Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klusoň Title: O ekonomické odpovědnosti Title: A Word of Economic Responsibility Abstract: The article deals with socio-economic aspects of responsible behaviour of owners, entrepreneurs and managers in practice of economic transformation. As the starting point of defining the concept of responsibility serves the elaboration of basic theoretical economic, juristic, philosophical and ethical approaches. The validity of the hypothesis that private owner is invariably the responsible owner is examined. The article argues, that social responsibility isn´t the bare result of private property and that it heavily depends on appropriate institutions. The study proceeds to the institution of liability as realized in basic forms of business organizations. The liability is studied and viewed upon as a constitutive element of the market order. The responsibility is examined in the framework of rights and liabilities of entrepreneurs, partners, shareholders, managers and directors of corporations and business organizations. Keywords: shareholder, ethics, entrepreneur, responsibility, liability, partnership, corporation, cooperative, owner, proprietor Classification-JEL: A100, A140, B410 Pages: 435-458 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=516.pdf File-URL: http://www.vse.cz/polek/516 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:516:p:435-458 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Brůna Title: Mechanismus stabilizace ultrakrátkých úrokových sazeb prostřednictvím repo operací České národní banky Title: The stabilization mechanism of ultra short-term interest rates in the context of Czech national bank's repo tenders Abstract: Effectiveness of actual monetary policy depends on the ability of central banks to stabilize the fluctuations of overnight interest rates around their official policy rate. To ensure the functionality of the stabilization mechanism needs the successful balancing between bank's demand for reserves and central bank's supply of the reserves in interbank market. I discuss the main sources of temporal gaps between the demand for and the supply of the reserves and their impact on the volatility of overnight interest rates. In our theoretical explanation there is stressed the role of intertemporal substitution in fluctuation of demand for reserves. In the empirical part there is analysed the behaviour of overnight interest rates in the Czech interbank market (2001 - 2004) in the context of excess liquidity. Some structural changes in interbank market were found - undershooting of non-stability of excess liquidity and decline of overnight interest rates volatility due to new possibility of intraday credit. Keywords: monetary policy, repo rate, overnight interest rates, open market operations Classification-JEL: E43, E51, E52 Pages: 459-476 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=517.pdf File-URL: http://www.vse.cz/polek/517 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:517:p:459-476 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Pavel Author-Name: Leoš Vítek Title: Mezní efektivní daňové sazby zaměstnanců na českém a slovenském pracovním trhu v období transformace Title: Marginal effective tax rates on employees on czech and slovak labour market in the period of transformation Abstract: During the transition of the central planned economies to the market system unemployment has become one of the most serious problems. The article describes the current state of unemployment in the Czech Republic and Slovakia. Using models of marginal effective tax rates developed by the OECD we discuss the influence of wage taxation, social security contributions and the benefit system on taxpayers' incomes and therefore on the motivation to work. The first part describes alternative indicators for measuring taxation of labor, analyses the methodology of measuring marginal effective tax rates and shows the calculated results. The next part discuses the influence of these effective tax rates and benefit systems on the taxpayers' net incomes and analyses possibilities of poverty traps for households, especially for low-wage taxpayers. The results show that efforts to reduce poverty hardly reduced work incentives in the Czech Republic and Slovakia. Keywords: transition economies, Czech Republic, wage taxation, benefit system, poverty trap, Slovak Republic Classification-JEL: H20, H51, J23 Pages: 477-494 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=518.pdf File-URL: http://www.vse.cz/polek/518 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:518:p:477-494 Template-Type: ReDIF-Article 1.0 Author-Name: Emil Divila Author-Name: Tomáš Doucha Title: Typologie a příjmové postavení zemědělských domácností v České republice Title: Typology and income situation of farm households in the Czech republic Abstract: Due to the specific corporate structure of the agriculture sector farm households in the Czech Republic comprise not only households of self-employed persons or private farmers (similarly like e.g. in countries of Western Europe) but also households headed by employees of agricultural enterprises. Data on the size and structure of farm households according to their social and professional types were derived from the census including the census of houses and flats. Data on the income of (farm and non-farm) households were taken from the last microcensus and family account statistics. In spite of some restraints ensuing mainly from the number of farm households it was possible to acquire some concrete information. It is particularly different level, structure and use of incomes of farm households headed by self-employed persons and employees (workers and other professions) compared to their non-farm counterparts. Keywords: types of households, farm and non-farm households, structure of incomes and expenditures of households Classification-JEL: Q12, Q14 Pages: 495-512 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=519.pdf File-URL: http://www.vse.cz/polek/519 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:519:p:495-512 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Baláž Title: Politika inovácií v Slovenskej republike Title: Innovation policy in the Slovak republic Abstract: Slovakia ranked to the poorest innovation performers in the EU 25 area in early 2000s. While the country's economics was booming due to high influx of foreign investment, there was real danger that Slovakia would convert to the "greatest assembly line" in Europe, with little own innovation efforts employed in production. Poor innovation performance of Slovakia was given by an ineffective national innovation system and inadequate innovation policies. Substantial increases in R&D spending and structural changes in allocation of public resources (towards applied research and new technologies) were the basic preconditions for establishing a knowledge-based economy. Keywords: innovations, innovation policies, research and development Classification-JEL: O32, O38 Pages: 513-526 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=520.pdf File-URL: http://www.vse.cz/polek/520 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:520:p:513-526 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Bauer Title: Karel Kouba a jeho místo v českém ekonomickém myšlení Title: Karel Kouba and his position in the czech economic thought Abstract: Karel Kouba belongs among the most prominent Czech economists of the second half of the 20th century. The paper analyzes his major contribution to the Czech economic thought in the context of economic reforms of the Prague Spring of 1968 and of economic transition in 1990s. In the communist era special focus is devoted to the theory of growth in the socialist economies, compatibility of plan and market and his inclusion of individual motivations into decision-making of agents within the centrally planned economy. After the Velvet Revolution in 1989, K. Kouba showed the importance of microeconomic relations for the macrostability and the relevance of institutional economy for explaining the processes during the transition period. Kouba's story has also a more general message. It shows how the biggest talents were treated during the communist era in Czechoslovakia and which dilemmas they had to face. Keywords: Czech economic thought, transition, economic reform, plan and market, socialism Classification-JEL: B31, P20 Pages: 527-544 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=521.pdf File-URL: http://www.vse.cz/polek/521 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:521:p:527-544 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Vymětal Author-Name: Milan Žák Title: Instituce a výkonnost Title: Institutions and performance Abstract: The article is based on the thesis that institutional quality influences the economic performance. From this point of view under certain circumstance the government policy is able to increase efficiency and performance of economies through creation, maintenance and cultivation of appropriate political and economic institutions ("political and economic design"). This way is not about state engineering indeed, but about possibility to accept and/or cancel measures which in principle influence both current production capability of economies and its long-term potential too. Authors do not refuse to analyse an influence of informal institutions, which undoubtedly create "the spawn, out of all grown up". If the state were to be understood in its minimal role, i. e. as the guarantee and co-creator of basic "well-established" rules and/or institutions, the rational economic policy could be able to influence the process both to reduce transaction costs and to rise economic efficiency. Keywords: institutions, new institutional economics, rules, D. C. North, economic performance, institutional quality Classification-JEL: D23, H11, O11, O12 Pages: 545-566 Volume: 2005 Issue: 4 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=522.pdf File-URL: http://www.vse.cz/polek/522 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:4:id:522:p:545-566