Politická ekonomie, 2016 (vol. 64), issue 1

Articles

Analýza cen komerčních nemovitostí v zemích střední Evropy

Analysis of the Commercial Property Prices in the Central European Countries

Michal Hlaváček, Ondřej Novotný, Marek Rusnák

Politická ekonomie 2016, 64(1):3-18 | DOI: 10.18267/j.polek.1051

Developments in the commercial property market are an important factor affecting financial stability, especially given their effect on the probability of default of non-financial corporations. This article analyses the development of the office property markets in five central European countries and compares their main indicators with those for Germany. It then formulates a simple error correction model of office property prices in relation to macroeconomic, demographic and structural determinants. The analysis reveals that both demand and supply factors (GDP, inflation and total office space), and partly also the maturity of the credit market, have...

Ekonomická integrácia a jej vplyv na cezhraničné fúzie a akvizície v európskom priestore

Economic Integration and Its Influence on Cross-Border Mergers and Acquisitions within the European Area

Jaroslava Hečková, Alexandra Chapčáková, Eva Litavcová

Politická ekonomie 2016, 64(1):19-33 | DOI: 10.18267/j.polek.1052

The main target of the paper is to identify the influences of the financial and trade liberalization in the EU and the functioning of the EMU on the realization of the cross-border mergers and acquisitions among the selected states of the European territory. We analyse in the paper, concerning the theoretical background of the foreign scientific studies on the influence of the integration processes in Europe on the realization of the cross-border mergers and acquisitions, the influence of the selected predictors on the cross-border mergers and acquisitions realized in 16 source countries and 25 target countries in the European territory from 1998 to...

Působení institucionálních faktorů na strukturální a cyklickou nezaměstnanost v zemích Visegrádské skupiny

Influence of Institutional Factors on Structural and Cyclical Unemployment in the Countries of the Visegrad Group

Emilie Jašová, Klára Čermáková, Božena Kadeřábková, Pavel Procházka

Politická ekonomie 2016, 64(1):34-50 | DOI: 10.18267/j.polek.1053

The aim of the article is to describe effects of selected institutional factors on structural and cyclical unemployment. The theoretical and methodological basis of institutional aspects of the labour market functioning draws from a number of previously published studies. Factors are modified for national conditions of the Visegrad Group (hereinafter V4). The article compares NAIRU estimates of previously fine-tuned models with estimates of models extended by selected institutional factors. The difference between these groups will then be compared with development of relevant variables of the real economy. That will allow us to determine whether the...

Efektívna priemerná daňová sadzba z kapitálu aplikovaná na slovenské podmienky

Effective Average Tax Rate of Capital Applied to the Slovak Conditions

Nikola Šimková

Politická ekonomie 2016, 64(1):51-64 | DOI: 10.18267/j.polek.1054

Investors' decisions are not based only on the statutory tax rate in the country, but also on a range of other aspects, such as depreciation of fixed assets, treatment of foreign source income, property taxes paid by firms, as well as treatment of dividends paid by companies and taxes on wealth and capital gains at the level of individuals. These aspects are incorporated into the model created by the Centre for European Economic Research (ZEW). This model provides a comprehensive look at the issue of tax competition, therefore the paper deals with describing and explaining its construction. The benefit is description of the effective average tax rate...

Podmíněný politicko-rozpočtový cyklus v zemích OECD

Conditional Political Budget Cycle in the OECD Countries

Jan Janků

Politická ekonomie 2016, 64(1):65-82 | DOI: 10.18267/j.polek.1055

Conditional Political Budget Cycle in the OECD Countries Examination of the so called political business cycle (i. e. macroeconomic cycle induced by the political cycle) provides little evidence in empirical studies. The empirical evidence of statistically signifi cant increase in the economic activity before election is especially a matter of less developer countries. There is a shift in focus to the examination of the political budget cycle in case of the developed economies. This paper examines the presence of conditional political budget cycle (PBC) in the OECD countries using data from all 34 member states over the period 1995- 2012. We suppose...

Consultations

Může být přirozená úroková míra nulová? Neoklasický přístup

Can the Natural Rate of Interest Be Zero? A Neoclassical Approach

Pavel Potužák

Politická ekonomie 2016, 64(1):83-108 | DOI: 10.18267/j.polek.1056

Very low real rates of interest observed in modern economies might be caused by the fact that the natural rate of interest declined to a zero level. This article shows that a zero or a negative natural interest can be explained by the Böhm-Bawerkian and neoclassical theory. Firstly, two senses of time preference are introduced in a discounted utility model, and key determinants of the zero interest rate on the side of time preference are discussed in detail. Secondly, a simple general equilibrium model with fixed intertemporal endowment is presented. Within this model, a decreasing shape of the income stream is identified as a major source of zero...

Discussion

Poučení z nerespektování elementárních pouček ekonomie - příklad řecké krize

Lessons Learned from the Disregard of Elementary Axioms of Economics - an Example of Greek Crisis

Václav Klaus

Politická ekonomie 2016, 64(1):109-120 | DOI: 10.18267/j.polek.1057

The article in the context of the current Greek crisis analyses the consequences of forced unification, occurring in the European Union, at least since the Maastricht Treaty, which is now associated mainly with the process of monetary union. The current stage of European integration is based on political constructivism and it is characterized by the dominance of politics over economy, which in some aspects of the system resembles the communist economy system, which was an extreme distortion of the relationship between politics and economy. The unification model of European integration does not help the weaker European Union countries, for it forces...

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