Politická ekonomie, 1999 (vol. 47), issue 5

Articles

Podivné chování spotřeby v průběhu transformace

Strange behaviour of consumption during the transformation

Kamil Janáček

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.67

Both economic theory on consumption function and historical empirical evidence from advanced market economies prove that private consumption is less volatile during the cycle than GDP or fixed capital investment. The national accounts data for the Czech Republic in 1990-1998 show the opposite: the household consumption was more volatile than the GDP. This peculiarity of the Czech households behaviour has several reasons:significant increase in savings rate as a reaction to higher insecurity, rise of unemployment etc.the catch-up with living standards in neighbouring countries-members of EU. As a first step in this catch-up, households are accumulating...

Jsou finanční indikátory schopny předpovídat vývoj ekonomické aktivity?

Are financial indicators capable of predicting economic activity?

Viktor Kotlán

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.68

The paper argues that the prices of financial instruments contain usefulinformation about the development of different macroeconomic variables. Itsfocus lies in examining the ability of stock prices and of spread betweenlong and shor interest rates to predict real economic activity. We firstoutline the theory behind this argument and present the findings ofavailable empirical literature on the topic. The main part of the paper isdevoted to empirical analysis of the relationship between the mentionedindicators and real economic activity in the Czech Republic using VARapproach. The results stemming from Granger causality tests and variancedecomposition...

Povinné minimální rezervy z vkladů v cizí měně

Reserve requirements on foreign currency deposits

Josef Jílek, Jiřina Jílková

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.69

The paper reviews reserve requirements on foreign currency deposits anddiscusses whether they should be in local currency or in foreign currency.These issues have become important concerns of the Czech National Bank asforeign currency deposits have become a significant proportion of totaldeposits. Foreign currency reserve requirements may provide a safer andsimpler alternative do discourage currency conversion when foreign currencydeposits are a substantial fraction of deposits and reserve ratios aresignificant. The introduction of foreign currency reserve accounts at thecentral bank raises the issue of whether banks should be allowed to usethese accounts...

Odhad neoklasického modelu poptávky po penězích v české ekonomice

Neo-classical money demand model estimation in the czech economy

Jan Kodera, Václava Pánková

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.70

A simple Almost Ideal Demand System (AIDS) model transformed by the help ofShephard's lemma from a classical optimization problem is formulated and itsbasic characteristicts are presented. Using Monthly data - money supply M2,wealth, market interest rate, PRIBOR (Prague Interbank Offer Rate), and realindustrial production - a money demand equation based on the AIDS system isestimated for the Czech transition economy. The results obtained support thehypothesis that the money demand processes in the transition economy of theCzech Republic functionate according to rather sophisticated axioms ofneo-classical theory of consumer choice.

Zapomenutý ekonom Karel Havlíček Borovský

The forgotten economist Karel Havlíček Borovský

Ilona Bažantová

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.71

Karel Havlíček Borovský (1821 - 1856) has up until now been known as a political journalist andsatirist, his economical views remained unnoticed, althought, given the thensituation in Bohemia, they were of high theoretical and terminologicallevel. Havlíček's work is scattered over many articles and notes. He argued forpolitical and economical liberalism and inviolability of private ownership.He saw the basis of the wealth of each and every nation in free productionand trade. He explained the substance and understanding of both many fullysupported by precious metal and paper money and the causes of inflation. Hedefined taxes and their structure of direct...

Reforma priemyselnej a obchodnej politiky - cesta riešenia finančnej krízy juhokórejskej ekonomiky

Reforming of the industrial and trade policy - the right way for the financial recovery of the South Korea economy

Peter Baláž, Gu Suh Yong

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.72

For the past three decades, South Korea has remained one of the fastestgrowing economy in the world. Even with the financial crisis since end of1997 to mid-1998, this country continued succesful by developmnet of strongeconomic fundamentals. The causes of financial crisis were generallyconcentrated in two main areas: influence of structural factors inherent inKorean capitalism and unsustunaible deterioration of macroeconomic results.As is well known, ratio of short term debt was extremely high. The totalforeign debt amounted to about USD 150 bill. as of end of 1997. Thefinancial panic caused liquidity crunch that stemmed from the sudden shiftin the...

Consultations

Koncepce dlouhých vln J. A. Schumpetera

J. A. Schumpeter's concept of long waves

Pavel Sirůček

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.73

J. A. Schumpeter is one of the most important and most originalrepresentatives of the 20th century socio-economic theory, who made anessential contribution to the concept of long waves. He focused histheoretical system (represented by major works from 1912, 1939 and 1942) onthe dynamic theory of capitalist economy development: innovations are adynamic element underlying all economic categories. Cyclical developmnet isbased on an uneven distribution of innovations - clustering of basicinnovations is the principle of endogenous explanation of the mechanism oflong-term Kondratiev cycles. J. A. Schumpeter included a historicaldimension in the analysis...

Ekonomická analýza konkurence států

The economic analysis of the competition of states

Jiří Řezník

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.74

The paper discusses the effects of interaction of states under the conditionwhen property rights of individuals and states a re respected mutually. Inthese situations states compete for better supply of security and justicefor inhabitants on their own territory. These goods are produced by means ofadministrative and repressive apparatus whose activity is financed throughtaxes. This competition leads to supporting of state integrity. The stateinterest is given as a matter-of-fact (already geopolitically). Thisinterest manifests as an egoism of the state itself. Any government of anystate must lay explicit goals to itself and it is usually better informed(with...

Místní rozvoj

Local development

Jaroslav Macháček

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.75

Particularly in terms of tregional analysis, the concept of development ranks among the most frequent and essential components of economicreasoning. Yet, the way how it has been generally understood seems to berather vague, the range and variety of its possible content too wide and itspattern unstable.The above contribution means an attemt to specify the position of thisconcept in spatial economics, mostly through explanation and comparison oofthree prevailing approaches to address the area of issues associated withthe term development: the process in question can be looked at as localeconomic development, multidimensional or sustainable developments.Most...

From scientific life

řízení a správa společností

Corporate governance

Marie Bohatá, Martina Pechová

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.76

česká společnost ekonomická: rakouská škola a keynesovská tradice

Czech economic association: austrian school and keynesian tradition

Martin Čihák

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.77

From economic literature

První sociální zpráva o vývoji naší polistopadové společnosti

First social report on our society development after november 1989

Petr Soukup

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.78

Průvodce rizikovým a rozvojovým kapitálem

Guide to venture and development capital

Petr Marek

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.79

Kvantitativní metody zdokonalování manažerského rozhodování

Quantitative methods for improving decision making of managers

Jiří Dědina

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.80

Komplexní pojetí nákupního marketingu

Complex concept of purchasing marketing

Oldřich Vávra

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.81

Vývoj ekonomického myšlení ve střední a východní evropě za reálného socialismu a po jeho pádu

Economic thought development in central and eastern europe during real socialism and after its fall

Milan Sojka

Politická ekonomie 1999, 47(5) | DOI: 10.18267/j.polek.82