Template-Type: ReDIF-Article 1.0 Author-Name: Karel Zeman Title: Analýza vývoje ekonomické kondice a efektivnosti privatizačního procesu bank v České republice Title: Analysis of the Development of the Economic Condition and Efficiency of the Privatization Process of Banks in the Czech Republic Abstract: Banks which underwent the privatization process in the Czech Republic, i.e. Česká Spořitelna, a.s., Československá Obchodní Banka, a.s., Investiční a Poštovní Banka, a.s., Komerční Banka, a.s., Živnostenská Banka, a.s., have been very widely discussed by both professional and lay public from several perspectives. Namely, what the actual economic condition of these banks was on the date of completion of the privatization, as well as the transfer of graded loans, or rather lowperforming assets, which the state took over and reimbursed to the banks through consolidation institutions (hereinafter CI), and all this obviously in relation to the purchase price obtained within the scope of privatization. The aim of this article, within the possibilities stipulated by its scope, is: 1) To analyse the development of the banks' economic condition in the time interval of 1990-2010; 2) To identify factors that determine the volume of income from the sale of the state's investments in privatized banks; 3) To confirm or refute the hypothesis that the bank rescues before the completion of the privatization process were excessive; 4) To analyse the overall balance of the privatization process, or rather the efficiency of the sale of the banks; 5) To test the practical applicability of the economic theories connected to the issue in question. With regard to the above, the article is structured in the following manner. Firstly, literary research of articles on the theme of The Privatization Of Commercial Banking in reputable economic impact magazines is processed. This is followed by the actual economic analysis of the privatized banks in the Czech Republic, where economic parameters are examined in an interval of approximately 20 years - total assets, costs, revenue, profit, capital adequacy, etc. The conclusion firstly evaluates the development of the economic condition, then identifies factors that determine the volume of income from privatization, the excessiveness of the banks' rescue, the overall balance of the privatization process, and the practical applicability of the economic theories in question. Keywords: efficiency, costs, privatization process, banks, economic condition, privatization of shares via coupons, government failure, transfer of non-performing assets, majority, minority Classification-JEL: D53, G21, H81, H82, P21 Pages: 804-832 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1092.pdf File-URL: http://www.vse.cz/polek/1092 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1092:p:804-832 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1092 Template-Type: ReDIF-Article 1.0 Author-Name: Martina Mysíková Author-Name: Jiří Večerník Title: Spokojenost se životem a zaměstnáním v České republice Title: Life and Job Satisfaction in the Czech Republic Abstract: The article deals with life and job satisfaction of the Czech working-age population. First it highlights concepts of happiness and satisfaction within the emerging multidimensional approaches to individual and societal well-being. Then, it resumes the data sources of those measures, with specific attention to the Module on Subjective Well-being of the survey EU-SILC. Using this data, basic characteristics and determinants of life satisfaction are shown first and basic characteristics and determinants of job satisfaction after that. Finally the relationship between these two dimensions of satisfaction is analysed. It appears that determination of life satisfaction by socio-demographic and economic characteristics of individuals and households is much higher than the determination of job satisfaction. The identity of “contradictory” categories where life satisfaction significantly outweighs job satisfaction and vice versa is weak. Keywords: Czech Republic, subjective well-being, life satisfaction, job satisfaction Classification-JEL: I31, I38, Z10, Z18 Pages: 851-866 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1093.pdf File-URL: http://www.vse.cz/polek/1093 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1093:p:851-866 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1093 Template-Type: ReDIF-Article 1.0 Author-Name: Sylva Höhne Author-Name: Věra Kuchařová Title: Změny finančních nástrojů rodinné politiky v letech 2006-2015 a jejich potenciál měnit natalitní chování Title: Changes in the Financial Instruments of Family Policy in 2006-2015 and their Potential to Change Fertility Behaviour Abstract: The aim of this paper is to contribute to the discussion about the influence of family policy on family behaviour. The paper analyses the impact of parametric and system changes introduced in family and social benefits and tax reliefs in 2006-2015 on the income level of families with different demographic characteristics, and evaluates the potential of those changes to infl uence reproductive and partnership behaviour. The analytical part takes selected instruments of financial support to the family and shows the size of the financial provision families can claim depending on their previous earned income, to what extent that income is being compensated (family benefits), and how the net income is influenced (tax reliefs). Effects of the studied changes vary for different income categories and are more pronounced in the case of low-income families. This differentiation corresponds to the fertility by mother’s education, which is tightly linked to the family’s income. The analysis has shown that certain instruments have the potential to influence family behaviour, however in diverse ways. Keywords: family policy, fertility, social