Template-Type: ReDIF-Article 1.0 Author-Name: Karel Brůna Author-Name: Jiří Korbel Title: Interpretace variability úrokových sazeb v rámci zprostředkovatelského modelu optimální úrokové marže Title: An Interpretation of Interest Rates Variability in Dealer´s Model of Optimal Interest Margin Abstract: The paper deals with interest rate volatility interpretation in the dealer´s model of optimal interest margin. It defines main sources of interest rate volatility and studies how specific source of volatility influences optimal interest margin. Special attention is focused on unexpected shock in liquidity of banking system, actual central bank´s decision on targeted level of interest rate, long-term deviation of inflation and output from central bank´s targeted values and potential impact of these factors on term premium instability. Sources of interest rates are discussed in term of bank´s refinancing/reinvestment risk with an attempt to formalize interest rate volatility for further empirical research. Our conclusion is that dealer´s model of optimal interest margin is consistent with only permanent shocks to banking system liquidity and long-lasting central bank´s surprises with its monetary policy that increase a level of refinancing/reinvestment risk faced up by banks. On the other hand it is not consistent with interest rate volatility caused by transitory liquidity shocks, expected current changes in central bank´s targeted main policy rate and long run trends in main policy rate based on disinflation. Keywords: monetary policy, interest margin, interest rate volatility Classification-JEL: E43, E52, G21 Pages: 299-320 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=899.pdf File-URL: http://www.vse.cz/polek/899 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:899:p:299-320 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Janíčko Author-Name: Ashot Tsharakyan Title: K udržitelnosti průběžného důchodového systému v kontextu stárnutí populace v České republice Title: Note on the Sustainability of the Pay-As-You-Go Pension Scheme in the Context of Population Ageing in the Czech Republic Abstract: The aim of this article is to explore main linkages among the participation rate, potential output and pension funding system. Based on the existing literature, there are several possibilities how to render the current set-up of the pension system sustainable. This sustainability is conventionally regarded from the perspective of provision of "satisfactory level" of retirement pensions as well as from the perspective of general budgetary impact. In this respect, demographic change is accounted for owing to the common perception that it has a lot to do with how the future pension system should and will look like. It has been found out that if appropriate economic policy measures ‒ targeting mainly labour market participation rate and long-term unemployment ‒ are adopted, no need for abrupt changes in the existing social security system framework is actually necessary. Also, the linkages between the participation rate and potential output seem to be relatively strong, so that the economy could be easily considered as signifi cantly influenced by its labour market. The functioning of the latter thus seems to be pivotal for the resolution of some long-term economic capacity concerns, including its dynamics. Keywords: labour market, pension reform, potential output, population ageing, labour force participation rate, social security system Classification-JEL: E24, E25, E27, G2 Pages: 321-337 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=900.pdf File-URL: http://www.vse.cz/polek/900 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:900:p:321-337 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Fiala Author-Name: Jitka Langhamrová Title: Vývoj ekonomického a sociálního zatížení a stárnutí populace Title: Development of Economic and Social Dependency and Population Ageing Abstract: The ageing of population and its economical, social and political consequences is a topic very frequently discussed. This paper contains the analysis of consequences of the ageing of the Czech population during this century based on the population projection using the latest available data reflecting the results of the last census in 2011. Besides the usual simple (and of course very crude) measures of economic dependency in the population (e.g. various dependency ratios) the paper contains a computation of a more sophisticated measure - the ratio of social dependency - which takes into account not only the amount of personal consumption but also costs of education and health care. Keywords: Czech Republic, dependency ratios, population ageing, population projection, ratio of social dependency Classification-JEL: C02, D69, E27, I0, J11 Pages: 338-355 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=901.pdf File-URL: http://www.vse.cz/polek/901 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:901:p:338-355 Template-Type: ReDIF-Article 1.0 Author-Name: Ivana Malá Title: Použití konečných směsí logaritmicko-normálních rozdělení pro modelování příjmů českých domácností Title: The Use of Finite Mixtures of Lognormal Distribution for the Modelling of Household Income Distributions in the Czech Republic Abstract: In the text finite mixtures of lognormal distributions are used for the modelling of net annual income per capita and equivalized income of the Czech households (in CZK) in 2004-2010. The development of distribution of number of members of households is analysed and the characteristics of standardized units according to EU and OECD methodologies are given. Data from the survey EU-SILC organized by the Czech Statistical Office from 2005-2011 (dealing with incomes from 2004-2010) are used for the analysis. Models (with incomplete data) with two to four artificial components are used in order to fit the distribution of incomes; the development of their characteristics is shown. All estimates in the text are maximum likelihood estimates, EM algorithm in the program R is used for the optimalization. Models are compared with the use of Akaike criterion. Keywords: finite mixture of distributions, income distribution, income inequality, Gini coefficient, EM algorithm Classification-JEL: C13, C51, O15 Pages: 356-372 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=902.pdf File-URL: http://www.vse.cz/polek/902 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:902:p:356-372 Template-Type: ReDIF-Article 1.0 Author-Name: Iveta Němečková Title: Úloha mzdy v motivaci a stabilizaci zaměstnanců finančního sektoru v České republice ve vztahu k