Politická ekonomie 2024, 72(4):653-675 | DOI: 10.18267/j.polek.1430
Remittances are a major source of income for many countries. In this regard, the importance of remittances to national economies is increasing. Altruism and self-interest are the two main motivations for remitting. Economic policy uncertainty may determine which of these motivations is more prevalent. Therefore, the aim of this study is to examine the altruism and self-interest hypotheses. In this study, unbalanced panel data are used to analyse the remittances received by the top 10 countries. These countries account for half of all remittances in the world. Due to cross-sectional dependence in our dataset, we need to use methods with robust standard...
Politická ekonomie 2024, 72(4):626-652 | DOI: 10.18267/j.polek.1424
The tourism industry has flourished considerably over the years in Turkey and has competed with top international destinations. This study aims to identify the structural breaks specific to Turkey with a developing capital market and examine the causality relationship between tourism index return and financial, macroeconomic and tourism industry development indicators from January 2005 to February 2022. The MS-VAR econometric model based on two regimes detects nonlinear and asymmetrical structures in the dataset. Our findings indicate local effects of shocks on financial and macroeconomic indicators during regime transition periods. Furthermore, there...
Politická ekonomie 2024, 72(4):597-625 | DOI: 10.18267/j.polek.1429
This critical review explains the negative impact of the euro on the Spanish economy and its distortion in the period from 2002 to 2014. In this first cycle within the euro area, there was a financial boom, without voluntary savings, which generated a lack of coordination in the economic process and structure. The result was a bubble of overconsumption and malinvestments, which burst with a deflation of capital and wages, and a switch from construction industry to tourism services as Spain's main economic sector. The economic distortion was such that it delayed the exit from the Great Recession of 2008 and the European Financial Crisis of 2010 until...
Politická ekonomie 2024, 72(3):565-596 | DOI: 10.18267/j.polek.1416
Decentralized finance (DeFi) is a brand-new disruptive procedure that encourages the use of blockchain technology for developing and distributing a variety of financial goods and services. This study investigates the time-varying and asymmetric interplay between DeFi and CEE stock returns, concentrated around the COVID-19 outbreak and the Russo-Ukrainian conflict. While the associations between other cryptocurrencies and conventional assets have been studied, DeFi assets have not. For this purpose, we employ the multivariate DECO-GARCH model and cross-quantilogram framework. The results reveal a positive equicorrelation between DeFi and CEE stock market...
Politická ekonomie 2024, 72(3):501-564 | DOI: 10.18267/j.polek.1418
We investigate the effects of trade openness and international financial inflows (including foreign direct investment, remittances and foreign aid inflows) on Africa's productive capacity and how governance institutions are moderating these effects. We adopt the dynamic system GMM modelling framework and the Bun and Carree (2005) bias-corrected least square dummy variable estimator with a panel of 43 African economies. We also use the Driscoll and Kraay (1998) standard error fixed effect estimation, which controls for cross-sectional dependence to provide robustness check. We find that trade openness and the various components of international financial...
Politická ekonomie 2024, 72(3):478-500 | DOI: 10.18267/j.polek.1415
This study aims to investigate whether clean energy exchange traded funds (ETFs) exhibit long-term memory properties and whether the efficient market hypothesis is valid for these assets. The results of the model established to test the dual long memory indicate the existence of long memory in both return and volatility of the ICLN, PBD, PBW series, while the long memory feature is found only in the volatility of the other variables. The results reveal that the selected clean energy ETFs do not exhibit weak efficient market characteristics and volatility has a predictable structure. These results mean that by using the past price movements of clean...
Politická ekonomie 2024, 72(3):446-477 | DOI: 10.18267/j.polek.1409
This study investigates the effects of information and communications technology (ICT) on economic growth. Our study focuses on 16 MENA countries from 1995 to 2018. We examine not only the impact of ICT usage and investment but also the moderating role of the quality of national institutions shaping this relationship. The results obtained using the panel ARDL method suggest that while ICT usage drives economic growth, ICT investment alone has a limited effect. Moreover, our research confirms that higher-quality institutions boost the impact of ICT use and investment on economic expansion. These results are essential for policymakers who want to boost...
Politická ekonomie 2024, 72(3):431-445 | DOI: 10.18267/j.polek.1427
The literature on economic uncertainty has focused on the effects of uncertainty on the formal economy. Still, it has not addressed a relationship between uncertainty and shadow economy until now, to our knowledge. Therefore, this paper analyses the dynamic relationship between economic policy uncertainty and the shadow economy using panel vector autoregression estimates exploiting a dataset for 21 countries from 1997-2018. The impulse response analyses in this context reveal a mutual interaction of policy uncertainty and the shadow economy. In this respect, not only is the shadow economy found to respond to shocks in economic policy uncertainty, but...
