{"title":"Inequalities and Economic Growth in EU Countries","authors":"T. Domonkos","doi":"10.18267/j.polek.1284","DOIUrl":"https://doi.org/10.18267/j.polek.1284","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":"67826013","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":"Concept of Minimum Wage Controversy: The Case of the Czech Republic","authors":"H. Chytilová, Petr Frejlich","doi":"10.18267/j.polek.1285","DOIUrl":"https://doi.org/10.18267/j.polek.1285","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":"67826171","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":"Sanctions by Western Countries and Russian Countermeasures: Impact on Czech Exports","authors":"L. Coufalová","doi":"10.18267/j.polek.1283","DOIUrl":"https://doi.org/10.18267/j.polek.1283","url":null,"abstract":"","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67825969","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}
Is Nominal Wage Rigidity a Problem in the Case of Deflation Driven by Economic Growth? This paper explores whether downward rigidity in nominal wages has negative impacts on the economy in the case of deflation caused by economic growth. In this situation, growth of real wages may be delivered by a fall in the price level even if nominal wages are constant. Hayek’s proposal to stabilize MV is studied in detail. The nominal GDP is stabilized within this framework, and when potential output is growing, the price level might decrease. It is derived that this Hayekian rule would lead to a fall in nominal wages in an economy with positive population growth, which restricts the space for deflation. Friedman’s proposal to stabilize prices of factors of production is also examined. It results in weaker deflation than Hayek’s proposal and no need for decrease in nominal wages. The next part of the article demonstrates that the Hayekian framework may not require a fall in nominal wages in a converging economy if the labour share of income is gradually increasing, even if population growth is positive.
{"title":"Is Nominal Wage Rigidity a Problem in the Case of Deflation Driven by Economic Growth?","authors":"Tomáš Frömmel, Pavel Potužák","doi":"10.18267/j.polek.1272","DOIUrl":"https://doi.org/10.18267/j.polek.1272","url":null,"abstract":"Is Nominal Wage Rigidity a Problem in the Case of Deflation Driven by Economic Growth? This paper explores whether downward rigidity in nominal wages has negative impacts on the economy in the case of deflation caused by economic growth. In this situation, growth of real wages may be delivered by a fall in the price level even if nominal wages are constant. Hayek’s proposal to stabilize MV is studied in detail. The nominal GDP is stabilized within this framework, and when potential output is growing, the price level might decrease. It is derived that this Hayekian rule would lead to a fall in nominal wages in an economy with positive population growth, which restricts the space for deflation. Friedman’s proposal to stabilize prices of factors of production is also examined. It results in weaker deflation than Hayek’s proposal and no need for decrease in nominal wages. The next part of the article demonstrates that the Hayekian framework may not require a fall in nominal wages in a converging economy if the labour share of income is gradually increasing, even if population growth is positive.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67824732","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 investigates the extent and reasons for restatements of financial statements by Czech firms. In 2013, Czech accounting regulation was amended to remove inappropriate accounting treatment for prior period errors and changes in accounting policies. A sample of 3,407 financial statements for the period 2013-2017 also includes a significant amendment to accounting standards in 2016. The combination of both amendments creates a quasi-natural experiment enabling investigation into firms' response to regulatory changes. Empirical analysis shows that restatements occurred in 7.4% of the cases. Using non-parametric tests, we found that restatements are more frequent in joint-stock companies and that corrections of prior period errors dominate over changes in accounting policies. An expected one-time increase in restatements in 2016 is confirmed; however, the hypothesis that increased restatements are driven by changes in accounting policies required by new GAAP can be neither confirmed nor refuted. The main cause is that over 50% of the entities did not disclose their reason for restatement, despite the fact that disclosure is mandated by accounting standards and all financial statements are audited.
{"title":"Reporting of Prior Period Errors and Changes in Accounting Policies by Czech Companies","authors":"J. Skálová, L. Mejzlík, Marcel Bareš","doi":"10.18267/j.polek.1279","DOIUrl":"https://doi.org/10.18267/j.polek.1279","url":null,"abstract":"The paper investigates the extent and reasons for restatements of financial statements by Czech firms. In 2013, Czech accounting regulation was amended to remove inappropriate accounting treatment for prior period errors and changes in accounting policies. A sample of 3,407 financial statements for the period 2013-2017 also includes a significant amendment to accounting standards in 2016. The combination of both amendments creates a quasi-natural experiment enabling investigation into firms' response to regulatory changes. Empirical analysis shows that restatements occurred in 7.4% of the cases. Using non-parametric tests, we found that restatements are more frequent in joint-stock companies and that corrections of prior period errors dominate over changes in accounting policies. An expected one-time increase in restatements in 2016 is confirmed; however, the hypothesis that increased restatements are driven by changes in accounting policies required by new GAAP can be neither confirmed nor refuted. The main cause is that over 50% of the entities did not disclose their reason for restatement, despite the fact that disclosure is mandated by accounting standards and all financial statements are audited.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67826098","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 aim of this paper is to evaluate relative over-investment or under-investment of economies. To achieve this, we build a panel regression for 122 countries, where rates of investment and capital-output ratios are explained by key fundamental variables stemming from the theory in Chapter 1. We present implied-equilibrium values for both variables and all the countries in the sample. Countries of the former Soviet Union, the USA and Germany, for example, were identified as relatively underinvested. Large Asian economies such as China, India and Indonesia, and some countries of Latin America and Africa appeared to be overinvested. No significant imbalance was identified for Czechia, Slovakia and Hungary, while Poland showed to be rela- tively underinvested.
