Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Author-Name: Eva Zamrazilová Title: Česká ekonomika: rok po vstupu do EU Title: Czech economy: first year after the EU entry Abstract: 2004, which was also the year of EU entry, was quite successful for the Czech economy. Economic growth accelerated, driven in particular by the investment demand and exports. After 10 years of permanent deficits, the trade balance deficit diminished significantly. The effects of EU entry, which opened new chances to the exporters, accompanied the positive impact of FDI inflows from the past. Due to acceleration of exports, industrial output registered a record high growth within the last decade. Accelerating economic growth did not provoke inflationary pressures. Two waves of VAT increase (in January and May) were absorbed until the end of the year. A strong increase in PPI resulting from high world prices of oil and gas had no spillover effect to consumer prices due to strong competition between both the producers and traders. At the beginning of 2005, economic growth continued with the same pace as in 2004, driven by investment demand and exports. Consumer demand kept on weakening, consumption of households registered the weakest growth since the end of 1998. Both the industrial production and exports reported a slowdown due to sluggish economic activity in the euro area, especially in Germany. Keywords: monetary policy, inflation, balance of payments, investment and consumer demand, trade balance Classification-JEL: O11, O52 Pages: 579-600 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=523.pdf File-URL: http://www.vse.cz/polek/523 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:523:p:579-600 Template-Type: ReDIF-Article 1.0 Author-Name: Václava Pánková Title: Tobinovo Q - teorie a aplikace Title: Tobin´s Q - theory and application Abstract: Investment expenditure relates to an evident optimization problem: to create an optimal capital stock which is a function of expected profits. According to the Tobin´s Q - theory, investment depends on the ratio Q of the market value of business capital assets to their replacement value. A firm´s investment should rise with its Q. In practice, however, Q is not observable and the measurement of numerator as well as of denominator presents problems in empirical implementation. Looking for an appropriate approach, both macroeconomic and microeconomic level can be followed. The macroeconomic Q can be derived from the Keynes equation for the price level. Tobin´s Q is given here as a measure of the economy´s willingness to invest (Mundschenk, 2000). As for the firms, a VAR model is estimated using panel data. Relevant forecasts enable to quantify an expected value of a firm even in case that it is not quoted on stock markets (Behr and Bellgardt, 2002). To characterize a macroeconomic background, the Q of the Czech Republic was computed. Than, the panel data approach was applied to the Czech machinery. The Qs were computed with an evident majority of negative values and a zero correlation to investment, when following the detailed panel structure. A high degree of zero investment might be a signal for policy makers which seems to be recognized by governmental authorities as a necessity of foreign - investment supporting policy. Keywords: implementation of Q, panel data, Tobin´s Q, behaviour of firms ? investment Classification-JEL: C330, D210 Pages: 601-608 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=524.pdf File-URL: http://www.vse.cz/polek/524 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:524:p:601-608 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Krabec Title: Institucionální pohled na systémy zdravotní péče Title: Health care systems - an institutional view Abstract: This paper provides an institutional analysis concerning the current problems of the health care systems based on obligatory health insurance. In the beginning there are correctly defined and further described some particular principles creating the essence of the continental health care systems. Consequently, there are described two major consequences of asymmetric information: the principal-agency problem and the problem of adverse selection. Further to the definitions there are drawn conclusions for appropriate system reforms. Keywords: competition, information asymmetry, health care systems, health insurance Classification-JEL: I100, I180, I190 Pages: 609-616 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=525.pdf File-URL: http://www.vse.cz/polek/525 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:525:p:609-616 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Kvizda Title: Nezávislost versus odpovědnost Evropské centrální banky - existuje řešení? Title: Independence versus accountability of the European central bank - is there any solution? Abstract: The article is concerned with analysis of independence of central banks of the EU Member States within the framework of the ESCB, as well as independence and responsibility of the ECB, and suggests an alternative institutional embodiment of its position, reflecting the specific framework of the EMU. The system of selection of members of the ECB's Executive Board blurs a real collective responsibility towards Member States, which opens possibilities for nontransparent lobbyism. Modified system is suggested so that national bank´s governors have a symbolic relationship to the political representation, i.e. that they reflect a national economic policy in some way, without being bound and restricted by its formation whatsoever. Keywords: European Central Bank, Economic and Monetary Union, co-ordination of economic policy, central bank?s accountability, central bank?s independency Classification-JEL: E42, E58, F15, F33, F42 Pages: 617-633 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=526.pdf File-URL: http://www.vse.cz/polek/526 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:526:p:617-633 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Macková Author-Name: Vojtech Stanek Title: