Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Povinné minimální rezervy (likvidita, měnová politika a dopad na státní rozpočet) Title: Reserve requirements (liquidity, monetary policy, and the impact on the state budget) Abstract: Reserve requirements has been part of the monetary policy instruments of banking in many countries including member countries of European Monetary Union and Czech Republic, too. But maintaining reserve requiremnts needs a contemporary rationale, no matter what their original purposes may have been. The obvious reasons to maintain reserve requiremets are to regulate bank liquidity, to conduct monetary policy (regulation of the money multiplier or short-term interest rates) and to pay the special "tax" to the state budget. This article deals especially with the third reason but the liquidity and monetary policy are also discussed. All three rationales seems not to be equivalent to the burden of the reserve requirements on the banking system and to the distorting effects on financial markets. Only in the countries with very limited possibilities to conduct monetary policy by means of other instruments, especially of daily open market operations, there may be maintaining of reserve requirements reasonable. There are two main approaches to removing the burden of reserve requirements and making the banks more competitive to other financial institutions - to eliminate reserve requirements altogether or to pay interest rate on them. Czech National Bank has been reducing the ratios of reserve requirements since 1996 from 11.5 % of bank primary deposits to the 2 % (valid from October 1999). Keywords: monetary policy, reserve requirements, money multiplier, bank, central bank, state budget Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/83 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:83 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jílek Author-Name: Jiřina Jílková Title: Makroekonomické dopady kapitálové přiměřenosti bank Title: Macroeconomic impacts of capital adequacy Abstract: The paper reviews capital requirements in some developed countries and in the Czech Republic. Capital requirements in the Czech Republic was introduced in 1994. Capital ratio of the group of foreign banks permanently exceeds 13 % while the group of large and small banks has problems. There is excessive volume of credits in the Czech banking sector. Many developing countries and emerging markets decided to follow inflationary solution of bad credits, but not Czech Republic. Due to the lowering of inflation (or even deflation) in the Czech Republic bad credits have not been solved yet. It seems that they will be transferred into some state agency. The reduction of bank credits seems necessary in the near future. In this sense credit crunch can be seen as useful for long-term prosperity of the Czech economy. Capital requirements introduced by the Czech National Bank support desirable credit crunch. Keywords: capital requirements, capital adequacy, credit crunch, GDP, bank profitability, bad loans Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/84 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:84 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Petráš Title: Úvod do teorie optimálního měnového prostoru Title: Introduction into the theory of optimum currency areas Abstract: The study provides a comprehensive overview of the development of the Optimum Currency Area theory up to date. It first concentrates on examination of the broader discussion on different exchange rate regimes and their appropriateness for different economies. It then turns to the basic issue of the theory - to determine and study the preconditions which countries (or regions) aspiring to join a monetary union must fulfill in order to ensure that they will benefit from joining rather than be affected adversely. This study presents a critical evaluation of these preconditions by including the most recent developments in the study of the respective areas. It also extends the debate by discussing issues which have so far not been explicitly pursued by the theory as characteristics of an optimum currency area. Keywords: optimum currency areas, monetary unions, European monetary union Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/85 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:85 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Sirovátka Title: Efektivnost české sociální politiky Title: Effectiveness of the czech social policy Abstract: The Czech social policy in the 1990s has been oriented mainly by given economic possibilities and pragmatic political considerations. Thus there are permanently important but rather hidden objectives that can be traced in the social policy development so far: legitimacy ("social acceptability of the reform"), non-increasing, or restricted social expenditure and in consistency with both objectives the intention to eliminate the risk of potential poverty.

In the following analysis we are concerned with the question of the social policy effectiveness in terms of poverty elimination. We use the hypothesis of targeting, selectiveness and progressively redistributive effects of social policy. We question the significance of the selected characteristics (as need, generosity, strictness, targeting) for the system's effectiveness.

