Template-Type: ReDIF-Article 1.0
Author-Name: Rajmund Mirdala
Author-Name: Júlia Ďurčová
Title: Priepustnosť menových kurzov nových členských krajín Európskej unie
Title: Exchange Rate Pass-Through to Domestic Prices in New EU Member Countries
Abstract: European Union member countries are currently exposed to the large complex of the economic crisis implications. Poor macroeconomic performance together with an increased uncertainty on the financial markets causes is accompanied with increased exchange rate volatility. As the result exchange rates determine macroeconomic development of the countries during the crisis period the way that seems to differ in comparison with the pre-crisis period. Considering the wide variety of effects that exchange rates transmit to the domestic economy from abroad in the paper we focus on the external price impulses and their impact on the domestic price indexes in the new EU member states. VAR methodology is implemented to investigate responsiveness of exchange rate to the exogenous price shock to examine the dynamics (volatility) in the exchange rate leading path followed by the unexpected oil price shock and effect of the unexpected exchange rate shift to domestic price indexes to examine its distribution along the internal pricing chain. Our results revealed differences in absorption capabilities of exchange rates in countries with rigid and flexible exchange rate arrangements. Implications are even stronger considering distortionary effects of the crisis period.
Keywords: inflation, exchange rate, VAR, pass-through effect, impulse-response function
Classification-JEL: C32, E31, F41
Pages: 377-404
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1077.pdf
File-URL: http://www.vse.cz/polek/1077
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1077:p:377-404
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1077

Template-Type: ReDIF-Article 1.0
Author-Name: Stanislav Hába
Title: Verbální intervence ČNB: reaguje devizový kurz na slova bankovní rady?
Title: Czech National Bank Verbal Interventions: Does the Exchange Rate React to Words from CNB Bank Board?
Abstract: This paper focuses on impact of central bank’s oral commentaries on asset prices, i.e. verbal interventions. The paper maps basic preconditions and key channel how central bank’s words mirror into asset prices. A significant part of the paper concentrates on the Czech Republic where the exchange rate floor and accompanying frequent comments from the CNB’s Bank Board are in operation since 2013. The first hypothesis tests whether there is asset price-making information during the Bank Board decision days. In this sense, the factor analysis confirms at least two factors which influence various asset prices. It is assumed that former factor concerns the surprise in monetary policy decision and the latter following press conference. The second hypothesis endeavours to specify the components of verbal interventions: position in the Bank Board, verbal intervention form and visibility of intervention topic. Only comments made by the CNB’s governor proved to be significant, leading to higher volatility of the exchange rate.
Keywords: monetary policy, exchange rates, central banking, central bank communication, intervention, asset price, monetary instrument
Classification-JEL: E52, E58, F31, G14
Pages: 405-419
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1078.pdf
File-URL: http://www.vse.cz/polek/1078
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1078:p:405-419
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1078

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Pour
Title: Aplikace modelů diskrétní volby k analýze příčin měnových krizí
Title: Application of Discrete Choice Models on Analysis of Causes of Currency Crises
Abstract: This paper analyzes an influence of some economic variables to a probability of the occurrence of currency crises. The variables were at first derived theoretically and then analyzed using logit regression on panel data for up to 78 countries of the word in 1980-2012. The analysis shows that the indicators mostly considered as measures of external economic balance - current account and net foreign assets - have not much statistical significant impact on the risk of currency crisis. Much more important is a structure of foreign liabilities in terms of liquidity - a greater share of foreign direct investments on foreign liabilities and a lower share of short term foreign debt to total debt statistically significantly reduce the risk of crises. The risk significantly decreases also with higher trade openness, faster GDP growth and underestimation of nominal exchange rate with respect to the purchasing power parity. Signs of parameters of these variables are staying unchanged even if we estimate over two thousand models.
Keywords: currency crisis, logit, external imbalances, intertemporal solvency, exchange market pressure index
Classification-JEL: F3, F4
Pages: 420-438
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1079.pdf
File-URL: http://www.vse.cz/polek/1079
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1079:p:420-438
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1079

