Politická ekonomie, 2022 (vol. 70), issue 4

Relationship Between Insurance Market and Economic Growth in the European Union

Mirela Mitrasević, Miloš Pjanić, Milijana Novovic Burić

Politická ekonomie 2022, 70(4):395-420 | DOI: 10.18267/j.polek.1358  

This paper examines the relationship between insurance market development and economic growth in EU member states in the period 1998-2018. Our results indicate that there is no causality between premium per capita and GDP per capita growth in the case of 11 out of the 23 analysed countries, including four countries classified as emerging markets. However, in the case of panel data covering all the countries, we determined a two-way causality between insurance market development and economic growth. In the short run, premium per capita has a positive and significant impact on the economic growth as proven in the data panel and in the case of individual...

Are Inflation Rates Stationary in the Western Balkan Countries? Evidence from Unit Root Tests

Saša Obradović, Nemanja Lojanica

Politická ekonomie 2022, 70(4):421-439 | DOI: 10.18267/j.polek.1362  

Monitoring of inflation rate dynamics is one of the most important tasks in order to identify the current economic conditions of the observed countries. The aim of this study is to examine the unit root properties of inflation in the Western Balkan countries. It also investigates the existence of structural breaks and nonlinearity. The time horizon encompasses the period 2006Q1-2020Q2. The results suggest that the inflation in Albania and Montenegro manifests a nonstationary process and structural breaks. The macroeconomic shocks will have more persistent effects on the inflation rate if it is characterized by nonstationarity. The inflation...

Simulace "systémového" rizika v důsledku náhlých výprodejů aktiv: Aplikace na bankovní sektor Evropské unie

Simulation of Systemic Risk as a Consequence of Fire Sales: Application to EU Banking Sector

Štěpán Pekárek

Politická ekonomie 2022, 70(4):440-476 | DOI: 10.18267/j.polek.1361  

The paper integrates elements of microstructural network models of the banking sector developed by Cont and Shaanning (2017) and Duarte and Eisenbach (2018) to simulate endogenously the fire sales contagion channel of systemic risk. The scale of the effect is illustrated on the EBA supervisory stress test results for 2018, based on which the secondary impact of fire sales increases aggregate losses by 69%. The model is used to identify banks with the highest contribution to systemic risk. Alternative systemicity predicators are proposed based on the results. The second section discusses the ability of the model to incorporate behavioural and regulatory...

Relationship Between Energy Security and Economic Growth: A Bootstrap Panel Granger Causality Analysis

Gökhan Kartal

Politická ekonomie 2022, 70(4):477-499 | DOI: 10.18267/j.polek.1357  

This study is aimed to examine the relationship causality between energy security and growth for a total of 74 countries including 39 high-income countries, 23 upper-middle-income countries, and 12 lower-middle-income countries by using the Kónya´s (Kónya, 2006) Bootstrap Panel Granger Causality approach. According to the results obtained, it has been determined unidirectional causality relationship from energy security risk level to GDP for 14 countries and from GDP to energy security risk level for 20 countries. On the other hand, there is bidirectional causality between energy security risk level and GDP for 22 countries, while there is no causality...

Vládnutí globálním společným statkům v éře antropocénu

Governance of Global Common Goods in the Era of Anthropocene

Bedřich Moldan

Politická ekonomie 2022, 70(4):500-526 | DOI: 10.18267/j.polek.1356  

The overall impact of human activities on the Earth's system and its key elements such as biodiversity or climate is so great that the contemporary era is called the Anthropocene, where globalization is overwhelming and the global influence of human action equals natural processes. This brings about many problems of global nature that are difficult to solve as adequate governance of global common goods is not satisfactorily developed. The various historical and contemporary attempts to provide some form of governance at the global level are presented, including the concept of common heritage of mankind or community approaches. An important contribution...

Za profesorem Petrem Hebákem

Tomáš Karel, Libor Svoboda

Politická ekonomie 2022, 70(4)