Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Singer Title: A Comparison of the Rates of Growth of Post-Transformation Economies: What Can(Not) Be Expected From GDP? Abstract: This paper suggests that real GDP is not an appropriate indicator for long-term comparisons of the performance of transformation and post-transformation economies either with developed economies, or one with another, or across different phases of development of a single economy. We analyse the possible reasons why real GDP diverges from the theoretical concept of the objective level of value added adjusted for inflation. These reasons concern real exchange rate appreciation and overestimation of inflation due to quality changes in output after the collapse of central planning. To overcome the shortcomings of real GDP in explaining the true "transformation story" we develop the concept of "comparable" real GDP. This concept is calculated from nominal GDP, the exchange rate against the euro, and inflation in the euro area. While the differences between "standard" real GDP and "comparable" real GDP are modest and temporary in advanced economies, they are quantitatively and qualitatively significant and persistent in transformation and post-transformation economies. On the basis of the relevant literature we introduce two modifications of "comparable" real GDP. They account for likely differences in productivity patterns between tradables and non-tradables and between the performance of the export and non-export segments of the economy respectively. We conclude that true convergence is proceeding at a significantly higher pace than real GDP implies and that the Czech economy is converging to the euro area somewhat faster than the Polish economy and much faster than the Hungarian economy. Keywords: economic growth, transition economies, real convergence, real GDP, GDP- and inflation mis-measurements Classification-JEL: N10, O11, O47, O52, O57, P52 Pages: 3-27 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=438.pdf File-URL: http://www.vse.cz/pep/438 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:438:p:3-27 Template-Type: ReDIF-Article 1.0 Author-Name: Silvo Dajčman Title: Interdependence Between Some Major European Stock Markets - A Wavelet Lead/Lag Analysis Abstract: This paper investigates multiscale interdependence between the stock markets of Germany, Austria, France, and the United Kingdom. Wavelet energy additive decomposition was analyzed to investigate which scales capture the most energy (volatility), whereas a wavelet cross-correlation estimator was used to analyze comovement and lead/lag relationship between stock markets´ return dynamics on a scale-by-scale basis. The main findings of the paper are as follows. First, major financial market crises had a significant impact on return volatility of investigated stock markets. Among them, the global financial crisis of 2007-2008 had the greatest and the most durable impact. Second, the lowest scale (associated with stock markets´ return dynamics over a 2-4 days horizon) and the second lowest scale (associated with stock markets´ return dynamics over 4-8 days horizon) MODWT (maximal overlap discrete wavelet transform) decompositions of stock markets´ returns captured the greatest share (together about 70-80%) of indices´ returns volatility. Third, comovement between stock market returns is a scale-dependent phenomenon. Fourth, a strong comovement between stock market returns of Germany, France, and the United Kingdom exists at all scales, while the Austrian stock market is less correlated with the three biggest stock markets in Europe. Fifth, the dynamics of stock market returns seems to be well time-synchronized at daily (raw returns) and the lowest scale (scale ) return decomposition as most of the return innovations are transmitted between stock markets intraday. Sixth, at the highest investigated scale (associated with stock markets´ return dynamics over a 64-128 days horizon), significant leads and lags between dynamics of stock markets´ returns were detected. The time-synchronization of the stock markets´ return dynamics for investments of 64 to 128 days horizon is less perfect than for investments of shorter investment horizons. Keywords: stock markets, wavelet analysis, wavelet cross-correlation, return spillovers Classification-JEL: F36, G11, G15 Pages: 28-49 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=439.pdf File-URL: http://www.vse.cz/pep/439 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:439:p:28-49 Template-Type: ReDIF-Article 1.0 Author-Name: Gina Cristina Dimian Author-Name: Bogdan Ileanu Author-Name: Josef Jablonský Author-Name: Jan Fábry Title: Analysis of European Labour Market in the Crisis Context Abstract: The purpose of this paper is to investigate the determinants of labour market dynamics in EU-27 in the recent period and to assess their impact on the process of economic development. The degree of originality is given by our choice to focus on the comparative analysis of two periods of time: 2000-2007, when the European Union as a whole, but especially Central and Eastern European countries as well as Mediterranean ones experienced significant improvements in labour market performances and overall competitiveness and 2008-2010, a recession period characterized by a massive loss of jobs and an equally large increase in unemployment, with anticipated consequences on economic growth. The main interest is to look for the key factors that determine the lasting performances of the leading European economies and possible solutions for ensuring the sustainable growth of the others. Keywords: unemployment, economic growth, labour market dynamics, social models, global crisis Classification-JEL: C23, J21, O14, P50 Pages: 50-71 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=440.pdf File-URL: http://www.vse.cz/pep/440 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:440:p:50-71 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Lukeš Title: Entrepreneurs as Innovators: A Multi-Country Study on Entrepreneurs' Innovative Behaviour Abstract: Since Schumpeter, entrepreneurs and innovative activities belong together. Innovativeness as a personality trait is also