Politická ekonomie, 2023 (vol. 71), issue 6

Dopad odlivu důchodů z PZI na českou ekonomiku

Impact of FDI Income Outflows for Czech Economy

Jana Marková, Markéta Arltová

Politická ekonomie 2023, 71(6):642-667 | DOI: 10.18267/j.polek.1404  

The objective of this paper is to analyse the outflow of primary income from the Czech Republic in comparison with the inflow of foreign direct investment and to show the causes of this phenomenon and the need for active economic policy in the area of primary income outflows. We look at the impact of pension outflows in the form of dividends on our economy as well as on the external balance from the perspective of the current account of the balance of payments. Attention is also paid to comparing pension outflows with inflows from domestic FDI abroad. The intention is also to test the hypothesis of a relationship between economic growth and FDI inflows...

Ceny nemovitostí a dlouhodobé úrokové sazby

House prices and long-term interest rates

Jiří Pour

Politická ekonomie 2023, 71(6):668-708 | DOI: 10.18267/j.polek.1408  

The article deals with the question of whether there is an equilibrium relationship between long-term interest rates and rental yields or real estate prices. In the theoretical part, an arbitrage relationship with the real estate market is shown, emphasizing the importance of nominal interest rates in the house price-setting process. Simplified theoretical relationships are empirically tested on panel data for a number of countries in the world. The results suggest that there is a cointegrating relationship between long-term interest rates and rental yields. Rental yields tend to adjust to interest rates over a long time period dominantly through house...

Public Expenditure and Economic Growth: Empirical Evidence for the EU

Francisco J. Delgado

Politická ekonomie 2023, 71(6):709-729 | DOI: 10.18267/j.polek.1406  

The relationship between government size and economic growth is a major task in the economic literature and this paper is devoted to public expenditure. We empirically study the relationship between public expenditure and economic growth in the European Union. Our approach consists on a quantile regression for the period 2004-2019. The results show a negative and significant impact of total public expenditure on economic growth, with a higher effect in the high tail of the growth distribution. In a more detailed analysis, the study of three large public expenditures, considering the percentage of total public expense, reveals an insignificant effect...

Combining Economic Growth and Financial Development in Environment-Health Nexus

Han Dongping, Mansoor Ahmed Golo, Qamaruddin Mahar, Syed Safdar Ali Shah, Maysa Kadyrova

Politická ekonomie 2023, 71(6):730-757 | DOI: 10.18267/j.polek.1405  

This study examines the impact of monetary developments on environmental quality and economic growth. We utilize ARDL/PMG models to study twelve climatically vulnerable countries from 1996 to 2018. We find that a 1% increase in real GDP and domestic credit harms the environment by 0.827% and 0.220%, respectively. However, savings improve environmental excellence by 0.373%. A 1% environmental degradation decreases human health by 0.317%; consequently, economic growth declines by 1.102%. Good governance emerges as a key solution, with a 1% improvement in public institutions mitigating the adverse impact of real GDP on the environment by 0.777%. Redirecting...

Ekonomické vizionářství Bernarda Bolzana

Bernard Bolzano’s Economic Visionariness

Pavel Sirůček, Jaroslav Šetek

Politická ekonomie 2023, 71(6):758-780 | DOI: 10.18267/j.polek.1396  

ThDr. Bernard Bolzano (1781-1848) was not only a mathematician and logician of European stature, a theologian, philosopher, teacher and educator, but also a critical social thinker and reformer, whose work also has distinct economic dimensions. Economic aspects play an important role in Bolzano's vision, and this does not rest on foundations that are only naively fanciful. The star- ting point of his economic considerations is the category of property. In the work of Bolzano, one can trace the vision of the welfare state, the public sector, or the germs of elements of welfare economics. It is possible to appreciate the thoughtfulness, logic and precision...