Teoretické prístupy k ekonomike dobrovoľníctva ako fenoménu sociálnej práce Title: Theoretical approaches to the economics of volunteering as a social labour phenomenon Abstract: Economic theories that may enrich the understanding of volunteerism have either not received an adequate attention or have not been explicitly identified. Furthermore, the significant contribution made by volunteer labour to the national income and employment goes unnoticed in economic terms. This article, which was inspired by research of the Center for Development and Research of the University of Bonn from the 2001, concentrates on a conceptual framework to measure an economic contribution made by volunteer labour and thereby to raise its societal appreciation. Keywords: employment, volunteerism, economics of volunteering, volunteer labour Classification-JEL: Z00, Z13 Pages: 634-646 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=527.pdf File-URL: http://www.vse.cz/polek/527 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:527:p:634-646 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Čadil Title: Model multiplikace regionálních spotřebních výdajů Title: Model of regional consumption expenditures multiplier Abstract: The purpose of this model is to measure the impact of localization of new (mostly industrial) enterprises in strategic industrial zone in regional economy. Model deals with multiplication effect of regional consumption expenditures, which is (among others) strongly affecting development of regional economy. For modeling the regional consumption demand or regional consumption expenditures there was used mainly microeconomic approach based on utility and profit maximization. The model is based on several simplifying assumptions for better use in real applications (mainly because of lack of relevant regional data). This model was used in practice for ex-ante evaluation of impact of strategic industrial zone in Cheb but it could be applied widely (after some modifications) for anticipation of regional impacts of demand shocks, regional migration, investments etc. Keywords: regional consumption expenditures multiplier, regional demand, regional supply, production coefficient, regional income rate, regional employment rate, migration, regional price level growth Classification-JEL: E2, E62, R2 Pages: 647-660 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=528.pdf File-URL: http://www.vse.cz/polek/528 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:528:p:647-660 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Bortel Title: Vazba mezi právem, ekonomií a hospodářstvím Title: Linkage of law, economics and economy Abstract: The paper deals with an issue of interrelation between law, economics and economy. For a long time, legal science has been interconnected with economics; nonetheless, it was economics which diverted from their mutual cohabitation. At the present time, it is the case of economists who applying their methodology, within law and economics movement in particular, started to bridge that lacuna and enrich legal science and lawmaking processes. This is of a crucial importance, since law shall be regarded as one of the factors which have a capacity to influence the economic output. Therefore, modern regulatory state must ensure a deeper and wider commitment to cost-benefit analysis and assess costs whilst excluding low benefits in legislative processes. Keywords: regulation, law and economics, common law, legal system, posner, capture theory, cost and benefit analysis, Kaldor-Hicks Classification-JEL: G1, K0, K1, K2 Pages: 661-674 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/529 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:529:p:661-674 Template-Type: ReDIF-Article 1.0 Author-Name: Antonín Stehlík Title: Budoucnost ekonomického hodnocení investic Title: Future of investments evaluation Abstract: The study presents a current approach to investments evaluation based on the real option theory. Each investment can be materialized through different possibilities, described as real options. It is possible to evaluate the price of real option by utilization of the described model. The real option classification is not steady yet. The real option analysis does not replace the standard techniques (the net present value approach) although they are very important complements - as shown at the end of this article. Real options is at modern approach to capital budgeting. Keywords: volatility, valuation, options, real options Classification-JEL: D24 Pages: 675-686 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=530.pdf File-URL: http://www.vse.cz/polek/530 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:530:p:675-686 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Zápal Title: Evropská měnová unie z post-keynesovské perspektivy Title: European monetary union from post keynesian perspective Abstract: Paper deals with the European Monetary Union from perspective of Post Keynesian school of economic thought. It discusses separately arguments often proposed by mainstream economists. After the brief introduction, which highlights main differences between mainstream and Post Keynesian economic theory, work deals in sequence with trade argument often found in discussion about monetary unification, monetary issues mainly with the role of European Central Bank and lastly, work appraises European Monetary Union from international monetary arrangement perspective proposed by Post Keynesian economists. Based on this evaluation, work concludes stating that Post Keynesian economists are more likely not to be overenthusiastic with European monetary unification. Keywords: European monetary union, European Central Bank, Post Keynesian economics, international monetary arrangement, Thirlwall?s law Classification-JEL: B22, E12, F15, F33 Pages: 687-704 Volume: 2005 Issue: 5 Year: 2005 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=531.pdf File-URL: http://www.vse.cz/polek/531 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2005:y:2005:i:5:id:531:p:687-704