Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Čížek
Title: Makroekonometrický model eurozóny
Title: Macroeconometric Model of the Eurozone
Abstract: The aim of this paper is the formulation and econometric estimation of a small macroeconomic model, which is intended to provide an understanding of fundamental economic relationships in the eurozone. Unemployment is used to represent real economic activity. Phillips curve links unemployment with infl ation and Taylor rule describes the monetary policy of the European Central Bank. The results from econometric estimation indicate that interest rate policy of the European Central Bank has only a very limited effect on unemployment. Furthermore, the reaction coeffi cient for infl ation in the Taylor rule does not support Taylor principle. This paper also presents original method for measuring NAIRU. The proposed method for estimating NAIRU uses probabilities of fi nding and loosing a job. These probabilities are made endogenous in the model, which is the main contribution of the paper.
Keywords: monetary policy, unemployment, Phillips curve, NAIRU, macroeconometric modeling, Taylor rule
Classification-JEL: E31, E32, E58
Pages: 279-299
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1003.pdf
File-URL: http://www.vse.cz/polek/1003
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1003:p:279-299
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Template-Type: ReDIF-Article 1.0
Author-Name: Agáta Drobiszová
Author-Name: Zuzana Machová
Title: Vliv fiskální politiky na ekonomický růst v zemích OECD
Title: The Impact of Fiscal Policy on Economic Growth in the OECD Countries
Abstract: The aim of the paper is to fi nd out what is the effect of different types of government spending and taxes on economic growth in developed economies. The analysis is performed on a sample of 27 OECD countries in the period 1997-2011. It is based on the neoclassic growth model extended with the level of human capital and fi scal variables. Those include particular types of government spending (according to the COFOG classifi cation) and taxes (according to the OECD classifi cation), and state budget defi cit. From a methodological point of view, panel data estimation is used. We support the view that only some types of government spending are growth-enhancing, and only if they are fi nanced through indirect taxes. However, the results show that only expenditure on defense, education and health, and general public services may be labeled as productive. In addition, we show that direct taxes, especially corporate taxes, negatively affect the growth, also in case they are used to fi nance productive spending.
Keywords: investment, economic growth, fiscal policy, human capital, government expenditure, tax revenue
Classification-JEL: H20, H50, O40
Pages: 300-316
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1004.pdf
File-URL: http://www.vse.cz/polek/1004
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1004:p:300-316
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Pavel
Author-Name: Leoš Vítek
Title: Vyvolané náklady daňového systému v ČR
Title: Compliance Costs of the Czech Tax System
Abstract: The paper presents methods and results of tax compliance costs (TCC) in the Czech Republic and uses the econometric analysis to show which factors affect their size at the level of individual taxpayers. The results of the author´s measurement of the TCC for the Czech Republic are following (% of tax revenue): VAT 4,5; CIT 5,5; PIT on employees 3,0; PIT on self-employed 34,4; SSC 1,5-3,5. The econometric analysis of the factors affecting the level of TCC shows the regressive character of these costs. However the decreasing of a relative value of TCC gradually slows down for large taxpayers. The analyses also show statistical signifi cance of the relationship between TCC and costs for external tax advisory. Hiring external actors is therefore more expensive than similar activities ensured by own employees (in- house service). Firms that consider the tax system is complex have on an average higher relative TCC than others. The opposite relationship was identifi ed for tax administration: fi rms that are less satisfi ed with administrators have lower relative TCC.
Keywords: tax system, Czech Republic, compliance costs of taxation
Classification-JEL: H21
Pages: 317-330
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1005.pdf
File-URL: http://www.vse.cz/polek/1005
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1005:p:317-330
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Template-Type: ReDIF-Article 1.0
Author-Name: Václav Rybáček
Title: Vliv trhu mezistatků na úspěšnost prognóz ekonomické aktivity
Title: Influence of the Intermediate Goods Market on the Success of Economic Activity Forecasts
Abstract: Predictions of economic activity are sine qua non of economic policy. Nevertheless, predictions are characterised by the high level of inaccuracy; the main aim of the paper is to provide a potential theoretical explanation of frequent failures by focusing on the refl ection of real market proces in forecasting apparatus. It is argued that the role of intermediate products is underestimated in the considerations of future development of economic activity, even if these has presumably higher relevance to the level of economic activity in the future. Mutual relation between expenditures on consumption and production expense is discussed and verifi ed by use of econometric tools. It is found that even if there is long-term relation between consumption and production expenditures, from the short-term perspective, actual consumption does not have statistically signifi cant impact on future decisions of producers.
