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    <link>https://hdl.handle.net/10419/142475</link>
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    <pubDate>Tue, 28 Apr 2026 15:29:43 GMT</pubDate>
    <dc:date>2026-04-28T15:29:43Z</dc:date>
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      <title>Innovation-friendly taxation of multinational enterprises: Patents in the context of growth and taxes</title>
      <link>https://hdl.handle.net/10419/339281</link>
      <description>Title: Innovation-friendly taxation of multinational enterprises: Patents in the context of growth and taxes
Authors: Lukšič, Jan; Peschner, Jörg; Piroli, Giuseppe
Abstract: We find that patents registered by multinational enterprises (MNEs) in tax havens help avoid taxes in the EU but fail to increase the total factor productivity (TFP) of EU-located group members. We conclude that many of those patents' prime purpose is not to make technology available and then diffuse it smoothly within the group. It is rather to avoid taxes in the EU by shifting profits to low-tax offshore entities. We suggest that implementing a comprehensive system of withholding taxes on outbound royalty payments could reduce profit-shifting associated with patents, thereby fostering more innovative and efficient uses of intellectual property.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
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      <dc:date>2026-01-01T00:00:00Z</dc:date>
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      <title>The complex trilogy of shadow economy, inflation, and economic growth</title>
      <link>https://hdl.handle.net/10419/339233</link>
      <description>Title: The complex trilogy of shadow economy, inflation, and economic growth
Authors: Rdhaounia, Narimen; El Weriemmi, Malek; Kouni, Mohamed
Abstract: This article investigates the dynamic interrelationships between the shadow economy, inflation, and economic growth in 15 countries of the Middle East and North Africa (MENA) region over the period 1991-2017. The study employs a simultaneous equations framework estimated through the Three-Stage Least Squares (3SLS) method, complemented by system GMM to address potential endogeneity issues. Empirical results reveal a bidirectional causal link between the shadow economy and inflation, highlighting their mutual reinforcement: the expansion of informal activities intensifies inflationary pressures by eroding public revenues and prompting monetary financing, while rising inflation encourages informal sector growth as agents seek protection against purchasing power erosion. Additionally, a two-way relationship between inflation and economic growth emerges, where moderate inflation can stimulate economic activity, but persistent high inflation hampers growth through price distortions and reduced real incomes. The shadow economy negatively impacts economic growth, with evidence showing that higher GDP levels reduce informality by expanding formal employment and compliance incentives. Nonetheless, the persistent size of the informal sector poses significant challenges for fiscal capacity and public investment, affecting infrastructure and social services. The robustness of these findings is confirmed through complementary estimation techniques. The article provides insights into the complex macroeconomic interactions characteristic of MENA economies, with important implications for policy aimed at promoting formalization, price stability, and sustainable growth.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
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      <dc:date>2026-01-01T00:00:00Z</dc:date>
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      <title>On- and off-chain demand and supply drivers of Bitcoin price</title>
      <link>https://hdl.handle.net/10419/339231</link>
      <description>Title: On- and off-chain demand and supply drivers of Bitcoin price
Authors: Ciaian, Pavel; Kancs, D'Artis; Rajcaniova, Miroslava
Abstract: Around three quarters of Bitcoin transactions take place off-chain. Despite their significance, the vast majority of the empirical literature on cryptocurrencies focuses on on-chain transactions. This paper presents one of the first analysis of both on- and off-chain demand- and supply-side factors. Two hypotheses relating on-chain and off-chain demand and supply drivers to the Bitcoin price are tested in an ARDL model with daily data from 2019 to 2024. Our estimates document the differential contributions of on-chain and off-chain drivers on the Bitcoin price. Off-chain demand pressures have a significant impact on the Bitcoin price in the long-run. In the short-run, both demand and supply drivers significantly affect the Bitcoin price. Regarding transactions on the blockchain, only on-chain demand pressures are statistically significant - both in the long- and short-run. These findings confirm the dual nature of the Bitcoin price dynamics, where also market fundamentals affect the Bitcoin price in addition to speculative drivers. Bitcoin whale trading has less significant impact on price in the long-run, while is more pronounced contemporaneously and one-period lag.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
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      <dc:date>2026-01-01T00:00:00Z</dc:date>
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      <title>Estimating the New Keynesian Phillips Curve in Vietnam</title>
      <link>https://hdl.handle.net/10419/339232</link>
      <description>Title: Estimating the New Keynesian Phillips Curve in Vietnam
Authors: Hung, Trinh Phuc; Vasilev, Aleksandar
Abstract: This research aimed to identify existence of a New Keynesian Phillips Curve in Vietnam. The examined period was 2012Q2 - 2025Q2, using secondary macroeconomics data and the Generalised Moments Method at 95% level of confidence. The dependent variables were price inflation and wage inflation, while the independent variables were the expected future inflation, three proxies of real marginal cost (the output gap, unit labour cost and labour income share), and the long-short interest rate spread. Findings from the research confirmed the existence of the traditional NKPC in Vietnam, with inflation positively influenced by the real marginal cost. Among the proxies, the conventional output gap is not totally outdated, having a positive, weak but statistically significant impact on wage inflation. Still, proxies related to the labour market were much stronger, positive determinants of both price and wage inflations. The inclusion of the interest rate spread made the effects of the proxies (on inflation) slightly stronger. A positive relationship was also found between current and expected future inflation, and inflation persistence in Vietnam was witnessed. Compared to some other emerging, open economies in the world, the Phillips curve in Vietnam in the period was flatter. The research wrapped up with some implications for academic researchers and Vietnam's central bank, specifically regarding the cautious application of the structural NKPC model to explain short-run inflation dynamics in monetary decisions in Vietnam.</description>
      <pubDate>Thu, 01 Jan 2026 00:00:00 GMT</pubDate>
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      <dc:date>2026-01-01T00:00:00Z</dc:date>
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