The high rate of investment can be an expression of unequilibrium between both types of investment. This unequilibrium is the result of a low effectiveness of agregate fixed capital in economy (as a consequence of weak demand, high degree of depreciation of capital, unsuitable structure of investment in previous years etc.). That means that the high rate of investment needn´t be an essential contribution to acceleration of economic growth in the middle-term horizon. On the contrary it can signal an unsufficient effectiveness of aggregate fixed capital as a result of high rate of depreciation (and low effectiveness) of capital and structural problems in fixed capital reproduction. A high year-to-year dynamics of investment in the middle-term horizon does not guarantee a high rate growth in this time horizon. In transitive economy (as is the case of the Czech economy) this conclusion is valid twice. Keywords: investment, rate of investment, replacement, aggregate fixed capital, depreciation, rate of economic growth, structure of investment effectiveness of aggregate fixed capital Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/1 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:1 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Frait Author-Name: Luboš Komárek Title: Dluhově přizpůsobený reálný devizový kurz české koruny Title: Debt adjusted real exchange rate of the czech currency Abstract: The paper aims at enriching current discussions about the equilibrium exchange rate level for the Czech currency, and generally for transition economies. The main idea of the paper is to introduce one of the newly emerged conceptions of real exchange rate which can indicate potential overvaluation or undervaluation of the exchange rate. The conception which is called DARER (Debt Adjusted Real Exchange Rate) takes into account the effects of current account deficits and of foreign debt on the equilibrium price level and thus real exchange rate. The importance of this particular conception is given by the fact many of the transitional countries finance their long-term deficits on current account by capital inflows which sometimes contributes to the exchange rate misalignments. DARER can send warning singals indicating that the current level of the real exchange rate can be no longer sustained. Keywords: real exchange rate, current account, foreign debt, exchange rate overvaluation Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/2 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:2 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Trešl Title: Analýza sektorových indexů na Pražské burze cenných papírů Title: Analysis of sectorial indexes at Prague stock exchange Abstract: Statistical analysis of sectorial and global indexes at Prague Stock Exchange in 1997 was performed. The relative variability of sectorial indexes ranged from 5 % in Mining to 29 % in Agriculture. About one half of index returns can be approximated by normal distribution. The correlation between different sectorial daily and weekly returns was statistically significant particularly between Finance and Banking, Investment funds and heavy industry sectors. As a rule, weekly correlations were roughly twice greater than daily ones. Quasi-periodic behaviour of indexes enables the trend modelling through harmonic components superposition. The first four harmonic terms were shown to be sufficient to explain 80 - 90 % of values observed. Box-Jenkins method was employed for index returns modelling. Except for two cases, simple models up to ARMA(2,2) proved to be sufficient. Further, two thirds of index returns were explained first-order models, particularly MA(1). Prevailing part of sectorial index returns exhibited random behaviour with respect to number of positive and negative events, but the opposite is true from the point of view of runs number expected. Statistically significant difference between Monday/Tuesday and Monday/Wednesday returns was revealed. Monday returns are systematically lower (weekend effect). It was found, that PX GLOB returns variance depends on the PX GLOB values. Thus, we can not exclude, an underlying generating mechanism has different structure. Keywords: stock analysis, return variability, financial statistics, Box-Jenkins modelling, capital market Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/3 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:3 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Dvořáková Title: Ženy a mzdová diskriminace Title: Women and wage discrimination Abstract: A contractual concept of wages has been introduced by the latest amendment of labor law in the Czech Republic. Preparations for EU accession require that the wage and salary act shall emphasize the principle of identical wage for work of identical value. The inequality of men and women with respect to their remuneration is determined by noneconomic factors. Women are predetermined by their education to segregation to lower-wage jobs. Currently, the women's share in labor force at productive age is approximately 43 %. Women with primary education account for about 16 %, those with secondary education for 75 % and with university-level education for 8.5 %. Women mainly do less qualified administrative work, they work in operations in the service sector and outlet network, and do auxiliary unqualified work. Wage analysis on the basis of a sample survey documents that the average women's wage in 1997 made 76 % of the men's wage. The largest differences exist in women-employees not included in wage tariff classification (71) and with nontariff remuneration (70). Wages of women working in the nonbusiness sector are higher than those of women working in the business sector. But their from-year-to-year increase is slower. The gender differences in wages are expected to be augmented as a result of unfinished transformation and stagnation. Keywords: women's labor force, women's education, segregation to employment, wage, wage tariff system, wage discrimination Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/4 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:4 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Kosta Title: Zahraniční obchod Československa 1918 - 1937 Title: Czechoslovak foreign trade (1918-1937) Abstract: The line of trade policy in the Czechoslovak Republic before Munich Agreement is confronted with the results of foreign trade in interwar Czechoslovakia. There were four periods of trade policy at that time: from Czechoslovakia's establishment to 1922 - 1923: this period can be described by a high level of protectionism; liberalization of import and export was typical of the period until 1929; the years 1930 - 1933 were influenced by increasing protectionism in international trade as a result of the world economic crisis; after 1933, gradual liberalization of trade-policy tools occurred, but the level of liberalization from the twenties was not renewed any more. Differences in the results reflected by foreign trade indicators were in agreement with the lines of trade policy in these different periods. Achievements in the second half of the twenties (import and export growth, active balance of trade, contribution of foreign trade to economy development) are evident. Commodity structure and destinations corresponded to indicators of industrialized economy. A drop of Czechoslovak import and export, a reversal of balance of trade and other negative macroeconomic trends were recorded at the beginning of the thirties. The performance level improved in the second half of the thirties, but it did not match the values of the late twenties. Keywords: foreign trade, Czechoslovakia between the two world wars, protectionism and liberalism, import and export, balance of trade, commodity structure Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/5 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:5 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Macháček Title: Analýza regionální ekonomické struktury Title: Analysis of regional economic pattern Abstract: The constituents of regional economy - manifesting relations between the whole and its parts - have been addressed, particularly in terms of development of regional economic structures (RES). The ways how to evaluate RES, indicators of regional economy's performance related to its sector composition, assessment of diversification and specialization make up the main foci of the paper.
