This academic work is based on remarkable works of economists Ramsey, Cass, Koopmans and Kaldor, it brings closer the intertemporal growth theory and its empirical implications on the Czech economy. Simply the purpose of this academic work is to analyse investment and its development in the Czech economy, theoretically identify and empirically study it. Furthermore, to monitor investments by different types and sectors. The study also is committing to better comprehension of mutual effects of capital formation and economic growth.

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The four essays included in this dissertation are in the field of open economy Macroeconomics. Essays I, II and IV deal with a work-horse model in this field – a two-sector small open economy growth model with traded and nontraded goods. Writing down such a model requires an assumption about the role of traded and nontraded goods in domestic consumption and investments. While several empirical studies have looked at the consumption side, a systematic examination of the role of traded and nontraded goods in investments is missing. Essay I aims to fill this gap. Drawing on extensive empirical evidence, we show that aggregate investment expenditure shares on traded and nontraded goods are very similar in rich and poor countries. Furthermore, the two expenditure shares have remained close to constant over time, with the average nontraded expenditure share varying between 0.54-0.60 over the 1960-2002 period. Combined with the fact that the relative price of nontraded goods correlates positively with income and exhibits large differences across space and time, our findings suggest that investment can be modeled using the Cobb-Douglas aggregator. The results of this essay offer a new restriction for the two-sector growth model, which can alter the conclusions drawn from the model. To demonstrate this, we apply the new restriction to a study by Hsieh and Klenow (2003), which argues that differences in relative productivity between traded and nontraded sectors, i.e., the Balassa-Samuelson effect, is the main cause of higher PPP-adjusted investment rates in rich countries. With the restriction imposed on the model, no more than 25 percent of the differences in PPP-adjusted investment rates between rich and poor counties can be attributed to the Balassa-Samuelson effect. In Essays II and IV the same two-sector growth model is put to the test using the recent economic developments in countries of Eastern and Central Europe. Essay II investigates whether the two-sector growth model can explain the magnitudes and the timing of the trade flows in the Baltic countries. The model is calibrated for each of the three countries, which we simulate as small closed economies that suddenly open up to international trade and capital flows. The results show that the model can account for the observed magnitudes of the trade deficits in the 1995-2001 period. Introducing a real interest rate risk premium in the model increases its explanatory power. According to the model, trade balances will turn positive in the Baltic states around 2010. Essay IV starts by summarizing empirical regularities for the key aggregate real sector variables in the eight countries that joined the EU in May 2004. It is shown that, following the reforms in the early 1990s, real sector developments in all eight countries exhibit remarkable similarities. Interestingly, this is the case despite the fact that different reform policies were pursued in several dimensions (e.g., privatization, nominal exchange rate). Next, we show that a calibrated two-sector small open economy growth model can account for most of the real sector adjustments in early post-reform years. Empirical studies have found rapid traded sector productivity growth in Central and Eastern European countries over the last decade. When traded sector productivity growth is added to the model, it captures the development in all key real sector variables during the post-reform period. Finally, Essay III contributes to the study of financial crises in emerging markets. In contrast to the other essays, this paper develops a highly stylized theoretical model that allows us to study analytically government response to financial crises. In particular, Essay III develops a framework for analyzing optimal government bailout policy in a dynamic stochastic general equilibrium model where financial crises are exogenous. Important elements of the model are that private borrowers internalize only part of the social cost of foreign borrowing in the emerging market and that the private sector is illiquid in the event of a crisis. The distinguishing feature of our paper is that it addresses the optimal bailout policy in an environment where there are both costs and benefits of bailouts, and where bailout guarantees potentially distort investment decisions in the private sector. We show that it is always optimal to commit to a bailout policy that only partially protects investment against inefficient liquidation, both in a centralized economy and a market economy. Due to overinvestment in the market economy, the government's optimal level of bailout guarantees is lower than in the social optimum. Further, we show that, in contrast to a social planner, the government in the market economy should optimally bail out a smaller fraction of private investments when the probability of a crisis is higher. / Diss. Stockholm : Handelshögskolan, 2005 S. i-x: sammanfattning, s. 1-187: 4 uppsatser

Thesis (M. Com. (Economics)) -- University of Limpopo, 2017 / Investment as one of the important macroeconomic variables can ensure infrastructure development and growth in the economy by raising the productive capacity. The study seeks to examine the determinants of investment activity in South Africa by means of the Cointegrated Vector Autoregression approach. The results of this study could assist policy makers to come up with policies that could encourage investment. The findings will add to the existing theory and knowledge as there is limited research on investment, more especially in South Africa. The empirical results revealed that the long and short run relationship exists amongst the variables under investigation. Furthermore, it was found that there is positive relationship between economic growth, interest rate, inflation and investment. Taxation and investment are negatively related in South Africa both in the long and short run. This indicates that investment activity can be explained by tax, economic growth, interest rates and inflation. The study recommend that the government should also find methods of increasing its revenue base. This could be done by creating a tax policy and system that is able to capture the informal sector because various un-registered businesses go unrecorded when estimating the tax to be collected in a fiscal year. This may be another way of increasing the level economic growth (GDP) since it will generate more fund for government to spend. KEY CONCEPTS: Gross fixed capital formation, Economic growth, taxation, interest rates, inflation.

