Template-Type: ReDIF-Article 1.0 Author-Name: Rudolf Sivák Author-Name: Pavol Ochotnický Author-Name: Andrea Čambalová Title: Fiškálna udržateľnosť penzijných systémov Title: Fiscal Sustainability of Pension Systems Abstract: Aging population and fiscal costs of the pension system is a burden for the sustainability of public finance. Therefore, many countries have been forced to reform their pension systems. One of the many ways of doing this is to switch from the convention pay-as-you-go system to capital funding. This paper explores the present Slovakia's Pension system and its impact on public finance from the long-term perspective. This article points out that the authorities have to be committed to bringing public finance to a sustainable path. In this regard, a financial consolidation of the pension system would be needed. Therefore, the paper suggests some alternatives of the mixed pension system. Keywords: PAYG, pension reform, aging, dependency ratios, PAYG balance, cumulative debt, funded Classification-JEL: E63, G23, H55, J32 Pages: 723-742 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=818.pdf File-URL: http://www.vse.cz/polek/818 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:818:p:723-742 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/818 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Kovanda Title: Ekonomie budoucnosti: čtyři možné scénáře Title: The Future of Economics: Four Possible Scenarios Abstract: Already during the financial crisis from 2007 through 2009, a growing number of scholars, laymen or media outlets blamed economics as such, at least partially, for the turmoil and subsequent economic malaise. Therefore, the debate concerning future long-term development of economics - or, more precisely, prevailing economic theory - has been intensifying. The following text outlines four possible scenarios - synthetic, evolutionary, reactionary, and revolutionary - of such a development. Each scenario is connected with a methodologist of economics or a methodologist of science, who represent it, for it is right the domain of methodology or/and philosophy of science wherein it is necessary to look for an ideological background belonging to different research traditions in economics as well as for an understanding of determining stances and worldviews of the traditions' proponents. Keywords: methodology of economics, heterodoxy, orthodoxy, mainstream, modernism, postmodernism, future of economics Classification-JEL: B29, B30, B41, B50 Pages: 743-758 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=819.pdf File-URL: http://www.vse.cz/polek/819 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:819:p:743-758 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/819 Template-Type: ReDIF-Article 1.0 Author-Name: Kateřina Duspivová Title: Role zahraničního vlastnictví z hlediska tvorby pracovních míst a fluktuace zaměstnanců Title: The Role of the Foreign Ownership in Job and Employee Flows Abstract: In the global world, the special focus of the paper is on the potential effects of foreign ownership on job and employee flows during the recent economic crisis. The initial hypothesis is that the foreignowned economic subjects may be more often subject to the excessive negative effect caused by the economic downturn compared with those of domestic ownership. Keeping this in mind, we quantify the extended set of employment indicators concerning job creation and job destruction as well as hires and separations according to the ownership of the economic subjects running their businesses in the Czech Republic in the period 2007-2010 and discuss which economic subjects have suffered the consequences of the current crisis. The results show that job destruction varied more than job creation which corresponds to cyclical asymmetry investigated by previous studies. Keywords: job creation, employment, business cycle, job destruction, employee flows, foreign ownership Classification-JEL: E24, F23, J63 Pages: 759-774 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=820.pdf File-URL: http://www.vse.cz/polek/820 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:820:p:759-774 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/820 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Wagner Title: Měření výkonnosti - vývojové tendence 2. poloviny 20. století Title: Performance Measurement - Developing Tendencies of the Second Half of the 20th Century Abstract: The paper focuses on core tendencies in performance measurement issues in the period 1950-2010. Based on analysis of archival sources and respecting the change in business environment the paper provides confrontation of particular approaches to performance measurement with the aim to discuss their innovation value and relevancy for business performance management as well as decision-making process of investors. Keywords: performance measurement systems, history of performance measurement, performance measures harmonization in financial reporting, managerial accounting Classification-JEL: L25, M41 Pages: 775-793 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=821.pdf File-URL: http://www.vse.cz/polek/821 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:821:p:775-793 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/821 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Viturka