Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Author-Name: Eva Zamrazilová Title: Perspektivy české ekonomiky po vstupu do Evropské unie Title: Perspectives of czech economy after entry to the European union Abstract: Gradual narrowing of the gap between consumer and investment demand was one of major achievements of 2003, supporting the long-term sustainability of Czech economic growth. In the first half of 2004, industry and construction witnessed strong growth, retail trade showing a considerable slowdown. Growth in industry has continued to be more rapid in the sector of foreign controlled companies. After a slight weakening of deflation tendencies in the third quarter of 2003, last quarter of 2003 and first half of 2004 confirmed a resurgence of inflation. Growth of industrial prices was more rapid than the growth of consumer ones, predominantly due to increasing world prices of oil and metals. The labour market and public finance continue to be the main macroeconomic problems of the Czech Republic. The improvement may come only after adoption of fundamental reforms in both these areas. Keywords: economic growth, unemployment, public finance, consumer and investment demand, consumer and producer prices Classification-JEL: O11, O52 Pages: 579-600 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=477.pdf File-URL: http://www.vse.cz/polek/477 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:477:p:579-600 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Brůna Author-Name: Jaroslav Brada Title: Analýza citlivosti referenčních úrokových sazeb PRIBOR na změny repo sazby České národní banky Title: An analysis of PRIBOR interest rates sensitivity to changes in Czech national bank repo rate Abstract: Since 1980's many central banks have been changing their monetary strategy to explicit inflation targeting. This new monetary concept is based on management of short-term interest rates in the context of relation between inflation prediction and central bank inflation target. Therefore we try to analyze the crucial problems of efficiency of the inflation targeting strategy - the causality and sensitivity between interest rates on Prague interbank market (PRIBOR) and Czech National Bank repo rate. For this purpose we use the framework of expectation theory with the term premium and simple deterministic regression models. We found out that as repo rate was sticky it led to higher volatility of PRIBOR before repo rate change and when the maturity of PRIBOR was increasing the sensitivity of PRIBOR to repo rate changes was strongly decreasing. In our opinion it's the result of at least partial adjustment of PRIBOR before repo rate changes. Keywords: monetary policy, transmission mechanism, repo rate, PRIBOR interest rate, expectation Classification-JEL: C22, E43, E52 Pages: 601-622 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=478.pdf File-URL: http://www.vse.cz/polek/478 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:478:p:601-622 Template-Type: ReDIF-Article 1.0 Author-Name: David Navrátil Title: Systematická složka měnové politiky ČNB v režimu cílování inflace Title: Systematic part of CNB's monetary policy in inflation targeting regime Abstract: In the inflation targeting regime the central bank makes a decision about interest rate adjustment based on a forecast, primarily of inflation. Thus a big part of the decisions on interest rate adjustments corresponds to systematic response of central bank to expected economic development. The systematic part of monetary policy - the decision pattern of central bank (similarly as behaviour of other economic agents) must be approximated for purposes of creating a forecast. The aim of this article is to approximate it through estimated monetary policy rule. Keywords: monetary policy rule, systematic monetary policy Classification-JEL: E40, E43, E50 Pages: 623-636 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=479.pdf File-URL: http://www.vse.cz/polek/479 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:479:p:623-636 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Divila Title: Transformační zadluženost zemědělských podniků v České republice Title: Transformation debt of agricultural enterprises in the Czech republic Abstract: The average level of debts of agricultural enterprises in the CR is several times higher than in countries with established market economy. The main source is so-called transformation debts connected with the transformation of ownership and enterprise structure in the Czech agriculture after 1989. This specific form of farm indebtedness is a great debt burden with very different impacts on the particular categories of agricultural enterprises. A specific debt structure is characteristic of cooperative farms. The existence of many of them is directly endangered by bankruptcies in connection with unsettled payable liabilities from the ownership transformation towards entitled persons-non-members. Higher subsidies after the CR accession to the EU may con- siderably improve the financial situation of Czech agricultural enterprises, but the debt burden from transformation will remain a great handicap for a longer time and it will constrain the increase in competitiveness of many of these enterprises. Keywords: debts from farm transformation, structure of debts, farm restructuring process Classification-JEL: Q12, Q14, Q16 Pages: 637-656 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=480.pdf File-URL: http://www.vse.cz/polek/480 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:480:p:637-656 Template-Type: ReDIF-Article 1.0 Author-Name: Robert Holman Title: Bernard de Mandeville, Adam Smith a počestní darebové naší doby Title: Bernard de Mandeville, Adam Smith and virtuous knaves of our times Abstract: This is the reaction on the article of Václav Klusoň "Come-Backs of Dr. Bernard Mandeville: Virtuous Knaves in Economic Transformation". I put in contrast economic thinking of B. Mandeville and A. Smith and argue that both Smith's social and moral philosophy and his economic thought is more relevant for our present time. Smith's system of natural liberty - free trade and free enterprise - brings the invisible hand of the markets to work and transform self-interests of individuals into social benefits. I doubt that knaves were becoming virtuous in the process of transformation and privatization. Rather it is the other way around: virtuous men are becoming knaves in our present social, political and economic system of excessive taxation and regulations. The state is so much involved in bureaucratic, regulative and redistributive activities that it fails to function as the guardian of law and order. Keywords: privatization, regulation, transformation, natural liberty, spontaneous order, invisible hand, demand-side economists, suplly-side economists Classification-JEL: A13, B30, D60, D69 Pages: 657-662 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/481 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:481:p:657-662 Template-Type: ReDIF-Article 1.0 Author-Name: Tatiana Varcholová Title: K postaveniu manažmentu rizika Title: To position of risk management Abstract: This article summarises the development of risk management concepts and their applications in enterprise management. Until the late 1970s the risk management in the firms had not exceeded the boundaries of the insurance of assumed risk occasions. Later, the application of risk management in organizations was connected with functioning of the enterprise in risk areas. At the time being, risk management has been gaining the importance in the interests of reaching efficiency in all organizations. Nowadays, we observe these new trends in the development of: increase of information resulting from quantitative as well as qualitative risk evaluations by using information technologies and integration of risk management into strategic management. However, this has to be in accordance with the corporate culture that is based on responsibility of risk managers. Keywords: risk, uncertainty, risk management, enterprise risk management Classification-JEL: D81 Pages: 663-676 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=484.pdf File-URL: http://www.vse.cz/polek/484 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:484:p:663-676 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Krabec Title: Německé zkušenosti z hospodářsko-politického poradenství Title: German experiences from economic policy consultancy Abstract: The Council of Economic Experts and its influence on the German economic policy are discussed in this paper. The first section concentrates on the institutional background and historical genesis of this body. Consequently, the importance of the Council in preventing a competitive and efficient economic order in the ordoliberal point of view is considered. The second section offers a comparative analysis of economic policy consultancy. Some significant institutional aspects of the German Council of Economic Experts, the US Council of Economic Advisers and the French Conseil d'Analyse Économique are examined. Keywords: economic policy, ordoliberalism, regulative policy, economic policy consultancy Classification-JEL: A11, B20, E61, E65 Pages: 677-692 Volume: 2004 Issue: 5 Year: 2004 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=485.pdf File-URL: http://www.vse.cz/polek/485 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2004:y:2004:i:5:id:485:p:677-692