Politická ekonomie, 2011 (vol. 59), issue 2

Articles

Vliv vládních výdajů a daní na ekonomický růst (empirická analýza)

Government Expenditures and Taxes Influence on the Economic Growth (Empirical Analysis)

Vratislav Izák

Politická ekonomie 2011, 59(2):147-163 | DOI: 10.18267/j.polek.778  

Starting from endogenous growth models we test the impacts of both taxes (distortionary and non-distortionary) and expenditures (taking into account economic and functional classification of general government expenditure) using the government constraint. We do not neglect the implicit financing assumptions built into the specification of regression utilising both control and fiscal variables. Static and dynamic panel analysis (fixed effects model) of the 25 EU countries covers the period 1995-2008 for the majority of observations. Forward looking moving averages of the growth rate of GDP (2-5 years) are the dependent variable. We find that productive...

Možnosti identifikace bublin cen aktiv v české ekonomice

Methods of Identification Asset Price Bubbles In the Czech Economy

Luboš Komárek, Ivana Kubicová

Politická ekonomie 2011, 59(2):164-183 | DOI: 10.18267/j.polek.779  

The article discusses the approaches and options for identification of disequilibrium asset prices movements. It focuses mainly on theoretical and empirical methods for identifying the so-called "bubbles" in asset prices. Subsequently, the dissimilarity among foreign exchange, stock and real estate markets in the Czech Republic is discussed, and application of selected methods (ratios, statistical and econometric methods) for identification of bubbles on these markets is shown. Its main advantage is that we analyze the problem not only from the perspective of one market, but on the main segments of financial sector. Paper concludes that the misalignment...

Srovnání vybraných metod predikce změn trendu indexu PX

Selected Methods of the Prediction of PX Index Trend Reversal

Jiří Trešl

Politická ekonomie 2011, 59(2):184-204 | DOI: 10.18267/j.polek.780  

The paper is concerned with the use of several methods that can be useful from the point of view of trend reversal in financial time series. These methods are demonstrated on PX index time series during 2002-2009. The research itself is subdivided into four parts corresponding to individual analytical methods used. The first group contains the use of moving EGARCH(1,1) model to daily relative returns of PX index. The results obtained are indicative of the importance of negative parameter values, which can be considered as precursors of the trend reversal. The second group contains different moving characteristics that are able to signalize regime changes...

Obchodování s deriváty a pokoutní bankéři - ohlédnutí za finančním trhem v meziválečném Československu

Derivatives and Bucketshops: A Forgotten History of Czech Financial Markets between the World Wars

Jan Vlachý

Politická ekonomie 2011, 59(2):205-223 | DOI: 10.18267/j.polek.781  

Building upon exhaustive research of extant and often fragmentary contemporary resources, this paper provides a thorough analysis of financial options trading and sales in interwar Czechoslovakia. Whilst focusing primarily on a remarkable bucketshop episode occuring in the late twenties and early thirties, it also comprises the so far most comprehensive study on the historical development and practices of derivatives trading on the Prague Exchange including the eminent role of private banking firms. A distinct intertemporal and international perspective facilitates the establishment of numerous parallels and patterns, strikingly instructive in times...

Systémový přístup ke konceptu flexicurity

Systems Approach to Concept of Flexicurity

Zuzana Potužáková, Stanislava Mildeová

Politická ekonomie 2011, 59(2):224-241 | DOI: 10.18267/j.polek.782  

The growing complexity of problems solved in today's European labor market forces us to change our views of the system; and requires the application of modern approaches, including systems theories. The main purpose of the paper is to analyze the flexicurity in a systematic manner. With a focus on systems approach to solving these problems (e.g. unemployment and long-term unemployment), we try to form a new framework for thinking about the European labor market. The further purpose of the paper is to confirm, or refuse, the hypothesis related to the intersection of an employment protection and a long-term unemployment. With the aid of causal loops...

Empirická analýza regionálního podnikatelského prostředí vybraných zemí EU

An Empirical Analysis of the Business Environment of Selected European Union Regions

Jakub Odehnal, Jaroslav Michálek

Politická ekonomie 2011, 59(2):242-262 | DOI: 10.18267/j.polek.783  

The article is focused on the application of multivariety classification techniques for assessing the business environment of selected European Union regions. The theoretical part deals with the issue of identifying the factors, which boost the attractiveness of regions for possible investors. In accordance with a character of used data the authors have chosen the factor analysis and the cluster analysis for the classification process. As an input for the practical analysis such data sets have been selected which describe regional business environment in the EU. The initial number of chosen regions had to be reduced because of the missing data. The...

From scientific life

Gary Becker pražskýma očima

Gary Becker in the Prague View

Václav Klaus

Politická ekonomie 2011, 59(2):263-266 | DOI: 10.18267/j.polek.784  

Ekonomické kritérium v neziskovém prostředí

Economic Criteria in the Nonprofit Environment

Jiří Hlaváček

Politická ekonomie 2011, 59(2):267-276 | DOI: 10.18267/j.polek.785  

From economic literature

Nezbožňujme zlato!

Do Not Worship the Gold!

Renáta Madzinová, Milan Žák

Politická ekonomie 2011, 59(2):277-280 | DOI: 10.18267/j.polek.786  

Finanční krize - ideologie převládá nad argumenty

Financial Crisis: Ideology Prevails over the Arguments

Zuzana Stuchlíková

Politická ekonomie 2011, 59(2):281-283 | DOI: 10.18267/j.polek.787  

Od Washingtonského konsensu ke krizi

From the Washington Consensus to the Crisis

Martin Janíčko, Pavel Janíčko

Politická ekonomie 2011, 59(2):284-287 | DOI: 10.18267/j.polek.788