Template-Type: ReDIF-Article 1.0 Author-Name: Vratislav Izák Title: Vliv vládních výdajů a daní na ekonomický růst (empirická analýza) Title: Government Expenditures and Taxes Influence on the Economic Growth (Empirical Analysis) Abstract: Starting from endogenous growth models we test the impacts of both taxes (distortionary and non-distortionary) and expenditures (taking into account economic and functional classification of general government expenditure) using the government constraint. We do not neglect the implicit financing assumptions built into the specification of regression utilising both control and fiscal variables. Static and dynamic panel analysis (fixed effects model) of the 25 EU countries covers the period 1995-2008 for the majority of observations. Forward looking moving averages of the growth rate of GDP (2-5 years) are the dependent variable. We find that productive government expenditure supports growth, whilst non-productive expenditure, especially social protection (COFOG) or social payments (Ameco) does not. Distortionary and indirect taxes reduce economic growth. Keywords: economic growth, ESA 95, government budget constraint, fixed effects model, productive expenditure, COFOG Classification-JEL: E6, H5 Pages: 147-163 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=778.pdf File-URL: http://www.vse.cz/polek/778 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:778:p:147-163 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/778 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Komárek Author-Name: Ivana Kubicová Title: Možnosti identifikace bublin cen aktiv v české ekonomice Title: Methods of Identification Asset Price Bubbles In the Czech Economy Abstract: The article discusses the approaches and options for identification of disequilibrium asset prices movements. It focuses mainly on theoretical and empirical methods for identifying the so-called "bubbles" in asset prices. Subsequently, the dissimilarity among foreign exchange, stock and real estate markets in the Czech Republic is discussed, and application of selected methods (ratios, statistical and econometric methods) for identification of bubbles on these markets is shown. Its main advantage is that we analyze the problem not only from the perspective of one market, but on the main segments of financial sector. Paper concludes that the misalignment of asset prices during current financial crisis was not significantly different from their values from the second part of nineties. Keywords: asset prices, misalignment, asset bubbles, equilibrium value Classification-JEL: D5, G12, G14 Pages: 164-183 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=779.pdf File-URL: http://www.vse.cz/polek/779 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:779:p:164-183 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/779 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Trešl Title: Srovnání vybraných metod predikce změn trendu indexu PX Title: Selected Methods of the Prediction of PX Index Trend Reversal Abstract: The paper is concerned with the use of several methods that can be useful from the point of view of trend reversal in financial time series. These methods are demonstrated on PX index time series during 2002-2009. The research itself is subdivided into four parts corresponding to individual analytical methods used. The first group contains the use of moving EGARCH(1,1) model to daily relative returns of PX index. The results obtained are indicative of the importance of negative parameter values, which can be considered as precursors of the trend reversal. The second group contains different moving characteristics that are able to signalize regime changes in certain time intervals. Particularly, the information related to intraday price variations proved to be useful. Third, selected price indicators from technical analysis were employed. Among them, Simple Moving Averages, Bollinger Bands, Relative Strength Index and Stochastic led to acceptable predictions. Last, the predictive ability of Artificial Neural Networks was tested with respect to different network structure and number of delayed values of explanatory variable. The results obtained here are promising, but further research in this direction is necessary. Keywords: financial time series, trend reversal, technical analysis, artificial neural networks Classification-JEL: C22, C45, C53 Pages: 184-204 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=780.pdf File-URL: http://www.vse.cz/polek/780 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:780:p:184-204 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/780 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Vlachý Title: Obchodování s deriváty a pokoutní bankéři - ohlédnutí za finančním trhem v meziválečném Československu Title: Derivatives and Bucketshops: A Forgotten History of Czech Financial Markets between the World Wars Abstract: Building upon exhaustive research of extant and often fragmentary contemporary resources, this paper provides a thorough analysis of financial options trading and sales in interwar Czechoslovakia. Whilst focusing primarily on a remarkable bucketshop episode occuring in the late twenties and early thirties, it also comprises the so far most comprehensive study on the historical development and practices of derivatives trading on the Prague Exchange including the eminent role of private banking firms. A distinct intertemporal and international perspective facilitates the establishment of numerous parallels and patterns, strikingly instructive in times of crises. Keywords: financial crisis, economic history, Prague exchange, options