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Thesis (M.Com. (Economics)) -- University of Limpopo, 2022 / The primary goal of this study was to investigate the effects of budget deficit on fixed investment using annual data for the period 1990-2017 in selected African countries namely, Cameroon, Namibia, Ghana, Egypt, Seychelles, Mauritius, Botswana, Lesotho and South Africa. The study employed panel unit root tests including the Augmented Dickey-Fuller test, Philips Perron test and Levin Lin and chu test. The tests revealed that all the variables are integrated at 1st difference. The study further employed the Panel ARDL bounds test to examine the relationship between budget deficit, fixed investment, money supply and inflation. The empirical findings indicated that a long run relationship exists between the variables of interest. Furthermore, the results revealed that the budget deficit has a negative and statistically significant effect on fixed investment. A one percent increase in the budget deficit, ceteris paribus, leads to a reduction in fixed investment by 44 percent in the long run. The findings further postulated a bidirectional causal relationship between budget deficit and fixed investment, between money supply and fixed investment and between fixed investment and inflation. It was evident in the research that indeed the budget deficit is a problematic macroeconomic policy in African countries. Policy makers should limit high government expenditures as they contribute to increased and persistent budget deficits which crowd out private investment.

Policymakers' action of mitigating and slowing down the continued increase of carbon emission is a significant global priority. One way to internalise the negative externality of pollution is to put a price on greenhouse gases and use the market-based approach of emission trading systems. On the other hand, according to economic reasoning, pollution is an essential tool for economic development. This paper aims to investigate the economic effects of introducing the first international emission trading system of greenhouse gases, the EU emission trading system, by observing the economic growth and gross fixed capital formation. Mankiw, Romer, and Wiel's (1992) theory is utilised in this study and based on cross-country and cross-state panel data between 1999-2012, an empirical analysis using the fixed effects model was followed. The finding shows that the EU emission trading system has a negative effect on the growth of real gross domestic product per capita compared to states and countries not participating in an emission trading system. In addition, the first phase results having a positive effect and the second phase has a negative effect on the economic growth compared to states and countries not participating in an emission trading system. There is no statistical evidence of the effect on gross fixed capital formation as a percentage share of GDP. Organisations can use the findings to decide whether developing countries can afford the consequence of an implemented emission trading system since it tends to slow down growth. However, further research needs to consider the effect of the financial crisis of 2008 and the interpretation of the EU emission trading scheme.

30年來，台商對中國經濟發展產生極大的貢獻，但兩岸官方所公佈的統計數據皆難以瞭解台商在中國發展的實際狀況。透過文獻彙整、統計數據分析與適當的估算公式，本文有系統地估計台商直接投資對中國經濟發展的貢獻。 本文估計：(1)、自1979年至2008年，累計台商在中國直接投資金額高達1,222.85億美元，佔同時期累計外商對中國直接投資金額的14.34％。(2)、自1980年至2008年，累計台商在中國國際貿易的總額為1兆4,458億美元，佔同時期中國國際貿易總額9.89％。(3)、2008年底，台商在中國雇用的就業人口數為1,443.41萬人，佔同時期中國勞動就業人口數的1.86％。(4)、自1992年至2007年，台商在中國繳納的稅賦總額約為878億美元，佔同時期中國財政稅收總額2.69％。 　　另外，根據以上的估計成果，本研究繼續以資本形成、國際貿易、勞動就業及財政稅收四個指標，估計台商對江蘇省、廣東省及上海市經濟發展的貢獻。本研究發現，以直接投資金額來看，江蘇省為台商在中國直接投資最高的省份，但若以進出口總額、雇用就業人口及繳納稅賦總額來看，則廣東省才是最高的省份，上海市除了繳納稅賦總額相對較高以外，其他指標都是三個省市中相對最低的。 　　最後，本研究以國際貿易及勞動就業兩個指標，衡量深圳鴻富錦精密工業有限公司、上海達功電腦有限公司及蘇州名碩電腦有限公司三家台商對中國經濟發展的貢獻。本研究發現，深圳鴻富錦精密工業不僅是中國最大的出口企業，也是台商在中國雇用勞動就業人口數最多的企業。此外，上海達功電腦有限公司及蘇州名碩電腦有限公司，不僅對中國國際貿易與勞動就業產生極大的貢獻，亦分別是上海市及江蘇省規模最為龐大的台商電子資訊製造業。 / For 30 years, Taiwan Businesspeople provide immense contribution towards the economic development of China, yet the official statistical figures published by the cross-strait officials are difficult to understand the actual circumstances of Taiwan businesspeople’s development in China. Via compilation of literature, analysis of statistical data, and appropriate formula for estimation, this paper systematically estimates contributions of Taiwan businesspeople via direct investment towards the economic development of China. This paper estimates: (1). From 1979 to 2008, Taiwan businesspeople’s total direct investment amounted to USD 122 billion, accounted for 14.34% of China’s same time total direct foreign investment. (2). From 1980 to 2008, Taiwanese businesspeople in China’s total international trade amounted to USD 1,445.8 billion, accounted for 9.89% of China’s same period total trade volume. (3). By the end of 2008, Taiwanese businesspeople employed 14,434.1 thousand workers in China, accounted for 1.86% of China’s same period labor population. (4). From 1992 to 2007, Taiwan businesspeople contributed an approximated total of USD 87.8 billion in tax payment to China, accounted for 2.69% of China’s total same period fiscal revenue. In addition, based on the estimated results, the study continued assessing the contribution of Taiwan businesspeople on the economic development of Jiangsu Province, Guangdong Province, and Shanghai City with four indexes, capital formation, international trade, employment of labors, and fiscal revenue. The paper found that, in terms of the direct investment, Jiangsu Province has the largest amount of direct investment invested by Taiwan businesspeople in China. However, in terms of total volume of imports and exports, employment of working population, and total taxes paid, Guangdong Province has the largest amount of investment. Besides having relatively more total taxes paid, the values of other three indexes of Shanghai City are the smallest relatively. Finally, this paper used two indexes, international trade and employment of labors, to evaluate the contribution of three Taiwanese enterprises, Hong Fu Jin Precision Industry (Shenzhen) Co., Ltd., Dagong (Shanghai) Electric Appliance Co., Ltd., and Maintek Computer (Suzhou) Co., Ltd. to the economic development of China. The results showed that Hong Fu Jin Precision Industry (Shenzhen) is not only the enterprise with the largest export volume in China but also the enterprise hiring the largest number of working population. In addition, Dagong (Shanghai) Electric Appliance Co., Ltd. and Maintek Computer (Suzhou) Co., Ltd. are not only enterprises which make great contributions to the international trade and employment of labors in China, but also are the largest-scaled Taiwanese electronic information industry in Shanghai City and Jiangsu Province, respectively.

