Acta Oeconomica Pragensia, 2016 (vol. 24), issue 4

Federal Reserve Swap Lines - International Lender of the Last Resort

Miroslav Titze

Acta Oeconomica Pragensia 2016, 24(4):3-23 | DOI: 10.18267/j.aop.548  

After 2007, financial market turmoil began and shortage of dollar funding liquidity disrupted not only the US dollar funding market but also overseas. To address the shortage of dollar liquidity, the FED introduced swap lines with systematic important central banks, including emerging markets. The paper discusses the main feature of the FED's swap lines in the context of the funding pressures on the FX swap market. The main objective of the paper is to reveal technical aspects and effectiveness of the swap lines. The paper explains connectivity between un/secured money markets and the FX swap market during the financial and debt crises. The FX swap...

Investment in Precious Metals and Stocks

Zbyněk Revenda

Acta Oeconomica Pragensia 2016, 24(4):24-36 | DOI: 10.18267/j.aop.542  

Investment in various assets is associated with returns and risks. Especially precious metals are considered profitable and safe. Our analysis for the United States in 2005 - Q2 2015 demonstrates that it is very questionable. In this period, which included the US financial crisis, precious metals were coupled with a greater price volatility and lower real income than was the case with stocks in the DJIA index. Even over a sufficiently long period, gold and silver were not a good store of value with positive real returns. Moreover, demand deposits were also more profitable than gold in the longer term after 1980. In the long run, contrary to the beliefs,...

Credibility Analysis of Non-Profit Organisations

Petr Boukal, Hana Vávrová

Acta Oeconomica Pragensia 2016, 24(4):37-58 | DOI: 10.18267/j.aop.543  

One of the key motives for the functioning of all entities in a market economy is to achieve its economic goals and to ensure an influence on other entities. This is the reason why the market does not function as the sole criterion for checking the effects of the entities on the society. The effectiveness of the functioning of all economic entities remains a constant requirement and also covers entities in the non-profit sector. The paper discusses the current topic of streamlining the functioning of the non-profit sector. Its objective is to introduce a multi-criteria methodology through which the providers of funds (ministries, foundations, donors,...

Transmission Channels of Monetary Policy: A Broader View

Lukáš Kučera

Acta Oeconomica Pragensia 2016, 24(4):59-70 | DOI: 10.18267/j.aop.545  

The paper deals with a transmission mechanism of monetary policy under the regime of inflation targeting. It focuses on the expectations channel, the credit view and the cost channel. These channels work side by side and may amplify effects of the traditional view of transmission mechanisms of monetary policy, which emphasises adjustments on the demand side.

Half-Forgotten Personalities of Economic Thought - F. Valenta

Pavel Sirůček

Acta Oeconomica Pragensia 2016, 24(4):71-79 | DOI: 10.18267/j.aop.547  

F. Valenta was a Czech economist, academician. He is famous for his research into micro and macro theory of innovations (including the consequences). He was interested in the development of science and technology, efficiency and innovation processes. He created the comprehensive theory of innovations. This theory is breakthrough for the classifications of innovations with innovation orders. His ideas are inspirational even nowadays in both theory and practice.

Afrika - nadějný kontinent

Zuzana Stuchlíková

Acta Oeconomica Pragensia 2016, 24(4):80-83 | DOI: 10.18267/j.aop.539