Template-Type: ReDIF-Article 1.0
Author-Name: Richard Hindls
Author-Name: Prokop Závodský
Title: Nekrolog - Prof. Ing. Lubomír Cyhelský, DrSc.
Pages: 147-149
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1228.pdf
File-URL: http://www.vse.cz/polek/1228
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1228:p:147-149

Template-Type: ReDIF-Article 1.0
Author-Name: Miroslav Ševčík
Title: nekrolog - Doc. Ing. Tomáš Ježek
Pages: 150-155
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1229.pdf
File-URL: http://www.vse.cz/polek/1229
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1229:p:150-155

Template-Type: ReDIF-Article 1.0
Author-Name: Pavla Chmelová
Title: Vliv realizace strukturální pomoci Evropské unie na hospodářský cyklus a fiskální politiku České republiky
Title: The Influence of the Implementation of European Union Cohesion Policy on the Economic Cycle and the Fiscal Policy in the Czech Republic
Abstract: This article examines the impact of EU Cohesion Policy delivered through the European Structural and Investment Funds in the economic cycle and the fiscal policy of the Czech Republic in the years 2004-2015. Revenue arising from the EU increases aggregate demand, and this is a regular instrument for stabilizing fiscal policy. The key conclusion of the analysis is based on regression analysis, and there is demonstrate the procyclical nature of the EU Regional Policy and its negative impact on the effectiveness, efficiency, and economy of national resources. Temporal definition of programming periods and the ability to prepare projects and their implementation in the context of national and EU legal framework were identified as the main determinants of procyclicality. However, these factors make the cyclicality purely accidental and cohesion policy without links to the economic cycle and performance of member countries.
Keywords: fiscal policy, European Union, economic cycle, cohesion policy, regression analysis, European structural and investment funds, pro-cyclicality
Classification-JEL: E22, F35, H40, H57, O19, R11
Pages: 157-177
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1182.pdf
File-URL: http://www.vse.cz/polek/1182
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1182:p:157-177
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1182

Template-Type: ReDIF-Article 1.0
Author-Name: Martin Murín
Title: Vplyv verejného dlhu a jeho štruktúry na ekonomického rast vybraných vyspelých krajín
Title: The Influence of Public Debt and Its Structure on Economic Growth of Advanced Economies
Abstract: The aim of this paper is to explore the influence of public debt structure on economic growth of advanced economies. The investigation mainly focuses on shifts in public debt structure which does not change the level of debt quota. Methodical approach follows similar exercises developed to evaluate the effects of tax shifts on economic growth. Debt decompositions are made according to i) original maturity of instruments; ii) currencies; iii) residency of creditors; iv) kind of instrument. The panel data regression of 24 OECD countries in the period from 2000 to 2014 is used. The main findings suggest that the structure of public debt matters to economic growth in every decomposition made. Moreover, it was found that shifts in debt structure which are neutral towards the level of debt quota could be associated with changes of economic growth rates. Hence, it is legit to deal with adequate public debt structure not only with debt level in terms of influencing the economic growth.
Keywords: economic growth, public debt, debt structure, structure shift, panel data regression, sovereign debt crisis
Classification-JEL: H63, O43, O47
Pages: 178-200
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1183.pdf
File-URL: http://www.vse.cz/polek/1183
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1183:p:178-200
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1183

Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Kučera
Title: Investice v transmisním mechanismu cílování inflace - verifikace zdrojů variability investic v České republice
Title: Investment in the Transmission Mechanism of Inflation Targeting - Verification of Sources of Investment Variability in the Czech Republic
Abstract: The paper is devoted to the topic of investment with emphasis on their position within the transmission mechanism of inflation targeting. It briefly discusses starting-points of inflation targeting regime, individual transmission channels of monetary policy, and routes through which the central bank may influence the investment. There are mentioned selected investment theories. Other factors, whose changes may induce changes in investment, are derived using these theories. Using available data, sources of investment variability are verified for the Czech Republic. Correlation analysis is performed and the vector error correction model is compiled. It seems that rise of aggregate demand is transformed into rise of investment. Similarly in case of asset prices. Appreciation of CZK is reflected in decline of investment. All three relations are consistent with the theory. On the contrary, sensitivity of investment to changes in market expected real interest rates is not clear.
Keywords: investment, monetary policy, inflation targeting, interest rate, correlation, vector error correction model
Classification-JEL: C32, E22, E43, E52
Pages: 201-217
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1184.pdf
File-URL: http://www.vse.cz/polek/1184
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1184:p:201-217
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1184

Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Filip
Author-Name: Karel Janda
Author-Name: Ladislav Krištoufek
Title: Ceny biopaliv a souvisejících komodit: analýza s použitím metod minimální kostry grafu a hierarchických stromů
Title: Prices of Biofuels and Related Commodities: an Analysis Using Methods of Minimum Spanning Tree and Hierarchical Tree
Abstract: The article investigates the connections between the prices of biofuels and many traded commodities and other relevant assets in Europe, USA and Brazil. The analysis uses a comprehensive dataset covering price data for 32 relevant traded titles over the period 2003-2015. Main contribution of this article is a combination of minimum spanning tree and hierarchical tree approaches with expert economic understanding of biofuels market leading to identification of price connections in a complex trading system. Our analysis of mutual price connections discovers the major defining features of world leading biofuels markest over the last decade. We provide characteristics of main bioethanol and biodiesel markets with respect to technical and local features of the production and consumption of particular biofuels.
Keywords: biofuels, networks, minimal spanning tree, hierarchical tree
Classification-JEL: C38, Q16, Q42
Pages: 218-239
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1185.pdf
File-URL: http://www.vse.cz/polek/1185
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1185:p:218-239
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1185

Template-Type: ReDIF-Article 1.0
Author-Name: Jitka Langhamrová
Author-Name: Martina Šimková
Author-Name: Jaroslav Sixta
Title: Makroekonomické dopady rozšiřování sociálních služeb pro stárnoucí populaci České republiky
Title: Macroeconomic Impacts of the Expansion of Social Services for Ageing Population of the Czech Republic
Abstract: Czech society is ageing, and the availability of these services should be important part of social strategy for the Czech Republic. Thus, the development in this area is not optimal and much more attention should be put on. Increasing life expectancy cause not only higher demands on the pension systems but also higher demands on social services. This is emphasised by the slower increase of healthy life expectancy and therefore it can be assumed that more people in higher age will require more social services. The paper deals with the issue of the macroeconomic costs and benefits of satisfying the requirements for residential care activities, especially for homes for the elderly as one of the most important area of social care. The aim of the paper is to estimate overall direct and indirect macroeconomic effects for the Czech Republic at the level of the regions. The relation between demand and supply of residential care activities is illustrated for 2013. While some issues can simply be related to the Czech population as a whole, some estimates are presented at the regional level. Economic impacts on the gross domestic product, employment and government finance are estimated by the semi-dynamic input-output analysis. It is illustrated how the investments into social facilities are transformed into economic development with different regional scale.
Keywords: ageing, social services, regional input-output analysis
Classification-JEL: H55, J11, R15
Pages: 240-259
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1186.pdf
File-URL: http://www.vse.cz/polek/1186
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1186:p:240-259
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1186

Template-Type: ReDIF-Article 1.0
Author-Name: Marianna Siničáková
Author-Name: Veronika Šuliková
Author-Name: Ľubica Štiblárová
Title: Tradičný a alternatívny pohľad na synchronizáciu hospodárskych cyklov v Európskej únii
Title: Traditional and Alternative Look at the Business Cycle Synchronisation in the European Union
Abstract: The aim of the paper is to present traditional and alternative look at the evolution of business cycle synchronisation in the European Union throughout four periods determined according to integration process. Gradually we apply cross-correlations and rather alternative minimum spanning tree method to evaluate synchronization process and core or peripheral countries. An endogeneity argument and decreasing asymmetries among integrated countries were confirmed with a light rupture during financial and economic crisis. Position of France and Germany as core countries was corroborated. However, single monetary policy should be implemented according to average macroeconomic evolution in the euro area and not according to particular situation in France and/or Germany which could be inappropriate for certain countries.
Keywords: economic cycle, synchronisation, cross-correlations, minimum spanning tree approach, endogeneity argument
Classification-JEL: E23, E32, E52, F43, F44
Pages: 260-277
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1187.pdf
File-URL: http://www.vse.cz/polek/1187
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1187:p:260-277
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1187

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Sirůček
Title: Další bublina, nebo opravdu epochální změna?
Pages: 278-283
Volume: 2018
Issue: 2
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1188.pdf
File-URL: http://www.vse.cz/polek/1188
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:2:id:1188:p:278-283