Template-Type: ReDIF-Article 1.0
Author-Name: Luboš Komárek
Author-Name: Martin Motl
Title: Behaviorální a fundamentální rovnovážný měnový kurz české koruny
Title: Behavioural and Fundamental Equilibrium Exchange Rate of the Czech Koruna
Abstract: The article discusses the approaches and options for identification of equilibrium exchange rate. It focuses mainly on the outcomes of behavioural (BEER) and fundamental (FEER) model of the equilibrium exchange rate of the Czech Koruna, which are presented in both nominal and real terms. The results of both models of equilibrium exchange rate (BEER and FEER) showed significant long-term appreciation trend, mainly due to faster growth in labour productivity in the Czech Republic compared to the euro area. The results also confirmed the estimates of exchange rate overvaluation by mid-1997 and in 1998, 2002 and 2008. Since 2009, the model suggests a significant slowdown in the appreciation of the equilibrium mainly due to slowing domestic growth rate of labor productivity compared to the euro area.
Keywords: Equilibrium exchange rate, misalignment, Czech Koruna
Classification-JEL: E40, E50, N10
Pages: 147-166
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=835.pdf
File-URL: http://www.vse.cz/polek/835
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:835:p:147-166
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Template-Type: ReDIF-Article 1.0
Author-Name: Kotlánová Eva
Author-Name: Kotlán Igor
Title: Vliv institucionálního prostředí na velikost korupce: empirická analýza
Title: The Influence of the Institutional Factors on the Corruption: The Empirical Analysis
Abstract: The goal of this contribution is to evaluate the relevance of the institutional factors and the influence of the single variables on the corruption. The key task is to find not only suitable indicator of the amount of corruption but also suitable approximants of institutional characteristics, else economical characteristics. The important advantage of this article is its focus also on the corruption measured by alternative ways, compared to the often used CPI. From the institutional characteristic view for the corruption  fight seems to be important stable legal background. Not less important is also the government stability and its accountability. In the contradiction with the expected hypotheses claiming the strong and resistant bureaucracy to be beneficial against the corruption fight, almost all executed analysis is based on the contra productivity of the bureaucracy independency on the corruption  fight. It is also important to mention that the direct and indirect taxes vary with their influence on the corruption.
Keywords: bureaucracy, accountability, corruption, panel data estimation, Law, Government Stability
Classification-JEL: C23, E60, K40, O11
Pages: 167-186
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=836.pdf
File-URL: http://www.vse.cz/polek/836
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:836:p:167-186
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Template-Type: ReDIF-Article 1.0
Author-Name: Marek Rojíček
Title: Vliv globalizace na fungování mezinárodního obchodu
Title: Impact of Globalisation on the Functioning of International Trade
Abstract: A phenomenon of globalization of world economy leads to diminishing of the borders between states. There is an important role of international trade in this process, which appears in much more heterogeneous forms than in the past. While the classical theory of foreign trade basically assumed commodity trade with the final products, due to fragmentation of production chains the major part of trade is performed with intermediate goods and also the trade in services becomes more and more dynamic. Increasing volume of the trade between countries is carried out without changing the ownership of traded goods, and vice versa - changing the ownership of goods without crossing the border of the country. There is important role of multinational enterprises, which are currently behind most of the economic operations. The major implication of these phenomena is increasingly difficult possibility to capture the statistical data correctly and therefore to obtain objective data on the behaviour of the economy for analytical purposes and economic policy.
Keywords: intra-industry trade, Heckscher-Ohlin theory, global value chain, Rotterdam effect
Classification-JEL: F11, F14, F41
Pages: 187-207
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=837.pdf
File-URL: http://www.vse.cz/polek/837
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:837:p:187-207
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Template-Type: ReDIF-Article 1.0
Author-Name: Ladislav Krištoufek
Author-Name: Miloslav Vošvrda
Title: Efektivita kapitálových trhů: fraktální dimenze, Hurstův exponent a entropie
Title: Capital Markets Efficiency: Fractal Dimension, Hurst Exponent and Entropy
Abstract: In this paper, we introduce a new measure of capital market  efficiency. For its construction, we use the approaches of fractal dimension, Hurst exponent and entropy. The method is applied on 41 stock indices from the beginning of 2000 till the end of August 2011 and interesting results are found ? the analyzed indices are not self-affine; for the majority of indices, the deviation from the efficient market is dominated by local inefficiencies; and the most efficient capital markets are the stock indices of the most developed countries (FTSE, SPX, NIKKEI and DAX).
