Politická ekonomie, 2019 (vol. 67), issue 5

Za profesorom petrom balážom

Peter Baláž

Peter Kažimír

Politická ekonomie 2019, 67(5):455-457 | DOI: 10.18267/j.polek.1270  

Peter Baláž sa narodil v Skalici 23. septembra 1954. Inžiniersky diplom získal v roku 1978 na Obchodnej fakulte vtedajšej Vysokej školy ekonomickej v Bratislave. Jeho akademický kariérny rast pokračoval získaním titulu CSc. (dnes PhD.) v roku 1983. Vedecko-pedagogický titul docent mu bol udelený v roku 1990 a neskôr, v roku 1997, ho vtedajší prezident Slovenskej republiky Michal Kováč vymenoval za profesora. Vo svojej inauguračnej prednáške sa venoval téme: „Zvyšovanie konkurenčnej výkonnosti - pred- poklad úspešnosti zahraničnoobchodnej stratégie Slovenskej republiky“. Od roku 2001 až do svojho posledného dňa života viedol Katedru medzinárodného...

Charakteristiky celkových výplat akcionářům soukromých firem v zemích visegradské skupiny

Firms’ Total Payout Characteristics in Visegrad Countries

Jan Hanousek, Jiří Trešl

Politická ekonomie 2019, 67(5):458-475 | DOI: 10.18267/j.polek.1252  

This paper examines payout characteristics of firms in a cultural and political alliance of four Central European nations, the Visegrad Group. The sample consists of more than 100,000 firm-year observations from 2001 to 2015. Our results indicate that smoothing behaviour diminishes among firms with majority ownership and that the total payout characteristics behave according to existing theories on passive ownership behaviour and agency costs.

Determinanty forwardového kurzu a role rizikových prémií (příklad měnových párů czk/eur a czk/usd)

Determinants of Forward Exchange Rate and the Role of Risk Premiums (Case of CZK/EUR and CZK/USD Parities)

Josef Arlt, Martin Mandel

Politická ekonomie 2019, 67(5):476-489 | DOI: 10.18267/j.polek.1263  

The aim of the article is to examine the relations between forward exchange rates (maturities of 3 and 6 months), spot exchange rates, interest rate differentials, expected spot exchange rates and risk premiums on the CZK/EUR and CZK/USD parities. A model of FX speculators and arbitrageurs is devised and subsequently empirically verified in order to provide an explanation for the dynamics of forward exchange rates. The estimations of parameters of explanatory variables, which enter the covered interest rate parity, are confirmed to be statistically significant for the time period preceding the application of the exchange rate commitment by the Czech...

Finanční charakteristiky podniků před vyhlášením moratoria

Financial Characteristics of Pre-Moratorium Companies

Jaroslav Schönfeld, Michal Kuděj, Luboš Smrčka

Politická ekonomie 2019, 67(5):490-510 | DOI: 10.18267/j.polek.1247  

This article presents the outcome of research focused on financial characteristics of companies declaring a moratorium. The key purpose of the moratorium is to avoid threatening bankruptcy. The aim of the research is to identify the financial situation of the companies entering the moratorium process. The main objective was to find the answer to the core question whether there is any chance of avoiding bankruptcy using the moratorium, that is, whether the moratorium fulfils its basic function. The research is based on a quantitative analysis of selected financial ratios and synthetic indicators and their mutual relations. The analysis looks for an...

Produktivita práce a odměňování v duální ekonomice: role zahraničních investic v České republice

Labour Productivity and Remuneration in a Dual Economy: The Role of Foreign Investment in the Czech Republic

Kateřina Duspivová

Politická ekonomie 2019, 67(5):511-529 | DOI: 10.18267/j.polek.1254  

Foreign investment has been an important source of capital formation in transition countries but has caused the division of economies into foreign- and domestic-owned sectors. This paper explores the persistence of dual economy in the Czech Republic as well as the relationship between labour productivity and components used in the income approach to GDP calculation. Analysing the dataset of 20,900 firms operating in the Czech Republic in 2015, the paper presents evidence that higher levels of foreign investment are associated with significant labour productivity and wage differentials. Lower unit labour costs in foreign enterprises are consistent with...

Chudoba pracujúcich a jej dimenzie

Working Poverty and Its Dimensions

Viera Labudová, Mária Antalová, Milena Bugárová

Politická ekonomie 2019, 67(5):530-551 | DOI: 10.18267/j.polek.1245  

The importance of working poverty increased in 2003, owing to the European strategy in which one of the goals was to reduce the number of working people in poverty in the EU. Despite its seriousness, experts have not achieved a uniform theoretical model or definition. The situation is the same for methodology and empirics, which are determined by availability of statistical data. For these reasons, knowledge of working poverty is in its infancy. Therefore, we set a goal to take into account findings from past research into working poverty in the world, focusing primarily on the situation in Slovakia. Based on EU SILC 2016 data, we created our own model...

Modelovanie nákladov nezamestnanosti mladých absolventov na Slovensku: kontrafaktuálny prístup

Modelling the Costs of Unemployment for Young Graduates in Slovakia: A Counterfactual Approach

Lucia Švábová, Marek Ďurica, Tomáš Klieštik

Politická ekonomie 2019, 67(5):552-566 | DOI: 10.18267/j.polek.1248  

The article deals with the modelling of the costs of unemployment of young jobseekers in Slovakia. This modelling used real data on young unemployed who participated in the intervention Contribution to the Graduate Practice, which is one of the measures of active labour market policy in Slovakia. The main objective of this study is to quantify the costs that have to be paid from the state budget of Slovakia for the unemployment of these young graduates. The analysis was performed using the counterfactual method of Propensity Score Matching, which was followed by a measurement of employability and sustainability of jobs after completing the intervention...

Nová kniha o současných problémech mezinárodního měnového a finančního systému

Jana Marková

Politická ekonomie 2019, 67(5):567-573 | DOI: 10.18267/j.polek.1250