Title: Integrační teorie udržitelného regionálního rozvoje - představení a aplikace Title: Integration Theory of Sustainable Regional Development - Presentation and Application Abstract: The article presents information about the new integration theory of sustainable regional development. It is an empirically verified theory; its main components are the business environment quality (BEQ), the innovation potential of companies (IPC), and the use of human resources (UHR). Its foundations can be expressed as follows: an improvement of regional quality of business environment stimulates the development of entrepreneurial activities with positive impacts on employment rate and creation of innovations; thus generated synergic effects reinforce the territorial integration of economy and regional competitiveness, which form the basic prerequisites for sustainable regional development. The objective validity of the theory has been confirmed mainly based on hypotheses that BEQ values have strong links to GDP level and further and correspond with the population of regions as the essential measure of their significance. Application of theory allowed formulating a regional development strategy of the Czech Republic. Keywords: integration, business environment, human resources, innovative potential, regional development Classification-JEL: O18, R10, R12 Pages: 794-809 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=822.pdf File-URL: http://www.vse.cz/polek/822 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:822:p:794-809 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/822 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Kukal Author-Name: Tran Van Quang Title: Modelování měnově politické úrokové míry ČNB neuronovými sítěmi Title: Modeling the CNB's Monetary Policy Interest Rate by Artificial Neural Networks Abstract: Knowledgeability about interest rates set by a central bank is very important for all participants in an economy. In this paper we have used publicly available data to model how Czech National Bank manipulates its 2W repo rate when conducts its monetary policy. For this purpose, eight indicators are chosen. They are the Consumer Price Index (CPI), GDP growth rate (HDP), the monthly exchange rate EURCZK (KURZ), the monthly growth rate of monetary aggregate M2 (M2), the monthly unemployment rate (NEZAM), the monetary policy interest rate of the European Central Bank (EBC), the two-week Prague Interbank Interest rate PRIBOR14 and Economic Sentiment Indicator (IES). First, they are used as explanatory variables and then as the input signals to two different artificial neural network types with different architecture: the multilayer perceptron (MLP) and radial basis function (RBF) nets with different number of hidden neurons to model 2W repo rate of CNB. As a result, we fi nd that while the RBF network fails to provide stable results superior to the one of the linear model, the MLP network always can deliver better results than the one of the linear model. The best results are achieved with a network with only two hidden neurons. Further, these results are relatively stable with minimum time needed to complete the calculation. The MLP network therefore seems to be a promising tool for modeling the 2W repo rate of CNB. Keywords: CNB, 2W repo rate, linear model, Artificial neural network, multilayer perceptron, RBF Classification-JEL: C54, C61, E52 Pages: 810-829 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=823.pdf File-URL: http://www.vse.cz/polek/823 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:823:p:810-829 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/823 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Koderová Title: Pět let od úmrtí Františka Vencovského Title: Five Years from the Decease of František Vencovský Abstract: František Vencovský one of the most prominent Czech economists of the second half of the 20th century died five years ago. He has been valued for his very significant contribution to the historical development of the Czech economic theory, to the historical development of banking, monetary policy etc. Being a friend and follower of Karel Engliš, F. Vencovský applied Engliš's teleological method to the solution of contemporary issues especially in the area of money, exchange rate and monetary policy. In spite of working in different conditions than Engliš (centrally controlled economy) F. Vencovský took this attitude from the very beginning of his scientific life in the sixties and not only after 1989. Keywords: monetary policy, exchange rate, money, history of the Czech economic theory, Karel Engliš Classification-JEL: B31 Pages: 830-842 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=824.pdf File-URL: http://www.vse.cz/polek/824 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:824:p:830-842 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/824 Template-Type: ReDIF-Article 1.0 Author-Name: Antonie Doležalová Title: Minulost evropských univerzit a budoucnost evropské vzdělanosti Title: The Past of European Universities and the Future of European Culture Pages: 843-847 Volume: 2011 Issue: 6 Year: 2011 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=825.pdf File-URL: http://www.vse.cz/polek/825 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2011:y:2011:i:6:id:825:p:843-847