Keywords: forecasting, GDP, economic activity, derived demand
Classification-JEL: C53, E01, E27, P24
Pages: 331-346
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1006.pdf
File-URL: http://www.vse.cz/polek/1006
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1006:p:331-346
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Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Machek
Author-Name: Jiří Hnilica
Title: Hodnocení vlivu zastoupení rodiny ve vlastnické a řídící struktuře firem na jejich finanční výkonnost pomocí metody zkoumání shody párů
Title: Evaluating the Impact of Family Presence in Ownership and Management on Financial Performance of Firms Using Matched-Pair Investigation
Abstract: The role of family businesses in management theory has been getting a topic of interest of academics and practitioners. This paper deals with the analysis of performance and financial structure gaps between Czech family and nonfamily firms. Using surname matching definition, we created a sample of 890 Czech large and medium-sized family businesses. Then we used the matched-pair investigation to determine the major gaps in profitability, labor productivity, liquidity and leverage between family and nonfamily firms. The results suggest that Czech family businesses are more profitable in terms of return on assets, profit margin and absolute values of earnings. Czech family businesses also have higher labor productivity and capital intensity, however, the asset turnover appears to be lower. Another important finding is that the overall level of debt is lower in the case of family companies which is accompanied by a higher level of liquidity and working capital.
Keywords: family business, performance gaps, matched-pair investigation
Classification-JEL: L22, M10, M16
Pages: 347-362
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1007.pdf
File-URL: http://www.vse.cz/polek/1007
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1007:p:347-362
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Template-Type: ReDIF-Article 1.0
Author-Name: Karel Janda
Author-Name: Van Quang Tran
Author-Name: Pavel Zetek
Title: Faktory ovlivňující zapojení žen v mikrofinancích
Title: The Factors Influencing the Participation of Women in Microfinance
Abstract: This paper investigates the possible reasons why many microfi nance institutions (MFIs) have gradually experienced a decrease in the share of female borrowers in their portfolios over the last few years. We confi rm that the share of women may be decreasing due to the growing proportion of low-income inhabitants in the area and unpaid family workers. Our results further show that the share of women is also strongly dependent on employment policy that has a positive impact on the dependent variable. Unexpectedly, none of macroeconomic variables such as economic growth, wage and household consumption has an impact on the number of female borrowers.
Keywords: macroeconomics, Microfinance, microcredit, female
Classification-JEL: E24, G21, O11, O54
Pages: 363-381
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1008.pdf
File-URL: http://www.vse.cz/polek/1008
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1008:p:363-381
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Template-Type: ReDIF-Article 1.0
Author-Name: Dagmar Brožová
Author-Name: Dominik Stroukal
Title: Teorie preferencí a kariéra žen na českém trhu práce
Title: Preference Theory and Women's Career Choice on the Czech Labour Market
Abstract: This paper tests the selected determinants shaping the careers of women. It uses data from an exclusive survey conducted in 2011 in the Czech Republic and confronts the results with Hakim’s preference theory. The results suggest arguments both for against the preference theory. We formulated four hypotheses and verifi ed them by binary probit models. In accordance with the Hakim’s theory we were able to demonstrate that the preference for work (work-centered preference)has a positive and signifi cant impact on the career choices of women on the Czech labor market. According to the results of the model is the work-centered preference associated with 52% increase in likelihood that a woman will spend most of the energy in employment. The impact of higher education has been shown to be positive and signifi cant - higher education increases the likelihood that a woman will spend most of the energy is employment by more than 14%. The impact of motherhood is according to our data negative and signifi cant. It reduces the likelihood of career choices by more than 19% and this effect is the same for one and more children which is in contrast to Hakim’s theory.
Keywords: preference theory, gender economics, work-centered preferences
Classification-JEL: D10, J13, J24, J30
Pages: 382-399
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1009.pdf
File-URL: http://www.vse.cz/polek/1009
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1009:p:382-399
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Template-Type: ReDIF-Article 1.0
Author-Name: Václav Klaus
Title: Samuelsonových nedožitých 100 let
Title: Samuelson's Incomplete Centenary
Pages: 400-403
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1010.pdf
File-URL: http://www.vse.cz/polek/1010
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1010:p:400-403

Template-Type: ReDIF-Article 1.0
Author-Name: Marek Loužek
Title: Vynikající příspěvek o krizi
Title: Excellent Paper on Eurozone Crisis
Pages: 404-407
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1011.pdf
File-URL: http://www.vse.cz/polek/1011
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1011:p:404-407

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Dobrylovský
Title: Implementace křesťanských zásad do ekonomické teorie
Title: Implementation of Christian Principles into Economic Theory
Pages: 407-410
Volume: 2015
Issue: 3
Year: 2015
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1012.pdf
File-URL: http://www.vse.cz/polek/1012
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:3:id:1012:p:407-410