Politická ekonomie, 2017 (vol. 65), issue 5

Articles

Interakce kapitálové a likviditní regulace v bankovním sektoru

Interaction of Capital and Liquidity Regulation in the Banking Sector

Lukáš Pfeifer, Libor Holub, Zdeněk Pikhart, Martin Hodula

Politická ekonomie 2017, 65(5):525-545 | DOI: 10.18267/j.polek.1160  

Basel III responded to the financial crisis among other by redefining and expanding the capital requirements and by introduction of the liquidity requirements in the banking sector. Since banks' liquidity and capital positions influence each other through assets structure channel, asset quality channel and profitability channel, there exists a significant relationship among capital and liquidity regulatory tools. A bank can improve its capital and liquidity ratios by lowering risk-weighted assets (assets structure channel), but with the negative impact on the interest profit (profitability channel). We therefore aim to test the functionality of these...

Realokace kapitálu evropských firem po fúzích a akvizicích v období let 19972013

Capital Diversion in European Firms after Merger and Acquisions, 1997/2013

Jan Hanousek, Anastasiya Shamshur, Jiří Trešl

Politická ekonomie 2017, 65(5):546-561 | DOI: 10.18267/j.polek.1161  

This study examines the diversion of funds in M&A deals, using over 7,500 deals from core European countries for the period from 1997 to 2013, sourced from the Zephyr database. Theoretical predictions suggest that in M&A deals acquiring companies may use the target's assets as collateral to raise funds which is then diverted within the internal capital markets. Our results do not indicate an increase in leverage burdens of target firms. While we do not find evidence that assets are used as collateral to raise financing, our results point to indirect clues that funds are diverted away from the target company after the acquisition.

Štruktúrna dekompozícia globálnych hodnotových reťazcov: slovenská ekonomika v medzinárodnom porovnaní

Structural Decomposition of Global Value Chains: Slovak Economy in an International Context

Martin Lábaj

Politická ekonomie 2017, 65(5):562-582 | DOI: 10.18267/j.polek.1162  

The intensification of globalization and fragmentation of production processes requires new approaches that allow as us capture complex linkaged between industries and national economies. In this article, we show how input-output analysis based on World input-output tables can be employed to analyze the complex relations in the economy. Using structural decomposition analysis, we analyze the sources of value added and employment changes in choosen countries in pre-crisis period. We show the importance of trade with intermediate goods and participation in global value chains on value added and employment creation.

Zmeny zloženia kompozitného predstihového indikátora Slovenska v čase

Changes of Composite Leading Indicator Composition over Time

Andrea Tkáčová, Veronika Kišová

Politická ekonomie 2017, 65(5):583-600 | DOI: 10.18267/j.polek.1163  

Cyclical behavior of the economy can be monitored and predicted with the help of composite leading indicator (CLI) which is an aggregate index of several individual indicators and is statistical relevant for analyzing and forecasting of reference series. This article is focus on construction of CLI for Slovakia and its changes over time. For its construction is used combination of methodologies of OECD and Institute of Informatics and Statistics (Infostat). These methodologies are based on chosen reference series and 124 economic indicators, filtering of time series with Hodrick-Prescott filter (HP filter), normalization of time series, cross correlation...

Základní nepodmíněný příjem co (ne)dokáže zajistit a v čem je jiný?

Unconditional Basic Income - What Can(not) It Guarantee and in What Way Is It Different?

Jitka Špeciánová

Politická ekonomie 2017, 65(5):601-622 | DOI: 10.18267/j.polek.1164  

Unconditional basic income should guarantee that all residents have sufficient material conditions for their existence. Compared to other existing social security programs, basic income is unique in its simplicity. It also supports the individuals' freedom of use of their disposible time. The article analyzes the expected impact of the introduction of an unconditional basic income on the labor market. It also compares basic income to other social security programs (wage subsidies, targeted social programs, a negative income tax and tax credits) on a theoretical level from the perspective of a recipient. Unconditional basic income's effects on labor...

VÝVOJ GENDEROVÉ MZDOVÉ NEROVNOSTI V ČESKÉ REPUBLICE ZA POSLEDNÍCH 20 LET

The Gender Wage Gap Development in the Czech Republic over the Last Twenty Years

Diana Bílková

Politická ekonomie 2017, 65(5):623-646 | DOI: 10.18267/j.polek.1165  

The paper presents an analysis of the development of the gender wage gap in the Czech Republic over the last twenty years, particular attention being paid to the period since 2009. Data on the average and median nominal wage as well as inflationary trends were gathered from the official website of the Czech Statistical Office. Having used the data, the conversion to the average and median real wage was carried out, allowing for a comparison of the current purchasing power of the Czech Republic's population with that in the year 1996. The differences between male and female average and median wages (both nominal and real) were examined. The development...