Template-Type: ReDIF-Article 1.0 Author-Name: Zdeněk Pikhart Author-Name: Lukáš Pfeifer Author-Name: Pavla Chmelová Title: Reakční funkce a udržitelnost fiskální politiky Title: Fiscal Policy Reaction Function and Sustainability Abstract: The article deals with the issue of fiscal sustainability, which has gained in importance after the recent financial and sovereign debt crisis. The article defi nes the term of financial sustainability in its theoretical part. The next section continues with the historical fiscal data for countries in the European Union. The main part of the article estimates reaction function of fiscal policy using panel data regression model. Tests are performed for multiple groups of countries, namely for the entire European Union, the old member states, the new member states, and the states most affected by the recent financial and sovereign debt crisis. This classification allows higher accuracy and better interpretability of the model results. Data results show rather pro-cyclicality of fiscal authorities´ behaviour. Keywords: fiscal policy, European Union, fiscal sustainability, financial and sovereign debt crisis Classification-JEL: H300, H500, H600 Pages: 545-569 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1013.pdf File-URL: http://www.vse.cz/polek/1013 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1013:p:545-569 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1013 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Gürtler Title: Poptávka po reálných peněžních zůstatcích v ČR a její determinanty Title: Demand For Real Money Balances in the Czech Republic and its Determinants Abstract: Paper deals with an important area of monetary economics, the demand for money. Concretely we propose results from an empirical investigation of determinants of the demand for real money balances in the Czech Republic. From the methodological point of view we use models of multivariate time series analysis in the co-integrated context, the VAR and VEC models, and the generalized impulse response functions for an estimation of trajectories of adjustment processes. Based on the results, we can say that the real money balances in the broader definition (in the sense of M2 monetary aggregate) are demanded by economic agents in relation to a long-run evolution of their needs, and during this, they are not systematically influenced by economic shocks. This also implies stability and simple predictability of the demand. Demand in the narrow sense, including currency and demand deposits, exhibits a greater volatility due to different shocks. Therefore this narrow demand is continuously adjusted to arising disequilibriums, going from both inside and outside of the economy. Nevertheless in the long run there exists an equilibrium relationship among the demand for real money balances in the narrow sense, the interest rate, the real effective exchange rate and the rate of unemployment. Majority of observed relationships is consistent with a priori assumptions, which are formulated through a theoretical model. Finally, it is possible to show, that direct long-run equilibrium relationship between the demand for real money balances in the narrow sense and the volume of transactions (or real production) does not exist. On the contrary, we have also found that a transactions demand is influenced by the business cycle. However the elasticity of transactions demand with respect to the business cycle is relatively small and hence we conclude that a considerable part of this demand is constant over time and a speculative demand is more important for the description of the demand for real money balances development. The difference between a behavior of the demand for real money balances in the narrow and in the broader definition, we are explaining by a portfolio re-optimization effect. Keywords: business cycle, quantity theory of money, VECM, VAR, demand for real money balances, liquidity preference theory, transactions demand, speculative demand, Generalized Impulse Response Functions (GIRFs) Classification-JEL: E12, E13, E32, E41, E51, F41 Pages: 570-602 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1014.pdf File-URL: http://www.vse.cz/polek/1014 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1014:p:570-602 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1014 Template-Type: ReDIF-Article 1.0 Author-Name: Miroslav Titze Title: Netradičná menová politika a kvantitatívne uvolňovanie Centrálnej banky Japonska v rokoch 2001-2006 Title: Unconvenional Monetary Policy and Quantitative Easing in Japan 2001-2006 Abstract: The paper explains wider economic, financial and macroeconomic context of the unconventional monetary policy during 2001-2006 in Japan. The objective of the article is complex discussion of Bank of Japan´s unconventional monetary policy measures from theoretical and practical point of view. The structure of the papers is following: the fi rst part reveals macroeconomic condition behind unconventional monetary policy, the second part describes changes in monetary policy implementation, focuses also on commercial assets purchasing and describes exit strategy as well. The last part of the paper evaluates unconventional monetary policy impacts. Bank of Japan achieved accommodative financial condition and reduced uncertainty in the money market. Large liquidity buffer works preventive in case of unexpected liquidity shocks. Excess ample liquidity did not support prices and real economic activity considering broader deleveraging process and corporate markets fragmentation. Entry and exits strategy was successful without financial markets disruption but exit was not complete. Finally, the paper can conclude, that unconventional monetary policy had positive stabilization effect without significant transmission to the real economy. Keywords: quantitative easing, Bank of Japan, money market