Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Czech national bank‘s influence on the quantity of money Abstract: The latest fi nancial crisis, among other consequences, has led to signifi cant reductions in bank lending. Because cashless bank loans granted to non-bank clients are the dominant way of issue of money into the economy, reducing of them infl uenced also defl ationary pressures. Central banks have tried to respond by expansionary monetary policy in the form of purchases of debt securities from banks and interest rate cuts. However, without any signifi cant effect. Banks did not use a higher quantity of money in the banking system to order to increase granting of loans into the economy. We could observe the similar problems in the Czech Republic. Analysis of data between late 2008 - mid-2014 reliably confi rms the weak impact of the Czech National Bank on the development of credit and the quantity of money in the economy. We analyzed data on currency, bank reserves, the monetary base, the monetary aggregates, deposits and loans. Separate analysis concerned the money multipliers and the credit multiplier. The banking system in the Czech Republic is also very specifi c in the existence of large excess bank reserves. The policy of lowering interest rates by the central bank had not the desired effect, so the only possibility was depreciation of the domestic currency. Another enormous increase in bank reserves as a direct result of unsterilized foreign exchange intervention again did not lead to a signifi cant growth in loans and the quantity of money in the economy. Pressures against defl ation can therefore be expected only from the reaction of households and fi rms to weaker domestic currency. Keywords: Credit, capital, monetary policy, regulation, multiplier, deposit, central bank Classification-JEL: E4, E5, G21, G28 Pages: 3-17 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=449.pdf File-URL: http://www.vse.cz/aop/449 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:449:p:3-17 Template-Type: ReDIF-Article 1.0 Author-Name: Štěpán Horký Author-Name: Luděk Kouba Title: Knowledge economy in central and eastern european countries - a route to competitiveness? Abstract: The paper deals with the state and development of knowledge economy in Central and Eastern European (CEE) countries and its contribution to national competitiveness. The main goal is to discuss whether a relationship between the level of knowledge economy and macroeconomic competitiveness can be found. This is evaluated and confi rmed by correlation between the Knowledge Economy Index and the Global Competitiveness Index among the EU member states. The same procedure of evaluation is conducted for Central and Eastern European member countries, confi rming the relationship, though giving a lower correlation coeffi cient. Considering the fact that the CEE region consists of less developed former socialist countries, the lower correlation coeffi cient might point out to a lower knowledge base of its macroeconomic competitiveness. A specifi c attention is paid to the three most developed knowledge economies in the CEE region - the Czech Republic, Estonia and Slovenia. The case of Estonia, which has been a relatively poorer country, doubts the assumption that rich countries invest in the development of knowledge economy the most. Keywords: education, research and development, knowledge economy, knowledge, ICT Classification-JEL: I20,, O30, O52 Pages: 18-40 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=450.pdf File-URL: http://www.vse.cz/aop/450 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:450:p:18-40 Template-Type: ReDIF-Article 1.0 Author-Name: Cristina Procházková Ilinitchi: Title: Migration policy as a precondition for a common labour Market in the european union Abstract: Beside the free movement of capital, goods and services, the right to free movement is an essential part of the single European market. A genuine European labour market implies the free movement of all workers, including those who are not EU citizens. The paper explores the background and the current state of the EU common migration policy towards non-EU citizens. The paper deals with two dimensions of migration policies - admission and mobility within the EU area. The aim of the paper is to answer the question whether a common labour market can be considered accomplished while the conditions of entry and mobility for third-country nationals substantially lack convergence. The analysis of the legislation and statistical data shows that third-country nationals are not part of the European labour market as such Keywords: European Union, labour market, third countries, immigration policy Classification-JEL: F22, J49, K37 Pages: 41-53 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=451.pdf File-URL: http://www.vse.cz/aop/451 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:451:p:41-53 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Lhotáková Author-Name: Květa Olšanová Title: Effectiveness of the advertising targeted to children regulation and self-regulation with focus on food industry Abstract: The article deals with the effectiveness of current regulation and self-regulation of food advertising targeted to children. The objective of the article is to examine the degree of functionality and effi ciency of the current status to ensure meaningful regulation on food advertising aimed at children in the Czech Republic as one of the possible causes of rising obesity and overweight. To better understand the relations between all the institutions involved in regulatory and self-regulatory process in the Czech Republic, we have developed model of these relations. We also studied the impact of European institutions that infl uence the Czech model. In conclusion, we propose changes that could in the short term contribute to the effectiveness of the current system. Keywords: advertising to children, self-regulation of advertising, regulation of advertising Classification-JEL: M31, M37, M38 Pages: 54-70 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=452.pdf File-URL: http://www.vse.cz/aop/452 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:452:p:54-70 Template-Type: ReDIF-Article 1.0 Author-Name: Daiva Jurevičienė Author-Name: Božena Kostecka Title: Peculiarities of selection of iInvestment artworks Abstract: The article deals with the art market and key dimensions of investment in art and distinguishes the peculiarities of selection of artworks for investment purposes, covering the main features of the art market. Methodologies of composition of art price indices are analysed. An art market trend analysis is conducted based on statistical data and variations of the Artmarket Global index for the last decade. Using the ARIMA forecasting method, the forecast of artwork price changes in 2014-2015 is conducted. The forecast is presented for the aggregate Artmarket Global index and for different art movements (old masters, impressionism and post-impressionism, modern art, contemporary art) to fi gure out which of them are the best for investments in the near future. The paper further investigates a new Artistic Power Value (APV) ratio and its adequacy for analysis which makes it easy to assess the suitability of investment in artworks and to compare works of art from various sections. Finally, investment decision-making characteristics of the art market are distinguished. Keywords: art market, investing in artwork, art market trends, art price index forecast Classification-JEL: D14, D31, G11 Pages: 71-88 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=453.pdf File-URL: http://www.vse.cz/aop/453 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:453:p:71-88 Template-Type: ReDIF-Article 1.0 Author-Name: Hana Vlachová Title: Gender pay gap in private and public sectors of the Czech republic Abstract: The gender pay gap is a phenomenon caused by discrimination on the labour market with a negative impact on women’s lives. It can be used as a measuring tool to determine equality of men and women in a society. It can be different in various countries because of different ways of life, economic or political systems. There are several theories to explain the gender pay gap. The article deals with the issue of the gender pay gap and focuses on this issue in the private and public sectors of the Czech Republic. It uses freely available resources from the Czech Statistical Offi ce and the Ministry of Labour and Social Affairs. The goal of the article is to explore the gender pay gap in the private and public sectors and fi nd out whether the gaps in both sectors are the same or whether there is a difference between the private and public sectors. Keywords: diskrimination, gender pay gap, private sector, public sector Classification-JEL: J3, J7 Pages: 89-100 Volume: 2014 Issue: 5 Year: 2014 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=454.pdf File-URL: http://www.vse.cz/aop/454 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2014:y:2014:i:5:id:454:p:89-100