Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Author-Name: Stanislava Janáčková Title: Evropská měnová unie a rizika pro reálnou konvergenci Title: European monetary union and risks for real convergence Abstract: New members of the EU will not form an optimum currency area with the present eurozone member states. The article discusses some costs and benefits of an early EMU entry for the Czech Republic (and other Central-European economies). The authors concentrate on the consequences of loss of country-specific monetary policy, and of exchange-rate flexibility. They also stress the problem of finding the appropriate level at which to fix the exchange rate for both ERM-II and eurozone entry. The importance of both nominal and real convergence is underlined for a successful catch-up. The conclusion is that a "no hurry" policy for euro would be beneficial for a long-term catch-up process of the Czech Republic. Use of country-specific monetary policy is indispensable for real convergence. Keywords: optimum currency area, adoption of euro, fiscal consolidation, convergence nominal and real, Maastricht criteria Classification-JEL: E23, E31, E52, F15 Pages: 435-450 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=468.pdf File-URL: http://www.vse.cz/polek/468 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:468:p:435-450 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Plojhar Author-Name: Martin Srholec Title: Politická ekonomie investičních pobídek Title: Political economics of investment incentives Abstract: The paper focuses on selective investment incentives, which are aimed primarily to attract foreign direct investment, in the context of the new EU Member States, namely the Czech Republic, Hungary, Poland and Slovakia. We discuss the issue within three closely related dimensions. We point to a potential conflict of interests between host country governments and multinational companies in promoting technology spillovers from foreign direct investment in the host economies. We examine the prisoner dilemma of the host governments in mutual competition for mobile direct investment and a room to achieve multilateral or strengthening regional agreement on investment to reduce a possible wealth reducing content of such policies. Finally, we discuss national context of the investment incentives with regards to the rent-seeking behaviour of various interest groups and contradictory role of the investment promotion agency in the process of decision-making about investment promotion policies. We conclude with brief implications for development policy. Keywords: foreign direct investment, investment incentives, state aid, multilateral agreement on investment, partial interest groups Classification-JEL: E62, F23, H23, H32, O38 Pages: 451-466 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=469.pdf File-URL: http://www.vse.cz/polek/469 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:469:p:451-466 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Ratinger Author-Name: Zdeněk Toušek Title: Vliv přijetí Společné zemědělské politiky Evropské unie na rozvoj české ekonomiky Title: The adoption effect of Common agricultural policy of the European union at development of the czech economy Abstract: The objective of this paper is to demonstrate some economywide effects of the adoption of Common Agricultural Policy. The general equilibrium approach is applied. The model is designed as a static computable general equilibrium one. The model structure reflects basic neoclassical assumption, i.e. producers maximize their profit and consumers maximize utility while the government wishes to balance its budget. The scenarios follow the debate about the extent of CAP available for candidate countries. Selected macro and sectoral economic indicators are used to assess the magnitude of scenarios impacts on the national economy. Model simulations indicate that positive aspects of accession prevail over negative ones in the most respects. Keywords: common agricultural policy, EU enlargement, general equilibrium model, agrarian sector Classification-JEL: Q01, Q11, Q18 Pages: 467-484 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=470.pdf File-URL: http://www.vse.cz/polek/470 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:470:p:467-484 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Baláž Title: Postavenie fúzií a akvizícií v globalizácii svetového hospodárstva Title: Mergers and acquisition in the globalization of the world economy Abstract: This article is oriented on the analyses of the development of the mergers and acquisition process. The author shows the main reason and motivations of expansion MA and its influence on the globalization of the world economy. This activity is (in the time and the territory) very different and heterogeneous. The leading players of his process are the multinational corporations, however, the value of deals of SME's is going up, too. In the last years these activities concern to the change of strategy of MNC's, first of all to the supporting of cooperation among them. The latest period is under the increasing pressure of the development of the international production sharing and production cooperation. The final result of this process is creating to a new sharing of the economic power in the worldvide framework, as a whole and influencing all regions, the emerging markets not shows off. Keywords: economic growth, international cooperation, globalization, international business, competitivness, mergers and acquisitions, multinacional corporations, production, international production sharing Classification-JEL: B31, D24, E23, L10, N10 Pages: 485-502 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=471.pdf File-URL: http://www.vse.cz/polek/471 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:471:p:485-502 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Suchánek Title: Implementace mikroekonomické teorie ekonomické efektivnosti do teorie podnikohospodářské Title: The implementation of the microeconomics theory of the economic efficiency to the business economics Abstract: The topic of this paper is concerned in a possibility of connection of the micro- economics theory and the business economics