Politická ekonomie, 2002 (vol. 50), issue 5
Articles
Význam politicko-ekonomických faktorů v období transformace
The role of political-economic factors in transition
Anna Kadeřábková, Milan Žák
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.378
The aim of the article is the evaluation of the role of political-economic factors in transition of the countries of Central and Eastern Europe on the background of their economic performance. The evaluation makes use of various methodological approaches differentiating between the extent (speed) of structural reforms and the quality of institutional framework. The surveyed factors include political and economic freedom, initial conditions, process of liberalization, and quality of governance. Despite some caveats of such analyses which limit the explanatory value of the observed relationships, the political-economic factors can be considered an important...
Makroekonomické souvislosti rozpočtových deficitů
Macroeconomic impacts of budgetary deficits
Vratislav Izák
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.379
The article deals with the application of basic macroeconomic identity (domestic investment, private and government saving, foreign investment) at the Czech data in the time period 1994 - 2001. The application discovers that the twin deficits hypothesis (both the budgetary and trade balance deficits) known from the United States at the end of eighties and beginning of nineties has become reality in the Czech Republic since 1998. Scatter diagrams and a little bit of econometrics (quarterly, seasonal adjusted data 1994:Q1 - 2001:Q4) display the causation from budgetary to foreign trade deficits and support the conventional (keynesian) approach. Disquieting...
Ceny v zahraničním obchodě
Prices in the czech foreign trade
Václav Nešvera
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.380
The paper examines the Czech export and import prices (unit values, kilogram prices) in the year 2000 on the basis of detailed (product) level. The present export/import price relations in the two-way-trade are not favourable. The findings suggest a residual specialization of the Czech exports on down market products. But terms of trade development observed over the recent period (1994 - 2000) is positive: Whereas average export prices have risen rapidly, the increase of import prices has been much lower. The best results have been achieved in trade with products of motor car industry, mechanical engineering, electrical machinery, office machinery...
Příspěvek k teorii reálné konvergence
Contribution to the theory of real convergence
Jan Kubíček
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.381
The traditional neoclassical growth theory provides too optimistic predictions concerning the speed of a real convergence process. This paper tries to modify the traditional exogenous growth model without resorting to human capital or technological underdevelopment arguments. A different relative price of capital goods is seen as one of the possible explanations. If the relative price of capital goods is higher in converging economies then the speed of convergence and the rate of profit are both lower than the traditional model predicts given the same rate of gross investment. The theoretical conclusions are illustrated by means of quantitative examples...
Optimum výrobce při stále rostoucích výnosech z rozsahu
Producer's optimum under unremitting increase of returns to scale
Jiří Hlaváček, Michal Hlaváček
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.382
This paper is an attempt to grasp and model the problem of optimal strategy of a firm under conditions of unremitting increase of returns to scale and multiple threats of firm's downfall. The firm in our model has to pay high fixed costs to enter the market and its marginal costs are insignificant (zero). The firm is threatened by two threats at one time: by too low profit and by an entrance of a new firm to the market. We have shown that this problem has (either for uniform or for normal distribution of probability of survival) only one solution. This enables us to construct the supply function. In case of absence of the new entry threat, this supply...
Consultations
Problém účinnosti měnové politiky v lucasově teorii phillipsovy křivky
The problem of efficiency of monetary policy in lucas theory of phillips curve
Karel Brůna
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.383
This article reviews the evolution of Lucas theory of Phillips curve. His theory is based on optimal decisions of subjects on supply of products or labor and full price and wage flexibility in competitive markets. In Lucas opinion Phillips curve expresses intertemporal substitution of consumption and leisure resulting from the changes of actual price level from the normal one. Systematic changes of supply can have long lasting real effects only when monetary policy can create permanent money illusion. That is what central banks really can do when expectations are formed adaptively. But subjects, who make rational expectations, know that systematic...
Teoretické interpretace transformace ve střední a východní Evropě
Theoretical interpretations of central and east European post-communist transformations
Petr Pallínek
Politická ekonomie 2002, 50(5) | DOI: 10.18267/j.polek.384
Post-communist transformations have been approached and interpreted differently by different academic disciplines and their respective subdisciplines. This paper provides a critical review of traditional and alternative views of changes in Central and Eastern Europe since the collapse of state socialism. In particular, it focuses on neo-liberal and neoclassical economic interpretations and neo-marxist state to private capitalism thesis as examples of traditional interpretations of post-communist transformations. Alternative views critically reviewed in this paper are based on evolutionary and institutional economics, the analysis of networks of economic...