Acta Oeconomica Pragensia, 2015 (vol. 23), issue 6

Hedger Behaviour and Its Impact on Order Flow and Exchange Rate on Foreign Exchange Markets

Lubomír Skoupil

Acta Oeconomica Pragensia 2015, 23(6):3-20 | DOI: 10.18267/j.aop.489  

The paper introduces the author's original model which describes the main behavioural traits of the foreign exchange hedger who is trying to minimise her FX market risk exposure and secure foreign currency liquidity, in order to be able to settle her liabilities in a timely manner. This behaviour is then analysed in the context of several exogenous shocks to prices and exchange rates and implications of how order flow and exchange rates react to this behaviour are drawn based on the theoretical framework. In Chapter 2, the conclusions on expected patterns in exchange rate evolution reached in the theoretical part are tested using the fuzzy clustering...

Evaluation of Consumer Standard of Living in the Czech Republic in the Period 2010-2013: Application of Revealed Preference Theory in Discussion with Engel's Law

Jana Hovorková

Acta Oeconomica Pragensia 2015, 23(6):21-46 | DOI: 10.18267/j.aop.490  

The paper analyses changes in consumer standard of living in the Czech Republic from 2010 to 2013 resulting from the Czech Statistical Office's annual survey "Expenditures and Consumption of Households Included in Household Budgets". Based on revealed preference theory and index theory (Paasche and Laspeyres price and quantitative indices), consumer standard of living is evaluated both in general and according to single economic activity categories, i.e. employees with higher and lower education, the self-employed, unemployed consumers and pensioners. The results are compared and discussed with conclusions ensuing from Engel's law.

Reverse Charge and the Cash Flow of the Public Budgets in the Czech Republic

Růžena Kohoutková, Hana Zídková

Acta Oeconomica Pragensia 2015, 23(6):47-61 | DOI: 10.18267/j.aop.491  

Reverse charge is currently used as a measure against VAT carousel fraud. Its extension to all goods and services is discussed among the tax policy makers at the national and EU level. Opponents of general reverse-charge argue that this method of VAT collection would completely change the nature of the VAT system. One of the practical drawbacks of reverse charge is the negative impact on the cash flow of the public budgets. This article quantifies the average monthly financing available to the State thanks to delayed repayments of input tax to VAT payers under the normal VAT system. This amount equals to almost 53 billion CZK and represents the negative...

Production Economy of Organic and Conventional Milk: Production, Consumption and Marketing

Jana Peterková, Lucie Rádlová, Jan Boudný

Acta Oeconomica Pragensia 2015, 23(6):62-74 | DOI: 10.18267/j.aop.492  

The article deals with the breeding of dairy cows in organic farming systems in the Czech Republic in the years 2010-2014, an evaluation of the organic milk production and a comparison of the production economy of organic milk and milk produced in the conventional manner. The growing popularity of organic milk is reflected in the increasing number of organic dairy farmers and thereby also in increasing production of organic milk. The sad fact is that the growth of this industry is currently driven mainly by an interest occurring in foreign countries, where organic milk can be marketed as an organic product and simultaneously it is possible to achieve...

A Quarter of a Century of the Czech Republic's Membership in the International Monetary Fund

Jana Marková

Acta Oeconomica Pragensia 2015, 23(6):75-91 | DOI: 10.18267/j.aop.493  

The aim of this paper is to provide information on the current standing of the Czech Republic in the International Monetary Fund (IMF) with respect to its role as one of the main institutions that tries to solve contemporary problems of world economy on the one hand, and the problems of the IMF itself on the other hand. The paper focuses on individual phases of the country's membership since 1990, when the Czech Republic joined the IMF. It provides information on both reasons for and forms of financial and technical help that the Czech Republic has utilised until now, and the help that the Czech Republic has provided to weaker members of the International...

Book Review: Insolvency Practice in the Czech Republic in the Period 2008-2013

Dagmar Čámská

Acta Oeconomica Pragensia 2015, 23(6):92-94 | DOI: 10.18267/j.aop.494