Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Teoretické a ekonomické aspekty pojištění vkladů Title: Theoretical and Economic Aspects of Deposit Insurance Abstract: The paper deals with deposit insurance schemes as an integral part of the present system of the banking regulation. Insurance premiums, limits and the rates of compensation and consequences of deposit insurance are then discussed from the theoretical and practical points of view. The moral hazard of banks and depositors and adverse selection are the main undesirable accompanying effects, which are directly connected with the scale of insurance protection in banks. The European Union unifi es the rules of compensation. However, data analysis shows that there are still differences in the levels of protection because of different averages in deposits per household. Some possible alternatives to depositor protection in banks are also analyzed. Although deposit insurance is accompanied by problems, it is the best form of depositor protection. Keywords: European Union, information asymmetry, Deposit Insurance, adverse selection, bank regulation and supervision, bank run, contagion risk, free banking, guarantee fund, insurance premiums, moral hazard Classification-JEL: G21, G28 Pages: 149-170 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=892.pdf File-URL: http://www.vse.cz/polek/892 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:892:p:149-170 Template-Type: ReDIF-Article 1.0 Author-Name: Vratislav Izák Title: Dluh nefinančních korporací a ekonomický růst Title: Debt of Nonfinancial Corporations and Economic Growth Abstract: The recent financial and economic crisis has put considerable strains not only on public but also on private finances. In the paper we analyse the development of nonfinancial corporate debt (measured as liabilities minus shares and other equities) in the time period 1995-2010 for 17 European OECD countries. In growth equations the dependent variable is the growth rate of real GDP per head and forward moving averages of this growth rate. Descriptive statistics reveal that in the examined period the nonfinancial corporations´ debt has been rising steadily (first of all in Sweden, the Netherlands and Portugal). The basic estimation technique has been panel fixed effects corrected for heteroscedasticity and autocorrelation. The coefficients showing the impacts of corporate debt on GDP growth have had the sign minus and have been highly statistically significant. A 10 percentage point increase in nonfinancial corporations´ debt has been associated with an approximately 5 basis point reduction in per head real GDP growth. We have used also cross-section specific and period specific coefficients to gain a more profound look into the matter. Keywords: economic growth, fixed effects model, nonfinancial corporation debt, financial balance sheets Classification-JEL: D9, H3, O4 Pages: 171-187 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=893.pdf File-URL: http://www.vse.cz/polek/893 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:893:p:171-187 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Smrčka Author-Name: Markéta Arltová Author-Name: Jaroslav Schönfeld Title: Příčiny neúspěchu prosazování sanačních postupů v insolvenční realitě Title: Reasons for the Failure to Implement Financial Rehabilitation Procedures in Insolvent Reality Abstract: The study brings a new approach to the problem of the currently low use of financial rehabilitation methods in Czech economic reality. We examine several aspects of this problem, but consider the main problem to be the fact that entrepreneurial subjects enter into insolvency proceedings with a very small amount of assets compared to their liabilities. In such a situation, however, willingness on the part of creditors to enable reorganisation cannot be assumed - especially given that attempts to revive such a business are in the majority of cases clearly mistaken. Insufficient debtor property is also reflected in the fact that creditors receive satisfaction only to an insufficient degree; in comparison to OECD countries, the Czech Republic most of the time significantly behind the OECD country average when comparing insolvency proceedings. One of the possible ways of improving the prognosis for using the financial rehabilitation principle and the prognosis for investors to achieve adequate fulfilment during insolvency proceedings would be to tighten present regulations regarding the possibilities of indebting a business. This is presently done by the definition of over-indebtedness, according to which the liabilities of an entrepreneurial subject may not exceed the value of his property. Keywords: bankruptcy, insolvency, insolvency law, debtor, creditor, reorganisation Classification-JEL: C5, G33 Pages: 188-208 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=894.pdf File-URL: http://www.vse.cz/polek/894 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:894:p:188-208 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Janíčková Author-Name: Veronika Baranová Title: Vliv efektivních daňových sazeb a jejich komponent na přímé zahraniční investice - případ členských zemí EU Title: Impact of Effective Tax Rates and Its Components on Foreign Direct Investment - The Case of the EU Member Countries Abstract: The empirical literature generally accepts the influence of corporate taxes on the investment decision of the multinationalities. The most papers usually consider more aspect of that tax then only statutory corporate tax rate. Using annual time series data for the period 1998-2011 this paper examines the influence of EMTR and EATR including their components on the foreign direct investments in the EU Member states. The main aim of the paper is to evaluate which of the selected types of effective tax rates explains the investment decisions of the multinationalities the best. The results show that the commonly used indicators of effective tax burden are not the best option for foreign direct investment (FDI) explanation in the investigated model. Perhaps the best indicator for evaluating dependencies between explanatory variables and FDI are the average and marginal effective tax rate from industrial buildings. Keywords: foreign direct investment, effective marginal tax rate, effective average tax rate, panel regression Classification-JEL: B16, B23, H25 Pages: 209-228 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=895.pdf File-URL: http://www.vse.cz/polek/895 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:895:p:209-228 