Abstract:This paper analyses the relation between Czech exports in goods and services and German GDP. In order to contribute to the current state of knowledge the analysis goes more into detail in terms of disaggregating the German GDP. Do Czech exports depend more on German domestic absorption, or is it, rather, German exports which determine Czech exports? Does the Czech Republic produce goods for German consumers or is it an "outsourced" supplier to German export channels, instead? Co-integration analysis and the analysis of the commodity structure of Czech exports to Germany are employed to address these questions. The i ndings of this research indicate that the relationship between Czech exports and German GDP is a very complex one. The Czech economy can be considered a part of German distribution channels, which serves as its specialized outsourced production capacity.
Abstract:Exchange rate forecasting is an important fi nancial problem that is receiving increasing attention nowadays especially because of its diffi culty and host of practical applications in globalising world of today. The paper presents an enhanced MIA-GMDH-type network, discusses its design methodology and carries out some numerical experiments in the fi eld of exchange rate forecasting. The method presented in this paper is an enhancement of self-organizing polynomial Group Method of Data Handling (GMDH) with several specifi c improved features -coeffi cient rounding and thresholding schemes and semi-randomized selection approach to pruning. The experiments carried out include exchange rate prediction and hedging case study where the predictions were used for fi nancial management decision simulation of a virtual company. The results indicate, that the method shows promising potential of self-organizing network methodology. This implies that the proposed modelling approaches can be used as a feasible solution for exchange rate forecasting in fi nancial management.
This article analyzes comparative price levels of 10 new EU member countries from Central, East, and South-East Europe and discusses their main determinants. A comparison of comparative price levels is logically followed by a comparison of relative GDP per capita in purchasing power parities. Further, the Balassa-Samuelson efect is theoretically explained and empirically tested using a sample of EU27 countries (excluding Luxemburg). The results of simple regression analysis confrm that diferences in comparative price levels can be explained by the diferences in relative GDP per capita in purchasing power parities. Besides the Balassa-Samuelson efect there are, however, many other factors that have an impact on comparative price levels. Tey are related to the lower competitiveness of domestic companies on international markets as the result of such factors as a lower quality of production, inefcient organizational structures and management styles, insufcient marketing and business skills, or a poor approach to international distribution channels.
ÚvodFinancování vysokých škol je důležitým tématem ekonomické teorie i hospodářské praxe. Investice do vzdělání přinášejí pozitivní efekty jak pro jednotlivce, tak i celou společnost. V literatuře se v této souvislosti hovoří o pozitivních externalitách (Urbánek, 2006) či tzv. spill-over efektech (Blundell et al., 1999). Lidský kapitál je zdrojem ekonomického růstu, předpokladem konkurenceschopnosti země a základem pro celkový rozvoj společnosti.Psacharopoulos (1994) provádí rozsáhlá měření návratnosti investic do primárního, sekundárního a terciárního vzdělání v rámci vybraných světových regionů a dospívá k závěrům, že investice do vzdělání mají nadprůměrné míry výnosnosti pro jednotlivce i společnost, byť výsledky jsou diferencované v závislosti na stupni vzdělání, oboru studia, regionu, pohlaví atp. V české literatuře se tímto tématem zabývají např.
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