Template-Type: ReDIF-Article 1.0
Author-Name: Rudolf Kubík
Title: Human Capital Quality and Economic Growth
Abstract: The topic of the relationship between human capital and economic growth has been intensively examined in empirical studies since the 1980s. Although the positive impact of education and human capital on growth has been repeatedly confirmed, there are still doubts about the strength and probable inverse causality of the relationship. The quality of human capital is frequently mentioned in the empirical literature as an important factor which can help to understand and properly determine the link. The quality of human capital is a key focus of this paper. It tests and confi rms the hypothesis that the quality is an important factor which significantly influences the intensity of the relationship. The main hypothesis has been tested using the dynamic panel data technique (GMM estimation) on panel data covering 65 countries in 1960-2005. It has been confirmed that the years of schooling have a higher positive impact on economic growth in countries with a higher quality of education.
Keywords: economic growth, Human capital, quality of schooling, GMM estimation, dynamic panel data models
Classification-JEL: C33, E24, I21, J21, J24, O11, O47
Pages: 3-12
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=389.pdf
File-URL: http://www.vse.cz/aop/389
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:389:p:3-12
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/389

Template-Type: ReDIF-Article 1.0
Author-Name: Matej Šandor
Title: The Independence of the European Central Bank
Abstract: The independence of central banks is a hot topic. In connection with the ongoing financial crisis, the media often come with concerns that central banks might be influenced by political elites. These considerations apply both to central banks of EU Member States and the European Central Bank. The aim of this paper is to prove or disprove the hypothesis of limited independence of the ECB. The main reason to focus primarily on the ECB is due to its leadership within the European System of Central Banks as well as due to the fact that any interference in its activities would affect mainly the functioning of the ESCB. The paper is divided into three parts. The first part deals with the theory of central banks´ independence in general. The second part presents the issue of status and regulation of the ECB, and the last part applies the knowledge of the theory of independence of central banks to an evaluation of the independence of the ECB.
Keywords: European Union, European Central Bank, independence
Classification-JEL: E58, K40
Pages: 13-25
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=390.pdf
File-URL: http://www.vse.cz/aop/390
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:390:p:13-25
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Borovička
Title: Analysis of the Capital Market Via Stochastic Dominance and Multi-Criteria Interactive Method
Abstract: Two levels can be identified in the article. The first one is related to a theoretical introduc tion to the known stochastic dominance approach and the interactive multi-objective program ming method; in the second we apply the aforesaid quantita tive approaches to making an "optimal" port folio struc ture of shares funds. We use the draft of stochastic dominance for a reduction in a relatively huge set of investment opportunities. The application of the stochastic dominance principle is determined by the stochastic character of the studied problem. The yield rate of shares funds is stated as a random variable. We also apply the Monte Carlo method in the invest ment decision-making procedure. For finding an "optimal" portfolio form, we use the interactive multi-criteria program ming method, the computational algorithm of which is based on maximization of positive deviation from aspiration levels of separate objec tive functions (criteria). Af ter all the proce dures, including successive revision of solutions offered by analysts according to deci sion-maker preferences, we obtain a final portfolio form of shares funds.
Keywords: portfolio, decision-making, stochastic dominance
Classification-JEL: C44, C61, G11
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=391.pdf
File-URL: http://www.vse.cz/aop/391
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:391
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/391

Template-Type: ReDIF-Article 1.0
Author-Name: Eva Kislingerová
Title: A Few Notes on the Issues of Cultural Property Valuation
Abstract: This work analyses some data and information in particular on the development of theatrical production in the Czech Republic and concludes that the efficiency of spending subsidies and other support from public budgets in this area has been rather decreasing in recent years. A relatively significant financial support of theatres leads to the fact that there is an  "inflation" in the offer of theatrical production measured by the number of available seats, as well as the number of existing theatres and the number of performances. However, since the number of spectators coming to the theatre remains essentially the same in the long term, it seems that a higher quantity of supply does not increase the quantity of demand. At least from this point of view, the support provided by public funds, which in 2008 amounted to CZK 2.656 billion, is not very efficient.
Keywords: culture, arts, theatre, Ministry of Culture, efficient
Classification-JEL: Z1, Z10, Z180
Pages: 46-59
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=392.pdf
File-URL: http://www.vse.cz/aop/392
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:392:p:46-59
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/392

Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Cahlíková
Author-Name: Wadim Strielkowski
Title: Positive Impacts of Labour Migration from Ukraine on the Czech Economy
Abstract: Of all the post-Communist countries of Central and Eastern Europe, the Czech Republic is probably the only one that is marked by significant inflows of labour force. The largest group of migrants in the Czech Republic comprises the Ukrainians. In 2009, they made up 21% of all the foreigners legally residing in the country and in the previous years their share was even larger. In 2006 alone, 30 thousand Ukrainians migrated to the Czech Republic and the total share of Ukrainians constituted 46% of all the migrants. According to some members of the general public and politicians, migrants represent a burden to the Czech economy. The most notorious arguments against migration are that immigrants take up the jobs of local workers and that the money made in the Czech Republic ends up elsewhere. This analysis shows that labour migration, in our case Ukrainian labour migration to the Czech Republic, might mean a welfare gain for the Czech economy.
Keywords: Czech Republic, migration, migration policy, economic impacts of migration, immigration surplus, Ukraine
Classification-JEL: C33, F22, F24, J61
Pages: 60-67
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=393.pdf
File-URL: http://www.vse.cz/aop/393
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:393:p:60-67
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/393

Template-Type: ReDIF-Article 1.0
Author-Name: Lucie Sedmihradská
Title: Property Tax Autonomy of Municipalities in the Czech Republic and Slovakia
Abstract: The objectives of the paper are to compare the development of the legally granted municipal autonomy regarding the property tax in the Czech Republic and Slovakia since 1993 and its real implementation in 2011 and to evaluate the impacts of the municipal autonomy regulation on municipal behaviour. The comparison is based on a legal analysis of the versions of the law on property tax pertaining in the individual years 1993-2012 in both the countries and a comparison of the tax rates actually implemented in 2011 in the Czech and Slovak district towns. Czech municipalities can influence the tax rates through three types of coefficients which enforce quite an uniform approach to the entire territory of the municipality as well as different types of property. In contrast, the autonomy of Slovak municipalities has increased gradually and, since the introduction of the new law in 2005, it has seen only minimal limitations. The average tax rates are higher in Slovakia with the exception of residential houses and apartments. The highest differences appear in the case of property used for industry and other entrepreneurial activities. The results obtained suggest that in both the systems municipalities attempt to shift the tax burden from the residents to other entities and that the link between the property tax and the local service benefits is weakened.
Keywords: property tax, municipal fiscal autonomy, fiscal decentralization
Classification-JEL: H71, H77
Pages: 68-80
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=394.pdf
File-URL: http://www.vse.cz/aop/394
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:394:p:68-80
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Template-Type: ReDIF-Article 1.0
Author-Name: Věra Höppnerová
Title: Morphological and Syntactic Characteristics of Business Correspondence in German
Abstract: The article deals with morphological and syntactic phenomena typical of business correspondence in German. The surveyed phenomena are quantifi ed; the reasons for their frequent or less frequent presence in business correspondence and their functioning in it are examined; the results are compared with general language usage. At the same time, possible different usage in Czech is pointed out.
Keywords: morphological and syntactic phenomena, German business correspondence
Pages: 81-91
Volume: 2013
Issue: 1
Year: 2013
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=395.pdf
File-URL: http://www.vse.cz/aop/395
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:1:id:395:p:81-91
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/395