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EFFECT OF PUBLIC DEBT ON INCOME INEQUALITY IN ADVANCED ECONOMIES: DOES INSTITUTIONAL QUALITY MATTER?

100%
Nguyen V. B.
Ekonomický časopis (Journal of Economics)
|
2022
|
vol. 70
|
issue 9-10
723 – 742
EN
Global income inequality becomes one of the severe problems in most economies, while government spending financed by public debt can be a good instrument of fiscal policy to reduce this inequality in society. Does institutional quality affect the public debt – income inequality relationship in advanced economies? For the answer, the paper employs the system-GMM and PMG estimator to examine the effects of public debt, institutional quality, and their interaction on income inequality for a group of 30 advanced economies from 2002 through 2020. The paper finds some exciting results. Public debt and institutional quality narrow income inequality, but their interaction term widens. Furthermore, economic growth and unemployment increase income inequality, while education decreases it. The findings suggest some necessary policy implications to narrow income inequality through public debt and institutional quality.
2

REGULATORY ENVIRONMENT AND DEVELOPMENT OUTCOMES: EMPIRICAL EVIDENCE FROM TRANSITION ECONOMIES

100%
Petreski M.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
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issue 3
225 – 248
EN
The objective of this paper is to investigate the effect of the regulatory environment and the institutional quality on economic growth and the share of the informal economy in transition economies. We use a sample of 30 transition economies over the period 2005 – 2011 and observe the relationships within three geographic sub-groups, three regulatory sub-groups and pre- versus during the recent crisis. Results suggest that less cumbersome regulation improves growth if combined with better institutions. Both channels – the direct one working via firm creation and the indirect one working via informal economy reduction – are found to exert positive and significant effect on growth. The composite effects are the strongest for countries with less business-friendly regulations and institutional environment, for regulatory chapters potentially relevant for the entire life-cycle of the firm, such as investors’ protection, contract enforcement and trade, and during the crisis.
3

INSTITUTIONAL QUALITY AND FOREIGN DIRECT INVESTMENT: EVIDENCE FROM OECD COUNTRIES

88%
Gokceli E.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 3
222 – 257
EN
The main purpose of this research is to investigate the effect of institutional quality on FDI inflows in the Organization for Economic Cooperation and Development (OECD) countries by using the panel autoregressive distributed lag of pooled mean group (ARDL-PMG) over the period 1996 – 2017. The results reveal that institutional quality is an important factor attracting foreign direct investment (FDI) over the long term to countries with low quality of institutions. In the short term, in contrast, the relationship is not significant. Institutional quality does not play any significant role in attracting FDI to the countries with sound institutions in either long or short terms. When considering components of institutional quality, property rights have the greatest impact on FDI flows. Finally, when considering a non-linear relationship between institutional quality and FDI inflows, we find diminishing returns of institutional quality on FDI flows for the whole sample. This paper contributes to the literature by considering both the different individual aspects of institutional quality and a broad composite measure of institutional quality in order to analyse their impact on FDI inflows. Additionally, the study applies the CS-ARDL method as a robustness check, in addition to the ARDL-PMG. The scope of this study is limited as it only examines the impact of institutional quality on overall foreign direct investment (FDI) inflows, rather than analysing sector-specific FDI flows.
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