ESC
Web of Science

Listed in Journal Citation Reports (JCR) and is ranked in Q3 (199/301) of Category BUSINESS by Journal Citation Indicator (JCI)

Clarivate

 
Source: Journal Citation ReportsTM from ClarivateTM 2022

Entrepreneurship and Sustainability Issues Open access
Journal Impact FactorTM (2022) 1.7
Journal Citation IndicatorTM (2022) 0.42
Enter to ENTREPRENEURSHIP AND
SUSTAINABILITY CENTER page

Enter to INSIGHTS INTO REGIONAL
DEVELOPMENT page

Navigation

Membership:

Crossref

OASPA

iThenticate

Recommended tools:

Get Mendeley Web Importer: Mendeley

Register for an ORCID iD (for authors and reviewers): ORCID

Join a global community of researchers using Kudos: Kudos

Get Adobe Acrobat Reader

Share: Facebook LinkedIn Twitter Add this article to your Mendeley library
HTML PDF
DOI 10.9770/jesi.2023.11.2(3)
Reference to this article should be made as follows:
Vochozka, M.; Škapa, S.; Apanovych, Y. 2023. Changes in real income of households in the Czech Republic due to the Russian invasion of Ukraine, Entrepreneurship and Sustainability Issues 11(2): 37-53. https://doi.org/10.9770/jesi.2023.11.2(3)
Received: 2023-07-15  |  Accepted: 2023-10-15  |  Published: 2023-12-30

Title

Changes in real income of households in the Czech Republic due to the Russian invasion of Ukraine

Abstract

The objective of the paper was to assess the impact of the invasion of Ukraine by the Russian Federation on real household income in the Czech Republic. The research methods used in the study include content analysis, seasonal modification of SARIMA, and discounting method, specifically NPV. Data were collected from publicly available sources of the Czech Statistical Office. Based on a content analysis of the macroeconomic indicators under study, inflation and gross monthly household income were selected to examine further development of real household income in the Czech Republic. Based on historical data, the SARIMA model made statistically relevant forecasts of the selected variables for the "pre-war" year 2022. Comparing real and forecast data, it was confirmed that the Russian invasion of Ukraine (from 24th February 2022 onwards) has shown how vulnerable the European financial system is to external shocks, which can be observed in significant inflationary changes. The ability of the SARIMA model to handle a larger range of data and accurately determined seasonality was demonstrated in forecasting the development of real household income. The identified economic consequences of deviations of the real and forecast figures in the "pre-war" period showed new realities in turbulent economic conditions. In order to further expand the research, combining the applied method with other analytical tools can be recommended. Moreover, it is advisable to include new relevant variables in the model. This would allow understanding better and forecasting the development of real household income in the context of current economic events.

Keywords

prediction, inflation, household income, invasion, Ukraine

JEL classifications

M21 , E31 , E61

URI

http://jssidoi.org/jesi/article/1125

DOI

DOI 10.9770/jesi.2023.11.2(3)

Pages

37-53

Funding

This is an open access issue and all published articles are licensed under a
Creative Commons Attribution 4.0 International License

Authors

Vochozka, Marek
DTI University, Dubnica nad Váhom, Slovakia http://www.dti.sk
Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic https://www.vstecb.cz
Articles by this author in: CrossRef |  Google Scholar
Škapa, Stanislav
Brno University of Technology, Brno, Czech Republic https://www.vutbr.cz
Articles by this author in: CrossRef |  Google Scholar
Apanovych, Yelyzaveta
Institute of Technology and Business in České Budějovice, České Budějovice, Czech Republic https://www.vstecb.cz
Articles by this author in: CrossRef |  Google Scholar

Journal title

Entrepreneurship and Sustainability Issues

Volume

11

Number

2

Issue date

December 2023

Issue DOI

DOI 10.9770/jesi.2023.11.2

ISSN

ISSN 2345-0282 (online)

Publisher

VšĮ Entrepreneurship and Sustainability Center, Vilnius, Lithuania

Cited

Google Scholar

Article views & downloads

HTML views: 483  |  PDF downloads: 258

References

Al-Zoubi, H. A., O'Sullivan, J. A., & Alwathnani, A. M. (2018). Business Cycles, Financial Cycles and Capital Structure. Annals of Finance, 14(1), 105-123. https://doi.org/10.1007/s10436-017-0306-z

Search via ReFindit

Ali, M., Alam, N., & Rizvi, S. A. R. (2020). Coronavirus (COVID-19) - An Epidemic or Pandemic for Financial Markets. Journal of Behavioral and Experimental Finance, 27, 100341. https://doi.org/10.1016/j.jbef.2020.100341

