Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Machek Author-Name: Luboš Smrčka Author-Name: Jiří Hnilica Author-Name: Markéta Arltová Author-Name: Dimitrios P. Tsomocos Title: Analýza všeobecné rovnováhy pro český finanční trh a model finanční křehkosti Title: General Equilibrium Analysis of the Czech Financial Market and a Financial Fragility Model Abstract: The purpose of this paper is to create a financial fragility model for the Czech financial sector. We adapt the Goodhart-Tsomocos model which is based on general equilibrium with incomplete markets, money and default. The calibration of the model is based on publicly available data from the period 2003-2011. Finally, we perform comparative statics to show how the key variables of the model respond to possible events. The model can be used by government institutions to stress-test the banking sector, as well as by banking and other financial institutions to estimate the development of, inter alia, the default rates of their clients. The model also incorporates default of households and may be used, after further extension, in predicting households´ default rates with respect to the behaviour of banks in consequence of changes in macroeconomic parameters of the environment. Keywords: monetary policy, Czech Republic, banking, financial fragility, regulatory policy, general equilibrium Classification-JEL: C68, E4, E5, G11, G21, G28 Pages: 437-458 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=963.pdf File-URL: http://www.vse.cz/polek/963 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:963:p:437-458 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/963 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Janků Author-Name: Stanislav Kappel Author-Name: Zuzana Kučerová Title: Interakce monetární a fiskální politiky zemí visegradské skupiny Title: The Interaction of Monetary and Fiscal Policy in the Visegrad Group Countries Abstract: The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are basic determinants of successful economic policy implementation of each country. Fiscal and monetary policies usually have different aims. Therefore, some conflict situations may arise in practical economic and political decision-making process. Methodical approaches of this article are based on the game theory, which deals with the analysis of a wide range of decision-making situations with more participants (players); it is primarily focused on the conflict situations. Our results confirm the stabilizing role of monetary policy in the Czech Republic, Poland, and Hungary, also the dominant role of monetary policy in the Czech Republic and the dominant role of fiscal policy in Hungary. In the case of Slovakia, inconsistent results concerning the monetary policy role are probably caused by its EMR II membership and Eurozone entry in 2009. Keywords: monetary policy, game theory, fiscal policy, non-cooperative games, policy coordination, policy interactions, policy objectives Classification-JEL: C72, E52, E58, E61, E62, E63 Pages: 459-479 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=964.pdf File-URL: http://www.vse.cz/polek/964 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:964:p:459-479 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/964 Template-Type: ReDIF-Article 1.0 Author-Name: Rudolf Sivák Author-Name: Pavol Ochotnický Author-Name: Ľuboš Kuchta Title: Fiškálna udržateľnosť systému zdravotníctva SR Title: Fiscal Sustainability of the National Health Care Systém in the Slovak Republic Abstract: Slovak Republic as well as many other OECD countries has faced significant increase of health expenditures in last decades. Sustainability of health care public component is therefore and mainly on the ground of ageing of population a political and scientific challenge for many countries. Paper pursues ex ante sustainability of health care system in Slovak Republic. By using modified models of International Labour Organization and European Commission and exogenous macroeconomic and population expectations we forecasts revenues, expenditures and also sustainability of the health care policy scenarios until year 2030. We identified possible changes in the income and expenditures policies for the Slovak health system, which can lead to improve balance of whole system by assumed population and macroeconomic scenarios. Keywords: sustainability, health care, population ageing, financing Classification-JEL: C63, H51, H68, I18, J11 Pages: 480-499 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=965.pdf File-URL: http://www.vse.cz/polek/965 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:965:p:480-499 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/965 Template-Type: ReDIF-Article 1.0 Author-Name: Helena Chytilová Author-Name: Zdeněk Chytil Title: Ekonomické vzdělání a peněžní iluze, experimentální přístup Title: Economic Education and Money Illusion: An Experimental Approach Abstract: Economic education is considered of prime importance nowadays with direct implications for effectiveness of monetary policy. We aim to verify with an application of experimental method, whether economic education acquired has weakening or even suppressive effects on recently resurrected phenomenon of money illusion. If our hypothesis will be proved, previous evidence about signifi cant indirect effects of money illusion, causing significant long-lasting deviations of the economy from equilibrium after the shock, might be significantly alleviated, weakening thereby predictions of the New Keynesian model. Our findings suggest that even well-educated individuals do not have the ability