Politická ekonomie, 2024 (vol. 72), issue 4
Articles
Spanish Boom-bust Cycle Within the Euro Area: Credit Expansion, Malinvestments & Recession (2002-2014)
Miguel Ángel Alonso-Neira, Antonio Sánchez-Bayón
Politická ekonomie 2024, 72(4):597-625 | DOI: 10.18267/j.polek.1429 
This critical review explains the negative impact of the euro on the Spanish economy and its distortion in the period from 2002 to 2014. In this first cycle within the euro area, there was a financial boom, without voluntary savings, which generated a lack of coordination in the economic process and structure. The result was a bubble of overconsumption and malinvestments, which burst with a deflation of capital and wages, and a switch from construction industry to tourism services as Spain's main economic sector. The economic distortion was such that it delayed the exit from the Great Recession of 2008 and the European Financial Crisis of 2010 until...
Examining the Relationship Between Tourism Index Return and Financial, Macroeconomic and Tourism Industry Development Indicators: An Application of MS-VAR Models
Yesim Helhel, Eray Akgun
Politická ekonomie 2024, 72(4):626-652 | DOI: 10.18267/j.polek.1424
The tourism industry has flourished considerably over the years in Turkey and has competed with top international destinations. This study aims to identify the structural breaks specific to Turkey with a developing capital market and examine the causality relationship between tourism index return and financial, macroeconomic and tourism industry development indicators from January 2005 to February 2022. The MS-VAR econometric model based on two regimes detects nonlinear and asymmetrical structures in the dataset. Our findings indicate local effects of shocks on financial and macroeconomic indicators during regime transition periods. Furthermore, there...
Economic Policy Uncertainty and Remittance Nexus: Evidence From Top 10 Remittance-receiving Countries
Doğan Barak, Mustafa Ünlü
Politická ekonomie 2024, 72(4):653-675 | DOI: 10.18267/j.polek.1430
Remittances are a major source of income for many countries. In this regard, the importance of remittances to national economies is increasing. Altruism and self-interest are the two main motivations for remitting. Economic policy uncertainty may determine which of these motivations is more prevalent. Therefore, the aim of this study is to examine the altruism and self-interest hypotheses. In this study, unbalanced panel data are used to analyse the remittances received by the top 10 countries. These countries account for half of all remittances in the world. Due to cross-sectional dependence in our dataset, we need to use methods with robust standard...
Impact of Oil Price Shocks on Russian Macroeconomic Performance
Ayaz Zeynalov
Politická ekonomie 2024, 72(4):676-701 | DOI: 10.18267/j.polek.1412
This study examines the significant influence of oil price fluctuations on the economies of oil--exporting countries. While elevated oil prices can result in foreign currency inflows and advantages for oil-exporting countries, they can also trigger adverse effects, including a reduction in manufacturing sectors and a loss of price competitiveness due to currency appreciation. This research focuses on the period from 2004Q1 to 2021Q4, examining the influence of oil price fluctuations on key macroeconomic indicators in Russia, including industrial production, exchange rates, inflation and interest rates. The structural VAR model findings confirm that...
Impact of Financial Globalization on Financial Development in Developed and Developing Countries
Müslüm Polat, Enes Yildiz, Mesut Aslan
Politická ekonomie 2024, 72(4):702-726 | DOI: 10.18267/j.polek.1436
Over a period of more than three decades from 1982 to 2019, this study examines the impact of financial globalization on financial development, taking into account differences between developed and developing countries. It also examines sub-indices of financial-development and provides a comprehensive perspective on the topic. The analyses in this study use the Durbin-Hausman panel cointegration test, which provides more precise and less biased results for panel data with a large number of units and the augmented mean group (AMG) estimator, which combines the advantages of both fixed-effects and random-effects estimators to provide more efficient and...