Template-Type: ReDIF-Article 1.0
Author-Name: Jan Hanousek
Author-Name: Evžen Kočenda
Author-Name: Jan Novotný
Title: Shluková analýza skoků na kapitálových trzích
Title: Cluster Analysis of Jumps on Capital Markets
Abstract: Cluster Analysis of Jumps on Capital Markets We analyze the behavior and performance of multiple price jump indicators across capital markets and over time. By using high-frequency we perform cluster analysis of price jump indicators that share similar properties in terms of their performance in that they minimize Type I and Type II errors. We show that clusters of price jump indicators do not exhibit equal size. Clusters are stable across stock market indices and time. Detected numbers of price jumps are also stable over time. The recent financial crisis does not seem to affect the overall jumpiness of mature or emerging stock markets. Our results support the stress testing approach of the Basel III. Accords in that the jump component of the volatility process does not need to be treated separately for the purpose of stress testing.
Keywords: cluster analysis, price jumps measures, nonparametric testing, financial econometrics, Basel agreements
Classification-JEL: C14, C58, F37, G15, G17
Pages: 127-144
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1059.pdf
File-URL: http://www.vse.cz/polek/1059
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Template-Type: ReDIF-Article 1.0
Author-Name: Věra Vráblíková
Title: Vliv nepřímých daní na dlouhodobý ekonomický růst
Title: The Impact of Indirect Taxes on Economic Growth
Abstract: The Impact of Indirect Taxes on Economic Growth The main purpose of this article is to investigate the impact of indirect taxes on economic growth in a long term. The dynamic and static panel regression analysis methods were used to explore the relationship between observed variables. The models are based on neoclassical growth model extended by human capital. The models are verified using data on chosen European countries from time period 1970 to 2011 and from time period 2000 to 2011. Taxes are included into models by indicators of tax burden. It was used TQ, ITR and WTI. The results of empirical analysis revealed that impact of taxes on economic growth is negative in a long term. The most negative impact on economic growth was proven in case of direct taxes. Economic growth is influenced positively by indirect taxes. The statistical significance of corporate tax and property taxes were not proven.
Keywords: investment, economic growth, human capital, indirect taxes, direct taxes
Classification-JEL: C50, H20, O40
Pages: 145-160
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1060.pdf
File-URL: http://www.vse.cz/polek/1060
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1060:p:145-160
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Template-Type: ReDIF-Article 1.0
Author-Name: Vratislav Izák
Title: Podnikový sektor - vybrané aspekty empirické analýzy zemí Evropské unie
Title: Corporate Sector-Selected Aspects of Empirical Analysis of the EU Member States
Abstract: Corporate Sector-Selected Aspects of Empirical Analysis of the EU Member States The paper attempts to shed light on selected problems of mainly non-fi nancial corporations of EU Member States in the period 1995-2013 (2014) using financial balance sheets (SNA, 2008). The relations between domestic sectors and non-residents have revealed that the Member States have been mainly debtors during the examined period. Having measured leverage (ratio of debt to GDP created in the sector of non-financial corporations) we have found out the increase of the ratio in the crisis period (2008-2013) in the sample of 17 member states. As concerns the ratio of debt to shares we have stressed the heterogeneity in the sample of 8 eurozone countries. The heterogeneity has been discovered also examining the role of trade credit as an alternative source of financing in the random effects model (panel analysis).
Keywords: financial balance sheets, non-financial corporations, leverage, trade credit
Classification-JEL: D22, G32, H32
Pages: 161-175
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1061.pdf
File-URL: http://www.vse.cz/polek/1061
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1061:p:161-175
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Template-Type: ReDIF-Article 1.0
Author-Name: Martin Murín
Title: Vplyv spôsobu tvorby fiškálneho deficitu na ekonomický rast
Title: The Influence of Fiscal Deficit Creation on Economic Growth
Abstract: The Influence of Fiscal Deficit Creation on Economic Growth The discussion of influence of fiscal consolidation on economic growth is quite interesting and important topic. Consequently, the main aim of the article is to determine differences within the influence of fiscal deficit on the economic growth, which is caused by changes in certain groups of government expenditures and revenues. We focus on two different economic growth indicators. The first is growth rate of real GDP and the second is growth rate of potential output. The panel regression method is used which data covers 13 old EU member states in 1996 to 2013. We employ the omitted fiscal variable approach. There is a hint that every defi cit to revenue substitution has no significant growth effect. The results of expenditures imply, that government should reduce deficit created by debt service. The measure has relatively stronger effect on supply side. Potential output growth can also be supported by the deficit decrease of social expenditures. Lowering government consumption is detrimental to GDP, but it is not to potential output. There are some differences between results of two types of growth. Hence government should decide, if consolidation effect is considered against GDP or potential output at first.
