Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Evžen Kočenda Author-Name: Anastasiya Shamshur Title: Efektivita evropských firem Title: Efficiency of European Firms Abstract: This paper analyzes the technological efficiency of companies in the European Union (EU). Our extensive database covers more than 4 million firm/year observations from many EU countries including both manufacturing and service sectors in 2001-2007. Methodologically we apply a model of a stochastic production productivity frontier. We show that: the economic signifikance of company age is negligible, the higher the debt the greater the efficiency, bigger companies are less efficient, and a medium-level concentration of the market benefits companies. Majority ownership, in contrast, does not lead to higher efficiency, but a combination of majority and minority ownership has a positive disciplinary influence leading to higher efficiency. As to the origins of ownership, it does not seem that foreign-(co-)owned companies imply greater efficiency in old European countries, whereas foreign ownership is a significant driver of efficiency in new EU members through FDI. Keywords: efficiency, foreign direct investment, panel data, ownership structure, stochastic productivity frontier Classification-JEL: C33, D24, G32, L60, L80, M21 Pages: 303-322 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=953.pdf File-URL: http://www.vse.cz/polek/953 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:953:p:303-322 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/953 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Janda Author-Name: Štěpán Krška Author-Name: Jan Průša Title: Česká fotovoltaická energie: modelový odhad nákladů na její podporu Title: Czech Photovoltaic Energy: Model Estimation of The Costs of its Support Abstract: The article is focused on the total historical and future costs of supporting photovoltaic elektricity generation in the Czech Republic. The model estimation of these costs is accompanied by methodologically unified comparison with cost of the support of other renewable energy resources. We find that as long as the goals of Czech National Action Plan for Renewable Energy will be implemented, the costs on photovoltaics support will account for more than one half of all costs on renewable energy, combined production of electricity and heat and other secondary resources. The article also provides brief overview of the photovoltaic market in the Czech Republic with its past, present and possible future developments. Keywords: renewable energy sources, photovoltaics, energy policy, feed-in tariffs Classification-JEL: Q28, Q42, Q47 Pages: 323-346 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=954.pdf File-URL: http://www.vse.cz/polek/954 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:954:p:323-346 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/954 Template-Type: ReDIF-Article 1.0 Author-Name: Eduard Baumöhl Title: Determinanty integrácie akciových trhov krajín V4 Title: Determinants of CEE-4 Stock Market Integration Abstract: Stock market integration of CEE-4 (the so-called Visegrad group or V4) and G7 countries is examined during the period from January 4, 1998 to August 5, 2012. As a proxy of integration we use dynamic conditional correlations estimated in the standard DCC and asymmetric DCC model framework. It is showed that during the recent financial crisis, conditional correlations between the CEE-4 and developed markets have increased more significantly than after the entry of the CEE-4 countries into the European Union. Finally, the estimated correlations exhibit significant relationship with conditional volatility with a positive feedback. This provides an evidence of strengthening relationships between markets under the study during the more volatile periods. Keywords: volatility, stock market integration, dynamic conditional correlations, CEE-4 countries (V4 group), G7 countries Classification-JEL: C32, G01, G15 Pages: 347-365 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=955.pdf File-URL: http://www.vse.cz/polek/955 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:955:p:347-365 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/955 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Havránek Author-Name: Jana Sedlaříková Title: Meta-analýza důchodové elasticity poptávky po penězích Title: A Meta-Analysis of the Income Elasticity of Money Demand Abstract: The income elasticity of money demand is one of the most frequently estimated parameters in economics, but the individual estimates of the elasticity vary a lot. In this paper we present a quantitative survey of the literature estimating this parameter. We collect previous empirical estimates of the elasticity from many studies and analyze why the estimated elasticities differ so much. We test whether the literature is affected by the so-called publication selection bias; that is, if estimates consistent with mainstream theories tend to be published more often. Moreover, we analyze whether the reported estimates of the elasticity differ systematically across countries, estimation methods, and time periods. Keywords: money demand, income elasticity, meta-analysis, publication bias Classification-JEL: C83, E41, E52 Pages: 366-382 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=956.pdf File-URL: http://www.vse.cz/polek/956 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:956:p:366-382 