Acta Oeconomica Pragensia, 2015 (vol. 23), issue 5
Institutional Determinants of Investment Inflows into Transition Economies
Victoria Donu, Martin Janíčko
Acta Oeconomica Pragensia 2015, 23(5):3-23 | DOI: 10.18267/j.aop.483 
This article investigates the relationship between institutional quality and the level of investment inflows into post-communist countries. We attempt to empirically verify the argument that institutional determinants are essential in explaining the variation in investment inflows into transition economies after the demise of socialism in the early 1990s. The role of institutions is assessed using Economic Freedom indices provided by the Heritage Foundation. Consequently, to investigate the progress of institutional quality in transition economies, we further employ indicators developed by the European Bank for Reconstruction and Development. Using...
Weber's "spirit of capitalism" thesis as a starting point for finding spiritual potentials in business and management environment
Dušan Kučera
Acta Oeconomica Pragensia 2015, 23(5):24-44 | DOI: 10.18267/j.aop.484
The study is focused on identification of spiritual factors in entrepreneurship and management. The author uses Weber's thesis as a starting point for the processing of general spiritual concepts which have a major impact on the emergence, development and maintenance of the economic environment, business and management. The clarification of a fundamental understanding of the phenomenon of spirituality is followed by a description of spiritual factors in entrepreneurial and managerial activities looking for a "new spirit of capitalism" today. The practical part is devoted to provision of a proof of spiritual influences on business and economic developments...
Analysis of Price Bubbles on the Czech Real Estate Market
Kristine Gevorgyan
Acta Oeconomica Pragensia 2015, 23(5):45-63 | DOI: 10.18267/j.aop.485
This thesis deals with the issue of price bubbles on the Czech real estate market. The theoretical part explains the price bubble in terms of behavioural finance, and describes the relationship between monetary policy and asset prices from the perspective of the Austrian school and representatives of traditional economics. In the empirical part, it presents ways of identifying bubbles on the property market using relative indicators and econometric models. By means of econometric methods, this thesis analyses specific factors that influence housing prices in the Czech Republic. It puts a particular emphasis on the impact of interest rates on asset...
Protection of Human Rights against the Adverse Impact of Transnational Corporations and other Business Enterprises: Dilemmas of International Community
Ivana Machoňová Schellongová
Acta Oeconomica Pragensia 2015, 23(5):64-74 | DOI: 10.18267/j.aop.486
There is no doubt about an impact of corporate and business operations on human rights, both positive and negative. Growing influence of corporations, power shift between business and states, as well as the complex nature of corporate governance and transnational operations require international regulations. International community undertook numerous initiatives, the most significant and recent being the United Nations Guiding Principles on Business and Human Rights [2011], embraced by States, corporations and civil society as a "milestone" in business and human rights agenda. While being a useful comprehensive set of guidelines, Principles are lacking...
Professor Miloslav Synek has Major Anniversary
Jiří Klečka, Dagmar Čámská, Jindřich Špička
Acta Oeconomica Pragensia 2015, 23(5):75-80 | DOI: 10.18267/j.aop.487
In September 2015, Professor Miloslav Synek celebrated his 80th birthday and decided to retire from active academic career. The article provides a retrospective view of Professor Synek's professional career, reviewing both his work and his students' and colleagues' memories. Professor Synek is an outstanding expert in Business Economics, the founder of the Department of Business Economics at the University of Economics, Prague, as well as the author of key books about Business Economics in the Czech Republic. His work consists of not only his academic career but also his close cooperation with practice. In 2007, he was awarded Alois Rašín's medal for...
Half-Forgotten Personalities of Economic Thought - Silvio Gesell
Pavel Sirůček
Acta Oeconomica Pragensia 2015, 23(5):81-88 | DOI: 10.18267/j.aop.488
Silvio Gesell was a German tradesman, self-educated economist, globetrotter and social reformer with a nonconformist worldview. He is known for his proposals for monetary reform. He is famous for his experiments with interest-free currency. Gesell's thought inspired a plenty of political and civil movements, and has a few followers even to this day.