doc. Ing. Jana Kotlebová, PhD.

Participation in conducting (leading) the most important research projects or art projects over the last six years

APVV-20-0359 Covid-19 pandemic, macroeconomic development, food security and household wellbeing, 1.7.2021 - 30.6.2024 member of research team. In this project we focus on the effects of the crisis on welfare of consumers, food security, commodity and food prices, as well as on functioning of food supply chains. The project will study mainly the countries of Central and Eastern Europe and Slovakia in particular. Recent Household Finance and Consumption Survey microdatawill be used to quantify marginal propensity to save and to consume, households’ risk of falling into poverty and insolvency using state of the art microeconometric techniques. Demand models will be applied to Household budget survey data to estimate recent demand elasticities, which will be then employed to simulate the effect of food price volatility and other economic uncertainty (such as changes in employment of household member and shocks to household income) on household welfare changes. We will also use the estimated demand model parameters and predicted budget shares to simulate the effects of the pandemic on diet quality, which is one of the measures of food security and building on the household model of health production we will link the households’ diets to the health outcomes. Recent crisis has a strong effect on volatility of commodity and food prices which we will study using complex time-series econometric methods. The project will also investigate the effects of crisis on the efficiency of functioning of food supply chains and specifically on horizontal and vertical price transmission.

SAV/APVV-15-0666 Capital Flight and its Impact on the Slovak Economy - 1.7.2016-31.12.2019 member of research team In the context of liberalization of global capital mobility, sophisticated world financial systems and expansion of information and communication technology, capital flight appears to be of the main bottlenecks not only for developing but also for advanced economies as well. This trend has been worsening during and in the aftermath of the global economic and financial crisis. While estimates on the size of capital exist for some developing countries (Global Financial Integrity, World Bank), there is almost none when it comes to advanced countries including Slovakia. The proposed project contributes in advancing the underlined topic to a new level in three ways. The first contribution of the project is in modifying existing methods to estimate the size of capital flight from Slovakia and EU member states. The major added value of the project is the introduction of new models that have not been used so far to estimate the size of capital flight (input-output model, flow of funds analysis, and network analysis). Furthermore, the project identifies and quantifies the macroeconomic factors (determinants) that provoke capital flight (using logit model, cointegration, Granger causality, VAR and VECM models). Thirdly, the project estimates the macroeconomic consequences of capital flight for the Slovak economy and other EU member states using growth models. Lastly, the project offers a macroeconomic framework of understanding the phenomena of capital flight in the era of relatively free global capital mobility across countries and summarizes some policy recommendations to curb if not eliminate the size of capital flightfrom Slovakia and EU member states.

VEGA 1/0221/21 Interest rates in the environment with central bank digital currency, 2021-2023, main investigator. So far, the concept of central bank digital currency (CBDC) has not been finalized or implemented. The sheer volume of different CBDC designs requires a more detailed analysis of their effects on the monetary policy (MP) transmission, as well as on price and finan. stability. CBDC implementation would significantly alter the functioning of the finan. system. It is therefore crucial to investigate the changes to the interest rates – as the inter. rate transmission channel of MP would be extended by the CBDC’s interest rates, which could be used to regulate the demand for CBDC, but which could potentially also play an important role in helping to attain the MP objectives. As price of money, inter. rates affect the functioning of each segment of the finan. market. The project focuses on the study of potential benefits and dangers for bank. sector, finan. markets and real economy, which could be associated with the modification of the inter. rate transmission process of MP in the EA19 due to CBDC implementation.

APVV 23-0329 Financial literacy and information sources: how to improve the financial decisions? – 2024- 2026 – member of research team. The main overall objective of the proposed project is to explore the interplay between financial awareness (literacy) and seeking financial information/advice that consumers use to make informed financial decisions.

VEGA 1/0639/24 Financial innovations, digitalization and financial literacy as accelerators of economic recovery in a competitive environment with economic imbalances. 2024- 2026 - main investigator. After more than a decade of monetary easing, the ECB approaches monetary policy of a restrictive type. The recovery and sustainability of economic growth are threatened by high inflation. The effectiveness of the monetary policy in the EA hits an evident heterogeneity in the development at the level of individual economies as well as their individual economic sectors. At the same time, the process of digitalization and financial innovations is taking place intensively in the background. Long-standing economic inequalities with higher intensity reveal landmines in the form of an increased risk of renewed economic turbulence. Financial innovations associated with digitalization call for a higher level of systemic protection as well as financial literacy. The ability to adapt to new technological challenges and manage existing risks is crucial in a strong competitive environment. The aim of the project is to reveal gaps in the financial literacy of households due to the opportunities brought by financial digitalization and related innovations and to propose measures that would increase financial knowledge and positively influence investment decisions towards economic recovery.