Prague Economic Papers, 2010 (vol. 19), issue 1

Original contributions, Original article, Research article

Financial Distress and Access to Capital in Emerging Markets

Jorge Guillen

Prague Economic Papers 2010, 19(1):5-20 | DOI: 10.18267/j.pep.361  

In this paper I study the main determinants of successful reaccess to international capital markets on a set of emerging market countries after a financial crisis. I focus on three components of the reaccess strategy: commitment to pay, ability to pay, and global liquidity. I employ a panel of 49 countries over a nearly 30-year period and apply a simple probit approach to show that, indeed, a sound external position and a sustainable debt profile, accompanied by a favorable global liquidity environment, are the key considerations for creditors considering whether to resume lending.

Optimization of Municipalities with Extended Competence Selection

Jaroslav Janáček, Bohdan Linda, Iva Ritschelová

Prague Economic Papers 2010, 19(1):21-34 | DOI: 10.18267/j.pep.362  

Municipalities with extended administration, in which public administration offices are located, were selected within the frame of public administration reform (Act No. 344/1997 Coll., on the Territorial Arrangement of the State and Establishment of Higher Territorial & Administrative Units). These municipalities with extended administration partly substitute the function of district authorities. The selection of municipalities was carried out on the basis of criteria set by the government and political subjects. From the point of view of citizens, the most important criterion for the dislocation of public administration branch offices is the transport...

Comparison of Discrete Choice Models for Economic Environmental Research

Ondřej Vojáček, Iva Pecáková

Prague Economic Papers 2010, 19(1):35-53 | DOI: 10.18267/j.pep.363  

In the paper the discrete choice models are discussed and applied based on empirical data. The main goal of the paper is to find out whether the various discrete choice models provide the analyst with the robust and reliable estimates of values of natural goods or values of changed quality of such goods. Our results indicate that the yielded value estimates using the choice experiment method and discrete choice models are applicable in expert support of decision-making on allocation of public resources to such goods, because they are stable and robust. These issues are investigated for the marginal willingness of Czech visitors to the Mácha Lake beaches...

Migration and Ageing of the Population of the Czech Republic and the EU Countries

Markéta Arltová, Jitka Langhamrová

Prague Economic Papers 2010, 19(1):54-73 | DOI: 10.18267/j.pep.364  

The population ageing is the main population problem of Europe. Population development may influence the economy and the economy may retrospectively influence population development. The consequences of this process may appear with a delay of several decades and they may have an unfavourable influence on the functioning of the economy and the prosperity of individual European countries. In connection with this, the international migration is often brought up, mainly the question whether the migration can solve or at least lessen the ramifications connected with the decrease in the number of population itself and population ageing. The migration itself...

Death Related Costs Hypothesis in the Czech Health Care System - The Present and the Future

Kateřina Pavloková

Prague Economic Papers 2010, 19(1):74-89 | DOI: 10.18267/j.pep.365  

Growing concern about fiscal sustainability with respect to the population ageing has given rise to a large debate on the role of age in the context of health care expenditure. Growing evidence on the so called death related costs hypothesis arguing that the positive relationship between age of the cohort and related health care expenditure is the result of growing probability of death changes significantly influencing of the projections. The aim of this paper is to explore the importance of the death related costs hypothesis in the Czech health expenditure data and the impact of the hypothesis on the projection of the financial sustainability of the...