Search via ReFindit

Aliu, F., Hašková, S., & Bajra, U. Q. (2022). Consequences of Russian invasion on Ukraine: evidence from foreign exchange rates. The Journal of Risk Finance, 40–58. https://doi.org/10.1108/JRF-05-2022-0127

Search via ReFindit

Androniceanu, A. (2021). Transparency in public administration as a challenge for a good democratic governance. Administratie si Management Public, 36, 149-164. https://doi.org/10.24818/amp/2021.36-09

Search via ReFindit

Androniceanu, A. (2023). The new trends of digital transformation and artificial intelligence in public administration. Administratie si Management Public, 40, 147-155. https://doi.org/10.24818/amp/2023.40-09

Search via ReFindit

Androniceanu, A., & Georgescu, I. (2023a). Public administration digitalisation and government effectiveness in EU countries. Central European Public Administration Review, 21(1), 7-30. https://doi.org/10.17573/cepar.2023.1.01

Search via ReFindit

Androniceanu, A., & Georgescu, I. (2023b). The impact of CO2 emissions and energy consumption on economic growth: a panel data analysis. Energies, 16(3), 1342; https://doi.org/10.3390/en16031342

Search via ReFindit

Androniceanu, A., & Sabie, O.M. (2022). Overview of green energy as a real strategic option for sustainable development. Energies, 15(22), 8573. https://doi.org/10.3390/en15228573

Search via ReFindit

Arjunan, K. (2022). A New Method to Estimate NPV and IRR from the Capital Amortization Schedule and the Advantages of the New Method. Australasian Accounting Business and Finance Journal, 16(6), 23-44.

Search via ReFindit

Arner, D. W., Avgouleas, E., & Gibson, E. C. (n.d.). COVID-19, Macroeconomic and Sustainability Shocks, Moral Hazard and Resolution of Systemic Banking Crises: Designing Appropriate Systems of Public Support. European Business Organization Law Review. https://doi.org/10.1007/s40804-022-00255-1

Search via ReFindit

Ashta, A. (2021). Towards a New Form of Undemocratic Capitalism: Introducing Macro-Equity to Finance Development Post COVID-19 Crisis. Journal of Risk and Financial Management, 14(3), 116. https://doi.org/10.3390/jrfm14030116

Search via ReFindit

Astrov, V., Ghodsi, M., Grieveson, R., Holzner, M., Kochnev, A., Landesmann, M., Pindyuk, O., Stehrer, R., Tverdostup, M., & Bykova, A. (2022). Russia’s Invasion of Ukraine: Assessment of the Humanitarian, Economic, and Financial Impact in the Short and Medium Term. International Economics and Economic Policy, 19(2), 331-381. https://doi.org/10.1007/s10368-022-00546-5

Search via ReFindit

Babecky, J., Franta, M., & Rysanek, J. (2018). Fiscal Policy within the DSGE-VAR Framework. Economic Modelling, 75, 23-37. https://doi.org/10.1016/j.econmod.2018.06.005

Search via ReFindit

Battiston, S., Farmer, J. D., Flache, A., Garlaschelli, D., Haldane, A. G., Heesterbeek, H., Hommes, C., Jaeger, C., May, R., & Scheffer, M. (2016). COMPLEX SYSTEMS Complexity Theory and Financial Regulation. Science, 351(6275), 818-819. https://doi.org/10.1126/science.aad0299

Search via ReFindit

Belas, J., Strnad, Z., Gavurova, B., Cepel, M. (2019). Business environment quality factors research – SME management's platform. Polish Journal of Management Studies, 20(1), 64-77. https://doi.org/10.17512/pjms.2019.20.1.06

Search via ReFindit

Bloom, N. (2014). Fluctuations in Uncertainty. Journal of Economic Perspectives, 28(2), 153-175. https://doi.org/10.1257/jep.28.2.153

Search via ReFindit

Boyer, R. (2018). Marx’s Legacy, Regulation Theory and Contemporary Capitalism. Review of Political Economy, 30(3), 284-316. https://doi.org/10.1080/09538259.2018.1449480

Search via ReFindit

Braunerhjelm, P. (2022). Rethinking Stabilization Policies; Including Supply-Side Measures and Entrepreneurial Processes. Small Business Economics, 58(2), 963-983. https://doi.org/10.1007/s11187-021-00520-6

Search via ReFindit

Cavallari, L. (2022). The International Real Business Cycle When Demand Matters. Journal of Macroeconomics, 73, 103445. https://doi.org/10.1016/j.jmacro.2022.103445

