Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Cipra
Title: Some Annuity Problems in the Framework of Czech Pension Systems
Abstract: The contribution analyzes some life annuity aspects of the pension system (including commercial insurance) in the Czech Republic. In particular, the problem of sustainability, the Generation Life Tables for the pension system and the gender problem for the pensions in the Czech Republic are discussed. Such topics are important for the future of the pension system in the Czech Republic and for the necessary pension reform. Some numerical results with the Czech data concerning these aspects are presented including corresponding conclusions. Economic theory of pensions (see e.g. Sheshinski, 2005 or Uebelmesser, 2004) is not considered here.
Keywords: pension system, Generation Life Tables, life annuities, longevity risk, sustainability of pensions, Unisex Life Tables
Classification-JEL: D14, D30, G22, H55
Pages: 307-323
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=454.pdf
File-URL: http://www.vse.cz/pep/454
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:454:p:307-323

Template-Type: ReDIF-Article 1.0
Author-Name: Dariusz Filip
Title: Returns and Persistence of Investment Fund Performance in the Czech Republic
Abstract: The article aims at verifying the occurrence of performance persistence phenomenon among equity funds in the Czech Republic. The study uses the most popular measures of return mentioned in financial academic publications. Moreover, a relatively long time horizon, lasting from the beginning of 2000 to the end of 2010 was taken into consideration. The non-parametric methods utilized in the study were traditional contingency tables combined with a new approach discussed in the literature on the subject and related to the estimation of stochastic kernel. The obtained results have revealed the existence of weak and limited performance persistence within the total time horizon and in several sub-periods. The significance of the phenomenon depended on the applied measure of return. Furthermore, performance dependence in successive periods was related to the market situation. In general, the character of the occurrence of performance persistence may be connected with the size and the level of development of the Czech investment fund industry.
Keywords: investment funds, performance persistence, CEE markets
Classification-JEL: G11, G23, G29
Pages: 324-342
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=455.pdf
File-URL: http://www.vse.cz/pep/455
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:455:p:324-342

Template-Type: ReDIF-Article 1.0
Author-Name: Karolina Kowalska
Author-Name: Wadim Strielkowski
Title: Propensity to Migration in the CEECs: Comparison of Migration Potential in the Czech Republic and Poland
Abstract: Together with mainly economic factors influencing the migration decisions, there is also a migration potential which is unique for every country and that largely pre-determines the outgoing migrations or labour mobility decisions. This paper compares the migration potential and migration decisions for the Czech Republic and Poland using the data for inter-regional and rural-urban migrations. These data that can be used as a proxy for migration potential, are very useful in predicting the propensity to international migration. We come to conclusions that migration potential and the propensity to migrate as a reaction to worsening of the economic conditions at home are highly correlated. The comparative analysis shows that while Poles are quite sensitive to worsening economic conditions at home, Czechs posses lower value of migration potential and therefore are not so inclined to migrations. The results might explain the high volume of migration from Poland after the EU 2004 enlargement.
Keywords: Czech Republic, Poland, labour mobility, economics of migration, migration potential, propensity to migration
Classification-JEL: F02, F22, J61
Pages: 343-357
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=456.pdf
File-URL: http://www.vse.cz/pep/456
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:456:p:343-357

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kodera
Author-Name: Quang Van Tran
Author-Name: Miloslav Vošvrda
Title: Complex Price Dynamics in the Modified Kaldorian Model
Abstract: In this article we analyse a neoclassical model of inflation. Our aim is to reconstruct the neoclassical theory of inflation to obtain a model which generates non-periodical oscillations of price level. This model is considered to be a realistic approximation of actual price level evolution. We start our analysis with the Fisherian equation of exchange. The assumption on non-variability of the velocity of money circulation parameter is relaxed in favour of dependence on expected inflation. The resulting model of inflation is a two-equation model where price evolution depends on production dynamics which is assumed to be an exogenous variable. After that, the two-equation model is re-formulated as an autonomous system to a model where production dynamics is determined by a Kaldorian type´s model. By adding Kaldor´s model to the two equation system, we create a four equation model. Both our models are able to generate more complex dynamics, i.e. non-linear cycles and chaos, which we examine by generating time series from numerical example and analyse them with the help of an advanced non-linear method.
Keywords: Price dynamics, two-equation model, four-equation model, numerical examples, non-linear time series analysis
Classification-JEL: E32, E37
Pages: 358-384
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=457.pdf
File-URL: http://www.vse.cz/pep/457
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:457:p:358-384