Our analysis suggested that the effectiveness of social transfers in terms of the potential poverty elimination was sufficient in transition. At the same time the analysis draws attention to some limits of the chosen strategy. The complex relationships between generosity - targeting - effectiveness of social policy seem topical with respect to this goal as well as in terms of maintaining the costs of social transfers at an acceptable level. Keywords: need, social policy, poverty gap, generosity, targeting, effectiveness Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/86 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:86 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klusoň Title: Vlastnická dimenze společenské odpovědnosti Title: Dimensions of owners' social responsibility Abstract: The individual - in terms of its different social functions and its roles as the owner - is a constituent part of wider social environment (society), which, on the one side, gives him a guarantee for clearly defined rights and, on the other, obtains the owner´s promise of meeting certain obligations. According to the growth of accumulated wealth, the number of feasible (admissible) variants of behaviour of individuals increases, thus giving rise to the real freedom of an individual with the consequent requirement of enlarging its social duties and responsibilities. In order to be implemented, the responsibility postulate has to be operationalized however. The author therefore examines various alternatives of operalitonalization including the most flagrant cases of breaking the owner´s social responsibility producing serious social upheavals and ownership transformations in the past, and evaluates various corrective methodes applied in the Czech history. In conclusion of his paper the author suggests his proposal of prospective solution of the problem. Keywords: privatization, paradigm ME and WE, property rights theory, owner's social responsibility and liability, land reform, confiscation, nationalization, restitution, asset's slipping, property penalization Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/87 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:87 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Richard Podpiera Title: Zkreslení dat v českém obchodu Title: Biases in czech trade data Abstract: The goal of this article is to identify and quantify biases in the reporting of Czech foreign trade data. We investigate the pattern of exports and imports trade reporting and revisions. Our conclusion is that, even though exports and imports are reported relatively precisely, the cumulation of errors makes the adjustments of trade balance significant. This is true especially after the CZK was floated in mid - 1997, at which time the precision of reporting deteriorated significantly. In the period after mid - 1997 the actual trade deficit was almost 10 % narrower than the originally reported figure. Keywords: foreign trade, biases in aggregate data Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/88 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:88 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Krameš Title: František Ladislav Rieger - zakladatel české ekonomické literatury Title: František Ladislav Rieger - a founder of czech economic literature Abstract: In the Czech society, the tradition of modern economic theory written in the Czech language was started by František Ladislav Rieger (1818 - 1903). He laid foundations of the Czech economic terminology in his work. He can be called a founder of modern economic literature written in Czech. He presented a complex view of economic liberalism and its role in society development at that time. He was convinced that free competition connected with industrial revolution was a guarantee of affluence growth in the society, of decreasing prices, growth of the consumption of the population, and mainly of working people. Free competition is the main lever of progress. He sharply criticized Engels's work about the position of working class in England, which was popular in the Czech lands. On the other hand, he understood free competition as a rule that did not have to be implemented absolutely. Rieger inclined to support some reforms in distribution of wealth in the society. But he only outlined the main trends of changes in distribution and problems related to distribution. He considered intangible goods and intellectual work as very important for the society and economic development. He argued against A. Smith's concept of productive and nonproductive labor. Keywords: industry, education, economic science, free competition, unemployment, intelectual work Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/89 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:89 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Macháček Title: Privatizace ve zdravotním průmyslu USA Title: Privatization in the american health care industry Abstract: This paper tries to answer the question concerning the roots of the successful drive for efficiency in the American health care industry in an age of "managed care". This process and its outcomes has become the cause of large tax conversions and ownership changes in the industry during the last 6 years, these changes are largely documented. Final discussion outlines the potential consequences on both the American health care industry itself and the health care industry in Europe. Mentioned are the following consequences: increasing efficiency of health care industry investment in the U.S.; gradual solving of the problem of the uninsured; expansion of the managed care industry to Europe. Keywords: privatization, efficiency, managed care, health care industry, managed competition Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/90 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:90 Template-Type: ReDIF-Article 1.0 Author-Name: Vratislav Izák Title: Dezinflace a měnová politika Title: Disinflation and monetary policy Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/91 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:91 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Fiala Title: Světová konference o operačním výzkumu Title: World conference on operational research Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/92 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:92 Template-Type: ReDIF-Article 1.0 Author-Name: Václava Pánková Title: XVII. konference Lames v Mexiku Title: 17th conference Lames in Mexico Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/93 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:93 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Soukup Title: Nová střednědobá strategie pro oblast průmyslu a obchodu ČR Title: New short-term strategy for industry and trade Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/94 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:94 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Title: Nová učebnice o centrálním bankovnictví Title: A new textbook of central banking Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/95 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:95 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Soukup Title: Vývoj a otevřené problémy Evropské unie Title: Development and open problems of the European union Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/96 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:96 Template-Type: ReDIF-Article 1.0 Author-Name: Antonín Dvořák Title: Oceňování přírodních zdrojů Title: Evaluation of natural resources Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/97 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:97 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Truneček Title: Jak vytvářet budoucnost Title: How to create the future Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/98 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:98 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Dědina Title: Poválečný vývoj ekonomického systému v Japonsku Title: Postwar development of economic system in Japan Volume: 1999 Issue: 6 Year: 1999 File-URL: http://www.vse.cz/polek/99 File-Format: text/html Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:6:id:99