Template-Type: ReDIF-Article 1.0
Author-Name: Zbyněk Revenda
Title: Monopoly centrálních bank a emise peněz
Title: Central Bank Monopolies and Money Issuance
Abstract: The article deals with the role of the central banks in advanced market economies and the theoretical possibility of abolishing these institutions. Central banks have monopolies in some areas, especially regarding monetary policy. In many countries, central banks also have monopolies in other areas, for example in the payment and clearing transactions for banks and the state. In the context of the financial crises, there have been calls for the abolition of central banks and the restoration of money fully-backed by gold and issued by different subjects. The main reasoning behind these requests is connected with the accusation that central banks have been the basic culprits in the current crisis, because of their monopoly of the issuing money. This argument fails to recognize that central banks do not have a monopoly in issuing money as the dominant share of the money creation is attached with the process of multiplication of demand deposits by commercial banks. Restoration of the money backed by gold is furthermore completely unrealistic. The article discusses the shortage of gold stock as one of many reasons why gold is not suitable for monetary purposes.
Keywords: monetary policy, central bank, monopoly, banking regulation and supervision, gold, multiplication, money issuance
Classification-JEL: E42, E5, G2
Pages: 579-600
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=699.pdf
File-URL: http://www.vse.cz/polek/699
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:699:p:579-600
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/699

Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Kollár
Author-Name: Luboš Komárek
Title: Možnosti řešení problematických aktiv komerčních bank
Title: Selective Approaches and Experiences with Problematic Assets in Banking Sector
Abstract: This paper analyses various approaches to dealing with problematic assets of the banking sector. These approaches include the establishment of an asset management company, capital injection and sale of the bank, purchase and assumption transactions, liquidation or bridge bank. All these approaches are evaluated with respect to Czech transformation experience and with respect to experience of other foreign countries. The paper concludes that the establishment of Czech Consolidation Agency (Czech Consolidation Bank, respectively) was the least suitable approach to dealing with problematic assets in the Czech banking sector during the period of the transformation. The paper furthermore suggests that other methods, such as the liquidation accompanied with deposit insurance payments, publicly assisted mergers and acquisitions, or finally privately or publicly assisted purchase and assumption transactions should have been used instead. The knowledge of these alternative approaches to weak-bank restructuring is supposed to guarantee that Czech authorities will not step up to establish a similar inefficient asset management company, should banking-sector problems emerge once again.
Keywords: banking, Czech Consolidation Agency, problematic assets
Classification-JEL: G21, G28, H81
Pages: 601-621
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=700.pdf
File-URL: http://www.vse.cz/polek/700
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:700:p:601-621
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/700

Template-Type: ReDIF-Article 1.0
Author-Name: Libor Žídek
Title: Globalizace a světové hospodářství
Title: Globalization and the World Economy
Abstract: The paper deals with the phenomenon of globalization. The author finds globalization highly questionable concept because there is deep disunity about its definition among the authors. In the first part of the paper different concepts of globalization are summed up. According to author´s view there are two main approaches towards globalization - the first considers it as (more or less lasting) integration and the second as a completely new contemporary process. The author regards globalization as a long lasting integration. But he finds that the present integration has a few specifics that are analyzed in the following part of the paper. In the consequent subchapters the author deals with two more topics - the pros and cons of globalization and the durability of the process. The main conclusion of the paper is that globalization is a process that has been allowed by the governments by withdrawing from certain areas and thus releasing creative forces in the world markets. The process can be again (anytime) interrupted by the governments but it would bring serious consequences for the functioning of the world economy.
Keywords: integration, globalization, world economy, international trade
Classification-JEL: F00
Pages: 622-643
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=701.pdf
File-URL: http://www.vse.cz/polek/701
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:701:p:622-643
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/701

