Template-Type: ReDIF-Article 1.0 Author-Name: Igor Kotlán Author-Name: Zuzana Machová Title: Horizont daňové politiky v zemích OECD Title: Tax Policy Horizon in the OECD Countries Abstract: This aim of the article is to determine the optimal tax policy horizon, and thus its strongest impact on economic growth in OECD countries. From a methodological point of view, the empirical analysis is based on a dynamic panel model, in which the data for the OECD countries in the period of 2000-2011 are used. The results confirm the economic theory about the negative impact of taxes on growth and show that the tax policy infl uences the growth the strongest with the 2-3 years lag. The analysis also confi rms that permanent tax changes in sense of increased taxation may not be as negative for growth if they are accompanied by effective tax collection and increase of tax revenues. Keywords: economic growth, taxation, tax quota, World Tax Index (WTI), Tax Policy Horizon, Dynamic Panel Data Estimation Classification-JEL: H20, H30, O40 Pages: 161-173 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=944.pdf File-URL: http://www.vse.cz/polek/944 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:944:p:161-173 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/944 Template-Type: ReDIF-Article 1.0 Author-Name: Monika Pécsyová Title: Odhad vplyvu fiškálnej konsolidácie na rast HDP v SR Title: Estimated Impact of Fiscal Consolidation on GDP Growth in the Slovak Republic Abstract: The Slovak economy is experiencing another significant phase of fiscal consolidation in its history. Unlike previous episodes of major consolidation in our history, our economy cannot "rely" on a soft cushion in the form of favourable global economic situation, integration and launch of new capacities in the automotive industry, as it was in 2003-2005 and 2011. The main objective of this paper is to estimate the size of fiscal multipliers in Slovakia in order to quantify the impact of fiscal packages in 2011 and 2013. The results show that the expenditure oriented consolidation has higher costs in form of lost growth. However, in the medium to long term it is less painful. Effect of consolidation package on GDP growth in 2011 is estimated at -0.99 percentage points. In 2013, we estimate that the fiscal consolidation cuts the growth of 0.68 percentage points. Keywords: fiscal multiplier, fiscal consolidation, structural autoregression model, impulse response function Classification-JEL: E62, H30, H50, H60 Pages: 174-193 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=945.pdf File-URL: http://www.vse.cz/polek/945 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:945:p:174-193 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/945 Template-Type: ReDIF-Article 1.0 Author-Name: Emília Jakubíková Author-Name: Andrea Tkáčová Author-Name: Anna Bánociová Title: Kompozitné predstihové indikátory hospodárskych cyklov krajín V4 a ich komparácia s CLI Eurostatu a OECD Title: Composite Leading Indicators of Economic Cycles of V4 Countries and their Comparison to the CLI of the Eurostat and the OECD Abstract: This article´s objective is to suggest and create the composite leading indicators and their importance for monitoring in a short term prediction of economic cycles in the V4. We describe in detail the methodologies of OECD and Eurostat, which deal with the prediction of the economic cycles in the V4 countries through CLI. The relation of 475 selected economic indicators and reference series, which represent the economic cycle of the V4 countries, is analyzed in the empirical part of this article. Based on the performed analysis, we define groups of leading, parallel and lagged indicators. We choose those leading indicators that are the most appropriate for the creation of CLI. Then the created CLIs and their prediction abilities are studied through the values of crosscorrelations. Besides the creation of our own CLIs, we also compare them with CLIs of Eurostat and OECD and create the conclusions on suitability resp. unacceptability of the individual CLIs for a given V4 country. Keywords: business cycle, composite leading indicator, reference series, cyclical indicator Classification-JEL: E32, E37 Pages: 194-215 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=946.pdf File-URL: http://www.vse.cz/polek/946 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:946:p:194-215 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/946 Template-Type: ReDIF-Article 1.0 Author-Name: Beáta Mikušová Meričková Author-Name: Jan Stejskal Title: Hodnota statku kolektivní spotřeby Title: Value of Collective Consumption Goods Abstract: The goal of this paper is to develop the theoretical framework of the public goods provision. This theoretic contribution is based on the critical analysis of mainstream economics theories dealing with public goods as market failure (neoclassical economics and neoliberalism) and on the results of own economic experiment examining the "free-riding" behaviour in the voluntary provision of public goods. The "free rider" problem is one of the main reasons for government intervention in the market. However, there is an inefficiency of public decision making on public provision and financing of selected goods because of the estimating goods values (ex-post consumer utility) problem. Moreover, the results of economic experiments do not support the pure "free rider" theory. However, the economic experiment simulates the real public good consumption that is why this paper contains also the survey of consumers´ willingness to pay for specific public goods (public library services) in real terms based on the methodology of contingent valuation method. Keywords: public goods, public goods values (ex-post consumer utility), "free rider" theory, economic experiment, willingness to pay Classification-JEL: H41, H42, H44, I38 Pages: 216-231 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=947.pdf File-URL: http://www.vse.cz/polek/947 