Template-Type: ReDIF-Article 1.0
Author-Name: Philipp Bagus
Author-Name: Markus H. Schiml
Title: A Cardiograph of the Dollar´s Quality: Qualitative Easing and the Federal Reserve Balance Sheet During the Subprime Crisis
Abstract: In this article we argue that the balance sheet of a central bank contains valuable information for the quality of a currency. As an illustration we analyze the balance sheet of the Federal Reserve System (FED) during the subprime crisis between June 2007 and December 2008. Until September 2008 the balance sheet of the FED did not expand strongly. However, the structure of the FED assets varied pronouncedly. Starting in September 2008 the balance sheet expanded dramatically. The calculation of certain balance sheet ratios supports the assessment of an important decrease of the quality of the currency. Our analysis shows that the analysis of central bank balance sheet policies should not rely solely on quantitative issues but rather include qualitative issues.
Keywords: central banks´ balance sheet, quality of money, qualitative easing, balance sheet analysis, subprime crisis
Classification-JEL: E31, E52, E58, E59, M40
Pages: 195-217
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=372.pdf
File-URL: http://www.vse.cz/pep/372
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:372:p:195-217
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/372

Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Glazar
Author-Name: Wadim Strielkowski
Title: Turkey and the European Union: Possible Incidence of the EU Accession on Migration Flows
Abstract: This paper analyzes possible incidence of Turkish EU accession on the emigration from Turkey to the European Union. Panel data estimators are applied on the emigration data from EU-18 into Germany in order to construct possible future scenarios of Turkish migration to the EU. Eventual migration flows from Turkey into the EU are forecasted based on the estimated results. We find that seemingly unrelated regressor is the most efficient estimator that can be applied in Turkey-EU migration framework. Our results reveal that both the network effect and target country labour market conditions represent the strongest determinants for migration, whilst the effect of per capita income is actually relatively low. In particular, Turkish per capita income does not have nearly any effect on migration, because it enters the model in two variables that work against each other. Furthermore, a very low importance of opening the German labour market for Turkish migrants is found. Estimated coefficients are used to predict migrations to Germany, and through appropriate extrapolations to the whole European Union (EU). Three scenarios of migration are created and the sensitivity of estimated coefficients on migration from Turkey into the Germany during next 25 years is further discussed in detail.
Keywords: EU enlargement, panel data, economy of migration, Turkey, seemingly unrelated regression
Classification-JEL: C33, F15, F22, J11, J6
Pages: 218-235
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=373.pdf
File-URL: http://www.vse.cz/pep/373
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:373:p:218-235
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/373

Template-Type: ReDIF-Article 1.0
Author-Name: Radovan Chalupka
Title: Improving Risk Adjustment in the Czech Republic
Abstract: This paper analyses possible options how to improve the risk adjustment of the health insurance system in the Czech Republic. From the possible options it argues for including pharmaceutical cost groups (PCGs) as additional risk factors since it is an improvement that can be implemented almost instantaneously. On real data from an anonymous sickness fund it confirms that predictive performance of PCGs models is consistently better than the performance of the demographic model that is currently used. The study also describes and examines the Czech health insurance market and implications of proposed changes of policy makers. Based on experience from other countries we point to a problem of risk selection if the changes are not accompanied by a tighter regulation, specifically in the form of improved risk adjustment formula.
Keywords: Czech Republic, health insurance, risk adjustment, pharmaceutical cost groups
Classification-JEL: C10, D82, G22, I10, I11, I18
Pages: 236-250
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=374.pdf
File-URL: http://www.vse.cz/pep/374
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:374:p:236-250
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/374

Template-Type: ReDIF-Article 1.0
Author-Name: Jitka Poměnková
Title: An Alternative Approach to the Dating of Business Cycle: Nonparametric Kernel Estimation
Abstract: The paper provides the methodological background for the Czech Republic business cycle dating process using an alternative approach. This approach is based on the mathematical principle of identification of extremes using estimates of derivations of time trend of the analysed time series, for which the nonparametric Gasser-Müller estimate is used. The presented methodological approach is applied on the real gross domestic product data sets, the total industry (excluding construction), the gross capital formation and the final consumption expenditure. The selected variables are taken from the national accounts system. The obtained results are compared to the widely used naive technique of business cycle dating written by Canova (1998, 1999) or Bonenkamp (2001). The presented new method specifies the identification of turning points in the business cycle dating process.
Keywords: Gasser-Müller estimate, business cycle, identification of turning points, stabilization policy
Classification-JEL: C14, E32
Pages: 251-272
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=375.pdf
File-URL: http://www.vse.cz/pep/375
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:375:p:251-272
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/375

Template-Type: ReDIF-Article 1.0
Author-Name: Jiancai Pi
Title: Media Capture and Local Government Accountability
Abstract: This paper mainly discusses the effects of media capture on local government accountability in undemocratic countries. Firstly, we construct the models with and without media capture from the perspective of incentive theory. Secondly, we conduct  a comparative analysis between the outcomes with and without media capture. The analysis shows that no media capture decreases the local official´s equilibrium efficiency wage under whatever conditions, and at the same time makes the central government´s constraint to incentivize the local official to exert effort easier to be satisfied under some conditions, while harder to be satisfied under other conditions.
Keywords: moral hazard, media capture, government accountability, efficiency wage, central government, local government
Classification-JEL: D72, D73, L82
Pages: 273-283
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=376.pdf
File-URL: http://www.vse.cz/pep/376
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:376:p:273-283
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/376

Template-Type: ReDIF-Article 1.0
Author-Name: Antonie Doležalová
Title: An Anniversary of an Institution - A Report on the ,Teaching Economics for 90 Years´ Conference
Pages: 284-288
Volume: 2010
Issue: 3
Year: 2010
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=377.pdf
File-URL: http://www.vse.cz/pep/377
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2010:y:2010:i:3:id:377:p:284-288