Template-Type: ReDIF-Article 1.0
Author-Name: Zdeněk CHYTIL
Author-Name: Lukáš Máslo
Title: Conceptualization of Historical Time in Post Keynesian Economics
Abstract: The paper deals with a problem of conceptualization of historical time in Post Keynesian models. The authors introduce a new notion that they call hysteretic persistence, which they see as essential because such a phenomenon as path-dependence in the short-run equilibrium cannot be described by the existing of notions of hysteresis and persistence. In the field of system (ir)reversibility, drawing upon their previous research (Chytil, Máslo, 2014, 2015), the authors introduce a new notion of general reversibility, which they justify on the account that such phenomena as a shock - countershock sequence in both hysteretic-persistent and hysteretic systems cannot be described by either of Setterfield’s (2008) notions of super-reversibility and irreversibility. Questioning Setterfield’s (1998b, 1995) only too general dichotomy of lower/higher level of historical time, the authors rather suggest a characterization of historical time based on 6 attributes of “high-level” historical time based on the criteria of path-(in)dependence of equilibrium and (ir)reversibility. The suggested attributes underlie the authors’ conceptualization scale which enables an assessment of a degree of “historicity” of any system. Finally, a practical application of the concept of hysteretic persistence is demonstrated on a case of Lavoie’s PKA model (Lavoie, 2006) affected by a transitory demand shock. Setting the hysteretic persistence of Lavoie’s PKA model into the conceptualization scale, the authors draw conclusions for a degree of “historicity” of this system.
Keywords: hysteresis, persistence, historical time, logical time, irreversibility, path-dependence, New Consensus
Classification-JEL: B4, B5, C6, E12, E5
Pages: 397-421
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=619.pdf
File-URL: http://www.vse.cz/pep/619
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Template-Type: ReDIF-Article 1.0
Author-Name: Adam Čabla
Author-Name: Ivana Malá
Title: Modelling of Unemployment Duration in the Czech Republic
Abstract: The paper examines the duration of unemployment in the Czech Republic in the three selected years (2008, 2010 and 2014). It is based on the Czech Statistical Office data collected from the Labour Force Sample Survey. Lognormal probability distribution (unimodal positively skewed heavy-tailed distribution) is used in the Accelerated Failure Time regression model including the following factor explanatory variables: years (three levels, 2008, 2010, 2014), gender (two levels), education (four levels), five-year age groups (nine levels) and municipality size (five levels). Apart from this parametric model, Turnbull’s nonparametric estimator of the survival function is evaluated for subsamples defined by the year, gender and education. The effects of education and gender - a strong positive one of the former and less significant one of the latter, respectively - are quantified and assessed.
Keywords: AFT model, interval censored data, Turnbull’s estimator, unemployment duration
Classification-JEL: C41, E24, J64
Pages: 438-449
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=620.pdf
File-URL: http://www.vse.cz/pep/620
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:620:p:438-449
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Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Valecký
Title: Calculation of Solvency Capital Requirements for Non-life Underwriting Risk Using Generalized Linear Models
Abstract: The paper presents various GLM models using individual rating factors to calculate the solvency capital requirements for non-life underwriting risk in insurance. First, we consider the potential heterogeneity of claim frequency and the occurrence of large claims in the models. Second, we analyse how the distribution of frequency and severity varies depending on the modelling approach and examine how they are projected into SCR estimates according to the Solvency II Directive. In addition, we show that neglecting of large claims is as consequential as neglecting the heterogeneity of claim frequency. The claim frequency and severity are managed using generalized linear models, that is, negative-binomial and gamma regression. However, the different individual probabilities of large claims are represented by the binomial model and the large claim severity is managed using generalized Pareto distribution. The results are obtained and compared using the simulation of frequency-severity of an actual insurance portfolio.
Keywords: Solvency II, non-life insurance, claim frequency, claim severity, generalized linear models, motor insurance, solvency capital requirements, underwriting risk
Classification-JEL: C31, C58, G22
Pages: 450-466
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=621.pdf
File-URL: http://www.vse.cz/pep/621
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:621:p:450-466
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Template-Type: ReDIF-Article 1.0
Author-Name: Bogdan Oancea
Author-Name: Richard Pospíšil
Author-Name: Raluca Mariana Drăgoescu
Title: Higher Education and Economic Growth. A Comparison between Czech Republic and Romania
Abstract: Although there is a strong theoretical framework for the economic growth and its relationship with education, the empirical evidence of this relationship is rather scarce. In this paper we investigated the causality and the long-run relationship between economic growth and higher education in the Czech Republic and Romania, using data series for 1980-2013 period. We used a VECM to analyse the long-run relationship between higher education and economic growth and Granger methodology to test the causality between variables. The results showed that higher education has an important positive effect on economic growth, although the impact level of the higher education on economic growth is different in the two countries. We also showed that there is a causality relationship that goes from higher education to economic growth for both countries.
