Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Daňhel
Author-Name: Eva Ducháčková
Title: Contemporary Economics Dilemma: High Ethics or More Extensive Governing?
Abstract: The authors of the article point out that economic theory has failed to yield a solid theoretical background in critical situations such as the current financial and economic crisis and the transformation of post-communist economies. Mainly the present crisis opens the question of the unsatisfactory status of economic science. While classical liberal or Keynesian concepts are failing, theorists cannot look to mathematical modelling for help. It seems that traditional concepts malfunction, and the financial market is particularly predisposed for this process. The application of mathematical models is overvalued. The article calls attention to the possible influence and adequacy of regulatory attitudes on a return to equilibrium. It seems that the part of ethics must be upgraded decidedly. The challenge for today´s theoretical economists is to find a new paradigm of economic science for today´s global era.
Keywords: paradigm of economic science, financial and economic crisis, crisis of the welfare state model, regulatory projects, ethics of economic interaction, new architecture of regulation of financial markets, debt problems of the Euro area
Classification-JEL: A110, B410, D690, G010, G200, G210, G220, G280, G290, K290
Pages: 3-12
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=354.pdf
File-URL: http://www.vse.cz/aop/354
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Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Potužáková
Title: Visegrad Four Labour Markets and the Economic Crisis
Abstract: The world-wide economic crisis has deeply influenced the Visegrad Four (V4) countries, just as the other European regions. Before the crisis, the V4 region was considered monolithic in many aspects and displaying many of the same attributes. However, the economic crisis has deepened the differences among the V4 member states. The economic crisis has also had an impact on their labour markets. It has been due to the huge openness of their economies depending on export territories in EU-15 Member States. The aim of the paper is to compare the situation on the V4 labour markets before and after the economic crisis. In the first part, we focus on the impacts of the economic crisis in the region. The second part analyzes the labour market indicators such as the employment rates, unemployment rates and unemployment rates of the young population, which is considered to be a severe economic and social problem within the whole EU. The third part deals with the governmental measures to combat the crisis on the labour markets. Finally, we also talk about the labour market rigidities measured by the EPL index. The low labour market flexibility discourages companies from creating new jobs due to complications of potential dismissal. That means that the growth in the employment rates is slower and the unemployment rates persist higher, which has further effects on the fiscal expenditures and economic growth of the countries.
Keywords: labour market, economic crisis, Visegrad Four, employment rate, unemployment rate, EPL index
Classification-JEL: J08, J68
Pages: 13-24
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=355.pdf
File-URL: http://www.vse.cz/aop/355
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Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Marek
Title: Institutional Differences Between the British and German Economic Models: Corporate Sector and Labour Market
Abstract: The aim of this paper is to compare some of the significant institutional differences between the British and German economic models. This paper builds on a methodological framework developed by institutional economics. Comparative research carried out in this paper focuses on three institutional fields in both market economies: control of management, corporate finance and labour market. In the UK, we can find evidence suggesting an important role of the market for corporate control, exerting pressure on management to deliver good corporate performance. On the other hand, in Germany, we find an important role of banks that exert direct control over firm´s management and its strategic decision-making.  As for corporate finance, British companies tend to make use of highly liquid financial markets and short-term finance, whereas German companies form strategic partnerships with banks which provide them with long-term credits. Lastly, labour market in the UK is more flexible compared to German labour market as its labour law favours short-term contracts, unemployment benefits are less generous and the power of trade unions to protect workers is limited.
