Template-Type: ReDIF-Article 1.0
Author-Name: Martin Mandel
Author-Name: Van Quang Tran
Title: Empirická verifikace exportní funkce s akcentem na vliv kurzu české koruny k euru
Title: An Empirical Verification of Export Function Focused on the Impact of EUR/CZK Exchange Rate
Abstract: The traditional view of international economics is that exchange rate is a leading factor which can strongly affect a country’s foreign trade. However, the production fragmentation widespread around the world due to the recent globalization may weaken the role of exchange rate on international trade. As the Czech economy is a very open one, a quantitative knowledge of the impact of exchange rate on export is a valuable information for all actors in the economy. In our contribution, we examine effect of the exchange rate of the Czech crown on domestic export in three macroeconomic models in both short and long run. The first one is a Keynesian model representing the demand for export in the form of marginal propensities. The second one is a VAR model in elasticities of the reduced form. The last one is a structural model resulting from the findings from the previous one. To estimate their parameters, we use quarterly data from 2000 Q1 to 2016 Q1. In all three cases we identify statistically significant impact of exchange rate on export in short-run models.
Keywords: exchange rate, VAR model, export functions, Keynesian model, structural model
Classification-JEL: E12, F14, F37
Pages: 649-668
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1168.pdf
File-URL: http://www.vse.cz/polek/1168
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1168:p:649-668
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Template-Type: ReDIF-Article 1.0
Author-Name: Lenka Fojtíková
Author-Name: Michaela Staníčková
Title: Konkurenceschopnost a produktivita vývozu členských zemí Evropské unie
Title: The EU Member States Export Competitiveness and Productivity
Abstract: The growing number of players in world trade increases competition among countries. It has also a significant implication for the EU member states that are differently dependant on international trade. The object of the paper was to evaluate the export competitiveness and productivity of the EU member states in 2000−2015 using the Factor Analysis and the Data Envelopment Analysis (DEA) method. The results of trade analyses confirmed that the level of the export competitiveness was different in the individual EU member states and that it had also been changed during the monitored period. However, the original hypothesis about the level of export productivity was not confirmed. The results of the DEA analysis pointed more to economic convergence in the trade area between the new and old EU member states than to export productivity. The development of the EU trade was influenced by globalisation processes accompanied by trade liberalisation, but also the EU integration process.
Keywords: productivity, European Union, data envelopment analysis, factor analysis, external competitiveness, export growth
Classification-JEL: C67, C82, E61, F10, F14, F23, O11, O52
Pages: 669-689
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1169.pdf
File-URL: http://www.vse.cz/polek/1169
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1169:p:669-689
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Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Titze
Title: Kríza likvidity a finančná nákaza v rokoch 2007-2009: ponaučenie do budúcnosti
Title: Liquidity Crisis and Financial Contagion in 2007-2009: Another Lesson
Abstract: The paper explains modern liquidity crisis and financial contagion from shadow banking systém to money market in 2007-2009. Liquidity shock was massive due to high connectivity with the quality of underlying (securitized) assets. Thus, the problem of solvency was main driver of the liquidity crisis on the interbank market. Counterparty risk was transmitted to the money market through various channels: direct or indirect exposition to shadow banking, confidence channel, asset price channel and wholesale funding run. The structure of paper is following: first part analyzes financial market infrastructure of shadow banking, wholesale funding (originate-todistribute) model and ABCP market; the second one describes financial market turmoil and contagion to the money market. Liquidity crisis strongly hit many segments of the money market: unsecured money market, repo market, FX swap market, Eurodollar market. Liquidity crisis was severe due to strong correlation between counterparty risk and liquidity premium as well between funding and market liquidity. Monitoring of the main causes of the liquidity crisis in his early stages is important for the fast reaction by central banks in terms of collateral quality and quantity of the reserve´s supply.
