Template-Type: ReDIF-Article 1.0
Author-Name: Kamil Janáček
Author-Name: Luboš Komárek
Title: Bude americký dolar nadále dominantní světovou rezervní měnou?
Title: Will Us Dollar Continue as the World Most Important Reserve Currency?
Abstract: The article aims to show both the still very strong position of the USD in the global financial system and assess its likely future position. It illustrates that although the U.S. is no longer the dominant global economic power that it was when the dollar became the global reserve currency, the dollar so far is not in immediate danger of losing its privileged position. Despite the challenges facing the USD as the global reserve currency, it continues its dominant role since no other currency has shown itself strong and credible enough to replace it. Considerations on replacing dollar with other currency are no more than a speculation.
Keywords: US dollar, FX reserves, renminbi
Classification-JEL: E40, E50, N10
Pages: 3-19
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=829.pdf
File-URL: http://www.vse.cz/polek/829
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Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:829:p:3-19
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Template-Type: ReDIF-Article 1.0
Author-Name: Oldřich Krpec
Author-Name: Vladan Hodulák
Title: Politická ekonomie zahraniční obchodní politiky - instituce, regulace, sociální a politický kontext
Title: Political Economy of Trade Policy - Institutions, Regulation, Social and Political Context
Abstract: This paper aims to contribute to the theoretical discussion of free trade and protectionism in international trade within the context of International political economy. Presented approach broadens the standard political economy view of trade policy and goes beyond the redistribution consequences and the political consideration of policy makers. Our interpretation of trade policy works with broader economic values and preferences of individual actors and understands the nation state and its policies as institutions. Social, cultural and historical context is taken into consideration, when interpreting the trade policy. More complex understanding of these determinants helps to explain contemporary trade policies and also their dynamic change. Paper also discuss the links between the trade policy and other economic (structural and industrial) policies and attract attention to possible misunderstandings in contemporary free trade discourse.
Keywords: political economy, national security, models of trade with imperfect competition and scale economies, trade policy, economic nationalism, industrial structure and structural change
Classification-JEL: F12, F13, F52, L16, P16
Pages: 20-39
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=830.pdf
File-URL: http://www.vse.cz/polek/830
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Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:830:p:20-39
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Template-Type: ReDIF-Article 1.0
Author-Name: Vojtěch Roženský
Title: Mandatorní výdaje a flexibilita fiskální politiky v ČR
Title: Mandatory Expenditure and the Flexibility of Fiscal Policy in the Czech Republic
Abstract: This paper deals with the development of mandatory expenditure and its effect on the flexibility of fiscal policy in the Czech Republic. Fiscal flexibility is measured by the Steuerle-Roeper index of fiscal democracy, which expresses the proportion of budgetary revenue that remains after covering mandatory expenditure, i.e. the proportion of resources available for discretionary spending. The lower the value of the index, the lower the flexibility of fiscal resources. A negative value indicates that tax revenue is not  sufficient to cover mandatory expenditure and the government has no resources available for discretionary spending. The analysis of Czech fiscal data from the period between 1995 and 2009 shows, that even though the share of mandatory expenditure increases, the flexibility of fiscal policy is still substantially better compared to Germany. The results of the comparison with the United States are ambiguous, depending on methodology. Some of the possible determinants of  fiscal flexibility were tested by OLS regression. The analysis  confirmed a negative relation of unemployment rate with the index of fiscal democracy. Panel regression also indicates a positive effect of GDP growth and a negative effect of the debt-to-GDP ratio. The effect of population ageing was not confirmed.
Keywords: fiscal policy, mandatory expenditure, index of fiscal democracy
Classification-JEL: H61
Pages: 40-57
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=831.pdf
File-URL: http://www.vse.cz/polek/831
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Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:831:p:40-57
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Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Buus
Title: Daně z příjmů versus daň z přidaní hodnoty v malé otevřené ekonomice
Title: Taxes on income vs. value added tax in small open economy
Abstract: In this paper we are presenting an analysis of shift of tax burden from income onto consumption. The analyzed consumption tax is value added tax, while destination principle is applied. The result of analysis is finding that the contemporary tax policy in the Czech Republic is suboptimal from the point of view of tax burden distribution between production factors and consumption. Theoretical findings are confirmed by analysis of data from European countries. Every percentage above the EU27 average of consumption taxes share on total tax quota results into increase of GDP growth by 0,04% to 0,05% p.a. The Czech political “elite“ determines the fiscal policy to be popular and recent surveys confirmed Czechs’ dislike towards consumption taxes, especially value added tax. Therefore the huge cost of the Czech tax system - high taxation of wages and low value added tax - can be viewed also as agency cost.
