Template-Type: ReDIF-Article 1.0
Author-Name: Oldřich Dědek
Title: Rizika a výzvy měnové strategie k převzetí eura
Title: Risks and challenges of monetary strategy for euro adoption
Abstract: The paper evaluates some policy dilemmas the Czech monetary policy will face on the way towards adopting common currency. The assessment of the inflation criterion concentrates on the potential clash with so called real convergence showing that alleged negative influences on the catching-up process seem to be exaggerated. The reasons leading to some scepticism about the ERM-II arrangement are further explained with distinction placed on eligibility and regime selection motives when applying for the ERM-II membership. Finally, the pros and cons of inflation targeting are discussed from the perspective of promoting the fulfilment of Maastricht requirements. Attention is paid to the issue of optimal exit form inflation targeting having in mind the priority of entering Eurozone with a proper conversion rate.
Keywords: inflation targeting, nominal and real convergence, euro adoption, Maastricht criteria, ERM-II membership
Classification-JEL: E42, E52, E58
Pages: 3-21
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=542.pdf
File-URL: http://www.vse.cz/polek/542
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:542:p:3-21

Template-Type: ReDIF-Article 1.0
Author-Name: Edward Stringham
Author-Name: Peter Boettke
Title: The failings of legal centralism for helping stock markets in transition
Abstract: After Czech voucher privatization many companies simply ignored the interests of their shareholders. The government has since increased the amount of regulation, but they have failed to establish significant investor confidence. This article offers some explanations of why their legal centric approach remains unlikely to create good corporate governance. Mandating that companies maximize shareholder value is easier said than done because it requires government to assess whether companies are making optimal business decisions. In former communist countries especially, government officials are ill suited to make such judgments because they lack the knowledge of how businesses should be properly run. Increased bureaucratic oversight in the Czech Republic has simply burdened markets without any noticeable positive results. This article discusses how good corporate governance can only be a byproduct of markets where managers compete for investors rather than something that can be created by law.
Keywords: regulation, corporate governance, Czech stock market transition, legal centralism
Classification-JEL: G1, K2, P2
Pages: 22-34
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=543.pdf
File-URL: http://www.vse.cz/polek/543
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:543:p:22-34

Template-Type: ReDIF-Article 1.0
Author-Name: Jörg Guido Hülsmann
Title: The political economy of moral hazard
Abstract: Conventional theory explains moral hazard as a consequence of information asymmetries. The present paper proposes an alternative approach. We argue that information asymmetries are just one among several causes of moral hazard and that they entail negative consequences for third parties only accidentally. By contrast, moral hazard also results from government interventionism. And in this case negative consequences are systematic and do result even in the absence of information asymmetries.
Keywords: Moral hazard, political economy, information asymmetries, economic systems, Austrian economics
Classification-JEL: D00, D80, K00, P00
Pages: 35-47
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=544.pdf
File-URL: http://www.vse.cz/polek/544
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:544:p:35-47

Template-Type: ReDIF-Article 1.0
Author-Name: Josef Arlt
Author-Name: Petr Pokorný
Title: Model nepozorovaných komponent a jeho využití při identifikaci společných trendů časových řad
Title: The model of unobservable components and its use for identification of time series common trends
Abstract: The co-integration of time series indicates the presence of their common trends. For analytical purpose it is important to transform some time series into gap form. This transformation can be received as a difference between the time series and the common trends. The model of demand for money in Czech Republic created by real M2, real GDP and 1R PRIBOR time series contains two common trends. These trends are estimated from the state space form of unobservable components model. The gap transformations of real M2 and real GDP series can be used for identification of inflation risks. The relatively high correlation was found between gap form of M2 and rate of inflation. The relationship between gap form of GDP and rate of inflation is not so close.
Keywords: inflation, common trends, model of unobservable components, state-space, gap
Classification-JEL: C32, E31, E41
Pages: 48-55
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=545.pdf
File-URL: http://www.vse.cz/polek/545
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:545:p:48-55

