Politická ekonomie, 2008 (vol. 56), issue 6

Articles

Relativní verze teorie parity kupní síly: problémy empirické verifikace

Relative version of the theory of purchasing power parity: problems of empirical verification

Martin Mandel, Vladimír Tomšík

Politická ekonomie 2008, 56(6):723-738 | DOI: 10.18267/j.polek.660  

The article discusses problems of the empirical verification of the relative version of the theory of purchasing power parity based on aggregated price indexes (especially using the consumer price index). The goal of the articles is to compare empirical results obtained from cross-country time series analysis using cointegration analysis, Error Correction Model, as well as VAR analysis. The authors tested 21 currency pairs of the U.S.A., Canada, Japan, Switzerland, the Great Britain, Norway, and Sweden in the period between 1975 and 2007. All tested time series were cointegrated of the first order with the exception of the consumer price index of Switzerland,...

Hotovost v oběhu: světové trendy a situace v České republice

Currency in circulation: global trends and the situation in the Czech republic

Jan Cimburek, Pavel Řežábek

Politická ekonomie 2008, 56(6):739-758 | DOI: 10.18267/j.polek.661  

This paper deals with the evolution of currency in circulation and world trends in selected developed countries. We argue against the opinion that money in their cash form (i.e. notes and coins) will seize to exist within the horizon of fifteen years and that only electronic means of payment will be used in the users' payment mix. We quantify and compare the trend of currency in circulation with main macroeconomic and demographic indicators and focus on finding and defining possible additional qualitative factors that might influence the usage of banknotes and coins. Paper offers a new approach to rising currency in circulation which is not based on...

Modelování krachů na kapitálových trzích: aplikace teorie stochastických katastrof

Stock market crashes modeling: stochastic cusp catastrophe application

Miloslav Vošvrda, Jozef Baruník

Politická ekonomie 2008, 56(6):759-771 | DOI: 10.18267/j.polek.662  

We show that the cusp catastrophe model explains the crash of stock exchanges much better than other models. On the data of U.S. stock markets we demonstrate that the crash of 1987 may be better explained by cusp catastrophe theory, which is not true for the crash of 2001. With the help of sentiment measures, such as index put/call options ratio and volume (the former models the proportion of the chartists, while the latter the fundamentalists), we have found that the 1987 returns are clearly bimodal and contain bifurcation flags. The cusp catastrophe model fits these data better then alternative models. Therefore we may say that the crash may have...

Posouzení vybraných možností zefektivnění simulace Monte Carlo při opčním oceňování

Examination of selected improvement approaches to Monte Carlo simulation in option pricing

Tomáš Tichý

Politická ekonomie 2008, 56(6):772-794 | DOI: 10.18267/j.polek.663  

In general, there exist many ways to detect the fair value of financial derivatives. However, each of them is suitable for different purposes. For example, when the payoff function is not very simple or the underlying process is too complex, the approach of Monte Carlo simulation can be useful. Unfortunately, the plain Monte Carlo simulation needs a very high number of independent paths to get reliable results. It is the reason why an improvement of the plain approach should be applied to decrease the number of paths required in order to get reliable results. In this paper we study more closely several such approaches and examine their potential of...

Typologie inovačního procesu ve službách

Typology of innovation process in services

Michal Pazour

Politická ekonomie 2008, 56(6):795-818 | DOI: 10.18267/j.polek.664  

Services have expanded rapidly over last twenty years and they play a dominant role in advanced economies today. The economic research reflects these structural changes by increasing interest in integrating services into the traditional value chain. This study aims at creating conceptual framework for measuring innovation in services and for identifying different innovation patterns in service sector. The need for the concept of innovation patterns in services results firstly from the different character of the innovation process in services and in manufacturing and secondly from the high degree of heterogeneity inside the service sector. The concept...

Prečo sú niektoré sektory v tranzitívnych ekonomikách menej reformované ako ostatné? prípad výskumu a vzdelávania v oblasti ekonómie

Why some sectors of transition economies are less reformed than others? the case of economic research and education

Pavel Ciaian, Ján Pokrivčák, Dušan Drabik

Politická ekonomie 2008, 56(6):819-836 | DOI: 10.18267/j.polek.665  

In the paper we analyze economic university research and education in transition countries. University system differs from industry in the nature of output that it produces. University system is engaged in production of public goods rather than private goods. The sector also suffers from the measurement problem of quality of its output. We argue that because of these factors reforms were slower in this sector leading to low productivity growth. Pressure groups succeeded in gaining significant control inside administrative structures regulating the sector. By creating the accreditation commission the state decreases the communication cost of pressure...

Consultations

Historie konceptu přirozeného monopolu

History of natural monopoly concept

Martin Hon

Politická ekonomie 2008, 56(6):833-842 | DOI: 10.18267/j.polek.666  

The paper presents the evolution of the natural monopoly term in the economic literature. Using the citations of the authors the article shows various approaches to the natural monopoly concept from the very beginning till nowadays. The definition of natural monopoly has been changing over time and even today there is not the only one view used widespread.