Template-Type: ReDIF-Article 1.0 Author-Name: Erika L´apinová Title: Relations Between Unequal Income Distribution, Economic Growth and Income Poverty - Latest Findings in Current Economics Abstract: In this paper we systematize existing theoretical and empirical, often contradictory, knowledge of leading international economists and foreign institutions about reciprocal and causal relations between income distribution, economic growth and income poverty, in order to highlight the importance of income distribution in the economic system, the causes and consequences of income distribution at the macroeconomic and microeconomic levels, which knowledge is relevant for both current economic theory and economic policy. In this paper we seek to answer questions such as: Why is it important to be interested in income inequality? How to relate income inequality and economic growth? Does economic growth affect income inequality or can income inequality increase or decrease the rate of growth? Is the initial level of property or income important for macroeconomic performance and macroeconomic growth? How can the initial level of wealth and income inequality influence the effects of economic growth on poverty reduction? Is there an effective state policy to reduce or eliminate income poverty? Can a government reduce poverty only by promoting economic growth, or is it desirable to choose a combination of growthredistribution policies? Keywords: income distribution, economic growth, income inequality, income poverty Classification-JEL: D31, F43 Pages: 3-24 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=337.pdf File-URL: http://www.vse.cz/aop/337 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:337:p:3-24 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/337 Template-Type: ReDIF-Article 1.0 Author-Name: Zdeněk Štolc Title: Application of FIGARCH and EWMA Models on Stock Indices PX and BUX Abstract: Volatility of the financial time series belongs to the crucial estimated parameters in finance (e.g. in risk management, derivative pricing). It is well known, that volatility varies in time, so that new approaches of volatility modeling have appeared. In this paper two models of the conditional heteroskedasticity - fractionally integrated GARCH (FIGARCH) and EWMA are presented. These models are illustrated on the daily historical returns of stock index PX and index BUX. Standard tests of normality, autocorrelation and conditional heteroskedasticity are applied to these log-return time series and before estimating the models, which confirm a usability of the conditional heteroskedasticity models. Empirical results of the Rescale Range analysis (R/S) indicate a long memory in the volatility process of PX index and the first 40 autocorrelations of the square log-returns show their hyperbolic decay. The volatility models are estimated by quasi-maximum likelihood method with Student´s t-distribution and used to the calculation of the 1-day 95% and 99% Value at Risk values. Finally, the validity of the models is verified by Kupiec´s test, TUFF and Christoffersen´s test. These tests demonstrate, that the FIGARCH model is a suitable alternative to the EWMA model in the Value at Risk calculation. Keywords: Value at Risk, PX and BUX indices, fractionally integrated process, FIGARCH, EWMA Classification-JEL: C12, C51, C58 Pages: 25-38 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=338.pdf File-URL: http://www.vse.cz/aop/338 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:338:p:25-38 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/338 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Palatková Title: Quality Management System in the Tourist Information Centre Sector Abstract: The paper deals with quality management in the sector of Tourist Information Centres (TIC) in the Czech Republic and the development of the quality management systems in the sector as part of the national quality management system in tourism. Since the TICs perform a prominent role in destination marketing management, the quality of their services seems to be of high importance. To set the particular quality criteria and to include the TIC segment in the national quality management system, an analysis and extensive research among visitors to TICs, employees and founders of TICs in the Czech Republic has been accomplished. Another analysis focused on twelve selected national quality management systems abroad using secondary research and on-line interviews with selected specialists on TIC quality. The analysis abroad comprised personal consultations with TIC specialists in England. The observed results implied the conclusion to use the SERVQUAL model and to integrate quality management systems in TICs into the national system based on the principles of the three-level Swiss quality management system. Keywords: Tourist information centres, quality, quality management system, destination marketing management, SERVQUAL Classification-JEL: L15, L83, M31, M38 Pages: 39-54 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=339.pdf File-URL: http://www.vse.cz/aop/339 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:339:p:39-54 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/339 Template-Type: ReDIF-Article 1.0 Author-Name: Anton Radaikin Title: Negative Prescription and Good Morals Abstract: The article emphasizes the meaning of good faith and traditional institutes of civil law - prescription and preclusion. This publication proposes to contribute to the illumination of exception of prescription against principles of good faith. A number of Court decisions are dedicated to this aspect; however, complex analysis is required. All legal relationships exist within a certain time frame. One of the key tasks of the general civil law is to define formal and substantive concepts of the Rule of Law. Time also plays an important role in defining the time period within which the participants in a trial have the right or are obliged to take certain procedural steps. Any law specifies the period of time within which legal action must be brought. Expiration of the time period causes loss of a legal right or entitlement. An exception of prescription in general is consistent with principles of good faith. However, under certain assumptions, exception of prescription establishes enforcement against the principles of good faith. Keywords: breach of good faith, Good morals, prescription Classification-JEL: K00, K33, K4 Pages: 55-65 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=340.pdf File-URL: http://www.vse.cz/aop/340 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:340:p:55-65 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/340 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Řehořová Author-Name: Marcela Exnerová Title: Photovoltaic Energy in the Czech Republic in the 21st Century - A Case Study of a Power Plant for a Family House Abstract: Energy, or renewable energy sources, is currently a frequently discussed topic. This paper focuses mainly on the economics of photovoltaic energy, specifically valuation of this technology. First, photovoltaic power systems are described, followed by a description of the method of analysis of photovoltaic project efficiency used in the case study. The main part is devoted to a specific case study of a power plant photovoltaic project valuation (using the Net Present Value). The authors have tried to answer the questions of guaranteed redemption prices as well as the "green bonus". A sensitivity analysis of the NPV to changes in some input parameters is calculated in the discussion. The principal final findings and legislative changes concerning photovoltaics in the Czech Republic (valid from 2011) are mentioned in the conclusion. These changes should restrict the increase in the prices of electric energy for the final consumer and, of course, ensure revenues for the state budget. Keywords: net present value, Technology, photovoltaic energy, evaluation, efficiency Classification-JEL: G11, M21, Q42 Pages: 66-80 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=341.pdf File-URL: http://www.vse.cz/aop/341 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:341:p:66-80 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/341 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslava Kernerová Title: Some Aspects of Lexical Mistakes Made by Students at the University of Economics in Business German Lessons Abstract: The paper deals with an analysis of Czech-German lexical interference. I draw from my own teaching experience and research into this topic. As many mistakes arise in consequence of semantic divergence and convergence, I want to stress the necessity of a comparative approach to teaching a foreign language, whereby we can avoid a number of frequent mistakes. Keywords: Interference, German and Czech Business Languages Pages: 81-87 Volume: 2011 Issue: 4 Year: 2011 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=342.pdf File-URL: http://www.vse.cz/aop/342 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2011:y:2011:i:4:id:342:p:81-87 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/342