{"title":"Impact of Fiscal Rules on Level of Economic Growth in Monetary Unions","authors":"Matej Boór","doi":"10.18267/j.polek.1300","DOIUrl":"https://doi.org/10.18267/j.polek.1300","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-12-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827976","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Is Personal Income Tax on Dependent Activity in the Czech Republic Progressive?","authors":"M. Krajňák","doi":"10.18267/j.polek.1295","DOIUrl":"https://doi.org/10.18267/j.polek.1295","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827336","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The paper extends existing research on the effects of ownership structures on company performance by including a dimension of transparency in the ownership structure. We analyse the effect of an unknown owner and pyramidal structure on company profitability, capital structure and investment. We conduct this research in accordance with existing theories on a panel of private companies within the cultural and political alliance of four Central European countries, called the Visegrad Group. The total population includes over 111,000 firm-level panel data observations between 2001 and 2015. Lack of transparency in the ownership structure leads to lower investment and profitability, both for the case of an anonymous owner and for companies in a corporate pyramid. The capital structure of the company is not influenced by the presence of an anonymous owner; however, the existence of the ownership pyramid leads, ceteris paribus, to a larger debt for the firm.
{"title":"Known Versus Anonymous Ownership: Exploring Links Between Ownership Transparency and Firms' Decisions","authors":"J. Hanousek","doi":"10.18267/j.polek.1294","DOIUrl":"https://doi.org/10.18267/j.polek.1294","url":null,"abstract":"The paper extends existing research on the effects of ownership structures on company performance by including a dimension of transparency in the ownership structure. We analyse the effect of an unknown owner and pyramidal structure on company profitability, capital structure and investment. We conduct this research in accordance with existing theories on a panel of private companies within the cultural and political alliance of four Central European countries, called the Visegrad Group. The total population includes over 111,000 firm-level panel data observations between 2001 and 2015. Lack of transparency in the ownership structure leads to lower investment and profitability, both for the case of an anonymous owner and for companies in a corporate pyramid. The capital structure of the company is not influenced by the presence of an anonymous owner; however, the existence of the ownership pyramid leads, ceteris paribus, to a larger debt for the firm.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"68 1","pages":"515-533"},"PeriodicalIF":0.3,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44917804","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Analysis of Dynamics of Net Home and Foreign Assets of Banking Systems Using the Case of the Czech Republic in 1996-2017","authors":"K. Brůna, M. Mandel","doi":"10.18267/j.polek.1291","DOIUrl":"https://doi.org/10.18267/j.polek.1291","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827236","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Due to progressing globalisation and deepening integration of global financial markets, the topic of relations between individual markets has got into the centre of attention of many economists. Especially on the stock markets, we can observe a tendency of the more developed markets to affect developments on the less developed markets. This is also valid for stock markets of the Central and Eastern European (CEE) countries, the V4 countries included. In the case of returns and volatilities of the V4 stock markets, it is possible to expect a strong influence of the German stock market. We follow this influence using the Granger causality. Our analysis shows that in the period 1999-2018, the German DAX stock index was Granger-causing the development of the Czech (PX), Hungarian (BUX) and Polish (WIG 20) stock indices, while this relation was not confirmed for DAX and the Slovak stock index SAX. However, the analysis of two sub-periods (1999-2007 and 2010-2018) shows slightly different results.
