Politická ekonomie, 2006 (vol. 54), issue 3

Articles

Půlstoletí vývoje světových peněz

Half a century of the world money development

Jan Frait, Luboš Komárek

Politická ekonomie 2006, 54(3):307-325 | DOI: 10.18267/j.polek.560  

The article provides a general description of the world money development in both developed and developing countries during the second half of 20th century. We were primarily focusing on the long run trends in dollar gold prices, monetary aggregates (broad and narrow money), foreign exchange reserves, inflation and interest rates. We found that after relatively tranquil periods of fifties and sixties, next three decades witnessed dramatic changes in the world economy. The emphasis that was given to the analysis of the relation of the dollar gold prices to the world reserve currencies (EUR, CHF, GBP and JPY) by means of state-space model confirmed negative...

Monetární přístup k inflaci - střednědobý strukturální model v otevřené ekonomice (příklad České Republiky v letech 1996-2004)

Monetary approach to inflation: A medium-term structural model in a small open economy (the case of the Czech Republic in 1996-2004)

Josef Arlt, Jan Kodera, Martin Mandel, Vladimír Tomšík

Politická ekonomie 2006, 54(3):326-338 | DOI: 10.18267/j.polek.561  

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy are discussed in more details in the paper. Authors have developed a medium-term structural model using for an empirical verification of the relationship between monetary aggregate M2 and price development in tradable and non-tradable goods and services in the Czech Republic in the period 1996-2004. The empirical results of the model indicate that money has a significant impact on the price development of non-tradables....

Produkt, kapitál a cenový pohyb v jednoduchém modelu uzavřené ekonomiky

Product, capital stock and price dynamics in a simple model of closed economy

Jan Kodera, Miloslav Vošvrda

Politická ekonomie 2006, 54(3):339-350 | DOI: 10.18267/j.polek.562  

A purpose of this paper is to formulate a continuous dynamical model for a small closed economy with a simple structure and with a minimum number of non-linearities. A basis of this model is developed from dynamical Kaldorian model. Variables in the modified dynamical Kaldorian model are in a logarithm scale. A form of the logistic function is used for non-linear connections in this model. The model is formed by four differential equations. First two equations create relatively closed sub-model generating both production and capital stock trajectories. Two other equations describe the price level dynamics as a consequence of money market disequilibrium...

Teorie peněz Josefa Macka a jeho názory na monetární politiku

Theory of money of Josef Macek and his monetary policy view

Milan Sojka

Politická ekonomie 2006, 54(3):351-365 | DOI: 10.18267/j.polek.563  

During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and G. Cassel he elaborated the concept of managed fiat money. He critisized and disapproved the quantity theory of money. In his monetary theory and his monetary policy conclusions he was a forerunner of contemporary post-keynesian monetary theories. Money supply is in his monetary theory highely endogenous and he expressed certain doubts about effeciency of monetary...

Příspěvek k problematice optimálního zdanění

A note on the optimal taxation theory

Hana Foltýnová, Jan Brůha

Politická ekonomie 2006, 54(3):366-381 | DOI: 10.18267/j.polek.564  

This paper is focused on the theory of optimal taxation applied to environmental regulation. The first part summarizes the current state of knowledge in this field, especially it concentrates on the so called double dividend hypothesis. The second part of the paper defines the concept of triple dividend in transport, which is modelled in the normative neoclassical framework. Based on econometric estimation, we calibrate a model and empirically investigate this hypothesis on the Czech data.

Nové prvky v architektuře pojistných trhů v současné globalizační éře

New elements in global architecture of isurance markets

Eva Ducháčková, Jaroslav Daňhel

Politická ekonomie 2006, 54(3):382-393 | DOI: 10.18267/j.polek.565  

This article is dealed about the requirements on new architecture of financial markets, namely for banking and insurance market. The principles of Basel II and Solvency II are discussed. The second part of article concerned with quality changes in comercial insurable risk and financial decesion of enormous natural catastrophes in last decade. The traditional way - insurance, reinsurance and public finance is completed by insurance derivates (CAT bondes) in present. This solution takes partial place by financing hurricanes Katrina and Rita claims.

Consultations

Hodnocení ekonomických pracovišť a ekonomů: Koho, proč, čím a jak

A survey of rankings of economic departments: Global, american, european and national

Martin Gregor

Politická ekonomie 2006, 54(3):394-414 | DOI: 10.18267/j.polek.566  

We survey the state-of-the-art methods of how to rank economic departments and economists on the basis of 14 studies conducted in years 1995-2005. We cover a diversity of rankings: U.S., worldwide, E.U., those of developed academic nations and those of developing academic nations. Each method rests on a specific goal: while some identify top-notch research, others reflect quantity and thus are able to discriminate down the ranking. We also document novelties in ranking-construction such as sensitivity analysis, parallel rankings, instant updates and journal weights based on impact-adjusted impact factors.

Uncategorized

Polemika se Svetozarem Pejovichem o transformační, tedy neklasické privatizaci

A polemic with svetozar pejovich on the transformational, i.e. non-classical privatization

Václav Klaus, Dušan Tříska

Politická ekonomie 2006, 54(3):291-306 | DOI: 10.18267/j.polek.559  

The authors critically discuss some of the theses of Svetozar Pejovich from his article On the Privatization of "Stolen Goods" in Central and Eastern Europe. The Independent Review, v. X, N. 2, Fall 2005, s. 209-229. ISSN 1086- 653. Their polemic can be summarized as follows: (1) According to Pejovich, the "carriers of the institutional restructuring" relied solely on the neo-classical ("text-book") economics. The authors reply that at least in their country also the New Institutional School, Austrian Economics and Public Choice were well known and broadly applied. (2) Pejovich seems to confuse privatization of an individual enterprise with the privatization...