{"title":"Analysis of Relative Over-investment and Under-investment of Economies on Panel Data for 122 Countries of the World","authors":"Jiří Pour","doi":"10.18267/j.polek.1280","DOIUrl":"https://doi.org/10.18267/j.polek.1280","url":null,"abstract":"The aim of this paper is to evaluate relative over-investment or under-investment of economies. To achieve this, we build a panel regression for 122 countries, where rates of investment and capital-output ratios are explained by key fundamental variables stemming from the theory in Chapter 1. We present implied-equilibrium values for both variables and all the countries in the sample. Countries of the former Soviet Union, the USA and Germany, for example, were identified as relatively underinvested. Large Asian economies such as China, India and Indonesia, and some countries of Latin America and Africa appeared to be overinvested. No significant imbalance was identified for Czechia, Slovakia and Hungary, while Poland showed to be rela- tively underinvested.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"1 1","pages":""},"PeriodicalIF":0.3,"publicationDate":"2020-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67826283","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}
This paper deals with the absolute version of purchasing power parity and its applicability in transition economies. The aim of the paper is to identify and quantify deviations between nominal exchange rates and rates based on purchasing power parity. The paper specifies and analyses the theoretical causes of those deviations and focuses on the impact of prices of non-tradable goods on purchasing power parity. Parity exchange rates based on prices of tradable-only goods are then calculated for 20 transition economies. Panel regression instruments are used to analyse the influence of selected macroeconomic and institutional variables on deviations between nominal exchange rates and rates based on purchasing power parity.
{"title":"Causes of Deviations in Nominal Exchange Rates from Absolute Purchasing Power Parityin Transition Economies","authors":"Viktar Dudzich","doi":"10.18267/j.polek.1273","DOIUrl":"https://doi.org/10.18267/j.polek.1273","url":null,"abstract":"This paper deals with the absolute version of purchasing power parity and its applicability in transition economies. The aim of the paper is to identify and quantify deviations between nominal exchange rates and rates based on purchasing power parity. The paper specifies and analyses the theoretical causes of those deviations and focuses on the impact of prices of non-tradable goods on purchasing power parity. Parity exchange rates based on prices of tradable-only goods are then calculated for 20 transition economies. Panel regression instruments are used to analyse the influence of selected macroeconomic and institutional variables on deviations between nominal exchange rates and rates based on purchasing power parity.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"2020 1","pages":"194-212"},"PeriodicalIF":0.3,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44671124","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}
For millennia, there have been two credit theories in the Western tradition and two types of credit institutions derived from them. One focused on raising capital for investment purposes, the other dealing with lending of money to private individuals for consumption. This distinction, which is the key to understanding ancient and medieval economic thought, not only allows us to better understand the question of usury in the past, but is also the key to a proper understanding of the development of European credit markets, which have evolved in two ways - investment banking and retail banking. Particular attention is paid to benevolent credit institutions, which laid the foundations for European retail banking.
{"title":"First Theory of Credit and its Institutions: Benevolent Credit Institutions in an EconomicHistory of the West","authors":"Vojtěch Müllner, František Svoboda","doi":"10.18267/j.polek.1276","DOIUrl":"https://doi.org/10.18267/j.polek.1276","url":null,"abstract":"For millennia, there have been two credit theories in the Western tradition and two types of credit institutions derived from them. One focused on raising capital for investment purposes, the other dealing with lending of money to private individuals for consumption. This distinction, which is the key to understanding ancient and medieval economic thought, not only allows us to better understand the question of usury in the past, but is also the key to a proper understanding of the development of European credit markets, which have evolved in two ways - investment banking and retail banking. Particular attention is paid to benevolent credit institutions, which laid the foundations for European retail banking.","PeriodicalId":44220,"journal":{"name":"Politicka Ekonomie","volume":"2020 1","pages":"213-236"},"PeriodicalIF":0.3,"publicationDate":"2020-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49289755","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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