Template-Type: ReDIF-Article 1.0 Author-Name: Jakub Fischer Author-Name: Hana Lipovská Author-Name: Daniel Němec Title: Implementační zpoždění diskreční fiskální politiky Title: Implementation Lag of Discretionary Fiscal Policy Abstract: The aim of this paper is to quantify the implementation lag of discretionary fiscal policy in the Czech Republic between 1997 and 2013. Based on a unique dataset created for this study, the length and structure of implementation lag is analysed. Dataset is extending the original dataset used by the Czech National Bank. This study further analyses factors with an impact on implementation lag. Implementation lag is the length of period between decision of the economic policy makers on the actual response to the fundamental change in the economy and implementation of this response to the legislation. Average implementation lag of discretionary fiscal policy in the Czech Republic is 2.4 quarters. The greatest deal counts for the implementation lag in the Chamber of Deputies. Length of implementation lag of discretionary fiscal policy is influenced especially by the total occupancy of the Chamber of Deputies, majority, which the government parties have in the Parliament, and the frequency of the veto power usage. Keywords: Czech Republic, implementation lag, discretionary fiscal policy Classification-JEL: H30, H70, K40 Pages: 245-263 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1069.pdf File-URL: http://www.vse.cz/polek/1069 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1069:p:245-263 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1069 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Zeman Title: Pohledávky státu - destruktivní faktor fiskální politiky ČR Title: State Receivables - Destructive Factor of the Czech Republic Fiscal Policy Abstract: The fundamental premise for the regular performance of economic policy, fulfilment of the revenues of the state budget and thus creating optimal conditions for efficient fiscal policy realization, is to minimize state receivables after maturity, as the theoretical planning of the revenue side of the state budget is irrelevant considering that tax payers and other entities fail to fulfil their liabilities towards the state, more precisely state budget, and conversely the state is not able to provide the approved income in the state budget. The objective of this paper is to: analyse the development of state receivables in years 2001-2014; identify the causes of the state receivables origin; test econometrically the dependence of formation of the state receivables after maturity on the economic cycle, the tax rate change and entry of the Czech Republic to the European Union; evaluate the results of the long-term research of implementation of an experimental model, during which the possibility of reaching incomparably higher efficiency was verified and proven in the management process of state receivables recovery; highlight this important negative determinant of the state fiscal policy. With regard to aforesaid, this text is structured in the following way. First, the author took into consideration the theories which are connected with surveyed matters, following by the characteristic and causes of state receivables development for the period of 1991 to 2014. The economic testing of dependence comes after. Next chapter characterizes the development of two experimental models for management process of recovery of state receivables after maturity, research results included. The last chapter provides all the research results, evaluates the economic policy significance of this destructive factor of fiscal policy and suggests some solutions. Keywords: taxes, transaction cost, economic and fiscal policy, receivables, unpaid balances, econometric testing, regression analysis, implementation Classification-JEL: C35, D23, D78, H20, H30, H63 Pages: 264-292 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1070.pdf File-URL: http://www.vse.cz/polek/1070 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1070:p:264-292 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1070 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslav Sixta Author-Name: Kristýna Vltavská Title: Změny v měření ekonomiky a dopady do odhadu produktivity Title: Changes in the Measuring of Economy and Its Impact on Productivity Estimation Abstract: In 2014 notable changes in economy measuring have occurred. Primarily, it was caused by the implementation of a new ESA 2010 European standard of accounts subsequent to SNA 2008 an international Standards of accounts. Moreover, European statisticians executed other changes which met the requirements of Eurostat. These changes implemented the latest procedures in statistical models and used the most current data sources (e.g. Cenzus, 2011). The most notable changes represent the capitalization of research and development, the capitalization of government expenditures of military weapons and finally the capitalization of small material products. This paper describes all important details of the changes in economy measuring and shows the impact of the capitalization of new assets (research and development and military equipment) on productivity estimations in the Czech Republic. Keywords: gross domestic product, total factor productivity, national accounting, ESA 2010, regional accounts Classification-JEL: C02, E22, O40 Pages: 351-368 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1071.pdf File-URL: http://www.vse.cz/polek/1071 