Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Author-Name: Jan Hanousek Title: Vliv rozdělení českých podniků na ziskovost a produktivitu Title: Effect of the Czech Firms Break-Up on their Profitability and Productivity Abstract: In this article we analyze medium- and long-term effects of firm break-up (and subsequent change in ownership) on its profitability and productivity. We use an extensive data-set of the Czech firms for the period 1996-2005. We employ the propensity score based matching methodology to account for potential endogeneity. Our results show that initial effects of the firm break-up are positive but they vanish in five to seven years after the break-up. Hence, the break-up of large and less efficient companies delivers a positive effect on corporate performance for a period of time. The effect is not permanent, though. Subsequent development in profitability and productivity is likely affected by ownership structure, corporate governance and other micro-level factors. Keywords: privatization, corporate performance, endogeneity, break-up of firms, ownership changes, emerging markets, propensity score matching procedure Classification-JEL: D23, G32, G34, L20, M21, P47 Pages: 579-598 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=809.pdf File-URL: http://www.vse.cz/polek/809 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:809:p:579-598 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/809 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Sixta Author-Name: Kristýna Vltavská Author-Name: Jaroslav Zbranek Title: Souhrnná produktivita faktorů založená na službách práce a kapitálu Title: Total Factor Productivity Measurement Based on Labour and Capital Services Abstract: The article focuses on new possible approaches of total factor productivity measurement. The standard computation takes into account the number of hours worked as the labour input and net or gross fixed capital stock as the capital input. This article improves the computation by using labour services as the labour input (it is necessary to take into account the skills and efforts of the workers) and capital services as the capital input. Substitution of capital stocks by capital services means that only flow indicators are used for TFP measurement. This issue became more popular in recent time in line with the revision of the manual for national accounts - SNA 2008. This paper concentrates on the development of the Czech economy between the years 2002 and 2008. Keywords: total factor productivity, capital services, labour services Classification-JEL: C10, E22, E23 Pages: 599-617 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=810.pdf File-URL: http://www.vse.cz/polek/810 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:810:p:599-617 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/810 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Čadil Author-Name: Tomáš Pavelka Author-Name: Eva Kaňková Author-Name: Jan Vorlíček Title: Odhad nákladů nezaměstnanosti z pohledu veřejných rozpočtů Title: Unemployment Cost Estimate from Public Budgets Perspective Abstract: Unemployment is undoubtedly phenomenon with serious social-economic impact on individuals and society as a whole. It is however also affecting public budgets lowering their incomes and increasing their costs. In accordance to recent economic crisis and continuous indebting of state budgets unemployment has become an interesting issue from the public deficit point of view. This paper estimates public budgets costs of unemployment in the Czech Republic in 2009. However the proposed methodology is generally applicable. We calculate not only direct cost which consist of tax reduction and unemployment benefits but also indirect cost resulting from decreased consumption (and production) of newly unemployed individual. Our method is based on construction of median unemployed, who represents a typical unemployed with median wage, age, education and length of unemployment. Indirect effects of unemployment are calculated with modified Okun's law estimate. Keywords: unemployment, median unemployed, public deficit, cost of unemployment, okun´s law Classification-JEL: J65, J68 Pages: 618-637 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=811.pdf File-URL: http://www.vse.cz/polek/811 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:811:p:618-637 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/811 Template-Type: ReDIF-Article 1.0 Author-Name: Igor Kotlán Author-Name: Zuzana Machová Author-Name: Lenka Janíčková Title: Vliv zdanění na dlouhodobý ekonomický růst Title: Taxation Influence on the Economic Growth Abstract: The aim of the paper is a verification of particular channels that taxation can influence economic growth by. It concerns an influence by capital accumulation and investments, technological development and human capital accumulation. The effects of total tax burden as well as of particular taxes are analyzed. Tax burden is approximated by tax quota and, in certain cases, by implicit tax rate. There is a method of Panel Data Estimation used, especially in the case of OECD countries sample, and all the common econometric tests are performed. The recommendations for economic policy makers are formulated on the basis of the analysis. Above all, they include the suggestion of overall tax quota reduction, especially the reduction of excise taxes and social security contributions. Concerning new member countries of European Union, there is a recommendation of further elimination of tax burden of corporations. Keywords: economic growth, taxation, tax quota, implicit tax rates, panel data estimation Classification-JEL: C50, H20, K10, K31 Pages: 638-658 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=812.pdf File-URL: http://www.vse.cz/polek/812 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:812:p:638-658 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/812 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Holá Author-Name: Petr Jakubík Title: Evropské systémy pojištění vkladů: důsledky změn z roku 2008 Title: Impact of Parametric Changes in Deposit Insurance Schemes in 2008 Abstract: This study examines the question whether uncoordinated steps of some EU states changing their deposit insurance schemes in the middle of 2008 could have led to shift of deposits among EU countries. The paper deals with changes of the rules which were introduced at the end of year 2008, and concerns with the amended Directive on Deposit Guarantee Schemes. Empirical analysis concentrates on the impact of state guarantees on the deposit grow rate in individual states. In the final part, we discuss the consequences of recent development. Keywords: financial crisis, European Union, Moral hazard, Deposit Insurance, coverage limit, state guarantee Classification-JEL: G01, G21, G38 Pages: 659-679 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=813.pdf File-URL: http://www.vse.cz/polek/813 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:813:p:659-679 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/813 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Korda Title: Monetární nerovnováha v teorii endogenních peněz Title: Monetary Disequilibrium in the Theory of Endogenous Money Abstract: The article deals with monetary disequilibrium in the theory of endogenous money. In new consensus economics, monetary disequilibrium is not considered whereas money is endogenous and passive. In post-Keynesian economics, there is an explicit discussion about reconciliation of money demand and supply. Based on careful distinction between money and credit markets, it is argued that monetary disequilibrium can occur even when money is endogenous and therefore money is endogenous and active. This is because of insufficiency of reflux mechanism. The article suggests ways in which new consensus should be supplemented to incorporate this issue. This is also important for monetary policy otherwise a part of transmission mechanism is left out. Keywords: Post-Keynesian economics, endogenous money, monetary disequilibrium, new consensus economics, reflux mechanism Classification-JEL: E31, E41, E51, E52 Pages: 680-705 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=814.pdf File-URL: http://www.vse.cz/polek/814 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:814:p:680-705 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/814 Template-Type: ReDIF-Article 1.0 Author-Name: Miloslav Synek Title: Komplexní pohled na hodnocení investičních projektů Title: A Complex Look at the Capital Projects Rating Pages: 707-710 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=815.pdf File-URL: http://www.vse.cz/polek/815 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:815:p:707-710 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/815 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Kotlánová Author-Name: Milan Žák Title: O lobbingu - jen dobře? Title: On Lobbyism - Good News Only? Pages: 710-714 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=816.pdf File-URL: http://www.vse.cz/polek/816 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:816:p:710-714 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/816 Template-Type: ReDIF-Article 1.0 Author-Name: František Ochrana Title: Nový pohled na teorii veřejných statků Title: New Look at the Public Good Theory Pages: 715-719 Volume: 2011 Issue: 5 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=817.pdf File-URL: http://www.vse.cz/polek/817 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:5:id:817:p:715-719 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/817