Template-Type: ReDIF-Article 1.0 Author-Name: Josef C. Brada Author-Name: Martin Mandel Author-Name: Vladimír Tomšík Title: Intertemporální přístup k platební bilanci: vztah míry úspor a míry investic v bohatých, chudých a tranzitivních ekonomikách Title: Intertemporal approach to the balance of payments: relationship between savings and investments in the rich, poor and transition countries Abstract: The paper analyses the intertemporal approach to the balance of payments which is based on the intertemporal approach to the relation between domestic saving and investment. A key element of the presented analysis is whether world capital mobility is high enough to hold a condition that the relation between the domestic saving and investment in a country could vary. The paper contributes to this economic theory by the empirical analysis carried out with a large sample of countries as well as by the analysis of saving and investment distinguishing the set of developed, poor, and transition countries. The paper defines and empirical verifies macroeconomic relationships among saving, investment, the balance of trade and services, and the current account of the balance of payments. The authors define their own hypothesis of the relation among domestic saving, investment, and world capital mobility, which is based on the level of economic development of a country. The results of the analysis are discussed within the context of how to conduct monetary and fiscal policies, as well as within the fundamental equilibrium exchange rate theory. Keywords: investment, transition countries, balance of payments, intertemporal approach, saving, world capital mobility Classification-JEL: E21, E22, F32 Pages: 147-161 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=634.pdf File-URL: http://www.vse.cz/polek/634 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:634:p:147-161 Template-Type: ReDIF-Article 1.0 Author-Name: Vratislav Izák Title: Udržitelnost veřejných financí a dynamická efektivnost Title: Public finance sustainability and dynamic efficiency Abstract: In the last years there has been a growing discrepancy between gross domestic product and gross disposable income (more than a double of government budget deficit in 2006)in favour of non-residents. The difference between the real interest rate and the rate of growth of GDP has been negative in 2000-2006 and is expected to be negative in the near future suggesting that even a small deficit in primary budget balance can stabilize the debt ratio (30 % of GDP). But in a world of uncertainty even in the Czech republic the capital sector is on net a spout and not a sink (the profit rate has been higher than the investment rate in 1995-2008). Hence the czech economy seems to be dynamically efficient and an increase in national saving is necessary. Keywords: fiscal sustainability, dynamic efficiency, czech data Classification-JEL: H5, H6 Pages: 162-181 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=635.pdf File-URL: http://www.vse.cz/polek/635 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:635:p:162-181 Template-Type: ReDIF-Article 1.0 Author-Name: Alena Zemplinerová Author-Name: Patrik Paneš Title: Státní podpora podniků a konkurenceschopnost odvětví Title: Competitiveness and state aid to enterprises Abstract: This paper attempts to contribute to the analysis of links between state aid and competitiveness of manufacturing industries during 1998-2002. Statistical source on subsidies include all subsidies to capital gathered on enterprise level by Czech Statistical Office. The enterprise data have been aggregated by economic activity on 3digit level and competitiveness was defined as adjusted market shares of 3digit industries. Competitiveness on domestic markets is defined as the share of industry output sold on domestic market on the total domestic demand and competitiveness on the European market is defined as the share of industry export to EU market on the total European demand. In the first step we described subsidies to manufacturing industries and we aimed to answer the question what industries get the subsidies. In the second step we identified competitive industries on domestic and foreign markets. In the core part we analyzed links between subsidies and competitiveness of manufacturing industries in both static as well as dynamic perspective based on correlations. Our analysis confirmed that state subsidies are allocated to industries that have a strong position on the domestic markets and that state subsidies are not related to the competitiveness improvement. Keywords: competitiveness, manufacturing industry, Czech Republic, state aid, subsidies Classification-JEL: E62, H20, L52, L60 Pages: 182-195 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=636.pdf File-URL: http://www.vse.cz/polek/636 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:636:p:182-195 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Gregorová Author-Name: Milan Žák Title: Byrokratická bariéra kvality regulace Title: Bureaucratic constraint of the quality of regulation Abstract: The paper analyzes an important part of the institutional quality - regulation and studies relation between the regulatory environment and the bureaucratic barriers. The analysis is based on theoretical models of the comparative institutional economics. In the paper, we discuss