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Gravity model estimation using panel data - is logarithmic transformation advisable?
Bobková, Božena ; Benáček, Vladimír (advisor) ; Baruník, Jozef (referee)
This thesis investigates the question if the estimation of gravity model of in- ternational trade based on the logarithmic transformation of the model is ad- visable when panel data are employed for the estimation. We have derived theoretically that in the presence of heteroskedasticity the logarithmic trans- formation causes inconsistency of the estimated coefficients. According to the literature, we have recommended rather the Poisson pseudo maximum likeli- hood estimation technique for the empirical research of the gravity model. We have also provided an empirical analysis of Czech and German panel data sets based on the comparison of the performance of traditional and Poisson estima- tion approaches. This analysis confirrms Poisson pseudo maximum likelihood estimation method as a more proper method for estimating the coefficients of the gravity equation.
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Determinants of FDI location across European Countries: role of economic and non-economic factors in decision-making by means of econometric analysis of panel data for 1995-2010
Brázdová, Martina ; Benáček, Vladimír (advisor) ; Bobková, Božena (referee)
This thesis provides an insight into factors that determine FDI inflows. Our focus is on FDI inflows directed to European countries and we study the FDI phenomena both from theoretical and practical view. We extend the literature that highlights the importance of FDI- institution link, and hypothesise that countries with better institutional quality should attract more foreign direct investments. This is in accord with expectation that good institutions create better investment environment in terms of lower costs of doing business and lower risk. The main purpose of this thesis is to complement previous studies that have covered this topic, but did not account for years of financial crisis. The key part analyses panel data for 33 European economies in the period from 1995 to 2010. A model of FDI determinants is constructed and estimated using panel data estimation techniques. The empirical part has revealed that even though some of the institutional variables are significant, they remain rather additional in explaining FDI flows; whereas the traditional economic variables are clearly significant. Our results are intuitively consistent with theoretical expectations and show that market growth, low trade restrictions, good infrastructure and low labour costs are key FDI drivers. Other important...
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A Gravity Approach to Modelling German Exports: The Role of Institutions
Hadrová, Petra ; Bobková, Božena (advisor) ; Havránek, Tomáš (referee)
The purpose of this thesis is to implement the gravity model approach to identify and quantify determinants of bilateral trade flows of Germany and its trading partners, while focusing on the effect of institutions. Based on various gravity model techniques (clustered pooled OLS, Poisson Pseudo-Maximum Likelihood estimation, Hausman and Taylor estimation and Instrumental Variables regression), we have confirmed that the quality of institutions have a signifiant and positive effect on German exports. Depending on model specification and estimation technique, some institutions seem to effect German export more than others. We see the Hausman and Taylor estimator advisable for addressing endogeneity of institutions.
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Misallocation of Human Capital: The Austrian Perspective
Skala, Jakub ; Lebovič, Michal (advisor) ; Bobková, Božena (referee)
Higher education is often considered as one of the safest and most profitable investments in human capital. There are, however, signals that this sector has been experiencing unsustainable economic boom in the United States. This study examines the ability of Austrian Business Cycle Theory to explain the possibility of such boom, i.e. to explain the potential systematic errors in the allocation of human capital. We find that respective allocation is driven by the similar market forces as the allocation of physical capital and hence, that it may fall victim to the same, or similar false market signals, thus creating the cycle of boom and bust. Credit expansion in the sector of student loans can be the trigger then. Furthermore, we study the actual development in this sector and find that empirical evidence provides many reasons to believe that there has actually been unsustainable boom i.e. an economic bubble in the sector of post-secondary education in the United States.
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A Panel Data Analysis of Sub-Saharan Africa's Economic Growth
Hostačný, Jakub ; Cahlík, Tomáš (advisor) ; Bobková, Božena (referee)
This thesis examines the relationship between real GDP per capita growth rate of Sub-Saharan Africa countries and various variables suggested by theoretical literature related to Solow model or endogenous growth theories. The set of most commonly used variables is further extended by additional variables which have not been given an ample attention in the context of analysis of SSA countries' economic growth so far. The econometric analysis uses unbalanced panel data set comprising annual observations on 45 SSA countries between 1980 and 2011 applying a simple pooled OLS and FE estimation. We also touch IV estimation to address endogeneity problem. Moreover, we test the sensitivity of parameter estimates. Along with the analysis of total set of SSA countries, we subgroup countries into 4 groups - oil exporters, middle-income countries, non-fragile low-income countries and fragile countries. We present results for each group. The results support the findings of earlier empirical studies related to most commonly variables associated with economic growth, except the negative effect of population growth rate and conditional convergence hypothesis. The analysis of additional factors reveals the strong relevance of latitude, colonial heritage and landlockedness, while no systematic effect of neither...
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Comparison of Factors Determining Czech Exports in Different Aggregations: Analysis by means of an Adjusted Gravity Model
Smotlachová, Eva ; Benáček, Vladimír (advisor) ; Bobková, Božena (referee)
The aim of the thesis is to estimate determinants of Czech export. The key novelty of the research consists in estimating export flows at three different levels of aggregation (total, machinery, automobiles) and a subsequent comparison of results. An augmented gravity model is implemented for the empirical research and estimated with the use of Ordinary least squares (including time or country dummies) and Poisson pseudo maximum likelihood estimators. Consequently, we propose the comparison based on the Poisson estimates due to incontestable weaknesses of the OLS estimator. Besides, we emphasize the importance of identifying the panel data structure, as we have obtained different results under the two structures (time series and cross-sectional). The predicted models reveal a substantial impact of home and partner's GDP, distance and the European Union. Total and machinery export seem to follow same tendencies, whereas the development of Czech automobile export differs and evolves on an idiosyncratic path. Therefore, it does not coincide with a path expected by trade theories based on the assumption of perfect competitive markets.
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Panel Data Research on Corruption. Russia's perspective
Pogodina, Ksenia ; Cahlík, Tomáš (advisor) ; Bobková, Božena (referee)
Abstract(( The thesis assesses causes and consequences of public sector corruption, using panel data specification. The model presented in this work extends and updates the existing model, where new studies are incorporated and new methods for empirical evidence are used. Moreover, the analysis is expected to be more accurate and comprehensive than the existing one, since cross-sectional analysis is substituted by panel data analysis, which captures unobserved heterogeneity and country specific effects. The main correlations I am interested in are between the level of public corruption in a country and three other important variables: level of market competitiveness within economy, level of education in a country and the extent of democracy there. Hence, the topic is covered from both points of view: theoretical and empirical. Additionally, the model is applied for different samples of countries (developing and developed) in order to investigate if global tendencies hold for specific groups of countries or not. Furthermore, the work includes an example of Russian economy, where it is studied from theoretical and graphical perspective and only after that the proper inference is made, applying my general model for sample of developing countries. Empirical research shows that corruption and competition are...
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A Gravity Approach to Modelling German Exports: The Role of Institutions
Hadrová, Petra ; Bobková, Božena (advisor) ; Havránek, Tomáš (referee)
The purpose of this thesis is to implement the gravity model approach to identify and quantify determinants of bilateral trade flows of Germany and its trading partners, while focusing on the effect of institutions. Based on various gravity model techniques (clustered pooled OLS, Poisson Pseudo-Maximum Likelihood estimation, Hausman and Taylor estimation and Instrumental Variables regression), we have confirmed that the quality of institutions have a signifiant and positive effect on German exports. Depending on model specification and estimation technique, some institutions seem to effect German export more than others. We see the Hausman and Taylor estimator advisable for addressing endogeneity of institutions.
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