Template-Type: ReDIF-Article 1.0 Author-Name: Martina Jiránková Author-Name: Pavel Hnát Title: Impact of the Current Economic Crisis on the Institutional Layout of Global Economy Abstract: Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the other hand, these solutions are more difficult to achieve. Based on an analysis of basic systemic issues of global trade and finance, the aim of this paper is to explore whether the current crisis leads to fostering supranational features in global economic governance. The issue is first studied at the theoretical level the outcomes of which are subsequently applied to recent evolutions in global governance, which seems to be the most appropriate level to face global systemic issues. According to the authors, more supranational features should be reflected namely in a more effective and intensive coordination of macroeconomic policies of systemically important countries in order to keep the global economic system stable. In the conclusion, the authors try to make a specific recommendation for the eventuality that the hypothesis on stronger supranational coordination cannot be fully confirmed. Keywords: Global Governance, Financial Globalization, Global Imbalances, IMF, G20 Classification-JEL: F02, F32, F33, F59 Pages: 3-19 Volume: 2010 Issue: 5 Year: 2010 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=314.pdf File-URL: http://www.vse.cz/aop/314 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:5:id:314:p:3-19 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/314 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Vošta Title: Sustainable Development of Rural Areas of the Czech Republic in the Context of Instruments of the European Union Abstract: In the area of agricultural policy and the balanced growth of the countryside, the European Union promotes technological development and creation of jobs in ways that fulfil the criteria of ecological sustainability. The latest reforms to the Common Agricultural Policy are focused on the development of the countryside, which should greatly contribute to the solution of economic, social and environmental problems. The rural development policy is a part of the second pillar of the Common Agricultural Policy of the EU. The main opportunity for the development of the Czech countryside, and agriculture, is aimed at ensuring constant, sustainable growth and employment. It is necessary to fully utilise the cultural traditions, natural resources and the non-productive functions of agriculture and forestry in conjunction with the principles of environmental conservation and looking after the land. The fundamental strategic document which contributes to the implementation of the Lisbon Strategy is the National Strategic Plan for the development of the countryside of the Czech Republic in the period 2007-2013. The agenda for the development of the countryside of the CR in the period 2007-2013 specifies the individual objectives for development of rural areas, and it is an instrument for receiving support from the EU. Keywords: sustainable development, Rural development, Common Agricultural Policy, Rural Areas Classification-JEL: Q01, Q18, R11 Pages: 20-34 Volume: 2010 Issue: 5 Year: 2010 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=315.pdf File-URL: http://www.vse.cz/aop/315 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:5:id:315:p:20-34 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/315 Template-Type: ReDIF-Article 1.0 Author-Name: Vladislava Jedličková Title: The Process of Expenditures´ Certification of the Programme Solidarity and Management of Migration Flows Abstract: Mechanisms for implementing community programs resulting from general principles of Regulation (EC, Euratom) No 1605/2002 on the Financial Regulation applicable to the general budget of the European Communities and Commission Regulation (EC, Euratom) No 2342/2002 laying down detailed rules for the implementation of the Financial Regulation. Community programs may be implemented by centralized management or shared management. In the centralized management of community programs are funded directly from the EU budget. The principle of shared management is the division of powers between the European Commission and EU Member States. One Community program, which is in the Czech Republic based on the principle of shared management for the programming period 2007 to 2013 common program "Solidarity and Management of Migration Flows". Even in this method of financial management, there are areas in which a Member State and European Commission joint responsibility (eg, compliance with the rules of publicity). Keywords: community program, centralized management, shared management Classification-JEL: F15, F53, H11 Pages: 35-57 Volume: 2010 Issue: 5 Year: 2010 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=316.pdf File-URL: http://www.vse.cz/aop/316 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:5:id:316:p:35-57 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/316 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Pšenčík Author-Name: Jindřiška Kouřilová Author-Name: Jaroslav Sedláček Title: Analysis of Subsidies in the Private Sector on the Enterprise Basis Abstract: The aim of the paper is to analyze the transfer of financial flows of subsidies and taxes between the state and the beneficiary. In this respect, the topic deals with the return cash flow from the recipient to the state budget, the impact of taxes and VAT rates. The result is a compilation of mathematic models that allow quantification of the positive cash flow from the point of view of the funded entities and reflection-induced flows resulting from tax collection back to the state budget. Specifically, financial flows between the state and a sample of business entities in agriculture, which is a sector with significant endowments, were calculated as an example. The amount of reverse flow to the providers of financial subsidies (so-called hidden subsidies) was derived from the investment and operating subsidies in the model. An individual tax multiplier for differences in VAT rates was calculated as well. Keywords: VAT, cash flow, subsidy, mathematical models, investment subsidy, operating subsidy, individual tax multiplier, indirect taxes, excise tax, income tax, corporate and individuals Classification-JEL: D21, E20, M21 Pages: 58-71 Volume: 2010 Issue: 5 Year: 2010 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=317.pdf File-URL: http://www.vse.cz/aop/317 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:5:id:317:p:58-71 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/317 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Ryšánek Title: Combining VAR Forecast Densities Using Fast Fourier Transform Abstract: In this paper, I propose the use of fast Fourier transform (FFT) as a convenient tool for combining forecast densities of vector autoregressive models in a hybrid Bayesian manner. While a vast amount of papers comprises combinations based on normal approximations, Monte Carlo methods were fully utilized here, which made the analysis computationally demanding. For the sake of minimization of computational time, the FFT algorithm was used to combine the densities of poorly simulated partial models. As a result, a minor loss of quality in the final combined model was allowed, in contrast with the reduction in the necessary simulation time. However, it turns out in the end that the FFT-based approach exceeds ´brute-force´ simulation in all aspects. The suggested method is demonstrated on an ex ante prediction of the Czech GDP and on a pair of artificial examples. Keywords: Bayesian model averaging, fast Fourier transform, Markov chain Monte Carlo, vector autoregressions Classification-JEL: C11, C30, C53, E17 Pages: 72-88 Volume: 2010 Issue: 5 Year: 2010 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=318.pdf File-URL: http://www.vse.cz/aop/318 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2010:y:2010:i:5:id:318:p:72-88 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/318