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1071:p:351-368 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1071 Template-Type: ReDIF-Article 1.0 Author-Name: Ondřej Šíma Title: Heterogenita mobilních výrobních faktorů jako narušení podmínky optimální měnové oblasti (příklad eurozóny) Title: Heterogeneity of Mobile Factors of Production as a Disruption of the Optimal Currency Area Condition (in case of Eurozone) Abstract: In its theoretical part the paper summarizes the main developmental phases of a concept of optimal currency areas. In the empirical part of the paper Mundell´s OCA condition of a mobility of factors of production for EMU countries is verified. There is a little doubt that the criteria of labour mobility was not met. On the other hand, capital mobility almost reached its limit. However, labour immobility was not substituted by effective allocation of capital. Moreover, both factors of production were not homogeneous within the Eurozone. To entirely confirm Mundell´s criteria it is crucial to scrutinize not only the mobility of factors of production but also their homogeneity. Keywords: eurozone, optimal currency area, market of factors of production Classification-JEL: E22, E24, F32 Pages: 219-337 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1072.pdf File-URL: http://www.vse.cz/polek/1072 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1072:p:219-337 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1072 Template-Type: ReDIF-Article 1.0 Author-Name: Jiří Štekláč Author-Name: Miroslav Titze Title: Udržitelnost dluhového financování státu a její interakce s kvantitativním uvolňováním: případ USA, UK a Japonska v letech 2000-2014 Title: Government Debt Financing Sustainability and Its Interaction with Quantitative Easing - a Case of US, UK and Japan in 2000-2014 Abstract: The paper examines the quantitative easing as a policy contributing to government debt sustainability in the context of government debt cycle. Thus, the emphasis is primarily not put on the rescue of financial system after the collapse of Lehman Brothers. Instead, the attention is paid to a role of central bank as a lender of last resort in government bond markets and quasi-fiscal motivation of the quantitative easing programs. The theoretical part of the analysis defi nes quasi-fiscally motivated QE program, government adjusted net debt position plus its determinants and a rate of debt monetization. Empirical analysis focuses on the case of three large economies - United States, United Kingdom and Japan, empirical defi nition of quasi-fiscally motivated quantitative easing, net debt position of their governments as well as the explanation of significant empirical relationships between its determinants. The paper concludes that the most important factor infl uencing net debt position dynamics is economic growth which cannot be relied on in bust phase of debt cycle. Thus, the decisive role is played by quantitative easing and related interest transmission channel as remaining factor influencing dynamics of government fnancial assets and liabilities. Keywords: monetary policy, interest rates, quantitative easing, net debt position Classification-JEL: E43, E52, E58, H63 Pages: 293-318 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1073.pdf File-URL: http://www.vse.cz/polek/1073 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1073:p:293-318 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1073 Template-Type: ReDIF-Article 1.0 Author-Name: Petra Čekmeová Title: Konkurecieschopnosť ako cieľ hospodárskej politiky Title: Competitiveness as a Goal of Economic Policy Abstract: Until now there is no scientific consensus about the concept of national competitiveness. Despite the ambiguity of its definition, it has become a goal of numerous political documents. Economic policies in many countries are devoted to raise their overall competitiveness. But an unclear definition of relations between different components of national competitiveness represents an obstacle to formulate effective political measures. The aim of this paper is to clarify the relation between the competitiveness of the Czech Republic and its export performance which is considered as one of ways to improve overall competitiveness. The contribution of external competitiveness to the export performance of the Czech Republic in European Union is quantified using an econometric version of Constant Market Shares analysis. The results suggest that the external competitiveness of the Czech Republic has significantly positive effects on its export performance. Moreover we conclude that the positive spillover effect from external to aggregate competitiveness could be reach via increasing productivity. Keywords: economic policy, European Union, export performance, Czech Republic, aggregate competitiveness, Constant Market Shares Analysis, external competitiveness Classification-JEL: C49, E61, F14, F19 Pages: 338-350 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1074.pdf File-URL: http://www.vse.cz/polek/1074 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1074:p:338-350 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1074 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Pozoruhodná kniha o migraci Keywords: -, - Pages: 369-373 Volume: 2016 Issue: 3 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1076.pdf File-URL: http://www.vse.cz/polek/1076 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:3:id:1076:p:369-373 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1076