Keywords: capital markets efficiency, fractal dimension, long-range, dependence, entropy
Classification-JEL: G14, G15
Pages: 208-221
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=838.pdf
File-URL: http://www.vse.cz/polek/838
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:838:p:208-221
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/838

Template-Type: ReDIF-Article 1.0
Author-Name: Daniel Dujava
Title: Príčiny zaostávania nových členských krajín EÚ: empirická analýza na základe Montgomeryho dekompozície
Title: Causes of Lagging Behind of New Member States of EU: Empirical Analysis by Montgomery Decomposition
Abstract: We use the method of ideal Montgomery decomposition to explain differences in product per capita in new member states of EU and selected benchmark country of EU5 ? Netherlands ? on differences in total factor productivity (TFP), capital per inhabitant, rate of capacity utilization, rate of employment, average number of hours worked and in human capital. We find that in 2009 average TFP in new member countries reached only 60% of TFP of the Netherlands. Differences in TFP explain almost 80% of differences in product per capita. We investigate the role of technology and of allocative efficiency in low TFP. Our analysis suggests that unless a lag in technology is longer than 20 years, most part of low TFP is due to inferior allocative efficiency and not due to technology.
Keywords: efficiency, total factor productivity, capital, human capital, Structural Decomposition, Technology
Classification-JEL: O47
Pages: 222-244
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=839.pdf
File-URL: http://www.vse.cz/polek/839
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:839:p:222-244
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Template-Type: ReDIF-Article 1.0
Author-Name: David Lipka
Title: Chyba je v marketingu
Title: The Fault Lies with the Marketing
Pages: 286-288
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=842.pdf
File-URL: http://www.vse.cz/polek/842
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:842:p:286-288
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaromír Lazar
Author-Name: Simona Matušková
Title: Variabilní a fixní náklady z pohledu ekonomické teorie a podnikového ekonomického řízení
Title: Variable and Fixed Costs from the Economic Theory and Company Management Perspective
Abstract: In this paper the microeconomic cost theories are presented as a basic solution for company management in crisis situations. Though the crisis management must be in compliance with accounting legislation. The present accounting methodologies are practiced for last twenty years so they can be analyzed for their strength and weakness. The same is true for managerial accounting and controlling even though their form, organization, and specialization are determined by accounting units themselves. This paper concentrates not only on an assessment of the relations between the rightful legislation and the managerial accounting but also on methods used in company practice currently.
Keywords: hysteresis, Variable costs, remanent costs, accounting reform, margin
Classification-JEL: D240
Pages: 245-264
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=840.pdf
File-URL: http://www.vse.cz/polek/840
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:840:p:245-264
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/840

Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Bednaříková
Title: Ekonomický přínos zemědělství pro venkovskou ekonomiku: aplikace input-output analýzy
Title: The Economic Contribution of Agriculture for Rural Economy? An Application of Input-Output Analysis
Abstract: The paper presents the results of an input-output analysis identifying the role and the economic contribution of agriculture for the economy of rural Vysocina Region. Also the sectors that could most benefit the economic development of the Vysocina Region were revealed. To perform the analysis a regional input-output table was constructed by using GRIT methodology. The economic contribution of agriculture is not insignificant. An increase of agricultural production has not underlying influence on total regional production, however, it can positively affects regional incomes. The reduction of agricultural activities could lead to significant losses in income and employment in agriculture and consequential sectors and inhibit regional development. The strong relationship between agriculture and food processing industry can increase regional income and employment subsequently. Machinery, basic metals, construction, tourism and food processing industry play the significant role in the economic structure and can contribute to an increase of income, employment and production in Vysocina Region.
Keywords: regional economy, Input-output analysis, GRIT, rural, agriculture, Vysocina Region
Classification-JEL: R15
Pages: 265-285
Volume: 2012
Issue: 2
Year: 2012
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=841.pdf
File-URL: http://www.vse.cz/polek/841
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:2:id:841:p:265-285
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/841