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Institute of Economic Studies 
- Policy Risk in Action: Pension Reforms and Social Security Wealth in Hungary, Czech Republic, and Slovakia
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June 18, 2008 16:55
The paper provides evidence on the policy risk of social security in Hungary, Czech Republic and Slovakia by computing the changes in the social security wealth induced by the pension reforms undertaken since the 1990s.
- Duality of Power in the European Parliament
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June 18, 2008 16:47
This paper addresses the following question: Taking as decisional units national chapters of European political parties, is there a difference between a priori voting power of national groups in the case of “national” coordination of voting and in the case of “partisan” coordination of voting?
- (Micro)Economic Methodology and its Contributions to the Formulation and Interpretation of Rules of Private Law
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June 18, 2008 16:36
The paper reviews (in Czech) the main qualitative tools applied by (micro)economic analysis and surveys the main literature on the topic. Economics is often being criticised by its opponents for the use of unrealistic assumptions.
- Performance and financing of the corporate sector: the role of foreign direct investment
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June 18, 2008 16:01
Within the ongoing globalization and international division of labor, a large number of foreign companies have established production units in Central and Eastern Europe countries to benefit from low labor costs and other advantages. This study looks both in theoretical and empirical terms at whether large foreign presence has also affected domestic firms.
- Stress testing of the Czech banking sector
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June 18, 2008 15:50
This article presents the results of stress tests of the Czech banking sector conducted using models of credit risk and credit growth broken down by sector.
- Determinants of corporate financing decisions: a survey evidence from Czech firms
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June 18, 2008 15:46
This paper investigates the empirical evidence on determinants of financing decisions on the pool of respondents among financial managers of Czech firms.
- Towards Measurement of Political Pressure on Central Banks in the Emerging Market Economies: The Case of the Central Bank of Egypt
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January 18, 2008 17:47
This paper assesses whether the legal independence granted to the Central Bank of Egypt (CBE) under the latest legislation is factual. I followed Fry’s methodology, which assumes that the level of independence of the central bank is determined by fiscal attributes.
- The Supply of Foreign Direct Investment Incentives: Subsidy Competition in an Oligopolistic Framework
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January 18, 2008 17:46
What are the inducements for government provisions of incentives to foreign investors? Which aspects affect an offered allowance volume most? To what degree is the international subsidy competition intensive? To discuss these problems, two microeconomic models will be presented; the first one for minimal sufficient investment incentive, the other one for optimal investment incentive.
- The Impact of Social and Tax Policies on Families with Children: Comparative Study of the Czech Republic, Hungary, Poland and Slovakia
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January 18, 2008 17:45
The paper focuses on the impact of government social and tax policy on families with children compared to their childless couples in the Czech Republic, Hungary, Poland and Slovakia.
- Labour Market Institutions and Their Contribution to Labour Market Performance in the New EU Member Countries
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January 18, 2008 17:42
This paper focuses on the role of labour market institutions in explaining different labour market developments in European countries, with a special attention to the new European Union member countries.
- The Effects of Monetary Policy in the Czech Republic: An Empirical Study
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January 18, 2008 17:41
In this paper, we examine the effects of Czech monetary policy on the economy within VAR and the structural VAR framework. We document well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks.
- On the importance of clean accounting measures for the tests of stock market efficiency
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January 18, 2008 17:39
Tests of the semi-strong form of the efficient market hypothesis (EMH) typically use earnings and book value of equity as benchmarks of fundamental value. Accounting earnings, however, are contaminated by noise due to their transient component and book value of equity tends to be biased downwards due to accounting conservatism. We investigate whether controlling for these effects impacts on the implications concerning the information efficiency of the Swedish stock market.
- European Social Models and Growth: Where are the Eastern European countries heading?
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January 18, 2008 17:38
The authors find that as they seek to develop a social model both appropriate to their needs and consistent with EU standards, Eastern European countries must understand that a single European Social Model does not exist.
- Regulation of Bank Capital and Behavior of Banks: Assessing the US and the EU-15 Region Banks in the 2000-2005 Period
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January 18, 2008 17:37
The purpose of this paper is to assess and compare how American and European banks adjust their level of capital and portfolio risk under capital regulation, whether and how they react to constraints placed by the regulators. In order to do this, we estimate a modified version of the simultaneous equations model developed by Shrieves and Dahl.
- Markets vs. Politics, Correcting Erroneous Beliefs Differently
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January 18, 2008 17:36
This paper argues that the need for aggregation creates different incentives for belief updates in private and political choice. It also reviews contemporary theories of biased beliefs in politics: Bayesian misperceptions, behavioral anomalies, and rational irrationality.
- Measuring and Explaining Inflation Persistence: Disaggregate Evidence on the Czech Republic
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January 18, 2008 17:35
The paper provides an empirical analysis of inflation persistence in the Czech Republic using 412 detailed product-level consumer price indexes underlying the consumer basket over the period from 1994:M1 to 2005:M12.
- Models of Political Cycles: The Czech Experience
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January 18, 2008 17:34
This paper studies whether the dynamic behavior of real GDP, unemployment and inflation is systematically affected by the timing of elections and by changes of governments in the Czech Republic.
- Budgetary Rules and Budget Process: Theory, Empirics, and the Case of the Czech Republic
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January 18, 2008 17:33
The publication surveys theories of impacts of budgetary rules in the budget process, review empirical evidence and on the basis of comparative studies design an optimal shape of the Czech budgetary rules.
- Modeling Electronic FX Brokerage as a Fast Order-Driven Marketunder Heterogeneous Private Values and Information
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January 18, 2008 17:32
The paper develops a theoretical framework for studying price formation in brokered foreign exchange markets with very high order arrival frequency (to be followed by an application to real data on Czech koruna transactions in subsequent work).
- Cyclical Bias in Government Spending: Evidence from New EU Member Countries
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January 18, 2008 17:31
This paper focuses on dynamics of government spending over the business cycle. The aim of this paper is to show that a similar asymmetry of government spending dynamics can also be found in fiscal data of new EU member countries.
