Politická ekonomie 2025, 73(4):657-685 | DOI: 10.18267/j.polek.1465
We shed light on the German-Russian relationship, focusing on the complexities that underlie their economic policy uncertainties over the period 1994–2023. We start with static unconditional correlation and dynamic conditional correlation analyses to examine the strength and temporal variations in the correlation between economic policy uncertainties of these two major countries. We then utilize standard and time-varying Granger causality analysis to uncover causal relationships. Importantly, we use a novel energy policy uncertainty index for Germany to explore interconnections between economic and energy policy uncertainties. We emphasize the importance...
Politická ekonomie 2025, 73(4):615-656 | DOI: 10.18267/j.polek.1461
Currently, nations worldwide are actively promoting various environmental movements to address the ecological crisis. Among these, the most prominent is the Green New Deal (GND). However, during the development of the GND, some scholars have identified that its advancement may lead to more severe environmental problems. Therefore, this study constructs indicators for green economic development and the GND. Utilizing an Ordinary Least Squares (OLS) regression model and a Spatial Durbin Model (SDM) and based on panel data from 30 Chinese provinces spanning 2008 to 2021, it specifically analyzes the impact of the GND on green economic development. The...
Politická ekonomie 2025, 73(4):584-614 | DOI: 10.18267/j.polek.1464
This investigation explores the influence of remittances on economic growth in Algeria during the period 1970–2022 using the Fourier autoregressive distributed lags (FARDL) model. This study provides new insights by suggesting an N-shaped association between remittances and economic growth. The findings reveal a nonlinear relationship between remittances and growth in Algeria. Initially, the impact of remittances on income is positive, then becomes negative when they exceed a threshold of 1.2% of GDP, and later becomes positive again when remittances surpass a second threshold estimated at 1.894% of GDP. These results highlight the importance...
Politická ekonomie 2025, 73(3):580-583 | DOI: 10.18267/j.polek.1500
Politická ekonomie 2025, 73(3):566-579 | DOI: 10.18267/j.polek.1487
Politická ekonomie 2025, 73(3):528-565 | DOI: 10.18267/j.polek.1448
Purpose: This paper aims to examine the real interest rate parity (RIP) theory for EU5 countries (France, Germany, Italy, Spain and the UK) versus the USA. Design/methodology/approach: Utilizing RALS-FADF and RALS-FKSS unit root tests, this study addresses non-normality, non-linearity and structural breaks in real interest rate differentials. Findings: The results confirm the RIP theory, indicating mean reversion of real interest rate differentials and highlighting impact of financial integration on monetary policy independence and arbitrage opportunities. The study notes that central banks' ability to influence domestic economies through...
Politická ekonomie 2025, 73(3):500-527 | DOI: 10.18267/j.polek.1456
This study investigates the impact of public debt on economic growth in a panel of 27 EU economies over the period 2000-2022. As the preliminary analysis suggests a nonlinear relationship between these variables, the debt threshold analysis based on the dynamic panel threshold regression is employed. The results for the whole panel indicate that public debt supports growth below a threshold of 68.7%, but it has a detrimental impact on growth if it is above the threshold. The validity of the findings is confirmed by including the effects of crises, which also indicates that economic growth in countries with debt below the threshold was more resilient...
Politická ekonomie 2025, 73(3):471-499 | DOI: 10.18267/j.polek.1455
In the literature, it is still thought that to combat budget deficits, the state struggles to adjust the relationship between government revenues and spending. Accordingly, the causality relationship between government revenues and spending is generally explained through four main hypotheses: tax-spending, spending-tax, fiscal synchronization and institutional separation hypotheses. In addition to the doubt that the first and the only step in the fight against the budget deficit is government revenues and government expenditures, there are various uncertainties in the studies on this subject in the literature. There is no consensus on the subject due...
Politická ekonomie 2025, 73(3):447-470 | DOI: 10.18267/j.polek.1459
Production in Turkey has a high dependence on imported inputs. Therefore, the policy aiming at increasing exports through the depreciated national currency leads to different results depending on the degree of dependence on imported inputs. In this context, this study econometrically analyses increases in exports of manufacturing and service industries which have different levels of imported input dependence. The analysis findings indicate that national currency depreciation leads to competitive effects in the manufacturing industry, but not in the service sector. The effect of labour costs, on the other hand, is much lower in the manufacturing industry...
