Template-Type: ReDIF-Article 1.0
Author-Name: Michal Hlaváček
Author-Name: Ondřej Novotný
Author-Name: Marek Rusnák
Title: Analýza cen komerčních nemovitostí v zemích střední Evropy
Title: Analysis of the Commercial Property Prices in the Central European Countries
Abstract: Developments in the commercial property market are an important factor affecting financial stability, especially given their effect on the probability of default of non-financial corporations. This article analyses the development of the office property markets in five central European countries and compares their main indicators with those for Germany. It then formulates a simple error correction model of office property prices in relation to macroeconomic, demographic and structural determinants. The analysis reveals that both demand and supply factors (GDP, inflation and total office space), and partly also the maturity of the credit market, have an effect. Using this model, property prices are identified as having been overvalued in 2006-2008. However, in the CR office space currently appears to be slightly undervalued.
Keywords: Czech Republic, financial stability, Central Europe, commercial property, office prices
Classification-JEL: E22, O18, R33
Pages: 3-18
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1051.pdf
File-URL: http://www.vse.cz/polek/1051
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Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslava Hečková
Author-Name: Alex. Chapčáková
Author-Name: Eva Litavcová
Title: Ekonomická integrácia a jej vplyv na cezhraničné fúzie a akvizície v európskom priestore
Title: Economic Integration and Its Influence on Cross-Border Mergers and Acquisitions within the European Area
Abstract: The main target of the paper is to identify the influences of the financial and trade liberalization in the EU and the functioning of the EMU on the realization of the cross-border mergers and acquisitions among the selected states of the European territory. We analyse in the paper, concerning the theoretical background of the foreign scientific studies on the influence of the integration processes in Europe on the realization of the cross-border mergers and acquisitions, the influence of the selected predictors on the cross-border mergers and acquisitions realized in 16 source countries and 25 target countries in the European territory from 1998 to 2012 (database data created by the authors) through the generalized linear model. Empirical results of several foreign studies (e.g. Bjortvan, 2004, Neary, 2007, Brouwer, Paap, Viaene, 2008, Coeurdacier, De Santos, Aviat, 2009 etc.) indicate that European integration had a positive impact on the development of cross-border mergers and acquisitions especially in manufacturing sector. We came to the same conclusion based on our analyses, while the integration into the EU has a critical influence, which is  significantly higher in manufacturing sector. The influence of the integration into the EMU can be regarded as additional and it is identical for manufacturing sector and service sector. We can claim definitely that the institutional changes, such as the unified market of the European Union and the European Monetary Union were releasing factors of capital reallocation all over the world. The European Monetary Union encouraged the capital reallocation through the effects of unilateral financial liberalization (a decrease of marginal and fixed costs for execution of reallocation transactions) and thus facilitated the implementation of cross-border mergers and acquisitions in the European area.
Keywords: European monetary union, European Union, Economic Integration, cross-border mergers and acquisitions, European area, dummy variablesc, generalized least squares
Classification-JEL: F15, F21, F23
Pages: 19-33
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1052.pdf
File-URL: http://www.vse.cz/polek/1052
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1052:p:19-33
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Template-Type: ReDIF-Article 1.0
Author-Name: Emilie Jašová
Author-Name: Božena Kadeřábková
Author-Name: Klára Čermáková
Author-Name: Pavel Procházka
Title: Působení institucionálních faktorů na strukturální a cyklickou nezaměstnanost v zemích Visegrádské skupiny
Title: Influence of Institutional Factors on Structural and Cyclical Unemployment in the Countries of the Visegrad Group
Abstract: The aim of the article is to describe effects of selected institutional factors on structural and cyclical unemployment. The theoretical and methodological basis of institutional aspects of the labour market functioning draws from a number of previously published studies. Factors are modified for national conditions of the Visegrad Group (hereinafter V4). The article compares NAIRU estimates of previously fine-tuned models with estimates of models extended by selected institutional factors. The difference between these groups will then be compared with development of relevant variables of the real economy. That will allow us to determine whether the institutional factor infl uenced structural or cyclical unemployment. We will also specify the intensity of its negative influence on the two types of unemployment. The  final results of the analysis are compared with results of previous studies and world literature data.
Keywords: Kalman filter, taxation of labour, NAIRU, institutional factors, employment protection legislation (EPL), structure of wage bargaining, active labour market policies (ALMP), system of unemployment benefits, structural unemployment, cyclical unemployment
Classification-JEL: E24, E32, E37
Pages: 34-50
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1053.pdf
File-URL: http://www.vse.cz/polek/1053
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1053:p:34-50
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Template-Type: ReDIF-Article 1.0
Author-Name: Nikola Šimková
Title: Efektívna priemerná daňová sadzba z kapitálu aplikovaná na slovenské podmienky
Title: Effective Average Tax Rate of Capital Applied to the Slovak Conditions
Abstract: Investors' decisions are not based only on the statutory tax rate in the country, but also on a range of other aspects, such as depreciation of fixed assets, treatment of foreign source income, property taxes paid by firms, as well as treatment of dividends paid by companies and taxes on wealth and capital gains at the level of individuals. These aspects are incorporated into the model created by the Centre for European Economic Research (ZEW). This model provides a comprehensive look at the issue of tax competition, therefore the paper deals with describing and explaining its construction. The benefit is description of the effective average tax rate (EATR) in the Slovak conditions, evaluation of its development and changes by the different types of assets and the ways of financing, as well as forecasting its level based on the change in the corporate income tax rate. The indicator, which represents the level of capital taxation, is complicated to determine. EATR means the significant progress on this issue.
