Template-Type: ReDIF-Article 1.0
Author-Name: Anna Kadeřábková
Author-Name: Milan Žák
Title: Význam politicko-ekonomických faktorů v období transformace
Title: The role of political-economic factors in transition
Abstract: The aim of the article is the evaluation of the role of political-economic factors in transition of the countries of Central and Eastern Europe on the background of their economic performance. The evaluation makes use of various methodological approaches differentiating between the extent (speed) of structural reforms and the quality of institutional framework. The surveyed factors include political and economic freedom, initial conditions, process of liberalization, and quality of governance. Despite some caveats of such analyses which limit the explanatory value of the observed relationships, the political-economic factors can be considered an important ingredient explaining diverging economic performance of transition countries, particularly in the case when the performance differences are rather large.
Keywords: political economy of transition, liberalization, structural reforms, economic freedom, corruption
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/378
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:378

Template-Type: ReDIF-Article 1.0
Author-Name: Vratislav Izák
Title: Makroekonomické souvislosti rozpočtových deficitů
Title: Macroeconomic impacts of budgetary deficits
Abstract: The article deals with the application of basic macroeconomic identity (domestic investment, private and government saving, foreign investment) at the Czech data in the time period 1994 - 2001. The application discovers that the twin deficits hypothesis (both the budgetary and trade balance deficits) known from the United States at the end of eighties and beginning of nineties has become reality in the Czech Republic since 1998. Scatter diagrams and a little bit of econometrics (quarterly, seasonal adjusted data 1994:Q1 - 2001:Q4) display the causation from budgetary to foreign trade deficits and support the conventional (keynesian) approach. Disquieting is the tendency, not yet the level of budgetary deficits (4 different measures according to the Czech Ministry of Finance).
Keywords: twin deficits, basic macroeconomic identity, scatter diagrams, tentative econometric models
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/379
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:379

Template-Type: ReDIF-Article 1.0
Author-Name: Václav Nešvera
Title: Ceny v zahraničním obchodě
Title: Prices in the czech foreign trade
Abstract: The paper examines the Czech export and import prices (unit values, kilogram prices) in the year 2000 on the basis of detailed (product) level. The present export/import price relations in the two-way-trade are not favourable. The findings suggest a residual specialization of the Czech exports on down market products. But terms of trade development observed over the recent period (1994 - 2000) is positive: Whereas average export prices have risen rapidly, the increase of import prices has been much lower. The best results have been achieved in trade with products of motor car industry, mechanical engineering, electrical machinery, office machinery and computers. On the other side of the scale are products of metalurgy and chemical industry. High correlation has been found between foreign capital engagement and sectoral export/import prices performance.
Keywords: terms of trade, prices in international trade, unit values
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/380
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:380

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Kubíček
Title: Příspěvek k teorii reálné konvergence
Title: Contribution to the theory of real convergence
Abstract: The traditional neoclassical growth theory provides too optimistic predictions concerning the speed of a real convergence process. This paper tries to modify the traditional exogenous growth model without resorting to human capital or technological underdevelopment arguments. A different relative price of capital goods is seen as one of the possible explanations. If the relative price of capital goods is higher in converging economies then the speed of convergence and the rate of profit are both lower than the traditional model predicts given the same rate of gross investment. The theoretical conclusions are illustrated by means of quantitative examples and by graphical instruments.
Keywords: investment, convergence, relative prices, capital, growth theory, rate of profit
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/381
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:381

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Hlaváček
Author-Name: Michal Hlaváček
Title: Optimum výrobce při stále rostoucích výnosech z rozsahu
Title: Producer's optimum under unremitting increase of returns to scale
Abstract: This paper is an attempt to grasp and model the problem of optimal strategy of a firm under conditions of unremitting increase of returns to scale and multiple threats of firm's downfall. The firm in our model has to pay high fixed costs to enter the market and its marginal costs are insignificant (zero). The firm is threatened by two threats at one time: by too low profit and by an entrance of a new firm to the market. We have shown that this problem has (either for uniform or for normal distribution of probability of survival) only one solution. This enables us to construct the supply function. In case of absence of the new entry threat, this supply function is in fact the supply function in the standard neoclassical microeconomics.
Keywords: generalized microeconomic criterion of producer, mathematical models of economic behaviour, unremitting increase of returns to scale, danger of firm's exit
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/382
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:382

Template-Type: ReDIF-Article 1.0
Author-Name: Karel Brůna
Title: Problém účinnosti měnové politiky v lucasově teorii phillipsovy křivky
Title: The problem of efficiency of monetary policy in lucas theory of phillips curve
Abstract: This article reviews the evolution of Lucas theory of Phillips curve. His theory is based on optimal decisions of subjects on supply of products or labor and full price and wage flexibility in competitive markets. In Lucas opinion Phillips curve expresses intertemporal substitution of consumption and leisure resulting from the changes of actual price level from the normal one. Systematic changes of supply can have long lasting real effects only when monetary policy can create permanent money illusion. That is what central banks really can do when expectations are formed adaptively.  But subjects, who make rational expectations, know that systematic monetary policy rule do not create real aggregate demand shocks and leave their supply without any changes. To have a real effects money supply changes must be unexpected. Because subjects do not have enough information about current price level central bank can create temporal illusion of real price and wage changes.
Keywords: monetary policy, inflation, Phillips curve, aggregate supply, real growth
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/383
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:383

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Pallínek
Title: Teoretické interpretace transformace ve střední a východní Evropě
Title: Theoretical interpretations of central and east European post-communist transformations
Abstract: Post-communist transformations have been approached and interpreted differently by different academic disciplines and their respective subdisciplines. This paper provides a critical review of traditional and alternative views of changes in Central and Eastern Europe since the collapse of state socialism. In particular, it focuses on neo-liberal and neoclassical economic interpretations and neo-marxist state to private capitalism thesis as examples of traditional interpretations of post-communist transformations. Alternative views critically reviewed in this paper are based on evolutionary and institutional economics, the analysis of networks of economic embeddedness, the Marxist analysis of production processes, and regulation theory. The differences between these traditional and alternative approaches in their understanding and approaching post-communist transformations are analyzed and evaluated.
Keywords: transformation, transition, theory, Central and Eastern Europe
Volume: 2002
Issue: 5
Year: 2002
File-URL: http://www.vse.cz/polek/384
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2002:y:2002:i:5:id:384