Search via ReFindit

Čermáková, K., Hromada, E., & Machová, V. (2022). Comparison of Property Price Development in Regions Affected by Mining with Other Regions of the CR. Acta Montanistica Slovaca, 27(2), 491-504. https://doi.org/10.46544/AMS.v27i2.16

Search via ReFindit

Chin, K.-H. (2022). Inflation Persistence and Monetary Policy: DSGE-VAR Approach. Manchester School, 90(6), 715-729. https://doi.org/10.1111/manc.12420

Search via ReFindit

Della Posta, P., & Morroni, M. (2022). The Credibility of Monetary Policy and the Fiscal Response to the Pandemic in the Eurozone. Evolutionary and Institutional Economics Review, 19(1), 77-96. https://doi.org/10.1007/s40844-021-00226-0

Search via ReFindit

Demchenko, I., & Iatsukh, O. (2018). The Problem of Unprofitable Activity of Enterprises in Ukraine. Baltic Journal of Economic Studies, 4(2), 64-69. https://doi.org/10.30525/2256-0742/2018-4-2-64-69

Search via ReFindit

Egrioglu, E., Bas, E., Cansu, T., & Kara, M. A. (n.d.). A New Nonlinear Causality Test Based on Single Multiplicative Neuron Model Artificial Neural Network: A Case Study for Turkey. Neural Computing and Applications. https://doi.org/10.1007/s00521-023-06679-6

Search via ReFindit

Ferrández Serrano, V., & Angosto-Fernández, P. L. (2022). A Russian Carol: Impact and Dependence on Global Equity Markets during the Ukraine Invasion. Journal of Economic Studies. https://doi.org/10.1108/JES-06-2022-0364

Search via ReFindit

Gavurova, B., Belas, J., Bilan, Y., & Horak, J. (2020). Study of legislative and administrative obstacles to SMEs business in the Czech Republic and Slovakia. Oeconomia Copernicana, 11(4), 689-719. https://doi.org/10.24136/oc.2020.028

Search via ReFindit

Gavurova, B., Schonfeld, J., Bilan, Y., & Dudas, T. (2022). Study of the Differences in the Perception of the Use of the Principles of Corporate Social Responsibility in Micro, Small and Medium-Sized Enterprises in the V4 Countries. Journal of Competitiveness, 14(2), 23–40. https://doi.org/10.7441/joc.2022.02.02

Search via ReFindit

Gavurova, B., Soltes, M., & Kovac, V. (2017). Application of cluster analysis in process of competitiveness modelling of Slovak Republic regions. Transformations in Business & Economics, 16(3).

Search via ReFindit

Geltner, D., Kumar, A., & Van de Minne, A. M. (2023). Is There Super-Normal Profit in Real Estate Development? Journal of Real Estate Research. https://doi.org/10.1080/08965803.2022.2069331

Search via ReFindit

Godechot, O., Neumann, N., Apascaritei, P., Boza, I., Hallsten, M., Henriksen, L., Hermansen, A., et al. (2022). Ups and Downs in Finance, Ups without Downs in Inequality. Socio-Economic Review. https://doi.org/10.1093/ser/mwac036

Search via ReFindit

Gresova, E., & Svetlik, J. (2021). Simulation Modeling of the Czech Republic Economy with Development Forecasting. Mm Science Journal, 2021, 4463-4467. https://doi.org/10.17973/MMSJ.2021_6_2021047

Search via ReFindit

Haq, M., Tripe, D., & Seth, R. (2022). Do Traditional Off-Balance Sheet Exposures Increase Bank Risk? Journal of International Financial Markets, Institutions & Money, 80, 101627. https://doi.org/10.1016/j.intfin.2022.101627

Search via ReFindit

Irtyshcheva, I., Kramarenko, I., & Sirenko, I. (2022). The Economy of War and Postwar Economic Development: World and Ukrainian Realities. Baltic Journal of Economic Studies, 8(2), 78-82. https://doi.org/10.30525/2256-0742/2022-8-2-78-82

Search via ReFindit

James, N., Menzies, M., & Chin, K. (2022). Economic State Classification and Portfolio Optimisation with Application to Stagflationary Environments. Chaos, Solitons & Fractals, 164, 112664. https://doi.org/10.1016/j.chaos.2022.112664

Search via ReFindit

Johannesson, J., & Clowes, D. (2022). Energy Resources and Markets - Perspectives on the Russia-Ukraine War. European Review, 30(1), 4-23. https://doi.org/10.1017/S1062798720001040

