Politická ekonomie, 2024 (vol. 72), issue 3
Articles
Dynamic Interactions Between the Shadow Economy and Economic Policy Uncertainty: A Panel Var Approach
Irem Cetin
Politická ekonomie 2024, 72(3):431-445 | DOI: 10.18267/j.polek.1427 
The literature on economic uncertainty has focused on the effects of uncertainty on the formal economy. Still, it has not addressed a relationship between uncertainty and shadow economy until now, to our knowledge. Therefore, this paper analyses the dynamic relationship between economic policy uncertainty and the shadow economy using panel vector autoregression estimates exploiting a dataset for 21 countries from 1997-2018. The impulse response analyses in this context reveal a mutual interaction of policy uncertainty and the shadow economy. In this respect, not only is the shadow economy found to respond to shocks in economic policy uncertainty, but...
The Impacts of ICT on Economic Growth in the MENA Countries: Does Institutional Matter?
Mohammed N. Abu Alfoul, Reza Tajaddini, Hassan F. Gholipour, Omar Bashar, Fouad Jamaani
Politická ekonomie 2024, 72(3):446-477 | DOI: 10.18267/j.polek.1409
This study investigates the effects of information and communications technology (ICT) on economic growth. Our study focuses on 16 MENA countries from 1995 to 2018. We examine not only the impact of ICT usage and investment but also the moderating role of the quality of national institutions shaping this relationship. The results obtained using the panel ARDL method suggest that while ICT usage drives economic growth, ICT investment alone has a limited effect. Moreover, our research confirms that higher-quality institutions boost the impact of ICT use and investment on economic expansion. These results are essential for policymakers who want to boost...
Long Memory in Clean Energy Exchange Traded Funds
Arife Özdemir Höl
Politická ekonomie 2024, 72(3):478-500 | DOI: 10.18267/j.polek.1415
This study aims to investigate whether clean energy exchange traded funds (ETFs) exhibit long-term memory properties and whether the efficient market hypothesis is valid for these assets. The results of the model established to test the dual long memory indicate the existence of long memory in both return and volatility of the ICLN, PBD, PBW series, while the long memory feature is found only in the volatility of the other variables. The results reveal that the selected clean energy ETFs do not exhibit weak efficient market characteristics and volatility has a predictable structure. These results mean that by using the past price movements of clean...
Effects of Trade Openness and International Financial Inflows on Africa's Productive Capacity: A Study of the Moderating Role of Governance Institutions
Jonathan E. Ogbuabor, Ekene ThankGod Emeka, Anthony Orji, Fidelia N. Onuigbo
Politická ekonomie 2024, 72(3):501-564 | DOI: 10.18267/j.polek.1418
We investigate the effects of trade openness and international financial inflows (including foreign direct investment, remittances and foreign aid inflows) on Africa's productive capacity and how governance institutions are moderating these effects. We adopt the dynamic system GMM modelling framework and the Bun and Carree (2005) bias-corrected least square dummy variable estimator with a panel of 43 African economies. We also use the Driscoll and Kraay (1998) standard error fixed effect estimation, which controls for cross-sectional dependence to provide robustness check. We find that trade openness and the various components of international financial...
Price Spillovers from Decentralized Finance to CEE Stock Markets
Ngo Thai Hung
Politická ekonomie 2024, 72(3):565-596 | DOI: 10.18267/j.polek.1416
Decentralized finance (DeFi) is a brand-new disruptive procedure that encourages the use of blockchain technology for developing and distributing a variety of financial goods and services. This study investigates the time-varying and asymmetric interplay between DeFi and CEE stock returns, concentrated around the COVID-19 outbreak and the Russo-Ukrainian conflict. While the associations between other cryptocurrencies and conventional assets have been studied, DeFi assets have not. For this purpose, we employ the multivariate DECO-GARCH model and cross-quantilogram framework. The results reveal a positive equicorrelation between DeFi and CEE stock market...