Politická ekonomie, 2007 (vol. 55), issue 3

Existence procesu učení na umělém akciovém trhu

Existence of the learning process at a proxy stock market

Evžen Kočenda, Jan Hanousek

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.601

Learning is a subject of intense research in economics. We present persuasive evidence that learning took place among uninformed heterogeneous agents during a large-scale naturally-occurring set of auctions. Empirical study employs a unique bidding data set of 5000 individual investors that placed their bids in the voucher scheme that in terms of size, incentives, and variation is one of the largest experiments ever conducted. To detect and quantify learning we develop new measures of individual performance during the bidding process on the artificial stock market where prices of goods vary over successive stages of bidding on the basis of supply and demand.

Integrace devizových trhů vybraných nových členských zemí Evropské unie

Integration of the foreign exchange markets of the selected EU new member states

Zlatuše Komárková, Luboš Komárek

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.602

The article deals with the evaluation of the foreign exchange market integration of the new EU Member States - the Czech Republic, Hungary, Poland and Slovakia. The main aim of this paper is to introduce and to test, if the Central-European sentiment on the foreign exchange market exists and how strong it is. We apply the analysis of harmonizing (by means of standard and rolling correlation analysis), the concept of beta-convergence (through the use of the standard and rolling correlation analysis, state-space model and panel regression analysis), which could identify the speed of financial integration and the concept of sigma-convergence, which could...

Postrádáme kursovou politiku? Dopad přizpůsobení běžného účtu na obchodovatelný a neobchodovatelný sektor v měnové unii

Are we missing exchange rate policy? The impact of current account adjustment on tradable and nontradable sector in monetary union

Jaromír Šindel

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.603

The aim of this paper is to discuss the impact of current account adjustment on the tradable and nontradable sector in member countries of currency union - Euro zone. The current account adjustment associated with the adjustment of the net export's deficit caused by the drop in the domestic absorption evokes the increase in the relative price of the nontradable sector. The paper discusses this hypothesis within framework of the Portuguese current account adjustment, which is the result of European financial integration in catching-up countries. The common monetary policy and common currency cannot offset the negative impact of nontradable price increase...

Technologická náročnost a zahraniční investice v konkurenční výhodě České republiky

Technology intensity and fdi in the Czech Republic competitive advantage

Anna Kadeřábková

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.604

The paper evaluates the position of the Czech Republic in the development of qualitatively based competitive advantage, firstly in terms of the export structure changes according to industry classifications of factor and technology intensities. The given approach has been used extensively in international comparisons, though its explanatory value differs according to the actual quality intensity of economic activities. Even the countries with a limited extent of R&D may show up a high shares of technology intensive exports produced in FDI branches, which, however, mostly consist of assembly operations on imported components. The second view of...

Představuje lidský kapitál konkurenční výhodu ČR?

Does human capital create competitive advantage of the Czech Republic?

Zdeňka Matoušková

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.605

The article consists of theoretical and analytical part. Theoretical part provides a brief review of the academic literature dealing with human capital, it's accumulation and obsolescence. In The second part analyses selected qualitative characteristics of adult population in the CR and compares them with their average level in the European Union. Analysis shows that the strong positive attribute of the CR is a high share of population with secondary education. In 2005 this indicator reached 77% in the CR, the EU-25 average was only 48 %. The other CR' advantage is high average level of quantitative literacy and also high rate of population who took...

Transitivity and dominance: normative and empirical position of two cornerstones of economic models of decision-making

Michal Skořepa

Politická ekonomie 2007, 55(3) | DOI: 10.18267/j.polek.606

Transitivity and dominance are key concepts built deep into the fundaments of most economic models of decision-making. One of the arguments in favour of using the two concepts is that they are normative, i.e., symptomatic of perfect, rational decision-making. This paper describes several specific axioms stemming from these concepts and appearing in axiomatic models of decision-making, gives possible arguments speaking for or against the normativeness of a given concept and adds examples of empirically observed violations of the concept by human decision-making. In the conclusion, it offers an assessment of whether the use of transitivity and dominance...