Politická ekonomie, 2004 (vol. 52), issue 5

Perspektivy české ekonomiky po vstupu do Evropské unie

Perspectives of czech economy after entry to the European union

Kamil Janáček, Eva Zamrazilová

Politická ekonomie 2004, 52(5):579-600 | DOI: 10.18267/j.polek.477  

Gradual narrowing of the gap between consumer and investment demand was one of major achievements of 2003, supporting the long-term sustainability of Czech economic growth. In the first half of 2004, industry and construction witnessed strong growth, retail trade showing a considerable slowdown. Growth in industry has continued to be more rapid in the sector of foreign controlled companies. After a slight weakening of deflation tendencies in the third quarter of 2003, last quarter of 2003 and first half of 2004 confirmed a resurgence of inflation. Growth of industrial prices was more rapid than the growth of consumer ones, predominantly due to increasing...

Analýza citlivosti referenčních úrokových sazeb PRIBOR na změny repo sazby České národní banky

An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate

Jaroslav Brada, Karel Brůna

Politická ekonomie 2004, 52(5):601-621 | DOI: 10.18267/j.polek.478  

Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank market (PRIBOR) and Czech National Bank repo rate. For this purpose we use the framework of expectation theory with the term premium and simple deterministic regression models. We found out that as repo rate...

Systematická složka měnové politiky ČNB v režimu cílování inflace

Systematic part of CNB's monetary policy in inflation targeting regime

David Navrátil

Politická ekonomie 2004, 52(5):623-636 | DOI: 10.18267/j.polek.479  

In the inflation targeting regime the central bank makes a decision about interest rate adjustment based on a forecast, primarily of inflation. Thus a big part of the decisions on interest rate adjustments corresponds to systematic response of central bank to expected economic development. The systematic part of monetary policy - the decision pattern of central bank (similarly as behaviour of other economic agents) must be approximated for purposes of creating a forecast. The aim of this article is to approximate it through estimated monetary policy rule.

Transformační zadluženost zemědělských podniků v České republice

Transformation debt of agricultural enterprises in the Czech republic

Emil Divila

Politická ekonomie 2004, 52(5):637-656 | DOI: 10.18267/j.polek.480  

The average level of debts of agricultural enterprises in the CR is several times higher than in countries with established market economy. The main source is so-called transformation debts connected with the transformation of ownership and enterprise structure in the Czech agriculture after 1989. This specific form of farm indebtedness is a great debt burden with very different impacts on the particular categories of agricultural enterprises. A specific debt structure is characteristic of cooperative farms. The existence of many of them is directly endangered by bankruptcies in connection with unsettled payable liabilities from the ownership transformation...

Bernard de Mandeville, Adam Smith a počestní darebové naší doby

Bernard de Mandeville, Adam Smith and virtuous knaves of our times

Robert Holman

Politická ekonomie 2004, 52(5):657-662 | DOI: 10.18267/j.polek.481

This is the reaction on the article of Václav Klusoň "Come-Backs of Dr. Bernard Mandeville: Virtuous Knaves in Economic Transformation". I put in contrast economic thinking of B. Mandeville and A. Smith and argue that both Smith's social and moral philosophy and his economic thought is more relevant for our present time. Smith's system of natural liberty - free trade and free enterprise - brings the invisible hand of the markets to work and transform self-interests of individuals into social benefits. I doubt that knaves were becoming virtuous in the process of transformation and privatization. Rather it is the other way around: virtuous men are becoming...

K postaveniu manažmentu rizika

To position of risk management

Tatiana Varcholová

Politická ekonomie 2004, 52(5):663-675 | DOI: 10.18267/j.polek.484  

This article summarises the development of risk management concepts and their applications in enterprise management. Until the late 1970s the risk management in the firms had not exceeded the boundaries of the insurance of assumed risk occasions. Later, the application of risk management in organizations was connected with functioning of the enterprise in risk areas. At the time being, risk management has been gaining the importance in the interests of reaching efficiency in all organizations. Nowadays, we observe these new trends in the development of: increase of information resulting from quantitative as well as qualitative risk evaluations by using...

Německé zkušenosti z hospodářsko-politického poradenství

German experiences from economic policy consultancy

Tomáš Krabec

Politická ekonomie 2004, 52(5):677-691 | DOI: 10.18267/j.polek.485  

The Council of Economic Experts and its influence on the German economic policy are discussed in this paper. The first section concentrates on the institutional background and historical genesis of this body. Consequently, the importance of the Council in preventing a competitive and efficient economic order in the ordoliberal point of view is considered. The second section offers a comparative analysis of economic policy consultancy. Some significant institutional aspects of the German Council of Economic Experts, the US Council of Economic Advisers and the French Conseil d'Analyse Économique are examined.