Politická ekonomie, 2012 (vol. 60), issue 4

Articles

Odraz ekonomického vývoje vybraných zemí ve struktuře výdajů na konečnou spotřebu

Reflection of Economic Development of Selected Countries in the Structure of Final Consumption Expenditure

Richard Hindls, Stanislava Hronová

Politická ekonomie 2012, 60(4):425-441 | DOI: 10.18267/j.polek.855

The paper analyzes the evolution of the share of final consumption expenditure on aggregate GDP in thirty countries. From the economic point of view, the analysis of final consumption expenditure changes on GDP in connection with the changes in business cycle phases is ambiguous. The authors used their own original statistical test. It shows, on the one hand, how these shares rise in the years of economic crisis, while on the other hand, how they decline during years of economic prosperity. The test also assesses the significance of these changes. The result of the analysis explains the significant changes in the share of final consumption expenditure...

Německá ekonomická "lokomotiva" a česká ekonomika

German Economic "Locomotive" and the Czech Economy

Luboš Komárek, Martin Motl, Filip Novotný, Ladislav Prokop

Politická ekonomie 2012, 60(4):442-458 | DOI: 10.18267/j.polek.856

The article is focused on the analysis of export performance of the German economy, including the model scenarios that illustrate the transmission of shocks to the external environment of the Germany into the Czech economy. The analysis is motivated by the fact that the German economy is by far the largest trading partner of the Czech Republic since its establishment in 1993 and that Germany plays the role of an economic "locomotive" in the broader European region.

Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů

Corporate Efficiency: Effect of Ownership Structures and Financial Indicators

Jan Hanousek, Evžen Kočenda, Michal Mašika

Politická ekonomie 2012, 60(4):459-483 | DOI: 10.18267/j.polek.857

We employ a large panel data set and analyze efficiency in the Czech firms during 1998-2007. We investigate how their efficiency evolves over time and how it is affected by ownership structures. Methodologically we employ a panel version of a stochastic production frontier model. We distinguish several categories of the ownership concentration by domestic owners and through foreign direct investments (FDI). Our results show that concentrated and foreign ownership impact efficiency positively in general. This results confirm benefits of the foreign direct ownership on the microeconomic level. Further, we show cases when majority ownership does not necessarily...

Je možné předpovídat repo sazbu ČNB na základě zpět hledícího měnového pravidla?

Is it Possible to Predict the CNB Repo Rate on the Basis of the Backward-Looking Monetary Rule?

Josef Arlt, Martin Mandel

Politická ekonomie 2012, 60(4):484-504 | DOI: 10.18267/j.polek.858

The aim of our paper is to formulate and empirically verify the simple backward looking econometric model of the monetary rule, which would be able to describe the development of CNB repo rate, namely only on the basis of statistically measured and in the given time available information. We focus on the period after 1998, when the CNB's inflation targeting policy is implemented and the repo rate (14 days) plays the role of the monetary policy rate. In the paper we discuss some methodological problems associated with the "ex post" empirical verification of the central bank monetary rule. We construct an empirical model of the monetary rule, justify...

Vliv sociálních systémů a jejich koordinace na ekonomickou migraci

The Impact of Social Systems and their Coordination on Economic Migration

Jana Tepperová, Stanislav Klazar

Politická ekonomie 2012, 60(4):505-522 | DOI: 10.18267/j.polek.859

The existing empirical studies examined the impact of different variables, such as common language, economic, cultural and geographical factors, on migration. However, none of the studies deals with the social security systems including their coordination as a relevant explanatory factor. The paper focuses on the social security systems in Europe, their mutual coordination and their influence on international migration. The influence of social systems on economic migration can be twofold: infl uencing the labour migration, i.e. migrants who move for work, and also influencing the benefit migration, i.e. migrants who move in order to receive social...

Pojištění jako nástroj řízení operačního rizika - případová studie

The Role of Insurance in Operational Risk Mitigation - A Case Study

Milan Rippel, Lucie Suchánková, Petr Teplý

Politická ekonomie 2012, 60(4):523-535 | DOI: 10.18267/j.polek.860

Operational risk management has becoming more important in the financial industry in the recent years mainly due to scandals in UBS in 2011 and Societé Générale in 2007. The reasons for this attention can be attributed to introduction of operational risk into the Basel II regulatory framework and to high losses stemming from operational risk events. Despite the fact that the new Basel III proposal does not give much attention to this risk, operational risk should not be underestimated. In this paper we present a theoretical background for the use of insurance in banks' operational management according to Basel II rules. Moreover, we provide empirical...

Discussion

Ekonomie vědy - naděje, nebo léčka?

Economics of Science - A Hope or a Pitfall?

Marek Loužek

Politická ekonomie 2012, 60(4):536-550 | DOI: 10.18267/j.polek.861

The paper poses the question whether the economics of science could be the key to economic methodology. First, the sociology of science, which tries to put science in social context, is described. Then, the economic approach to science, inspired by Tullock, Stigler and Becker, is explained. We point out the problem of circle, according to which putting science in context does not imply relativism as concerns the truth. This conclusion underlines the Popperian message of the paper.

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