Template-Type: ReDIF-Article 1.0
Author-Name: Petr Zimčík
Title: Velikost veřejného sektoru a ekonomický růst
Title: The Scope of Government and Economic Growth
Abstract: The aim of this paper is to find a long-term relationship between the economic growth and the size of government. Four different characteristics are used to measure the government size. Total public expenditures, total tax revenues, fi nal government consumption and share of compensation of public workers to overall spending. There are also added control variables and time dummy variable to prevent biased results. The analysis was performed on data from 30 OECD countries from years 1995-2014. Fixed-eff ects panel regression was used to determine relationship between these individual indicators of government size and the economic growth. Main findings of this paper are that change in all indicators is negatively correlated with the growth. Especially in case of final government consumption which indicated the strongest negative relationship.
Keywords: economic growth, public sector, tax revenues, public expenditures, size of government
Classification-JEL: H20, H50, O40
Pages: 439-450
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1080.pdf
File-URL: http://www.vse.cz/polek/1080
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1080:p:439-450
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1080

Template-Type: ReDIF-Article 1.0
Author-Name: David Procházka
Author-Name: Jiří Pelák
Title: Ekonomické teorie účetnictví: přehled moderních přístupů a jejich reflexe při tvorbě účetních standardů
Title: Economic Theories of Accounting: The Review of Modern Approaches and their Relevance for Standard-Setting
Abstract: The paper deals with fundamental functions of accounting and their characteristics, which are identified with reference to the information economics. Accounting research distinguishes three accounting functions: decision-usefulness; contracting; and signalling. Useful information produced by accounting contributes to mitigating the information asymmetry within economy. The theoretical classification of accounting functions is also relevant for the standard-setting, as different decision tasks require different sets of accounting information. Standard-setters face then a challenge, which function shall have priority over others. Setters utilise the findings of accounting research, which offers relevant inputs for the cost-benefit analysis of deliberated accounting treatments. The analysis of the IASB’s Conceptual Framework for Financial Reporting demonstrates a substantial influence of accounting research on the content of IFRS.
Keywords: accounting functions, relevance of accounting research, information economics
Classification-JEL: M41
Pages: 451-467
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1081.pdf
File-URL: http://www.vse.cz/polek/1081
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1081:p:451-467
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1081

Template-Type: ReDIF-Article 1.0
Author-Name: Zuzana Křečková Kroupová
Author-Name: Hana Řezanková
Title: Vztah genderové mezery, konkurenceschopnosti a udržitelnosti ekonomiky - postavení České republiky v mezinárodním srovnání
Title: Relationship of Gender Gap, Competitiveness and Sustainability of Economy - Position of the Czech Republic in International Comparison
Abstract: The article examines the relationships between selected gender and economic indicators of chosen countries (OECD countries, EU countries, associate members of OECD and high-income countries) and evaluates situation of the Czech Republic in international comparison. Gender indicator values for the Czech Republic were compared both within the time period (years 2006-2014) and with summary statistics for the EU countries. Further, based on four subindexes of the global gender gap index (GGI), similarity of the Czech Republic and other countries in time comparison were expressed. Multidimensional scaling and cluster analysis were applied for graphical expression of relationships of the high-income and EU countries. Positive correlation of indicators reflecting women participation in political and economic life was identifi ed in the OECD countries. Moreover, gender equality and the competitiveness, sustainability of economies and GDP per capita positively correlate in the group of these countries. Gender equality in the Czech Republic is very weak in an international comparison and demonstrates a deteriorating trend.
Keywords: competitiveness, sustainability, women, gender gap, GGI, GCI, SCI
Classification-JEL: F43, J71, O44, O57
Pages: 468-491
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1083.pdf
File-URL: http://www.vse.cz/polek/1083
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1083:p:468-491
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1083

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Nositel Nobelovy ceny za ekonomii pro rok 2015
Keywords: -
Pages: 492-499
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1084.pdf
File-URL: http://www.vse.cz/polek/1084
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1084:p:492-499
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1084

Template-Type: ReDIF-Article 1.0
Author-Name: Josef Valach
Title: Makroekonomický a mikroekonomický pohled na mezinárodní finance
Abstract: anotaceknihy Mezinárodní finance a devizový trh autorů Martina Mandela a Jaroslavy Durčákové
Keywords: -
Pages: 500-501
Volume: 2016
Issue: 4
Year: 2016
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1091.pdf
File-URL: http://www.vse.cz/polek/1091
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:4:id:1091:p:500-501
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1091