Politická ekonomie, 2014 (vol. 62), issue 4

Analýza všeobecné rovnováhy pro český finanční trh a model finanční křehkosti

General Equilibrium Analysis of the Czech Financial Market and a Financial Fragility Model

Ondřej Machek, Luboš Smrčka, Jiří Hnilica, Markéta Arltová, Dimitrios P. Tsomocos

Politická ekonomie 2014, 62(4):437-458 | DOI: 10.18267/j.polek.963  

The purpose of this paper is to create a financial fragility model for the Czech financial sector. We adapt the Goodhart-Tsomocos model which is based on general equilibrium with incomplete markets, money and default. The calibration of the model is based on publicly available data from the period 2003-2011. Finally, we perform comparative statics to show how the key variables of the model respond to possible events. The model can be used by government institutions to stress-test the banking sector, as well as by banking and other financial institutions to estimate the development of, inter alia, the default rates of their clients. The model also...

Interakce monetární a fiskální politiky zemí visegradské skupiny

The Interaction of Monetary and Fiscal Policy in the Visegrad Group Countries

Jan Janků, Stanislav Kappel, Zuzana Kučerová

Politická ekonomie 2014, 62(4):459-479 | DOI: 10.18267/j.polek.964  

The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are basic determinants of successful economic policy implementation of each country. Fiscal and monetary policies usually have different aims. Therefore, some conflict situations may arise in practical economic and political decision-making process. Methodical approaches of this article are based on the game theory, which deals with the analysis of a wide range of decision-making...

Fiškálna udržateľnosť systému zdravotníctva SR

Fiscal Sustainability of the National Health Care Systém in the Slovak Republic

Rudolf Sivák, Pavol Ochotnický, Ľuboš Kuchta

Politická ekonomie 2014, 62(4):480-499 | DOI: 10.18267/j.polek.965  

Slovak Republic as well as many other OECD countries has faced significant increase of health expenditures in last decades. Sustainability of health care public component is therefore and mainly on the ground of ageing of population a political and scientific challenge for many countries. Paper pursues ex ante sustainability of health care system in Slovak Republic. By using modified models of International Labour Organization and European Commission and exogenous macroeconomic and population expectations we forecasts revenues, expenditures and also sustainability of the health care policy scenarios until year 2030. We identified possible changes in...

Ekonomické vzdělání a peněžní iluze, experimentální přístup

Economic Education and Money Illusion: An Experimental Approach

Helena Chytilová, Zdeněk Chytil

Politická ekonomie 2014, 62(4):500-520 | DOI: 10.18267/j.polek.966  

Economic education is considered of prime importance nowadays with direct implications for effectiveness of monetary policy. We aim to verify with an application of experimental method, whether economic education acquired has weakening or even suppressive effects on recently resurrected phenomenon of money illusion. If our hypothesis will be proved, previous evidence about signifi cant indirect effects of money illusion, causing significant long-lasting deviations of the economy from equilibrium after the shock, might be significantly alleviated, weakening thereby predictions of the New Keynesian model. Our findings suggest that even well-educated...

Řízení výkonnosti zpracovatelských podniků v ČR s důrazem na nefinanční aspekty podnikání

Business Performance Management In Manufacturing Companies in the Czech Republic with an Emphasis on Non-Financial Aspects of Business

Petra Štamfestová

Politická ekonomie 2014, 62(4):521-541 | DOI: 10.18267/j.polek.967  

This article deals with business performance. The aim of this article is to identify performance factors, ie. factors that should have an impact on performance in long-term horizon, analyze these factors and their relationships, and based on this analysis to create a complex model of business performance. First sub-goal is to identify internal factors affecting the performance of companies in the new economy and next sub-goal is to verify the influence of the potential factors of performance on the business performance in terms of both market and financial performance in the manufacturing companies in the Czech Republic. It means to confirm or refute...

Ukrajinská pracovní migrace v české republice: odliv mozků a existence strukturálních kanálů

Ukrainian Labour Migration in the Czech Republic: Brain-Drain and the Existence of Structural Channels

Matthew Sanderson, Wadim Strielkowski, Kateřina Hluštíková

Politická ekonomie 2014, 62(4):542-559 | DOI: 10.18267/j.polek.968  

This paper aims at finding out, whether the previous experience in Ukrainian construction sector increases the probability of doing the same job in the Czech construction sector. We assume that the integration of Czech and Ukrainian construction sectors led to the creation of structural channels directing Ukrainian labour migrants to the Czech Republic along the migration lines and facilitating the process of labour migration between these two countries. We employ the unique dataset created with the help of the survey conducted in Ukraine within the framework of Ukrainian migration project (UMP) in 2010-2012 and estimate multidimensional models in...

Toky dlouhodobé nezaměstnanosti

Long-Term Unemployment Flows

Petr Maleček

Politická ekonomie 2014, 62(4):560-576 | DOI: 10.18267/j.polek.969  

This article presents the methodology to extend the traditional employment-unemployment flows model with a third sector: long-term unemployment. This enables a new range of decompositions of various labour market aggregates which allows for a deeper understanding of the structure and dynamics of a particular labour market. One of possible analyses is conducted in the case of selected EU Member States. Finally, it is shown that transition probabilities into and from long-term unemployment depend on the business cycle in most EU countries.

Nestárnoucí kniha upozorňující na možnosti manipulace s fakty prostřednictvím exaktních metod

Ageless Book Warning against the Possibility of Facts Manipulation by the Means of Exact Methods

Jaroslav Daňhel

Politická ekonomie 2014, 62(4):577-579 | DOI: 10.18267/j.polek.970