{"title":"Influence of German Stock Market on Stock Markets of V4 Countries","authors":"P. Árendás, Božena Chovancová, Ľuboš Pavelka","doi":"10.18267/j.polek.1288","DOIUrl":"https://doi.org/10.18267/j.polek.1288","url":null,"abstract":"Due to progressing globalisation and deepening integration of global financial markets, the topic of relations between individual markets has got into the centre of attention of many economists. Especially on the stock markets, we can observe a tendency of the more developed markets to affect developments on the less developed markets. This is also valid for stock markets of the Central and Eastern European (CEE) countries, the V4 countries included. In the case of returns and volatilities of the V4 stock markets, it is possible to expect a strong influence of the German stock market. We follow this influence using the Granger causality. Our analysis shows that in the period 1999-2018, the German DAX stock index was Granger-causing the development of the Czech (PX), Hungarian (BUX) and Polish (WIG 20) stock indices, while this relation was not confirmed for DAX and the Slovak stock index SAX. However, the analysis of two sub-periods (1999-2007 and 2010-2018) shows slightly different results.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"68 1","pages":"554-568"},"PeriodicalIF":0.3,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42672333","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Motherhood Penalty in the Czech Republic: Its Evolution and Sources","authors":"Drahomíra Zajíčková, Miroslav Zajíček","doi":"10.18267/j.polek.1292","DOIUrl":"https://doi.org/10.18267/j.polek.1292","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67827310","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The inflow of foreign direct investment (FDI) is linked to several positive effects, which result in growing gross domestic product (GDP) and reduced unemployment rate in the host country. The level of GDP and the unemployment rate determine the FDI inflow, but contrariwise, FDI inflow has an impact on these variables. In the paper, we investigate which of these variables is the impulse and which is consequently determined by the impulse variable. The objective of the paper is to examine the length of the FDI effect in a host economy as well as the impact of FDI inflow on the unemployment rate using vector autoregression and impulse-reaction functions. Based on results of the Granger causality, we analyse linkages between FDI inflow, unemployment rate and GDP growth in the Slovak Republic in the period 1995-2018. The results show that the impulse comes from the unemployment rate, which consequently affects the FDI inflow. However, the length of this effect is very short.
{"title":"Relationship Between Foreign Direct Investment Inflow and Unemployment in the Slovak Republic","authors":"Ľubomír Darmo, M. Novák, J. Lisý","doi":"10.18267/j.polek.1289","DOIUrl":"https://doi.org/10.18267/j.polek.1289","url":null,"abstract":"The inflow of foreign direct investment (FDI) is linked to several positive effects, which result in growing gross domestic product (GDP) and reduced unemployment rate in the host country. The level of GDP and the unemployment rate determine the FDI inflow, but contrariwise, FDI inflow has an impact on these variables. In the paper, we investigate which of these variables is the impulse and which is consequently determined by the impulse variable. The objective of the paper is to examine the length of the FDI effect in a host economy as well as the impact of FDI inflow on the unemployment rate using vector autoregression and impulse-reaction functions. Based on results of the Granger causality, we analyse linkages between FDI inflow, unemployment rate and GDP growth in the Slovak Republic in the period 1995-2018. The results show that the impulse comes from the unemployment rate, which consequently affects the FDI inflow. However, the length of this effect is very short.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67825825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Verification of Trust and Customer Satisfaction with Czech Online Group Buying Applying Structural Equation Modelling","authors":"P. Kozáková","doi":"10.18267/j.polek.1287","DOIUrl":"https://doi.org/10.18267/j.polek.1287","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67826334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The relation between government deficit and debt is not straightforward and draws intensive attention of users and analysts. In reality, surplus balances can accompany increasing debt even in the long term. The objective of the paper is thus to scrutinize, by analysing international data, the closeness of both aggregates, which is essential for assessment of the long-term sustainability of public finances. The text explains factors entering between both macroeconomic indicators, as they are currently defined. Furthermore, the text discusses alternatives to currently defined debt and their closeness to the government final balance. The development of indicators is analysed using data for the Czech Republic. Within the data availability constraints, an international comparison of balance sheet indicators is presented.
{"title":"Vztah mezi saldem hospodaĹenĂ a dluhem vlĂĄdnĂch institucĂ","authors":"VĂĄclav RybĂĄÄek, P. Musil","doi":"10.18267/J.POLEK.1290","DOIUrl":"https://doi.org/10.18267/J.POLEK.1290","url":null,"abstract":"The relation between government deficit and debt is not straightforward and draws intensive attention of users and analysts. In reality, surplus balances can accompany increasing debt even in the long term. The objective of the paper is thus to scrutinize, by analysing international data, the closeness of both aggregates, which is essential for assessment of the long-term sustainability of public finances. The text explains factors entering between both macroeconomic indicators, as they are currently defined. Furthermore, the text discusses alternatives to currently defined debt and their closeness to the government final balance. The development of indicators is analysed using data for the Czech Republic. Within the data availability constraints, an international comparison of balance sheet indicators is presented.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"68 1","pages":"462-482"},"PeriodicalIF":0.3,"publicationDate":"2020-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67826940","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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