theory. The goal of the submitted paper is an implementation of an economic efficiency as a microeconomic component to the business economics with a regard for an economic practice of companies in the Czech Republic. I use an analogy of the microeconomics and the business economics concept of total revenues and total costs to this implementation. The main of the text is reserved to opportunity costs because it is fitting to total economic costs from a point of view of business economics theory and practice is complicated. On basis of accepted analogies I generalize conclusions about an economic efficiency and I think of a product possi- bility frontier in a company too. Keywords: costs, revenues, economic efficiency, opportunity costs, product possibility frontier Classification-JEL: D24, G31, G32 Pages: 503-512 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=472.pdf File-URL: http://www.vse.cz/polek/472 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:472:p:503-512 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Mach Author-Name: Tomáš Hanzák Title: Ražebné ve spojitém čase Title: Seigniorage in continuous time Abstract: The government is able to acquire real goods through printing money. Because government does not create wealth through printing money, this revenue, the seigniorage, is at the expense of the public, as the purchasing power of monetary units decreases because of the issue of new money. The authors use the model of auctions to which the public comes with their money and the government with the newly issued money. The value of goods acquired by the government in such an auction equals the newly printed money divided by the sum of the newly printed money and the money spent by the public. Upon this auction model, the authors develop the formula for seigniorage in continuous time. The seigniorage calculated in this way is lower than the seigniorage calculated upon the assumption of discrete changes in economic variables. Keywords: seigniorage, inflation tax, money issue Classification-JEL: E5 Pages: 513-518 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=473.pdf File-URL: http://www.vse.cz/polek/473 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:473:p:513-518 Template-Type: ReDIF-Article 1.0 Author-Name: Robert Holman Title: Ekonomická analýza práva Title: Economic analysis of law Abstract: Economic analysis of law concerns predicting impacts of legislative rules on incentives and behaviour of individuals and judging social efficiency of alternative legislative rules. It applies price theory, welfare theory and public choice theory on creating and applying law. One of its main shortcomings however is the lack of criteria of social efficiency. Modern history of economic analysis of law begins within the framework of property rights and transaction costs theories. The Chicago school has been the most prominent group of economists. Austrian school and New institutional school compete with Chicago school in applying different methods of economic analysis on law. Chicago approach is based on assumptions of rational economic behaviour and stable preferences. In the centre of Chicago paradigm lies Richard Posner's efficiency thesis predicting that law rules develop in efficient ways. Austrian school criticizes Chicago school positivism from the perspectives of methodological subjectivism. Keywords: property rights, transaction costs, methodological individualism, subjectivism, economic analysis of law, rational choice, social institutions, positivism, common law, social efficiency Classification-JEL: K00, K12, K40 Pages: 519-531 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/474 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:474:p:519-531 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Slavík Title: Soudobá makroekonomie a teorie optimálního řízení Title: Contemporary macroeconomics and optimal control theory Abstract: The paper presents the optimal control theory and the maximum principle technique that is suitable for solving dynamic optimalization problems in continuous time. Modern mainstream macroeconomics stresses microeconomics principles of solved problems. However, the application of the standard microeconomic approach - the static optimalization - needs to be replaced in macroeconomics by more sophisticated methods. The maximum principle is one of the possible tools. This text briefly introduces the basics of this method to Czech readers. More detailed treatment can be found in the original literature. The maximum principle method can be applied not only in solving macroeconomic problems, but also in many different areas that deal with the optimalization in continuous time, e.g. finance or engineering. Keywords: optimal control theory, maximum principle, dynamic macroeconomics, optimization techniques Classification-JEL: C61, E13 Pages: 532-542 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=475.pdf File-URL: http://www.vse.cz/polek/475 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:475:p:532-542 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Brzezinski Title: Současné trendy v historiografii ekonomie Title: Current trends in the historiography of economics Abstract: This paper surveys some ongoing changes in the historiography of economics. I argue that there is a close connection between a decline of prescriptive economic methodologies based on the positivist philosophy of science and the emerging tendency to write history of economics in a non-Whig way. This "new history" uses historical rather than rational reconstruction method of narration and draws heavily on recent works in sociology of scientific knowledge, science studies, literary theory and general historiography of science. I present main features of this approach as exemplified in some recent works concerned with the influence of mathematics and natural sciences on the history of twentieth-century economics. Keywords: historiography of economics, cyborg sciences, Whig history, twentieth century, social constructivism, mathematization Classification-JEL: B00, B21 Pages: 543-560 Volume: 2004 Issue: 4 Year: 2004 File-URL: http://www.vse.cz/polek/476 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:4:id:476:p:543-560