to pierce the veil of money and do not form expectations properly after a fully anticipated monetary shock. As a result we can infer that money illusion is multiplied and nominal rigidities are intensifi ed even in the economy that consists of well-educated individuals. Keywords: convergence, economic education, money illusion, nominal rigidities, strategic complementarity Classification-JEL: C92, E310, E37, I29 Pages: 500-520 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=966.pdf File-URL: http://www.vse.cz/polek/966 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:966:p:500-520 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/966 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Štamfestová Title: Řízení výkonnosti zpracovatelských podniků v ČR s důrazem na nefinanční aspekty podnikání Title: Business Performance Management In Manufacturing Companies in the Czech Republic with an Emphasis on Non-Financial Aspects of Business Abstract: This article deals with business performance. The aim of this article is to identify performance factors, ie. factors that should have an impact on performance in long-term horizon, analyze these factors and their relationships, and based on this analysis to create a complex model of business performance. First sub-goal is to identify internal factors affecting the performance of companies in the new economy and next sub-goal is to verify the influence of the potential factors of performance on the business performance in terms of both market and financial performance in the manufacturing companies in the Czech Republic. It means to confirm or refute the findings on the impact of these factors on business performance of the companies in the Czech Republic. The article examines the importance of quality, human capital, customer capital and information technology on business performance through a questionnaire survey and the use of statistical methods. Keywords: quality, human capital, business performance, intangible assets, customer capital, information technologies Classification-JEL: G30, G32, L10, L25, M19 Pages: 521-541 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=967.pdf File-URL: http://www.vse.cz/polek/967 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:967:p:521-541 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/967 Template-Type: ReDIF-Article 1.0 Author-Name: Matthew Sanderson Author-Name: Wadim Strielkowski Author-Name: Kateřina Hluštíková Title: Ukrajinská pracovní migrace v české republice: odliv mozků a existence strukturálních kanálů Title: Ukrainian Labour Migration in the Czech Republic: Brain-Drain and the Existence of Structural Channels Abstract: This paper aims at finding out, whether the previous experience in Ukrainian construction sector increases the probability of doing the same job in the Czech construction sector. We assume that the integration of Czech and Ukrainian construction sectors led to the creation of structural channels directing Ukrainian labour migrants to the Czech Republic along the migration lines and facilitating the process of labour migration between these two countries. We employ the unique dataset created with the help of the survey conducted in Ukraine within the framework of Ukrainian migration project (UMP) in 2010-2012 and estimate multidimensional models in order to establish whether the previous experience in Ukrainian construction sector increases the probability of doing the same job in the Czech construction sector. Our results show strong empirical evidence for our hypotheses and are interpreted in the context of a broader economic restructuralization in the European Union. Keywords: labour market, Czech Republic, International migration, migration channels, Ukraine Classification-JEL: F22, J21, J24, R23 Pages: 542-559 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=968.pdf File-URL: http://www.vse.cz/polek/968 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:968:p:542-559 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/968 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Maleček Title: Toky dlouhodobé nezaměstnanosti Title: Long-Term Unemployment Flows Abstract: This article presents the methodology to extend the traditional employment-unemployment flows model with a third sector: long-term unemployment. This enables a new range of decompositions of various labour market aggregates which allows for a deeper understanding of the structure and dynamics of a particular labour market. One of possible analyses is conducted in the case of selected EU Member States. Finally, it is shown that transition probabilities into and from long-term unemployment depend on the business cycle in most EU countries. Keywords: long-term unemployment, business cycle, labour force flows Classification-JEL: C22, C23, E24, J64 Pages: 560-576 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=969.pdf File-URL: http://www.vse.cz/polek/969 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:969:p:560-576 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/969 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Daňhel Title: Nestárnoucí kniha upozorňující na možnosti manipulace s fakty prostřednictvím exaktních metod Title: Ageless Book Warning against the Possibility of Facts Manipulation by the Means of Exact Methods Keywords: - Pages: 577-579 Volume: 2014 Issue: 4 Year: 2014 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=970.pdf File-URL: http://www.vse.cz/polek/970 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2014:y:2014:i:4:id:970:p:577-579 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/970