Template-Type: ReDIF-Article 1.0
Author-Name: Ly-Pham ThiMinh
Author-Name: Hieu-LeMinh
Author-Name: Phung-Tran ThiPhi
Title: The Relationship between International Tourist Arrivals and Foreign Direct Investment: A Granger Causality Analysis
Abstract: It is widely recognized that a rapid increase in foreign direct investment leads to an increase in tourism at different levels. This paper applied a  Granger Causality test to investigate the  causal relationship between International Tourist Arrivals (ITA) and Foreign Direct Investment (FDI) across countries. By using time series data from six countries in the top ten European destinations (France, Spain, Italy, Germany, Turkey, and  the  United Kingdom) for the  1980-2014 period, the  findings reveal that there is a  unidirectional causality between ITA and  FDI. The  results are strongly proven with the same results when the lag between FDI and ITA is lengthened at lag 1. Moreover, the outcome evidence has a unidirectional relationship running from FDI to ITA when GDP is added as the controlling variable.
Keywords: foreign direct investment, international tourist arrivals, granger causality
Classification-JEL: C23, F21, L83, O57
Pages: 3-12
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=586.pdf
File-URL: http://www.vse.cz/aop/586
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Template-Type: ReDIF-Article 1.0
Author-Name: Petr Houdek
Author-Name: Nina Rybáková
Title: The Impulsiveness of the Roma Minority, the Czech Majority and the Psychological, Demographic, and Socioeconomic Correlations
Abstract: The article examines the differences in individual discount rates among the Roma ethnic group (Gypsies) and  the  Czech ethnic group. Low income, low education, and  currently unemployed participants (Roma N=27, Czechs N=23) were subjected to pilot experiments based on in-depth questionnaires. In addition to impulsivity (delay-discount rates), the  correlation with  cognitive aptitude, risk attitudes, and  various socioeconomic and  demographic characteristics were analysed. Even though the Roma group was characterised by lower cognitive abilities, education, and financial literacy, our results indicate that participants from both groups appear to be equally impatient, with discount rates close to the values of individuals dependent on addictive substances (according to the results of some earlier foreign studies). Nevertheless, the Roma ethnic group is better characterised by inconsistent discounting compared to the  Czechs who behave more consistently. However, these results are not robust to alternative estimation characteristics. We also found a positive effect of financial literacy on savings in the Roma sample. The conclusion discusses the influence of the environmental context on impulsivity and reviews the limitations of the study.
Keywords: Czech Republic, financial literacy, impulsiveness, Roma, poverty, cognition, discounting, time preference, self-control, savings
Classification-JEL: I32, J15, J22
Pages: 13-38
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=587.pdf
File-URL: http://www.vse.cz/aop/587
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Handle: RePEc:prg:jnlaop:v:2017:y:2017:i:4:id:587:p:13-38
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Template-Type: ReDIF-Article 1.0
Author-Name: Eliška Kačírková
Title: The Competitiveness of Nations: Development of the Theoretical Basis and the Most Competitive Country in the World in 2016
Abstract: In 2000 the European Council adopted to the European Union for a period of 10 years the aim to become the  most competitive and  dynamic knowledge-based economy in the  world, capable of  sustainable economic growth with  more jobs and  better working place, including social cohesion and  respect for the  environment. The  Lisbon strategy was than followed up by the  Europe 2020 strategy, which incorporated the  revised goals of  the  Lisbon Strategy in order to become the  most competitive economy in the  world. Howerver the  concept of  the  competitive state remains unclear. This article aims to show the  major currents of  thought and  definitions, respectively, the  concept of  competitiveness of  countries. The  article is based on literary research, and  summarizes the  main concepts and  definitions of  competitiveness of  nations, the  concept of  „external competitiveness“, the  concept of „aggregate   competitiveness“, the  concept of  „multi-criteria competitiveness“ and  finally, the  concept of „systemic competitiveness“. The  main contribution of  the  article is the  clear description of the conceptual and theoretical concept of the competitiveness of the countries and the identification of decisive factors and determinants of the competitiveness of the nations.
Keywords: competitiveness, methodology, theoretical concepts, nation states, WEF, M. E. Porter
Classification-JEL: F60, N01, O11
Pages: 39-58
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=588.pdf
File-URL: http://www.vse.cz/aop/588
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Handle: RePEc:prg:jnlaop:v:2017:y:2017:i:4:id:588:p:39-58
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Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Marek
Title: European Deposit Insurance and the Bank Resolution System: An Opportunity to Extend the Single Resolution Mechanism
Abstract: The aim of this paper is to analyse the potential design and competences of a European Deposit Insurance System, which would extend the operation of the existing Single Resolution Mechanism. The analysis also builds on the design of the Federal Deposit Insurance Corporation (FDIC) operating in the  US, which is endowed with  both resolution and  deposit insurance competences. I  argue that the Single Resolution Fund (SRF) could be transformed into a Single Resolution and Deposit Insurance Fund (SRDIF) whose capacity would be increased to 1.8% of  insured deposits. SRDIF resources would be available both for bank resolution and deposit pay-outs. The main elements of  the  financing arrangements for the  SRDIF would include risk-weighted ex-ante contributions from the  banking sector and  a  public backstop created through a  transformed ESM. Given the legal constraints derived from the so-called Meroni ruling, the discretionary decision making of an institution managing the SRDIF would have to involve the Commission and the Council as is the case of the existing Single Resolution Board (SRB). In order to mitigate the adverse selection issue, mutualisation of resources in the SRDIF would have to be gradual over a transition period of  six years until 2024. A  sufficient reduction of  risks across national banking sectors in the  EU/ Eurozone Member States would have to be achieved in the transition period.
Keywords: moral hazard, adverse selection, European Deposit Insurance System, bank resolution, deposit insurance, Federal Deposit Insurance Corporation, free rider problem
Classification-JEL: G28, H12, K2, P52
Pages: 59-76
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=589.pdf
File-URL: http://www.vse.cz/aop/589
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Half-Forgotten Personalities of Economic Thought - A. Toffler
Abstract: A. Toffler was an American writer, a journalist, a speculative and futurist-sociologist often referred to as the “guru” of futurology, and the author of a number of influential world bestsellers. He is famous in the wider public through works concerning the impacts of modern technologies, digitalisation, the information revolution, and great civilization waves in the rapidly approaching future.
Keywords: A. Toffler, H. Toffler, futurology, civilization waves, theory of transformation of capitalism
Classification-JEL: B59, H12, K2, P52
Pages: 77-86
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=590.pdf
File-URL: http://www.vse.cz/aop/590
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Handle: RePEc:prg:jnlaop:v:2017:y:2017:i:4:id:590:p:77-86
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Knižní recenze: Čtvrtá průmyslová revoluce a společnost 5. 0
Pages: 87-92
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=591.pdf
File-URL: http://www.vse.cz/aop/591
File-Format: text/html
Handle: RePEc:prg:jnlaop:v:2017:y:2017:i:4:id:591:p:87-92
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