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Trade and Politics: Political Determinants of International Trade Flows
Sosnovec, Jan ; Semerák, Vilém (advisor) ; Paulus, Michal (referee)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies Master's thesis Trade and Politics: Political Determinants of International Trade Flows Author: Bc. Jan Sosnovec Supervisor: Ing. Vilém Semerák, M.A., Ph.D. January 3, 2018 Abstract This thesis takes a comprehensive look at the relationship between international trade and politics. The first part of this thesis is theoretical. Besides providing a useful overview of this highly complex subject, it makes a contribution to the contemporary theory by proposing two simple models. The first of these models explains how because of complementarity of institutions, countries end up stuck with inefficient institutions and consequently high trade costs; countries can break out of this inefficient equilibrium only by coordinating their actions. The second proposed model shows how governments set trade barriers in order to pursue their political aims, while at the same time staying popular in order to remain in power. This model is consistent with a wide variety of regime types and ideologies, and takes into account voter heterogeneity. The second part of this thesis is empirical. It uses the gravity model of trade, with multilateral resistance terms represented either by fixed effects or by the Baier-Bergstrand linear approximation of...
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Trade and Politics: Political Determinants of International Trade Flows
Sosnovec, Jan ; Semerák, Vilém (advisor) ; Paulus, Michal (referee)
Charles University in Prague Faculty of Social Sciences Institute of Economic Studies Master's thesis Trade and Politics: Political Determinants of International Trade Flows Author: Bc. Jan Sosnovec Supervisor: Ing. Vilém Semerák, M.A., Ph.D. January 3, 2018 Abstract This thesis takes a comprehensive look at the relationship between international trade and politics. The first part of this thesis is theoretical. Besides providing a useful overview of this highly complex subject, it makes a contribution to the contemporary theory by proposing two simple models. The first of these models explains how because of complementarity of institutions, countries end up stuck with inefficient institutions and consequently high trade costs; countries can break out of this inefficient equilibrium only by coordinating their actions. The second proposed model shows how governments set trade barriers in order to pursue their political aims, while at the same time staying popular in order to remain in power. This model is consistent with a wide variety of regime types and ideologies, and takes into account voter heterogeneity. The second part of this thesis is empirical. It uses the gravity model of trade, with multilateral resistance terms represented either by fixed effects or by the Baier-Bergstrand linear approximation of...
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Institutional Determinants of Investment Inflows into Transitional Economies
Donu, Victoria ; Mertlík, Pavel (advisor) ; Benáček, Vladimír (referee)
This thesis investigates the relationship between institutional quality and the level of investment inflows into post-communist countries. I attempt to empirically verify the argument that institutional determinants are essential in explaining the variation in investment inflows into transition economies after the demise of socialism in the early 1990s. The role of institutions is assessed using Economic Freedom indices provided by the Heritage Foundation. Consequently, to investigate the progress of institutional quality in transition economies, I further employ indicators developed by the European Bank for Reconstruction and Development. Using a panel data set for 11 transition countries from 1993 to 2013, I conclude that the impact of institutional quality on investment inflows is not negligible, yet much weaker than suggested by the existing theoretical literature. Using a fixed-effects model framework in both regression benchmarks with metrics from the Heritage Foundation and the European Bank for Reconstruction and Development, respectively, I observe that the impact of institutional variables on the level of investment was less significant than expected. Moreover, macroeconomic fundamentals appear to always play a more substantial role than institutional factors. KEYWORDS: foreign direct...
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Determinanty přímých čínských investic do zemí střední a východní Evropy
Belvončíková, Barbora ; Janíčko, Martin (advisor) ; Rod, Aleš (referee)
Chinese outward direct investment is surging and is unique in the sense that its development is much faster than of any other developing country. This thesis investigates the determinants of Chinese outward direct investment (ODI) in eight countries of Central and Eastern Europe throughout the years 2003-2014. Using panel data analysis, the regression model incorporates both traditional macroeconomic variables as well as institutional variables, testing thereby what are Chinese ODI driven by in those post-communist countries. The quality of institutional framework is represented by EBRD indicators, which seem to be more suitable for transition economies. Findings suggest that Chinese MNEs do not access Central and Eastern European countries primarily for market-seeking reasons, however the fact of being a member of the EU boosts Chinese ODI, since entering a member state market grants at the same time access to the whole EU common market and this fact is decisive for China. Also, R&D capacities play an important role in attracting Chinese ODI. On the other hand, Chinese ODI seem not to be associated with a good institutional environment of a host country, only large-scale privatization index is found significant and positively correlated with Chinese ODI inflow. Therefore, the findings of this thesis lead to the conclusion that macroeconomic factors are still more influential than the institutional ones when studying Chinese outward direct investment in Central and Eastern Europe.
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