Template-Type: ReDIF-Article 1.0 Author-Name: Naďa Blahová Author-Name: Karel Brůna Title: Omezení nabídky úvěru solventní otevřené ekonomiky v rámci implementace kapitálových požadavků Basel III Title: Credit Supply Constraint of Solvent Open Economy wthin Implementation of Basel III Capital Requirements Abstract: The article deals with constraint of credit supply consistent with external solvency of economy and solvency of banking sector under negative international investment position, foreign ownership of banking sector and growing bank´s capital and stable funding requirements. The target is to define main parameters of sustainable supply of funding of external capital providers and to test the relationships among determinants of external solvency, foreign sources of funding the economy and banking sector and credit aggregates in the Czech Republic using unrestricted ARDL ECM model. The results show growing inflow of debt funding motivated by export led growth, the Czech FDI investments and lack of euro liquidity due to CNB foreign exchange interventions. The debt provided by foreign parent companies could overcome a constraint of home banking sector´s credit supply. Growing export causes investments to production capacity financed by equity of foreign holders. The cost of negative NFA is driven by profitability of exporters which is positively correlated with GDP growth. The bank´s capital incl. reinvested profits do not reflect a credit cycle due to excess of capital in the Czech banking sector. Keywords: solvency, international investment position, funding, credit growth, ARDL ECM Classification-JEL: E51, F32, F34, G21 Pages: 141-160 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1133.pdf File-URL: http://www.vse.cz/polek/1133 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1133:p:141-160 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1133 Template-Type: ReDIF-Article 1.0 Author-Name: Aleš Kresta Author-Name: Tomáš Tichý Author-Name: Mehdi Toloo Title: Posouzení modelů odhadu tržního rizika s využitím DEA přístupu Title: Examination of Market Risk Estimation Models via DEA Approach Modelling Abstract: Measuring and managing of financial risks is an essential part of the management of financial institutions. The appropriate risk management should lead to an efficient allocation of available funds. Approaches based on Value at Risk measure have been used as a means for measuring market risk since the late 20th century, although regulators newly suggest to apply more complex method of Expected Shortfall. While evaluating models for market risk estimation based on Value at Risk is relatively simple and involves so-called backtesting procedure, in the case of Expected Shortfall we cannot apply similar procedure. In this article we therefore focus on an alternative method for comprehensive evaluation of VaR models at various significance levels by means of data envelopment analysis (DEA). This approach should lead to the adoption of the model which is also suitable in terms of the Expected Shortfall criterion. Based on the illustrative results from the US stock market we conclude that NIG model and historical simulation should be preferred to normal distribution and GARCH model. We can also recommend to estimate the parameters from the period slightly shorter than two years. Keywords: data envelopment analysis, historical simulation, model quality, market risk, Value at Risk, NIG Classification-JEL: C52, C58, G21 Pages: 161-178 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1134.pdf File-URL: http://www.vse.cz/polek/1134 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1134:p:161-178 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1134 Template-Type: ReDIF-Article 1.0 Author-Name: Jaromír Harmáček Author-Name: Miroslav Syrovátka Author-Name: Zdeněk Opršal Title: Analýza faktorů selekce a alokace české rozvojové pomoci s využitím panelových dat a metod Probit a Tobit Title: Factors of Czech Aid Selection and Allocation: Panel Probit and Tobit Analysis Abstract: The aim of our paper is to identify factors that influence the territorial selection and allocation of development aid of the Czech Republic. We applied random-effects probit and tobit models in our regression analysis which revealed that flows of Czech aid to individual developing countries are determined by variety of factors. Czech interests and mutual relations were mostly identified as statistically significant determinants, namely export volumes, closer historical relations and geographical proximity. The presence of Czech embassy in a country was not confirmed as a significant factor. The reflection of recipients’ needs in Czech aid selection and allocation is rather ambiguous. While Czech aid flows depend positively on total population and negatively on per capita income of recipient countries, they are positively influenced by the recipients’ level of social development. Similarly, the Czech Republic tends to give (more) aid to more democratic and freer countries with lower institutional quality. Keywords: Czech Republic, official development assistance, foreign aid selection and allocations, random-effects tobit model, random-effects probit model, aid donor, aid recipient Classification-JEL: A10, C24, F35 Pages: 179-197 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1135.pdf File-URL: http://www.vse.cz/polek/1135 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1135:p:179-197 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1135 Template-Type: ReDIF-Article 1.0 Author-Name: Peter Krištofík Author-Name: Michal Ištok Author-Name: Gabriela Nedelová Title: Motívy zakladania onshore a offshore spoločností slovenskými podnikmi v roku 2014 Title: Motives of Establishing of New Onshore and Offshore Companies by the Slovak Enterprises in 2014 Abstract: We contribute to the rare evidence of driving motives of establishing new onshore and offshore companies by analysing the situation in the Slovak Republic in 2014. We analyse financial and ownership data for the Slovak enterprises already included in onshore and offshore business, providing data by corporate service providers on the driving motives and their