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Nečas
Title: Petrohradský paradox a rovná daň
Title: Petersburg paradox and equal taxation
Abstract: Daniel Bernoulli's explanation of Petersburg paradox is a special case of general Weber-Fechner's law for area of economy. Till now, this law used to be used outside the area of physics only very rarely. From social point of view, more attention should be payed to subjective perception of economic quantities. This leads to more often use of geometrical mean. Considering Weber-Fechner's law, I can receive a non-traditional view on so called equal taxation.
Keywords: Peterburg paradox, equal taxation, perception of quantities, geometrical mean, characteristic value of income, Weber-Fechner?s law
Classification-JEL: C20, E62, H24
Pages: 56-62
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=546.pdf
File-URL: http://www.vse.cz/polek/546
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:546:p:56-62

Template-Type: ReDIF-Article 1.0
Author-Name: Vít Pošta
Title: Manažerské modely firmy
Title: Managerial models of the firm
Abstract: This paper deals with a broad and controversial part of microeconomic theory represented by the theory of the firm. An overview of the main line of criticism of the orthodox (classical) theory of the firm and also of the theories proposed as reactions to one or more aspects of this criticism is given. However, the attention is attached to managerial theories of the firm, which are represented especially by the models of Baumol, Williamson and Marris. In each case the assumptions of the particular theory are stated, followed by graphical and mathematical exposition of its main conclusions. Finally, the paper concludes with a brief discussion of the contributions and setbacks of managerial theories.
Keywords: Classical theory, Scitovsky model, Agency theory, Baumol model, Williamson model, Marris model
Classification-JEL: C50, D0, D21
Pages: 63-86
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/547
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:547:p:63-86

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Fotr
Author-Name: Lenka Švecová
Title: Riziko a nejistota ve strategickém rozhodování
Title: Risk and uncertainty in strategic decision making
Abstract: Importance of risk and uncertainty in present period of dynamic changes grows. The article deals with risk and uncertainty in strategic decision making. First the concepts of risk and uncertainty and possibilities of their measurement are discussed. Further shortcomings of strategic decision making from the point of view risk integration are described. The emphasis is on discussion of decision making methods under risk and uncertainty (including decision tables, scenarios, Monte Carlo simulation, real options, decision trees, multicriteria utility function under risk, theory of games and methods of portfolio development) as supporting tools for strategic decision making. In the last part of the article some recommendations for integration of risk and uncertainty in strategic decision making based on scenario approach are suggested.
Keywords: risk, uncertainty, risk measurement, strategic decision making, scenario planning, decision support
Classification-JEL: C65, D81, G31, L19
Pages: 87-107
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/548
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:548:p:87-107

Template-Type: ReDIF-Article 1.0
Author-Name: Bohumil Král
Title: Manažerské účetnictví: vývoj ve světle změn podnikatelského prostředí a manažerských potřeb
Title: Management accounting: development in the light of changes of undertaking enviroment and managerial needs
Abstract: The Aims of the article are to describe basic tendencies that influence the management accounting development and to show their impact on the changes of the targets, content and structure of the system of company management (with the main stress on its information support). The article also documents that the common general feature of the tendencies is to overcome traditional controversy between the substance of economic categories and the way in which they are depicted in accounting. The article elaborates specific manifestations of dual concept in relation of financial and management accounting, and - by stricter way - it describes recent developmental tendencies, especially stress on its user orientation, its usage as a strategic managerial tool and its effort to short time reaction in the process of information rendering for tactical and operational management.
Keywords: Management Accounting, Cost Accounting, Accounting for Decision-Making, Controlling, Dual Concept, Company Information System
Classification-JEL: G12, M41
Pages: 108-123
Volume: 2006
Issue: 1
Year: 2006
File-URL: http://www.vse.cz/polek/549
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:1:id:549:p:108-123