trading, financial crime, bucketshops Classification-JEL: G01, G10, G24, K42, N24 Pages: 205-233 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=781.pdf File-URL: http://www.vse.cz/polek/781 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:781:p:205-233 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/781 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Potužáková Author-Name: Stanislava Mildeová Title: Systémový přístup ke konceptu flexicurity Title: Systems Approach to Concept of Flexicurity Abstract: The growing complexity of problems solved in today´s European labor market forces us to change our views of the system; and requires the application of modern approaches, including systems theories. The main purpose of the paper is to analyze the flexicurity in a systematic manner. With a focus on systems approach to solving these problems (e.g. unemployment and long-term unemployment), we try to form a new framework for thinking about the European labor market. The further purpose of the paper is to confirm, or refuse, the hypothesis related to the intersection of an employment protection and a long-term unemployment. With the aid of causal loops it is possible to analyze the European labor market as a complex feed-back system. The outputs of the paper should be a contribution to the concept of the flexicurity which had been implemented into the more complex Lisbon Strategy, and for the support of systems thinking about the European labor market. Keywords: flexicurity, EU labour markets, systems approach, employment protection, feed-back loop Classification-JEL: C00, E20, E24 Pages: 224-241 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=782.pdf File-URL: http://www.vse.cz/polek/782 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:782:p:224-241 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/782 Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Odehnal Author-Name: Jaroslav Michálek Title: Empirická analýza regionálního podnikatelského prostředí vybraných zemí EU Title: An Empirical Analysis of the Business Environment of Selected European Union Regions Abstract: The article is focused on the application of multivariety classification techniques for assessing the business environment of selected European Union regions. The theoretical part deals with the issue of identifying the factors, which boost the attractiveness of regions for possible investors. In accordance with a character of used data the authors have chosen the factor analysis and the cluster analysis for the classification process. As an input for the practical analysis such data sets have been selected which describe regional business environment in the EU. The initial number of chosen regions had to be reduced because of the missing data. The ZET algorithm has been applied to complete the mising values in the remaining number of regions. The following four indicators of business environment were created on the basis of factor analysis: the indicator of quality of labour forces and innovations, the indicator of labour market, the indicator of economic activity and the indicator of demographic development. Empirical classifications were explored on two different linkages by means of created factors. Individual clusters were compared by average values of factor scores. The results of comparison were discussed. Keywords: competitiveness, regions, business environment, regional disparities, cluster analysis, factor analysis Classification-JEL: O18, R11 Pages: 242-262 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=783.pdf File-URL: http://www.vse.cz/polek/783 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:783:p:242-262 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/783 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klaus Title: Gary Becker pražskýma očima Title: Gary Becker in the Prague View Pages: 263-266 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=784.pdf File-URL: http://www.vse.cz/polek/784 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:784:p:263-266 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Hlaváček Title: Ekonomické kritérium v neziskovém prostředí Title: Economic Criteria in the Nonprofit Environment Pages: 267-276 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=785.pdf File-URL: http://www.vse.cz/polek/785 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:785:p:267-276 Template-Type: ReDIF-Article 1.0 Author-Name: Renáta Madzinová Author-Name: Milan Žák Title: Nezbožňujme zlato! Title: Do Not Worship the Gold! Pages: 277-280 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=786.pdf File-URL: http://www.vse.cz/polek/786 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:786:p:277-280 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/786 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Stuchlíková Title: Finanční krize - ideologie převládá nad argumenty Title: Financial Crisis: Ideology Prevails over the Arguments Pages: 281-283 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=787.pdf File-URL: http://www.vse.cz/polek/787 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:787:p:281-283 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/787 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Janíčko Author-Name: Pavel Janíčko Title: Od Washingtonského konsensu ke krizi Title: From the Washington Consensus to the Crisis Pages: 284-287 Volume: 2011 Issue: 2 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=788.pdf File-URL: http://www.vse.cz/polek/788 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:2:id:788:p:284-287 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/788