Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Stuchlíková
Title: Afrika - nadějný kontinent
Pages: 80-83
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=539.pdf
File-URL: http://www.vse.cz/aop/539
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Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:539:p:80-83
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Template-Type: ReDIF-Article 1.0
Author-Name: Zbyněk Revenda
Title: Investment In Precious Metals And Stocks
Abstract: Investment in various assets is associated with returns and risks. Especially precious metals are considered profitable and safe. Our analysis for the United States in 2005 - Q2 2015 demonstrates that it is very questionable. In this period, which included the US financial crisis, precious metals were coupled with a greater price volatility and lower real income than was the case with stocks in the DJIA index. Even over a sufficiently long period, gold and silver were not a good store of value with positive real returns. Moreover, demand deposits were also more profitable than gold in the longer term after 1980. In the long run, contrary to the beliefs, precious metals may not to keep good value in the physical form or in the form of securities linked to the price development of these assets. Commemorative and historical coins with a numismatic value are the most appropriate investment in precious metals. However, this investment is also associated with some risk.
Keywords: risk, market price, investment, financial crisis, Profitability, Dow Jones, gold, silver, stocks
Classification-JEL: E42, G10, G23
Pages: 25-36
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=542.pdf
File-URL: http://www.vse.cz/aop/542
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:542:p:25-36
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Boukal
Author-Name: Hana Vávrová
Title: Credibility Analysis of Non-Profit Organisations
Abstract: One of the key motives for the functioning of all entities in a market economy is to achieve its economic goals and to ensure an influence on other entities. This is the reason why the market does not function as the sole criterion for checking the effects of the entities on the society. The effectiveness of the functioning of all economic entities remains a constant requirement and also covers entities in the non-profit sector. The paper discusses the current topic of streamlining the functioning of the non-profit sector. Its objective is to introduce a multi-criteria methodology through which the providers of funds (ministries, foundations, donors, etc.) would be able to evaluate whether non-profit organisations applying for funding are the most credible among the providers, guaranteeing the use of the resources provided to meet the organisations’ declared objectives. The methodology is called “credibility analysis of non-profit organisations”. The methodology was tested in the area of cultural non-profit organisations. The first step of the research included 95 cultural non-profit organisations. We plan to develop this pilot research in other areas of non-profit activities.
Keywords: methodology, Non-profit organization, credibility analysis
Classification-JEL: G30
Pages: 37-58
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=543.pdf
File-URL: http://www.vse.cz/aop/543
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:543:p:37-58
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Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Kučera
Title: Transmission Channels of Monetary Policy: A Broader View
Abstract: The paper deals with a transmission mechanism of monetary policy under the regime of inflation targeting. It focuses on the expectations channel, the credit view and the cost channel. These channels work side by side and may amplify effects of the traditional view of transmission mechanisms of monetary policy, which emphasises adjustments on the demand side.
Keywords: interest rate, channels of monetary policy, inflation expectations, credit view, cost channel
Classification-JEL: E44, E51, O16
Pages: 59-70
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=545.pdf
File-URL: http://www.vse.cz/aop/545
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:545:p:59-70
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Half-Forgotten Personalities of Economic Thought - F. Valenta
Abstract: F. Valenta was a Czech economist, academician. He is famous for his research into micro and macro theory of innovations (including the consequences). He was interested in the development of science and technology, efficiency and innovation processes. He created the comprehensive theory of innovations. This theory is breakthrough for the classifications of innovations with innovation orders. His ideas are inspirational even nowadays in both theory and practice.
Keywords: F. Valenta, theory of innovations, innovation orders, long K-waves
Classification-JEL: D22, E32, L23, O30, O31
Pages: 71-79
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=547.pdf
File-URL: http://www.vse.cz/aop/547
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Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:547:p:71-79
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Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Titze
Title: Federal Reserve Swap Lines - International Lender of the Last Resort
Abstract: After 2007, financial market turmoil began and shortage of dollar funding liquidity disrupted not only the US dollar funding market but also overseas. To address the shortage of dollar liquidity, the FED introduced swap lines with systematic important central banks, including emerging markets. The paper discusses the main feature of the FED’s swap lines in the context of the funding pressures on the FX swap market. The main objective of the paper is to reveal technical aspects and effectiveness of the swap lines. The paper explains connectivity between un/secured money markets and the FX swap market during the financial and debt crises. The FX swap market was hit significantly. During the liquidity crisis of 2007-2010, the main driver of the deviation from covered interest parity was a shortage of dollar liquidity jointly with counterparty risk. During the debt crisis, the main driver was counterparty risk of the euro zone banks and sovereigns. The FED swap lines were used as a liquidity backstop. The paper concludes that the swap lines were an effective tool of cooperation between central banks and significantly alleviated the pressure on the FX swap market. In addition, the swap lines were flexible, supported financial stability, no losses were recorded, the problem of adverse selection was avoided and exit was successful. Finally, the swap lines have become a permanent tool for solving temporary shortages of foreign currency liquidity in national banking systems.
Keywords: Federal Reserve System, swap lines, covered interest parity, FX swap market, basis, international lender of the last resort
Classification-JEL: E43, E50, E52
Pages: 3-24
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=548.pdf
File-URL: http://www.vse.cz/aop/548
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2016:y:2016:i:4:id:548:p:3-24
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/548