Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Nazrál čas k vyváženému hodnocení české privatizace? Title: Has the time come for a balanced view of the czech privatization? Abstract: The paper is concerned with the Czech privatization. According to the author, there was no economic theory of privatization in 1989. Therefore, decision makers in transition economies had to improvise and solve a dilemma: a fast, or slow privatization? The Czech literature on privatization as well as the strengths and weaknesses of privatization methods in the Czech Republic, including of the voucher one, are discussed. The paper argues against the pessimistic view on the Czech privatization, which predominated in the literature in the second half of the nineties. Keywords: privatization, economic theory, Czech Republic, transition, capital markets, voucher privatizatio Classification-JEL: N10, O52, P3 Pages: 147-162 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/500 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:500:p:147-162 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Šindel Title: Nerovnováha běžného účtu platební bilance v členských státech eurozóny Title: The current account imbalance in the euro area member countries Abstract: The article discusses a current account imbalance in the eurozone member countries, respectively whether the economic policy institutions should respond to the rising external imbalance, even if there is no threat of the monetary crisis. The monetary policy reactions can not be expected resulting from the general current account surplus in the eurozone as the whole. The relevancy of deficits for the eurozone member countries acts as an important factor by an intertemporal budget constraint, where the threat of the monetary crisis that limits the foreign debt accumulation is eliminated and at the same time the financial integration joint with the higher trade market integration enables wider intertemporal consumption allocation venting into the deficit of current account. The mastering of a credit risk by the financial institutions will have a major influence on then optimal intertemporal consumption allocation, if there is no revision of a fiscal policy role. Keywords: external imbalance, intertemporal approach, eurozone, financial integration Classification-JEL: E44, F41 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/501 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:501 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Škop Title: Proč centrální banky systematicky podstřelují svůj cíl Title: Why central banks undershoot their inflation targets Abstract: The goal of this article is to explain why central banks undershoot their inflation targets as we can observe also in the case of the Czech Republic. In other words, I am trying to find out if this undershooting is due to unpredictable desinflation shocks or due to asymmetric behaviour of central banks. Specifically, positive deviations from the target (i.e. overshooting) are weighted more in central bank"s loss function than the negative ones. It is shown that the Czech National Bank is asymmetric in its preferences but not so much as in the case of Canada, Sweden and the United Kingdom. On the other hand, some part of undershooting attributes to desinflation shocks hitting the Czech economy. Keywords: credibility, central bank, loss function, model, inflation targets, asymmetric preferences Classification-JEL: E52, E58, E61 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/502 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:502 Template-Type: ReDIF-Article 1.0 Author-Name: Radka Rutarová Author-Name: Michal Slavík Title: Simulace vývoje výdajů a příjmů důchodového systému České republiky do roku 2050 Title: The simulation of the future development of expenditure and revenue of the czech pension security scheme up to 2050 Abstract: The long-term sustainability of the public finance in the context of population ageing is becoming a hot topic in most of the European countries including the Czech Republic. Moreover the Czech population will be one of the oldest in the world according to the forecasts of different institutions (UN, OECD, etc.). It poses challenge for the Czech pension security scheme. This paper presents possible scenarios of the future development and illustrates future fiscal impacts of the ageing assuming a preservation of the current Czech pension security scheme in the period up to 2050. The analysis is based on a detailed one-year age structure. This allows us to simulate the influence of the changes in component parameters of the current scheme on its future situation (for example, changes in retirement age limits). The main conclusion is that there is a rather small impact of these parameters changes on the expected future imbalance of the Czech pension system. Therefore a more fundamental reform of the current pension system should be considered. Keywords: ageing, demographic development, population forecast, sustainability of the public finance, fiscal projection, pension security scheme Classification-JEL: H55, H87, J11 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/503 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:503 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Lerch Title: Trh práce v nových spolkových zemích Německa Title: Labour market in new federal states of Germany Abstract: The situation on the labour market in East Germany is difficult since the beginning of economic transition in the early 90's. The reasons for such a situation are complex. The implementation of single currency, the collapse of East Germany's foreign trade, the privatization method and high wages should be mentioned above all. The macroeconomic reasons for the persistently high unemployment rate are supported by microeconomic reasons, too. The unification of Germany was not perceived as a unique chance to reform the outdated German labour market. Active labour market policy measures known from the old Federal Republic of Germany were not as effective as expected. Keywords: labour market, transition, East Germany, unemployment rate, labour participation Classification-JEL: J00, J21, J31, J60, J61 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/504 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:504 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Baláž Author-Name: Martin Líner Title: Bola hospodárska reforma účinným nástrojom na riešenie finančnej krízy v Juhovýchodnej Ázii? Title: Was the economic reform sufficient instrument for solving the financial crisis? Abstract: The study deals with analysis of economic reforms in South-Eastern Asia affected by financial crisis in 1990s. Authors have stressed, that it was a result of internal and external influences, which caused not only the fatal destabilization of main economic fundaments of affected countries and they have had consequences on international business authority of these countries. It was approved, that the high rate of internal interdependence of countries affected by crisis and also the interdependence on Japan, could be considered as basic, but hidden accelerators of crisis. Nevertheless using of important reforming interventions eliminated most of the economic implications of it the risks of re-outbreak of the crisis have been decreased to certain level only. For prevention against its expansion are responsible all "attended" subjects and equally they have to share on realization of reforming economic programs for its long-term elimination. Keywords: competitiveness, financial crisis, corporate governance, international business, anti-crisis prevention, Asian economic miracle, industrial policy, restructuralization of the debt, economic reforms Classification-JEL: B31, D92, E29, E58, F13, F21 Volume: 2005 Issue: 2 Year: 2005 File-URL: http://www.vse.cz/polek/505 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:2:id:505