Politická ekonomie, 2022 (vol. 70), issue 5

Modelování rovnovážných odchylek měnových kurzů od parity kupní síly na datech pro 34 zemí v letech 2000-2020

Modelling Equilibrium Deviations of Exchange Rates from Purchasing Power Parity

Jiří Pour, Vít Illichmann

Politická ekonomie 2022, 70(5):531-551 | DOI: 10.18267/j.polek.1371  

We construct a simple model of exchange rates stemming from the methodology of behavioural equilibrium exchange rate (BEER) models on annual panel data for 34 countries with a floating exchange rate regime during the period 2000-2020. The basic building block of the model is the absolute version of purchasing power parity theory (the ratio of domestic and foreign price levels), further extended by other variables rooted in economic theory. A complementary interpretation of our approach could be a measurement of exchange rate deviations from purchasing power parity caused by variation in economic fundamentals. The results suggest that purchasing power...

Determinanty výnosnosti evropského bankovního systému v letech 2012-2019

Determinants of European Bank Profitability in 2012–2019

Petra Jílková, Jana Kotěšovcová

Politická ekonomie 2022, 70(5):552-573 | DOI: 10.18267/j.polek.1366  

This paper aims to find the microeconomic and macroeconomic determinants of European bank profitability from 2012 to 2019 using the regression model with the multicollinearity condition as a matrix parameter, the multicollinearity below the defined value, ensuring regression model reliability. The bank sector profitability is measured by return of average equity, return of average assets and net interest margin as dependent variables. The research creates a set of independent variables based on a literature review. The model is built on a sample of 3,257 European commercial banks for all EU countries excluding Romania due to missing data, and the input...

Does Public Debt Affect Economic Growth? Panel Evidence from Central and Eastern Europe

Milena Konatar, Jovan Đurašković, Julija Cerović Smolović, Milivoje Radović

Politická ekonomie 2022, 70(5):574-596 | DOI: 10.18267/j.polek.1365  

The paper employs a form of the panel ARDL-based error correction model (ECM) to explore the short-run and long-run relationship between public debt (and certain macroeconomic variables) and economic growth in Central and Eastern European (CEE) countries. It covers the period 2006Q1−2018Q4. The results indicate both short-term and long-term causality (except for financial development), though the marginal effects are variable-specific. There is a negative effect of public debt, interest rate and exchange rate on growth, whereas the saving rate, trade openness, financial development, fixed capital formation and population growth contribute to economic...

Dual-Model Approach to Measuring Convergence Sustainability in the Visegrad Group

Peter Leško, Eva Muchová, Radka Repiská

Politická ekonomie 2022, 70(5):597-616 | DOI: 10.18267/j.polek.1360  

Economic convergence has become a European research topic of interest during recent decades, particularly since new member countries joined the EU in 2004. Measuring cross-country convergence focuses on real convergence, taking per capita income as a measure of living standards based on the convergence criteria defined by Sala-i-Martin (1996). The objective of this paper is to bring together supply-side (real convergence) and demand-side (BoP-constrained approach) concepts of economic growth aimed at identification of convergence sources in the emerging economies of the Visegrad Group. The sustainability of convergence in this study utilizes...

Political Economy of Illiberal Capitalism in Hungary and Poland

Jakub Szabó

Politická ekonomie 2022, 70(5):617-637 | DOI: 10.18267/j.polek.1364  

Has the recent illiberal surge altered the neoliberal orthodoxy prevailing in post-1989 Hungary and Poland towards a more developmental modus operandi, or has it just camouflaged embedded neoliberalism with a developmental narrative? This article, trying to contribute to answering the aforementioned question, is structured as follows. First, we provide a general overview of the comparative capitalism approach. We extend the original conceptualizations by the framework of varieties of illiberal capitalism and present two ideal types of illiberal capitalism. Then, we assess five institutional areas of the political economy of contemporary...

Revize klasifikace politických režimů neboli informace, ekonomický růst a modernizace jako zbraně v rukou autokratů

Viktar Dudzich

Politická ekonomie 2022, 70(5):638-643 | DOI: 10.18267/j.polek.1372