Keywords: liquidity crisis, shadow banking, market and financial liquidity, counterparty risk, confidential crisis, sub-prime mortgage crisis, credit risk, securitization
Classification-JEL: E43, E50, E52
Pages: 690-708
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1170.pdf
File-URL: http://www.vse.cz/polek/1170
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1170:p:690-708
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Template-Type: ReDIF-Article 1.0
Author-Name: Erika Pastoráková
Author-Name: Zuzana Brokešová
Author-Name: Jana Péliová
Title: Proaktívny prístup k tvorbe súkromných dôchodkových úspor: kľúčové determinanty
Title: Proactive Approach to Private Pension Savings: Key Determinants
Abstract: Component encouraging private savings was introduced or is under consideration in pension schemes of many countries. This diversification of old-age income sources shifts the responsibility for the level of retirement income to the individuals themselves and, at the same time, opens the question about their preparedness for such financial decisions. Inadequate savings could have enormous impact on their future life and determine their standard of living in the period of retirement. The aim of the paper is to identify key demographic and socio-economic factors determining individuals’ proactive approach to the private pension savings. We also would like to point out group of individuals with a low level of the private savings involvement. These individuals are potentially poverty vulnerable in their old-age. Using representative sample of 2 826 citizens of the Slovak Republic from the Household Finance and Consumption Survey carried out by the National Bank of Slovakia, we have identified as key factors age, education, income, ownership of second real estate and other financial assets and sharing household with pensioners. Our research contributes to the extension of existing knowledge that can be used by countries with multi-pillar pension systems, absence of occupational employment funds and low availability of products for voluntary pension savings.
Keywords: private saving for retirement, a multi-pillar pension schemes, support for private savings for old age period, public and private pension systems
Classification-JEL: G22, H55, H75, J11, J32
Pages: 709-727
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1171.pdf
File-URL: http://www.vse.cz/polek/1171
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1171:p:709-727
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1171

Template-Type: ReDIF-Article 1.0
Author-Name: Karel Janda
Author-Name: Jan Málek
Author-Name: Lukáš Rečka
Title: Vliv obnovitelných zdrojů na českou soustavu přenosu elektřiny
Title: The Impact of Renewable Energy Sources on the Czech Electricity Transmission System
Abstract: This paper provides the first academic economic simulation analysis of the impact of increase in predominantly German wind and solar energy production on the Czech electricity transmission network. To assess the exact impact on the transmission grid, updated state-of-the-art technoeconomic model ELMOD is employed. Two scenarios for the year 2025 are evaluated on the basis of two representative weeks. The first scenario is considered as baseline and models currently used production mix. The second scenario focuses on the effect of German Energiewende policy on the transmission networks as expected in 2025. The results confirm that in the context of Central Europe, higher feed-in of solar and wind power increases the total transport of electricity between the transmission system operator areas as well as the average load of lines and volatility of flows. Also, an increase in number of critical high-load hours is observable. Taking into account only the Czech transmission system, considerable rise both in transported volume and volatility are observed only on border transmission lines, not inside the country. Moreover, our qualitative analysis shows that all these mentioned effects are strengthened by the presence of German-Austrian bidding zone.
Keywords: energiewende, wind, solar, transmission networks, ELMOD
Classification-JEL: C61, L94, Q21, Q48
Pages: 728-750
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1172.pdf
File-URL: http://www.vse.cz/polek/1172
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1172:p:728-750
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Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Frýd
Title: Alternativní stanovení jednotné sazby korporátní daně ve vybraných zemích EU pomocí analýzy obalu dat
Title: Alternative Determination of a Corporate Tax Rate in Selected EU Countries by Using Data Envelopment Analysis
Abstract: This paper considers alternative approaches to the analysis of Laffer curve. The traditional analysis of Laffer curve is based on panel data methods, which were originally developed for microeconomics data with tax to GDP ratio as dependent variable. The main problem of using this approach presents the cross-sectional dependency of macroeconomics data, whose estimation may be biased and potentially inconsistent. The estimation of cross-sectional dependency using robust methods is inappropriate as well, because tax revenue is function of many variables, hence we lose too many degrees of freedom. We propose alternative approach with complex dependent variable, which measures not only tax to GDP ratio, but also effectiveness of corporate tax collection. The complex variable is constructed via DEA method and proposed approach is applied on panel containing observations of 20 EU members in period from 2000 to 2013. We conclude, that while the Laffer hypothesis is not empirically supported the tax rate is statistically significant factor in tax collection efficiency.
Keywords: panel data, Corporate tax, data envelopment analysis (DEA), common correlated effects (CEE), Laffer curve, cluster analyses
Classification-JEL: C33, D24, H20
Pages: 751-771
Volume: 2017
Issue: 6
Year: 2017
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1173.pdf
File-URL: http://www.vse.cz/polek/1173
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2017:y:2017:i:6:id:1173:p:751-771
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1173