Search via ReFindit

Jondeau, E., & Rockinger, M. (2019). Predicting Long-Term Financial Returns: VAR versus DSGE Model - A Horse Race. Journal of Money, Credit and Banking, 51(8), 2239-2291. https://doi.org/10.1111/jmcb.12586

Search via ReFindit

Karel, T., & Hebak, P. (2018). Forecasting Czech GDP Using Bayesian Dynamic Model Averaging. International Journal of Economic Sciences, 7(1), 65-81. https://doi.org/10.20472/ES.2018.7.1.004

Search via ReFindit

Kocourek, A., Simanova, J., & Smida, J. (2016). Estimation of Regional Price Levels in the Districts of the Czech Republic. Statistika-Statistics and Economy Journal, 96(4), 56-70.

Search via ReFindit

Krkoskova, R. (2019). Modelling Macroeconomic Aggregates of the Czech and Slovak Economies Using VAR Models. Politicka Ekonomie, 67(6), 593-610. https://doi.org/10.18267/j.polek.1262

Search via ReFindit

Liang, F., Zhang, H., & Fang, Y. (2022). The Analysis of Global RMB Exchange Rate Forecasting and Risk Early Warning Using ARIMA and CNN Model. Journal of Organizational and End User Computing, 34(8). https://doi.org/10.4018/JOEUC.300762

Search via ReFindit

Lichner, I., Lyocsa, S., & Vyrostova, E. (2022). Nominal and Discretionary Household Income Convergence: The Effect of a Crisis in a Small Open Economy. Structural Change and Economic Dynamics, 61, 18-31. https://doi.org/10.1016/j.strueco.2022.02.004

Search via ReFindit

Liu, J., Zhao, Z., Zhong, Y., Zhao, C., & Zhang, G. (2022). Prediction of the Dissolved Gas Concentration in Power Transformer Oil Based on SARIMA Model. Energy Reports, 8, 1360-1367. https://doi.org/10.1016/j.egyr.2022.03.020

Search via ReFindit

Lu, B., Yang, M., Cumming, R. G., & Stanaway, F. F. (2020). Falls and Impact on Disability and Healthy Life Expectancy in China: Evidence from the China Health and Retirement Longitudinal Survey (CHARLS). China Economic Review, 61, 101426. https://doi.org/10.1016/j.chieco.2020.101426

Search via ReFindit

Lytvynova, I., Ignatyuk, A., Knir, M., & Liubkina, O. (2022). The Impact of the War with Russia on the Export/Import of Ukraine and Possible Tools to Restore the Ukrainian Economy. Amazonia Investiga, 11(53), 16-25. https://doi.org/10.34069/AI/2022.53.05.2

Search via ReFindit

Martin-Rios, C., & Pasamar, S. (2018). Service Innovation in Times of Economic Crisis: The Strategic Adaptation Activities of the Top EU Service Firms. R&D Management, 48(2), 195-209. https://doi.org/10.1111/radm.12276

Search via ReFindit

Mauersberger, F., Nagel, R., & Buehren, C. (2020). Bounded Rationality in Keynesian Beauty Contests: A Lesson for Central Bankers? Economics-The Open Access Open-Assessment E-Journal, 14. https://doi.org/10.5018/economics-ejournal.ja.2020-16

Search via ReFindit

Moosa, I. A., & Merza, E. (2022). The Effect of COVID-19 on Foreign Direct Investment Inflows: Stylised Facts and Some Explanations. Future Business Journal, 8(1), 20. https://doi.org/10.1186/s43093-022-00129-5

Search via ReFindit

Musil, P., & Kramulova, J. (2019). Development of Regional Price Levels in the Czech Republic. In M. Boda, V. Mendelova, & M. Grausova (Eds.), Proceedings of the 22nd International Scientific Conference on Applications of Mathematics and Statistics in Economics (Amse 2019). Paris: Atlantis Press, 30-38. https://www.webofscience.com/wos/woscc/full-record/WOS:000558637800004

Search via ReFindit

Osicka, J., & Cernoch, F. (2022). European Energy Politics after Ukraine: The Road Ahead. Energy Research & Social Science, 91, 102757. https://doi.org/10.1016/j.erss.2022.102757

Search via ReFindit

Radchenko, O., Tulush, L., & Leontovych, S. (2023). Financial instruments for ensuring national security: experience of Ukraine in military conditions. Insights into Regional Development, 5(1), 10-25. https://doi.org/10.9770/IRD.2023.5.1(1)