Template-Type: ReDIF-Article 1.0
Author-Name: Xiaochun Li
Title: Economic and Environmental Effects of Rural-Urban Migrant Training
Abstract: In this paper, we conduct the simple comparative static analysis of the environmental and economic effects of the government and producer services sector's training of rural-urban migrants. We mainly focus our attention on environmental issues and reach the following conclusions: When the government lowers the interest rate of training loans, environmental conditions will worsen. However, when the producer services sector increases the unit cost of training rural labour, the opposite effect occurs, and environmental conditions will improve. In addition, we discuss the conditions under which a government reduction in the interest rate of training loans will lead to the reduction of pollution damage to agricultural production and a decrease in social utility.
Keywords: environment effects, low interest rate loan, employee vocational training, rural-urban migration
Classification-JEL: J24, R23
Pages: 385-402
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=458.pdf
File-URL: http://www.vse.cz/pep/458
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:458:p:385-402

Template-Type: ReDIF-Article 1.0
Author-Name: Mohummed Shofi Ullah Mazumder
Author-Name: Lu Wencong
Title: Micro-Credit and Poverty Reduction: A Case of Bangladesh
Abstract: Bangladesh is a pioneer and home of conceptualizing micro-credit program. It has undertaken a number of such programs to reduce poverty and bring about socio-economic changes in the rural community. The main purpose of this paper is to give an overview about access to micro-credit for rural poor and its impact on their poverty situation and relevant factors related to income of the micro-credit recipients. Data was collected in two phases from the same respondents (April 2009 and April 2010) using a face-to-face interview schedule from a sample of 360 micro-credit recipients. Additionally, another set of 60 non-credit beneficiary respondents was also taken as a control group to compare the consequences of the program. Major findings reveal that positive impact was found on income, assets endowment, standard of living and poverty reduction. Utilization of credit appears to be major factor for credit recipients raising income compared to their control group. This shows that micro-credit tends to be an important factor to have an impact on household income which minimizes the poverty situation to a reasonable extent.
Keywords: micro-credit, socio-economic impact, poverty alleviation
Classification-JEL: H81
Pages: 403-417
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=459.pdf
File-URL: http://www.vse.cz/pep/459
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:459:p:403-417

Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Svoboda
Author-Name: Petr Bocák
Title: Curiosity of Pay-Per-Bid Auctions: Evidence from Bonus.cz Auction Site
Abstract: This paper analyses the pay-per-bid auctions which have appeared recently on the Internet and scored an immediate business success. In these auctions bidders pay a small, but irrevocable fee each time they want to increase the price. In this paper we test the model suggested by Platt, Price and Tappen (2010), which forecasts the distribution of closing prices depending on the item´s value, bid fee and price increment. The data from the Czech leading auction site Bonus.cz were chosen for the test. Observed closing prices distribution of about 69 % of commonly auctioned items fits the model. However, we find some theoretical and practical flaws in the model. Contrary to the model predictions, we observed that auctions with smaller price increments generated significantly higher revenue than auctions with higher price increments. We suggest that bidders who favour skewness in payoff distribution cause auctions with lower price increment run longer and therefore explain this discrepancy.
Keywords: skewness, risk, auction theory, pay-per-bid auction, auction modelling
Classification-JEL: C12, C51, D44, L81, L83
Pages: 418-432
Volume: 2013
Issue: 3
Year: 2013
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=460.pdf
File-URL: http://www.vse.cz/pep/460
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2013:y:2013:i:3:id:460:p:418-432