Template-Type: ReDIF-Article 1.0 Author-Name: Hans Werner Sinn Title: Brexit a krize eura: jakou chceme Evropskou unii? Title: Brexit and the Euro Crisis: What Kind of Union Do We Want? Abstract: Text se vyrovnává s dvěma klíčovými událostmi, které zásadně mění Evropskou unii - s pokračující krizí eurozóny a brexitem. První část diskutuje změnu původní rovnováhy moci v EU po vystoupení Velké Británie a její konsekvence. Jedním z hlavních důsledků je posílení relativní pozice Francie, a tím i francouzské představy o podobě evropského integračního modelu (federalizační francouzské jádro a zbytek), která by vyústila v ještě explicitnější model dvourychlostní Unie. Dílčí závěr tvrdí, že v ideálním paretovském modelu Unie je možnost exitu paradoxně tím, co drží Unii stabilní a kompaktní. Ve druhé části textu je pak diskutován problém nekonkurenceschopnosti jihu eurozóny jako specifického případu holandské nemoci a jsou nastíněny čtyři scénáře jejího řešení - desinflace či deflace jihu, inflace severu, opuštění společné měny nebo transferová unie. Poslední jmenovaný scénář je tím nejméně efektivním, ale zároveň v současnosti již probíhá, a to i prostřednictvím platebního systému Target 2. Závěr článku přináší v deseti bodech souhrn ekonomicko-politických opatření pro EU v proměněných mocenských podmínkách po brexitu a v čase pokračujících nerovnováh mezi severem a jihem eurozóny. Abstract: The article deals with the two key issues that have been fundamentally changing the European Union - the crisis of Eurozone and the Brexit. The first part discusses the change of the original balance of power in the EU after the exit of Britain and its possible consequences, especially the strengthening of the relative position of France, and hence the French concept of the EU integration model (deeper federalization of the nucleus and the rest) resulting in an even more explicit model of the two-speed EU. In the ideal Pareto model of the Union, paradoxically, the possibility of exit makes the Union more stable and compact. The second part of the text discusses the problem of the uncompetitiveness of Southern Europe as a specific case of Dutch Disease and four scenarios of its solution - the disinflation or deflation of the South, the inflation of the North, the exit from the common currency and finally the transfer union. The last named scenario is the least attractive of given options, but it is already in progress. The imbalances in the Target 2 payment system discussed in the article are example of this. The conclusion of the article brings ten points summarizing necessary economic and political measures for the EU at the time of power shift after the Brexit and ongoing imbalances between the North and the South in the currency union. Keywords: balance of payments, eurozone, European integration, Brexit Classification-JEL: E42, E58, F33, F34, F45 Pages: 3-19 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1174.pdf File-URL: http://www.vse.cz/polek/1174 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1174:p:3-19 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1174 Template-Type: ReDIF-Article 1.0 Author-Name: Jan Pavel Title: Soukromé transakční náklady zadávání veřejných zakázek a faktory ovlivňující jejich výši Title: Private Transaction Costs of Procurement and Factors Affecting Their Value Abstract: Public procurement is subject to very strict and detailed legal regulation, which generates significant transaction costs on the part of both the public and private sectors. This paper aims are to quantify the size of private transaction costs associated with participation in tenders and to identify the main factors that affect their value. The presented results are based on a survey containing 804 observations. The total value of the private transaction costs in 2012 is estimated at CZK 9 billion, which represents 1.8% of contracts value. Using regression model, we have identified factors that influence the size of transaction costs at the level of individual firms. These are relatively lower for larger contracts, supply contracts and also for more experienced companies. In contrast, higher values are found in smaller contracts, larger companies and companies that are more successful in tenders. Keywords: transaction costs, Czech Republic, Public Procurement Classification-JEL: D23, G38, H57 Pages: 20-34 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1175.pdf File-URL: http://www.vse.cz/polek/1175 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1175:p:20-34 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1175 Template-Type: ReDIF-Article 1.0 Author-Name: Kristýna Vltavská Author-Name: Jaroslav Sixta Author-Name: Martina Šimková Title: Vývoj národního důchodu České republiky od 80. let 20. století Title: Czech National Income since 1980s Abstract: Researchers and analysts usually prefer to have long time series of gross domestic product as the most important indicator of the economy. However, gross national income presents indicator that covers not only what a country produce but it takes into account values produced by factors of productions owned by foreigners. From that point of view gross national income presents more interesting information than gross domestic product. This paper describes the recalculation of historical time series of gross domestic product in the Czech Republic into the standard of national accounts ESA 2010. It presents results for all three approaches to GDP, employment and gross national income. Although results of GDP and employment start in the year 1970, the lack of data allowed us prepared figures for gross national income from year 1984 onwards. Moreover, this paper shows some of the possibilities to the international comparison with European countries for the better description of the position of the Czech Republic in the European context. Keywords: gross domestic product, system of national accounts, ESA 2010, gross national income Classification-JEL: C02, E01, N01 Pages: 35-56 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1176.pdf File-URL: http://www.vse.cz/polek/1176 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1176:p:35-56 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1176 Template-Type: ReDIF-Article 1.0 Author-Name: Veronika Solilová Author-Name: Danuše Nerudová Title: Výnosový potenciál společného konsolidovaného korporátního základu daně v Evropské unii Title: Revenue Potential of the CCCTB in the European Union Abstract: The