Politická ekonomie, 2005 (vol. 53), issue 3
Dynamický model nekryté úrokové parity (teorie a empirická verifikace v tranzitivních ekonomikách)
Dynamic model of uncovered interest rate parity (theory and empirical verification in the transitive economies)
Jaroslava Durčáková, Martin Mandel, Vladimír Tomšík
Politická ekonomie 2005, 53(3):291-303 | DOI: 10.18267/j.polek.506 
The paper presents a dynamic approach to the theory of uncovered interest rate parity. It is examined the dynamic relation between the actual change in spot exchange rate and interest rate differential. Authors show the hypothesis of uncovered interest rate parity is based on an ex ante view and that is the reason that the expected change in spot exchange rate cannot be replaced by an ex post approach. The dynamic approach developed in the paper is empirically tested for five transitive countries of Central and Eastern Europe. The model is estimated using both VAR and cointegration analyses. The model of error correction is also included in the empirical...
Vliv rozpočtového deficitu na devizový kurz
The impact of budget deficit onto the exchange rate
Karel Vít
Politická ekonomie 2005, 53(3):305-322 | DOI: 10.18267/j.polek.507
The question of public finance stability and the economic stability are widely discussed topics, not only in transitive and emerging economies, but also in developed countries. The aim of this paper is to find out and measure connections between the fiscal policy development and external economic stability. This research is based on a quantification of the budget deficit and public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going...
Porovnanie prístupov na výpočet hodnoty v riziku menových portfólií
Comparison of approaches for value-at-risk estimation of foreign exchange portfolios
Marián Rimarčík
Politická ekonomie 2005, 53(3):323-336 | DOI: 10.18267/j.polek.514
In this paper historical performance of eleven approaches for estimation of one-day 95% value-at-risk is evaluated. Random sample of 1000 foreign exchange portfolios consisting of positions in EUR and USD with CZK as a base currency was considered. Since foreign exchange portfolio consists of linear instruments, historical simulation and the variance-covariance method for VaR estimation were investigated. Performance of all approaches was evaluated using seven performance criteria. With minimal degree of simplification we can say that variance-covariance method using exponentially weighted averages with is the best approach. This approach produces...
Nerovnováha na trhu práce jako důsledek racionálního chování (model substitučního vztahu mezi výší mzdy a kvalitou monitoringu)
Non-clearing equilibrium on the labour market as a consequence of rational behaviour (model of trade-off between wage level and monitoring)
Julie Chytilová
Politická ekonomie 2005, 53(3):337-347 | DOI: 10.18267/j.polek.509
One of the employer's problems in his relationship to the employee is limited enforceability of work-quality. There are two types of instruments: the employer has at hand while motivating employees for higher efficiency - higher wage as a carrot and monitoring as a stick. These two instruments can be mutually substitutable. The more costly the supervision is, the more convenient for the employer is to substitute it by the wage increase. The key determinant for wage level of individual employee is not only the labour productivity, which is usually considered, but the degree of monitoring costs as well. The above mentioned approach allows us to explain...
Příspěvek do diskuse o reformě penzijního systému
Contribution to discussion on reform of pension system
Michal Slavík, Radka Rutarová
Politická ekonomie 2005, 53(3):349-368 | DOI: 10.18267/j.polek.510
This essay focuses on the pension system and highlights some of its key elements. The first part deals with the economic principles connected with the social security system. Eatwell's model is utilized to give some basic intuition of terms and concepts used in the pension reform discussion. The second part classifies pension systems from different perspectives and discusses some of the factors relevant for the Czech reform effort. The last part brings the main arguments of the pay-as-you-go supporters that seem to be missing in the current Czech debate. The aim of the authors is to show that a pension reform is a rather complex problem where no fast,...
Intelektuální vlastnictví jako překážka na cestě k prosperitě
Intellectual property as an obstacle to prosperity
Josef Šíma
Politická ekonomie 2005, 53(3):369-382 | DOI: 10.18267/j.polek.511
The article describes the nature and importance of the concept of private property. It traces back the logical necessity of the respect for property as a safeguard of both peace and prosperity. Then, it surveys arguments in favor of intellectual property that allegedly coincide with those of the tangible property. It shows, however, that after careful research into the origin of patents and copyrights many problems arise. The analysis shows that there are no parallels between private property in tangible goods and property in intangible goods (ownership of ideal objects). Intellectual "property" fails in bringing about both peace and prosperity. The...
Vymezení a aktuální problémy informační ekonomiky
Definition and topical problems of the information economy
Petr Očko
Politická ekonomie 2005, 53(3):383-404 | DOI: 10.18267/j.polek.512
The core aim of this paper is to suggest comprehensive definition of the information economy and delineate the range of economic problems it deals with, paying particular attention to its connections to the economics of information. The text, in the extent provided, can not investigate thoroughly all the subjects associated with the information economy; it rather presents overview of the most important issues and illustrates them with examples from real and virtual markets. The major subjects concerned include: information asymmetries, revelation principle, network effects and externalities, economies of scale, standard wars, switching costs and lock-ins,...
Rovnovážná cena fixního aktiva v rostoucí ekonomice
Equilibrium real price of a fixed asset in a growing economy
Jan Kubíček
Politická ekonomie 2005, 53(3):405-421 | DOI: 10.18267/j.polek.513
The paper deals with equilibrium real price of a fixed asset in a growing economy. The supply of this kind of assets is by assumption fixed. Land or unique works of art are probably their closest empirical counterparts. Economic growth is manifested by a systematic increase in the real price of services provided by the asset. The rate of growth of their price depends on price and income elasticities of the demand for the services. Given these elasticities, an equilibrium price of the asset can expressed using the present value model. The equilibrium real asset price increases in time in the same rate as the real price of the services. The asset price...