Politická ekonomie, 2009 (vol. 57), issue 6

Articles

Ztráta centrální banky - účetní a ekonomický pohled na příkladě České národní banky

Central bank Losses. An Economic and Accounting Perspective Using the Example of the Czech National Bank

Martin Mandel, Vladimír Zelenka

Politická ekonomie 2009, 57(6):723-739 | DOI: 10.18267/j.polek.706  

The first question that we ask ourselves in our article is whether the accounting of the central bank is supposed to respect the principles of internationally accepted standards (especially the International Financial Reporting Standards). We are looking for the basic differences in understanding of terms such as (il)liquidity and (in)solvency on the level of central and commercial banking. We analyze the economic reasons for origination of the long foreign exchange position of the ČNB which, under the circumstances of trend appreciation of the exchange rate of the Czech crown, is leading to a cumulative loss. We are discussing whether the current...

Analýza vlivu souhrnné produktivity faktorů na ekonomický růst České republiky

Analysis of Total Factor Productivity Contribution to Economic Growth of the Czech Republic

Mojmír Hájek, Jiří Mihola

Politická ekonomie 2009, 57(6):740-753 | DOI: 10.18267/j.polek.707  

Total factor productivity is defined as a relation of product to total factor inputs. Its growth is result of qualitative changes, i.e. intensive factors of growth. For measurement of total factor inputs is used production function with two factors, labor and capital (extensive factors). The paper shows the possibility of direct measurement of total factor productivity. Further, there are derived dynamic parameters which measure the share of intensive and extensive factors in economic growth. They also include the case of fall of product and counter (opposite) changes of growth factors. Average annual growth of real GDP of the Czech Republic between...

Možnosti využití přístupu latentní sémantiky při předpovídání finančních krizí

Possibilities of Financial Crises Forecasting with Latent Semantic Indexing

Petr Hájek, Michal Střižík, Pavel Praks, Petr Kadeřábek

Politická ekonomie 2009, 57(6):754-768 | DOI: 10.18267/j.polek.708  

Our study contains application of Latent Semantic Indexing on financial crises prediction. Hypothesis to test was that equity markets are able to predict even sharp changes in monetary policy during a quarter ahead of such a change (which was searched during two quarters that followed). This hypothesis, tested on sample of 36 countries between years 1985 and 2007, has been confirmed according to interest rate and foreign exchange expert interpretation. The studied application of LSI even though it timed several crises on their exact start day is not suitable for financial crises prediction but can be recommended for specification and analysis of fragile...

Povzbudivý růst ekonomiky regionů: cílená regulace versus tržní autoregulace?

The Sustainable Growth of Regional Economies: Targeted Regulation vs. Market Auto-Regulation

Ivana Kraftová, Jiří Kraft

Politická ekonomie 2009, 57(6):769-791 | DOI: 10.18267/j.polek.709  

New approaches are being searched for to assess regional policy in connection with the specification of a new paradigm of regional development. The article pays attention to the assurance of a sustainable growth rate of economies in Czech regions. The methodological base of the solution is a thesis on the analogy between enterprises and regions as relatively open socio-economic systems with a function of the welfare maximisation. The data from 2002-2006 are analysed. The oscillation around the value "1" occurs with inter-annually in 10 regions from 14; the inter-annual oscillation is corrupted in 3 cases, when the trend continues in sequence, even...

Ekonomie péče o dušení zdraví v České republice

Economics of Mental Health Care in the Czech Republic

Martin Dlouhý

Politická ekonomie 2009, 57(6):792-800 | DOI: 10.18267/j.polek.710  

Mental health has an economic impact on both individuals and societies. There is lack of information on total cost of mental illness in the Czech Republic, especially on social services financed by municipalities and private resources. In the health sector, the share of mental health expenditures is estimated to be 3-4 % of total health expenditures. In the social security system, mental illness is responsible for 3.3 % of total sick-days, 14.2 % of full disability pensions and 9.5 % of partial disability pensions. The estimated mental health expenditures amount 15 362 millions CZK in the health sector and from the social security in 2006, which makes...

Consultations

Integrace rizika a nejistoty do investičního rozhodování a oceňování

The Risk and Uncertainty Integration into the Investment Decision and Evaluation

Jiří Fotr, Eva Kislingerová

Politická ekonomie 2009, 57(6):801-826 | DOI: 10.18267/j.polek.711  

The qualitative changes in surroundings for companies operation are calling for necessity of assertion new tools and method, which will help to increase the quality of decision making and firm evaluation. To these tools belong scenarios and Monte Carlo simulation. The aim of the article is to describe these tools, their common features and differences, advantages and disadvantages. Further results and benefits of application of Monte Carlo simulation in risk analysis of investment project from economic practise are demonstrated.

Půda z pohledu dějin ekonomických teorií

Land in the History of Economic Thought

Iva Honová

Politická ekonomie 2009, 57(6):827-841 | DOI: 10.18267/j.polek.712  

The paper presents the evolution of the role of land in the economic thought. Land is a rare space for location of producing activities, living and others. The article points out main ideas and approaches from the very beginning of economic literature till nowadays, having used many citations of the authors. The main concern in the article is given to the land rent. The terms of differential rent, monopoly rent or bid rent and bid price curves are explained. Models of monocentric city by Thünen and Alonso are described in details.

Book reviews

štatistická významnosť: účinný nástroj alebo škodlivý mýtus?

Dalibor Roháč

Politická ekonomie 2009, 57(6):844-848  

Ucelená analýza fungování úrokového transmisního mechanismu

Josef Arlt, Jan Vejmělek

Politická ekonomie 2009, 57(6):849-851  

Mimo hlavní proud

Petr Vymětal, Milan Žák

Politická ekonomie 2009, 57(6):851-857  

Nástin vývoje hospodářské politiky 1900–2007

Jitka Koderová

Politická ekonomie 2009, 57(6):857-862