Template-Type: ReDIF-Article 1.0 Author-Name: Tereza Voráčková Author-Name: Alexandr Potůček Author-Name: Filip Sýkora Author-Name: Jaroslav Schönfeld Title: Pre-packed insolvencies Abstract: This paper focuses on pre-packed insolvencies prepared in the Czech Republic according to Act No. 182/2006 Coll. on bankruptcy and settlement. The analysed time period covers the years 2008-2017. The data sample contains all identified pre-packed insolvencies from the insolvency register and the financial data was extracted from the Albertina corporate database. Pre-pack insolvencies are insolvencies that begin with an insolvency proposal and accompanied by a reorganisation plan already approved by creditors. First, the paper describes the sample from different points of view and is focused on the size of the enterprise, the field of activity, the length of insolvency proceedings and the proposed insolvency administrator accompanied by an expert. Second, the paper analyses the financial situation of affected companies. The evaluation of the financial situation is based on IN indices. The insolvency proposal with a suggested reorganisation can be solved differently. The reorganisation does not need to be approved by the court or if approved, can be turned in the bankruptcy during the insolvency proceedings. The results of pre-packed insolvencies in the case of successful rehabilitation or bankruptcy are the most important findings. Keywords: Czech Republic, bankruptcy, insolvency, insolvency proceedings Classification-JEL: G33 Pages: 3-11 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=608.pdf File-URL: http://www.vse.cz/aop/608 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2018:y:2018:i:4:id:608:p:3-11 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/608 Template-Type: ReDIF-Article 1.0 Author-Name: Milen Velev Title: Unemployment and economic growth: Is there a relationship in the European Uninon? Abstract: The aim of this paper is to investigate the relationship between unemployment and economic growth in the European Union and in individual European countries. This allows to determine what the effect on the unemployment rate will be when there is a change in output. The European Union (28 countries) quarterly data used is for the period from 2000Q1 to 2017Q3. Regression analysis, co-integration analysis and a vector error correction model have also been used. The relationship between the unemployment rate and economic growth in the EU-28 for the period examined in this study is less pronounced in comparison with the other countries. A negative relationship between economic growth and a change in the unemployment rate is obtained for all the countries in the European Union (28 countries). During each stage of the period studied, the effect of hysteresis on the labour market grew. The results from the statistical analysis show that the data on economic growth and the change in the rate of unemployment in the EU-28 are co-integrated. The validity of Okun’s Law for the economy of the European Union is confirmed although during the period studied the European economy went through several phases of the economic cycle. Keywords: European Union, economic growth, unemployment rate, Okun’s Law Classification-JEL: E24, E32, O40 Pages: 12-29 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=609.pdf File-URL: http://www.vse.cz/aop/609 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2018:y:2018:i:4:id:609:p:12-29 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/609 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Brožová Title: The minimum wage in the neoclassical and the behavioural labour market theory Abstract: The question of the minimum wage has been constantly discussed in scientific economic literature. The dominant economic paradigm is neoclassical economics, which must cope with the attacks from modern streams of economic thought. The article analyses the fundamental differences in the approaches of the mainstream neoclassical and modern behavioural approach to labour economics. The comparison of the neoclassical and behavioural interpretation of the minimum wage points to the basic differences in the approach to the minimum wage. Neoclassical economics is founded on the theoretical basis of the competitive market and presents a reserved attitude to the minimum wage. From the position of positive economics, it demonstrates the decline in employment and the rise in unemployment as a consequence of this external intervention into market forces. It is, in essence, considered as inefficient redistribution, which acts as demotivation. Behavioural economics stems from imperfectly competitive labour markets and applies a normative approach: it articulates what the minimum wage should be. This line of reasoning leads to the concept of a “living wage” and a “social wage”. The empirical studies support both the neoclassical and the behavioural approach towards labour markets. It would seem suitable to consider markets according to the type of competition and treat them differently regarding impact assessment and eventual minimum wage introduction. Keywords: minimum wage, behavioural economics, neoclassical labour economics, rational choice model Classification-JEL: D01, D91, J40 Pages: 30-41 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=610.pdf File-URL: http://www.vse.cz/aop/610 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2018:y:2018:i:4:id:610:p:30-41 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/610 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Žalud Author-Name: Jan Králíček Title: Value added tax in reorganisation Abstract: This paper discusses the current Czech and European legal framework applicable to the adjustment to the taxable amount with respect to claims partially cancelled due to the insolvency of the customer resolved by reorganisation. The partial cancellation, according to the authors, serves as grounds to adjust a taxable amount under the EU VAT Directive. The supplier is entitled to issue a corrective invoice and claim a refund of a proportion of the VAT paid with respect to the delivery of goods or services to an insolvent debtor. However, such practice is not yet followed by the Czech tax authorities who do not allow for a reduction of a taxable amount in reorganisation and only allow such reductions in the case of bankruptcy liquidation. The paper argues that this approach is not compatible with European law. Moreover, such a different treatment of VAT payers in bankruptcy liquidation (resulting in higher satisfaction of VAT taxpayers as creditors) puts reorganisation at a considerable disadvantage and is contrary to the basic principles of insolvency law. Finally, the paper argues that the corresponding claim of the tax authority resulting from the VAT base adjustment constitutes a standard pre-insolvency claim and should not be preferred in the insolvency proceedings under Czech law. Keywords: insolvency, reorganisation, value added tax Classification-JEL: H25, K34 Pages: 42-50 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=611.pdf File-URL: http://www.vse.cz/aop/611 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2018:y:2018:i:4:id:611:p:42-50 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/611 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Sirůček Author-Name: Zuzana Džbánková Title: Radovan Richta - The predecessor of the Club of Rome and the 4.0 vision Abstract: Radovan Richta was a Czech academic, philosopher, sociologist, prognostic, and head of an interdisciplinary research team. He specialised in the issues of the scientific and technological revolution and its social and human contexts. Both in the East and the West, he was famous for the work of Civilization on the Crossroad, which in many ways surpassed its time. Richta (and his team of scientists) may perhaps be considered the predecessors of the Roman Club. His link is highly inspirational for the current reflection on the so-called fourth industrial revolution and civilizational milestones as well as system changes. Keywords: socialism, Richta, scientific and technical revolution, Civilization on the crossroad Classification-JEL: B51, O14, O30, P21 Pages: 51-61 Volume: 2018 Issue: 4 Year: 2018 File-URL: http://www.vse.cz/aop/download.php?jnl=aop&pdf=612.pdf File-URL: http://www.vse.cz/aop/612 File-Format: text/html Handle: RePEc:prg:jnlaop:v:2018:y:2018:i:4:id:612:p:51-61 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlaop/references/612