Politická ekonomie, 2014 (vol. 62), issue 3

Efektivita evropských firem

Efficiency of European Firms

Jan Hanousek, Evžen Kočenda, Anastasiya Shamshur

Politická ekonomie 2014, 62(3):303-322 | DOI: 10.18267/j.polek.953  

This paper analyzes the technological efficiency of companies in the European Union (EU). Our extensive database covers more than 4 million firm/year observations from many EU countries including both manufacturing and service sectors in 2001-2007. Methodologically we apply a model of a stochastic production productivity frontier. We show that: the economic signifikance of company age is negligible, the higher the debt the greater the efficiency, bigger companies are less efficient, and a medium-level concentration of the market benefits companies. Majority ownership, in contrast, does not lead to higher efficiency, but a combination of majority and...

Česká fotovoltaická energie: modelový odhad nákladů na její podporu

Czech Photovoltaic Energy: Model Estimation of The Costs of its Support

Karel Janda, Štěpán Krška, Jan Průša

Politická ekonomie 2014, 62(3):323-346 | DOI: 10.18267/j.polek.954  

The article is focused on the total historical and future costs of supporting photovoltaic elektricity generation in the Czech Republic. The model estimation of these costs is accompanied by methodologically unified comparison with cost of the support of other renewable energy resources. We find that as long as the goals of Czech National Action Plan for Renewable Energy will be implemented, the costs on photovoltaics support will account for more than one half of all costs on renewable energy, combined production of electricity and heat and other secondary resources. The article also provides brief overview of the photovoltaic market in the Czech...

Determinanty integrácie akciových trhov krajín V4

Determinants of CEE-4 Stock Market Integration

Eduard Baumöhl

Politická ekonomie 2014, 62(3):347-365 | DOI: 10.18267/j.polek.955  

Stock market integration of CEE-4 (the so-called Visegrad group or V4) and G7 countries is examined during the period from January 4, 1998 to August 5, 2012. As a proxy of integration we use dynamic conditional correlations estimated in the standard DCC and asymmetric DCC model framework. It is showed that during the recent financial crisis, conditional correlations between the CEE-4 and developed markets have increased more significantly than after the entry of the CEE-4 countries into the European Union. Finally, the estimated correlations exhibit significant relationship with conditional volatility with a positive feedback. This provides an evidence...

Meta-analýza důchodové elasticity poptávky po penězích

A Meta-Analysis of the Income Elasticity of Money Demand

Tomáš Havránek, Jana Sedlaříková

Politická ekonomie 2014, 62(3):366-382 | DOI: 10.18267/j.polek.956  

The income elasticity of money demand is one of the most frequently estimated parameters in economics, but the individual estimates of the elasticity vary a lot. In this paper we present a quantitative survey of the literature estimating this parameter. We collect previous empirical estimates of the elasticity from many studies and analyze why the estimated elasticities differ so much. We test whether the literature is affected by the so-called publication selection bias; that is, if estimates consistent with mainstream theories tend to be published more often. Moreover, we analyze whether the reported estimates of the elasticity differ systematically...

Vliv ekonomických, sociálních a institucionálních faktorů na úroveň sociálních výdajů

The Effects of Economic, Social and Institutional Factors on Social Expenditure Levels

Vojtěch Roženský

Politická ekonomie 2014, 62(3):383-399 | DOI: 10.18267/j.polek.957  

The paper presents a model of the level of social expenditure in 30 European countries, namely the EU 27 states, Norway, Iceland and Switzerland. The aim is to explain the development of social expenditure levels in the period 1990-2010 and estimate it's sensitivity to basic economic, social, political and institutional determinants. Over 60 potential determinants are derived from the literature and analysed theoretically, and 21 of these variables are used as independent variables in the regression (a fixed-effects model with robust standard errors). Five variables are identifi ed as both robust and theoretically consistent. Social expenditure levels...

Fenomenologie jako základ ekonomické metody

Phenomenology as a Foundation of Economic Method

Miroslav Svoboda

Politická ekonomie 2014, 62(3):400-417 | DOI: 10.18267/j.polek.958  

In recent years, economic approach to human behavior has been challenged by contributions of cognitive science under the name of behavioral economics. As a result, two methodological strands in economics discord with each other: objectivistic (naturalistic) approach refuses the role of motivations in human behavior, adopting methods of natural science; subjectivistic (interpretative) approach, on the other hand, takes the teleological structure of human action as its corner stone. It is argued that position of the latter (esp. rational choice theory) has been undermined because it builds upon primitive version of human teleological structure. The paper...

Systémová změna není cvičením v aplikované ekonomii: projev při udělení Leontiefovy ceny za příspěvek k ekonomickým reformám

The International Leontijef Medal for Contrubution to Economic Reforms: Fundamental Systemic Change Is not an Exercise in Applied Economics

Václav Klaus

Politická ekonomie 2014, 62(3):418-422 | DOI: 10.18267/j.polek.959  

Národná banka Slovenska dvacetiletá: konference Dejiny centrálneho bankovníctva na Slovensku, 13. - 14. 11. 2013

Twenty Years Old National Bank of Slovakia: Conference on the History of Central Banking in Slovakia, 13th - 14th November 2013

Antonie Doležalová

Politická ekonomie 2014, 62(3):423-427 | DOI: 10.18267/j.polek.960  

Vyšla další kniha myšlenkového proudu pro ekonomickou vědu budoucnosti

A New Trendsetter Book Apt to Leave a Mark on the Economics of the Future

Jaroslav Daňhel

Politická ekonomie 2014, 62(3):428-431 | DOI: 10.18267/j.polek.961  

Úpadek firem a etika managementu optikou sedmi smrtelných hříchů

Bankruptcy of Firms and Management Ethics Seen from the Perspective of Seven Deadly Sins

Ondřej Machek

Politická ekonomie 2014, 62(3):432-434 | DOI: 10.18267/j.polek.962