Politická ekonomie, 2018 (vol. 66), issue 3

Investiční rozhodování firem v korupčním prostředí ve střední a východní Evropě

Innovation Decisions in Uncertain Business Environments of CEE Countries

Jan Hanousek, Anastasiya Shamshur, Jiří Trešl

Politická ekonomie 2018, 66(3):287-301 | DOI: 10.18267/j.polek.1189  

Corporate innovations are a central part of a country's economic activity. They foster and improve competitiveness, which ultimately leads to economic growth and progress. In this study, we focus on the post-communist European region, where corporations operate under uncertain conditions. Utilizing a sample with almost 100,000 firm level observations over the period from 2001 to 2013, we analyse effects of uncertainty steaming from corruption environment on innovation decisions of the Central European private firms. We find that domestic firms and firms with dispersed ownership innovate less when business and municipal uncertainty conditions increase....

Asymetrie během finančních krizí: asymetrická volatilita převyšuje důležitost asymetrické korelace

Asymmetry of Financial Time Series During the Financial Crisis: Asymmetric Volatility Outperforms the Asymmetric Importance of Correlation

Lukáš Frýd

Politická ekonomie 2018, 66(3):302-329 | DOI: 10.18267/j.polek.1190  

We have tested the stability of parameters loading the asymmetric behaviour of the correlation and the importance of this behavior on the portfolio selection. In this paper, we have analyzed the following time series S&P index, gold and CME 5-Year Treasury Note Futures during the most important crisis from 1992 to 2009. The methodology is based on the dynamic conditional correlation model and its asymmetric volatility and asymmetric correlation extensions. The stability of parameters was tested by t-test applied on the rol ling windows data. The information importance of asymmetric volatility and correlation was tested by global minimum...

Ovlivňují české společnosti základ daně transakcemi se zahraničními spřízněnými osobami?

Do Czech Companies Influence Tax Base Using Intercompany Transactions?

Jan Hájek

Politická ekonomie 2018, 66(3):330-343 | DOI: 10.18267/j.polek.1191  

The article discusses the issue of base erosion and profit shifting in relation to the Czech corporate income taxpayers. We describe the basic techniques how the base erosion and profit shifting can be realized and analyze the occurrence of the base erosion in the Czech Republic. We compare the average ROE and ROA ratios for the largest Czech entities with those achieved by the largest companies in Luxembourg, Netherlands, and Switzerland as the countries are generally considered as tax havens. Malta is also included in the analysis. The main hypothesis is the conjecture that the Czech companies' corporate income tax base is influenced by transactions...

Hlavní determinanty ovlivňující poptávku po životním pojištění v České republice

Analysis of Determinants, Influencing Life Insurance Demand in the Czech Republic

Markéta Arltová, Tomáš Kábrt

Politická ekonomie 2018, 66(3):344-365 | DOI: 10.18267/j.polek.1192  

This article examines the impact of demographic, economic and institutional determinants on life insurance demand in the Czech Republic between 1993 and 2015. Theoretical part discusses general characteristics of the insurance market, life insurance, its importance in the Czech Republic. It also includes detailed research of historical studies and articles. In empirical part is surveyed an influence of determinants on life insurance demand, using econometric models based on time series and principal component analysis. We used autoregressive distributed lag model, which defines short-term relationships between principal components and an error correction...

Bankovní sektor a státní riziko v Evropské unii

Banking Sector and Sovereign Risk in Euroepan Union

Jan Brůha, Evžen Kočenda

Politická ekonomie 2018, 66(3):366-383 | DOI: 10.18267/j.polek.1193  

We analyze and quantify link between quality of the banking sector and sovereign risk in the states of the European Union (EU) using data over 1999-2014. We employ two market-based measures of the sovereign risk along with several empirically and theoretically motivated variables that characterize banking sector. We perform Bayesian estimations on several panels of countries. Our results show that higher ratio of the non-performing loans represents the most important industry-specific variable that is linked with a heightened rate of the sovereign risk. On the other hand, findings related to the size and depth of the banking sector, along with the...

Korekce tří metodologických omylů ekonomie autorského práva

Correction of Three Methodological Errors in the Economics of Authors' Rights

Hana Moravcová

Politická ekonomie 2018, 66(3):384-398 | DOI: 10.18267/j.polek.1194  

Three methodological errors in the economics of authors' rights and their consequences.Using a realistic and holistic approach, this theoretic contribution corrects three main assumptions of the economic theory of copyright and explains why they hinder the proper understanding of its role. First, authors' pieces of work are like a public good that needs the protection of copyright to overcome the free rider problem. However, a piece of work can be spread only with a medium good or service. Such a pair might not possess the properties of a public good like nonexcludability and nonrivalry. The second assumption that copyright enables authors to charge...

Nový příspěvek k problematice rodinného podnikání v České republice

Ladislav Tyll

Politická ekonomie 2018, 66(3):403-406 | DOI: 10.18267/j.polek.1196  

Hluboká analýza současných problémů finančního sektoru a ekonomiky

Kamil Janáček

Politická ekonomie 2018, 66(3):407-408 | DOI: 10.18267/j.polek.1197  

Odkaz Kennetha J. Arrowa

Legacy of Kenneth J. Arrow

Božena Kadeřábková

Politická ekonomie 2018, 66(3):399-402 | DOI: 10.18267/j.polek.1195  

Last year passed off J. K. Arrow, Nobel price laurate. His ideas enriched many scientific fields among which social and political philosofy, mathematical programming and others. But his main findings are on economic field such as impossibity theorem and public choice theory to mention the most important. The paper describes main Arrow´s publications and their impact both to economic theory and political practice. The paper summarizes main life milestones as well.