Politická ekonomie, 2020 (vol. 68), issue 3

Vykazování jiného výsledku hospodaření minulých let v českých společnostech

Reporting of Prior Period Errors and Changes in Accounting Policies by Czech Companies

Jana Skálová, Ladislav Mejzlík, Marcel Bareš

Politická ekonomie 2020, 68(3):245-266 | DOI: 10.18267/j.polek.1279  

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...

Mohou být strnulosti nominálních mezd problémem v situaci deflace způsobené hospodářským růstem?

Is Nominal Wage Rigidity a Problem in the Case of Deflation Driven by Economic Growth?

Tomáš Frömmel, Pavel Potužák

Politická ekonomie 2020, 68(3):267-289 | DOI: 10.18267/j.polek.1272  

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...

Analýza relativní přeinvestovanosti či podinvestovanosti ekonomik na panelových datech 122 zemí světa

Analysis of Relative Over-investment and Under-investment of Economies on Panel Data for 122 Countries of the World

Jiří Pour

Politická ekonomie 2020, 68(3):290-321 | DOI: 10.18267/j.polek.1280  

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...

Reálná ekonomika jako zdroj nerovnováhy obchodní bilance - základní přístup

Real Economy as a Source of Trade Balance Disequilibrium - Basic Approach

Ondřej Šíma

Politická ekonomie 2020, 68(3):322-347 | DOI: 10.18267/j.polek.1281  

The aim of this paper is to specify the determinants from the real economy causing long-term disequilibrium in the trade balance. The analysis is carried out for all countries of the world for the period 1980-2016 (according to data availability) using panel and cross-sectional regression. We employ the absorption approach as the basic theoretical model. From the supply side of the economy, the main determinants are: export of primary resources, e.g. oil and gas, geographical factors and institutional quality of the economy. From the demand side of the economy, the trade balance is influenced mainly by the demographic structure of the population and...

Sankce západních zemí a ruská odvetná opatření: dopad na české exporty

Sanctions by Western Countries and Russian Countermeasures: Impact on Czech Exports

Lucie Coufalová

Politická ekonomie 2020, 68(3):348-366 | DOI: 10.18267/j.polek.1283  

This paper addresses Czech international exports from 2000 to 2017. The goal of the paper is to determine whether the economic sanctions imposed on the Russian Federation by most of the Western countries, and especially the countermeasures adopted by the Kremlin, have exercised any significant effect on the Czech exports to Russia. The approach adopted is a gravity model and the results lead to the conclusion that the economic sanctions do not have any significant effect on the global Czech exports to Russia. Nevertheless, the sanctions affect the type of future economic cooperation between the Czech Republic and the Russian Federation.

Nositelé Nobelovy ceny za ekonomii pro rok 2019

Pavel Sirůček

Politická ekonomie 2020, 68(3):367-377 | DOI: 10.18267/j.polek.1286