benefits, tax credits, average wage, parental allowance, maternity benefit, birth grant Classification-JEL: D69, J13 Pages: 867-890 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1094.pdf File-URL: http://www.vse.cz/polek/1094 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1094:p:867-890 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1094 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Langer Title: Optimum spotřebitele a model ekonomické interpretace v mikroekonomii Title: Consumer Optimum and Model of Economic Interpretation in Microeconomics Abstract: Consumer choice theory uses continuous utility function, representing the consumer preference relation, as a traditional matter of course. However, there are alternative ways of defi ning consumer’s optimum and proving its existence even without introducing such function. Contrasting both approaches raises question about aspects and limitations of economic interpretation of the mathematical form used in the theory. This article investigates economic interpretation in microeconomics as a relation of mathematical model and economic concepts and, using the example of consumer choice theory, formulates a model of economic interpretation based on the properties of analogical thinking, as defined by contemporary psychological literature. Model provides a framework for identifying risks coupled with economic interpretation of mathematical objects, their properties and relations. Keywords: mathematics, consumer’s optimum, economic interpretation, ordient, analogy, relational thinking Classification-JEL: A12, B40, D01 Pages: 789-803 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1095.pdf File-URL: http://www.vse.cz/polek/1095 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1095:p:789-803 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1095 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kodera Author-Name: Quang Van Tran Title: Odhad parametrů rozšířeného Kaldorova modelu a analýza stability stacionárního řešení Title: An Inflation Analysis Using an Endogenous Business Cycle Model Abstract: In this article we analyze the continuous inflation dynamics using a four-equation model. When constructing the model, the traditional Kaldorian two-equation model is extended by adding two other equations. One of them describes an adaptive inflation expectations and the other continuous dynamics of the money market. In this setting, the instability velocity of money circulation is assumed due to the effects of expected inflation on money circulation velocity. Then the parameters of the model are estimated using the real Czech economic data. As it is a non-linear model in its parameters, a non-linear estimation technique is used for this purpose. Further, the stationarity as well as the stability of the estimated model is thoroughly examined as its instability may indicate that the model can generate some complex dynamics. Keywords: Kaldorian model, monetary inflation model, nonlinear estimation, bootstrapping, stationary solution, stability analysis Classification-JEL: C62, C88, E32 Pages: 769-788 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1096.pdf File-URL: http://www.vse.cz/polek/1096 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1096:p:769-788 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1096 Template-Type: ReDIF-Article 1.0 Author-Name: Tereza Krček Title: Základní problémy v oblasti investičních fondů z hlediska daňové zátěže Title: Key Issues in Investment Funds in Terms of Tax Burden Abstract: The paper shows the fundamental problems in the area of investment funds in terms of tax burden with special regard to closed-end real estate funds. Based on the characteristics of administrative costs, the study shows that closed-end real estate funds do not behave as investment funds. The study proves that closed-end real estate funds behave more like businesses that are hiding behind investment funds. This conclusion is confi rmed on the basis of extensive research, by collecting data from annual reports of independent auditors of all types of funds. More than 51 percent of closed-end real estate funds indicate very high administrative costs and profit reduction by more than half. More than 17 percent of funds decrease their taxable income through higher administrative costs, and thus reduce their tax base to zero or to an absolute minimum. The study points out that if there was a tax-neutral environment in the area of the investment funds in the Czech Republic and investment funds paid 19% tax on corporate income, tax revenues for the state budget would increase by CZK 784 million per year. Keywords: Czech Republic, investment funds, tax issues, tax law, close-end real estate funds Classification-JEL: G20, G28, H21, H26 Pages: 833-850 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1097.pdf File-URL: http://www.vse.cz/polek/1097 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1097:p:833-850 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1097 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Kodera Title: Je formalizace projevem krize nebo rozvoje ekonomické teorie? Pages: 891-896 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1099.pdf File-URL: http://www.vse.cz/polek/1099 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1099:p:891-896 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1099 Template-Type: ReDIF-Article 1.0 Author-Name: Tomáš Hřebík Title: Byly restituční procesy v ČR pouze nápravou majetkových křivd, anebo byly zájmovými skupinami zneužity k dobývání renty? Pages: 897-902 Volume: 2016 Issue: 7 Year: 2016 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1116.pdf File-URL: http://www.vse.cz/polek/1116 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2016:y:2016:i:7:id:1116:p:897-902 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1116