Template-Type: ReDIF-Article 1.0
Author-Name: Karel Brůna
Title: Měnová politika, změny trendové inflace a nestabilita úrokových relací: analýza dynamiky dlouhodobých úrokových sazeb v kontextu změn repo sazby české národní banky
Title: Monetary policy, trend inflation changes and volatility of interest rates relations: an analysis of long-term interest rate dynamics in the context of changes in czech national bank repo rate
Abstract: The paper deals with theoretical and empirical aspects of the interactions between monetary policy and swap rates in the Czech Republic in 1999 through to 2005. In the theoretical part main sources of volatility of swap and forward rates on changes of repo rate are studied (actual stage of business cycle and changing level of monetary restriction, investor's misunderstanding of future main policy rate dynamics or inconsistency between expected monetary policy outcomes and actual dynamics of real level of repo rate). The empirical analysis proved low sensitivity of Czech crowns swap and forward rates to CNB repo rate changes, high volatility of interest rates relations in case of long-lasting repo rate changes and also problems with CNB's credibility at the beginning of 2000's. It was also found out that investor's mid-term and long-term inflation expectation could differ substantially due to expected convergence of economy to low inflation economic system.
Keywords: monetary policy, inflation, interest rates, swap rates, forward rates
Classification-JEL: E43, E44, G12
Pages: 3-22
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=587.pdf
File-URL: http://www.vse.cz/polek/587
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:587:p:3-22

Template-Type: ReDIF-Article 1.0
Author-Name: Ctirad Slavík
Title: Reálná konvergence České republiky k Evropské unii v porovnání s ostatními novými členskými zeměmi
Title: Real convergence of the Czech republic to the EU in comparison with the other new member countries
Abstract: The paper analyzes the process of real convergence of the Czech Republic and the other new EU member countries towards the old EU. The new member countries were Beta - converging towards the EU in the period 1992 - 2004. The speed of convergence was 1.77% which is a number comparable to the speed of convergence among the states of the USA. The Czech Republic has been growing more slowly than what would correspond to its level of real GDP per capita. This trend seems to have been overcome by faster growth in the last two years. Still, even in the optimistic scenario, it will take more than 30 years for the Czech Republic to reach the EU-15 average, which is more than for most of the other new member countries, in particular the dynamically growing Baltic countries.
Keywords: real convergence, Beta - convergence vs. Sigma - convergence, comparative analysis of convergence, convergence forecasts
Classification-JEL: O11, O52, O57
Pages: 23-40
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=588.pdf
File-URL: http://www.vse.cz/polek/588
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:588:p:23-40

Template-Type: ReDIF-Article 1.0
Author-Name: Obadi Saleh Mothana
Title: Regionálna integrácia a intra-regionálny obchod: komparatívna analýza
Title: Regional integration and intra-regional trade: a comparative analysis
Abstract: This paper deals with regional integration in general and examines the intra-regional trade of selected regional groups and trade blocks as a comparative analysis. We pay particular attention to the periods after the founding of regional integration ( NAFTA and MERCOSUR) and after the signing of the AFTA (regards ASEAN) as well as the crucial years prior to and following the Asian crisis and since 1990 to 2003 for EU as a result of processes of trade liberalization in the mentioned regional groups. Using the statistical analysis, we found that the ratio of intra-EU trade has decreased from 66 per cent in 1993 to 60 per cent in 2003. In terms of the ratio of intra-NAFTA trade, this has signed increasingly trend during the period 1994-2003 and reached about 7 per cent growth. Similar trend has signed the ratio of intra-ASEAN trade, which increased more speed than the whole ASEAN trade, particularly after the signing of AFTA. Different trend was noticed on intra-MERCOSUR trade, which registered an increase up to 1998 and then it was sharply reversed.
Keywords: NAFTA, intra-regional Trade, Economic Integration, EU, ASEAN, MERCOSUR
Classification-JEL: F14, F15
Pages: 41-59
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=589.pdf
File-URL: http://www.vse.cz/polek/589
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:589:p:41-59

