Politická ekonomie, 2015 (vol. 63), issue 5

Articles

Reakční funkce a udržitelnost fiskální politiky

Fiscal Policy Reaction Function and Sustainability

Zdeněk Pikhart, Lukáš Pfeifer, Pavla Chmelová

Politická ekonomie 2015, 63(5):545-569 | DOI: 10.18267/j.polek.1013

The article deals with the issue of fiscal sustainability, which has gained in importance after the recent financial and sovereign debt crisis. The article defi nes the term of financial sustainability in its theoretical part. The next section continues with the historical fiscal data for countries in the European Union. The main part of the article estimates reaction function of fiscal policy using panel data regression model. Tests are performed for multiple groups of countries, namely for the entire European Union, the old member states, the new member states, and the states most affected by the recent financial and sovereign debt crisis. This...

Poptávka po reálných peněžních zůstatcích v ČR a její determinanty

Demand For Real Money Balances in the Czech Republic and its Determinants

Martin Gürtler

Politická ekonomie 2015, 63(5):570-602 | DOI: 10.18267/j.polek.1014

Paper deals with an important area of monetary economics, the demand for money. Concretely we propose results from an empirical investigation of determinants of the demand for real money balances in the Czech Republic. From the methodological point of view we use models of multivariate time series analysis in the co-integrated context, the VAR and VEC models, and the generalized impulse response functions for an estimation of trajectories of adjustment processes. Based on the results, we can say that the real money balances in the broader definition (in the sense of M2 monetary aggregate) are demanded by economic agents in relation to a long-run evolution...

Netradičná menová politika a kvantitatívne uvolňovanie Centrálnej banky Japonska v rokoch 2001-2006

Unconvenional Monetary Policy and Quantitative Easing in Japan 2001-2006

Miroslav Titze

Politická ekonomie 2015, 63(5):603-623 | DOI: 10.18267/j.polek.1015

The paper explains wider economic, financial and macroeconomic context of the unconventional monetary policy during 2001-2006 in Japan. The objective of the article is complex discussion of Bank of Japan's unconventional monetary policy measures from theoretical and practical point of view. The structure of the papers is following: the fi rst part reveals macroeconomic condition behind unconventional monetary policy, the second part describes changes in monetary policy implementation, focuses also on commercial assets purchasing and describes exit strategy as well. The last part of the paper evaluates unconventional monetary policy impacts. Bank of...

Determinanty evropského zahraničního obchodu: instituce, kultura, infrastruktura a geografie

Determinants of the European Trade: Institutions, Culture, Infrastructure and Geography

Jan Hanousek, Evžen Kočenda

Politická ekonomie 2015, 63(5):624-640 | DOI: 10.18267/j.polek.1016

We analyze the effect of the large set of theoretically motivated determinants on international trade among European countries during the period 1992-2008. The determinats cover areas of culture, institutions, infrastructure, and geography, including trade directions. We analyze trade in three types of goods: raw materials, parts and components, and capital goods. For each type of goods we differentiate trade in flows, extensive margin, and intensive margin. Methodologically we first derive fixed effects related to unique pairs of countries in terms of exports andimports. Then we explain the fixed effects with the set of trade determinants. We show...

Produkčná (ne)homogenita regiónov Slovenska

Production (Non)Homogeneity Across Slovak Regions

Filip Ostrihoň, Zlatica Ivaničová

Politická ekonomie 2015, 63(5):641-657 | DOI: 10.18267/j.polek.1017

Slovakia is a unitary state with a common legal and macroeconomic environment for all regions. However, such environment may hinder regions with production setting, different from the majority of the regions. Hence, the aim of the following paper is to present an empirical analysis of the production technologies used across Slovak regions and to identify potential regional differences. For this purpose two-factor Cobb-Douglas production function was analysed, using annual historical panel data for NUTS 3 Slovak regions. The panel-data structure allowed the distinguishing of the differences in capital and labour elasticities between the analysed regions...

Analýza vplyvu ľudského kapitálu na celkovú produktivitu faktorov v regiónoch EÚ s využitím priestorového Durbinovho modelu

Analysis of the Human Capital Impacts on the Total Factor Productivity in the EU Regions By Means of the SDM Model

Paula Puškárová

Politická ekonomie 2015, 63(5):658-676 | DOI: 10.18267/j.polek.1018

This study is devoted to explore the role and impact size of human capital for economic growth. We discern two levels of human capital impacts: First, we point to its contribution to knowledge capital production and second, the multiplicative effects of human capital in the aggregate production function are suggested. We employ lately developed methodology for spatial panel estimations with two-way fi xed effects. Our results show that throughout the EU NUTS-2 regions over the 2000s human capital spillovers, indeed, account for large total factor productivity variation. Moreover, our results suggest that local effects of human capital are secondary...

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