possibilities of measurement and evaluation of regulation and bureaucracy. We compare the quality of regulatory environment in the EU-25 countries for which we construct specific index. Given principles of the good regulation we characterize basic determinants of the regulatory environment and we try to evaluate how these principles are fulfilled in countries of the EU-25. Additionally, we aim to evaluate the quality of bureaucracy. Finally, we study how the regulatory environment is related to the bureaucratic barriers. Keywords: regulation, bureaucracy, institutional quality, models of capitalism Classification-JEL: G38, H11, H50 Pages: 196-228 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=637.pdf File-URL: http://www.vse.cz/polek/637 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:637:p:196-228 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Macháček Author-Name: Eva Kolcunová Title: Hirschovo číslo a žebříčky českých ekonomů Title: Hirsch index and rankings of czech economists Abstract: The article contributes to the growing body of literature dealing with the bibliometric evaluation of the Czech economic research. In particular, this article introduces a recently invented measure of both the scientific output and impact - the Hirsch index (h) - into the Czech academic economics. While the theoretical part of the article contains a discussion of the strenghts and weaknesses of the Hirsch approach, the empirical part presents two original top50s of the Czech economists ranked by their individual h´s. The first of our charts comes from the Web of Science´s General Search dataset, and the second one reflects the use of the Web of Science´s Cited Reference Search dataset. Both datasets cover the 1980-2006 period. It appears that the rate of correspondence among the top 25 economists in each chart and the top25 of the celebrated Turnovec´s citation-based ranking (2005) amounts to 60%. In addition, our empirical results reveal that the elite Czech economists attain h´s being 3-10 times lower than the h´s of the foreign academic "superstars". Keywords: international comparison, bibliometric indicators, Hirsch index, Czech economists, rankings Classification-JEL: A11, A14, C19 Pages: 229-241 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=638.pdf File-URL: http://www.vse.cz/polek/638 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:638:p:229-241 Template-Type: ReDIF-Article 1.0 Author-Name: Michal Skořepa Title: Bližší pohled na užitek maximalizovaný ekonomickými subjekty Title: A closer look at utility maximised by economic agents Abstract: The relatively new stream of research on various types of utilities is reviewed and discussed together with some of its implications. The distinction is explained among experienced utility, remembered utility and predicted utility as three candidates for decision utility. Examples of selected empirical findings are given which show discrepancies, first, between past experienced utility and remembered utility and, second, between predicted utility and actual future experienced utility. Some critical reactions to the findings are briefly mentioned as well as implications for the debate on some important moral issues such as paternalism and HIV testing. It is concluded that there may be some methodological doubts about the empirical evidence available so far but even so, the evidence indicates that the tendency of models in economics to work with "the" utility to be maximised may be an overly simplified picture of the actual process of evaluation of outcomes. Keywords: utility, experienced utility, remembered utility, predicted utility, empathy gap, temptation gap Classification-JEL: D100, D460 Pages: 242-256 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=639.pdf File-URL: http://www.vse.cz/polek/639 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:639:p:242-256 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Bolcha Title: O výpočte fiškálneho dopadu investičnej podpory Title: On calculus of fiscal impact of investment incentives Abstract: The paper focuses on selective investment incentives. The main aim is to discuss question how to quantify net fiscal impact properly. As shown, the problem is not trivial - the proper quantification presupposes using of several parameters, accounting of costs in the economic sense of this word (i.e. also opportunity costs) and using concept of present value. Including these aspects in the calculation would correct some extremely optimistic scenarios (of studies concerning Czech economy), which claim, that fiscal incentives yield significantly high net surplus to the state budget. The parameter representing the ability of incentives to attract investors seems to be one of the most important components of the correct calculation. Another important point is a necessity of symmetric accounting: some of the other studies implement two expenditures rounds on the side of fiscal benefits, whereas they neglect the second round on the side of costs. Keywords: investment incentives, state aid, policy costs, fiscal accounting Classification-JEL: E62, F23, O25, O38 Pages: 257-274 Volume: 2008 Issue: 2 Year: 2008 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=640.pdf File-URL: http://www.vse.cz/polek/640 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2008:y:2008:i:2:id:640:p:257-274