Herzbergově teorii dvou dimenzí motivace k práci Title: The Role of Salary in Employee Motivation and Retention in the Financial Sector of the Czech Republic in Relation to Herzberg´s Two Factor Theory of Work Motivation Abstract: The article deals with employee motivation and retention in the financial sector. The first part defines the terms motivation and retention and introduces the related theories - from the very beginning, through the classical theories and the contemporary modern theories. The article´s author utilizes own extensive research among respondents coming from employees in the financial sector, supplemented by the round table method. The author analyzes the research results and deals with the role of wages in employee motivation - whether and when wage functions as a motivator leading to higher employee performance according to the Herzberg´s two factor theory (an intrinsic needs motivator, i.e. satisfier) and when it is a factor, if positive, without influence on employee activity while if negative or absent, it causes employee dissatisfaction (a hygiene factor known as dissatisfier in the same theory). There are recommendations for organizational best practices shown at the end of the article. Keywords: Financial sector, employee motivation, employee retention, wage´s role in employee motivation, Herzberg´s two factor theory Classification-JEL: M5 Pages: 373-392 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=903.pdf File-URL: http://www.vse.cz/polek/903 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:903:p:373-392 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Globální problémy z pohledu environmentální ekonomie Title: Global Problems as Seen by Environmental Economics Abstract: The conventional view of the sustainability of social development is based on the works of the Roman Club, particularly the book "The Limits to Growth" by Donella Meadows and her colleagues (1972). In their opinion, the human population and economy are depleting the wealth of the Earth and pollutants and wastes are burdening the environment. However, the concern that mineral resources will be depleted is unsubstantiated. Environmental economics argues that a higher number of people and a higher income make resources scarcer on a short-term basis. For investors and entrepreneurs, higher prices represent an opportunity and an incentive to search for solutions. Many of them will not succeed in this search and they will bear the costs on their own. However, in a free society, the solutions are eventually found. And in the long run, we are better off thanks to the new discoveries than if the original problems had never occurred. Keywords: population growth, environmental economics, limits of growth, exhaustible resources Classification-JEL: F64, K32, N50, Q20, Q32, Q50 Pages: 393-410 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=904.pdf File-URL: http://www.vse.cz/polek/904 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:904:p:393-410 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Kovanda Title: Taktické omyly ekonomů rakouské školy při "dobývání ortodoxie" Title: Austrians´ Tactical Mistakes that Prevent Them to "Conquer the Orthodoxy" Abstract: According to quite a number of scholars, even non-Austrian, some theories of Austrian school of economic thought do provide an increasingly relevant material to explain recent boom-and-bust economic cycles as well as financial crises. However, I argue, this development is not adequately reflected by a corresponding growth of Austrian influence within the economic orthodoxy. Quite to the contrary, many orthodox scholars have taken over rigidly Keynesian positions since the financial crisis culminated in 2008 and 2009. In my article I maintain that Austrians themselves have contributed significantly to such a situation by not preventing three major tactical mistakes, related to the domain of sociology of economics, from occurring. Firstly, they have not formed a really unified and thus influential group of scholars; instead, they have been divided into a few streams, sometimes with highly contradictory stances. Secondly, many Austrians have made bold predictions, especially with regard to possible enormous inflation stemming from the unprecedented provision of liquidity to the financial system during and in the aftermath of the financial crisis of 2008 and 2009, which have not been fulfilled at all. Thirdly, a critical number of Austrian school´s economists do not effectively communicate with the rest of the profession and even, it seems, fail to adequately comprehend the orthodox analytical tools and theories. Keywords: financial crisis, Austrian school, heterodoxy, orthodoxy, sociology of economics Classification-JEL: B25, B31, B41, B53 Pages: 411-427 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=905.pdf File-URL: http://www.vse.cz/polek/905 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:905:p:411-427 Template-Type: ReDIF-Article 1.0 Author-Name: Antonie Doležalová Title: Od Albína Bráfa k Josefu Mackovi - příspěvek k výročí úmrtí dvou významných českých ekonomů Title: From Albín Bráf to Josef Macek - A Contribution to the Anniversary of the Death of Two Significant Czech Economists Abstract: This paper aims to commemorate Albín Bráf and Josef Macek as the key figures in the history of Czech economic thinking. It focuses on three topics which their theoretical works had in common: firstly, the methodology of economics and its assesment as a social science, secondly, the solutions to social questions within the framework of economic policies and, thirdly, the significance of economic education and popularization of economics. The objective of the study is to detect continuity in Czech economic thinking and open a discusion on its posibilities within both the Communist and post-Communist period. Keywords: Albín Bráf, economic policy, economic theory, Josef Macek, economic education, Czech economic thinking Classification-JEL: A2, B1, B2, B4, H4 Pages: 428-438 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=906.pdf File-URL: http://www.vse.cz/polek/906 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:906:p:428-438 Template-Type: ReDIF-Article 1.0 Author-Name: Eva Kislingerová Author-Name: Tomáš Krabec Title: Metody oceňování podniku pro pokročilé Title: Valuation of Business Enterprises for Advanced Users Keywords: - Pages: 439-444 Volume: 2013 Issue: 3 Year: 2013 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=907.pdf File-URL: http://www.vse.cz/polek/907 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2013:y:2013:i:3:id:907:p:439-444