Keywords: Germany, management, labour market, corporate finance, market for corporate control, United Kingdom
Classification-JEL: P10, P51
Pages: 25-38
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=356.pdf
File-URL: http://www.vse.cz/aop/356
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Template-Type: ReDIF-Article 1.0
Author-Name: Petra Bubáková
Title: Agricultural Prices of Pork at the Regional Level and the Law of One Price
Abstract: Farmers earn their main income from selling agricultural commodities. Stability as well as the level of income are determined by the amount of production and market prices. Prices and price policies on the agricultural market could have a great impact on the success of programmes themselves. This paper focuses on research of relationships between prices at the regional level. The aim of this paper is to evaluate the relationship between prices at the regional level for selected regions of Bohemia and try to confirm that the Law of One Price is valid there. Agricultural prices for pork producers were used for the analysis. The data set has 157 observations in total.  The first observation is from 27th June 2002 and the last observation is from 27th December 2008. No data have been published by the State Agricultural Intervention Fund since 2009. The investigated groups of regions are the Central Bohemian (CB), North-Eastern (N_E) and North-Western (N_W) regions of the Czech Republic. Econometric methods are used, and the primary tools for research are the ADF test, KPSS test, Johansen cointegration test and Vector Error Correction Model (VECM). On the basis of the VECM model, it was found that prices in the North-Eastern regions have an effect on prices in Central Bohemia. It was also discovered that prices in the Central Bohemian and North-Western regions have a mutual effect. The Law of One Price is valid with a high probability in the investigated regions. Prices in the long run are identical with a high probability. The results were elaborated as part of the research project MSM 6046070906 "Economics of resources of Czech agriculture and their efficient use in frame of multifunctional agri-food systems".
Keywords: cointegration, Agricultural prices, pork, region, Law of One Price, Vector Error Correction Model
Classification-JEL: C10, D40, Q10
Pages: 39-51
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=357.pdf
File-URL: http://www.vse.cz/aop/357
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Template-Type: ReDIF-Article 1.0
Author-Name: Adéla Schrecková
Title: Specifics of French Direct Taxation and its Terminological Aspects
Abstract: This thesis originated as part of the academic project IGA FMV VŠE no. 13/2010 ("European terminology within the field of economy and law") and focuses on the system of direct taxation in France, especially on direct taxes we would not find in the Czech Republic. The goal is to describe these specific taxes and related terminological differences. The first part of this thesis describes the specific aspects of the French system of direct taxation and its structure compared to the structure of direct taxation in the Czech Republic. The next part is divided into four sections (personal income taxes, corporate income taxes, property taxes, and local taxes). Each section deals in more detail with particular taxes which do not exist in the Czech Republic (who is the taxpayer, tax rates applied, existence of tax reliefs related to the tax, etc.) and their terminological equivalents. At the end, there is a thematic Czech-French glossary which should facilitate the reader´s understanding of a specialized French text dealing with tax-related issues.
Keywords: direct tax, income tax, social tax, local tax, property tax, tax rate, tax credit
Pages: 52-68
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=358.pdf
File-URL: http://www.vse.cz/aop/358
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Hebák
Title: A Comparison of Classical and Bayesian Probability and Statitics (1)
Abstract: Statistics has been developing for almost 250 years - since the publication of an essay which included one theorem called Bayes´ after the author. This whole period (since 1763 to this day) has been accompanied by a duel between the supporters of a subjective concept of probability and those who refuse everything but a purely objective concept of probability as well as statistics. While the 18th and 19th centuries accepted the importance of the subjective (let us say Bayesian) way of thinking for the development of probability and statistics without a problem, in the 20th century the classic (frequentist) way took over and has been dominant in teaching and textbooks to this day. Only in the second half of the 20th century did the situation begin to change slowly. Reasons for that are partly described in the present article, but arguments and simple examples supporting the Bayesian way in comparison with the classic one are clear and generally respected worldwide. Unsuspected new computing possibilities have caused an explosive development of Bayesian statistics, which has infi ltrated almost all the areas of statistics and a number of other scientific fields. It is not possible to expect a retreat of the different philosophical or pedagogical positions of the fighting schools of thought (even though it is really needed), but the use of advantages of both the approaches is methodologically not only possible, but even expected. Part of the teaching of statistics must be prepared for these changes, but it has not been the case in the Czech Republic at all so far.
Keywords: subjective probability, frequentist statistics, classical and Bayesian approach and thinking, Bayes´ theorem, point estimation, prior and posterior distribution, Bayesian Credible interval, hypothesis testing
Classification-JEL: C82, E21
Pages: 69-87
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=359.pdf
File-URL: http://www.vse.cz/aop/359
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