Template-Type: ReDIF-Article 1.0 Author-Name: Vladan Hodulák Author-Name: Oldřich Krpec Title: Francouzsko-Německé monetární vztahy - pnutí v základech eurozóny Title: Franco-German Monetary Relations - Tensions Built Into the Eurozone Core Abstract: This paper discusses the thesis that the main danger for eurozone survival does not lie in the areas that most economists have focused on; that is, it lies neither in insufficient regulation of the financial sector (banking union) nor in fiscal irresponsibility of the European governments (fiscal compact). The eurozone technically has unlimited financial resources at its disposal to solve its recent financial problems, but the potential threats are rather of a political origin. The most important challenges are the distinct expectations that the strongest European economies harbored before the foundation of the eurozone. The French sought to gain more autonomy in the conduct of their domestic economic policy, which had been impeded by external constraints, particularly exacerbated by German monetary policy. The German goal was to prevent permanent upward pressure on their currency, which had been undermining their export-led economic model. These distinct expectations did partly influence the institutional arrangement of the Economic and Monetary Union. However, the essence of the Franco-German conflict has not been adequately addressed and we hold that the eurozone in its current setting is not able to fully resolve it. That being said, the ECB can employ means that could allow it to postpone the solution for a very long time. Keywords: monetary policy, eurozone, Germany, monetary integration, France Classification-JEL: E42, E52, F55, F59 Pages: 413-435 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1028.pdf File-URL: http://www.vse.cz/polek/1028 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1028:p:413-435 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1028 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Řežábek Title: Poptávka po hotovosti v oběhu v České republice v období let 2002-2014 a její změny v průběhu finanční krize Title: Demand For Cash in Circulation in the Czech Republic In 2002-2014 and Its Changes During the Financial Crisis Abstract: The demand for cash in the Czech Republic is characterized since the establishment of the Czech currency in 1993 by a steady upward trend that has been disrupted by several non-standard episodes. One of the episodes was a substantial surge in Czech currency holdings after the outbreak of the financial crisis in late 2008. Results based on a model of currency demand show that the increase in currency in circulation in the last quarter of 2008 cannot be explained by common variables, which include retail sales, interest rate, innovation in payment systems, and tourism. Separate models of currency demand for small and large denominations revealed significant differences in terms of sensitivity to different variables. While small-value banknotes are mainly driven by domestic transactions, payment system innovations and tourism, the demand for large-value banknotes depends more on a short-term interest rate. Increased currency demand had to be explicitly modeled only in case of high-denomination banknotes and was best explained by the confidence indicator. Keywords: demand for money, money, financial crisis, currency in circulation, banknotes, demand for cash Classification-JEL: E40, E50 Pages: 436-455 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1029.pdf File-URL: http://www.vse.cz/polek/1029 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1029:p:436-455 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1029 Template-Type: ReDIF-Article 1.0 Author-Name: Danuše Nerudová Author-Name: Veronika Solilová Title: Kvantifikace dopadů zavedení společného konsolidovaného základu daně v Evropské unii do celkového základu daně korporací vykazovaného v České republice Title: Quantification of the Impact on the Total Corporate Tax Basis in the Czech Republic Caused by the Common Consolidated Corporate Tax Base Implementation in EU28 Abstract: The implementation of the Common Consolidated Corporate Tax Base (hereinafter as CCCTB) system will have the impact on the distribution of group tax bases across the EU, for the draft of CCCTB directive includes also the suggestion of allocation formula, based on which the group tax base should be allocated. As a consequence of this, it will also generate impact on tax revenues of individual EU Member States. The aim of the paper is to identify whether the implementation of CCCTB will result into the decrease or increase of corporate tax base in the Czech Republic in comparison with present situation - i.e. in situation when no group taxation or consolidation regimes are allowed in the Czech Republic. The results shows that Czech Republic would gain in the situation when CCCTB would be implemented in EU28, for its total allocated tax base would increase by 11,61%. Keywords: Czech Republic, EU, tax base, CCCTB, group, sharing mechanism Classification-JEL: H25, K22 Pages: 456-473 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1030.pdf File-URL: http://www.vse.cz/polek/1030 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1030:p:456-473 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1030 Template-Type: ReDIF-Article 1.0 Author-Name: