Politická ekonomie, 2022 (vol. 70), issue 6

K otázce lokalizace původu zahraničních investic na území České republiky

Localizing Origin of Foreign Investments in the Czech Republic, or When Is a Foreigner One of Us

Mojmír Hampl

Politická ekonomie 2022, 70(6):647-663 | DOI: 10.18267/j.polek.1373  

Promotion of foreign investment is a well-established practice in many countries with an inadequate capital base, and the benefits of this type of investment, particularly in the form of positive spillover effects on the domestic economic environment, have been repeatedly confirmed by numerous studies. However, still not enough attention is paid to the definition and actual content of the word "foreign" in the phrase foreign direct investment in the domestic environment. This methodological essay attempts to fill that deficit and, using the concepts of foreign and domestic roundabout investment, to propose a categorization of capital investment which...

Factors Affecting Allocation of Czech FDI in EU Countries

Veronika Síbrtová

Politická ekonomie 2022, 70(6):664-683 | DOI: 10.18267/j.polek.1367  

The main objective of this paper is to analyse which factors have an impact on the allocation of Czech foreign direct investment (FDI) in EU countries. Multivariate panel regression with general macroeconomic variables and time dummy variables using Eurostat data for the period 2013-2019 was performed. Indicators of a tax system promoting and/or enabling aggressive tax planning, and other more general indicators were included in the model. This paper provides the opposite view by analysing the flow of FDI from a transition economy to more advanced economies. The results suggest that Czech FDI is placed in developed countries with...

Estimation of green bond premiums On the Chinese secondary market

Karel Janda, Evzen Kocenda, Anna Kortusova, Binyi Zhang

Politická ekonomie 2022, 70(6):684-710 | DOI: 10.18267/j.polek.1363  

Green bonds have gained prominence on China's capital market as tools that help to fuel the transition to a climate-resilient economy. Although the issuance volume on the Chinese green bond market has been growing rapidly in recent years, the impact of the green label on bond pricing has not been studied adequately. Therefore, this paper investigates whether this newly developed financial instrument offers investors in China an attractive yield compared to other equivalent conventional bonds. By matching green bonds with their conventional counterparts and subsequently applying a fixed-effects estimation, our empirical results reveal a significant...

Revisiting Immigration - Unemployment Relationship in Europe

Eda Yilmaz, Tuğay Günel

Politická ekonomie 2022, 70(6):711-729 | DOI: 10.18267/j.polek.1369  

Immigration is a controversial and vital issue that has become an acute problem for countries facing cultural and economic difficulties resulting from it, and unemployment is at the forefront of these difficulties. According to theory, migration causes unemployment; thus, the causality relationship between migration and unemployment is empirically ex- amined in our study. For this purpose, we used a new test known as the Panel Fourier Toda-Yamamoto (PFTY) method for the period 1990-2019, which contributes to the existing literature from a methodological standpoint. This test allows investigating multiple structural breaks, cross-section dependence...

Přínos Theodora Schultze k rozvoji ekonomické teorie

Theodore Schultz's Contributions to Economic Theory

Marek Loužek

Politická ekonomie 2022, 70(6):730-748 | DOI: 10.18267/j.polek.1374  

The paper presents the Chicago School economist Theodore Schultz's contributions to economic theory. Schultz is the only agricultural economist to have been awarded the Nobel Prize in Economics. The first part briefly describes the life of Theodore Schultz. The second part deals with his works in the economics of agriculture. The third part discusses his book The Economic Value of Education (Schultz, 1963). The fourth part analyses his work Investing in People (Schultz, 1981). The fifth part explores the book The Economics of Being Poor (Schultz, 1993). The sixth part outlines the book Origin of Increasing Returns (Schultz,...