Politická ekonomie, 1999 (vol. 47), issue 3

Articles

Vnější nerovnováha: cena za konsolidaci

The external imbalance: painful consolidation

Eva Zamrazilová

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.35

This article goes through the history of the external imbalance in the Czech Republic. The first signs of imbalance appeared in 1994, negative tendencies, however, culminating at the end of 1996 and the beginning of 1997. The current account deficit has been decreasing since the third quarter of 1997 due to both domestic (sluggish demand) and foreign (recovery of growth in Western Europe) factors.Results for 1998 support the statement that recovery of economic growth will be the macroeconomic priority for 1999 rather than external imbalance. The recovery of domestic demand could, however, - under certain circumstances - represent an import promoting...

Vliv měnové a kurzové politiky na reálnou ekonomiku v Maďarsku, Polsku a České republice

Influence of the monetary and the exchange rate policies on the real economy in Hungary, Poland and the Czech republic

Vladimír Tomšík

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.36

In this article is compared the monetary and the exchange rate policies and their influence on the real economic situation in Hungary, Poland and the Czech Republic. In these transition countries a growth rate of a domestic demand was over taking a growth rate of an aggregate supply and this situation led into a current account deficit and into a pressure to the higher inflation.Author discusses the substitution and the income effects of the fiscal and the monetary (especially of the exchange rate) policies on making an external balance. The comparison of the basic macroeconomic indicators (growth rate of gross domestic product, inflation and current...

Povinné minimální rezervy v instrumentariu SBČS a ČNB

Reserve requirements in the SBCS and CNB instrumentaria

Mojmír Hampl

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.37

Main purpose of this paper is to analyse reserve requirements as one of the most controversial monetary policy tool at all. The first part of the paper focuses on reserve requirements in a broader context of the monetary policy of the SBCS, the CNB respectively, during the period 1989 - 1998. The first part of the article deals with issues like the side effects of reserve requirements, rationales justifying their existence in the monetary policy instrument set or the trade-off between the monetary stability and banking industry stability goals of the central bank. This critical analyse of the role of reserve requirements in monetary policy schemes...

Vývoj peněžního multiplikátoru v podmínkách pevného měnového kurzu a rozšířeného fluktuačního pásma

The behaviour of the money multiplier under fixed exchange rates and extended fluctuation limit

Helena Horská

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.38

The money multiplier is the ratio of the stock of money (M2 in Czech Republic) to the stock of high - powered money (M0 in Czech Republic). Actual data for the money multiplier for M2 are shown that the multiplier is neither constant nor exactly predictable. I suppose the main sources of this instability are the changes of the required - reserve ratio. Every one of these changes always implied the big and unrepeated movement of money multiplier. The next important volatile variable in the multiplier is the ratio of the demand deposits to the term deposits that reflected the changes in liquidity preference of private and household sector. The currency...

Dopad květnových turbulencí roku 1997 na hospodaření bank v ČR

Impact of may turbulences in 1997 on profit and loss of banks in the Czech republic

Josef Jílek, Jiřina Jílková

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.39

Currency turbulences in May 1997 had positive impact on profit of the Czech banking sector. The profit of the banking sector increased for additional CZK 1190 million in May 1997 and for additional CZK 1135 million in June (without the bank with special treatment). On the other hand impact on corporates and households was negative in the same magnitude. During May (and June) 33 banks (from 51 banks) showed additional profit. Foreign banks and branches of foreign banks reported the biggest additional profit of CZK 1488 million even if their share on the assets of the banking sector was 22.31 % (at the end of 1997). The group of large banks realised...

Využití systému krátkodobých statistických zjišťování k odhadům národohospodářských agregátů

The use of the system of short-term statistical surveys for estimations of national economy aggregates

Stanislava Hronová, Richard Hindls, Josef Kozák

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.40

This article deals with some possibilities of the use of time-series analysis for quarterly statistical estimations of macroeconomic aggregates. It is a case of estimations of aggregates of gross domestic product creation and use. Beyond all doubt, their meaning from the point of view of conception and strategy is great. The contemporary standard of these data reporting (either separately or as major measures within national accounts system) in the Czech Republic and, mostly, in further economics under transition starts above all from yearly values of measures. The core of method of their assembling is given by exhaustive surveys. The aim of quarterly...

Consultations

Mezní užitek v originálním pojetí Carla Mengera

Marginal utility theory in original conception of Carl Menger

Martin Pěchouček

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.41

The article claims that marginal utility theory (as the framework of neoclassical microeconomics) cannot be reduced into mere mathematical formula. Indeed, the theory is a chain of some general ideas reaching intrinsic roots of economics. Therefore the article does not focus on describing the theory itselfs and its application in consumer behavior theory, but endeavour for tracing out the backround, which has originated the concept of marginal utility. For the sake of clarity and simplicity of interpretation it was choosen Menger's Principles of Economics rather than Walras' or Jevons' works on this field in order to come true the stated target.

Zkoumání dlouhých vln v meziválečném období

Study of long waves in the interwar period

Pavel Sirůček

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.42

Problems of economic cycle moves (including long run cycles) were studied thoroughly in the period between World Wars. Besides the U.S.S.R. (where this topic was analyzed beside N.D. Kondratieff also by L.D. Trotsky) the studies covering the long-run economic "booms" were writen also by scientists in Germany (for instance E. Wagemann), Belgium (L.H. Dupriez and others), France (F. Simiand and others), Sweden (J.G.K. Wicksell, G.K. Casell) and by many Americans (W.C. Mitchell, A. Hansen or J.M. Clark). Despite all these contributions (mostly trying to explain of mechanism of long-run waves on the base of exogenous factors) the basic progress in the...

Místo Albína Bráfa ve vývoji českého ekonomického myšlení

The place of Albín Bráf in the development of the czech economic thought

Jaroslav Krameš

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.43

The personality and economic theory of Albín Bráf (1851-1912), professor of political economy at the Prague university, were milestones in the development of Czech economic thought.He started lecturing at the university in the Czech language (1877), and he defined the subject-matter of political economy, methods and relations between the disciplines. He adopted a new approach to the relationship between national-economy theory and economic policy. He devised a concept of the "Czech national-economy revival" on the basis of this approach as a vision addressing the ripe social and economic problems of the Czech society. Albín Bráf won over the whole...

Francois quesnay a jeho tableau économique

François quesnay and his economic chart

Vladimír Choluj

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.44

A system-making transcript, as well as, an interpretation of the F. Quesnay's "large" economic model known under the term of the Economic chart, involved in the chapture, points out actuality of his methodological message. The first benefit focuses on its initial concentrating on, first of all, recognizing the principal features of the whole unit, parts, stages and movements in a society (a natural order), which he lived in. Followingly, it continues in application of the non-verbal expressing means and quantification along with creating the economic model - economic side of the movement in the society and with the aim to use it for creating new knowledge...

From scientific life

Kvantitativní metody v ekonomice

Quantitative methods in economics

Petr Fiala

Politická ekonomie 1999, 47(3) | DOI: 10.18267/j.polek.46