The issue of identification of regions as entities appropriate for definition of economic systems has been also approached - with reference to the theoretical contribution of Perroux and his followers in the respective field. The arguments for enhancing the concept of regions as identifiable spatial elements has been raised. Comparison of the input and output attributes of regional economy have arrived at the issue of significance and position of diversification and specialization criteria in the regional analysis. Both of the two aspects can be represented by a number of indicators, the most important of them having been explained in the text, as well as selected graphic tools of analysing the major relations to be observeject in question. The knowledge concerning the development of the regional sector pattern refer - beside othfer - beside other - to regional conditions and resources for the localization of particular areas of economic activities. Keywords: regional economy, identification of regions, economic structure, performance, development, diversification, specialization Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/6 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:6 Template-Type: ReDIF-Article 1.0 Author-Name: Paul Levine Title: Kredibilita a reputace měnové politiky Title: Credibility and reputation of monetary policy Abstract: The article presents a survey of theory concerning the "credibility" and "reputation" issues until the beginning of the 1990s, when new concept of "central bank independence" emerged. The "credibility problem" described by Kydland and Prescott means, that optimal policies become sub-optimal with the passage of time, which is called "time inconsistency". When the government or monetary authority change formerly optimal policy rules, the "forward - looking" private sector can anticipate it so that time inconsistent policies lack credibility. This problem can be analysed in terms of a complete-information game between the policy-maker and the private sector. According to Barro and Gordon the policy-maker's concern for his/her reputation for precommitment can sustain the ex ante optimal policy. Canzoneri introduces imperfect monitoring of monetary policy, using a model with stochastic disturbances, which gives almost the same conclusions. Studies by Backus and Driffill, Barro, Vickers or Cukierman and Meltzer represent more or less departure from the extreme assumption of complete-information, and solve finite-time-horizon games. The main result is that uncertainity of the private sector regarding the behaviour of government or monetary authority can be sufficient to sustain the optimal policy for much of the finite time for which the game is played. Keywords: monetary policy, reputation, credibility, time inconsistency, game theory, repeated games, single-shot game, precommitment Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/7 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:7 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Sirůček Title: Počátky zkoumání dlouhých vln Title: The beginnings of study of long waves Abstract: The first modern long waves concepts can be found in the period of the fall of the 19th century and the beginning of the 20th century - the first notice describing their characteristics was done in 1847 in writings by H. Clarke. The majority of authors came to the long wave characteristics through the trials how to explain middle run cycles and economic crises. As the main stimulation leading to the development of the long run economic shifts research we can determine the moves of the price levels - the price long run statistics became the best indicators of economic activities at that time.
Many authors were influenced by thoughts of K. Marx and F. Engels, who nevertheless never concerned on this problem as the main question of their interest. The beginning of forming the long wave theory is closely linked with the works of A.L.I. Helphand (Parvus) and particularly with the works of the Dutch pioneers - J.Van Gelderen and S.De Wolff. But the more developed evidence of existence and the effort to explain theoretically the phenomenon of the long waves are connected with N.D. Kondratieff. He became the real founder of the modern long wave concepts. Keywords: long wave, history of long wave research, beginnings of the modern long waves concepts, A. L. I. Helphand (Parvus), J. Van Gelderen, S. De Wolff Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/8 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:8 Template-Type: ReDIF-Article 1.0 Author-Name: Marie Bohatá Title: Nositel Nobelovy ceny za ekonomii za rok 1998 Title: Nobel Prize Winner for Economics in 1998 Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/9 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:9 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslava Durčáková Title: Vzdělávání ekonomů s evropskou dimenzí Title: Education of Economists with the European Dimension Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/10 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:10 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Maňas Title: Sympozium o rozšíření Evropské unie Title: Symposium on the Enlargement of the European Union Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/11 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:11 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Fiala Title: Evropská konference o o operačním výzkumu Title: European Conference on Operational Research Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/12 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:12 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Žák Title: Komplexní pohled na hospodářskou politiku Japonska Title: Complex View of the Economic Policy of Japan Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/13 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:13 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Soukup Title: Ekonomická transformace z pohledu sociologa Title: Economic Transformation Viewed by a Sociologist Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/14 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:14 Template-Type: ReDIF-Article 1.0 Author-Name: Vojtěch Spěváček Title: Národní hospodářství očima systému národního účetnictví Title: National Economy Seen through the National Accounting System Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/15 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:15 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Koderová Title: Přístupy k ekonomické a prostorové analýze Title: Attitudes towards Economic and Spacial Analysis Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/16 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:16 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Srpová Title: Manažer a informatika Title: Manager and Information Science Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/17 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:17 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Dědina Title: Studium chování lidí v pracovních kolektivech Title: Study of Human Behaviour in the Working Collectives Volume: 1999 Issue: 1 Year: 1999 File-URL: http://www.vse.cz/polek/18 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:1:id:18