Politická ekonomie, 2011 (vol. 59), issue 5

Vliv rozdělení českých podniků na ziskovost a produktivitu

Effect of the Czech Firms Break-Up on their Profitability and Productivity

Evžen Kočenda, Jan Hanousek

Politická ekonomie 2011, 59(5):579-598 | DOI: 10.18267/j.polek.809  

In this article we analyze medium- and long-term effects of firm break-up (and subsequent change in ownership) on its profitability and productivity. We use an extensive data-set of the Czech firms for the period 1996-2005. We employ the propensity score based matching methodology to account for potential endogeneity. Our results show that initial effects of the firm break-up are positive but they vanish in five to seven years after the break-up. Hence, the break-up of large and less efficient companies delivers a positive effect on corporate performance for a period of time. The effect is not permanent, though. Subsequent development in profitability...

Souhrnná produktivita faktorů založená na službách práce a kapitálu

Total Factor Productivity Measurement Based on Labour and Capital Services

Jaroslav Sixta, Kristýna Vltavská, Jaroslav Zbranek

Politická ekonomie 2011, 59(5):599-617 | DOI: 10.18267/j.polek.810  

The article focuses on new possible approaches of total factor productivity measurement. The standard computation takes into account the number of hours worked as the labour input and net or gross fixed capital stock as the capital input. This article improves the computation by using labour services as the labour input (it is necessary to take into account the skills and efforts of the workers) and capital services as the capital input. Substitution of capital stocks by capital services means that only flow indicators are used for TFP measurement. This issue became more popular in recent time in line with the revision of the manual for national accounts...

Odhad nákladů nezaměstnanosti z pohledu veřejných rozpočtů

Unemployment Cost Estimate from Public Budgets Perspective

Jan Čadil, Tomáš Pavelka, Eva Kaňková, Jan Vorlíček

Politická ekonomie 2011, 59(5):618-637 | DOI: 10.18267/j.polek.811  

Unemployment is undoubtedly phenomenon with serious social-economic impact on individuals and society as a whole. It is however also affecting public budgets lowering their incomes and increasing their costs. In accordance to recent economic crisis and continuous indebting of state budgets unemployment has become an interesting issue from the public deficit point of view. This paper estimates public budgets costs of unemployment in the Czech Republic in 2009. However the proposed methodology is generally applicable. We calculate not only direct cost which consist of tax reduction and unemployment benefits but also indirect cost resulting from decreased...

Vliv zdanění na dlouhodobý ekonomický růst

Taxation Influence on the Economic Growth

Igor Kotlán, Zuzana Machová, Lenka Janíčková

Politická ekonomie 2011, 59(5):638-658 | DOI: 10.18267/j.polek.812  

The aim of the paper is a verification of particular channels that taxation can influence economic growth by. It concerns an influence by capital accumulation and investments, technological development and human capital accumulation. The effects of total tax burden as well as of particular taxes are analyzed. Tax burden is approximated by tax quota and, in certain cases, by implicit tax rate. There is a method of Panel Data Estimation used, especially in the case of OECD countries sample, and all the common econometric tests are performed. The recommendations for economic policy makers are formulated on the basis of the analysis. Above all, they include...

Evropské systémy pojištění vkladů: důsledky změn z roku 2008

Impact of Parametric Changes in Deposit Insurance Schemes in 2008

Veronika Holá, Petr Jakubík

Politická ekonomie 2011, 59(5):659-679 | DOI: 10.18267/j.polek.813  

This study examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shift of deposits among EU countries. The paper deals with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development.

Monetární nerovnováha v teorii endogenních peněz

Monetary Disequilibrium in the Theory of Endogenous Money

Jan Korda

Politická ekonomie 2011, 59(5):680-705 | DOI: 10.18267/j.polek.814  

The article deals with monetary disequilibrium in the theory of endogenous money. In new consensus economics, monetary disequilibrium is not considered whereas money is endogenous and passive. In post-Keynesian economics, there is an explicit discussion about reconciliation of money demand and supply. Based on careful distinction between money and credit markets, it is argued that monetary disequilibrium can occur even when money is endogenous and therefore money is endogenous and active. This is because of  insufficiency of reflux mechanism. The article suggests ways in which new consensus should be supplemented to incorporate this issue. This is...

Komplexní pohled na hodnocení investičních projektů

A Complex Look at the Capital Projects Rating

Miloslav Synek

Politická ekonomie 2011, 59(5):707-710 | DOI: 10.18267/j.polek.815  

O lobbingu - jen dobře?

On Lobbyism - Good News Only?

Eva Kotlánová, Milan Žák

Politická ekonomie 2011, 59(5):710-714 | DOI: 10.18267/j.polek.816  

Nový pohled na teorii veřejných statků

New Look at the Public Good Theory

František Ochrana

Politická ekonomie 2011, 59(5):715-719 | DOI: 10.18267/j.polek.817