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Analysis of the Pattern of US FDI Inflow into CEE region and a Study of the Impact of US FDI on the Private Consumption Expenditure of Czech Republic
John, Erin ; Jeřábek, Petr (advisor) ; Svoboda, Karel (referee) ; Figueira, Filipa (referee)
The study presented has a dual objective. The first one being to analyse the pattern of inflow of FDI from The United States into the CEE region for a period of thirty years (1990 - 2020). The countries from the CEE region that is studied here are Bulgaria, Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland , Romania, Slovenia and Slovakia. The second objective of the study is to understand the impact US FDI inflow has on the Private Consumption Expenditure of Czech Republic for the same time period. I gathered data on twelve macroeconomic variables of the CEE region in the past thirty years. In order to study the pattern of the FDI inflow, the factors that attracted the huge amount of FDI has been taken as the primary material. Analysis has been conducted individually on each factor that possibly is an FDI attractor. The first objective is concluded with a Panel Data regression analysis of all the factors that influenced the FDI inflow from US to the CEE region over the past thirty years. The results of the analysis reveal that in the case of the US FDI inflow to the CEE region , it can be mirrored in the Universal Model of Factors Determining FDI. In order to fulfil the second objective, a Time-series regression analysis is conducted between the Private Consumption Expenditure and the...
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Innovation Benefits from European Union Ascendancy: An Econometric Analysis.
Nguyen, Lisa ; Paulus, Michal (advisor) ; Figueira, Filipa (referee)
This paper investigates the benefits of joining the European Union (EU) and its impact on innovation for two indicators: patents and R&D expenditure. Based on a sample size of 27 countries within the EU observed over the time period 1996 to 2013 and utilising the GMM, FE and OLS models, I showed that, overall, entry into the EU has provided substantial benefits. Nevertheless, not all of the indicators of EU benefits are significant and sometimes did not provide positive impact on innovative activities. My evidence also suggests that with a further breakdown into two different regions, Western and Eastern Europe, there is a further rift in gains. Financial integration, for starters, has had a negative impact on innovation for both Western and Eastern Europe. Nevertheless, for the entire EU, financial integration has a positive impact on the number of patents filed. I also showed that another benefit of joining the EU, free movement of labour, has a negative and significant effect on both innovative indicators. This is consistent with the idea not all benefits of the EU provide a positive impact on innovation. Further research is warranted due to the insufficient time period.
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The Czech Republic's Participation in the Association Agreement between the European Union and Central America and its Policy Implications
Morales Interiano, Andrés ; Vacek, Pavel (advisor) ; Semerák, Vilém (referee) ; Figueira, Filipa (referee)
University College London - School of Slavonic and East European Studies Univerzita Karlova v Praze - Charles University in Prague - Faculty of Social Sciences International Masters in Economy, State & Society - Economics and Business Andrés Morales Interiano UCL Student Number: 14082525 The Czech Republic's Participation in the Association Agreement between the European Union and Central America and its Policy Implications Master's Thesis Supervisors: Dr Filipa Figueira (UCL) and Dr Pavel Vacek (Charles University) 20 May 2016 - Prague, Czech Republic Abstract: Preferential Trade Agreements have become evermore popular in the worldwide market economy and have raised much interest in academics and policy-makers alike. This paper studies the participation that the Czech Republic had in the Association Agreement between the European Union and Central America during the pre- negotiation and negotiation rounds, and the effects that it brought to the Czech Republic's trade policies and trade flow with the mentioned region. It focuses on a qualitative approach of the Political Economy of Regionalism and liberal perspective to explain how the Czech Republic participated in this agreement previous to its signature in 2012 and views some of the consequences it has caused after its provisional application. It finds...
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On the Role of the Manufacturing Industries in Economic Resilience.
Arbesleitner, Roland ; Young, Mitchell (advisor) ; Svoboda, Karel (referee) ; Figueira, Filipa (referee)
Economic resilience has recently enjoyed increased popularity in academic discourse, especially after the 2008 Global Crisis played havoc across the globe, but is as of now still in its infancy: A commonly agreed upon definition is yet to be found, and papers devoted to this concept are still rather scarce. It is commonly known that the manufacturing industries in European economies have generally been in decline for decades, and that they have primarily been replaced by the services sector. It has however been argued in the past that due to relatively high sunk costs, there is increased incentive for investors to keep manufacturing enterprises afloat during difficult times as long as possible, making them less likely to go out of business compared to others, thereby minimizing the initial blow of an economic shock to the respective economy and subsequently foster recovery. These assumptions are being examined in this paper by analysing data from the EU-28 starting at the outbreak of the 2008 crisis until 2015, followed by an investigation of individual economies in greater detail. The results show that more industrialised economies tend to have fared better during the crisis years and also managed to recover sooner.
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Analysis of CEE countries' Trade Potential based on Trade between CEE 16 countries and China.
