Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Peníze v bankovním systému - analýza bilancí centrálních bank Title: Money in the Banking System - Analysis of the Balance Sheets of Central Banks Abstract: Crisis development in some banking systems has been associated with large-scale aid programs, which has been heavily involved with the central bank’s impact on the very rapid growth of their balance sheets. The banking system in the Czech Republic in the period 2005-2015 has not undergone any crisis. Significant changes in the balance of the Czech National Bank were associated with foreign exchange interventions against the Czech crown. High liquidity determines almost zero demand of banks for loans from the central bank. The Czech National Bank is in the „debtor” position in relation to banks. Central banks in the European Monetary Union and the United States are in the opposite position of the creditors. The dramatic growth in bank reserves had no significant inflationary pressures. The main reason is careful supply of bank loans. All this confirms that issuing money into the economy is associated especially with commercial banks’ lending to non-bank subjects. Central bank issues money only to the banking system. Keywords: monetary policy, money multiplier, monetary base, currency, central bank, foreign exchange reserves, quantitative easing, bank reserves Classification-JEL: E52, E58, G01 Pages: 267-286 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1143.pdf File-URL: http://www.vse.cz/polek/1143 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1143:p:267-286 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1143 Template-Type: ReDIF-Article 1.0 Author-Name: Luboš Smrčka Author-Name: Dagmar Čámská Author-Name: Markéta Arltová Author-Name: Jan Plaček Title: Charakteristiky insolvenčních řízení společností s virtuálními sídly Title: Characteristics of Insolvency Proceedings of Enterprises with Virtual Address Abstract: The aim of the research is to show differences between characteristics of insolvency proceedings of traditional and virtual enterprises. This paper focuses on results of insolvency proceedings in the case of enterprises which do not have a traditional headquarter. Instead of the traditional headquarter these enterprises are registered at virtual addresses for a purpose of business register. Among the professional public this institute enables discussions about lower transparency and even functioning of grey-area. First the paper analyzes results for enterprises with virtual address and second these results are compared with traditional enterprises. Research questions are based on probability of insolvency proposal, kind of bankruptcy (with default and without default) and level of creditors’ satisfaction. The used data are extracted from business as well as insolvency register. The gained results show that there are significant differences between the insolvency proceedings of traditional and virtual enterprises which have in this case higher probability of insolvency, lower level of creditor’s satisfaction and therefore many cases finish without default due to enterprises’ property emptiness. Keywords: Czech Republic, insolvency proceeding, virtual address, traditional headquarter, level of creditors’ satisfaction, default Classification-JEL: C1, M21 Pages: 287-300 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1144.pdf File-URL: http://www.vse.cz/polek/1144 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1144:p:287-300 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1144 Template-Type: ReDIF-Article 1.0 Author-Name: Lenka Maličká Title: Determinanty zadĺženosti miestnych samospráv Slovenskej republiky Title: Determinants of the Municipal Indebtedness in the Slovakia Abstract: Municipalities in the Slovakia as part of public sector have to finance their needs in accord of legally set municipal budgeting principles. The general basic rule mentions that current needs have to be financed from current budget. Capital or investment expenditure can be financed by returnable resources. Using returnable finance resources induces the indebtedness. Although the state level of government is not responsible for the indebtedness incurred on municipal level, usually limits the municipal indebtedness by law and monitors the total municipal debt and debt service. The paper deals with municipal indebtedness in the SR, where total municipal debt is involved to econometric investigation in aim to identify its determinants. Estimated GMM dynamic panel model includes time effects and reveals significant positive influence of capital revenues, debt service and lagged debt. Significant is negative impact of unemployment rate and financial autonomy. Time effects are significant in period of 2003-2004 (extensive indebtedness of certain cities), 2008-2010 (effects of public sector reform and previous economic expansion) 2011(delayed impact of financial crisis) and 2012-2014 (economic recovery). Keywords: municipal indebtedness, municipal debt, debt service, municipal capital expenditure, dynamic panel model Classification-JEL: H71, H72, H74 Pages: 301-315 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1145.pdf File-URL: http://www.vse.cz/polek/1145 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1145:p:301-315 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1145 Template-Type: ReDIF-Article 1.0 Author-Name: Pavla Chmelová Author-Name: Vladimír Štípek Title: Analýza vývoje trhu veřejných zakázek v České republice v letech 2008-2015 Title: Analysis of the Development of the Public Procurement in the Czech Republic in the Years 2008-2015 Abstract: This article analyses the development of the public procurement market in the Czech Republic in the period from 2008 to the present in connection with the adoption of new legislation relating to the Act on Public Procurement no. 