Politická ekonomie 2024, Volume 72(2), Special Issue: 306-330 | DOI: 10.18267/j.polek.1434
The energy transition process might face cognitive bankruptcy because of prevailing gender bias in the energy sector. Policy reorientation is needed to ensure diminishing of gender bias in the transition process. The political risk persisting within the economy, as well as among its international counterparts, also needs to be internalized within this framework. Existing regulatory infrastructure might possibly have an impact on shaping the dimensions of this association. The present study aims at analysing the effect of energy transition on gender inequality in the USA in light of political risk and regulations. Moderation effects are captured using...
Politická ekonomie 2024, Volume 72(2), Special Issue: 403-430 | DOI: 10.18267/j.polek.1440
To better promote the transformation of the economic development mode and improve technological innovation, the Chinese central government adjusted the performance assessment criteria for local officials. This study explores whether the government green performance assessment can serve to promote technological innovation. Data from 288 Chinese cities from between 2009 and 2018 is taken as the sample and the fixed effects model is utilized as the methodology. The findings show that the government green performance assessment has significant direct and long-term effects on technological innovation. The promotion of technological innovation is more evident...
Politická ekonomie 2024, Volume 72(2), Special Issue: 375-402 | DOI: 10.18267/j.polek.1439
The transition towards green and clean energy sources is the need of the day and a key target for several economies across the globe. Besides, emerging economies also aim to minimize fossil fuel dependence, promoting the adoption of green electricity. However, several obstacles, including governance, corruption and economic-related issues, are forthcoming in attaining sustainability in the context of green energy. This research examines seven emerging economies from 1990 to 2020. The study uses novel panel diagnostic assessment approaches, which validate the slope heterogeneity and cross-sectional dependence and confirm the cointegration between the...
Politická ekonomie 2024, Volume 72(2), Special Issue: 357-374 | DOI: 10.18267/j.polek.1438
Exploring the political economy of clean energy development, this study appraises how political (de)stabilization influences the clean energy transition process in selected South Asian countries. Using yearly data spanning from 1998 to 2021, the results show that political stabilization facilitates the clean energy transition process by raising the share of renewables in the final energy consumption profiles of the concerned South Asian nations. Contrarily, political destabilization is found to inhibit the transition process. In addition, political stabilization is witnessed to partially offset the clean energy transition-inhibiting impact of rising...
Politická ekonomie 2024, Volume 72(2), Special Issue: 331-356 | DOI: 10.18267/j.polek.1437
The urgent need to address climate change and the depletion of natural resources has led governments worldwide to allocate significant resources towards research and development in clean energy technologies and energy efficiency. This study evaluates the effectiveness of renewable energy and energy efficiency initiatives in reducing CO2 emissions, taking into account the influences of natural resource availability and political risk. Using data from France spanning from 1985 to 2021, we employ the kernel-based regularized least squares (KRLS) methodology, complemented by quantile regression (QR), to analyse these relationships. Our findings...
Politická ekonomie 2024, Volume 72(2), Special Issue: 278-305 | DOI: 10.18267/j.polek.1425
In the contemporary times, with the major conflict of the Russo-Ukrainian War, the global economies are facing several challenges and disputes in various economic, energy, and financial sectors. Still, policymakers and scholars are concerned about exploring factors affecting greener energy. The present study examines the impact of research and development (R&D) budgets, financial globalization and socio-economic conditions on greener energy adoption. Besides, this study considers the role of internal and external conflicts on greener energy adoption in the "Emerging Seven" economies during the period 1990-2020. Using various diagnostic and cointegration...
Politická ekonomie 2024, Volume 72(2), Special Issue: 255-277 | DOI: 10.18267/j.polek.1423
This research covers the literature gap by investigating the factors of economic expansion (GDP), total natural resources (TNRNT), political risk index (PRI) and technological innovation (TI) and their impact on the renewable electricity output (REOT) in the G7 economies, covering the period 1990-2022. The research utilizes novel MMQREG as the primary method, while BSQR is a non-parametric robustness check method. A pairwise Dumitrescu-Hurlin causality test is employed to find out the causal connection between variables. The diagnostic outcomes show that the modelled variables are static after the first difference...
Politická ekonomie 2024, Volume 72(2), Special Issue: 228-254 | DOI: 10.18267/j.polek.1420
Electricity production strategies of countries rely on fossil fuel-based electricity generation. Environmental regulations (ER) are needed to shift to green electricity for achieving energy transition, but corruption and bureaucracy can influence ER, energy transition and ecological quality. Hence, this research considers two important constituents of country risks including corruption and bureaucracy in the model while understanding the connections between green electricity, ER and the load capacity factor (LCF) in BRICS from 1992 to 2018. The research chooses a recent proxy of ecological quality (i.e., LCF),...
Politická ekonomie 2024, Volume 72(2), Special Issue: 203-227 | DOI: 10.18267/j.polek.1419
Unclean energy consumption stimulates carbon footprint (CF) leading to increased environmental pollution. Renewable energy transition (ETN) can curb the CF; however, political risk can obstruct this process. Hence, this study analyses the connections between economic growth, ETN and CF by considering political risk and financial expansion in a panel of top 10 emitters from 1992 to 2020 using the method of moment quantile regressions (MM-QR). The results elucidate that ETN significantly reduces the CF in the top emitters. Thus, expanding the ETN is beneficial for reducing the CF and promoting...