Milan Sedláček Title: Vliv dotace na konkurenceschopnost podniku - předběžná analýza Title: Subsidy Effect on Enterprise Competitiveness - Preliminary Analysis Abstract: More than EUR 347 million from EU funds was allocated for boosting competitiveness of Czech economy during the time period from 2004 to 2006. The aim of this paper is to evaluate effects of subsidies from programme "Development", which was focused on rising small and medium company competitiveness. Method Benchmark and method Per se were created for this purpose. Analyses confirm that subsidies are drawn by companies with above average rate of competitiveness. On the other hand, competitiveness of these subsidised companies (measured by eight financial indicators) was ostensibly decreasing after drawing the subsidy. The cause for this fact can be found in Czech accounting legislation which creates a dilemma for company managers. Research results show that managers of subsidized companies have probably chosen conservative strategy - the above average EBIT (created thanks to the subsidy) hold in liquid assets and use it for necessary future reinvestment but formally worsen profi tability ratios. Keywords: investment, competitiveness, subsidy, evaluation, company performance, financial analysis Classification-JEL: G38, M20, M48, O16 Pages: 474-497 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1031.pdf File-URL: http://www.vse.cz/polek/1031 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1031:p:474-497 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1031 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Domonkos Author-Name: Brian König Title: Odhad nákladov nezamestnanosti v podmienkach slovenskej ekonomiky Title: Estimation of the Cost of Unemployment in Slovak Republic Abstract: The aim of the presented paper is to estimate the cost of unemployment in the Slovak Economy. The cost of unemployment can be divided into a direct component, composed of decreasing government revenues due to reduced direct taxes and social contribution payments from the employees and the employers; increased public spending on unemployment benefi ts, social security and health insurance and finally increased expenditures on running the administration of unemployed persons and active labor market policies. The second part, consisting of indirect costs, is composed of one component, represented by the decreasing collection of indirect taxes. The analysis showed that the average estimated real monthly cost per one unemployed throughout the years 2008-2012 fall within the range from 416 euros to 588 euros. Keywords: unemployment, cost of unemployment, labor market, direct costs of unemployment, indirect costs of unemployment Classification-JEL: E24, J64 Pages: 498-516 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1032.pdf File-URL: http://www.vse.cz/polek/1032 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1032:p:498-516 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1032 Template-Type: ReDIF-Article 1.0 Author-Name: Petr Brabec Author-Name: Karina Kubelková Title: Penzijní reforma v Chile: aktuální vývoj plně fondového DC systému a analýza dopadů Title: Chilean Pension System: Current Development of Fully Funded DC System and Its Impacts Abstract: General elections in Chile in the autumn of 2013 have unleashed a discussion about the shortcomings of the Chilean pension system and the necessary changes. Radical solutions contains various forms of return of the PAYG system. The paper deals with the preparation and the main implication of the pension reform in 1981 which led to the transition from the PAYG system to the capital system. Thanks to the reconstruction of the time series from the 70s and 80s of the 20th century using the latest data from 2013 and own calculations the article confirmed that the transition meant a noticeable increase in pensions for everybody included in the system. This outcome is driven mainly by the lower tax burden, generated savings and positive impact, particularly on the country´s GDP and government budget. The paper also summarize the available knowledge about the pension reform in Chile in the Czech language. Keywords: PAYG, pension reform, Chile, capital system, 1981, AFP Classification-JEL: G230, H550, J320, P110 Pages: 517-533 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1033.pdf File-URL: http://www.vse.cz/polek/1033 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1033:p:517-533 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1033 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Smrčka Title: Fundamentální příspěvek k otázkám penzijní reformy Keywords: - Pages: 534-538 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1034.pdf File-URL: http://www.vse.cz/polek/1034 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1034:p:534-538 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1034 Template-Type: ReDIF-Article 1.0 Author-Name: Liběna Černohorská Author-Name: Petr Teplý Title: Unikátní kniha o euru a evropské integraci Title: unique book about the euro and European integration Keywords: - Pages: 538-542 Volume: 2015 Issue: 4 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1035.pdf File-URL: http://www.vse.cz/polek/1035 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:4:id:1035:p:538-542 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1035