Politická ekonomie, 2005 (vol. 53), issue 5

Česká ekonomika: rok po vstupu do EU

Czech economy: first year after the EU entry

Kamil Janáček, Eva Zamrazilová

Politická ekonomie 2005, 53(5):579-600 | DOI: 10.18267/j.polek.523  

2004, which was also the year of EU entry, was quite successful for the Czech economy. Economic growth accelerated, driven in particular by the investment demand and exports. After 10 years of permanent deficits, the trade balance deficit diminished significantly. The effects of EU entry, which opened new chances to the exporters, accompanied the positive impact of FDI inflows from the past. Due to acceleration of exports, industrial output registered a record high growth within the last decade. Accelerating economic growth did not provoke inflationary pressures. Two waves of VAT increase (in January and May) were absorbed until the end of the year....

Tobinovo Q - teorie a aplikace

Tobin´s Q - theory and application

Václava Pánková

Politická ekonomie 2005, 53(5):601-608 | DOI: 10.18267/j.polek.524  

Investment expenditure relates to an evident optimization problem: to create an optimal capital stock which is a function of expected profits. According to the Tobin's Q - theory, investment depends on the ratio Q of the market value of business capital assets to their replacement value. A firm's investment should rise with its Q. In practice, however, Q is not observable and the measurement of numerator as well as of denominator presents problems in empirical implementation. Looking for an appropriate approach, both macroeconomic and microeconomic level can be followed. The macroeconomic Q can be derived from the Keynes equation for the price level....

Institucionální pohled na systémy zdravotní péče

Health care systems - an institutional view

Tomáš Krabec

Politická ekonomie 2005, 53(5):609-616 | DOI: 10.18267/j.polek.525  

This paper provides an institutional analysis concerning the current problems of the health care systems based on obligatory health insurance. In the beginning there are correctly defined and further described some particular principles creating the essence of the continental health care systems. Consequently, there are described two major consequences of asymmetric information: the principal-agency problem and the problem of adverse selection. Further to the definitions there are drawn conclusions for appropriate system reforms.

Nezávislost versus odpovědnost Evropské centrální banky - existuje řešení?

Independence versus accountability of the European central bank - is there any solution?

Martin Kvizda

Politická ekonomie 2005, 53(5):617-633 | DOI: 10.18267/j.polek.526  

The article is concerned with analysis of independence of central banks of the EU Member States within the framework of the ESCB, as well as independence and responsibility of the ECB, and suggests an alternative institutional embodiment of its position, reflecting the specific framework of the EMU. The system of selection of members of the ECB's Executive Board blurs a real collective responsibility towards Member States, which opens possibilities for nontransparent lobbyism. Modified system is suggested so that national bank's governors have a symbolic relationship to the political representation, i.e. that they reflect a national economic policy...

Teoretické prístupy k ekonomike dobrovoľníctva ako fenoménu sociálnej práce

Theoretical approaches to the economics of volunteering as a social labour phenomenon

Eva Macková, Vojtech Stanek

Politická ekonomie 2005, 53(5):634-645 | DOI: 10.18267/j.polek.527  

Economic theories that may enrich the understanding of volunteerism have either not received an adequate attention or have not been explicitly identified. Furthermore, the significant contribution made by volunteer labour to the national income and employment goes unnoticed in economic terms. This article, which was inspired by research of the Center for Development and Research of the University of Bonn from the 2001, concentrates on a conceptual framework to measure an economic contribution made by volunteer labour and thereby to raise its societal appreciation.

Model multiplikace regionálních spotřebních výdajů

Model of regional consumption expenditures multiplier

Jan Čadil

Politická ekonomie 2005, 53(5):647-660 | DOI: 10.18267/j.polek.528  

The purpose of this model is to measure the impact of localization of new (mostly industrial) enterprises in strategic industrial zone in regional economy. Model deals with multiplication effect of regional consumption expenditures, which is (among others) strongly affecting development of regional economy. For modeling the regional consumption demand or regional consumption expenditures there was used mainly microeconomic approach based on utility and profit maximization. The model is based on several simplifying assumptions for better use in real applications (mainly because of lack of relevant regional data). This model was used in practice for...

Vazba mezi právem, ekonomií a hospodářstvím

Linkage of law, economics and economy

Lukáš Bortel

Politická ekonomie 2005, 53(5):661-674 | DOI: 10.18267/j.polek.529

The paper deals with an issue of interrelation between law, economics and economy. For a long time, legal science has been interconnected with economics; nonetheless, it was economics which diverted from their mutual cohabitation. At the present time, it is the case of economists who applying their methodology, within law and economics movement in particular, started to bridge that lacuna and enrich legal science and lawmaking processes. This is of a crucial importance, since law shall be regarded as one of the factors which have a capacity to influence the economic output. Therefore, modern regulatory state must ensure a deeper and wider commitment...

Budoucnost ekonomického hodnocení investic

Future of investments evaluation

Antonín Stehlík

Politická ekonomie 2005, 53(5):675-685 | DOI: 10.18267/j.polek.530  

The study presents a current approach to investments evaluation based on the real option theory. Each investment can be materialized through different possibilities, described as real options. It is possible to evaluate the price of real option by utilization of the described model. The real option classification is not steady yet. The real option analysis does not replace the standard techniques (the net present value approach) although they are very important complements - as shown at the end of this article. Real options is at modern approach to capital budgeting.

Evropská měnová unie z post-keynesovské perspektivy

European monetary union from post keynesian perspective

Jan Zápal

Politická ekonomie 2005, 53(5):687-701 | DOI: 10.18267/j.polek.531  

Paper deals with the European Monetary Union from perspective of Post Keynesian school of economic thought. It discusses separately arguments often proposed by mainstream economists. After the brief introduction, which highlights main differences between mainstream and Post Keynesian economic theory, work deals in sequence with trade argument often found in discussion about monetary unification, monetary issues mainly with the role of European Central Bank and lastly, work appraises European Monetary Union from international monetary arrangement perspective proposed by Post Keynesian economists. Based on this evaluation, work concludes stating that...