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Privatization through FDI in the Czech Republic: Effects of Privatization Properties on the Companies' Performances
Nachtigall, Jakub ; Geršl, Adam (advisor) ; Kolouchová, Petra (referee)
This thesis is focused on the large scale privatization in the Czech Republic. It brings the real values of investment into the discussion of direct effects of FDI. A unique dataset obtained in the archive of the Ministry of Finance of the Czech Republic allows us to employ other interesting properties of the privatization in the comparison of the performance of the FDI recipients during the 1997- 98 crisis. A synthetic method approach is used to estimate the most similar competitor of each FDI recipient and control for different situations the MNE affiliates were prior the crisis. The thesis has also a historical contribution as it discusses some yet unknown features of the privatization through FDI during the large scale privatization. Further, the underlying theory of FDI, FDI flows into the Czech Republic, the Czech privatization process and macroeconomic background are described. JEL Classification D24, F21, F23, P31 Keywords Czech Republic, Foreign Direct Investment, Pri- vatization, Total Factor Productivity, Transi- tions of Socialist Enterprises Author's e-mail jakub.nachtigall@gmail.com Supervisor's e-mail adam.gersl@cnb.cz
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Legal Framework of Protection of Foreign Direct Investment under Bilateral Investment Treaties and European Law
Moškvan, Dominik ; Svoboda, Pavel (advisor) ; Pítrová, Lenka (referee)
This thesis aims to analyse alleged incompatibility of bilateral investment treaties signed between the Member States of the European Union with the European Union law and its impact on the investment environment of the Union. Bilateral investment treaties are found to be incompatible with EU law. First, it is the provision allowing for dispute settlement in the form of arbitration, thereby excluding the case from EU judicial review and infringing the primacy and autonomy of EU law. Second, it is the preferential treatment of investors given only to an investor from a state with a concluded BIT conflicts the non-discrimination principle. Preferential treatment given in BITs should be either unilaterally extended, or dismissed for all investors. Unless rescinded, BITs remain valid. Investment environment of the European Union might be exposed to an increased risk of legal uncertainty. This is due to the existence of dichotomy of investment arbitration and national courts, which has not allowed for a binding interpretation of EU law since arbitration courts are not considered to be a court of a Member States with respect to the meaning of Article 267 of the Treaty on the Functioning of the European Union. Concurrence of the two parallel systems of dispute resolution does not allow for a prompt...
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Treasure islands: the economic analysis of tax havens
Filip, Ondřej ; Janský, Petr (advisor) ; Adam, Tomáš (referee)
Bachelor Thesis Abstract This thesis strives to introduce a wider notion of tax havens. We alter a traditional paradigm by investigating tax havens' influence on economic performance of other countries. The first part of the thesis copes with issues implied by the absence of a suitable tax haven's definition which results in compiling an inclusive list of havens. Subsequently, we present a data-based description of the identified tax havens with an emphasis on several widely-held assertions. The second part delivers an empirical analysis. It illustrates the role of tax havens as financial intermediaries. We examined whether the volumes of capital flows between non-havens and tax havens correspond to the sizes of the counterpart economies and to their mutual distance. Foremost, we found intensified capital flows between tax havens and large non-haven countries in their close proximity. The thesis concludes by a discussion of results.
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The Impact of FDI on Host Economy - A Case Study of TRCZ
Vazač, Adam ; Blažek, Jiří (advisor) ; Hlaváček, Petr (referee)
This study deals with foreign direct investments and their impacts on regional labour market and on domestic firms through spillover effects. The main goal was to find out if the foreign presence has positive influences on the host regional economy. This study has two important parts - quantitative and qualitative researches. The result of quantitative research based on multiple regression comes with no relevant empirical evidence of spillover effects. The qualitative research as a case study of TRCZ allows a trying to solve possible FDI-impacts on regional economy of Lovosice region. Keywords: foreign direct investment, multinational enterprises, impact of FDI, host economy, spillover effects
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Effects of foreing investment on international trade
Koubková, Klára ; Semerák, Vilém (advisor) ; Hildebrandt, Barbora (referee)
The main objective of this thesis is to discuss the effects of foreign direct investment on international trade. The FDI are considered as an important source of skilled labour force, know-how and technological innovations. Thus, it is expected its positive impact on economic growth and export performance of host country. However, the theoretical and empirical evidence do not provide any clear statement dealing with relationship of FDI and international trade. In empirical part of the thesis, we apply the Gravity model on Czech and German data to investigate bilateral flows of FDI, exports and imports and to identify the possible relationship between FDI and trade flows. We came to the conclusion that there is no statistically significant relationship between these variables.
