Template-Type: ReDIF-Article 1.0 Author-Name: Mojmír Hampl Title: Evropská měnová integrace a postavení jejího bývalého hegemona Title: European Monetary Integration and a Position of its Former Hegemon Abstract: There is no historical precedent for the institutional set-up of the eurozone. However, it is an arrangement that could not and cannot escape the universal laws and principles of economics. This paper tries to look generally at the consequences of this integration project from the perspective of the former monetary hegemon, Germany, whose hegemony largely ended as a result of the monetary integration method chosen. Those consequences are of course more apparent in bad times than they were in good times. We then specifi cally examine the problem of convergence and divergence within a currency area and discuss the issue of competitive devaluation. In the conclusion we try to formulate the fundamental dilemma faced by the former monetary hegemon. Its solution will affect those inside and outside the integration project. Keywords: convergence, monetary hegemony, monetary integration, divergence Classification-JEL: E42, E52, H87 Pages: 707-722 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=873.pdf File-URL: http://www.vse.cz/polek/873 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:873:p:707-722 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/873 Template-Type: ReDIF-Article 1.0 Author-Name: Aleš Melecký Author-Name: Martin Melecký Title: Vliv makroekonomických šoků na dynamiku vládního dluhu: jak robustní je fiskální pozice České republiky? Title: The Impact of Macroeconomic Shocks on the Government Debt Dynamics: How Robust is the Fiscal Stance of the Czech Republic? Abstract: This paper analyzes the effects of macroeconomic shocks on the government debt dynamics in an open economy using the analytical framework of Favero and Giavazzi (2007) extended to an open economy. Applying this modelling approach to the data for the Czech Republic, the authors derive some implications for fiscal policy. The modelling framework includes structural vector autoregression (SVAR) model, estimated using short-term identification restrictions, and non-linear specification of the government debt dynamics. The main variables of the analyzed system are GDP, inflation, the effective interest rate on government debt, government revenues and expenditures, the exchange rate and government debt. The estimation is carried out using the Bayesian approach. The results suggest that allowing for a non-linear dynamics in the government debt to GDP ratio could imply stronger persistence and higher volatility in the responses of government indebtedness to macroeconomic shocks. The fiscal stance of the Czech Republic seems to be most vulnerable to unexpected depreciation of the local currency, discretionary pro-cyclical increases in government expenditures, and deflationary shocks. Keywords: Czech Republic, government debt, non-linear dynamics, macroeconomic shocks, open economy, structural vector autoregression model, bayesian estimation Classification-JEL: E37, E62, H68 Pages: 723-742 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=874.pdf File-URL: http://www.vse.cz/polek/874 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:874:p:723-742 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/874 Template-Type: ReDIF-Article 1.0 Author-Name: Igor Kotlán Author-Name: Zuzana Machová Title: Vliv zdanění korporací na ekonomický růst: selhání daňové kvóty? Title: The Influence of Corporate Taxation on Economic Growth: The Failure of Tax Quota? Abstract: The aim of this paper is to evaluate the impact of taxation on long-term economic growth with special emphasis on corporate taxation using alternative indicator of tax burden which is called World Tax Index (WTI). The WTI was constructed by authors using hard data as well as soft data expressing qualified expert opinion gained from a questionnaire survey conducted among tax specialist from OECD countries. It is a multi-criteria index consisting of several sub-indices that deal with different groups of taxes, which are basically consistent with the classification according to the OECD. All the parts are used in further regression analysis to approximate the tax burden in growth model. As an alternative, also the tax quota is used, being the most applied indicator of tax burden. Results show that tax quota is not suitable for tax burden approximation, especially in case of corporate taxes or VAT. Corporate tax burden negatively influence long-term economic growth, as suggested by economic theory. Keywords: economic growth, tax burden, tax quota, panel data estimation, World Tax Index (WTI), corporate taxation Classification-JEL: C50, H20, O40 Pages: 743-763 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=875.pdf File-URL: http://www.vse.cz/polek/875 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:875:p:743-763 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/875 Template-Type: ReDIF-Article 1.0 Author-Name: Anetta Čaplánová Author-Name: Rudolf Sivák Author-Name: John Hudson Title: Vplyv priamych zahraničných investícií na inovačnú činnosť firiem Title: The Impact of Foreign Direct Investment on Firms´ Innovation Activities Abstract: We analyse regional spill-over effects from FDI on innovation activities of domestic firms in Eastern European and Asian transition and post-transition countries. The analysis is carried out using the World Bank 2009 Enterprise survey. We look also at the impact of FDI on innovation activities of domestic firms at regional level. We find the evidence for a non-linear impact of foreign firms on innovation. An increasing regional foreign presence at first reduces innovation activities and then beyond a certain point increases it. This is consistent with the literature which suggests that either effect may be plausible. Foreign owned firms are more likely to engage in product innovation and license products from other firms. We also find the