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:947:p:216-231 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/947 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Fiala Author-Name: Jitka Langhamrová Title: Modelování budoucího vývoje úhrnu pojistného a úhrnu vyplacených starobních důchodů v ČR Title: Modelling of the Future Development of the Total Amount of Premium Paid and Total Amount of Old-Age Pensions in the Czech Republic. Abstract: The paper present a simple model of the future development of incomes and expenses of the old-age pension system in the Czech Republic (so called 1st pillar). The projection is based on the results of the latest available population projection published by the Czech Statistical Office in 2013. The expected number of employees (payers of the old-age insurance premium) is estimated on the basis of the sex and age structure of people in productive age and expected employment rates. All people at the age higher than retirement age are expected to receive old-age pension. The permanent increase of retirement age according to the present legislation is assumed. The computations show that the financial deficit of the old-age pension system would reach maximum values in the fifties when the numerous generations born in the seventies of the last century will reach the pension age. But in the last two decades of the present century the proportion of pensioners would be lower than at present times. Keywords: Czech Republic, population ageing, population projection, employment rates, retirement age, old-age pension system Classification-JEL: J110, J140 Pages: 232-248 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=948.pdf File-URL: http://www.vse.cz/polek/948 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:948:p:232-248 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/948 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Večerník Title: Subjektivní blahobyt v České republice a střední Evropě: makro- a mikro-determinanty Title: Subjective Well-Being in the Czech Republic and Central Europe: Macro- and Micro-Determinants Abstract: The article documents the development of life satisfaction in four transitional Central European countries since 1991, in comparison with Germany and Austria. After presentation of data sources and the overview of the literature regarding the effect of transition on life satisfaction, surveys of European Values Study 1991, 1999 and 2008 are analysed together with macroeconomic data. First, satisfaction levels are correlated with GDP and then, individual characteristics of income, gender, education and family status are regressed to as explanatory variables of life satisfaction. While the explanatory power of GDP is found as very weak for the entire period, the effect of objective characteristics has peaked in 1999 and the effect of subjective perceptions in 2008. The survey information on trends after 2008 differs but no dramatic change of the life satisfaction due to the economic recession has so far appeared. Keywords: transition, subjective well-being, life satisfaction, Central Europe, economic recession Classification-JEL: I31, I38, Z10, Z18 Pages: 249-269 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=949.pdf File-URL: http://www.vse.cz/polek/949 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:949:p:249-269 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/949 Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Pomoc ohroženým bankám - teorie, realita a měnové dopady Title: Assistance to Troubled Banks - Theory, Reality and Monetary Implications Abstract: The recent financial crisis has significantly modified the approach to helping troubled banks. The traditional role of the central bank has shifted toward non-credit forms of assistance, provided mainly by the state, and even toward assisting insolvent banks. State assistance - directly or through specialized institutions - mainly concerned banks too big to fail, i.e. systemically important banks. State aid should be forthcoming only once funds available from shareholders, owners of subordinated debt and uninsured depositors have been exhausted. Credit by a central bank should be granted only to temporarily illiquid banks. Primarily as this credit assistance can have significant monetary implications, in as much as it leads to the growth of reserves in the banking system. The impact on the economy then depends primarily on the credit activity of commercial banks. The author compares theory against practice and, using the U.S. and the EMU as an example, analyses the monetary impact using the development of money multipliers. Keywords: money multiplier, central bank, Deposit Insurance, bank regulation and supervision, bank run, contagion risk, lender of last resort, subordinated bonds, systematically important bank Classification-JEL: E5, G01, G21 Pages: 270-288 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=950.pdf File-URL: http://www.vse.cz/polek/950 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:950:p:270-288 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/950 Template-Type: ReDIF-Article 1.0 Author-Name: Slavoj Czesaný Title: Mezinárodní konference OECD Forum 2013 Title: International Conference OECD Forum 2013 Keywords: - Pages: 289-296 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=951.pdf File-URL: http://www.vse.cz/polek/951 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:951:p:289-296 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/951 Template-Type: ReDIF-Article 1.0 Author-Name: Lubor Lacina Title: Komplexní a kritický pohled na problematiku Evropské ekonomické integrace Title: Complex and Critical View on European Economic Integration Keywords: - Pages: 297-300 Volume: 2014 Issue: 2 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=952.pdf File-URL: http://www.vse.cz/polek/952 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:2:id:952:p:297-300 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/952