Temos aktualumas: ES struktūrinių fondų parama daro reikšmingą poveikį visos šalies ekonomikai, todėl jos skyrimas bei poveikis yra itin aktualūs klausimai. Kadangi ES struktūrinių fondų lėšų paskirstymą atlieka valstybinės institucijos, atsiranda galimybė diskutuoti apie jų panaudojimo kryptis bei efektyvumą, teikti pasiūlymus efektyvesniam lėšų panaudojimui ir įsisavinimui. Parama žmogiškojo kapitalo plėtrai labai svarbi siekiant didinti šalies darbo rinkos konkurencingumą, skatinti gyventojų ekonominį aktyvumą bei užimtumą. Didinant gyventojų užimtumą skatinamas visos šalies ekonomikos augimas. Temos naujumas: Temos naujumas pasireiškia naujausios informacijos (publikacijų, statistinių duomenų, gyventojų nuomonės) apie ES struktūrinių fondų paramą žmogiškojo kapitalo formavimui bei plėtrai pristatymu bei analize. Darbas išsiskiria tyrimo metodų įvairove bei rezultatų savalaikiškumu. Nustatomos šiuo metu aktualios problemos panaudojant ES struktūrinių fondų paramą žmogiškojo kapitalo formavimui bei plėtrai bei pasiūlomi būdai, kaip šias lėšas galima būtų panaudoti efektyviau. Darbo tikslas: Ištirti ES struktūrinių fondų paramos panaudojimą žmogiškojo kapitalo formavimui bei plėtrai Lietuvoje ir pateikti efektyvesnio paramos panaudojimo pasiūlymus. Darbo objektas: ES SF parama žmogiškojo kapitalo ugdymui Lietuvoje. Darbo problema: Ar efektyviai panaudojama Europos Sąjungos struktūrinių fondų parama žmogiškojo kapitalo formavimui bei plėtrai Lietuvoje? Darbo uždaviniai: 1)... [toliau žr. visą tekstą] / 1. Human capital plays an important role in economic growth as the economic and social development are closely linked to investment in human capital. There is allocated almost 40 percent of total funds dedicated to the operational program of development of Human Resources to increase qualitative employment and social scope. 2. Following the survey of public opinion it was found out that the implementation of developed strategies are being considered extremely poor, while there is a great need to increase economic activity and employment. Increase of economic activity and employment of the population is a problem area. 3. There is lack of support shown for the formation and development of Human capital of the EU Structural Funds after the interview carried by the specialists. Although the support helps to create a more competitive workforce, it is often allocated not considering the real needs of society. The complexity of the procedures of support receiving is also highlighted. 4. It has been found out that the main problem of Educational institutions of the EU Structural Funds is inadequate compatibility of projects. 5. The measures for the additional funding for higher education organizing adult education programs should be provided in order to improve the use of formation and development of human capital of EU Structural Funds and take into account the real needs of society. 6. The skills of administering personnel should be... [to full text]