Template-Type: ReDIF-Article 1.0
Author-Name: Lubomír Skoupil
Title: Hedger Behaviour and Its Impact on Order Flow and Exchange Rate on Foreign Exchange Markets
Abstract: The paper introduces the author’s original model which describes the main behavioural traits of the foreign exchange hedger who is trying to minimise her FX market risk exposure and secure foreign currency liquidity, in order to be able to settle her liabilities in a timely manner. This behaviour is then analysed in the context of several exogenous shocks to prices and exchange rates and implications of how order flow and exchange rates react to this behaviour are drawn based on the theoretical framework. In Chapter 2, the conclusions on expected patterns in exchange rate evolution reached in the theoretical part are tested using the fuzzy clustering technique. The hypotheses reached in the theoretical section were partially supported by the empirical analysis: some of the expected patterns were revealed by the data during shock periods of prices of Brent Oil, Dow Jones Industrial Index, Standard and Poor’s 500 and four currency pairs (EURUSD, USDJPY, USDCAD, EURCZK).
Keywords: exchange rate, hedging, order flow, fuzzy clustering
Classification-JEL: F31, F37
Pages: 3-20
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=489.pdf
File-URL: http://www.vse.cz/aop/489
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:489:p:3-20
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/489

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Hovorková
Title: Evaluation of Consumer Standard of Living in the Czech Republic in the Period 2010-2013: Application of Revealed Preference Theory in Discussion with Engel’s Law
Abstract: The paper analyses changes in consumer standard of living in the Czech Republic from 2010 to 2013 resulting from the Czech Statistical Office’s annual survey “Expenditures and Consumption of Households Included in Household Budgets”. Based on revealed preference theory and index theory (Paasche and Laspeyres price and quantitative indices), consumer standard of living is evaluated both in general and according to single economic activity categories, i.e. employees with higher and lower education, the self-employed, unemployed consumers and pensioners. The results are compared and discussed with conclusions ensuing from Engel’s law.
Keywords: Czech Republic, consumer, revealed preference theory, index theory, standard of living, Engel’s law
Classification-JEL: D11, D12
Pages: 21-46
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=490.pdf
File-URL: http://www.vse.cz/aop/490
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:490:p:21-46
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/490

Template-Type: ReDIF-Article 1.0
Author-Name: Růžena Kohoutková
Author-Name: Hana Zídková
Title: Reverse Charge and the Cash Flow of the Public Budgets in the Czech Republic
Abstract: Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative impact of the general reverse charge on the cash flow of the public budgets. A change in the deadline for remitting VAT or introducing VAT advances to be paid prior to the final tax payment would reduce the negative influence on public finances.
Keywords: Reverse charge mechanism, VAT system, VAT evasion, cash flow impact
Classification-JEL: H21, H26, H69
Pages: 47-61
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=491.pdf
File-URL: http://www.vse.cz/aop/491
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:491:p:47-61
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/491

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Peterková
Author-Name: Lucie Rádlová
Author-Name: Jan Boudný
Title: Production Economy of Organic and Conventional Milk: Production, Consumption and Marketing
Abstract: The article deals with the breeding of dairy cows in organic farming systems in the Czech Republic in the years 2010-2014, an evaluation of the organic milk production and a comparison of the production economy of organic milk and milk produced in the conventional manner. The growing popularity of organic milk is reflected in the increasing number of organic dairy farmers and thereby also in increasing production of organic milk. The sad fact is that the growth of this industry is currently driven mainly by an interest occurring in foreign countries, where organic milk can be marketed as an organic product and simultaneously it is possible to achieve a better evaluation. Although the number of businesses breeding cows and the organic milk production are growing, with regards to both scale of production and economic importance, the production of organic milk can be characterised as less important. The increase of interest in producing organic milk is primarily a matter of the production economy, which is unfavourable. The market price of milk even with aid has not covered production costs. In 2014, as estimated, the production economy of organic milk improved.
Keywords: organic milk, costs, profit, production
Classification-JEL: Q100
Pages: 62-74
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=492.pdf
File-URL: http://www.vse.cz/aop/492
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:492:p:62-74
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/492

Template-Type: ReDIF-Article 1.0
Author-Name: Jana Marková
Title: Quarter of a Century of the Czech Republic’s Membership in the International Monetary Fund
Abstract: The aim of this paper is to provide information on the current standing of the Czech Republic in the International Monetary Fund (IMF) with respect to its role as one of the main institutions that tries to solve contemporary problems of world economy on the one hand, and the problems of the IMF itself on the other hand. The paper focuses on individual phases of the country’s membership since 1990, when the Czech Republic joined the IMF. It provides information on both reasons for and forms of financial and technical help that the Czech Republic has utilised until now, and the help that the Czech Republic has provided to weaker members of the International Monetary Fund. Also, the paper analyses the quota reform and the IMF governance and their impact on the Czech Republic’s standing within the institution. It draws attention to a rising foreign exchange exposure of the Czech Republic to the IMF that originates from both an increase in membership quotas and extending of loans to other members. Naturally, the paper also analyses the increased risk of the loans that have been provided.
Keywords: International Monetary Fund, constituency, member quota reform, IMF governance
Classification-JEL: E42, F33
Pages: 75-91
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=493.pdf
File-URL: http://www.vse.cz/aop/493
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:493:p:75-91
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Template-Type: ReDIF-Article 1.0
Author-Name: Dagmar Čámská
Title: Book Review: Insolvency Practice in the Czech Republic in the Period 2008-2013
Pages: 92-94
Volume: 2015
Issue: 6
Year: 2015
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=494.pdf
File-URL: http://www.vse.cz/aop/494
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2015:y:2015:i:6:id:494:p:92-94
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/494