combination for the Slovak customers in 2014 and the available external data assessing the quality of the Slovak business environment. We present the empirical evidence that the motive of tax benefits is ranked as the most important, followed by the anonymity of the UBO, flexible arrangement of ownership relations, asset protection, asset management and trusteeship and special cases. In the second part of our research we provide empirical evidence on significant areas of the business environment affecting the number of newly established onshore and offshore companies by the Slovak enterprises between 2005 and 2014. The indicators assessing the quality of the Slovak business environment are divided into two groups - paying taxes plus doing business and the quality of the legal system in Slovakia. Our research shows that from the first group is insignificant only the indicator of time to comply with taxes. On the other side, the perception of corruption and the functionality of the state institutions are evaluated as significant from the second group. Keywords: tax optimization, corporate structure, motives of onshore and offshore business, tax havens Classification-JEL: F23, H25, H26 Pages: 198-216 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1136.pdf File-URL: http://www.vse.cz/polek/1136 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1136:p:198-216 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1136 Template-Type: ReDIF-Article 1.0 Author-Name: Slávka Klasová Author-Name: Iveta Korobaničová Author-Name: Peter Burger Title: Vplyv aglomeračných úspor na rast zamestnanosti v kreatívnych odvetviach na Slovensku Title: The Impact of Agglomeration Economies on Employment Growth in the Creative Industries in Slovakia Abstract: The paper explores the impact of agglomeration economies on employment growth in the creative industries in Slovakia between 1998 and 2014. Using a spatial econometric model it has been confirmed that related variety plays a significant role in employment growth in creative industries, while significance of unrelated variety has not been confirmed. In other words, the districts specialising in different, but at the same time cognitively and technologically related creative sectors, have achieved higher employment growth in comparison to those specialising either in one selected creative sector, or in unrelated sectors. Moreover, the results indicate that knowledge spillover effect in creative industries is configured more locally what emphasizes the importance of a local level in the process of knowledge creation and its spillover. Keywords: creative industries, related and unrelated variety, spatial econometrics, spillover effect, employment rate Classification-JEL: D62, O18, R12 Pages: 217-233 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1137.pdf File-URL: http://www.vse.cz/polek/1137 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1137:p:217-233 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1137 Template-Type: ReDIF-Article 1.0 Author-Name: Zuzana Kittová Author-Name: Dušan Steinhauser Title: Inštitucionálne a makroekonomické prostreide firiem Title: Institutional and Macroeconomic Environment of Corporations Abstract: With respect to the occurrence of economic crises it may be observed that economic performance of countries is determined by the quality of its institutions. It is the corporate governance failure that is said, in line with the new institutional economic theory, to be among reasons for the recent international financial and economic crisis. This study has the goal of confirming, by empirical analysis, the existence of correlation between, on one hand, the quality of the institutional environment expressed by index of economic freedom and by its selected subindexes, and, on the other hand, the macroeconomic environment for corporates - as characterised by selected macroeconomic indicators. In result, countries with higher foreign direct investments influx and higher per capita GDP show higher levels of index of economic freedom. Countries with higher level of property rights protection and lower corruption level achieve higher GDP per capita. Countries with higher ratio of government expenditure on GDP reach lower levels of index of economic freedom, this being interpreted as a substitution of private business entities and entrepreneurial initiative by a government. Keywords: new institutional economics, property rights, corruption, institutional environment, macroeconomic environment, index of economic freedom Classification-JEL: B25, B52, D23, G34 Pages: 234-248 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1138.pdf File-URL: http://www.vse.cz/polek/1138 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1138:p:234-248 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1138 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Žďárek Author-Name: Milan Žák Title: Malé ohlédnutí za výjimečným člověkem. K nedožitým 84. narozeninám prof. Ing. Vojtěch Spěváčka, DrSc. (2. 3. 1933 - 6. 8. 2016) Pages: 249-250 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1141.pdf File-URL: http://www.vse.cz/polek/1141 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1141:p:249-250 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1141 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Průcha Title: Diskontinuitní vývoj vlastnictví k půdě od předválečné pozemkové reformy do současnosti Pages: 256-263 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1100.pdf File-URL: http://www.vse.cz/polek/1100 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1100:p:256-263 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1100 Template-Type: ReDIF-Article 1.0 Author-Name: Martin Mandel Title: Moderní učebnice makroekonomické analýzy. Recenze publikace: Vojtěch Spěváček, Marek Rojíček, Eva Zamrazilová, Jan Vejmělek a Václav Žďárek: Makroekonomická analýza: teorie a praxe Pages: 251-255 Volume: 2017 Issue: 2 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1142.pdf File-URL: http://www.vse.cz/polek/1142 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:2:id:1142:p:251-255 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1142