Politická ekonomie, 2013 (vol. 61), issue 3

Articles

Interpretace variability úrokových sazeb v rámci zprostředkovatelského modelu optimální úrokové marže

An Interpretation of Interest Rates Variability in Dealer´s Model of Optimal Interest Margin

Karel Brůna, Jiří Korbel

Politická ekonomie 2013, 61(3):299-320 | DOI: 10.18267/j.polek.899  

The paper deals with interest rate volatility interpretation in the dealer's model of optimal interest margin. It defines main sources of interest rate volatility and studies how specific source of volatility influences optimal interest margin. Special attention is focused on unexpected shock in liquidity of banking system, actual central bank's decision on targeted level of interest rate, long-term deviation of inflation and output from central bank's targeted values and potential impact of these factors on term premium instability. Sources of interest rates are discussed in term of bank's refinancing/reinvestment risk with an attempt to formalize...

K udržitelnosti průběžného důchodového systému v kontextu stárnutí populace v České republice

Note on the Sustainability of the Pay-As-You-Go Pension Scheme in the Context of Population Ageing in the Czech Republic

Martin Janíčko, Ashot Tsharakyan

Politická ekonomie 2013, 61(3):321-337 | DOI: 10.18267/j.polek.900  

The aim of this article is to explore main linkages among the participation rate, potential output and pension funding system. Based on the existing literature, there are several possibilities how to render the current set-up of the pension system sustainable. This sustainability is conventionally regarded from the perspective of provision of "satisfactory level" of retirement pensions as well as from the perspective of general budgetary impact. In this respect, demographic change is accounted for owing to the common perception that it has a lot to do with how the future pension system should and will look like. It has been found out that if appropriate...

Vývoj ekonomického a sociálního zatížení a stárnutí populace

Development of Economic and Social Dependency and Population Ageing

Tomáš Fiala, Jitka Langhamrová

Politická ekonomie 2013, 61(3):338-355 | DOI: 10.18267/j.polek.901  

The ageing of population and its economical, social and political consequences is a topic very frequently discussed. This paper contains the analysis of consequences of the ageing of the Czech population during this century based on the population projection using the latest available data reflecting the results of the last census in 2011. Besides the usual simple (and of course very crude) measures of economic dependency in the population (e.g. various dependency ratios) the paper contains a computation of a more sophisticated measure - the ratio of social dependency - which takes into account not only the amount of personal consumption but also costs...

Použití konečných směsí logaritmicko-normálních rozdělení pro modelování příjmů českých domácností

The Use of Finite Mixtures of Lognormal Distribution for the Modelling of Household Income Distributions in the Czech Republic

Ivana Malá

Politická ekonomie 2013, 61(3):356-372 | DOI: 10.18267/j.polek.902  

In the text finite mixtures of lognormal distributions are used for the modelling of net annual income per capita and equivalized income of the Czech households (in CZK) in 2004-2010. The development of distribution of number of members of households is analysed and the characteristics of standardized units according to EU and OECD methodologies are given. Data from the survey EU-SILC organized by the Czech Statistical Office from 2005-2011 (dealing with incomes from 2004-2010) are used for the analysis. Models (with incomplete data) with two to four artificial components are used in order to fit the distribution of incomes; the development of their...

Úloha mzdy v motivaci a stabilizaci zaměstnanců finančního sektoru v České republice ve vztahu k Herzbergově teorii dvou dimenzí motivace k práci

The Role of Salary in Employee Motivation and Retention in the Financial Sector of the Czech Republic in Relation to Herzberg´s Two Factor Theory of Work Motivation

Iveta Němečková

Politická ekonomie 2013, 61(3):373-392 | DOI: 10.18267/j.polek.903  

The article deals with employee motivation and retention in the financial sector. The first part defines the terms motivation and retention and introduces the related theories - from the very beginning, through the classical theories and the contemporary modern theories. The article's author utilizes own extensive research among respondents coming from employees in the financial sector, supplemented by the round table method. The author analyzes the research results and deals with the role of wages in employee motivation - whether and when wage functions as a motivator leading to higher employee performance according to the Herzberg's two factor theory...

Consultations

Globální problémy z pohledu environmentální ekonomie

Global Problems as Seen by Environmental Economics

Marek Loužek

Politická ekonomie 2013, 61(3):393-410 | DOI: 10.18267/j.polek.904  

The conventional view of the sustainability of social development is based on the works of the Roman Club, particularly the book "The Limits to Growth" by Donella Meadows and her colleagues (1972). In their opinion, the human population and economy are depleting the wealth of the Earth and pollutants and wastes are burdening the environment. However, the concern that mineral resources will be depleted is unsubstantiated. Environmental economics argues that a higher number of people and a higher income make resources scarcer on a short-term basis. For investors and entrepreneurs, higher prices represent an opportunity and an incentive to search for...

Taktické omyly ekonomů rakouské školy při "dobývání ortodoxie"

Austrians´ Tactical Mistakes that Prevent Them to "Conquer the Orthodoxy"

Lukáš Kovanda

Politická ekonomie 2013, 61(3):411-427 | DOI: 10.18267/j.polek.905  

According to quite a number of scholars, even non-Austrian, some theories of Austrian school of economic thought do provide an increasingly relevant material to explain recent boom-and-bust economic cycles as well as financial crises. However, I argue, this development is not adequately reflected by a corresponding growth of Austrian influence within the economic orthodoxy. Quite to the contrary, many orthodox scholars have taken over rigidly Keynesian positions since the financial crisis culminated in 2008 and 2009. In my article I maintain that Austrians themselves have contributed significantly to such a situation by not preventing three major tactical...

From scientific life

Od Albína Bráfa k Josefu Mackovi - příspěvek k výročí úmrtí dvou významných českých ekonomů

From Albín Bráf to Josef Macek - A Contribution to the Anniversary of the Death of Two Significant Czech Economists

Antonie Doležalová

Politická ekonomie 2013, 61(3):428-438 | DOI: 10.18267/j.polek.906  

This paper aims to commemorate Albín Bráf and Josef Macek as the key figures in the history of Czech economic thinking. It focuses on three topics which their theoretical works had in common: firstly, the methodology of economics and its assesment as a social science, secondly, the solutions to social questions within the framework of economic policies and, thirdly, the significance of economic education and popularization of economics. The objective of the study is to detect continuity in Czech economic thinking and open a discusion on its posibilities within both the Communist and post-Communist period.

From economic literature

Metody oceňování podniku pro pokročilé

Valuation of Business Enterprises for Advanced Users

Eva Kislingerová, Tomáš Krabec

Politická ekonomie 2013, 61(3):439-444 | DOI: 10.18267/j.polek.907