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/956 Template-Type: ReDIF-Article 1.0 Author-Name: Vojtěch Roženský Title: Vliv ekonomických, sociálních a institucionálních faktorů na úroveň sociálních výdajů Title: The Effects of Economic, Social and Institutional Factors on Social Expenditure Levels Abstract: The paper presents a model of the level of social expenditure in 30 European countries, namely the EU 27 states, Norway, Iceland and Switzerland. The aim is to explain the development of social expenditure levels in the period 1990-2010 and estimate it´s sensitivity to basic economic, social, political and institutional determinants. Over 60 potential determinants are derived from the literature and analysed theoretically, and 21 of these variables are used as independent variables in the regression (a fixed-effects model with robust standard errors). Five variables are identifi ed as both robust and theoretically consistent. Social expenditure levels seem to depend on unemployment, GDP growth, population ageing, GDP per capita and the openness of an economy. The results confirm the theory of socio-economic determination of the level of social expenditure. Empirical evidence for other theoretical explanations is not robust, as it is strongly dependent on the exact model specification. Keywords: fixed effects model, social expenditure level, EU member states Classification-JEL: C33, E62 Pages: 383-399 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=957.pdf File-URL: http://www.vse.cz/polek/957 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:957:p:383-399 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/957 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Svoboda Title: Fenomenologie jako základ ekonomické metody Title: Phenomenology as a Foundation of Economic Method Abstract: In recent years, economic approach to human behavior has been challenged by contributions of cognitive science under the name of behavioral economics. As a result, two methodological strands in economics discord with each other: objectivistic (naturalistic) approach refuses the role of motivations in human behavior, adopting methods of natural science; subjectivistic (interpretative) approach, on the other hand, takes the teleological structure of human action as its corner stone. It is argued that position of the latter (esp. rational choice theory) has been undermined because it builds upon primitive version of human teleological structure. The paper shows that phenomenology offers a promising solution. Phenomenology identifies typical, invariant structures of human action and social world, with various degrees of their anonymity. If economic approach is founded on those structures adequately, then both rational choice theory and bounded rationality theories become compatible, as they differ in their degrees of anonymity only; they both belong to the body of (subjectivistic) economic approach to human behavior. Keywords: objectivism, subjectivism, Alfred Schutz, economic approach to human behavior, behavioral economics, phenomenology Classification-JEL: A12, B40, B53 Pages: 400-417 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=958.pdf File-URL: http://www.vse.cz/polek/958 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:958:p:400-417 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/958 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klaus Title: Systémová změna není cvičením v aplikované ekonomii: projev při udělení Leontiefovy ceny za příspěvek k ekonomickým reformám Title: The International Leontijef Medal for Contrubution to Economic Reforms: Fundamental Systemic Change Is not an Exercise in Applied Economics Keywords: - Pages: 418-421 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=959.pdf File-URL: http://www.vse.cz/polek/959 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:959:p:418-421 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/959 Template-Type: ReDIF-Article 1.0 Author-Name: Antonie Doležalová Title: Národná banka Slovenska dvacetiletá: konference Dejiny centrálneho bankovníctva na Slovensku, 13. - 14. 11. 2013 Title: Twenty Years Old National Bank of Slovakia: Conference on the History of Central Banking in Slovakia, 13th - 14th November 2013 Keywords: - Pages: 423-427 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=960.pdf File-URL: http://www.vse.cz/polek/960 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:960:p:423-427 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/960 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Daňhel Title: Vyšla další kniha myšlenkového proudu pro ekonomickou vědu budoucnosti Title: A New Trendsetter Book Apt to Leave a Mark on the Economics of the Future Keywords: - Pages: 428-431 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=961.pdf File-URL: http://www.vse.cz/polek/961 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:961:p:428-431 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/961 Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Machek Title: Úpadek firem a etika managementu optikou sedmi smrtelných hříchů Title: Bankruptcy of Firms and Management Ethics Seen from the Perspective of Seven Deadly Sins Keywords: - Pages: 432-434 Volume: 2014 Issue: 3 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=962.pdf File-URL: http://www.vse.cz/polek/962 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:3:id:962:p:432-434 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/962