Politická ekonomie 2025, 73(3):418-446 | DOI: 10.18267/j.polek.1454
In this paper, we present the results of a study examining whether the European Union, where countries act in common on many issues such as monetary policy, abolition of borders and mobilization of labour and capital, also constitutes a union in terms of energy security. From this point of view, whether the energy security risk in the European Union has converged or not is tested by using various analysis methods covering the period 1980-2018 for 17 EU countries. The findings of the study not only reveal whether individual countries converge to the group average but also show whether the group as a whole forms a convergent outlook. The linear unit...
Politická ekonomie 2025, 73(2) Special Issue I:397-417 | DOI: 10.18267/j.polek.1492
Energy efficiency is the cost-effective utilization of energy in the production process, whereby energy waste is minimized and the overall depletion of primary energy resources is curtailed. Improving energy efficiency enables countries to abate the rising CO2 emissions by efficient utilization of energy. Hence, energy efficiency is a source of improving environmental performance. This study examines the deep determinants of energy efficiency in BRICS countries. The main objective of the study is to examine the impact of effective governance on energy efficiency in BRICS countries. This study utilizes both fixed-effect and random-effect...
Politická ekonomie 2025, 73(2) Special Issue I:366-396 | DOI: 10.18267/j.polek.1457
Emerging economies are consistently targeting advanced approaches to attain sustainable development while reducing their risk exposure and factors simultaneously. This research examines the influence of political risk, digitization and environmental policies, along with a set of economic and environmental factors, on the sustainable development of the BRICS economies. For the period from 1990 to 2020, the diagnostic tests confirmed a mixed order of integration. Therefore, the autoregressive distributed lag test is utilized and the results show that political risk, mineral resources and exports are harmful to sustainable development in the short run...
Politická ekonomie 2025, 73(2) Special Issue I:329-365 | DOI: 10.18267/j.polek.1485
This study investigates the relationship between natural disasters, institutional factors, environmental poverty and climate-related migration. The analysis focuses on 112 countries, representing 95% of natural disasters globally from 1992 to 2021, using regression models and clustering countries by their vulnerability and resilience. Key findings show that although improved transport infrastructure can aid in recovery, it may also increase exposure to disaster-affected areas, causing higher mortality. At the same time, sanitation availability significantly reduces mortality and migration in affected regions. The study highlights the need for disaster...
Politická ekonomie 2025, 73(2) Special Issue I:297-328 | DOI: 10.18267/j.polek.1486
In the empirical determination of the factors influencing the clean energy transition, the BRICS economies have initiated various policy reforms, such as increased R&D budgets, improvements in technology and political stability. This study analyses the critical role of political risk and economic growth, natural resources, research and development and technological innovation in the clean energy transition in the period 1990-2022. Using panel econometric approaches, this study confirms the heterogeneity of slopes and cross-sectional dependence. Using linear regression with the heteroscedastic panel-corrected standard error approach, the results...
Politická ekonomie 2025, 73(2) Special Issue I:275-296 | DOI: 10.18267/j.polek.1458
This study investigates the asymmetric effects of political stability and corruption on ecological footprint using time series data from 1984 to 2021 for Pakistan. The paper uses the nonlinear autoregressive distributed lag (NARDL) method to get accurate results regarding the positive and negative shocks of political stability. Besides, the NARDL method is utilized to identify the cointegrating link between the parameters, with a particular focus on uncovering asymmetric consequences in the long term. In addition, this research also includes natural resources, urbanization and economic progress in the model. The study results show that (i) political...
Politická ekonomie 2025, 73(2) Special Issue I:243-274 | DOI: 10.18267/j.polek.1488
Too much of a good thing can ultimately become detrimental. Is this the case in the manufacturing industry's carbon governance under the guise of digitization? This study examines the non-linear effect of low-carbon environmental governance at the provincial level in China's manufacturing sector which is the first of its kind. Using the slacks-based measure data envelopment approach (SBM-DEA), this study assesses changes in environmental governance performance over time, accounting for desirable and undesirable outputs. The findings indicate an inverted U-shaped relationship between manufacturing digitization and low-carbon environmental governance...