Keywords: capital, effective marginal tax rate, effective average tax rate, Corporate income tax, costs of capital, incremental investment
Classification-JEL: D24, H21, H24, H25
Pages: 51-64
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1054.pdf
File-URL: http://www.vse.cz/polek/1054
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1054:p:51-64
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Template-Type: ReDIF-Article 1.0
Author-Name: Jan Janků
Title: Podmíněný politicko-rozpočtový cyklus v zemích OECD
Title: Conditional Political Budget Cycle in the OECD Countries
Abstract: Conditional Political Budget Cycle in the OECD Countries Examination of the so called political business cycle (i. e. macroeconomic cycle induced by the political cycle) provides little evidence in empirical studies. The empirical evidence of statistically signifi cant increase in the economic activity before election is especially a matter of less developer countries. There is a shift in focus to the examination of the political budget cycle in case of the developed economies. This paper examines the presence of conditional political budget cycle (PBC) in the OECD countries using data from all 34 member states over the period 1995- 2012. We suppose that the conditionality of the PBC depends on the credibility and transparency of the fi scal policy. The dynamic panel linear regression model is used in this article. Generalized method of moments (GMM) with instrumental variables (IV) is used for estimating arameters in this model. Three important results emerge: First, there is a PBC in the OECD countries. Second, the PBC in OECD countries strongly depends on credibility and transparency of fi scal policy. Third, the shape of the PBC in the OECD countries indicates that there is an immediate fi scal restriction after the elections.
Keywords: fiscal policy, public choice theory, budget deficit, election, policy making, political budget cycle, rationality
Classification-JEL: C26, D72, D78, E32, E62, H62
Pages: 65-82
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1055.pdf
File-URL: http://www.vse.cz/polek/1055
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1055:p:65-82
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Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Potužák
Title: Může být přirozená úroková míra nulová? Neoklasický přístup
Title: Can the Natural Rate of Interest Be Zero? A Neoclassical Approach
Abstract: Very low real rates of interest observed in modern economies might be caused by the fact that the natural rate of interest declined to a zero level. This article shows that a zero or a negative natural interest can be explained by the Böhm-Bawerkian and neoclassical theory. Firstly, two senses of time preference are introduced in a discounted utility model, and key determinants of the zero interest rate on the side of time preference are discussed in detail. Secondly, a simple general equilibrium model with fixed intertemporal endowment is presented. Within this model, a decreasing shape of the income stream is identified as a major source of zero interest along with a low intertemporal elasticity of substitution in consumption. Even in the world of zero or negative natural interest, it might be optimal to be a lender. The last section focuses on the role of marginal productivity of capital in the model, stressing the role of this phenomenon on one side and time preference on the other in lowering the natural rate of interest to a zero level.
Keywords: natural rate of interest, time preference, intertemporal elasticity of substitution in consumption
Classification-JEL: B13, B21, B22, B53, E43
Pages: 83-108
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1056.pdf
File-URL: http://www.vse.cz/polek/1056
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1056:p:83-108
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Template-Type: ReDIF-Article 1.0
Author-Name: Štěpán Pekárek
Title: Vratká budoucnost evropského integračního procesu
Title: Uncertain Future of the European Integration Process
Pages: 121-124
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1058.pdf
File-URL: http://www.vse.cz/polek/1058
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1058:p:121-124

Template-Type: ReDIF-Article 1.0
Author-Name: Václav Klaus
Title: Poučení z nerespektování elementárních pouček ekonomie - příklad řecké krize
Title: Lessons Learned from the Disregard of Elementary Axioms of Economics - an Example of Greek Crisis
Abstract: The article in the context of the current Greek crisis analyses the consequences of forced unification, occurring in the European Union, at least since the Maastricht Treaty, which is now associated mainly with the process of monetary union. The current stage of European integration is based on political constructivism and it is characterized by the dominance of politics over economy, which in some aspects of the system resembles the communist economy system, which was an extreme distortion of the relationship between politics and economy. The unification model of European integration does not help the weaker European Union countries, for it forces them to use various forms of standardization that brings high (often hidden) costs (exceeding profits). The article notes that the main prize in the economy is the exchange rate. The reason for the imbalances within the monetary union is a non-optimal exchange rate for each member country - too overvalued rate of Greece, but also too undervalued rate of Germany. The text also discusses limitations (systemic and political) and inability to perform adequate internal devaluation and systematic (not just partial, parametric) reforms in Greece. The congenital structural differences among the EU countries and the impossibility of the exchange rate adaptation lead to a systemic Eurozone defect, which results in a fact, that it is not (and, in the present composition, it even cannot be) an optimal currency area.
Keywords: exchange rate, regulation, comparative economics, European unification, EMU
Classification-JEL: E02, E52, F32, F33, F36, H63, N40
Pages: 109-120
Volume: 2016
Issue: 1
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1057.pdf
File-URL: http://www.vse.cz/polek/1057
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:1:id:1057:p:109-120
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1057