Template-Type: ReDIF-Article 1.0 Author-Name: Simona Malovaná Author-Name: Michal Hlaváček Author-Name: Kamil Galuščák Title: Citlivost českých domácností na úrokový a příjmový šok. Aplikace na mikroúdajích Title: Sensitivity of Czech Households to Interest Rate and Income Shock. Applications on Microdata Abstract: We present a set of practical applications of the household sector stress testing approach used at the Czech National Bank. The aim is to test households’ ability to repay their loans in the event of extremely adverse economic developments. Besides this, the household sector stress test methodology has so far been used for two other purposes: (i) to construct a simple reverse stress test and explore the sensitivity of Czech households to a rise in loan interest rates and a decline in income, and (ii) to provide some supportive evidence for the calibration of debt service-to-income limits. Keywords: financial surplus, household indebtedness, microdata, stress testing, DSTI calibration Classification-JEL: D12, D31, E17 Pages: 531-549 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1204.pdf File-URL: http://www.vse.cz/polek/1204 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1204:p:531-549 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1204 Template-Type: ReDIF-Article 1.0 Author-Name: Lucia Mihóková Author-Name: Alena Andrejovská Author-Name: Slavomíra Martinková Title: Daňová konkurencieschopnosť členských krajín Európskej únie v kontexte korporátneho zdanenia Title: Tax Competitiveness of EU Member States in the Context of Corporate Taxation Abstract: Despite the tax coordination and harmonisation, as the tax burden convergence processes, the corporate taxation systems differ among EU Member States, which can affect the development of economies to various degrees. The main objective of the paper is to assess whether the EU-27 countries are competitive in the field of corporate taxation and to verify whether "new Member States" are considered more competitive than the "old Member States". Empirical research from 2004 to 2014 used traditional quantitative indicators and specific quantitative methods in the form of tax rate relations, cluster analysis and constant market shares method, the application of which in the tax field is one of the main benefits of the research. Empirical results have highlighted the significant and positive impact of tax competitiveness on growth of corporate earnings growth. It has also shown that tax competition among countries is not clearly associated with a decrease in tax rates and will persist unless harmonization efforts are successful. Keywords: Corporate tax, EU member states, tax competitiveness, statutory and implicit tax rates, constant market shares method, clustering, tax rate relations Classification-JEL: F15, F62, H26 Pages: 588-608 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1206.pdf File-URL: http://www.vse.cz/polek/1206 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1206:p:588-608 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1206 Template-Type: ReDIF-Article 1.0 Author-Name: Ivan Petrúšek Title: Vnímání příjmových nerovností a preference ohledně rozdělení příjmů v České republice Title: Perceptions of Income Inequality and Preferences Regarding Income Distribution in the Czech Republic Abstract: A representative survey of adult population is used to analyse perceptions of existing income inequality and preferences for ideal income distribution in the Czech Republic. On average, Czechs view the distribution of disposable income as more unequal than it actually is. This biased perception results from underestimating total income shares belonging to bottom quintiles and overestimating the total income share belonging to the top income quintile. Whereas the majority of Czechs prefer some level of income stratification, there are about four tenths of people who would prefer to live in a completely equal society. These are primarily older, less educated and lower income people whose preferences formulated under uncertainty are mostly consistent with the maximin principle and inequality aversion. Almost a fifth of Czechs would prefer an income distribution consistent with efficiency concerns. Keywords: Czech Republic, income distribution, perceptions, equality preferences Classification-JEL: D31, D63, D83 Pages: 550-568 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1209.pdf File-URL: http://www.vse.cz/polek/1209 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1209:p:550-568 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1209 Template-Type: ReDIF-Article 1.0 Author-Name: Jaroslava Hečková Author-Name: Miroslav Frankovský Author-Name: Zuzana Birknerová Author-Name: Alexandra Chapčáková Title: Cezhraničné fúzie a akvizície v kontexte vnímania faktorov ich realizácie v pred- a postfúzijnom a akvizičnom procese Title: Cross-border Mergers and Acquisitions in the Context of Perception of the Factors of Their Implementation in the Pre- and-Post-Merger-and-Acquisition Process Abstract: The paper aims at the issue of perception of the factors of implementation of the pre- and postmerger-and-acquisition process. The original methodologies aDM&A (ante-Determinants of Mergers and Acquisitions) and pDM&A (post-Determinants of Mergers and Acquisitions) were verified on the basis of an analysis of the