Economics of European Crises and Emerging Markets

317 Pages·2017·4.9 MB·English

by  Peter Havlik

Economics
of European
Crises and
Emerging
Markets
Edited by
Peter Havlik, Ichiro Iwasaki
Economics of European Crises
and Emerging Markets
Peter Havlik • Ichiro Iwasaki
Editors
Economics
of European Crises
and Emerging Markets
Editors
Peter Havlik Ichiro Iwasaki
Vienna Institute for International Institute of Economic Research
Economic Studies Hitotsubashi University
Vienna, Austria Tokyo, Japan
ISBN 978-981-10-5232-3 ISBN 978-981-10-5233-0 (eBook)
DOI 10.1007/978-981-10-5233-0
Library of Congress Control Number: 2017945347
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Research, Hitotsubashi University, Tokyo, Japan, and the Vienna Institute
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v
A
cknowledgments
This volume contains the main research outcomes from the international
project entitled “Economics of European Crises and Emerging Markets”
launched in autumn 2014. The authors are grateful to the Institute of
Economic Research of Hitotsubashi University and the Vienna Institute for
International Economic Studies (wiiw)—the project’s host organizations—
for their considerable support.
The authors also appreciate the Suntory Foundation’s principal sponsor-
ship, which provided financing for workshops and conference presentations
conducted within the project’s framework. Additional financial support
from the director of the Institute of Economic Research of Hitotsubashi
University was useful for carrying out the editorial work and English
proofreading of the book. Other financial and organizational support that
authors received individually are acknowledged in their chapters.
The editors thank all contributors to this volume for their great efforts
and kind collaborations. The editors are also thankful to Veronika Janyrova
and Aki Yoshino for their administration of the project and to Tammy
Bicket, Akira Ishida, and Mai Shibata for their assistance in preparing the
manuscripts. The authors also thank their colleagues and participants in
the aforementioned workshops and conferences for their valuable com-
ments and suggestions on the research work published in this book. Those
from Vasily Astrov, Mahdi Ghodsi, Doris Hanzl-Weiss, Gabor Hunya,
Sandor Richter, and Hermine Vidovic are particularly acknowledged and
greatly appreciated. Their involvement in the peer-review process was very
vii
viii ACkNOWLEDGMENTS
effective in improving the research quality and accuracy of the text con-
tained in this book.
Last but not least, the authors would all like to express thanks to Jacob
Dreyer and Jazmine Robles of the editorial staff at Palgrave Macmillan for
their kind support and careful coordination, along with production staff
Sudha Soundarrajan, Vinoth kuppan, and Rachel Crawford.
c
ontents
1 Introduction: European Crises and Emerging Markets 1
Peter Havlik and Ichiro Iwasaki
Part I International Comparison 19
2 Macroeconomic Impacts of the Crisis on European
Emerging Markets 21
Peter Havlik
3 The Financial Effects of the Crisis in European
Emerging Markets 39
Mario Holzner
4 Effects of the Global Economic Crisis on FDI Inflow
in Eastern European Economies: A Panel Data Analysis 63
Taku Suzuki
Part II The Czech Republic 93
5 Employment in the Czech Republic: Trends During
Economic Transition and the Global Recession 95
Daniel Münich and klára Svitáková
ix
x CONTENTS
6 FDI and Ownership in Czech Firms: Pre- and
Post-crisis Efficiency 121
Jan Hanousek and Evžen kocě nda
Part III Hungary 147
7 Impacts of the Crisis on the FDI-Led Development
Model in Hungary: Emergence of Economic Patriotism
or Shift from the Competition State to Patronage? 149
Miklós Szanyi
8 Impact of Global Companies’ Real Options
Implementation on Their Hungarian Subsidiaries 171
Andrea Szalavetz
Part IV Poland 195
9 Potential Macroeconomic Effects of the Trade
Collapse Due to Economic and Political Crises:
The Case of Poland 197
Jan Hagemejer
10 Upstreamness of Employment and Global Financial
Crisis in Poland: The Role of Position
in Global Value Chains 217
Jan Hagemejer and Joanna Tyrowicz
Part V The Russian Federation 237
11 Political Response to the Crisis: The Case of Russia 239
Natalia Akindinova, Andrey Chernyavskiy,
Nikolay kondrashov, and Andrei Yakovlev
CONTENT S xi
12 The Impact of Crisis on Firm Creation and Regeneration
in Russia: Regional Panel Data Analysis 263
Ichiro Iwasaki and Mathilde Maurel
13 Conclusions: The Crisis Left Deep Scars on European
Emerging Markets 297
Peter Havlik and Ichiro Iwasaki
Index 301