Politická ekonomie, 2016 (vol. 64), issue 3

Implementační zpoždění diskreční fiskální politiky

Implementation Lag of Discretionary Fiscal Policy

Jakub Fischer, Hana Lipovská, Daniel Němec

Politická ekonomie 2016, 64(3):245-263 | DOI: 10.18267/j.polek.1069  

The aim of this paper is to quantify the implementation lag of discretionary fiscal policy in the Czech Republic between 1997 and 2013. Based on a unique dataset created for this study, the length and structure of implementation lag is analysed. Dataset is extending the original dataset used by the Czech National Bank. This study further analyses factors with an impact on implementation lag. Implementation lag is the length of period between decision of the economic policy makers on the actual response to the fundamental change in the economy and implementation of this response to the legislation. Average implementation lag of discretionary fiscal...

Pohledávky státu - destruktivní faktor fiskální politiky ČR

State Receivables - Destructive Factor of the Czech Republic Fiscal Policy

Karel Zeman

Politická ekonomie 2016, 64(3):264-292 | DOI: 10.18267/j.polek.1070  

The fundamental premise for the regular performance of economic policy, fulfilment of the revenues of the state budget and thus creating optimal conditions for efficient fiscal policy realization, is to minimize state receivables after maturity, as the theoretical planning of the revenue side of the state budget is irrelevant considering that tax payers and other entities fail to fulfil their liabilities towards the state, more precisely state budget, and conversely the state is not able to provide the approved income in the state budget. The objective of this paper is to: analyse the development of state receivables in years 2001-2014; identify the...

Udržitelnost dluhového financování státu a její interakce s kvantitativním uvolňováním: případ USA, UK a Japonska v letech 2000-2014

Government Debt Financing Sustainability and Its Interaction with Quantitative Easing - a Case of US, UK and Japan in 2000-2014

Jiří Štekláč, Miroslav Titze

Politická ekonomie 2016, 64(3):293-318 | DOI: 10.18267/j.polek.1073  

The paper examines the quantitative easing as a policy contributing to government debt sustainability in the context of government debt cycle. Thus, the emphasis is primarily not put on the rescue of financial system after the collapse of Lehman Brothers. Instead, the attention is paid to a role of central bank as a lender of last resort in government bond markets and quasi-fiscal motivation of the quantitative easing programs. The theoretical part of the analysis defi nes quasi-fiscally motivated QE program, government adjusted net debt position plus its determinants and a rate of debt monetization. Empirical analysis focuses on the case of three...

Heterogenita mobilních výrobních faktorů jako narušení podmínky optimální měnové oblasti (příklad eurozóny)

Heterogeneity of Mobile Factors of Production as a Disruption of the Optimal Currency Area Condition (in case of Eurozone)

Ondřej Šíma

Politická ekonomie 2016, 64(3):319-337 | DOI: 10.18267/j.polek.1072  

In its theoretical part the paper summarizes the main developmental phases of a concept of optimal currency areas. In the empirical part of the paper Mundell's OCA condition of a mobility of factors of production for EMU countries is verified. There is a little doubt that the criteria of labour mobility was not met. On the other hand, capital mobility almost reached its limit. However, labour immobility was not substituted by effective allocation of capital. Moreover, both factors of production were not homogeneous within the Eurozone. To entirely confirm Mundell's criteria it is crucial to scrutinize not only the mobility of factors of production...

Konkurecieschopnosť ako cieľ hospodárskej politiky

Competitiveness as a Goal of Economic Policy

Petra Čekmeová

Politická ekonomie 2016, 64(3):338-350 | DOI: 10.18267/j.polek.1074  

Until now there is no scientific consensus about the concept of national competitiveness. Despite the ambiguity of its definition, it has become a goal of numerous political documents. Economic policies in many countries are devoted to raise their overall competitiveness. But an unclear definition of relations between different components of national competitiveness represents an obstacle to formulate effective political measures. The aim of this paper is to clarify the relation between the competitiveness of the Czech Republic and its export performance which is considered as one of ways to improve overall competitiveness. The contribution of external...

Změny v měření ekonomiky a dopady do odhadu produktivity

Changes in the Measuring of Economy and Its Impact on Productivity Estimation

Jaroslav Sixta, Kristýna Vltavská

Politická ekonomie 2016, 64(3):351-368 | DOI: 10.18267/j.polek.1071  

In 2014 notable changes in economy measuring have occurred. Primarily, it was caused by the implementation of a new ESA 2010 European standard of accounts subsequent to SNA 2008 an international Standards of accounts. Moreover, European statisticians executed other changes which met the requirements of Eurostat. These changes implemented the latest procedures in statistical models and used the most current data sources (e.g. Cenzus, 2011). The most notable changes represent the capitalization of research and development, the capitalization of government expenditures of military weapons and finally the capitalization of small material products. This...

Pozoruhodná kniha o migraci

Marek Loužek

Politická ekonomie 2016, 64(3):369-373 | DOI: 10.18267/j.polek.1076