Publications

What drives sectoral differences in currency derivatives usage in a small open economy? Evidence from supervisory data

Gric, Z., Janků, J. & Malovaná, S. (2026) Journal of Financial Services Research, online first DOI

Uses supervisory data on about 980,000 transactions to explain why some Czech financial institutions hedge currency risk with derivatives and others do not.

What do economists think about the green transition? Exploring the impact of environmental awareness

Malovaná, S., Ehrenbergerová, D. & Gric, Z. (2026) Environment and Development Economics, online first DOI

Surveys economists on the risks and opportunities of the low-carbon transition and on who should lead climate policy.

Borrower-based macroprudential measures and credit growth: How biased is the existing literature?

Malovaná, S., Hodula, M., Gric, Z. & Bajzík, J. (2025) Journal of Economic Surveys, 39(1), 66–102 DOI

Finds that loan-to-value and debt-to-income limits do slow credit growth, but only about half as much as published studies suggest.

Bank capital, lending and regulation: A meta-analysis

Malovaná, S., Hodula, M., Bajzík, J. & Gric, Z. (2024) Journal of Economic Surveys, 38(3), 823–851 DOI

Combines more than 1,600 estimates to measure how higher bank capital and tighter capital requirements change lending growth.

Researching the research: A central banking edition

Malovaná, S., Hodula, M. & Gric, Z. (2024) International Journal of Central Banking, 20(1), 263–323 Paper

Maps two decades of research at European and US central banks, showing how financial stability overtook monetary policy as the main topic after the global financial crisis.

Does sentiment affect stock returns? A meta-analysis across survey-based measures

Gric, Z., Bajzík, J. & Badura, O. (2023) International Review of Financial Analysis, 89, 102773 DOI

Shows that higher investor sentiment is followed by lower stock returns, more strongly for individual investors and for US markets.

Macroprudential policy in central banks: Integrated or separate? Survey among academics and central bankers

Malovaná, S., Hodula, M., Gric, Z. & Bajzík, J. (2023) Journal of Financial Stability, 65, 101107 DOI

Surveys academics and central bankers, who largely prefer macroprudential policy to sit within the central bank rather than in a separate authority.

Monetary policy spillover to small open economies: Is the transmission different under low interest rates?

Cao, J., Dinger, V., Gómez, T., Gric, Z., Hodula, M., Jara, A., Juelsrud, R., Liaudinskas, K., Malovaná, S. & Terajima, Y. (2023) Journal of Financial Stability, 65, 101116 DOI

Uses bank-level data from Canada, Chile, Czechia and Norway to show that rate cuts in large economies affect lending in small open economies differently once rates are already low.

The power of sentiment: Irrational beliefs of households and consumer loan dynamics

Gric, Z., Ehrenbergerová, D. & Hodula, M. (2022) Journal of Financial Stability, 59, 100973 DOI

Shows that household optimism beyond what the economy justifies raises consumer loan growth, mainly when output is well above potential.

Does capital-based regulation affect bank pricing policy?

Ehrenbergerová, D., Hodula, M. & Gric, Z. (2022) Journal of Regulatory Economics, 61(2), 135–167 DOI

Finds no evidence that tighter capital requirements changed Czech banks’ interest margins or loan rates between 2004 and 2019.

Composite survey sentiment as a predictor of future market returns: Evidence for German equity indices

Rakovská (Gric), Z. (2021) International Review of Economics & Finance, 73, 473–495 DOI

Builds a composite index of German public sentiment that predicts lower equity returns over the following six to twelve months.