non-existence of a link between reaching smart, sustainable and inclusive growth and the EU budget is resulting in the existence of sustainability gaps in the European Union. This research reveals that the introduction of the Common (Consolidated) Corporate Tax Base (hereinafter as C(C)CTB) could be an important contribution to close the existing sustainability gaps. To research the revenue potential of the C(C)CTB, a model based on a remittance system was designed. The systém expects the replacement of the VAT-based own resource (resp. GNI-based own resource) through the transfer of a part of the corporate tax revenues from the C(C)CTB raised on the national level to the EU budget. The results of the research show that the C(C)CTB-based own resource would be able to fully replace the VAT-based own resource, with the only exception of Cyprus. However, the C(C)CTB-based own resource cannot be considered to be a sufficient resource to fully replace the GNI-base own resource. Keywords: sustainability, European Union, budget, CCCTB, funding Classification-JEL: H25, H61, K22 Pages: 78-98 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1177.pdf File-URL: http://www.vse.cz/polek/1177 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1177:p:78-98 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1177 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Skálová Author-Name: Tomáš Podškubka Author-Name: Petr Diviš Title: Vliv velikosti podniku na transakční násobitele Title: The Impact of the Company’s Size on the Transaction Multiple Abstract: This article focuses on problematic of company’s size with connection to its valuation multiples. The phenomenon of company’s size effect is described in theory and empirically tested. The knowledge of dependence on transaction multiples on company’s size is essential for valuation and decision about acquisition or disinvestment. The article follows on the Jeřábek’s and Čihák’s article (2008). The aim of the article is empirically verified the statement that the buyers are willing to pay relatively lower amount of money for smaller companies than in case of investment in larger companies. The aim does not determine the specific amount of the size risk premiums but demonstrates increasing multiple in connection to company’s size. Furthermore, it is necessary to take into account the bigger companies have, in comparison with smaller entities, not only higher relative value, but also absolute. In other words, it means higher transaction multiple or lower discount rate. Keywords: statistics, company size impact, transaction multiple, spearman correlation Classification-JEL: F23, G12, G34 Pages: 57-77 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1181.pdf File-URL: http://www.vse.cz/polek/1181 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1181:p:57-77 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1181 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Zeman Title: Analýza teorie vlastnických práv Title: Theory of Ownership Rights Analysis Abstract: Liberal ownership rights are the essential basis of proper functioning of market economy, therefore the theory of ownership rights can also be considered the basis of theories governing all the areas of market economy functioning. The currentness of the presented issues in the Czech Republic has been rapidly increasing lately, with regard to the expanding erosion of ownership rights set democratically after 1989. The aim of this paper is to present the results of long-term research in renowned economic magazines, to draw attention to the extraordinarily current nature of the discussed issues determined by increasing instability of ownership rights in the Czech Republic in recent years and to promote an expert discussion of this topic in various economic and legal circles. Keywords: transaction costs, externalities, ownership rights theory, ownership protection, ownership rights erosion, effective resource allocation, exclusion of others from consumption Classification-JEL: B31, D23, Q15 Pages: 99-115 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1178.pdf File-URL: http://www.vse.cz/polek/1178 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1178:p:99-115 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1178 Template-Type: ReDIF-Article 1.0 Author-Name: Kamil Janáček Author-Name: Stanislava Janáčková Title: Hrozba sekulární stagnace Title: The Threat of Secular Stagnation Abstract: Advanced countries are losing their predominant position in the world economy. With the longtime productivity slowdown and the present long recession, a question arises about the threat of secular stagnation of the advanced world. In searching for the roots of this threat, leading world economistst accentuate either the demand side, or the supply side of the economy. In this respect, the authors add globalization as another important factor. Globalization has resulted in long-term global and internal imbalances, and caused deep problems in the advanced countries - deindustrialization, unemployment, growing dependence on the social safety net, and a permanent increase of government intrusion into the economy. After the 2008 crisis, fiscal and monetary policy concentrates on short-term support of economic recovery, leaving aside the deeper long-term deficiencies. With multiple negative trends acting in the same direction, the threat of secular stagnation should not be overlooked. Keywords: economic growth, productivity, secular stagnation, global imbalances Classification-JEL: E31, E42, E52, E58, F43, F55 Pages: 116-135 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1166.pdf File-URL: http://www.vse.cz/polek/1166 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1166:p:116-135 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1166 Template-Type: ReDIF-Article 1.0 Author-Name: Václav Klaus Title: Evropská unie a euro: riskantní experimentování s Evropou Pages: 136-140 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1179.pdf File-URL: http://www.vse.cz/polek/1179 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1179:p:136-140 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1179 Template-Type: ReDIF-Article 1.0 Author-Name: Marek Loužek Title: Pozoruhodná kniha o insolvenčním řízení Pages: 141-143 Volume: 2018 Issue: 1 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1180.pdf File-URL: http://www.vse.cz/polek/1180 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:1:id:1180:p:141-143