Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Author-Name: Vladimír Zelenka Title: Ztráta centrální banky - účetní a ekonomický pohled na příkladě České národní banky Title: Central bank Losses. An Economic and Accounting Perspective Using the Example of the Czech National Bank Abstract: The first question that we ask ourselves in our article is whether the accounting of the central bank is supposed to respect the principles of internationally accepted standards (especially the International Financial Reporting Standards). We are looking for the basic differences in understanding of terms such as (il)liquidity and (in)solvency on the level of central and commercial banking. We analyze the economic reasons for origination of the long foreign exchange position of the ČNB which, under the circumstances of trend appreciation of the exchange rate of the Czech crown, is leading to a cumulative loss. We are discussing whether the current level of foreign exchange reserves of the ČNB is excessive or adequate. Special attention is paid to the monetary and financial impact of the loss of the central bank. We are pointing out that losing the central bank means profit for market subjects at the same time. It is not just a "fictitious" accounting problem and it can have its factual impact on the national economy. At the end we are summarizing and assessing the individual opinions regarding the loss of the ČNB. Keywords: monetary policy, foreign exchange reserves, central banking, financial statements Classification-JEL: E40, E50, E52 Pages: 723-739 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=706.pdf File-URL: http://www.vse.cz/polek/706 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:706:p:723-739 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/706 Template-Type: ReDIF-Article 1.0 Author-Name: Hájek Mojmír Author-Name: Jiří Mihola Title: Analýza vlivu souhrnné produktivity faktorů na ekonomický růst České republiky Title: Analysis of Total Factor Productivity Contribution to Economic Growth of the Czech Republic Abstract: Total factor productivity is defined as a relation of product to total factor inputs. Its growth is result of qualitative changes, i.e. intensive factors of growth. For measurement of total factor inputs is used production function with two factors, labor and capital (extensive factors). The paper shows the possibility of direct measurement of total factor productivity. Further, there are derived dynamic parameters which measure the share of intensive and extensive factors in economic growth. They also include the case of fall of product and counter (opposite) changes of growth factors. Average annual growth of real GDP of the Czech Republic between periods 1995-2000 and 2001-2007 accelerated from 1.5 % to 4.5 %. Total factor productivity increased from 1.1% to 3.5 % and was the main factor of this acceleration. Dynamic parameter of intensity in the period of slower growth 1995-2000 shows, that the share of intensive factors was 74 %, while in the period of stronger growth 2001-2007 was 78 % (parameter of extensity was 26 % and 22 % respectively). Keywords: total factor productivity, sources of economic growth, growth accounting, extensive and intensive factors of growth, dynamic parameters of extensity and intensity of economic growth Classification-JEL: O47 Pages: 740-753 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=707.pdf File-URL: http://www.vse.cz/polek/707 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:707:p:740-753 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/707 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Hájek Author-Name: Michal Střižík Author-Name: Pavel Praks Author-Name: Petr Kadeřábek Title: Možnosti využití přístupu latentní sémantiky při předpovídání finančních krizí Title: Possibilities of Financial Crises Forecasting with Latent Semantic Indexing Abstract: Our study contains application of Latent Semantic Indexing on financial crises prediction. Hypothesis to test was that equity markets are able to predict even sharp changes in monetary policy during a quarter ahead of such a change (which was searched during two quarters that followed). This hypothesis, tested on sample of 36 countries between years 1985 and 2007, has been confirmed according to interest rate and foreign exchange expert interpretation. The studied application of LSI even though it timed several crises on their exact start day is not suitable for financial crises prediction but can be recommended for specification and analysis of fragile countries which are or could be prone to a crisis. Keywords: information retrieval, multidimensional data, dimension reduction, linear algebra, Latent Semantic Indexing (LSI), Singular Value Decomposition (SVD), financial crises, stock market Classification-JEL: C61, E44, E47 Pages: 754-768 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=708.pdf File-URL: http://www.vse.cz/polek/708 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:708:p:754-768 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/708 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Kraftová Author-Name: Jiří Kraft Title: Povzbudivý růst ekonomiky