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Foreign Direct Investment and Economic Growth: Evidence from Transition Economies
Su, Qihao ; Holub, Tomáš (advisor) ; Amini, Chiara (referee) ; Semerák, Vilém (referee)
Abstract: Institutional quality and income level of countries can play different role in international trade, which can affect foreign direct investment and economic growth, both negatively and positively. Although the empirical evidence shows a mix result, few literatures specifically study the effect of FDI on economic growth and the role of institutions in FDI and economic growth in developing countries. This thesis is developed on the research of Roodman (2006, 2009) and Farole and Winkler (2012) but specifically focuses on the impacts of institutional quality on FDI-Growth nexus. This thesis is based on absorptive capacity theory and exogenous growth model to utilize dynamic panel GMM techniques robust to instrument proliferation. Finally, the thesis empirically tested the propositions through econometric models by regressing a static panel model and two-stage GMM equation. In summary, based on absorptive capacity theory, this dissertation not only contributes to literature by applying the theoretical model in FDI and economic growth in exploring interaction with the role of institutions and human capital on the FDI-growth nexus but also obtained some new empirical results in different income level groups to explore the impacts of macroeconomics situation that can affect our results. The...
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Legal and Economic Aspects of Foreign Direct Investment with Reference to Taiwan
Jindra, Marek ; Bažantová, Ilona (advisor) ; Dupáková, Lenka (referee)
Název diplomové práce v anglickém jazyce, abstrakt v anglickém jazyce a 3 klíčová slova v anglickém jazyce Title: Legal and Economic Aspects of Foreign Direct Investment with Reference to Taiwan Abstract: The thesis on "Legal and Economic Aspects of Foreign Direct Investment with Reference to Taiwan" consists of two main parts, which are divided into eight chapters. The thesis uses the methods of secondary source analysis, synthesis, and comparison. The thesis is mainly based on domestic and foreign literature, foreign legislation, documents and data of international organizations published on their websites, academic articles, textbooks, and economic studies. The first part of the thesis deals with the general issue of foreign direct investment in four chapters, both from the legal and economic points of view. The thesis introduces the reader to the definitions of investment and investor, the nature and meaning of investment, the standards of treatment of investment, and, last but not least, its legal regulation. This section aims to provide a comprehensive overview of the various aspects of foreign direct investment protection, which will provide a well-rounded insight into the subject. In the second practically oriented part, the thesis analyses foreign direct investment in Taiwan. In particular, it...
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Comparison of the EU economic relations with India and the PRC from the nineties to the year 2006
Hrubá, Blanka ; Kučerová, Irah (advisor) ; Oklešťková, Ivana (referee)
Diploma thesis "Comparison of the EU economic relations with India and the PRC from the nineties to the year 2006" is seeks to compare approach of the European Union to the two most populated countries of the World. It observes development of these two relations - their parallel points and differences - by the analysis of documents published by the EU and economic indicators. At the same time it tries to answer the question, why these relations are different, eventually why they are in some areas similar. The author also seeks to find out whether the mutual economic relations have been derived just from the economic level of India and the PRC or whether and how the economic relations with the EU have been influenced by their political organization. This work is concerned with these relations only on a level of the EU and monitored countries and its aim is not to watch policies of individual member states of the EU and their disputes about this topic. The author also seeks to predict possible development in the future from the recognized facts.
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The impact of foreign direct investment on domestic investment in selected countries of Central and Eastern Europe from 2008-2019
He, Ma ; Baxa, Jaromír (advisor) ; Korosteleva, Julia (referee) ; Semerák, Vilém (referee)
This article applies the total investment model and 12-year (2008-2019) panel data of 11 countries in Central and Eastern Europe to examine the crowding-in or crowding- out effect of FDI on domestic investment. Moreover, in the empirical research, this article also tests the specific impact of the formation of FDI domestic capital in different economies and different periods in Central and Eastern Europe. Our research results show that FDI has no obvious crowding-in or crowding-out effect on the domestic investment of the total sample in the long term. In addition, FDI has a long-term crowding-out impact on domestic investment in underdeveloped economies and advanced economies in 11 countries. However, in the short term (2008-2012), FDI has a substantial and apparent crowding-in effect on domestic investment in underdeveloped economies. Furthermore, in the latter stage of the research period (2013-2019), FDI has no obvious crowding-in or crowding-out effect on domestic investment in the two different economies. This article also deeply analyzes the causes of the crowding-in or crowding-out effect of FDI and puts forward reasonable policy recommendations. Keywords: FDI, Crowding in, Domestic investment, underdeveloped economies.
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EU member states FDI policies and Chinese investments
Neumanová, Petra ; Kučerová, Irah (advisor) ; Kramer, Zachary John (referee)
The topic of this master thesis are the EU FDI policies and their development specifically in the period 1999 - 2019. The aim of this master thesis is to answer the research question: "Why the European FDI policies have changed during 1999-2019?" In April 2019, a new regulation regarding a framework for screening of foreign direct investment in the European Union has passed. The process of screening should be applied in case a foreign direct investment would pose a threat to security or public order. The EU has been traditionally a promoter of the liberal trade and free movement of capital. Yet, the proposal presents a new tool in the FDI policy that can be seen as restrictive. In this thesis author analyzes what processes led to the introduction of this new framework. Following the theoretical framework regarding security concepts and evolution of new threats, the author elaborates on the first hypothesis that "It is possible to identify strengthening of the concept of security and more restrictive approach in the FDI policies of EU member states during 1999-2019" by analyzing the evolution of EU FDI policy and policies of Germany and France as ones of the biggest recipients of FDI in the EU. Furthermore, the author uses the theoretical framework of realism and international political economy to...
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