Keywords: economic growth, cointegration, higher education, ADF, unit roots
Classification-JEL: C32, I21, I23
Pages: 467-486
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=622.pdf
File-URL: http://www.vse.cz/pep/622
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:622:p:467-486
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Hudcovský
Author-Name: Martin Lábaj
Author-Name: Karol Morvay
Title: Employment Growth and Labour Elasticity in V4 Countries: Structural Decomposition Analysis
Abstract: In the present paper, we analyse the determinants of employment growth in V4 countries. While a standard approach relies on the parametric estimation of labour elasticity coefficients, we employ a novel approach based on structural decomposition analysis. This allows us to identify several determinants which mitigate the effects of economic growth on employment. We decompose the overall change in employment into the contribution of six factors: changes in labour productivity, changes in the import of intermediate products, changes in the structure of production, changes in the final demand structure by industries and by sectors, and a change in final demand volume. We show that besides the generally accepted influence of labour productivity growth on employment, other factors such as structural changes and changes in final demand played an important role in employment changes. These results shed some light on low labour elasticity in V4 countries and go beyond the simple labour productivity growth argument.
Keywords: employment, structural decomposition analysis, labour elasticity, V4 countries
Classification-JEL: C67, J21
Pages: 422-437
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=623.pdf
File-URL: http://www.vse.cz/pep/623
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:623:p:422-437
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Template-Type: ReDIF-Article 1.0
Author-Name: Armand Kasztelan
Title: Green Growth, Green Economy and Sustainable Development: Terminological and Relational Discourse
Abstract: The purpose of the survey and to some extent polemical article is to present the issue of green growth, a new operating strategy, which the OECD is currently working on. Green growth is seen as a practical tool for achieving the timeless objective, which is sustainable development. In the paper, a particular attention is put on the following question: what kind of relationship occurs between green growth, green economy and sustainable development. The author analyses the purpose of simultaneous functioning of the three “green” ideas. The added value of this paper is a presentation of the author’s model of GG-GE-SD relations and a new approach to defining the phenomenon of green growth. It is concluded that co-existence of the trio green economy - green growth - sustainable development is reasonable due to the complementary and synergistic nature of correlations between these concepts.
Keywords: OECD, green growth, green economy, sustainable development, UNEP
Classification-JEL: O44, Q56, Q58
Pages: 487-499
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=626.pdf
File-URL: http://www.vse.cz/pep/626
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:626:p:487-499
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Template-Type: ReDIF-Article 1.0
Author-Name: Andrzej Cwynar
Author-Name: Wiktor Cwynar
Author-Name: Kamil Wais
Author-Name: Radosław Parda
Title: Personal Loan Companies in Poland: Does Empirical Evidence Justify Regulatory Transition?
Abstract: We surveyed representative sample of 1,004 adult Poles to check the extent to which they distinguish among the entities operating in the market for personal loans in Poland, how they perceive loans and lending entities, and what is their knowledge on  lending/borrowing issues. Particularly, we were interested in getting the insight into the fragment of the market that is operated by personal loan companies, with special emphasis on the profile of the average (statistical) borrower. Our examination was motivated by the controversies surrounding the law amendment started in Poland in 2015 in order to regulate the fraction of the consumer credit market represented by personal loan companies. By utilizing logistic and multivariate linear regression models with variables obtained from our survey, we tested whether the legal reform was well-informed and well-addressed. We found that Polish households have serious problems with distinguishing various entities that provide loans to private individuals and that such problems manifest even greater problem of material shortcomings in Poles’ debt literacy. We also evidenced low public trust to lending entities, particularly to loan companies. In the light of the findings the law amendment is well-grounded, however it should be supported by actions aimed at enhancing households’ financial literacy.
Keywords: personal loan companies, market for personal loans, lending regulations, public trust in lending entities, debt literacy
Classification-JEL: G21, G23
Pages: 377-396
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=627.pdf
File-URL: http://www.vse.cz/pep/627
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:627:p:377-396
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslav Daňhel
Title: The Third Book Containing a Professional and Impartial Analysis of Important Aspects of the Most Radical Changes in the National Economy since the Year 1918
Pages: 500-502
Volume: 2017
Issue: 4
Year: 2017
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=642.pdf
File-URL: http://www.vse.cz/pep/642
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Handle: RePEc:prg:jnlpep:v:2017:y:2017:i:4:id:642:p:500-502
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