Politická ekonomie 2024, Volume 72(2), Special Issue: 181-202 | DOI: 10.18267/j.polek.1414
In the pursuit of sustainable development, economies such as China are placing a paramount emphasis on significantly augmenting the utilization of renewable energy sources. This marks a departure from conventional research approaches that solely focused on macroeconomic determinants while investigating patterns of renewable energy consumption. Thus, this research pursues to witness the relationship between the political risk index (PRI), renewable electricity output (RELOP), public-private partnership investment in energy (PPINENR), and renewable energy consumption (RECNS) in China from 1984 to 2022. For data estimations,...
Politická ekonomie 2024, Volume 72(2), Special Issue: 151-180 | DOI: 10.18267/j.polek.1413
This research investigates the effect of political stability and geopolitical risk on environmental sustainability (ES) by considering R&D investments in nuclear and renewable energy. Con- sidering the high political stability and recent energy crisis and increasing geopolitical risk, the study focuses on three leading European countries. We use the load capacity factor, include data between 1985/1 and 2020/12, and apply quantile on quantile regression (QQ), Granger causality in quantiles (GQ), and quantile regression (QR) models. The study finds that in higher quantiles (i) increasing political stability stimulates the ES in Sweden and the United...
Politická ekonomie 2024, 72(1):142-150 | DOI: 10.18267/j.polek.1432
Politická ekonomie 2024, 72(1):122-141 | DOI: 10.18267/j.polek.1410
This study examines the long-run relationship between the unemployment rate and labour force participation rate in South Korea from June 1999 to January 2023. The study utilizes the traditional Johansen cointegration test and augments it with Fourier terms to control for an unknown number of breaks in the cointegration system. The empirical findings suggest a significant long-run relationship between the unemployment rate and labour force participation rate in South Korea, which provides evidence against the unemployment invariance hypothesis. The study also finds evidence of the discouraged-worker effect for males and the added-worker effect for females....
Politická ekonomie 2024, 72(1):102-121 | DOI: 10.18267/j.polek.1422
Continuous technological changes in various industries are necessary for achieving economic development goals. Logistics, as an integral part of the supply chain, is gaining an increasingly significant role for national economies. To encourage its further development, especially in the era of intensive digitization and the context of Industry 4.0, innovations and new technologies are seen as important drivers. The paper examines the impact of capacity for innovation and availability of latest technologies on countries' overall logistics performance, as well as individual components of international logistics. Additionally, the role of export and import...
Politická ekonomie 2024, 72(1):73-101 | DOI: 10.18267/j.polek.1411
This paper examines various configurations of the formula under the formulary apportionment methodology from the perspective of the explanatory power of the variability in profitability of multinational companies with the aim to identify the best-performing formula based on analytical evidence of panel microeconomic data. The considered configurations of the formula are based on the novel composition of the allocation formula indicated under the BEFIT proposal, preceding the CCCTB proposal, and traditionally used formulas, at the sub-national level, in Canada and the United States. The empirical analysis uses microeconomic panel data obtained from...
Politická ekonomie 2024, 72(1):50-72 | DOI: 10.18267/j.polek.1407
This study investigates whether the response of stock returns to economic policy uncertainty de- pends on the level of government size in the economy. Although there is a consensus in the liter- ature that stock markets react negatively to policy-related uncertainties, the factors that determine the magnitude of this effect have been ignored. This study is the first to demonstrate that the magnitude of this effect depends on the size of the government in the economy. In the study, data for the period 1997Q1-2021Q4 pertaining to 18 countries are used. According to results of fixed-effects estimations with Driscoll-Kraay robust standard errors, economic...
Politická ekonomie 2024, 72(1):24-49 | DOI: 10.18267/j.polek.1402
Precarious work is characterized by flexible and nonstandard employment relations. It affects people's economic relationships and participation in social and political movements. Based on the data of the Hong Kong Panel Study of Social Dynamics 2015, this paper explores the influence mechanism of precarious work on political participation with political attitudes as a mediator. The results show that, for precarious workers, there is a significantly lower probability of institutionalized political participation and a higher probability of non-institutionalized political participation. Also, the young precarious workers have a lower probability of institutionalized...
Politická ekonomie 2024, 72(1):1-23 | DOI: 10.18267/j.polek.1399
In the lens of European integration, national competitiveness no longer depends just on national inheritance, but also on the new member states' capacity of exploiting existing advantages of EU membership. In this paper, we closely follow the effects of European Union (EU) admission on national competitiveness for eleven Central and Eastern European (CEE) countries that joined the EU after 2004. The analysis includes new specific variables that we consider potential boosters of competitiveness in this particular sample of countries, besides the proxies generally used in the literature. The results indicate that, for most of the CEE countries, EU accession...