Politická ekonomie 2025, 73(2) Special Issue I:215-242 | DOI: 10.18267/j.polek.1470
In today's rapidly evolving world, the transition towards green energy remains momentous in attaining ecological sustainability. In this respect, the present study intends to elucidate factors influencing the green energy transition in OECD economies from 2004 to 2020. We use several diagnostic measures to validate the heterogeneity of slopes and cross-sectional dependence in the panel. Nevertheless, cointegration exists between the study variables, such as green energy, political risk, economic risk, financial risk, human capital, eco-innovation and energy efficiency. Using fixed effect and random effect approaches, we conclude that political risk,...
Politická ekonomie 2025, 73(2) Special Issue I:179-214 | DOI: 10.18267/j.polek.1428
The main objective of this study is to analyse the impact of environmental poverty (EP), environmental regulation (ENVR), financial constraints (FNC) and political instability (PIST) on carbon dioxide emissions (abbr. CO2e), with other variables including international collaboration in green technology development (ICGTD), hybrid electric vehicle technology (HEVT) and gross domestic product per capita (GDPPC). The augmented mean group estimator approach is chosen to gauge the long-term coefficients. The findings indicate that strengthening ENVR in Asian countries can reduce CO2e...
Politická ekonomie 2025, 73(2) Special Issue I:157-178 | DOI: 10.18267/j.polek.1431
Environmental poverty is a global concern for developed and developing economies, particularly in light of sustainable development goals. Unlike previous research, this study evaluates the role of political risk index and income level on environmental poverty in developed regions, namely, OECD economies in the period 2004-2022. We also examine the role of renewable energy consumption. We initially developed a multidimensional index for assessing weighted average environmental poverty alongside a novel index to gauge political risk within OECD economies. We employ several panel econometric procedures, including cross-sectional dependence and slope heterogeneity,...
Politická ekonomie 2025, 73(1):152-156 | DOI: 10.18267/j.polek.1471
Politická ekonomie 2025, 73(1):125-151 | DOI: 10.18267/j.polek.1453
The relationship between monetary policy and inequality has received limited attention in the economics literature. This study aims to contribute to the literature by examining the relationship between monetary policy and income inequality in developing countries, specifically by analysing the results of the Turkish experiment. The local projection method was used to determine the relationship between monetary policy shocks, obtained through the VAR model, and the calculated inequality measures. The main findings of the study suggest that monetary policy can potentially influence the distribution of total income, particularly when the monetary policy...
Politická ekonomie 2025, 73(1):88-124 | DOI: 10.18267/j.polek.1445
The main purpose of this study is to examine the impacts of GDP, trade openness, the freedom index and the internet on FDI in 54 countries, including developing, transition and developed countries, over the period 1995-2021. First, the variables affecting FDI are determined. Then, first- and second-generation unit root tests are conducted for panel data to investigate stationarity. Finally, long- and short-run relationships between variables that have an effect on FDI are exhibited with panel cointegration tests and panel ARDL analysis. Among 17 candidate variables, internet, GDP, the freedom index and trade openness are determined to affect FDI. GDP,...
Politická ekonomie 2025, 73(1):58-87 | DOI: 10.18267/j.polek.1449
The interaction between socioeconomic disparities and environmental degradation, which is highly pertinent to the issue of climate change, has garnered significant scholarly attention globally. Despite the critical importance of climate change in political economy, research into labour markets and environmental policies remains limited in the current literature. Therefore, the present study discusses the implementation of China's low-carbon city pilot policy (LCCPP) as an exogenous policy shock. Utilizing A-share data from listed companies on the Shanghai and Shenzhen stock exchanges spanning the period 2007-2020, we employ a multiperiod difference-in-differences...
