Politická ekonomie, 2023 (vol. 71), issue 1

Obchod s pridanou hodnotou medzi Čínou a USA

Trade in Value Added Between the USA and China

Dominik Kohut, Martina Jiránková

Politická ekonomie 2023, 71(1):1-22 | DOI: 10.18267/j.polek.1379  

The main topic of this article is the bilateral trade in value added between the USA and China. The goal is to look at this bilateral trade in the context of "the new wave of globalization". To fulfill this broadly specified goal the article tries to answer following questions: How much are the USA and China involved in global value chains (GVC)? What is the development of the classical bilateral trade using the balance of payments methodology? Where does the value added in exports come from (geographical structure)? Are there any differences between different industry sectors? One of the main findings is that domestic value added in trade between...

Komparácia krajín EÚ na základe nástrojov sociálnej politiky na zmiernenie finančnej zraniteľnosti domácností

Comparison of EU Countries Based on Social Policy Instruments to Mitigate Financial Vulnerability of Households

Nikola Šubová

Politická ekonomie 2023, 71(1):23-45 | DOI: 10.18267/j.polek.1377  

The social policy of the European Union is focused mainly on the most vulnerable group of citizens. The social instruments that countries use to increase the living conditions and to decrease social exclusion and vulnerability can differ between countries. The submitted paper uses cluster analysis to compare 27 member states of the European Union based on their social policy instruments in 2019. The study analyses the dependence of social policy instruments and household financial vulnerability using correlation and regression analysis. It examines whether higher levels of social benefits and government expenditure result in lower financial vulnerability....

Financial Stress and Effect on Real Economy: Turkish Experience

Yusuf Yildirim, Anirban Sanyal

Politická ekonomie 2023, 71(1):46-67 | DOI: 10.18267/j.polek.1370  

The core of this paper is an econometric estimation of the relation between financial stress and a number of macroeconomic variables (consumption, real GDP, investment, unemployment). This estimation is done on Turkish quarterly data for the period 2002-2021 using threshold vector autoregression (i.e., TVAR). The paper observes the non-linear trade-off between financial stress and macroeconomic indicators. The effect of financial stress appears to be adverse when the stress level is already at a higher level. During high stress episodes, any further increase in financial stress drags economic growth down and the effect appears to be prolonged...

Fiskální deficit a emise peněz v České republice v době pandemie covidu-19

Fiscal Deficit and Money Issuance in Czech Republic during COVID-19 Pandemic

Jan Kubíček, Pavel Morda

Politická ekonomie 2023, 71(1):68-88 | DOI: 10.18267/j.polek.1375  

The public finances of the Czech Republic fell into deep deficits during the pandemic, while the money supply growth rate accelerated. We make a basic comparison of monetary acceleration during the first two years of the pandemic with other countries. We verify that this acceleration in the Czech Republic was partly due to commercial banks increasing credit to the government. We argue that purchases of government bonds by non-residents have a similar effect. This is particularly true when non-residents use existing koruna deposits held by them, partly as a result of past foreign exchange interventions, to purchase government bonds. While there was...

Induced vs. Voluntary Green Production: Which Is Better for Society?

Domenico Buccella, Augustine Abakpa

Politická ekonomie 2023, 71(1):89-103 | DOI: 10.18267/j.polek.1368  

This article studies the environmental and societal impacts of a polluting monopoly when a society strives for a clean environment. Two scenarios are considered: (1) the government levies an environmental tax to induce investment in emission-reducing technology, and (2) the monopolist engages in environmental corporate social responsibility (CSR). It is shown that taxation has a lower environmental impact, but the monopolist undertakes CSR activities only if the abatement technology is efficient. Social welfare is always higher under CSR; therefore, when the technology is not adequately efficient, the government should implement a second-best environmental...