operations, balance sheet recession, reserve targeting Classification-JEL: E40, E43, E50, E58 Pages: 603-623 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1015.pdf File-URL: http://www.vse.cz/polek/1015 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1015:p:603-623 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1015 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Hanousek Author-Name: Evžen Kočenda Title: Determinanty evropského zahraničního obchodu: instituce, kultura, infrastruktura a geografie Title: Determinants of the European Trade: Institutions, Culture, Infrastructure and Geography Abstract: We analyze the effect of the large set of theoretically motivated determinants on international trade among European countries during the period 1992-2008. The determinats cover areas of culture, institutions, infrastructure, and geography, including trade directions. We analyze trade in three types of goods: raw materials, parts and components, and capital goods. For each type of goods we differentiate trade in flows, extensive margin, and intensive margin. Methodologically we first derive fixed effects related to unique pairs of countries in terms of exports andimports. Then we explain the fixed effects with the set of trade determinants. We show number of detailed results that could be summarized in a following way. Geographical, cultural, and institutional determinants exhibit intuitively correct but varying effects. Soft and hard infrastructures exhibit strong and positive effect. Trade directions between new and old EU members plays a key role in the European trade. Keywords: European Union, panel data, bilateral trade, determinants of trade, European integration Classification-JEL: F14, F16, L24 Pages: 624-640 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1016.pdf File-URL: http://www.vse.cz/polek/1016 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1016:p:624-640 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1016 Template-Type: ReDIF-Article 1.0 Author-Name: Filip Ostrihoň Author-Name: Zlatica Ivaničová Title: Produkčná (ne)homogenita regiónov Slovenska Title: Production (Non)Homogeneity Across Slovak Regions Abstract: Slovakia is a unitary state with a common legal and macroeconomic environment for all regions. However, such environment may hinder regions with production setting, different from the majority of the regions. Hence, the aim of the following paper is to present an empirical analysis of the production technologies used across Slovak regions and to identify potential regional differences. For this purpose two-factor Cobb-Douglas production function was analysed, using annual historical panel data for NUTS 3 Slovak regions. The panel-data structure allowed the distinguishing of the differences in capital and labour elasticities between the analysed regions and the average of the rest of the regions. Additionally, the same methodology was performed with Cobb-Douglas model built on the first differences of the used data. The results of the two approaches indicate that region "Banskobystrický kraj" has significantly different production setting for capital and labour input than the rest of Slovak regions. Keywords: panel data, Slovakia, Cobb-Douglas production function, estimation, NUTS 3, stock of capital Classification-JEL: C23, E23, R15, R30 Pages: 641-657 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1017.pdf File-URL: http://www.vse.cz/polek/1017 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1017:p:641-657 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1017 Template-Type: ReDIF-Article 1.0 Author-Name: Paula Puškárová Title: Analýza vplyvu ľudského kapitálu na celkovú produktivitu faktorov v regiónoch EÚ modelom SDM Title: Analysis of the Human Capital Impacts on the Total Factor Productivity in the EU Regions By Means of the SDM Model Abstract: This study is devoted to explore the role and impact size of human capital for economic growth. We discern two levels of human capital impacts: First, we point to its contribution to knowledge capital production and second, the multiplicative effects of human capital in the aggregate production function are suggested. We employ lately developed methodology for spatial panel estimations with two-way fi xed effects. Our results show that throughout the EU NUTS-2 regions over the 2000s human capital spillovers, indeed, account for large total factor productivity variation. Moreover, our results suggest that local effects of human capital are secondary to these human capital spillovers in terms of magnitude and, what might be more compelling, that the multiplicative effects of human capital surmount its impacts attributable to knowledge production. Keywords: total factor productivity, knowledge, human capital, human capital spillover, spatial panel, SDM Classification-JEL: O330, O470, R120 Pages: 657-675 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1018.pdf File-URL: http://www.vse.cz/polek/1018 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1018:p:657-675 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1018 Template-Type: ReDIF-Article 1.0 Author-Name: Stanislav Šaroch Title: Informované zamyšlení nad budoucností EU (a nejen nad ní) Keywords: - Pages: 677-680 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1019.pdf File-URL: http://www.vse.cz/polek/1019 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1019:p:677-680 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1019 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Brožová Title: Komplexní pohled na migraci z pera prof. Borjase Keywords: - Pages: 681-685 Volume: 2015 Issue: 5 Year: 2015 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1020.pdf File-URL: http://www.vse.cz/polek/1020 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2015:y:2015:i:5:id:1020:p:681-685 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1020