Template-Type: ReDIF-Article 1.0
Author-Name: Vratislav Izák
Title: The Welfare State and Economic Growth
Abstract: The paper examines whether redistribution policy is bad or good for economic growth by analysing government expenditure on the welfare state in the old and new post-socialist EU countries from the mid-1990 to 2008. Due to the differences among countries fixed effect is included in the model using panel data. We find negative association between the mean values of expenditure on the welfare state in several time periods and the subsequent GDP growth rate for EU-25 and also for the subsets (EU-15 and EU-10) of the EU countries. When taking into account explicitly the government budget constraint and applying dynamics the same conclusion can be drawn for EU-25. Welfare state expenditure has statistically significant negative coefficient confirming the postulated hypothesis of a negative impact on the GDP growth rate.
Keywords: economic growth, government expenditure, welfare state, panel fixed effects
Classification-JEL: E6, H5
Pages: 291-308
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=401.pdf
File-URL: http://www.vse.cz/pep/401
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:401:p:291-308
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/401

Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslava Durčáková
Title: Foreign Exchange Rate Regimes and Foreign. Exchange Markets in Transitive Economies
Abstract: In this paper we discuss the issue of the choice of foreign exchange rate regimes in transitive economies, their effect on the relative changes and the volatility of the foreign exchange rate and the development of the national foreign exchange market. The results of our analysis indicate that the choice of the foreign exchange rate regime is not a passive factor regarding both average relative changes in exchange rates and volatility as measured by the standard deviation. They also show that increased volatility of spot rates and a growing interest rate differential lead to the growth of the share of outright forwards and swaps (e.g. transactions that might be used for hedging) in relation to spot transactions.
Keywords: transitive economies, foreign exchange market, foreign exchange rate, foreign exchange rate regime
Classification-JEL: E310, F430
Pages: 309-328
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=402.pdf
File-URL: http://www.vse.cz/pep/402
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:402:p:309-328
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/402

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Hlaváček
Author-Name: Michal Hlaváček
Title: Generalized Coase Theorem
Abstract: In this article two original microeconomic models of an externality market are described:  (1) model of optimal financial compensation of a damage caused by a negative externality in the economy with agents maximizing probability of their survival (generalized Coase Theorem) and (2) generalized model of optimal fi nancial favour for agents provided a positive externality. Results of the models are compared with the outcomes of the standard microeconomics of subjects maximizing their own profit.
Keywords: negative externalities, marketable permits for exhalations, generalized Coase Theorem, maximizing of the probability of economic survival, positive externalities
Classification-JEL: D62, D64
Pages: 329-347
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=403.pdf
File-URL: http://www.vse.cz/pep/403
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:403:p:329-347
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/403

Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Fungáčová
Author-Name: Jan Hanousek
Title: Determinants of Firm Delisting on the Prague Stock Exchange
Abstract: This research investigates the emergence of stock market in the Czech Republic. We use Czech mass privatization as an experiment that allows us to analyze under what conditions a viable stock market arises. On the Prague Stock Exchange (PSE), unlike its counterparts in Poland or Hungary, exceptionally large amounts of shares were delisted e.g. excluded from public trading soon after trading at this market began in 1993. We estimate the determinants of shares delisting analyzing the period 1993-2004. Using firm-level data on listed and delisted companies we show that it was possible to prevent massive delisting if certain pre-privatization and privatization characteristics of the companies had been taken into account when deciding which companies to place on the stock exchange for public trading following the mass privatization. This result has important implications for establishing stock markets in emerging economies.
Keywords: privatization, transition economy, stock market, delisting
Classification-JEL: G15, G28, P34
Pages: 348-365
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=404.pdf
File-URL: http://www.vse.cz/pep/404
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:404:p:348-365
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/404

Template-Type: ReDIF-Article 1.0
Author-Name: Dan Šťastný
Title: Checking the Czechs: Consensus and Dissention Among Czech Economists
Abstract: Traditional consensus surveys among economists seem to suffer from two shortcomings. First, they target the consensus issue in a way that tends to underestimate the agreement among economists, and second, they fail to offer information about how much economists'
Keywords: economic policy, consensus survey, transfer of knowledge
Classification-JEL: A11, A14, Z13
Pages: 366-380
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=405.pdf
File-URL: http://www.vse.cz/pep/405
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:405:p:366-380
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/405

Template-Type: ReDIF-Article 1.0
Author-Name: Milan Mareš
Title: How to Handle Uncertainty
Pages: 381-382
Volume: 2011
Issue: 4
Year: 2011
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=406.pdf
File-URL: http://www.vse.cz/pep/406
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2011:y:2011:i:4:id:406:p:381-382