Politická ekonomie, 2018 (vol. 66), issue 4

Articles

Efektivita trhu práce ve světle opatření konceptu flexikurity: příklad České republiky a Švédska v období 20062015

Efficiency of Labour Market Policy Changes in the Czech Republic and Sweden in 2006-2015

Marcela Kantová, Šárka Prudká, Markéta Arltová, Magdaléna Kotýnková

Politická ekonomie 2018, 66(4):411-429 | DOI: 10.18267/j.polek.1222  

The paper is aimed at assessing efficiency of adopted measures of the concept of flexicurity in Sweden and Czech Republic in 2006-2015. It examines hypothesis that the matching process can be made more efficient by increasing the labour market flexibility. The Beveridge curve depicting the relationship between the unemployment and job vacancies is used to demonstrate a change in efficiency of labour market policies. The correlation analysis is used to address possible reasons for weaknesses of active labour market policies. Research findings show a better efficiency of the matching process in a rigid labour market, with the hypothesis being confirmed...

Vliv relativního příjmu na sklon ke spotřebě případ České republiky

An Influence of Relative Income on the Propensity to Consume - Czech Republic Case Study

Ondřej Badura

Politická ekonomie 2018, 66(4):430-449 | DOI: 10.18267/j.polek.1223  

This paper examines the influence of relative income on the consumption function, particularly the issue of the precise quantification of the relationship between the propensity to consume and the position of the household in the income distribution represented just by relative income. Mainstream theory of consumption, though it is aware of this effect, for its focus primarily on the aggregate consumption, it doesn't pay much attention to this. However, if it is possible to accurately describe and quantify this so-called relative income effect, it will mean a relevant contribution to the explanation of individual consumption patterns or consumption...

Stanovení mezery DPH - případ České republiky

VAT Gap Estimation - Czech Republic Case Study

Lukáš Moravec, Jana Hinke, Stanislav Kaňka

Politická ekonomie 2018, 66(4):450-472 | DOI: 10.18267/j.polek.1212  

The paper deals with the estimation of the Value Added Tax Gap in the Czech Republic during the years 2009-2014. In the introduction, the term of Value Added Tax Gap and related terms are defined following available approaches and different methods of the Value Added Tax Gap estimation are presented. In the analytical part of the paper, the Czech Value Added Tax Gap is measured using three applicable methods - the decomposition of the gap on the VAT, the identification of transactions subject to VAT and the adjustment of GDP. In this part the exact procedure for possible replication of the research is declared and the comparsion of the results reached...

Premietanie medzibankových úrokových sadzieb do klientskych sadzieb na Slovensku (20042016)

Interbank Interest Rate Pass-Through into Client Interest Rates in the Condition of Slovak Republic (2004-2016)

Valéria Halamová, Kristína Kočišová

Politická ekonomie 2018, 66(4):473-490 | DOI: 10.18267/j.polek.1203  

The paper deals with the issue of interbank interest rate pass-through into client interest rates offered by banks in the condition of Slovak Republic between 2004 and 2016. We provide an overview of studies of the interest rate relationship analysis in the bank and interbank market. We investigate the interest pass-through from money market rates to various loan and deposit rates. The analysis is carried out using the methodology of cointegration error-correction model, which take into account both the long-term and the short-term aspect of interest rate development. Our results point to considerable differences in the size of the pass-through with...

Agent-zákazník problém v distribuci finančních produktů

Agent-Principal Problem in Financial Distribution

Jiří Šindelář, Petr Budinský

Politická ekonomie 2018, 66(4):491-507 | DOI: 10.18267/j.polek.1208  

The paper deals with the agent-principal problem (adverse selection) in the distribution of investment products. Utilising data from the Czech financial market, a linear model with mixed effects was constructed, evaluating the relationship between remuneration of individual agents and quality-costs of the products they recommend. The results were structured for different organisational setups. We have found that in some less important environments from the market perspective (small and medium multi-level marketing networks, small and big pools, medium and big flat firms), there is a negative association between quality-cost of the contracted product...

Odhad Hurstova exponentu v časových řadách denních výnosů akciových indexů

Estimation of the Hurst Exponent in Time Series of Daily Returns of Stock Indices

Pavel Srbek

Politická ekonomie 2018, 66(4):508-524 | DOI: 10.18267/j.polek.1207  

One of the fundamental assumptions of the efficient market hypothesis and the modern portfolio theory are both Gaussian probability distribution and the independence of returns. This paper provides a brief historical review of efforts dealing with capital markets emphasizing their efficiency and counter-tendencies whose goal was to falsify the assumption of independence of returns and their normal distribution. This paper applies a measure of long-range dependence rediscovered and promoted by Mandelbrot to daily returns of 27 selected stock indices. This measure is called Hurst exponent and was estimated using rescaled range analysis. The results are...

Book reviews

Konkurenceschopnost a slovenská ekonomika, pohled z roku 2015

Ilya Bolotov

Politická ekonomie 2018, 66(4):525-528 | DOI: 10.18267/j.polek.1224