Politická ekonomie, 2020 (roč. 68), číslo 5
Stati
Analýza vývoje čistých domácích a zahraničních aktiv bankovní soustavy (příklad České republiky v letech 1996-2017)
Analysis of Dynamics of Net Home and Foreign Assets of Banking Systems Using the Case of the Czech Republic in 1996–2017
Karel Brůna, Martin Mandel
Politická ekonomie 2020, 68(5):489-514 | DOI: 10.18267/j.polek.1291 
Relative changes in home and foreign assets of the Czech banking system are negatively correlated in the period 1996-2017. The target of the research is to test this empirical fact deeply to explain how far this is only a balance sheet effect that is a result of booking the exchange rate changes in monetary survey statistics and how far this is a consequence of economic system behaviour. Our empirical analysis using the Granger causality test and the unconditional ARDL ECM model does not rule out the validity of the balance sheet hypothesis. Besides, it explains the economic nature of this phenomenon in relationship with GDP, exchange rate, foreign...
Známý versus neznámý vlastník: vazby mezi transparentním vlastnictvím a firemním rozhodováním
Known Versus Anonymous Ownership: Exploring Links Between Ownership Transparency and Firms’ Decisions
Jan Hanousek, Jr., Jan Hanousek
Politická ekonomie 2020, 68(5):515-533 | DOI: 10.18267/j.polek.1294
The paper extends existing research on the effects of ownership structures on company performance by including a dimension of transparency in the ownership structure. We analyse the effect of an unknown owner and pyramidal structure on company profitability, capital structure and investment. We conduct this research in accordance with existing theories on a panel of private companies within the cultural and political alliance of four Central European countries, called the Visegrad Group. The total population includes over 111,000 firm-level panel data observations between 2001 and 2015. Lack of transparency in the ownership structure leads to lower...
Je daň z příjmů fyzických osob ze závislé činnosti v České republice progresivní?
Is Personal Income Tax on Dependent Activity in the Czech Republic Progressive?
Michal Krajňák
Politická ekonomie 2020, 68(5):534-553 | DOI: 10.18267/j.polek.1295
The paper deals with an analysis of the tax progressivity of personal income tax on dependent activity in the Czech Republic in the period 1993-2018. The personal income tax had a progressive rate in the past. Since 2008, the tax rate has been linear, complemented since 2013 by a solidarity tax increase. The analysis results show that in spite of the linear tax rate, the personal income tax in the Czech Republic is not linear. In most cases, the income tax has a progressive character due to the non-taxable part or tax reliefs. For taxpayers with above-average income, the situation is opposite and their tax liability was regressive in the period 2008-2012.
Vplyv nemeckého akciového trhu na akciové trhy krajín V4
Influence of German Stock Market on Stock Markets of V4 Countries
Peter Árendáš, Božena Chovancová, Ľuboš Pavelka
Politická ekonomie 2020, 68(5):554-568 | DOI: 10.18267/j.polek.1288
Due to progressing globalisation and deepening integration of global financial markets, the topic of relations between individual markets has got into the centre of attention of many economists. Especially on the stock markets, we can observe a tendency of the more developed markets to affect developments on the less developed markets. This is also valid for stock markets of the Central and Eastern European (CEE) countries, the V4 countries included. In the case of returns and volatilities of the V4 stock markets, it is possible to expect a strong influence of the German stock market. We follow this influence using the Granger causality. Our analysis...
Mateřská sankce v České republice, její vývoj a zdroje
Motherhood Penalty in the Czech Republic: Its Evolution and Sources
Drahomíra Zajíčková, Miroslav Zajíček
Politická ekonomie 2020, 68(5):569-604 | DOI: 10.18267/j.polek.1292
We use EU SILC data for the Czech Republic to estimate the size of the motherhood penalty for the period 2006-2017. We find out that adjusted motherhood penalty amounts to 11-15% in the period 2006-2008. At that time, the Czech Republic appeared to be comparable to countries such as Germany and the UK. However, the motherhood penalty effectively disappears after 2009 and the Czech Republic is now placed in the same group with Scandinavian countries, France and Belgium. Despite that, there are still many obstacles for mothers to increase their labour market participation, which translate mainly into wage penalties via the experience and labour intensity...