Keywords: tax, general equilibrium model, tax incidence, value added tax, agency cost
Classification-JEL: C67, D51, F41, H21, H22, H30
Pages: 58-80
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=832.pdf
File-URL: http://www.vse.cz/polek/832
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:832:p:58-80
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Bolcha
Author-Name: Alena Zemplinerová
Title: Dopad investičních pobídek na objem investic v České republice
Title: The Effect of Investment Incentives on Investment in Czech Republic
Abstract: The policy of investment incentives is applied in majority of countries all over the world. This popularity is in contradiction with rare academic analyses. This paper sheds some light on causal impact of such policy on investment of supported firms in Czech Republic. We use individual level panel data containing crucial observables about the firm behaviour. We overcome the selection problem by application of propensity score matching. Our comparison of investment behaviour of supported firms and firms from control group shows that the extra investment generated (or maybe only accelerated) was at most 26% of contracted amounts. Even with constraints and assumptions we explicitly discuss in our work, this indicates that the arguments for the provision of this policy in Czech economy are not valid. These findings are in line with mixed (but mostly similar) empirical evidence from other countries.
Keywords: foreign direct investment, investment incentives, subsidy, matching estimator
Classification-JEL: F21, H25
Pages: 81-100
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=833.pdf
File-URL: http://www.vse.cz/polek/833
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:833:p:81-100
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavol Minárik
Title: Copyright a právo na překlad: ekonomická analýza
Title: Copyright and the Right to Translation: An Economic Analysis
Abstract: This paper examines two rules concerning translation right as a part of copyright - the existing rule which gives an author or a copyright owner control over the translation of his works and a new rule that removes the translation right from the copyright owner. It adopts the approach of Gordon (1992) and evaluates these rules using the concept of asymmetric market failure and a gametheoretic framework. In each case, conditions are stated
Keywords: game theory, economic analysis of law, intellectual property, Copyright, translation, Prisoner´s dilemma
Classification-JEL: C72, K11
Pages: 101-112
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=834.pdf
File-URL: http://www.vse.cz/polek/834
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Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:834:p:101-112
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Template-Type: ReDIF-Article 1.0
Author-Name: Vratislav Izák
Title: Přehodnocení role státu v ekonomice
Title: Rethinking the Role of State in Economy
Pages: 133-137
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=827.pdf
File-URL: http://www.vse.cz/polek/827
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:827:p:133-137

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Nositelé Nobelovy ceny za ekonomii pro rok 2011
Title: Nobe Prize in Economics 2011 Winners
Pages: 138-144
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=828.pdf
File-URL: http://www.vse.cz/polek/828
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:828:p:138-144

Template-Type: ReDIF-Article 1.0
Author-Name: Luboš Smrčka
Author-Name: Markéta Arltová
Title: Ekonomické aspekty stárnutí populace ve vyspělých zemích
Title: Economic Aspects of Population Ageing in Developed Countries
Abstract: The issue of ageing is usually understood as a cultural and social problem in the developed countries. When addressed by economists, demographic questions are most frequently related to the pension reform or to the costs of healthcare. However, the effects of demographic change on productivity have to be examined, too. Will the economies be able to maintain the necessary amount of immigrants, so that the number of people in productive age does not decrease? Though the world population will keep increasing for some time, it will be happening at a much slower pace. The age structure issue will become apparent only with a minor delay in the developed economies, yet it may have a strong impact on the future migration potential. Another crucial question is the potential economic consequence of the changing proportion between the original population with its cultural and work habits and the immigrants. As can be observed and demonstrated, the issue of ageing will first become apparent in countries with a high share of industry and construction in GDP. Economies with a high share of services, on the other hand, will be less affected. The Czech Republic is a classic example of an economy based on industry and construction. Therefore, in ten or twenty years the country will face a rather insoluble problem, as the nature of its economy will clash with its demographic structure.
Keywords: GDP, ageing, migration, age structure, demographic change
Classification-JEL: I15, J1
Pages: 113-132
Volume: 2012
Issue: 1
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=826.pdf
File-URL: http://www.vse.cz/polek/826
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:1:id:826:p:113-132
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