Template-Type: ReDIF-Article 1.0 Author-Name: Richard Hindls Author-Name: Stanislava Hronová Title: Odraz ekonomického vývoje vybraných zemí ve struktuře výdajů na konečnou spotřebu Title: Reflection of Economic Development of Selected Countries in the Structure of Final Consumption Expenditure Abstract: The paper analyzes the evolution of the share of final consumption expenditure on aggregate GDP in thirty countries. From the economic point of view, the analysis of final consumption expenditure changes on GDP in connection with the changes in business cycle phases is ambiguous. The authors used their own original statistical test. It shows, on the one hand, how these shares rise in the years of economic crisis, while on the other hand, how they decline during years of economic prosperity. The test also assesses the significance of these changes. The result of the analysis explains the significant changes in the share of final consumption expenditure on GDP over the years. Keywords: gross domestic product, final consumption expenditure, test of significance of the changes Classification-JEL: C82, E21 Pages: 425-441 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=855.pdf File-URL: http://www.vse.cz/polek/855 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:855:p:425-441 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/855 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Komárek Author-Name: Martin Motl Author-Name: Filip Novotný Author-Name: Ladislav Prokop Title: Německá ekonomická "lokomotiva" a česká ekonomika Title: German Economic "Locomotive" and the Czech Economy Abstract: The article is focused on the analysis of export performance of the German economy, including the model scenarios that illustrate the transmission of shocks to the external environment of the Germany into the Czech economy. The analysis is motivated by the fact that the German economy is by far the largest trading partner of the Czech Republic since its establishment in 1993 and that Germany plays the role of an economic "locomotive" in the broader European region. Keywords: foreign trade, Czech Republic, model scenarios, exports, Germany, locomotive theorem Classification-JEL: C54, E52, E58, F15, F41 Pages: 442-458 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=856.pdf File-URL: http://www.vse.cz/polek/856 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:856:p:442-458 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/856 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Evžen Kočenda Author-Name: Michal Mašika Title: Firemní efektivita: vliv vlastnických struktur a finančních ukazatelů Title: Corporate Efficiency: Effect of Ownership Structures and Financial Indicators Abstract: We employ a large panel data set and analyze efficiency in the Czech firms during 1998-2007. We investigate how their efficiency evolves over time and how it is affected by ownership structures. Methodologically we employ a panel version of a stochastic production frontier model. We distinguish several categories of the ownership concentration by domestic owners and through foreign direct investments (FDI). Our results show that concentrated and foreign ownership impact efficiency positively in general. This results confirm benefits of the foreign direct ownership on the microeconomic level. Further, we show cases when majority ownership does not necessarily constitute improvements in efficiency. We also analyze effect of ownership coalitions and bring detailed new evidence on how ownership structures and industry sectors affect firms´ efficiency. Keywords: efficiency, foreign direct investment, firms, panel data, ownership structure, stochastic productivity frontier Classification-JEL: C33, D24, G32, L60, L80, M21 Pages: 459-483 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=857.pdf File-URL: http://www.vse.cz/polek/857 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:857:p:459-483 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/857 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Arlt Author-Name: Martin Mandel Title: Je možné předpovídat repo sazbu ČNB na základě zpět hledícího měnového pravidla? Title: Is it Possible to Predict the CNB Repo Rate on the Basis of the Backward-Looking Monetary Rule? Abstract: The aim of our paper is to formulate and empirically verify the simple backward looking econometric model of the monetary rule, which would be able to describe the development of CNB repo rate, namely only on the basis of statistically measured and in the given time available information. We focus on the period after 1998, when the CNB´s inflation targeting policy is implemented and the repo rate (14 days) plays the role of the monetary policy rate. In the paper we discuss some methodological problems associated with the "ex post" empirical verification of the central bank monetary rule. We construct an empirical model of the monetary rule, justify the choice and the inclusion of explanatory variables, we analyze the statistical properties of time series and verify the alternative forms of econometric models. Our analysis showed that the development of CNB repo rate in the reporting period can be explained by the past and present evolution of three explanatory variables: the yearly inflation rate, the exchange rate and the ECB repo rate. The annualized inflation rate proved to be statistically insignificant in the model. We find interesting that the statistical quality of the estimated model was further increased after a six-month delay of the yearly inflation rate. The obtained results indicate that in determining the CNB