Template-Type: ReDIF-Article 1.0
Author-Name: Vratilav Izák
Title: Private and Public Debt
Abstract: In the paper we provide some empirical evidence of the development of private debt to GDP ratio in the sample of 18 EU Member States. We use detailed national accounts published regularly by the OECD-financial assets and liabilities by institutional sectors (flow of funds). The ratio of private to public debt culminated mainly in the year 2007 and since 2008 this ratio has the tendency to decline. Spillovers across private and public debt have revealed mainly a mutual dependency. Cross-country differences have been discovered in both household´s and non-financial corporation´s debt.
Keywords: Private debt, Public debt, Flow of funds
Classification-JEL: D9, E6, H3
Volume: 2014
Issue: 1
Year: 2014
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=112.pdf
File-URL: http://www.vse.cz/efaj/112
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:1:id:112
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/112

Template-Type: ReDIF-Article 1.0
Author-Name: Irena SZAROWSKÁ
Title: Fiscal Decentralisation and Economic Development in Selected Unitary European Countries
Abstract: The article provides direct empirical evidence on fiscal decentralisation and economic development in selected European countries in a period 1995-2012. The research (based on data taken from OECD Fiscal Decentralisation Database and OECD) is performed on a panel, which contains 17 unitary countries. Explanatory variables are not examined in individual regressions, but study newly uses Generalized Method of Moments. For a model specification, Dynamic Panel Data Model Wizard is applied. Results of dynamic panel analysis suggest positive and statistically significant impact of expenditure decentralisation and stronger but negative effect of revenue decentralisation on economic development. Effect of tax decentralisation seems to be negative but statistically insignificant. These findings are enormously interesting as the relationship between the different decentralisation measures and economic performance evolves in opposite directions and countries tend to increase revenue fiscal decentralisation over the last years.
Keywords: Economic growth, Fiscal decentralisation, Dynamic panel data
Classification-JEL: E62, H71, H72, H77
Volume: 2014
Issue: 1
Year: 2014
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=113.pdf
File-URL: http://www.vse.cz/efaj/113
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:1:id:113
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/113

Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš KUČERA
Title: Investment of Czech Institutional Sectors  in the Business Cycle
Abstract: Paper deals with the analysis of investment in the business cycle. Analysis is based on available quarterly data for the Czech Republic since 1st quarter 1999 till 1st quarter 2014. It concludes that investment on the macroeconomic level is highly pro-cyclical component of demand, which fluctuates in the business cycle more than GDP. Investment of individual institutional sectors, which together forms investment of the national economy, behaves in the business cycle highly differentiated. Investment of households, for example, develops the same way as GDP and its volatility is quite low. Investment of government institutions, on the contrary, is strongly volatile, and in addition, develops slightly anti-cyclically. It applies therefore, that cyclical component of investment of the national economy is very heterogeneous.
Keywords: Investment, Business cycle, Institutional sectors
Classification-JEL: E22, E32
Volume: 2014
Issue: 1
Year: 2014
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=114.pdf
File-URL: http://www.vse.cz/efaj/114
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:1:id:114
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/114

Template-Type: ReDIF-Article 1.0
Author-Name: Jan HUŇADY
Author-Name: Marta ORVISKÁ
Author-Name: Beata ŠARKANOVÁ
Title: Determinants of European Firm’s Innovation and the Role of Public Financial Support
Abstract: Innovation activities at firm-level are often significantly influenced by factors that determine the outcome of the innovation process. The primary aim of this paper is to study and empirically verify the role of several determinants that affect company innovations in the European Union. The dataset for the analysis comes from Flash Eurobarometer 394 survey carried out in early 2014 and covers issues related to innovation activities, commercialization of innovation and also public support. We summarize the answers on selected questions from the survey by country, and subsequently based on the dataset, we perform regression analysis. In line with our primary assumptions, our results suggest that R&D activities on firm-level and their support represent the key factors substantially responsible for innovations. The work emphasizes the importance of firm characteristics and substantial differences between different types of innovation. Public sector support of innovation is also crucial.
Keywords: Innovation, Public support, Firm, R&D activities
Classification-JEL: L25, O30, O31
Volume: 2014
Issue: 1
Year: 2014
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=115.pdf
File-URL: http://www.vse.cz/efaj/115
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:1:id:115
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/115

Template-Type: ReDIF-Article 1.0
Author-Name: Krzysztof DRACHAL
Title: Is There a Feedback Mechanism  in Accounting?
Abstract: The aim of this paper is to present some considerations about the (market) reality and the accounting. The considerations are some kind of a discussion, how accounting systems are linked by the feedback mechanism with managers. Various aspects of modern markets are presented. In particular, the role of globalization processes, increasing role of financial institutions and role of information are discussed. It is argued that the accounting becomes more interdisciplinary topic and some skills from new technologies become a must on modern markets. The discussion is illustrated by some particular examples. It is argued that there is a strong feedback mechanism between managers and accounting information systems.
Keywords: Accounting information system, Accounting standards, Creative accounting, Information in accounting, Objectivity in accounting
Classification-JEL: M10, M41
Volume: 2014
Issue: 1
Year: 2014
File-URL: http://www.vse.cz/efaj/download.php?jnl=efaj&pdf=116.pdf
File-URL: http://www.vse.cz/efaj/116
File-Format: text/html
Handle: RePEc:prg:jnlefa:v:2014:y:2014:i:1:id:116
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlefa/references/116