regionů: cílená regulace versus tržní autoregulace? Title: The Sustainable Growth of Regional Economies: Targeted Regulation vs. Market Auto-Regulation Abstract: New approaches are being searched for to assess regional policy in connection with the specification of a new paradigm of regional development. The article pays attention to the assurance of a sustainable growth rate of economies in Czech regions. The methodological base of the solution is a thesis on the analogy between enterprises and regions as relatively open socio-economic systems with a function of the welfare maximisation. The data from 2002-2006 are analysed. The oscillation around the value "1" occurs with inter-annually in 10 regions from 14; the inter-annual oscillation is corrupted in 3 cases, when the trend continues in sequence, even though with other intensity. On the one hand, it is necessary consider all factors influencing regional policy tools; on the other hand it is also necessary to correctly consider the self-regulating elements effecting regions. Keywords: gross domestic product, region, sustainable growth rate, formation of fixed tangible capital, regional policy, market regulation Classification-JEL: O11, R11, R13, R58 Pages: 769-791 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=709.pdf File-URL: http://www.vse.cz/polek/709 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:709:p:769-791 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/709 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Dlouhý Title: Ekonomie péče o dušení zdraví v České republice Title: Economics of Mental Health Care in the Czech Republic Abstract: Mental health has an economic impact on both individuals and societies. There is lack of information on total cost of mental illness in the Czech Republic, especially on social services financed by municipalities and private resources. In the health sector, the share of mental health expenditures is estimated to be 3-4 % of total health expenditures. In the social security system, mental illness is responsible for 3.3 % of total sick-days, 14.2 % of full disability pensions and 9.5 % of partial disability pensions. The estimated mental health expenditures amount 15 362 millions CZK in the health sector and from the social security in 2006, which makes 0.48 % of gross domestic product. If the level of expenditures on mental health is interpreted as an indicator of the society´s commitment to mental health, then mental health has a relatively low priority in the Czech Republic. Keywords: public finance, economics of health care, mental health, health care Classification-JEL: H51, I18 Pages: 792-800 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=710.pdf File-URL: http://www.vse.cz/polek/710 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:710:p:792-800 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/710 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Fotr Author-Name: Eva Kislingerová Title: Integrace rizika a nejistoty do investičního rozhodování a oceňování Title: The Risk and Uncertainty Integration into the Investment Decision and Evaluation Abstract: The qualitative changes in surroundings for companies operation are calling for necessity of assertion new tools and method, which will help to increase the quality of decision making and firm evaluation. To these tools belong scenarios and Monte Carlo simulation. The aim of the article is to describe these tools, their common features and differences, advantages and disadvantages. Further results and benefits of application of Monte Carlo simulation in risk analysis of investment project from economic practise are demonstrated. Keywords: investment, Monte Carlo simulation, flexibility, risk, uncertainty, valuation, real options, risk analysis, scenarios Classification-JEL: D24, D46, G30 Pages: 801-826 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=711.pdf File-URL: http://www.vse.cz/polek/711 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:711:p:801-826 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/711 Template-Type: ReDIF-Article 1.0 Author-Name: Iva Honová Title: Půda z pohledu dějin ekonomických teorií Title: Land in the History of Economic Thought Abstract: The paper presents the evolution of the role of land in the economic thought. Land is a rare space for location of producing activities, living and others. The article points out main ideas and approaches from the very beginning of economic literature till nowadays, having used many citations of the authors. The main concern in the article is given to the land rent. The terms of differential rent, monopoly rent or bid rent and bid price curves are explained. Models of monocentric city by Thünen and Alonso are described in details. Keywords: political economy, economic history, land, land rent, differential rent, bid rent, bid price Classification-JEL: B1, B2, B3 Pages: 827-841 Volume: 2009 Issue: 6 Year: 2009 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=712.pdf File-URL: http://www.vse.cz/polek/712 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2009:y:2009:i:6:id:712:p:827-841 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/712