Browsing by Author "Hake, Mariya"

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  • Hake, Mariya; Poyntner, Philipp (2020)
    BOFIT Discussion Papers 3/2020
    This paper constitutes an initial attempt to shed light on the role of income distribution in household debt and financial market access in Central, Eastern and Southeastern Europe (CESEE). Using household-level data from the OeNB’s Euro Survey for the period 2009-2018, we address the question whether interpersonal comparisons (“keeping up with the CESEE Joneses" i.e. "the Novaks”) affect the probability of having and planning a loan. Applying multilevel probit modeling to take into account the hierarchical structure of the data, our results support the notion that higher income inequality is negatively correlated with the probability of having a loan at the bottom of the distribution, and positively at the top. We show this impact for almost all components of household debt, but evidence is strongest for mortgage, car and foreign currency loans. Interpersonal comparisons turn out to drive loan intentions, however, mainly on the very top of the income distribution.
  • Hake, Mariya; Radzyner, Alice (2019)
    BOFIT Policy Brief 1/2019
    Although the European Union (EU) countries constitute the largest trade partner and investor of the Western Balkan economies, economic exposure in terms of trade and investments to Turkey, Russia and China has been on the rise in the past decade. Turkey is among the top trading partners of Serbia and Bosnia and Herzegovina, while its investments in the banking sectors in the rest of the Western Balkan economies is gaining also in importance. Going further, the trade volume with Russia is overall small except for Serbia, however, Russian investments are sizable in key sectors (e.g energy, real estate) in Montenegro and Bosnia and Herzegovina. Financial and economic ties with China have intensified particularly between 2015 and 2017, not least because the region is part of the New Silk Road and the so-called “16+1 format”. China invests in regional infrastructure, such as ports, railroads and highways mainly in Albania, Bosnia and Herzegovina, FYR Macedonia, Montenegro and Serbia. Overall, the growing influence of non-EU global players poses an additional pressure on the EU to thoroughly follow its Western Balkan strategy.