evidence for the positive statistically significant impact of access to bank credit, infrastructure, size of the firm, being part of a group of firms and competitive pressure on innovation activities of firms. Keywords: innovation, forms of innovation, FDI spill-over effects, knowledge diffusion, World Bank Enterprise Survey Classification-JEL: D83, F21, O31 Pages: 764-779 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=876.pdf File-URL: http://www.vse.cz/polek/876 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:876:p:764-779 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/876 Template-Type: ReDIF-Article 1.0 Author-Name: Krejčí Igor Author-Name: Sixta Jaroslav Title: Využití alternativních metod při odhadech stavů a spotřeby fixního kapitálu Title: Alternative Methods for Measuring of Fixed Capital Abstract: The article focuses on alternative approaches of fixed capital measurement. The official direct estimation for Czech economy is based on straight line depreciation profile. This article presents the results based on the application of geometric depreciation profile on appropriate types of assets. Alternative consumption and net stock of fixed assets are presented. The impact on GDP of such changes is evaluated. New model of perpetual inventory method is transformed to Markov chain. Such transformation leads to easy estimation of average age of fixed assets. Such estimation is suitable for asset with short average service lives. The article presents average age for machinery and equipment. All calculations focus on development between 1995 and 2010. Keywords: national accounts, fixed capital, perpetual inventory method, consumption of fixed capital, depreciation pattern, average age of asset Classification-JEL: C82, E22 Pages: 780-800 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=877.pdf File-URL: http://www.vse.cz/polek/877 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:877:p:780-800 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/877 Template-Type: ReDIF-Article 1.0 Author-Name: Eleonora Fendeková Author-Name: Michal Fendek Title: Podmienky optimálnosti Kuhna-Tuckera v modeloch rovnováhy trhu sieťových odvetví Title: Kuhn-Tucker Optimality Conditions in Equilibrium Models of Network Industries Market Abstract: Currently a considerable attention to the subject of network industries is being paid in discussions on various levels. It is understandable as network industries in fact ensure the production and distribution of energy sources which play a key role in developed economies. The discussions are usually focused on the question of reasonable profit of network industries subjects and on the other hand the question of generally acceptable costs. Equilibrium on the network industries market, as well as on any market, is being created based on the level of demand and supply on relevant market. In this article we will discuss the analysis of optimization models of consumers and producers behavior on the network industries market as well as the question of effectiveness of this specific market. We will point out certain features of network industries market where the consumer usually is not able to substitute a product of network industry with other product of appropriate characteristics in a short time period, thus considering the product being exclusive. This exclusivity can be formally represented in the utility function and other related analytical tasks. In paper we study the properties of a network industry optimization problem and economically interpretable implications of Kuhn-Tucker optimality conditions of this model. Keywords: utility function, network industries, social welfare, consumer preferences, consumers´ surplus, producers´ surplus, Kuhn-Tucker optimality conditions Classification-JEL: C61, C62, D61, L11 Pages: 801-821 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=878.pdf File-URL: http://www.vse.cz/polek/878 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:878:p:801-821 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/878 Template-Type: ReDIF-Article 1.0 Author-Name: František Svoboda Author-Name: Vladimír Hyánek Title: Reinterpretace změn v sociálním systému v kontextu raně novověkého myšlení Title: Reinterpretation of Changes in the Social System in the Context of Early Modern Thought Abstract: The beginning of modern times, in contrast to the previous era, is still characterized by a growing importance of labour in human life. The article is focused on the new social policy and the evolution of institutions called workhouses and house of corrections which illustrate the growing meaning of labour. Workhouses, however they were seen as benevolent equipment, they have been strengthened also with practically advantageous symbiosis undertaken principles of mercantilism. Despite the controversial practice of workhouses, we can consider them as the most important stage in the long term evolution of active labour market policy. Labour as a topos of modern social policy identified new opportunities to help the poor and anticipated various forms of active labour market policies of modern times. Keywords: mercantilism, workhouses, labour ethics, benevolence, active labour market policy Classification-JEL: B25, J47, N33 Pages: 822-839 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=879.pdf File-URL: http://www.vse.cz/polek/879 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:879:p:822-839 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/879 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Ptatscheková Title: Komplexní pohled na měnovou politiku, bankovnictví a finanční systémy Title: A Comprehensive Look at the Monetary Policy, Banking and Financial Systems Pages: 840-844 Volume: 2012 Issue: 6 Year: 2012 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=880.pdf File-URL: http://www.vse.cz/polek/880 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2012:y:2012:i:6:id:880:p:840-844 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/880