Štěpán Mikula


Masaryk University

Department of Economics

Lipová 41a | 60200 Brno

Czech Republic

Email: stepan.mikula@econ.muni.cz | stepan.mikula@gmail.com

Research interests | Ongoing projects

  • Mobility, migration, labor, and social capital
  • Project "Residential mobility, social capital and trust: evidence from a natural experiment" funded by Czech Science Foundation (GA18-16111S)
  • Project "The Effect of Housing on Preferences and Behavior: Lab-in-the-Field Experiments with Participants of a Randomized Controlled Trial" funded by Czech Science Foundation (GA18-19492S)

Selected publications | Working papers

Kristine S. Bøe, Therese Jordal, Štepán Mikula and Peter Molnár

We examine the impact of political risks and financial development on investments in the petroleum industry utilizing a unique dataset of investments in individual oil and gas fields around the world. We find that the expected time to investment is shorter in countries that are politically stable, have solid property rights protection and more developed financial systems. Political risks have the strongest impact on multinational companies, whereas financial development matters only for domestic national oil companies. At the company level we find that expected time to investment is shorter for companies with higher valuation and lower debt. Moreover, companies are more likely to invest in countries where they invested recently and less likely to invest in countries where their competitors invested recently.

We analyse the correlation of various measures of social capital with the willingness to migrate in 28 post-communist and five western European comparison countries using the Life in Transition Survey. Memberships in clubs and civil society organisations are substantially lower in post-communist countries that in the Western European countries this is mainly due to the cohorts socialised prior to political reforms in the 1990’s. Differences in endowments with this measure of social capital explain around 2.5 percentage points of the 9–11 percentage point difference in the willingness to migrate between the post-communist and comparison countries. Differences in contacts to friends and family, by contrast, contribute only little to explaining these differences. Furthermore, despite clear cohort effects in endowments with social capital between cohorts socialized during and after communist rule, there is no clear evidence of such cohort effects in the impact of social capital on the willingness to migrate.

Theory asserts that individuals' migration decisions depend more on their expectations about future income levels than on their current income levels. We find that the implementation of market-oriented reforms in post-communist countries, by forming good economic prospects, has reduced emigration as predicted by theory. Our estimates show that migration flows are highly responsive to reforms supporting private enterprises and financial services, which provide individuals with strong signals about their future prospects. Reforms that improve the management of infrastructure services are shown to have no link with migration patterns and this may be an important lesson for government policy.

Follow me...

via my CV

...or somewhere else.