Politická ekonomie, 2017 (vol. 65), issue 6
Empirická verifikace exportní funkce s akcentem na vliv kurzu české koruny k euru
An Empirical Verification of Export Function Focused on the Impact of EUR/CZK Exchange Rate
Martin Mandel, Van Quang Tran
Politická ekonomie 2017, 65(6):649-668 | DOI: 10.18267/j.polek.1168 
The traditional view of international economics is that exchange rate is a leading factor which can strongly affect a country's foreign trade. However, the production fragmentation widespread around the world due to the recent globalization may weaken the role of exchange rate on international trade. As the Czech economy is a very open one, a quantitative knowledge of the impact of exchange rate on export is a valuable information for all actors in the economy. In our contribution, we examine effect of the exchange rate of the Czech crown on domestic export in three macroeconomic models in both short and long run. The first one is a Keynesian model...
Konkurenceschopnost a produktivita vývozu členských zemí Evropské unie
The EU Member States Export Competitiveness and Productivity
Lenka Fojtíková, Michaela Staníčková
Politická ekonomie 2017, 65(6):669-689 | DOI: 10.18267/j.polek.1169
The growing number of players in world trade increases competition among countries. It has also a significant implication for the EU member states that are differently dependant on international trade. The object of the paper was to evaluate the export competitiveness and productivity of the EU member states in 2000-2015 using the Factor Analysis and the Data Envelopment Analysis (DEA) method. The results of trade analyses confirmed that the level of the export competitiveness was different in the individual EU member states and that it had also been changed during the monitored period. However, the original hypothesis about the level of export productivity...
Kríza likvidity a finančná nákaza v rokoch 20072009: ponaučenie do budúcnosti
Liquidity Crisis and Financial Contagion in 2007-2009: Another Lesson
Miroslav Titze
Politická ekonomie 2017, 65(6):690-708 | DOI: 10.18267/j.polek.1170
The paper explains modern liquidity crisis and financial contagion from shadow banking system to money market in 2007-2009. Liquidity shock was massive due to high connectivity with the quality of underlying (securitized) assets. Thus, the problem of solvency was main driver of the liquidity crisis on the interbank market. Counterparty risk was transmitted to the money market through various channels: direct or indirect exposition to shadow banking, confidence channel, asset price channel and wholesale funding run. The structure of paper is following: first part analyzes financial market infrastructure of shadow banking, wholesale funding (originate-to-distribute)...
Proaktívny prístup k tvorbe súkromných dôchodkových úspor: kľúčové determinanty
Proactive Approach to Private Pension Savings: Key Determinants
Erika Pastoráková, Zuzana Brokešová, Jana Péliová
Politická ekonomie 2017, 65(6):709-727 | DOI: 10.18267/j.polek.1171
Component encouraging private savings was introduced or is under consideration in pension schemes of many countries. This diversification of old-age income sources shifts the responsibility for the level of retirement income to the individuals themselves and, at the same time, opens the question about their preparedness for such financial decisions. Inadequate savings could have enormous impact on their future life and determine their standard of living in the period of retirement. The aim of the paper is to identify key demographic and socio-economic factors determining individuals' proactive approach to the private pension savings. We also would...
Vliv obnovitelných zdrojů na českou soustavu přenosu elektřiny
The Impact of Renewable Energy Sources on the Czech Electricity Transmission System
Karel Janda, Jan Málek, Lukáš Rečka
Politická ekonomie 2017, 65(6):728-750 | DOI: 10.18267/j.polek.1172
This paper provides the first academic economic simulation analysis of the impact of increase in predominantly German wind and solar energy production on the Czech electricity transmission network. To assess the exact impact on the transmission grid, updated state-of-the-art techno-economic model ELMOD is employed. Two scenarios for the year 2025 are evaluated on the basis of two representative weeks. The first scenario is considered as baseline and models currently used production mix. The second scenario focuses on the effect of German Energiewende policy on the transmission networks as expected in 2025. The results confirm that in the context of...
Alternativní stanovení jednotné sazby korporátní daně ve vybraných zemích EU pomocí analýzy obalu dat
Alternative Determination of a Corporate Tax Rate in Selected EU Countries by Using Data Envelopment Analysis
Lukáš Frýd
Politická ekonomie 2017, 65(6):751-771 | DOI: 10.18267/j.polek.1173
This paper considers alternative approaches to the analysis of Laffer curve. The traditional analysis of Laffer curve is based on panel data methods, which were originally developed for microeconomics data with tax to GDP ratio as dependent variable. The main problem of using this approach presents the cross-sectional dependency of macroeconomics data, whose estimation may be biased and potentially inconsistent. The estimation of cross-sectional dependency using robust methods is inappropriate as well, because tax revenue is function of many variables, hence we lose too many degrees of freedom. We propose alternative approach with complex dependent...