Politická ekonomie, 2014 (vol. 62), issue 5

Articles

Alternativní metoda měření extenzivních a intenzivních faktorů změny HDP a její aplikace na vývoj HDP USA a Číny

An Alternative Method How to Measure Impact of the Intensive and Extensive Factors on the GDP Change and Its Application on the Us and China GDP Development

Jiří Mihola, Petr Wawrosz

Politická ekonomie 2014, 62(5):583-604 | DOI: 10.18267/j.polek.971  

The article presents an alternative method to growth accounting. It makes it possible to express the effect of change in the quantity of inputs as well as the effect of the productivity of inputs (i.e. technological changes) on the change of GDP for all possible typologies of input/output changes. Unlike the growth accounting, this method is universal and also accurate; it may be applied not only to small growth rates. Dynamic parameters of intensity and extensity could be delivered as the output of the method. The first one captures the effect of change in the summary productivity of factors, while the latter captures changes in the input quantity....

Dynamika změny stavu zásob a její synchronizace s cyklem úspor a importu v české republice v letech 1999-2012

A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012

Lukáš Kučera, Karel Brůna

Politická ekonomie 2014, 62(5):605-629 | DOI: 10.18267/j.polek.972  

The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes in inventories is less important for trend GDP variability than in case of cyclical variability and vice versa for cyclical GDP and changes in inventories. Parameters of VAR model of cyclical changes in inventories,...

Prostorová koherence národní a evropské regionální politiky: poznatky z České republiky a Slovenska

Spatial Coherence of National and European Regional Policy: The Insights from the Czech Republic and Slovakia

Oldřich Hájek, Lenka Smékalová, Jiří Novosák, Petr Zahradník

Politická ekonomie 2014, 62(5):630-644 | DOI: 10.18267/j.polek.973  

This paper deals with the spatial relationship between national and European regional policies. Spatial coherence of these two types of policies in two CEE countries - in the Czech Republic and Slovakia - is discussed. Our findings point at a higher spatial coherence of national and European regional policy in Slovakia. Thus, there is a higher financial allocation per 1 inhabitant in the nationally delimitated areas of special interest in Slovakia compared with the Czech Republic. Three aspects are discussed in this regard. First, different strategies of the delimitation of the areas of special interest in the both countries are emphasised. Second,...

Empirická analýza obchodování s opcemi na akcie Škodových závodů 1928-1938

An Empirical Analysis of Škoda Co. Equity Options Trading 1928-1938

Jan Vlachý

Politická ekonomie 2014, 62(5):645-661 | DOI: 10.18267/j.polek.974  

Recent findings have shown that the Prague Exchange featured a very active and developed stock options market right until its pre-war closure in September 1938. This paper follows up on extensive research into fragmentary archival resources, aggregating a unique collection of options quotations on the shares of Škoda, the dominant industrial firm and stock in Czechoslovakia. A rigorous review of contemporary literature has been complemented with an empirical analysis including implied volatility measurements, resulting in a detailed appraisal of the market. Even though statistical option-valuation models have already been available and generally known,...

Problém "public-private pay gap" v České republice

The Public-Private Pay Gap in the Czech Republic

Jakub Picka

Politická ekonomie 2014, 62(5):662-682 | DOI: 10.18267/j.polek.975  

This article analyzes the public-private pay gap in the Czech Republic. To prove the existence of this pay gap and measure for its decomposition, we used Mincer wage equations and Blinder-Oaxaca-based decomposition techniques. Using data from the IV/2012 Quarterly Survey of Average Earnings, an econometrical model intended for regression and decomposition analyses was set. The most important part of the model is the dummy variable representing pertinence to the public sector of the national economy. We found that this dummy was statistically significant throughout the wage distribution, and that the value of its coefficient was negative and rising....

Odhad mzdové srážky za mateřství v České republice

Estimating the Motherhood Wage Penalty in the Czech Republic

Martina Žofková, Dominik Stroukal

Politická ekonomie 2014, 62(5):683-700 | DOI: 10.18267/j.polek.976  

Using cross-sectional data from WageIndicator web survey for Czech Republic, this paper shows that motherhood has a negative effect on women's wages. The penalty is between 1-13%, depending on personal characteristics. Results of auxiliary regressions suggest that behind the negative effect is loss of human capital caused by maternity and parental leave as well as lower work effort of mothers at work and self-selection of mothers into more mother-friendly jobs. We have found a significant motherhood wage penalty in the private sector. However, in the public sector mothers receive a 1% wage premium. In contrast with theory, results show that low educated...

Consultations

Menová politika Federálneho rezervného systému v rokoch 1929-1933

The Federal Reserve Monetary Policy 1929-1933

Miroslav Titze

Politická ekonomie 2014, 62(5):701-719 | DOI: 10.18267/j.polek.977  

The paper discusses Federal reserve's monetary policy during banking crisis interim 1929 - 1933. Main goal of the paper is to discuss the monetary policy implementation problems during 1930s based on Real-bills and Riefler-Burgess doctrine. First part of the paper reveals possible conflict between FED's monetary tools and targets arising from gold exchange standard. Expansionary monetary policy during banking crisis was potentially strongly limited by conflict among U.S. financial stability and sustainability of the gold standard. The second part describes monetary policy implementation during 1920s. The third part discusses FED's open market operations...

From economic literature

Trochu jiná kniha o nadnárodních společnostech

A Slightly Different Book on Multinational Corporations

Christiana Kliková, Milan Žák

Politická ekonomie 2014, 62(5):720-722 | DOI: 10.18267/j.polek.978