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Dlouhý
Author-Name: Josef Jablonský
Author-Name: Ivana Novosádová
Title: Využití analýzy obalu dat pro hodnocení efektivnosti českých nemocnic
Title: Use of data envelopment analysis for efficiency evaluation of czech hospitals
Abstract: Efficiency of hospitals belongs among frequently discussed topics of public policy. This paper deals with a nonparametric model for efficiency evaluation of hospitals - data envelopment analysis (DEA). DEA evaluates efficiency of production units with the help of mathematical programming. DEA specifies the production frontier as the most pessimistic piecewise linear envelopment of the data. In case that a hospital is inefficient DEA determines the sources of inefficiency and defines corresponding target values. In this study, authors analyze the sample of 22 Czech acute-care hospitals with the constant-returns-to-scale model (the CCR model) and the variable-returns-to-scale model (the BCC model). The data comes from regional yearbooks of the Institute of Health Information and Statistics of the Czech Republic (ÚZIS ČR). A fundamental problem of evaluation in health care is a definition of inputs and outputs, especially a measurement of case-mix of patients. Interpretation of the results is described on one selected hospital (Hospital of Prachatice). One hospital was identified as efficient by the CCR model and six hospitals were efficient according to the BCC model.
Keywords: efficiency, data envelopment analysis, health services, hospitals
Classification-JEL: C10, D24, I10
Pages: 60-71
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=590.pdf
File-URL: http://www.vse.cz/polek/590
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:590:p:60-71

Template-Type: ReDIF-Article 1.0
Author-Name: Michal Bauer
Author-Name: Julie Chytilová
Title: Opomíjená heterogenita lidí aneb proč Afrika dlouhodobě neroste
Title: On omitted heterogeneity and lack of growth in sub-saharan Africa
Abstract: There is hardly any bigger economic tragedy than poor economic development of sub-Saharan Africa. The persistent character of its slow growth or even decline is not possible to explain when using standard growth theories and cross-coutry data. We have suggested a classification framework for existing theories and it allowed us to show that all these approaches (despite their broadness and different policy implications) assume that people's preferences everywhere in the world can be embodied in Homo oeconomicus concept. Growth incompatible behavior is then explained by unfavorable environment being it geography, colonial legacy or bad policy environment.  Our aim is to highlight that current concepts omit the possible heterogeneity of people resulting from very poor education level, cultural differences and health conditions. In our view, explanation of African specific behavioral patterns can contribute to deeper understanding, why there is lack of investments and lack of specialization; and why economic growth has been largely missing in sub-Saharan Africa.
Keywords: economic growth, poverty trap, sub-Saharan Africa, governance, behavioral patterns
Classification-JEL: I32, O11, O55
Pages: 72-90
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=591.pdf
File-URL: http://www.vse.cz/polek/591
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:591:p:72-90

Template-Type: ReDIF-Article 1.0
Author-Name: Marek Loužek
Title: Max Weber ekonom
Title: Max Weber - an economist
Abstract: The article presents Max Weber as an economist. Weber's relation to economics is discussed. His inaugural speech in Freiburg "National State and Economic Policy" (1895), "Lectures on General (Theoretical) Economics" (1898), writings about stock exchange (1893-1898) as well as his article "Marginal Utility Theory and Psycho-physic Law" (1908) show that economics had been always especially close to him. The methodological paper "Roscher and Knies. The logical problems of historical economics" is mentioned as well.
Keywords: German Historical School, methodology of economics, marginal utility theory
Classification-JEL: A12, B15
Pages: 91-105
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=592.pdf
File-URL: http://www.vse.cz/polek/592
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:592:p:91-105

Template-Type: ReDIF-Article 1.0
Author-Name: Michal Skořepa
Title: Zpochybnění deskriptivnosti teorie očekávaného užitku
Title: Doubts about the descriptive validity of the expected utility theory
Abstract: This paper summarizes the major events in the recent history of modelling human decisions under risk. After presenting the basics of expected utility theory, the key pieces of evidence are described which showed that under certain circumstances, this theory is not descriptively valid. The most promising alternative, cumulative prospect theory, is then presented in some detail, including a brief discussion of how it avoids violations of stochastic dominance and how it explains the above evidence. It is pointed out that there are other empirical observations which cannot be explained by cumulative prospect theory either, so that a model which would explain all evidence on decisions under risk is still to be found.
Keywords: expected utility theory, cumulative prospect theory, decision making under risk, economic experiments, weighting function, value function, rank-dependent decision making, reference-dependent decision making
Classification-JEL: B590, D120, D810
Pages: 106-120
Volume: 2007
Issue: 1
Year: 2007
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=593.pdf
File-URL: http://www.vse.cz/polek/593
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:1:id:593:p:106-120