Politická ekonomie, 2012 (vol. 60), issue 2

Articles

Behaviorální a fundamentální rovnovážný měnový kurz české koruny

Behavioural and Fundamental Equilibrium Exchange Rate of the Czech Koruna

Luboš Komárek, Martin Motl

Politická ekonomie 2012, 60(2):147-166 | DOI: 10.18267/j.polek.835  

The article discusses the approaches and options for identification of equilibrium exchange rate. It focuses mainly on the outcomes of behavioural (BEER) and fundamental (FEER) model of the equilibrium exchange rate of the Czech Koruna, which are presented in both nominal and real terms. The results of both models of equilibrium exchange rate (BEER and FEER) showed significant long-term appreciation trend, mainly due to faster growth in labour productivity in the Czech Republic compared to the euro area. The results also confirmed the estimates of exchange rate overvaluation by mid-1997 and in 1998, 2002 and 2008. Since 2009, the model suggests a significant...

Vliv institucionálního prostředí na velikost korupce: empirická analýza

The Influence of the Institutional Factors on the Corruption: The Empirical Analysis

Eva Kotlánová, Igor Kotlán

Politická ekonomie 2012, 60(2):167-186 | DOI: 10.18267/j.polek.836  

The goal of this contribution is to evaluate the relevance of the institutional factors and the influence of the single variables on the corruption. The key task is to find not only suitable indicator of the amount of corruption but also suitable approximants of institutional characteristics, else economical characteristics. The important advantage of this article is its focus also on the corruption measured by alternative ways, compared to the often used CPI. From the institutional characteristic view for the corruption fight seems to be important stable legal background. Not less important is also the government stability and its accountability....

Vliv globalizace na fungování mezinárodního obchodu

Impact of Globalisation on the Functioning of International Trade

Marek Rojíček

Politická ekonomie 2012, 60(2):187-207 | DOI: 10.18267/j.polek.837  

A phenomenon of globalization of world economy leads to diminishing of the borders between states. There is an important role of international trade in this process, which appears in much more heterogeneous forms than in the past. While the classical theory of foreign trade basically assumed commodity trade with the final products, due to fragmentation of production chains the major part of trade is performed with intermediate goods and also the trade in services becomes more and more dynamic. Increasing volume of the trade between countries is carried out without changing the ownership of traded goods, and vice versa - changing the ownership of goods...

Efektivita kapitálových trhů: fraktální dimenze, Hurstův exponent a entropie

Capital Markets Efficiency: Fractal Dimension, Hurst Exponent and Entropy

Ladislav Krištoufek, Miloslav Vošvrda

Politická ekonomie 2012, 60(2):208-221 | DOI: 10.18267/j.polek.838  

In this paper, we introduce a new measure of capital market efficiency. For its construction, we use the approaches of fractal dimension, Hurst exponent and entropy. The method is applied on 41 stock indices from the beginning of 2000 till the end of August 2011 and interesting results are found ? the analyzed indices are not self-affine; for the majority of indices, the deviation from the efficient market is dominated by local inefficiencies; and the most efficient capital markets are the stock indices of the most developed countries (FTSE, SPX, NIKKEI and DAX).

Príčiny zaostávania nových členských krajín EÚ: empirická analýza na základe Montgomeryho dekompozície

Causes of Lagging Behind of New Member States of EU: Empirical Analysis by Montgomery Decomposition

Daniel Dujava

Politická ekonomie 2012, 60(2):222-244 | DOI: 10.18267/j.polek.839  

We use the method of ideal Montgomery decomposition to explain differences in product per capita in new member states of EU and selected benchmark country of EU5 ? Netherlands ? on differences in total factor productivity (TFP), capital per inhabitant, rate of capacity utilization, rate of employment, average number of hours worked and in human capital. We find that in 2009 average TFP in new member countries reached only 60% of TFP of the Netherlands. Differences in TFP explain almost 80% of differences in product per capita. We investigate the role of technology and of allocative efficiency in low TFP. Our analysis suggests that unless a lag in technology...

Discussion

Variabilní a fixní náklady z pohledu ekonomické teorie a podnikového ekonomického řízení

Variable and Fixed Costs from the Economic Theory and Company Management Perspective

Jaromír Lazar, Simona Matušková

Politická ekonomie 2012, 60(2):245-264 | DOI: 10.18267/j.polek.840  

In this paper the microeconomic cost theories are presented as a basic solution for company management in crisis situations. Though the crisis management must be in compliance with accounting legislation. The present accounting methodologies are practiced for last twenty years so they can be analyzed for their strength and weakness. The same is true for managerial accounting and controlling even though their form, organization, and specialization are determined by accounting units themselves. This paper concentrates not only on an assessment of the relations between the rightful legislation and the managerial accounting but also on methods used in...

Ekonomický přínos zemědělství pro venkovskou ekonomiku: aplikace input-output analýzy

The Economic Contribution of Agriculture for Rural Economy? An Application of Input-Output Analysis

Zuzana Bednaříková

Politická ekonomie 2012, 60(2):265-285 | DOI: 10.18267/j.polek.841  

The paper presents the results of an input-output analysis identifying the role and the economic contribution of agriculture for the economy of rural Vysocina Region. Also the sectors that could most benefit the economic development of the Vysocina Region were revealed. To perform the analysis a regional input-output table was constructed by using GRIT methodology. The economic contribution of agriculture is not insignificant. An increase of agricultural production has not underlying influence on total regional production, however, it can positively affects regional incomes. The reduction of agricultural activities could lead to significant losses...

From economic literature

Chyba je v marketingu

The Fault Lies with the Marketing

David Lipka

Politická ekonomie 2012, 60(2):286-288 | DOI: 10.18267/j.polek.842