Politická ekonomie, 2015 (vol. 63), issue 8

Úvěry v selhání a makroekonomika: modelování systémového kreditního rizika v České republice

Non-Performing Loans and The Macroeconomy: Modeling the Systemic Credit Risk in the Czech Republic

Aleš Melecký, Martin Melecký, Monika Šulganová

Politická ekonomie 2015, 63(8):921-947 | DOI: 10.18267/j.polek.1045  

Aggregate non-performing loans are the loans of a banking sector with delayed payments. This paper examines how aggregate non-performing loans (NPLs), as an indicator of aggregate credit risk, respond to macroeconomic developments in the Czech Republic. It uses data for the period 1993-2014 and the Bayesian estimation method of instrumental variables. This method exploits a priori information from similar studies for other countries and considers the potential endogeneity of macroeconomic developments vis-a-vis non-performing loans. The estimation results reveal a strong persistence of NPLs and a significantly positive and robust, effect of economic...

Vliv měnových podmínek na jednotlivé kategorie cen v České Republice v kontextu měnové a makroobezřetnostní politiky

The Effect of Monetary Conditions on Individual Categories of Prices in the Czech Republic

Lukáš Pfeifer, Zdeněk Pikhart

Politická ekonomie 2015, 63(8):948-966 | DOI: 10.18267/j.polek.1046  

The article deals with the theoretical issues of macro-prudential policy, the influence of risk channel of monetary policy on financial stability and the cooperation of macro-prudential and monetary policy, respectively the compatibility of the objectives of these policies. On the Czech economy data is therefore tested the relationship between monetary policy conditions and prices of selected categories. The model results open the door to greater use especially of the industrial producer price index, respectively its sub-indices, for the coordination of monetary and macro-prudential policy in the Czech Republic.

Predikované dopady realizace chilské penzijní reformy v České Republice

Predicted Effects of Chilean Pension Reform Application in the Czech Republic

Petr Brabec, Karina Kubelková

Politická ekonomie 2015, 63(8):967-989 | DOI: 10.18267/j.polek.1047  

The article analyzes the possible impacts of the fully-funded (FF) pension system (the so-called Chilean model), which was introduced in the Czech Republic in 2012, on future pensions of contributors to the system and on state expenditures related to the pension system reform. The author performed calculations for 3 model examples of individuals who would participate solely in the FF and also of individuals who would contribute to both the pay-as-you-go (PAYG) and the FF during their lives. The calculations in all model examples were made for 4 average real annual interest rates and for 4 standardised income levels. The income replacement rates of...

Pracovní motivace českých matek s dětmi do tří let

Work Motivation of Czech Mothers with Children under Three Years of Age

Lucia Bartůsková

Politická ekonomie 2015, 63(8):990-1005 | DOI: 10.18267/j.polek.1048  

This article addresses the issue of the relationship of parenthood, employment and economic inactivity of childcare holders. It focuses on the mother's motivation to work in the context of Czech social policy measures. The aim is to empirically verify the willingness of women, taking care of children under three years old, to return to work. The decision of mothers, about their participation the labour market, is analysed by indicator "Effective cost of return to work" and by using sensitivity analysis. Negative net fi nancial effect of return to work was identifi ed for all studied regions and types of workloads. These results demonstrate clearly...

Národohospodářské efekty privatizačního procesu v České republice

National Economics Effects of the Privatization Process in the Czech Republic

Karel Zeman

Politická ekonomie 2015, 63(8):1006-1031 | DOI: 10.18267/j.polek.1049  

The transformation of centrally planned economy to a market economy has confi rmed that the basic premise for the economic policy, characterized by liberal market economy, is democratically established property rights. This text analyzes the National Economic effects of one of the most complex transformation processes, which is the process of privatization. This publication examines all three legal regimes through which were the entire privatization process implemented. These are "The Small Privatization" according to the Act no. 427/1990 Coll., "The Large-scale Privatization" according to the Act no. 92/1991 Coll. and "The privatization of agricultural...

Budování kapitalismu v postkomunistických zemích (recenze knihy Myant, Drahokoupil: Tranzitivní ekonomiky. Politická ekonomie Ruska, východní Evropy a Střední Asie)

Antonie Doležalová

Politická ekonomie 2015, 63(8):1032-1034 | DOI: 10.18267/j.polek.1050