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Budinský
Author-Name: Radim Valenčík
Title: Teorie redistribučních systémů
Title: Theory of Redistribution Systems
Abstract: Theory of redistribution systems is an application and at the same time extension of Game Theory. It deals with functioning of institutions, establishments, firms and others social systems, in that pay-offs are redistributed in contrast to achievement of individual players. The redistribution is usually allowed by a coalition, formed inside of redistribution system, that disposes of dominance over the pay-offs´ redistribution. Model of Elementary Redistribution System composes of three players bringing interesting and usable knowledge. The achievements of players are divided in the rate of simple numbers. Redistribution equation describing all possibilities of pay-offs´ redistribution in Elementary Redistribution System and enabling to create and to test a computerized model of Elementary Redistribution System. Based on that, it is possible to model different types of bargaining, kinds of equilibrium - including Pareto optionality and Nash equilibrium - and in connection with it also chaining of simple redistribution systems into the combined ones. Model of Elementary Redistribution System is possible to extend into many branches and use it for description of behaviour of realistic social systems, especially by solving problems concerning the possibility to increase efficiency of its functioning.
Keywords: game theory, bargaining, Nash equilibrium, coalition, pareto optionality, redistribution equation, theory of redistribution systems
Classification-JEL: D01, D33, D74
Pages: 644-659
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=702.pdf
File-URL: http://www.vse.cz/polek/702
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:702:p:644-659
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/702

Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Otáhal
Title: Problém zastoupení v nové institucionální ekonomii
Title: The Agency Problem in New Institutional Economics
Abstract: The aim of the paper is to set the agency problem into a broad context of New Institutional Economics with an emphasis on historical connections. In the first section, I explain the historical evolution of basic theoretical concepts like the theory of firm, the theory of market process and the theory of property rights. The second section is dedicated to the explanation of the general concept of agency problem extended with the problem of asymmetric information leading to adverse selection and the problem of moral hazard, in context of previous historical connections. In the last section, the author provides some suggestions for the further theoretical and empirical research.
Keywords: new institutional economics, asymmetric information, Moral hazard, Agency theory, adverse selection
Classification-JEL: B25, L20, L26, P11, P14
Pages: 677-695
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=704.pdf
File-URL: http://www.vse.cz/polek/704
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:704:p:677-695
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/704

Template-Type: ReDIF-Article 1.0
Author-Name: Luděk Kouba
Title: Návrh klasifikace soudobých sociálně-ekonomických přístupů k teorii růstu
Title: The Proposal of Original Classification of Contemporary Social-Economic Approaches to the Growth Theory
Abstract: The paper works with assumptions, that the conclusions of mainstream approaches to the growth theory are problematical; there are alternative social-economic approaches to the theory of economic growth that offer more plausible explanations of the fundamental economic questions than the traditional views; both social-economic lines of thought and social-economic approaches to the growth theory are not systematized. Considering of these matters, the main aim of this paper is to propose original classification of contemporary social-economic approaches to the growth theory and consecutively to characterize these classified approaches. Two partial streams within the social-economic approaches to the growth theory based on formal conception of institutions (the approach primarily emphasizing the importance of political institutions, the approach primarily emphasizing the importance of economic institutions) have many common features (subjects, methodology, conclusions, exponents) and they together make prevailing stream of the contemporary social-economic growth theory. The growth theory of the new institutional economics based on the North´s path dependency concept is still less profiled. This approach really accepts the conception of institutions of Douglas North.
Keywords: economic growth, path dependency, Classification of growth theory, formal institutions, informal institutions
Classification-JEL: O10, O43, P14
Pages: 696-713
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=705.pdf
File-URL: http://www.vse.cz/polek/705
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:705:p:696-713
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/705

Template-Type: ReDIF-Article 1.0
Author-Name: Jiřina Jílková
Author-Name: Lenka Slavíková
Title: Ekonomie životního prostředí na rozcestí
Title: Economics of the Environmental Protection on the Crossroad
Abstract: Neoclassical environmental economics, ecological economics and free market approaches to environmental protection are currently three main schools of thoughts that are systematically focused on interactions between the society and the environment. They all have strong defenders as well as opponents. Although the environmental economics is still considered as mainstream, the critique from alternative approaches is increasing. The goal of the article is to briefly introduce main thoughts of all three schools and their interactions. The intensity of mutual interactions in the last decade was investigated via the analysis of articles published in high-rated journals.
Keywords: institutions, environmental economics, ecological economics, free market environmentalism, Austrian environmental economics
Classification-JEL: B130, Q570, Q590
Pages: 660-676
Volume: 2009
Issue: 5
Year: 2009
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=703.pdf
File-URL: http://www.vse.cz/polek/703
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:5:id:703:p:660-676
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/703