AUC Geographica (Acta Universitatis Carolinae Geographica) jsou recenzovaným vědeckým časopisem vycházejícím od roku 1966. Seznamují s aktuálními výsledky vědeckého výzkumu v geografických oborech: fyzické geografie a geoekologie, socioekonomické geografie a regionálního rozvoje, kartografie a geoinformatiky, demografie a geodemografie. 

AUC GEOGRAPHICA, Vol 54 No 2 (2019), 221–231

European imbalances and shifts of global value chains to the Central European periphery: role of institutions

Pavel Hnát, Ondřej Sankot

zveřejněno: 19. 12. 2019


This article deals with the topic of European imbalances. They are defined as large and persistent differences in the current account position of European countries, which are closely connected to the emergence of the financial crisis and the subsequent sovereign debt crisis in 2008. A build-up in current account deficits had been observed from the mid-1990s, namely in two peripheral regions of the EU. However, little attention was paid to the potential differences between the Southern and Central European peripheries of the EU. The emergence of large and persistent current account deficits in Southern Europe was accompanied by a significant shift in gains from global value chains. The aim of this paper is to evaluate the factors that co-determined the changes in the geographic structure of GVCs in Europe. These changes decreased GVC income in Southern Europe, increased it in Central Europe and contributed to the build-up of account imbalances in Southern Europe. Despite the fact that Central Europe was among the deficit regions in European imbalances, the four Central European countries substantially increased their gains from global value chains as well as GVC participation. The shift in GVC activity towards Central Europe between 1995 and 2011 was driven not only by total labour costs but also by better regulatory quality. At the same time, TNCs switching from Southern to Central Europe had to accept worse quality contract enforcement.

Klíčová slova: global value chains; institutions; European imbalances; Central Europe

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European imbalances and shifts of global value chains to the Central European periphery: role of institutions is licensed under a Creative Commons Attribution 4.0 International License.

210 x 297 mm
vychází: 2 x ročně
cena tištěného čísla: 200 Kč
ISSN: 0300-5402
E-ISSN: 2336-1980

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