Politická ekonomie, 2015 (vol. 63), issue 6

Ekonomické a regulatorní podmínky řízení likvidity v bankovním sektoru České republiky v kontextu aplikace poměru likvidního krytí

Economic and Regulatory Conditions of Liquidity Management in the Czech Banking Sector in the Context of Application of Liquidity Coverage Ratio

Naďa Blahová, Karel Brůna

Politická ekonomie 2015, 63(6):689-713 | DOI: 10.18267/j.polek.1021  

The paper deals with an impact of new Basel III liquidity regulation on bank's liquidity and solvency conditions. It analyzes a change from qualitative to quantitative based regulation and compares bank's liquidity approaches within an application of LCR regulatory measures. Strict defi nition of LCR causes a change in bank's liquidity allocation and funding which is less effective, more costly and restrictive for providing credits comparing with pure economic determinants. Empirical part shows a simulation of an impact of aggregate liquidity shock and credit risk shock on annual rate of capital return consistent with bank's solvency. It proves huge...

Využití modelu BGM při řízení úrokového rizika v českém prostředí v období po finanční krizi

Aplication of the BGM Model for Interest Rate Risk Management in the Czech Environment after Financial Crisis

Dana Cíchová Králová

Politická ekonomie 2015, 63(6):714-740 | DOI: 10.18267/j.polek.1023  

This article proposes an approach to an interest rate analysis for purposes of risk management.of fi nancial portfolio consisting of assets or liabilities linked to interest rates and held to maturity in the Czech environment. Czech fi nancial market is characterized by relative underdevelopment and relatively low liquidity, and in an environment of high uncertainty due to interventions and regulations of central banks and other authorities. This article fi rst describes the volatility of the Czech koruna and euro interest rates using the GARCH model. Based on this description, relationships between levels of koruna and euro swaptions volatilities...

(A)symetria v Okunovom zákone v štátoch Vyšehradskej skupiny

(A)symmetry in Okun's Law in the Visegrad Group Countries

Martin Boďa, Petra Medveďová, Mariana Považanová

Politická ekonomie 2015, 63(6):741-758 | DOI: 10.18267/j.polek.1024  

Having regard to the importance of the compensation effect between output and unemployment known as Okun's law for both contemporary economic theory and for practical economic policy, the intent of the paper is to examine the empirical validity of Okun's law for the four Visegrad Group countries with consideration given to possible asymmetry. Using the quarterly data for the period from Q1/1998 and Q2/2014 and its gap version, Okun's law is verifi ed for each investigated country and some specifi cs of labour markets are highlighted so as to explain the magnitude of the estimated Okun's coeffi cients. The contribution of the paper is two-fold. First,...

Gravitačný model zahraničného obchodu českej a slovenskej republiky 1995-2012: ako sa zmenili determinanty obchodu?

Gravity Model of Trade of the Czech and Slovak Republics 1995-2012: How Have Determinants of Trade Changed?

Martin Grančay, Nóra Grančay, Jana Drutarovská, Ladislav Mura

Politická ekonomie 2015, 63(6):759-777 | DOI: 10.18267/j.polek.1025  

The paper uses Heckman correction to estimate gravity models of trade of the Czech and Slovak Republics for the period 1995-2012. Additionally, separate gravity models are estimated for 4-year panels of the period using Tobit method. The research shows that importance of common border for the countries' bilateral trade with third countries has been gradually declining. This is in line with accelerating globalization and lower shipping prices. On the other hand, contrary to expectations importance of distance in bilateral trade has not been decreasing; it appears that the so-called "distance puzzle" is present in the Czech and Slovak Republics. The...

Regionálne aspekty príjmovej polarizácie v Slovenskej republike

Regional Aspects of Income Polarization in the Slovak Republic

Iveta Pauhofová, Tomáš Želinský

Politická ekonomie 2015, 63(6):778-796 | DOI: 10.18267/j.polek.1026  

Deepening income polarization is perceived as one of economic and social threats of the global world. The aim of this paper is to present development and the current status of incomes in the Slovak Republic, which is the crucial limitation of the present and future consumption growth. The authors further focus on the income levels of elderly, which are perceived as an important group of consumers within the concept of the silver economy. Analyses in the paper are based on microdata from the Social Insurance Agency in Slovakia. According to the results the income polarization in Slovakia is deepening and economic performance of a number of districts...

Ohlédnutí za historií finančních krizí

Marek Loužek

Politická ekonomie 2015, 63(6):797-800 | DOI: 10.18267/j.polek.1027  

Knihy prokazující lidskou iracionalitu při ekonomickém rozhodování a vady Teorie racionální volby

Jaroslav Daňhel

Politická ekonomie 2015, 63(6):801-808 | DOI: 10.18267/j.polek.1022