptive regional relational model of enterprise-goals-linked pay with differentiated levels of defined links.
Keywords: Transcarpathia, Remuneration Structure, Enterprise-Performance-Related Pay, Ukraine
JEL classification: J31, R19, Q23

Open Access Article SciPap-1320
The COVID-19 Pandemic in the Czech Republic and Slovakia
by Daniel Klimovsky, Juraj Nemec, Geert Bouckaert

Abstract: This special issue was envisaged to cover diverse scholarly contributions of an empirical nature that focus on various questions linked to the COVID-19 crisis in the Czech Republic and Slovakia. The choice of countries was intentional; after all, the Czech Republic and Slovakia both experienced controversial developments during 2020. The COVID-19 pandemic found them unprepared and inexperienced in the field of serious epidemics yet also saw them gain international recognition for the very positive results gained from their initial responses. The second half of 2020 provided a very different story. Both countries were hard hit by the epidemics immediately after the summer, and the situation worsened month by month. These negative developments escalated at the end of 2020 and in early 2021 when the number of new cases rapidly increased and the total number of patients at risk of dying began to exceed the capacities of public hospitals. This summary offers an overview of the research by authors included in this special issue. It compares their findings with the results of others in order to suggest a set of policy implications that are based on empirical analyses. There is also an attempt to estimate several avenues of further multi-disciplinary research focusing on the COVID-19 pandemic and relevant policy responses. Within this context, this special issue is useful for both researchers and policy makers.
Keywords: Policy Response, Policy Making, Covid-19, Slovakia, Czech Republic
JEL classification: E61, H12, H72, H75

Open Access Article SciPap-1315
Practical Strategies to Improve National Competitiveness
by Denis Syromyatnikov, Pavel Konev, Mikhail Popov, Naila Sultanova

Abstract: Today, the global community is faced with a new vision of the economy that aims to coordinate public policies with the purpose of ensuring sustainable growth to facilitate economic recovery under the current conditions and after the COVID-19 pandemic. The purpose of the study is to create a basic typology of strategies to improve national competitiveness in the context of globalization. The research methodology includes a comparison of economic development models and strategies for different countries around the world and an analysis of data from international organizations. The benchmarking of national strategies is based on the measurements’ evaluation for three groups of the GCI index components. The originality of the study stems from the fact that it proposed choosing a strategy for the development of the national economy with account taken of the level of its economic development. The strengths and weaknesses of competitiveness in the profile of the economy are identified and, whereby, a strategy to increase national competitiveness is chosen, according to the results of this analysis. The results of the study showed that the American model of economic development is the most competitive one among the examined models. In addition, the paper shows that the application of practical strategies for social integration, as well as mergers and acquisitions, will contribute to enhancing the national competitiveness in the context of economic growth and raising the living standards of the population. The findings of this research provide practical guidance for related professionals attempting to choose a suitable public policy to form effective and holistic national strategies and monitor the country’s progress over time.
Keywords: Strategic Decisions, Market Globalization, Identity Politics, Optimal Balance, Economic Models
JEL classification: F01, F63, M21

Open Access Article SciPap-1289
The International Monetary System: New Evidence Concerning a Transition to Multipolarity
by Vojtěch Sadil, Juraj Sipko

Abstract: This article focuses on the transition of the international monetary system to a multipolar structure. The international monetary system continuously evolves, reflecting developments in the world economy. The main problem of the current international monetary system is its dependence on one key currency which still remains the US dollar. The authors of this study address the issue of a transition towards a multipolar system by examining currency concentration. The primary objective of this work is to establish whether or not the current international monetary system shows signs of transitioning towards multipolarity. To achieve this, the authors have used tools measuring the level of market concentration. The change of polarity of the international monetary system is analysed with concentration ratios and the Herfindahl-Hirshmann index. The theoretical part focuses on definitions of key terms essential for this study, such as international monetary system, currency polarity, global currency, and currency concentration. For the practical part, data were sourced from the databases of global institutions, namely the International Monetary Fund (IMF), Bank for International Settlements (BIS), Society for Worldwide Interbank Financial Telecommunications (SWIFT) and the European Central Bank (ECB). This part focuses on a period of time between 2001 and 2019, and the results indicate that the current international monetary system shows signs of transitioning towards a multipolar structure. The level of currency concentration of the key reserve currencies dropped slightly, although not enough to cause a qualitative change of the current international monetary system. This study may serve as a base for future research on this topic.
Keywords: Exchange Rates., Global Currency, Multipolarity, Currency Concentration, International Monetary System
JEL classification: F01, F33

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-1282
The Impact of Sensory Marketing on Street Food for the Return of International Visitors: Case Study in Vietnam
by Sinh Duc Hoang, Zuzana Tučková