Search via ReFindit

Santos, A. D., Silva, N. T., & Castela, G. (2019). A Costatis Approach to Business Sustainability in Turbulent Environments from 2008 to 2014. International Journal for Quality Research, 13(4), 887-900. https://doi.org/10.24874/IJQR13.04-10

Search via ReFindit

Shen, Y., Shi, X., & Padinjare Variam, H. M. (2018). Risk Transmission Mechanism between Energy Markets: A VAR for VaR Approach. Energy Economics, 75, 377-388. https://doi.org/10.1016/j.eneco.2018.08.027

Search via ReFindit

Shkurupii, O., Pedchenko, N., Shymanovska-Dianych, L., Yakhno, T., & Franko, L. (2021). Macroeconomic Effect of Corporate Social Responsibility: Ukraine's International Status. Financial and Credit Activity-Problems of Theory and Practice, 6(41), 318-328. https://doi.org/10.18371/fcaptp.v6i41.251464

Search via ReFindit

Soltes, V., & Gavurova, B. (2014). Innovation policy as the main accelerator of increasing the competitiveness of small and medium-sized enterprises in Slovakia. International Conference on Emerging Markets Queries in Finance and Business, Oct. 24-27, 2013. Emerging Markets Queries in Finance and Business (EMQ 2013). Edited by: Stefan, D; Comes, CA; Munteanu, A; Nistor, P; Stefan, AB. Procedia Economics and Finance, 15, 1478-1485. 00614-5 https://doi.org/10.1016/s2212-5671(14)

Search via ReFindit

Soltes, V., & Gavurova, B. (2015). Modification of Performance Measurement System in the Intentions of Globalization Trends. Polish Journal of Management Studies, 11(2), 160-170.

Search via ReFindit

Teplova, T., & Ruzanov, D. P. (2019). One Approach for Backtesting VaR Specifications in the Russian Stock Market. Inžinerinė Ekonomika-Engineering Economics, 30(1), 32-40. https://doi.org/10.5755/j01.ee.30.1.17795

Search via ReFindit

Tevdovski, D., Petrevski, G., & Bogoev, J. (2019). The Effects of Macroeconomic Policies under Fixed Exchange Rates: A Bayesian VAR Analysis. Economic Research-Ekonomska Istraživanja, 32(1), 2138-2160. https://doi.org/10.1080/1331677X.2019.1579661

Search via ReFindit

Tran, N. V. (2022). Understanding Household Consumption Behaviour: What Do We Learn from a Developing Country? B E Journal of Economic Analysis & Policy, 22(4), 801-858. https://doi.org/10.1515/bejeap-2022-0036

Search via ReFindit

Vasile, V., Panait, M., & Apostu, S. A. (2021). Financial Inclusion Paradigm Shift in the Postpandemic Period. Digital-Divide and Gender Gap. International Journal of Environmental Research and Public Health, 18(20), 10938. https://doi.org/10.3390/ijerph182010938

Search via ReFindit

Vochozka, M., Horak, J., & Krulicky, T. (2020). Innovations in Management Forecast: Time Development of Stock Prices with Neural Networks. Marketing and Management of Innovations, 2, 324-339. https://doi.org/10.21272/mmi.2020.2-24

Search via ReFindit

Vrbka, J., Machova, V., & Turkova, M. (2018). Evaluation of the stock prices of a concrete company. In 9th International Scientific Conference "Company Diagnostics, Controlling and Logistic".

Search via ReFindit

Westerhout, E., Meijdam, L., Ponds, E., & Bonenkamp, J. (2022). Should We Revive PAYG? On the Optimal Pension System in View of Current Economic Trends. European Economic Review, 148, 104227. https://doi.org/10.1016/j.euroecorev.2022.104227

Search via ReFindit

Zhang, X., Wu, X., Zhu, G., Lu, X., & Wang, K. (2022). A Seasonal ARIMA Model Based on the Gravitational Search Algorithm (GSA) for Runoff Prediction. Water Supply, 22(8), 6959-6977. https://doi.org/10.2166/ws.2022.263

Search via ReFindit

Zubikova, A., & Smolak, P. (2022). Macroeconomic Impacts of the Covid-19 Pandemic in the Czech Republic in the Period of 2020-2021. International Journal of Economic Sciences, 11(1), 117-145. https://doi.org/10.52950/ES.2022.11.1.008

Search via ReFindit

SUBMIT YOUR ARTICLE

Browse

RSS FEEDS


Archived in:
CLOCKSS


Recognized by:
National Agency for the Evaluation of Universities and Research Institutes


Flag Counter

qr code