Prague Economic Papers, 2006 (vol. 15), issue 3

Original contributions, Original article, Research article

Changing Social Status of Pensioners and the Prospects of Pension Reform in the Czech Republic

Jiří Večerník

Prague Economic Papers 2006, 15(3):195-213 | DOI: 10.18267/j.pep.284  

The changing social status of pensioners is described and structured according to stylized periods. First, I identify the salient features of the communist regime that shifted pensioners to the margins of society. Second, I attempt to trace how the position of pensioners changed as a result of the democratic transition, which empowered pensioners as voters and which led to their rising relative income. Third, I review the recent debate about pension reform - which, as an unresolved issue, has entailed the maintenance of the status quo - and pensioners' swing towards the left. Fourth, the possible impact of current reform proposals on the future income...

The Czech Pension System and the Perspectives of Its Reform

Michal Slavík

Prague Economic Papers 2006, 15(3):214-230 | DOI: 10.18267/j.pep.285  

This essay describes the Czech pension system, provides a brief history of its modern transformation and mentions some of its drawbacks which should be the subject of a future policy debate. Particular attention is devoted to the third pillar and to the importance of a well-functioning capital market as one of the key conditions for the further development of funded pillars. The question of the timing of the enhancement of the funded pillars in a robustly growing economy with a limited capital market is opened. A lack of new private shares and bonds issues on the domestic capital market may be one of the arguments for postponement of the funded pillars'...

Empirical Analysis of Persistence and Dependence Patterns Among the Capital Markets

Miloslav Vošvrda

Prague Economic Papers 2006, 15(3):231-242 | DOI: 10.18267/j.pep.286  

This paper investigates dependence structures on selected world stock markets. Firstly, a non-parametric univariate measure of a persistence concerning capital markets efficiency is derived and computed. Secondly, we focus on computing of a non-parametric multivariate measure of the persistence indicating an ability of the price mechanisms to hold capital market efficiency under interaction of shocks.

How Excessive are External Imbalances in Selected Transition Countries?

Aleksander Aristovnik, Stanka Setnikar-Cankar

Prague Economic Papers 2006, 15(3):243-267 | DOI: 10.18267/j.pep.287  

This article examines the main current account balance determinants in order to assess the potential excessiveness of current account deficits in selected transition countries. For this purpose, dynamic panel-regression techniques are used to characterise the properties of current account variations across the transition regions. The results are chiefly consistent with the theoretical and previous empirical analysis, indicating a moderate level of current account deficits persistency and negative effects of economic growth, real appreciation and worsening of terms of trade on the external balances. Furthermore, the validity of the stages of development...

Doubtful Sustainability of Public Finances in Slovenia

Primož Dolenc

Prague Economic Papers 2006, 15(3):268-281 | DOI: 10.18267/j.pep.288  

In the immediate period before adoption of euro many debates in Slovenia deal with fulfillment of Maastricht criteria. Slovenia has never had any significant problems with Maastricht fiscal criteria, but this does not mean that it has long-term sustainable fiscal situation. The purpose of this analysis is analyze (non)sustainability of Slovenia's fiscal stance. The methodology is based on objective analysis of long-term public finance's stability/sustainability. The analysis shows that Slovenia exceeded several times the level of sustainability in previous years. In next period the circumstances could only worsen unless necessary fiscal reform and...