Template-Type: ReDIF-Article 1.0
Author-Name: Valéria Halamová
Author-Name: Kristína Kočišová
Title: Premietanie medzibankových úrokových sadzieb do klientskych sadzieb na Slovensku (2004-2016)
Title: Interbank Interest Rate Pass-Through into Client Interest Rates in the Condition of Slovak Republic (2004-2016)
Abstract: The paper deals with the issue of interbank interest rate pass-through into client interest rates offered by banks in the condition of Slovak Republic between 2004 and 2016. We provide an overview of studies of the interest rate relationship analysis in the bank and interbank market. We investigate the interest pass-through from money market rates to various loan and deposit rates. The analysis is carried out using the methodology of cointegration error-correction model, which take into account both the long-term and the short-term aspect of interest rate development. Our results point to considerable differences in the size of the pass-through with respect to either different loan and deposit rates. It has also shown a low rate of immediate transmission, the incompleteness of the pass-through, higher efficiency in the process of interbank interest rates pass-through into the interest rates on loans, and we can conclude that the process of interest rates pass-through in our conditions is relatively stable.
Keywords: bank market, interbank market, interest rate pass-through
Classification-JEL: E43, E52, G21
Pages: 473-490
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1203.pdf
File-URL: http://www.vse.cz/polek/1203
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1203:p:473-490
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1203

Template-Type: ReDIF-Article 1.0
Author-Name: Pavel Srbek
Title: Odhad Hurstova exponentu v časových řadách denních výnosů akciových indexů
Title: Estimation of the Hurst Exponent in Time Series of Daily Returns of Stock Indices
Abstract: One of the fundamental assumptions of the efficient market hypothesis and the modern portfolio theory are both Gaussian probability distribution and the independence of returns. This paper provides a brief historical review of efforts dealing with capital markets emphasizing their efficiency and counter-tendencies whose goal was to falsify the assumption of independence of returns and their normal distribution. This paper applies a measure of long-range dependence rediscovered and promoted by Mandelbrot to daily returns of 27 selected stock indices. This measure is called Hurst exponent and was estimated using rescaled range analysis. The results are in line with similar papers stating that the series of daily returns are prevailingly persistent which implies the presence of local trends. Such a finding falsifies the assumption of random walk in stock prices.
Keywords: random walk, long-range dependence, Hurst exponent, rescaled range analysis, stock indices, randomness
Classification-JEL: C13, C18, G14, G17
Pages: 508-524
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1207.pdf
File-URL: http://www.vse.cz/polek/1207
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1207:p:508-524
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1207

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Šindelář
Author-Name: Petr Budinský
Title: Agent-zákazník problém v distribuci finančních produktů
Title: Agent-Principal Problem in Financial Distribution
Abstract: The paper deals with the agent-principal problem (adverse selection) in the distribution of investment products. Utilising data from the Czech financial market, a linear model with mixed effects was constructed, evaluating the relationship between remuneration of individual agents and quality-costs of the products they recommend. The results were structured for different organisational setups. We have found that in some less important environments from the market perspective (small and medium multi-level marketing networks, small and big pools, medium and big flat firms), there is a negative association between quality-cost of the contracted product and the amount of commission paid out to the agent. This indicates potential consumer detriment. In the majority of organisations dominating the industry, however, the direction of this relationship is positive in nature or statistically insignificant. Hence, the systemic potential for instigating the adverse selection was not detected in a major part of the market, bringing up regulátory implications in the conflict of interest and inducements area.
Keywords: adverse selection, investment funds, agent-principal problem, financial intermediation and advice, unit-linked life insurance
Classification-JEL: D140, D82, G18
Pages: 491-507
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1208.pdf
File-URL: http://www.vse.cz/polek/1208
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1208:p:491-507
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1208

