Journal of Economics - Obsahy ročníkov

The foreign direct investment (FDI) amount suggests the country’s attractiveness to foreign investors. However, it can also reflect the tax benefits provided by the recipient country or achievable in a combination of tax rules of the investor-state and the recipient country. If these benefits represent an opportunity for aggressive tax planning, it leads to profit shifting, which the international organizations and their members try to combat. We used the economic data and specific tax indicators of the European Member states in the period of 2013 to 2019. We estimated panel regression models to determine that three indicators of the tax system of the investor’s state attract FDI allocation. They include the non-residency of the company having management in another state, the absence of withholding tax on interest paid, and the patent box or other preferential tax regime on income from intellectual property rights. In the recipient country, two indicators proved to be statistically significant and positively impacted the FDI stock: the possibility of group taxation with the holding company and the accessibility of unilateral ruling on, e.g., interest spread or royalty spread. The absence of CFC rules, no taxation of deemed income from interest-free loans, and tax deductions of intra-group interest costs in the investor’s country positively affect the level of managerial services and the amount of interest paid to the investor’s country from the recipient country.

This paper aims to investigate the factors which determine the willingness of visitors to switch to more environmentally friendly transport modes on tourist-oriented journeys in the Czech Republic. The proposed model of the hypothetical shift to a high-speed rail (HSR) considers personal and travel characteristics, the role of environmental attitudes, and previous experience with various transport modes. Data entering the model were obtained through a questionnaire among visitors in three key Czech hubs of the proposed HSR. The sample of 1,800 respondents was selected using a combination of random sampling and a quota applied to the length of stay and nationality. Using the Kruskal-Wallis test and subsequent contingency analyses, strong relationships were identified between train users and their willingness to use HSR. Environmental attitudes led to a strong preference for HSR. Similarly, the time spent on the journey and its purpose affected the willingness to switch to HSR.

This study aims to investigate the effect of one of the most prominent contemporary changes in demographic structure, population ageing, on the economic performance of eight emerging economies from Central and Eastern Europe. Despite experiencing relatively high economic growth, these countries are still striving to catch up with the more advanced European economies (which are used as the control group). Concurrently, they are facing significant population ageing. Using the Pooled Mean Group estimator in the panel ARDL model, the study finds that a one percent increase in the old dependency ratio results in a 0.52 percent decrease in GDP per capita growth rate and a 0.53 percent decrease in GDP growth rate in the long term. The gross capital formation rate and the gross sav-ings positively impact per capita economic growth in the short term, where-as the labour force participation rate’s impact on the GDP growth varies across the country groups. The findings underscore the importance of implementing active ageing programs, creating fiscal buffers, fostering life-long learning, and promoting employment among vulnerable groups to mitigate the adverse effects of population ageing on economic growth in emerging economies.

In this study, herd behaviour in Borsa Istanbul (Istanbul Stock Exchange) is discussed with various dimensions. The study covers the period between January 1993 and May 2019, and the general herd behaviour covering the entire period in Borsa Istanbul as well as the herd and asymmetric herd behaviours in the structural break periods calculated with the ICSS algorithm were examined. Moreover, herd behaviour during economic and local political/geopolitical crises and election periods in Turkey, which is a fragile economy, is also examined. According to the empirical results, it has been found that there is herd behaviour in Borsa Istanbul, and that herd behaviour is observed in both rising and falling markets, which is stronger especially in falling markets. It has also been observed in the research that herd behaviour is very evident in times of economic, local political and geopolitical crisis. In addition, the herd effect is also encountered before the elections in the coalition government periods characterized by political uncertainties.