repo rate the expected future level of the yearly inflation rate does not play important role and the last yearly inflation rate is more important than its present level. Keywords: econometric model, repo rate, monetary-policy rules, yearly inflation rate Classification-JEL: C12, C22, E43, E47, E52 Pages: 484-504 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=858.pdf File-URL: http://www.vse.cz/polek/858 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:858:p:484-504 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/858 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Tepperová Author-Name: Stanislav Klazar Title: Vliv sociálních systémů a jejich koordinace na ekonomickou migraci Title: The Impact of Social Systems and their Coordination on Economic Migration Abstract: The existing empirical studies examined the impact of different variables, such as common language, economic, cultural and geographical factors, on migration. However, none of the studies deals with the social security systems including their coordination as a relevant explanatory factor. The paper focuses on the social security systems in Europe, their mutual coordination and their influence on international migration. The influence of social systems on economic migration can be twofold: infl uencing the labour migration, i.e. migrants who move for work, and also influencing the benefit migration, i.e. migrants who move in order to receive social benefits. We present the advanced migration model extended by the factors of social security coordination. The main finding is that the labour migration prevails significantly over the benefit migration. Role of social systems as social magnets was not proved to be statistically significant. Keywords: integration, social security, migration, coordination, Europe, welfare magnets Classification-JEL: F22, J15, J18, J61 Pages: 505-522 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=859.pdf File-URL: http://www.vse.cz/polek/859 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:859:p:505-522 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/859 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Rippel Author-Name: Lucie Suchánková Author-Name: Petr Teplý Title: Pojištění jako nástroj řízení operačního rizika - případová studie Title: The Role of Insurance in Operational Risk Mitigation - A Case Study Abstract: Operational risk management has becoming more important in the financial industry in the recent years mainly due to scandals in UBS in 2011 and Societé Générale in 2007. The reasons for this attention can be attributed to introduction of operational risk into the Basel II regulatory framework and to high losses stemming from operational risk events. Despite the fact that the new Basel III proposal does not give much attention to this risk, operational risk should not be underestimated. In this paper we present a theoretical background for the use of insurance in banks´ operational management according to Basel II rules. Moreover, we provide empirical analysis of the role of insurance in operational risk management in an anonymous bank located in Central Europe. We compare the results of our case study with impact studies conducted for Basel II evaluation. Based on our analysis we reject a hypothesis that insurance serves as an effective mitigation tool of operational risk in case of the researched bank. Keywords: bank, Basel II, Basel III, fraud, operational risk, insurance Classification-JEL: C15, G21, G32 Pages: 523-535 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=860.pdf File-URL: http://www.vse.cz/polek/860 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:860:p:523-535 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/860 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Daňhel Title: Kniha, kterou by si ekonomové rozhodně měli přečíst Title: The Book Economists Should Definitely Read Pages: 551-555 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=862.pdf File-URL: http://www.vse.cz/polek/862 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:862:p:551-555 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/862 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Louda Author-Name: Vítězslav Malý Title: Oběd zdarma neexistuje - ani v oblasti environmentální politiky Title: There is No Free Lunch - Even in the Environmental Politics Pages: 556-559 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=863.pdf File-URL: http://www.vse.cz/polek/863 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:863:p:556-559 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/863 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Ekonomie vědy - naděje, nebo léčka? Title: Economics of Science - A Hope or a Pitfall? Abstract: The paper poses the question whether the economics of science could be the key to economic methodology. First, the sociology of science, which tries to put science in social context, is described. Then, the economic approach to science, inspired by Tullock, Stigler and Becker, is explained. We point out the problem of circle, according to which putting science in context does not imply relativism as concerns the truth. This conclusion underlines the Popperian message of the paper. Keywords: methodology of economics, economics of science, sociology of science Classification-JEL: A11, A14, I21 Pages: 536-550 Volume: 2012 Issue: 4 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=861.pdf File-URL: http://www.vse.cz/polek/861 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:4:id:861:p:536-550 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/861