Politická ekonomie 2025, 73(1):31-57 | DOI: 10.18267/j.polek.1450
This study investigates the effect of resource rent on infrastructural development in Africa and how governance institutions moderate this relationship. The pooled OLS and the dynamic system GMM estimation techniques are adopted with a panel of 52 African economies over the period 2005-2022. We find that resource rent significantly hampers infrastructural development in Africa, thereby reflecting the prevalence of the "natural resource curse" phenomenon. We also find that the unconditional effects of governance institutions are mainly negative and significant, which aptly reflects the presence of weak institutions in Africa. Interestingly, our results...
Politická ekonomie 2025, 73(1):1-30 | DOI: 10.18267/j.polek.1451
The paper focuses on identifying the main factors affecting the motivation of labour market participation in connection to the system of assistance in material need and the subsistence minimum. The results of the analysis show that (i) assistance in material need itself lowers the motivation to work, but in Slovakia, the difference between net household income from work after finding a job and the net social income during unemployment is increasing in time; (ii) house-holds with incomes below the subsistence minimum react to these changes most sensitively; and (iii) increases in the assistance in material need negatively affect the motivation to work,...
Politická ekonomie 2024, 72(6):985-1013 | DOI: 10.18267/j.polek.1446
This study investigates the relationship between economic complexity, globalization, energy consumption patterns and CO2 emissions in 12 energy-importing emerging economies from 1996 to 2020. Employing panel data analysis, the autoregressive distributed lag (ARDL) model is utilized. The findings reveal a U-shaped relationship between economic complexity and air pollution, supporting the environmental Kuznets curve (EKC) theory. Renewable energy demonstrates a significant ability to reduce CO2 emissions over the long term, while fossil fuel use exacerbates environmental degradation. Economic globalization is associated with increased...
Politická ekonomie 2024, 72(6):958-984 | DOI: 10.18267/j.polek.1443
This study aims to examine whether the price exuberances in the prices of four main precious metals stem from their status as safe havens against economic uncertainty (proxied by the US EPU and Chinese CEPU indices). The findings reveal that the effects of both uncertainty measures on gold and silver prices, notably more pronounced in the case of the CEPU, persist for longer, particularly during the surge of uncertainty triggered by the COVID-19 pandemic. This finding highlights the safe-haven status of these metals, with a notable dominance of the CEPU in influencing the price dynamics of the gold and silver markets. However, as the observed price...
Politická ekonomie 2024, 72(6):923-957 | DOI: 10.18267/j.polek.1441
Burnout is a widely studied issue that can have negative consequences for individuals. In this paper, we examine whether organizational culture and other included factors contribute to the presence of burnout symptoms (burnout indicators) during the COVID-19 period among public sector (public university) employees. Using factor and regression analysis, we found that organizational culture together with other individual aspects such as work-life balance and respondents' age can significantly influence the burnout indicators. The results are significant and robust at a given significance level. Our main contribution consists in the following: Firstly,...
Politická ekonomie 2024, 72(6):896-922 | DOI: 10.18267/j.polek.1444
This article addresses the emergence of double-digit inflation in the Baltic states during 2022 and 2023, following decades of price stability. Utilizing monthly data spanning from January 2010 to February 2023, our study aims to comprehensively analyse the inflation dynamics in the Baltic context, considering both domestic and global factors. Through the application of the fully modified ordinary least squares (FMOLS) and dynamic ordinary least squares (DOLS) methodologies, we identify significant influences such as exchange rate fluctuations, food and energy price movements and geopolitical events, notably the ongoing conflict in Ukraine. Our findings...
Politická ekonomie 2024, 72(6):867-895
The effects of the shadow economy on the environment have been amply documented in the literature; however, the relevance of financial inclusion and the unpredictability of economic policy are still up for debate. Therefore, this study examines the diverse effects of financial inclusion, shadow economies and economic policy on carbon emissions in 21 Sub-Saharan African countries from 2002 to 2019. To determine whether this hypothesis is true, this study uses the panel spatial correlation consistent (PSCC), method of moments quantile regression (MM-QR) and Dumitrescu-Hurlin (D-H) (2012) methodologies. The findings of the PSCC show that financial inclusion...