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Lukeš Author-Name: Jan Zouhar Author-Name: Martina Jakl Author-Name: Petr Očko Title: Faktory ovlivňující vstup do podnikání: začínající podnikatelé v České republice Title: Factors Influencing Entrepreneurial Entry: Early-Stage Entrepreneurs in the Czech Republic Abstract: The paper deals with early entrepreneurial activity of individuals. It is focused both on entrepreneurs owning and managing a young firm and on nascent entrepreneurs who do steps towards launching a new venture. Demographic, socioeconomic, psychological and other factors influencing early entrepreneurial activity were analyzed based on data gathered from representative samples of adult population in the Czech Republic in 2006 (n = 2 001) and 2011 (n = 2 005). Unlike some earlier work on the subject, binary choice models were used in order to quantify the ceteris paribus effects of individual factors. Results showed that, ceteris paribus, men, people with higher entrepreneurial self-efficacy and people who know somebody else, who has launched a new business recently, more often involved in early entrepreneurial activity. The probability of such involvement grew, depending on the utilized model, till 36 to 46 years of age and decreased onwards. For both the phase of nascent entrepreneurship and that of start-up management, entrepreneurial status in society and the level of education were insignificant. Region and fear of failure played a larger role in nascent entrepreneurship, while gender and household income were significant factors related to the next phase of launching and managing a new business. Gender inequality related to start-up early management in between 2006 and 2011 increased. Overall, the study (1) shows robust findings concerning entrepreneurial entry in the Czech Republic, (2) differentiates between factors influencing nascent entrepreneurs and start-up owner-managers, and (3) provides policy recommendations for mitigating the negative role of entrepreneurial activity inhibiting factors. Keywords: nascent entrepreneurs, start-up owner-managers, new ventures, binary choice models, entrepreneurial self-efficacy Classification-JEL: J24, L26, M13 Pages: 229-247 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=896.pdf File-URL: http://www.vse.cz/polek/896 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:896:p:229-247 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Rečka Author-Name: Milan Ščasný Title: Analýza dopadů regulace v českém elektroenergetickém systému - aplikace dynamického lineárního modelu Message Title: Environmental Regulation Impacts on the Czech Power System by the Dynamic Linear Optimisation Model Message Abstract: The paper analyses impacts of environmental regulation on Czech power system. We employ MESSAGE modelling platform to construct a dynamic linear optimisation energy model of the Czech power system. We analyse regulation impacts on fuel use and CO2 emission, fuel-mix and technology-mix, induced investment and fuel and other O&M costs to generate electricity over the period 2006-2030. Negative external costs attributable to endogenously determined new level of air quality pollutants are quantified to make our cost-benefit analysis more complex. Overall, effects of four policy scenarios are assessed, including subsidies for renewable energy, increase in air quality charge rates and an introduction of the EU ETS in the Czech power system. Based on our simulation, we find that prospected 10-fold increase in charging of air quality pollutant would not have any significant effect on emission and would not bring any stimuli for change in technology and fuel mixes. Subsidy to renewable energy would result in their development; however, larger effect would appear in far future and only if new nuclear power units are not allowed to build. Auctioned EUA, especially above €15 per tonne of CO2, would be the only effective instrument with significant effects on power sector. Key factor on CO2 emission is whether scenario consists of new nuclear power units or these units are banned. Our simulation results hold even if we allow the key model assumption to vary, except, the discount rate that would have effect on whether more-investment intensive technologies are used to generate electricity. Keywords: environmental regulation, energy optimisation model, cost minimisation, MESSAGE, impact assessment, energy Classification-JEL: C61, Q40, Q42, Q48, Q53 Pages: 248-273 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=897.pdf File-URL: http://www.vse.cz/polek/897 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:897:p:248-273 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kodera Author-Name: Tran Van Quang Title: Modely nové Keynesovské ekonomie: struktura, problémy a perspektivy Title: The New Keynesian Economics Models: Structure, Disadvantages and Perspectives Abstract: Though DSGE models have provided very modest macroeconomic modeling results, they have enjoyed some massive support both from theorists and practitioners. To find an explanation for this state, this paper reviews the reasons why DSGE models fail to perform. For this purpose, first we present the opinions of leading American economists on DSGE models before the Committee on Science and Technology, U.S. House of Representatives in 2010. According to many experts in the USA, DSGE models are considered to be one of the main culprits of the recent economic crisis. Then we provide our own analysis where we point to some relevant drawbacks in the models´ construction that may lead to their failure. They are the continuum notion, log-linearization issue and natural production concept. Finally, we suggest the return to the endogenous cycle macroeconomic modeling approach as an alternative solution to DSGE models. In our opinion, this approach may better capture the more complex nature of economic processes with the existence of non-periodic oscillation and chaos. With respect to the current state of macroeconomic modeling, we consider both microeconomic and macroeconomic approaches at least as two equivalent alternatives. Keywords: DSGE models, New Keynesian Model, Continuum in economics, Log-linearization, Natural production, Endogenous cycle macroeconomic modeling Classification-JEL: C54, D58 Pages: 274-295 Volume: 2013 Issue: 2 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=898.pdf File-URL: http://www.vse.cz/polek/898 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:2:id:898:p:274-295