Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Smrčka Author-Name: Markéta Arltová Title: A New Generation of Environmental Risks Abstract: This paper uses as its point of departure a hypothesis that support to renewable sources by means of various subsidies, regulatory measures and tax changes is implemented not only in costlier energy, but also (given various new forms of economic pressure) in those areas of human activity that are meant to be helped and strengthened by these measures. The relationship between strengthening the pressure for advancing renewable energy sources and data such as CO2 emissions or fossil fuel consumption in households is also mathematically tested. Besides this, certain data in the area of agricultural production are also examined, considering the fact that attempts at regulation often have the exact opposite effect - for instance, stagnation of emissions or introducing new plants that are unsuitable for the Czech environment, the cultivation of which is connected with significant problems, including local ecological catastrophes. On the basis of proof, the paper arrives at the conclusion that not only do attempts to benefit the environment through support to renewable energy sources fail to lead to demonstrable success, but that it is highly probable that the real results are negative, which means that the environment comes off in a generally poorer state as a result of these endeavours. Keywords: European Union, ecology, biomass, environmental subsidies, renewable sources of energy Classification-JEL: Q42, Q51, Q58 Pages: 3-20 Volume: 2013 Issue: 6 Year: 2013 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=418.pdf File-URL: http://www.vse.cz/aop/418 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:6:id:418:p:3-20 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/418 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Štekláč Title: The Influences of Financial Institutions and the Money Circulation Mechanism on Business Cycles: The Case of the USA Abstract: The aim of this paper is to analyze the structure of the current financial system, including money circulation in it, and defi ne its infl uence on business cycles. The paper examines causes of disturbances in money circulation which lead to shallow or even deep economic crises. The role of central banks is marginal. The author concludes that proper functioning of the current financial system is subject to constant credit growth. If credit growth is insufficient, the system collapses due to money hoarding and other disorders in money circulation. It causes inability to repay the debts, which results in uncertainty and reduces aggregate demand. The entire study is based on US data. Keywords: banks and other depository institutions, money supply, monetary policy, business cycle Classification-JEL: E320, E510, E520, G210 Pages: 21-44 Volume: 2013 Issue: 6 Year: 2013 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=419.pdf File-URL: http://www.vse.cz/aop/419 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:6:id:419:p:21-44 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/419 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Šťastný Author-Name: Tomáš Čech Title: Capital Requirements Directive IV and Basel 3 - Benefits, New Rules and Their Impact Abstract: This article is devoted to the banking sector regulation in the European Union and worldwide. The banking regulation is used to control banking risk activities and sustainable portfolio growth. Basel Committee on Banking Supervision (BCBS) coordinates this regulation process and supervision in the world. BCBS prepared the latest regulation called Basel 3. The European Union implemented Basel 3 with legislative package called CRD IV. We describe Basel 3 and CRD IV provisions with focus on capital adequacy, liquidity and leverage. CRD IV improves the capital quality and brings new capital buffers for systemic important institutions and systemic risk, conservative buffer and countercyclical buffer. CRD IV strengthens liquidity and leverage regulation. There are introduced three controlled ratios: liquidity coverage ratio (LCR) for short-termed liquidity, net stable funding ratio (NSFR) for long-termed liquidity and leverage ratio (LR) for leverage analysis. They are calibrated. There are described differences among these documents. Finally, we sum up assessment studies about Basel 3 and CRD IV impact on the European banking sector and economy. Keywords: European Union, Basel 3, CRD IV, capital adequacy, single rulebook, capital buffer, liquidity, regulation, supervision, banks Classification-JEL: F3, F4, G1, G2, K2, K3, K4 Pages: 45-64 Volume: 2013 Issue: 6 Year: 2013 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=420.pdf File-URL: http://www.vse.cz/aop/420 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:6:id:420:p:45-64 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/420 Template-Type: ReDIF-Article 1.0 Author-Name: Štěpán Kratochvíl Author-Name: Oldřich Starý Title: Predicting the Prices of Electricity Derivatives on the Energy Exchange Abstract: There is a need to focus on electricity derivative trading, because this is an important and expanding field. The aim of this paper is long-term forecasting of the daily futures prices. Two approaches were used for this, namely the use of spot price forecasting to model the future prices and forecasting future prices directly. We will show on an EEX case study that better results can be achieved by the first approach, where we use meanreverting, jump-diffusion and regime-switching models for spot price forecasting. The best results of spot price forecasting are achieved by the jump-diffusion model, where we will present the benefit of the use of filtered calibration data. Keywords: electricity derivatives, energy exchange, predicting prices, estimation of the parameters, data filtering Classification-JEL: C, G1, Q4 Pages: 65-81 Volume: 2013 Issue: 6 Year: 2013 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=421.pdf File-URL: http://www.vse.cz/aop/421 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:6:id:421:p:65-81 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/421 Template-Type: ReDIF-Article 1.0 Author-Name: Janka Priesolová Title: Internationalisms and "False Friends" in Professional French Abstract: The paper focuses on the occurrence of internationalisms in languages and especially historically assimilated internationalisms in the vocabulary of professional French and Czech from the point of view of not only semantic but also formal interferences between the French and the Czech languages. It analyzes mainly the lexical and grammatical "false friends" (faux amis) in professional French, which show semantic and stylistic differences socio-historically determined, in spite of the formal similarities. It also points out the excessive use of foreign words, especially Anglicisms, and the specific French way of solving this problem at the institutional level. Keywords: professional French, Internationalisms, Anglicisms, false friends, semantic and formal interferences Pages: 82-90 Volume: 2013 Issue: 6 Year: 2013 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=422.pdf File-URL: http://www.vse.cz/aop/422 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2013:y:2013:i:6:id:422:p:82-90 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/422