Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Pfeifer
Author-Name: Libor Holub
Author-Name: Zdeněk Pikhart
Author-Name: Martin Hodula
Title: Interakce kapitálové a likviditní regulace v bankovním sektoru
Title: Interaction of Capital and Liquidity Regulation in the Banking Sector
Abstract: Basel III responded to the financial crisis among other by redefining and expanding the capital requirements and by introduction of the liquidity requirements in the banking sector. Since banks’ liquidity and capital positions influence each other through assets structure channel, asset quality channel and profitability channel, there exists a significant relationship among capital and liquidity regulatory tools. A bank can improve its capital and liquidity ratios by lowering riskweighted assets (assets structure channel), but with the negative impact on the interest profit (profitability channel). We therefore aim to test the functionality of these two channels in relation to capital and liquidity positions in the Czech banking sector. We document the effect of the assets structure channel in case of liquidity and capital positions and effect of the profitability channel for the large banks. However, low profitability and introduction of a leverage ratio can limit the effect of assets structure channel on banks´ capital positions.
Keywords: banking sector, VAR, capital and liquidity regulation, interaction
Classification-JEL: E58, G18, G2
Pages: 525-545
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1160.pdf
File-URL: http://www.vse.cz/polek/1160
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1160:p:525-545
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1160

Template-Type: ReDIF-Article 1.0
Author-Name: Jan Hanousek
Author-Name: Anastasiya Shamshur
Author-Name: Jiří Trešl
Title: Realokace kapitálu evropských firem po fúzích a akvizicích v období let 1997-2013
Title: Capital Diversion in European Firms after Merger and Acquisions, 1997/2013
Abstract: This study examines the diversion of funds in M&A deals, using over 7,500 deals from core European countries for the period from 1997 to 2013, sourced from the Zephyr database. Theoretical predictions suggest that in M&A deals acquiring companies may use the target’s assets as collateral to raise funds which is then diverted within the internal capital markets. Our results do not indicate an increase in leverage burdens of target firms. While we do not find evidence that assets are used as collateral to raise financing, our results point to indirect clues that funds are diverted away from the target company after the acquisition.
Keywords: transfer pricing, Europe, capital structure, M&A
Classification-JEL: G32, G34
Pages: 546-561
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1161.pdf
File-URL: http://www.vse.cz/polek/1161
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1161:p:546-561
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1161

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Lábaj
Title: Štruktúrna dekompozícia globálnych hodnotových reťazcov: slovenská ekonomika v medzinárodnom porovnaní
Title: Structural Decomposition of Global Value Chains: Slovak Economy in an International Context
Abstract: The intensification of globalization and fragmentation of production processes requires new approaches that allow as us capture complex linkaged between industries and national economies. In this article, we show how input-output analysis based on World input-output tables can be employed to analyze the complex relations in the economy. Using structural decomposition analysis, we analyze the sources of value added and employment changes in choosen countries in pre-crisis period. We show the importance of trade with intermediate goods and participation in global value chains on value added and employment creation.
Keywords: Structural Decomposition, Slovak economy, global value chains, input-output model
Classification-JEL: C67, F14, R15
Pages: 562-582
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1162.pdf
File-URL: http://www.vse.cz/polek/1162
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1162:p:562-582
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1162

Template-Type: ReDIF-Article 1.0
Author-Name: Andrea Tkáčová
Author-Name: Veronika Kišová
Title: Zmeny zloženia kompozitného predstihového indikátora Slovenska v čase
Title: Changes of Composite Leading Indicator Composition over Time
Abstract: Cyclical behavior of the economy can be monitored and predicted with the help of composite leading indicator (CLI) which is an aggregate index of several individual indicators and is statistical relevant for analyzing and forecasting of reference series. This article is focus on construction of CLI for Slovakia and its changes over time. For its construction is used combination of methodologies of OECD and Institute of Informatics and Statistics (Infostat). These methodologies are based on chosen reference series and 124 economic indicators, filtering of time series with Hodrick-Prescott filter (HP filter), normalization of time series, cross correlation and creation of CLI with system of same and different weights. On the base of economic indicator analysis are selected different groups of leading cyclical indicators in seven different time periods. It means that exist changes of CLI composition over time. The best predictable abilities of Slovak business cycle has CLI constructed from time period 2010-2015. On this base was created short-term forecast of Slovak business cycle which supposed economic grow in second and third quarter 2017. Positive GDP growth expectations create space for new investment opportunities as well as government restrictions on public expenditures. The result of our analysis indicate that in the future we can expect new changes in composition of CLI for Slovak economy.
Keywords: gross domestic product, business cycle, cyclical indicators, composite leading indicator (CLI), cross correlation
Classification-JEL: E32, E37
Pages: 583-600
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1163.pdf
File-URL: http://www.vse.cz/polek/1163
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1163:p:583-600
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1163

Template-Type: ReDIF-Article 1.0
Author-Name: Jitka Špeciánová
Title: Základní nepodmíněný příjem - co (ne)dokáže zajistit a v čem je jiný?
Title: Unconditional Basic Income - What it Can (not) Guarantee and in What is Different?
Abstract: Unconditional basic income should guarantee that all residents have sufficient material conditions for their existence. Compared to other existing social security programs, basic income is unique in its simplicity. It also supports the individuals’ freedom of use of their disposible time. The article analyzes the expected impact of the introduction of an unconditional basic income on the labor market. It also compares basic income to other social security programs (wage subsidies, targeted social programs, a negative income tax and tax credits) on a theoretical level from the perspective of a recipient. Unconditional basic income’s effects on labor supply would be rather negative. However, relative to other social security programs, unconditional basic income can guarantee a higher or the same utility level, but it may not motivate to participate in the labor market. Additional positives are transparency and lack of incentives to cheat. The prospect of lower administrative costs depends on the specific basic income scheme in question.
Keywords: reservation wage, work incentives, labor market, unconditional basic income, labor supply, welfare programs
Classification-JEL: D11, D31, D63, I38, J08
Pages: 601-622
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1164.pdf
File-URL: http://www.vse.cz/polek/1164
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1164:p:601-622
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1164

Template-Type: ReDIF-Article 1.0
Author-Name: Diana Bílková
Title: Vývoj genderové mzdové nerovnosti v České republice za posledních 20 let
Title: The Gender Wage Gap Development in the Czech Republic over the Last Twenty Years
Abstract: The paper presents an analysis of the development of the gender wage gap in the Czech Republic over the last twenty years, particular attention being paid to the period since 2009. Data on the average and median nominal wage as well as inflationary trends were gathered from the official website of the Czech Statistical Office. Having used the data, the conversion to the average and median real wage was carried out, allowing for a comparison of the current purchasing power of the Czech Republic’s population with that in the year 1996. The differences between male and female average and median wages (both nominal and real) were examined. The development trend analysis of the obtained time series was performed adopting parametric (quadratic trend function)and non-parametric (moving averages) approaches. The quality of the chosen trend functions was verified using individual t-tests, total F-test, autocorrelation and partial utocorrelation functions and Durbin-Watson statistics. The results achieved indicate a steady downward trend in the differences between male and female wage levels since 2009.
Keywords: gender wage gap, average wage male and female difference, median wage male and female difference, nominal wage, real wage, time series trend analysis
Classification-JEL: C10, D31, J31
Pages: 623-646
Volume: 2017
Issue: 5
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1167.pdf
File-URL: http://www.vse.cz/polek/1167
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:5:id:1167:p:623-646
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1167