Keywords: economic growth, government expenditures, fiscal deficit, consolidation, government revenues
Classification-JEL: H20, H50, H62, O40
Pages: 176-192
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1062.pdf
File-URL: http://www.vse.cz/polek/1062
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1062:p:176-192
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Template-Type: ReDIF-Article 1.0
Author-Name: Tatiana Polonyankina
Title: Vliv migrace na specializaci občanů Evropské unie
Title: The Impact of Immigration on Occupational Specialization of European Union Citizens
Abstract: The Impact of Immigration on Occupational Specialization of European Union Citizens The article tests whether the impact of immigration on native workers differs depending on the business cycle. Previous studies proved that labor mobility and the effect of immigration differs with respect to the business cycle. For the expansionary years was found a sizable relocation of native workers to occupations with more interactive rather than manual content as a response to immigration. This is no longer the case for economy in recession period. However, there is null impact on native employment that does not change with the business cycle. The European labor market has been studied just in the period before crisis. Following the study about Spanish task specialization we would like to see if there is any change of impact of immigration on native task specialization in European Union. We split the data on the time period of expansion and the time period of economic crisis using the European Labor Force Survey. We would like to examine the effect of immigration on task specialization of natives on three groups of countries, West Europe, Germany and Middle and East Europe. The results show that the impact changes with the economic cycle and the country group.
Keywords: business cycle, immigration, instrumental variables, task specialization, European labor market
Classification-JEL: C23, C26, J15, J24
Pages: 193-208
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1063.pdf
File-URL: http://www.vse.cz/polek/1063
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1063:p:193-208
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Template-Type: ReDIF-Article 1.0
Author-Name: Zdeněk Chytil
Author-Name: Lukáš Máslo
Title: Revize monetárního modelu Marca Lavoieho endogenizací parametru gama
Abstract: Revision of Marc Lavoie’s Monetary Model by the Endogenization of the Parameter γ This paper tries to point out a fallacy in Lavoie’s (2006) conclusion that incorporation of deep endogeneity of parameters into the PKA model suffices to bring about irreversibility of such a system. The arguments of the authors are supported by  Setterfield’s (1998a, 2008) concept of hysteresis as path-dependence in the long-run outcome of systems with direct shocks. The paper shows that extension of Lavoie’s PKA model by deep endogeneity of the parameter γ causes the fulfillment of the necessary condition of hysteresis - Setterfi eld’s condition (a) ensuring deep endogeneity of the alleged exogenous parameter and, by means of this, path dependence in the long-run output - but not the fulfi llment of the sufficient condition of hysteresis - condition (c) ensuring the presence of adjustment asymmetry and, by means of this, irreversibility. Thus, deependogenisation of the parameter γ does not bring about Setterfi eld’s hysteresis and, in effect, does not cause irreversibility.
Keywords: monetary policy, Post-Keynesian economics, hysteresis, new consensus, irreversibility, deep endogeneity
Classification-JEL: B59, C69, D59, E59
Pages: 209-217
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1065.pdf
File-URL: http://www.vse.cz/polek/1065
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1065:p:209-217
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Template-Type: ReDIF-Article 1.0
Author-Name: Eva Karpová
Title: Aktuální kondice japonské ekonomiky v souvislostech
Keywords: -, -
Pages: 237-238
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1067.pdf
File-URL: http://www.vse.cz/polek/1067
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1067:p:237-238
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Template-Type: ReDIF-Article 1.0
Author-Name: Michal Mirvald
Title: Soudobé trendy evropského trhu práce
Keywords: -, -
Pages: 239-241
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1068.pdf
File-URL: http://www.vse.cz/polek/1068
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Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1068:p:239-241
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Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Jurásek
Author-Name: Václav Leinweber
Author-Name: Radim Valenčík
Title: Politicko-ekonomická reflexe současného stavu globální společnosti
Abstract: Reflection on Political Economy of Global Society Today Recently we could observe an accumulation of problems in the global society. Beeing more serious and complicated these problems have become a kind of the historical excess when all possibilities of the countinous development have been exhausted and consequently a crucial societal transformation must be done. This article deals with the reflection on the roots of the present political and economical problems and how to solve them. It demonstrates some theoretical conclusions of the articles published in the Political Economy in the previous ten years. Successively, the attention is paid to the most important works which illustrate the possibilities of a radical societal transformation from the different perspectives. To be concrete there are presented works of R. Richta (the 50th anniversary of his well - known work will be commemorated in 2016), of Francis Fukuyama (whose very optimistic original visions had to be reviewed later) and of S. Huntington (who focused on searching the causes of global conflicts in a broader context). Finally, it is proposed a new concept of solving problems - a transition to the society whose economy is based on the productive services which means on the services linked to the human capital in its three phases: gaining, preservation and realization. At the same time the barriers of this transition and possibilities how to overcome them are identified.
Keywords: political economy, Richta, Fukuyama, Huntingon, productive services, historical excess
Classification-JEL: A1
Pages: 218-236
Volume: 2016
Issue: 2
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1066.pdf
File-URL: http://www.vse.cz/polek/1066
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:2:id:1066:p:218-236
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