Politická ekonomie, 2015 (vol. 63), issue 1

Articles

Politicko-ekonomické varianty vyhlazování hospodářského cyklu v soudobých úvěrových ekonomikách

Political-Economic Options for Smoothing of Business Cycles within the Current Credit-Economy

Jiří Štekláč

Politická ekonomie 2015, 63(1):3-31 | DOI: 10.18267/j.polek.986

The article formulates the general political-economic possibilities for smoothing of business cycles under the realistic assumptions of the current credit-economy. Firstly it endeavours to explain the mechanism of the financial and real economy functioning with an emphasis on banking sector. The initial theoretical model is considered as unrealistic but proper for demonstration of the consequences of money endogeneity, mechanism of banking financing and dependency of economic growth on credit growth and savings. On the basis of this explanation the article identifies the real causes of credit cycles in the current credit-economy and performs some relevant...

Dynamika a rovnováha úspor, investic a úvěru v hospodářském cyklu: příklad České republiky

Dynamics and Balance of Savings, Investments, and Credits in Business Cycle: The Case of the Czech Republic

Martin Mandel, Vladimír Tomšík

Politická ekonomie 2015, 63(1):32-56 | DOI: 10.18267/j.polek.987

The goal of the article is a qualitative and quantitative analysis of the relationship among savings, investments and credits in a business cycle in the Czech Republic. The presented analysis brings specific recommendations on the interaction between monetary policy and macroprudential regulation. The article starts with a critical analysis of the Austrian Economic School and its monetary theory of business cycle, which provides a methodological base for further empirical analysis in the paper. Based on the data of the Czech economy, the authors empirically test a hypothesis whether credits create a financial bubble when a credit growth exceeds a real...

Rakouská teorie hospodářského cyklu: VAR analýza pro USA v letech 1978-2013

The Austrian Business Cycle Theory: VAR Analysis for USA between 1978-2013

Martin Komrska

Politická ekonomie 2015, 63(1):57-73 | DOI: 10.18267/j.polek.988

The aim of this paper is to empirically investigate the explanatory power of Austrian business cycle theory (ABCT). My dataset consists of US quarterly time series within the period 1978-2013. Following Wainhouse (1984), Keeler (2001) and others I employ Granger causality as one of the primary tools of the analysis. Furthermore I also add impulse response functions to analyse the observed relations in closer detail. Two main hypotheses were tested. First one analyses how changes in interest rate affects relative proportion of investment and consumption outlays. Second hypothesis investigates how labour resources are reallocated as a consequence of...

Soukromý a veřejný dluh

Private and Public Debt

Vratislav Izák

Politická ekonomie 2015, 63(1):74-90 | DOI: 10.18267/j.polek.989

We analyse potential sources of internal imbalances, specifically as regards private and public indebtedness. The combination of a high public debt and increasing private sector indebtedness have been a source of concern in the perspective of the funding of the economy in examined countries. We utilize the detailed financial accounts as an analytical framework for revealing the development of private sector 's indebtedness in 18 EU countries in the period 1995-2012. Ratio of private debt (non-financial corporations, households and non-profit institutions serving households) to GDP was steadily increasing till 2009 with a decrease in the following years....

Hedgeové fondy a akciové trhy

Hedge Funds and Stock Markets

Petr Musílek, Tomáš Jeřábek

Politická ekonomie 2015, 63(1):91-107 | DOI: 10.18267/j.polek.990

The presented article can be divided in three main parts. In the first one the authors define the term hedge fund and discuss briefly the history of these investment entities and their current position on the global financial markets. The second part of the article investigates the impact of hedge fund activities on stock markets. The findings of this analysis which is based on descriptive statistics and distribution of the yields of a hedge fund index and two representative stock market indices and the lagged correlation between them don't indicate that hedge funds have the potential to contribute in a significant way to the instability of stock markets....

Mikrofinanční revoluce: kontroverze a výzvy

Microfinance Revolution: Controversies and Challenges

Karel Janda, Pavel Zetek

Politická ekonomie 2015, 63(1):108-130 | DOI: 10.18267/j.polek.991

This article provides a brief but comprehensive overview of microfinance academic literature with emphasis on recent innovations, trends and efficiency. In particular, we focus on controversial issues of microfinance, such as commercialization, regulation, interest rate policy and the balance between outreach and performance of MFIs. In summary, the findings of the reviewed literature underline the great improvement in the microfinance field that, however, has not reached its full potential yet. At the same time, we outline potential risks and drawbacks which are being discovered along the way of microfinance development and maturing, many of which...

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