Template-Type: ReDIF-Article 1.0
Author-Name: Lukáš Moravec
Author-Name: Jana Hinke
Author-Name: Stanislav Kaňka
Title: Stanovení mezery DPH - případ České republiky
Title: VAT Gap Estimation - Czech Republic Case Study
Abstract: The paper deals with the estimation of the Value Added Tax Gap in the Czech Republic during the years 2009-2014. In the introduction, the term of Value Added Tax Gap and related terms are defined following available approaches and different methods of the Value Added Tax Gap estimation are presented. In the analytical part of the paper, the Czech Value Added Tax Gap is measured using three applicable methods - the decomposition of the gap on the VAT, the identification of transactions subject to VAT and the adjustment of GDP. In this part the exact procedure for possible replication of the research is declared and the comparsion of the results reached for the Czech Republic using different methods of Value Added Tax Gap estimation is carried out.
Keywords: gross domestic product, tax revenues, value added tax, tax gap, tax authority, grey economy
Classification-JEL: H21, H26, K34, L51, P52
Pages: 450-472
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1212.pdf
File-URL: http://www.vse.cz/polek/1212
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1212:p:450-472
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1212

Template-Type: ReDIF-Article 1.0
Author-Name: Marcela Kantová
Author-Name: Šárka Prudká
Author-Name: Markéta Arltová
Author-Name: Magdaléna Kotýnková
Title: Efektivita trhu práce ve světle opatření konceptu flexikurity: příklad České republiky a Švédska v období 2006-2015
Title: Efficiency of Labour Market Policy Changes in the Czech Republic and Sweden in 2006-2015
Abstract: The paper is aimed at assessing efficiency of adopted measures of the concept of flexicurity in Sweden and Czech Republic in 2006-2015. It examines hypothesis that the matching process can be made more efficient by increasing the labour market flexibility. The Beveridge curve depicting the relationship between the unemployment and job vacancies is used to demonstrate a change in efficiency of labour market policies. The correlation analysis is used to address possible reasons for weaknesses of active labour market policies. Research findings show a better efficiency of the matching process in a rigid labour market, with the hypothesis being confirmed only for Czech Republic. However, the Czech labour market was fighting against higher imbalances than the Swedish one, throughout the whole period under review, with the most threatened unemployed having been both young and older people.
Keywords: unemployment, Czech Republic, flexicurity, active labour market policy, matching efficiency, Sweden
Classification-JEL: J08, J21, J64
Pages: 411-429
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1222.pdf
File-URL: http://www.vse.cz/polek/1222
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1222:p:411-429
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1222

Template-Type: ReDIF-Article 1.0
Author-Name: Ondřej Badura
Title: Vliv relativního příjmu na sklon ke spotřebě - případ České republiky
Title: An Influence of Relative Income on the Propensity to Consume - Czech Republic Case Study
Abstract: This paper examines the influence of relative income on the consumption function, particularly the issue of the precise quantification of the relationship between the propensity to consume and the position of the household in the income distribution represented just by relative income. Mainstream theory of consumption, though it is aware of this effect, for its focus primarily on the aggregate consumption, it doesn’t pay much attention to this. However, if it is possible to accurately describe and quantify this so-called relative income effect, it will mean a relevant contribution to the explanation of individual consumption patterns or consumption of income categories. The aim of this work is to find, describe and precisely quantify the impact of relative income on the average propensity to consume on the example of Czech households. To achieve this goal, we use a regression estimation of the dynamic panel using GMM, where the individual panels are set as income categories of households. The results achieved unambiguously confirm the validity of the initial assumption about the existence of functional dependence of the propensity to consume on the relative income and thus it fully supports the idea of interdependent concept of utility and consumption.
Keywords: propensity to consume, relative income, Duesenberry‘s hypothesis, income categories, dynamic panel, GMM
Classification-JEL: C23, D11, D12, E21
Pages: 430-449
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1223.pdf
File-URL: http://www.vse.cz/polek/1223
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1223:p:430-449
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1223

Template-Type: ReDIF-Article 1.0
Author-Name: Ilya Bolotov
Title: Konkurenceschopnost a slovenská ekonomika, pohled z roku 2015
Pages: 525-528
Volume: 2018
Issue: 4
Year: 2018
File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1224.pdf
File-URL: http://www.vse.cz/polek/1224
File-Format: text/html
Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:4:id:1224:p:525-528