views of managers from 120 companies. The factor analysis of the data obtained enabled extraction of the key factors of implementation of the pre- and post-merger-and-acquisition process. The paper also presents the basic parameters of the methodology aDM&A Eigenvalues and pDM&A Eigenvalues, the percentage of the variance explained, Cronbach's alpha, inter-correlations of the extracted factors, and the results of the analysis of differences in the assessment of the extracted factors by managers. The extracted factors were Synergy potential, Business environment, Investment benefit, and Financial management in the context of the pre-merger-and-acquisition process, and Unification strategy, Business management, Internal business environment, Business identity, and Strategic intent in the post-merger-and-acquisition process. Keywords: cross-border mergers and acquisitions, pre-merger management, pre-acquisition management, post-merger management, post-acquisition acquisition, methodology aDM&A management, methodology aDM&A Classification-JEL: F23, G34, M19 Pages: 609-632 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1213.pdf File-URL: http://www.vse.cz/polek/1213 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1213:p:609-632 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1213 Template-Type: ReDIF-Article 1.0 Author-Name: Jana Stavjaňová Title: Odhady daňových úniků v České republice založené na analýze nezjištěné ekonomiky Title: Estimates of Tax Evasions in the Czech Republic Based on Analysis of Non-observed Economy Abstract: The aim of the paper is to estimate the total tax evasion in the Czech Republic in 2008-2015. For this purpose, an analysis of non-observed economy as an alternative method of tax evasion estimation is used. The presented method works as follows: the detailed segmentation of non-observed economy enables to match various types of hidden or concealed income with corresponding liable taxes and therefore to estimate the amount of tax due. The results show that tax evasion is increasing in the Czech Republic (with the exception of 2012) reaching 71 bn CZK in 2008 and more than 120 bn CZK in 2015. This approach also allows us to divide the total tax evasion between direct and indirect taxes. From this point of view, the higher share belongs to direct taxes in the Czech Republic. This, however, may be caused by the nature of non-observed economy which does not cover all types of tax fraud, namely carousel frauds. That is why the presented estimates should be regarded as a bottom level of the total tax evasion in the Czech Republic. Keywords: tax evasion, tax evasion estimation, non-observed economy Classification-JEL: E26, H26, O17 Pages: 569-587 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1214.pdf File-URL: http://www.vse.cz/polek/1214 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1214:p:569-587 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1214 Template-Type: ReDIF-Article 1.0 Author-Name: Zbyněk Revenda Title: Krytí peněz v současnosti - mýty, varianty a realita Title: Backing of Money at Present - Myths, Variants and Reality Abstract: There are many myths associated with gold, especially its historical role. Notably the supporters of free banking criticise the current monetary system and consider present money unbacked. This does not correspond to the fact that the money is backed by the assets of the issuers. There are demands to return to full gold backing. The analysis of the share of gold in the monetary base and in the monetary aggregates M1 and M2 for the United States of America and the Czech Republic over the period 1993-2016 shows a complete shortage of gold. The results are in units or tenths of percent. The author discusses some other unsolved issues, primarily the high price volatility and the impossibility of unlimited convertibility. Attention is also paid to currency board systems with full foreign currency backing. With the hypothetical admission of full gold backing, restricting the money supply by the amount of gold would quickly and dramatically curtail the supply of credit, with subsequent impacts on economic growth. Requirements for full gold backing of present money are completely illusory. Keywords: money, central bank, currency board, gold, free banking, bank reserves, commercial bank, multiplier Classification-JEL: E42, E51, E58 Pages: 633-651 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1219.pdf File-URL: http://www.vse.cz/polek/1219 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1219:p:633-651 X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpol/references/1219 Template-Type: ReDIF-Article 1.0 Author-Name: Zdeněk Chytil Author-Name: Arnošt Klesla Title: Nositel Nobelovy ceny za ekonomii pro rok 2017 Pages: 652-659 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1210.pdf File-URL: http://www.vse.cz/polek/1210 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1210:p:652-659 Template-Type: ReDIF-Article 1.0 Author-Name: Dagmar Brožová Title: KONEC „POHÁDKY“ O IMIGRACI Title: Borjas, George J.: We Wanted Workers. Unraveling the Immigration Narrative Pages: 660-667 Volume: 2018 Issue: 5 Year: 2018 File-URL: http://www.vse.cz/polek/download.php?jnl=polek&pdf=1236.pdf File-URL: http://www.vse.cz/polek/1236 File-Format: text/html Handle: RePEc:prg:jnlpol:v:2018:y:2018:i:5:id:1236:p:660-667