Li, Lei ; Svoboda, Karel (advisor) ; Figueira, Filipa (referee) ; Semerák, Vilém (referee)
The main purpose of this dissertation is to explore the trade potentials between Central and Eastern Europe countries and China. According to the collected information and data, this dissertation believes that although there are some shortcomings in the trade between CEE countries and China, CEE countries' trade potentials with China are relatively high. This is because, on the one hand, by observing the trend of the trade development in the past ten years, it could be found that the trade scale between CEE countries and China has been continuously increasing. Combined with the trade competitiveness and trade complementarity between CEE countries and China, this dissertation believes that the practical basis for trade cooperation between CEE countries and China is relatively strong. For example, Latvia has an obvious competitive advantage and trade complementarity in crude materials, inedible, except fuels (SITC 2). On the other hand, according to the trade potential ratios calculated by the trade gravity model, the overall trade potential ratios between CEE countries and China are not significantly high, which suggests that CEE countries and China still have strong trade potentials in export and import trade. Keywords: Central and Eastern Europe countries, China, trade potential, trade gravity...
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Exploring the Interaction between Foreign Direct Investment and International trade with a Focus on CEECs.
Zhang, Ling ; Szobi, Pavel (advisor) ; Figueira, Filipa (referee) ; Jeřábek, Petr (referee)
Our research reveals the impact of foreign direct investment on the intensity of bilateral trade in the Central Eastern European (CEE) region, focusing on countries of Czech Republic, Hungary, Poland, Slovakia, Slovenia, and Estonia (CEE-6). Previous literature and research results indicate that there is a complementary or substitute relationship between FDI and trade. However, the studies of this subject on the CEE region are scarce. Our study employs the gravity model to analyze the impact of FDI on bilateral trade with panel data of each country from 2005 to 2019. Based on the panel data, we investigate the commercial integration among CEE-6 and with main EU commercial partners. Our results suggest a prevalence of complementary relationships in Hungary, Poland, Slovakia, and Slovenia, yet each country demonstrates the relationship through different facts. The complementary relationship is attributed to the prevalent vertical FDI in CEECs, especially in the automotive industry. However, Estonia displays a substitutive relationship between outward FDI and trade. Moreover, we find the commercial integration only exists among the Visegrad group.
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A Study of the Trade Effects of China's Direct Investment in Central and Eastern European Countries
Wang, Yuehan ; Cahlík, Tomáš (advisor) ; Figueira, Filipa (referee) ; Svoboda, Karel (referee)
This paper aims to explore the relationship between China's investment in Central and Eastern European countries (CEECs) and China-CEECs trade. Since the 1950s, the research on the relationship between foreign direct investment (FDI) and foreign trade has become one of the topics of theoretical and empirical analysis. Many scholars have conducted extensive studies on the relationship between FDI and trade from different perspectives and theoretical and empirical perspectives. Under the background of "the Belt and Road", the CEECs, as important trading partners in this strategy, have gradually expanded their trade with China. This paper explores the current situation and characteristics of China's direct investment and trade with the CEECs from the perspective of the relationship between FDI and foreign trade. The development of China's direct investment and trade with the CEECs is explored from the perspectives of total volume, country, and products by qualitative analysis. Meanwhile, the trade gravity model is established to empirically analyze the influence of China's direct investment in the CEECs on China-CEECs trade scale from the three aspects of total trade volume, export, and import. The results show that China's direct investment in the CEECs has a long-term positive effect on the scale of...
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Public Choice Theory and the Russian Food Ban
Savory, Oliver ; Svoboda, Karel (advisor) ; Figueira, Filipa (referee) ; Šír, Jan (referee)
In this thesis I look at economic statecraft and try to examine why sanctions continue when they are failing, and why countries continue to use them despite debatable claims for success. For example, Hufbauer et. al.'s 2009 analysis shows sanctions only work 34% of the time, Pape (1997) estimates only 5%. Despite this economic statecraft is having a resurgence under the name "geoeconomics". This thesis builds off Kaempfer and Lowenberg's 1988 "Public Choice" theory of international economic sanctions. It hypothesises that in certain cases the domestic interests will be the primary goal of sanctions and therefore should be the primary focus of judging the success or failure of sanctions. Russia's 2014 food import ban is analysed to show that, despite failure to achieve any international goals, it is being successful at achieving the domestic goal of supporting Russian agriculture. The implications being that all current quantitative analysis of economic sanctions have potentially incorrectly measured sanctions as failures by not measuring them against the actual goals of the policies. Further research into this area to establish just how often sanctions are used primarily for domestic reasons, but even sanctions where domestic goals are only of secondary importance, their existence still needs to be...
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On the Role of the Manufacturing Industries in Economic Resilience.
Arbesleitner, Roland ; Young, Mitchell (advisor) ; Svoboda, Karel (referee) ; Figueira, Filipa (referee)
Economic resilience has recently enjoyed increased popularity in academic discourse, especially after the 2008 Global Crisis played havoc across the globe, but is as of now still in its infancy: A commonly agreed upon definition is yet to be found, and papers devoted to this concept are still rather scarce. It is commonly known that the manufacturing industries in European economies have generally been in decline for decades, and that they have primarily been replaced by the services sector. It has however been argued in the past that due to relatively high sunk costs, there is increased incentive for investors to keep manufacturing enterprises afloat during difficult times as long as possible, making them less likely to go out of business compared to others, thereby minimizing the initial blow of an economic shock to the respective economy and subsequently foster recovery. These assumptions are being examined in this paper by analysing data from the EU-28 starting at the outbreak of the 2008 crisis until 2015, followed by an investigation of individual economies in greater detail. The results show that more industrialised economies tend to have fared better during the crisis years and also managed to recover sooner.
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