Politická ekonomie, 2020 (vol. 68), issue 2

Alternativní pojetí Feldsteinova-Horiokova modelu za předpokladu proměnlivých parametrů: studie dopadu vstupu České republiky do Evropské unie

Alternative Concept of the Feldstein-Horioka Model under a Variable Parameter Assumption: a Study of the Czech Republic's Accession to the European Union

Lukáš Frýd

Politická ekonomie 2020, 68(2):121-141 | DOI: 10.18267/j.polek.1277  

We investigate the impact of the Czech Republic's membership in the European Union on capital mobility. Our estimation of capital mobility is based on the alternative Feldstein-Horioka model. The model comes from intertemporal budget constraints with the additional assumption of a different data generation process. We propose an empirical framework to capture two different regimes in the vector error correction model. We show that the period 1996-2004 is composed of both regimes. The most important conclusion is that the period 1996-2004 is connected with a mix of both regimes. However, the period 2005-2017 comprises only one regime, which is connected...

Analýza dopadů programu podpory podnikání pro nezaměstnané v České republice

Analysis of the Start-up Subsidy for Unemployed in the Czech Republic

Ondřej Dvouletý, Ondřej Hora

Politická ekonomie 2020, 68(2):142-167 | DOI: 10.18267/j.polek.1267  

The article aims to analyse the effects of the start-up subsidy programme for unemployed in the Czech Republic, which is provided by the Ministry of Labour and Social Affairs. We explored to what extent participants in the programme in 2014 returned to unemployment three years after the end of the programme, i.e., 2014-2017. Methodologically, we conducted counterfactual impact analysis, where we matched participants in the programme with those who were not supported by any measures of active labour market policy. The results show that participants in the programme return to unemployment to a lesser extent. In total, they spent fewer days in...

Úspešné koncepty politiky redukcie verejných dlhov po kríze

Successful Concepts of Post-Crisis Public Debt Reduction Policy

Pavol Ochotnický, Jozef Jankech

Politická ekonomie 2020, 68(2):168-193 | DOI: 10.18267/j.polek.1282  

The paper analyses episodes of successful reduction of public debt in OECD countries. From 2008 to 2018, we identify 19 episodes of fiscal consolidation, of which five resulted in a significant debt reduction. The most successful post-crisis concept is extensive, long-term consolidations and consolidations started with excessive initial debt. Spending cut consolidations have not been significantly more successful than the tax increase approach. After the inclusion of projections for 2019 and 2020, we identified 18 episodes of significant debt reduction, of which nine were associated with previous fiscal consolidation and nine were not. In the years...

Příčiny odchylek nominálních kurzů od absolutní parity kupní síly v tranzitivních ekonomikách

Causes of Deviations in Nominal Exchange Rates from Absolute Purchasing Power Parity
in Transition Economies

Viktar Dudzich

Politická ekonomie 2020, 68(2):194-212 | DOI: 10.18267/j.polek.1273  

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...

První teorie úvěru a její instituce: dobročinné úvěrové  instituce  v  hospodářských  dějinách  západu

First Theory of Credit and its Institutions: Benevolent Credit Institutions in an Economic
History of the West

Vojtěch Müllner, František Svoboda

Politická ekonomie 2020, 68(2):213-236 | DOI: 10.18267/j.polek.1276  

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,...

Významný příspěvek k problematice modelů DSGE

Miloslav Vošvrda

Politická ekonomie 2020, 68(2):237-242 | DOI: 10.18267/j.polek.1274