Abstract: This research was conducted to check the impact of factors related to sensory marketing on street food to the return of international visitors in Ho Chi Minh city (HCMC). The study applied the PLS-SEM model to estimate with five scales groups of factors related to sensory marketing (such as visual, tactile, auditory, olfactory, and flavorful factors). And using the surveyed and cleaned up data with reliable information of 250 international tourists in HCMC in 2020. The research results found that all factors in the proposed research model have a positive statistically significant effect on visitor satisfaction on street food. And then, street food satisfaction continues having a positive effect on the return to HCMC. The degree of influence of Sensory marketing factors on street food to Visitor satisfaction in descending order is as follows: (1) The smell of street food; (2) the sound of the food and drink shops, street vendors; (3) taste of street food; (4) sight of street food; (5) Tourist’s touch to the equipment and street vendors. This paper contributes to provide more empirical evidence to fill the current research gaps regarding the impact of sensory marketing on revisit decisions in Vietnam. Moreover, this really usefull for HCMC tourism to build a marketing strategy, design marketing programs on cuisine suited to promote, attract more international tourists to return in the future.
Keywords: Ho Chi Minh City., Street Food, International Tourists, Return Decision, Revisit Decisions, Visitor Satisfaction, Sensory Marketing
JEL classification: Z32, M31

Open Access Article SciPap-1280
A Hybrid Fuzzy Approach for Industry Competition Analysis
by Valeriy Balan, Vasyl Pryimak, Inna Tymchenko

Abstract: We offer a hybrid approach to strategic diagnostics of the industry competition based on the application of M. Porter’s model of five forces, tools of logical-linguistic modelling, and fuzzy-set theory. Two complementary calculation schemes were developed to assess the level of competition in the industry. The first of them is based on fuzzy multicriteria analysis using the Fuzzy SAW method, the second is based on the construction of a logical-linguistic model with fuzzy expert knowledge bases and the use of fuzzy inference using the Mamdani algorithm. Fuzzy numbers in triangular form with triangular membership functions are used to represent the linguistic assessments of experts, and the CoA (Center of Area) method is used to defuzzify the obtained values. The study proposes to implement the model in the form of a framework in Excel. The model consists of units for entering information received from experts in the form of linguistic assessments of the factors importance of each of five forces of M. Porter’s model and forces themselves and linguistic assessments of the influence level of each of these factors, transformation unit of these estimates into fuzzy numbers, written in a triangular form with the corresponding membership functions, aggregation blocks of fuzzy estimates, a unit for determining the weighting of the factors of each of the 5 forces and the importance of each of these forces, a unit for calculating fuzzy values of the influence level of each of the 5 forces of the M. Porter’s model and the general level of competition in the industry, unit for the implementation of fuzzy inference according to the Mamdani algorithm, defuzzification unit of these values. The framework allows simulation, depending on the modification of the list of certain factors of the external environment and the correction of experts’ considerations. Fuzzy bar diagrams and a fuzzy pentagon are constructed, which reflect the level of competition in the industry for each of M. Porter’s model, and allow calculating the fuzzy value of the integral level based on a weighted assessment of the impact of each of these forces with the subsequent defuzzification of this value.
Keywords: Mamdani Fuzzy Inference System, Fuzzy Knowledge Bases, Logical-Linguistic Model, Fuzzy Saw-Method, Porter’s Force Assessment Model, Term-Set, Linguistic Variables, Fuzzy Multicriteria Analysis, Fuzzy Sets
JEL classification: C51, C63, D04

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-1268
A Bibliometric Analysis of Artificial Intelligence Technique in Financial Market
by Zuzana Janková

Abstract: This article aims to explore the main areas of research, development trends and provide a systematic overview of publications in the field of artificial intelligence in financial markets. The bibliometric tool VOSViewer is used in this paper. We analyzed 353 articles and contributions obtained from the database of Web of Science, and summarized our findings as follows: artificial intelligence is becoming increasingly widespread in the field of finance and interdisciplinary interconnection; artificial intelligence tools such as neural networks and fuzzy logic are most often used to predict the development of financial time series, or to create decision models; the most important cited authors in this field are Markowitz and Lebaron. Expert System with Application is the cradle of a significant part of fundamental research in the field of artificial intelligence. By using effective bibliometric methods, we provide comprehensive analysis and in-depth insight into the subject area of research, which allows individuals and especially new beginners interested in this area to obtain valuable information and possible direction of future research. The study is recommended to focus on hybrid models prediction of individual sectors of the financial markets, which are present in the current research on the rise.
Keywords: Stock Market., Financial Market, Bibliometric Analysis, Ai, Artificial Intelligence, Neural Network, Ann, Fuzzy Logic
JEL classification: G12, G15, G17

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: Cultural Policy, Cultural And Creative Industries, Pandemic
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