found to be related to entrepreneurial status and business success. However, not much is known about the specific facets of the entrepreneur´s innovative behaviour. This study aims first at better understanding how entrepreneurs differ from managers in the various areas of their innovative behaviour at work. Second, how this behaviour differs for entrepreneurs who have and do not have employees. Representative samples of the working population from Germany, the Czech Republic, Italy and Switzerland (N=3508) were interviewed with the use of the Innovative Behaviour Inventory. Individuals involved in independent entrepreneurial activities create new ideas and attempt to overcome obstacles during implementation more than employed individuals. People who manage other people communicate new ideas and seek to engage other individuals in the implementation of new ideas more than those without subordinates. Finally, what differentiates entrepreneurs from all other groups is their higher involvement in preparatory activities that start the implementation of new ideas. Overall, these differences led to the foremost position of entrepreneurs in achieving the innovation outputs. Keywords: entrepreneur, self-employed, innovation process, innovative behaviour, intergroup comparisons, representative samples Classification-JEL: L26, O31 Pages: 72-84 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=441.pdf File-URL: http://www.vse.cz/pep/441 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:441:p:72-84 Template-Type: ReDIF-Article 1.0 Author-Name: Štěpán Jurajda Author-Name: Juraj Stančík Title: Organization and Firm Performance in the Czech Republic Abstract: Many economic analyses use employer-employee data to compare wage and productivity differentials across demographic groups. We apply this approach to assess the importance of ´organizational´ workers, i.e., managing and marketing personnel. The estimates based on 2000-2006 Czech worker-level data augmented with company balance sheet information suggest that these workers are important for company performance and that they are fairly rewarded for their relative productivity in terms of their relative pay. Foreign-owned companies feature higher shares of such workers who are more productive in these firms (relative to other employees) compared to domestically owned companies. Keywords: linked employer-employee data, productivity differentials, organizational workers Classification-JEL: O30, O32, O40, O52, R11 Pages: 85-110 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=442.pdf File-URL: http://www.vse.cz/pep/442 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:442:p:85-110 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Pavel Author-Name: Emilia Sičáková-Beblavá Title: Do E-Auctions Realy Improve the Efficiency of Public Procurement? The Case of the Slovak Municipalities Abstract: The article deals with the factors which infl uence efficiency of public procurement in the competitive contracting conducted through e-auctions in 15 Slovak cities. Data cover building and IT contracts awarded in the years 2007-2009. Together 186 observations were used for the analysis. The article starts with a theoretical discussion on the factors influencing efficiency of the procurement including potential impacts of the e-procurement and the e-auction. Than five hypotheses are formulated and the set of data is described. The next part introduces results of the regression analyses. It shows indirect proportion of the relation between the number of the submitted bids and the winning price. Each additional bid brings decrease of the price by approximately 3.4% of the expected price. The use of the e-auctions is connected with an increase of the number of the submitted bids by 0.7, which mean an average decrease of the winning price by approximately 2.4% of the expected price. The article concludes that the application of the e-auctions brings an indirect impact on the winning price. The reason is that it is more transparent than "standard" tenders. It probably affects the trust of bidders and increases of their number. Keywords: municipalities, efficiency, public procurement, electronic auctions Classification-JEL: G14, H57 Pages: 111-124 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=443.pdf File-URL: http://www.vse.cz/pep/443 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:443:p:111-124 Template-Type: ReDIF-Article 1.0 Author-Name: Markéta Arltová Author-Name: Jitka Langhamrová Author-Name: Jana Langhamrová Title: Development of Life Expectancy in the Czech Republic in Years 1920-2010 with an Outlook to 2050 Abstract: At present the majority of advanced countries are dealing with the problem of the ageing of the population. The Czech Republic is no exception. Demographic ageing is caused by the fact that mortality is dropping, especially infant mortality, and this expectation of life at birth. At the same time the birth rate is declining and subsequently total fertility rate drops below the preservation level of simple reproduction, which means that there are less children and more persons in particular in the older and oldest age-groups. It is very important to realise that the changes in the level of mortality bring with them positive impacts in lengthening of life expectancy on the one hand, but on the other hand, there is significant demographic ageing of the population. In this contribution we would like to show how the life expectancy has developed in the Czech Republic in a historical context and how it might develop in the coming years. For professionals the application of the Lee-Carter method will certainly be interesting - this is a method commonly used in the world by demographers and actuaries for modelling the future development of mortality and it is also the basic method used for stochastic demographic projections. Keywords: life expectancy, ageing of population, Lee-Carter method, co-integration Classification-JEL: C18, C53, J11 Pages: 125-143 Volume: 2013 Issue: 1 Year: 2013 File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=444.pdf File-URL: http://www.vse.cz/pep/444 File-Format: text/html Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:1:id:444:p:125-143