137/2006. This text evaluates the objectives of legislative changes (transparency, increase in competition powers and effective price enforcement) examined from the viewpoint of selected parameters of the procurement market. It was found that the transparency in terms of reducing the use of the restricted procedure of public procurement improved and the share of public contracts conducted under the new Act on Public Procurement increased immediately after new legislation. This article positively evaluates a drop in one-offer contracts and continuous tendency towards lower price levels of the public procurement. This analysis includes identification of the impact of an accelerated drawdown of funds from EU programs in connection with the end of the program period in 2015. Based on the analysis’s conclusions, there are obvious limits of the positive impact of the new legislation. Keywords: effectiveness, Public Procurement, Transparency, economic cycle, legislation, lowest price criterion, economical profitability criterion, European subsidy policy Classification-JEL: H110, H420, H570 Pages: 316-334 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1146.pdf File-URL: http://www.vse.cz/polek/1146 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1146:p:316-334 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1146 Template-Type: ReDIF-Article 1.0 Author-Name: Lucia Bartůsková Title: Podpora pracovní aktivity matek s dětmi do tří let Title: Measures to Increase Economic Activity of Mothers with Children under Three Years Old Abstract: This article analyses the options how changes in Czech tax-benefit system could increase mother´s economic activity. The article builds up on the study (previous author´s study published in 2015). This underlying study presents a calculation according to which women, taking care of children up to 3 years, results with a lower net cash flow after returning to work compare to staying at home. The aim is to propose measures that would motivate women, with children up to 3 years, to return to work and simultaneously quantify the impact of these measures on the state budget. Economic effects of the proposed measures are quantified, including the cancelation of conditional entitlement to parental benefit, introduction of tax relief for working mothers and 50% relief on employer’s mandatory contributions, which employ parents part-time. Implementation of these measures, which would motivate more women to return to work, would bring an estimated net income amounting to 9.5 billion crowns to the state budget per year. Keywords: labour market, state budget, economic activity, motivation to work, harmonization of work and family life, employment of mothers, tax-benefit system Classification-JEL: H55, H60, J13, J18 Pages: 335-350 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1147.pdf File-URL: http://www.vse.cz/polek/1147 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1147:p:335-350 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1147 Template-Type: ReDIF-Article 1.0 Author-Name: Pavel Sirůček Title: Nositelé nobelovy ceny za ekonomii pro rok 2016 Pages: 370-378 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1149.pdf File-URL: http://www.vse.cz/polek/1149 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1149:p:370-378 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1149 Template-Type: ReDIF-Article 1.0 Author-Name: Lukáš Kovanda Author-Name: Martin Komrska Title: Deflace, odklad spotřeby a hospodářské krize: rétorika centrálních bank vs. ekonomická literatura Title: Deflation and Economic Crisis: Central Banks’ Rhetoric vs. Economic Literature Abstract: The aim of this paper is to show that the current anti-deflationary rhetoric of central banks lacks adequate support from the economic literature. Based on pure theory, there might be both positive and negative effects of deflation on economic development. The historical record is, if anything, also ambiguous. As recent literature reveals, a substantial number of deflationary periods were accompanied by robust economic growth. The two frequently mentioned examples of dismal deflationary periods - the Great Depression in the United States and the lost decades in Japan - seem to be exceptions. Taking into account the arguments presented in this paper, we argue that central banks should revise their communication strategy. If there is a need to defend easy monetary policy, the main argument should be based, dominantly, on the divergence of forecasted inflation from the inflation target, with a much lesser emphasis on the need to avoid the allegedly destructive effect of deflation. Keywords: monetary policy, inflation targeting, recession, deflation, inflation expectations, central bank’s communication Classification-JEL: E21, E31, E42, E43 Pages: 351-369 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1148.pdf File-URL: http://www.vse.cz/polek/1148 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1148:p:351-369 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1148 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Author-Name: Hana Lipovská Title: Volání po zdanění bohatých (recenze Thomas Piketty: Kapitál v 21. století) Pages: 383-388 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1139.pdf File-URL: http://www.vse.cz/polek/1139 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1139:p:383-388 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1139 Template-Type: ReDIF-Article 1.0 Author-Name: Jitka Špeciánová Title: Základní nepodmíněný příjem - oprávněnost a realizace (recenze Raventós: Materiální podmínky svobody) Pages: 379-382 Volume: 2017 Issue: 3 Year: 2017 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1150.pdf File-URL: http://www.vse.cz/polek/1150 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:3:id:1150:p:379-382 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1150