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JournalISSN: 1802-792X

ACTA VŠFS 

The University of Finance and Administration
About: ACTA VŠFS is an academic journal published by The University of Finance and Administration. The journal publishes majorly in the area(s): Value-added tax & Monetary policy. It has an ISSN identifier of 1802-792X. It is also open access. Over the lifetime, 106 publications have been published receiving 316 citations. The journal is also known as: Economic Studies and Analyses & Ekonomické studie a analýzy.


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TL;DR: The impact of the world financial crisis on monetary policy orientation is discussed in this paper, where the authors focus on the interaction between monetary policy and financial stability, and examine the ways towards a more active engagement of monetary policy in preserving financial stability.
Abstract: The article deals with the interaction between monetary policy and financial stability. The discussion is focused on the impact of the world financial crisis on monetary policy orientation. The question is raised whether the established consensus on the goals and instruments of monetary policy still holds. In the pre-crisis period the mainstream approach considered price stability and financial stability as two separated goals to be achieved through different policies and instruments. Monetary policy safeguards price stability whereas regulatory and supervisory framework is responsible for financial stability. The instruments of monetary policy were expected to cope only with the consequences of financial imbalances and asset price bubbles, ex post correcting their negative impact on the economy. Lessons from the financial crisis heed to a reassessment of that approach. In the article the ways towards a more active engagement of monetary policy in preserving financial stability are examined. The view is held that financial imbalances should be reacted to already in the process of their formation, once they create a systemic risk and threaten to cause financial disarray. Though the views on the possible options diverge as yet, the role of financial stability concerns in monetary policy making is likely to keep increasing in the foreseeable future.

99 citations

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TL;DR: In this article, the authors examined the issue of how best to determine whether the observed level of private sector credit is excessive in the context of the countercyclical capital buffer, a macroprudential tool proposed in the new regulatory framework of Basel II by the Basel Committee on Banking Supervision.
Abstract: Excessive credit growth is often considered to be an indicator of future problems in the financial sector. This paper examines the issue of how best to determine whether the observed level of private sector credit is excessive in the context of the “countercyclical capital buffer”, a macroprudential tool proposed in the new regulatory framework of Basel II by the Basel Committee on Banking Supervision. An empirical analysis of selected Central and Eastern European countries, including the Czech Republic, provides alternative estimates of excessive private credit and shows that the HP filter calculation proposed by the Basel Committee is not necessarily a suitable indicator of excessive credit growth for converging countries.

22 citations

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TL;DR: In this article, the authors focused on analysis of registered businesses in 14 regions of the Czech Republic during the period of years 1995-2013 and investigated positive impact of GDP per capita, unemployment rate and R&D institutions on the rate of registered business activity.
Abstract: The following study is focused on analysis of registered businesses in the 14 regions of the Czech Republic during the period of years 1995-2013. The aim of the study was to quantify factors that affect entrepreneurial activity expressed as rate of registered businesses per capita. Based on the previous empirical studies, the determinants were selected and hypothesis stated. Formed hypothesis investigated positive impact of GDP per capita, unemployment rate and R&D institutions on rate of registered business activity. To evaluate them, data were obtained from the Czech Statistical Office and formed into dataset. Firstly, panel regressions estimated with fixed effects method were employed and secondly, Granger causality tests to evaluate the relationship between entrepreneurial activity and GDP per capita were used. Regression estimates proved positive relationship between entrepreneurial activity in Czech regions and GDP per capita, unemployment rate and support activities of R&D institutions. Positive impact was also confirmed for population density, average age, share of tertiary educated population and real R&D expenditures. Testing Granger causality proved dual causality between entrepreneurial activity and GDP per capita confirming that GDP per capita as good predictor of economic development of Czech regions. Finally, economic growth motivates Czech individuals to enter entrepreneurial activity.

19 citations

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TL;DR: In this paper, the authors evaluate the relationship between budget transparency and fiscal performance and identify three channels through which increased transparency may limit excessive public expenditures resulting in budget deficit and public debt: (1) reduce fiscal illusion, (2) decrease information asymmetry between politicians and voters, and (3) strengthen the enforcement of fiscal rules.
Abstract: Existing published research of the relationship between budget transparency and fiscal performance confirms the expectations that higher budget transparency is associated with smaller budget deficits and lower public debt. However, our previous research did not bring such clear results and raised a fundamental question: Why should greater transparency improve fiscal performance? The objective of the proposed paper is to evaluate the relationship between budget transparency and fiscal performance. Based on the literature review we have identified three channels through which increased transparency may limit excessive public expenditures resulting in budget deficit and public debt: (1) reduce fiscal illusion, (2) decrease information asymmetry between politicians and voters which may improve accountability and increase political competition, and (3) strengthen the enforcement of fiscal rules. The results of statistical analysis (conditional means analysis for 2008 and correlation and regression analysis for 2003 to 2009) did not prove any significant negative relationship between budget transparency, measured by the Open Budget Index, and budget deficit or public debt.

14 citations

Posted Content
TL;DR: The paper briefly describes techniques of data mining, expert systems and agent based computation intelligence and specifies the types of tasks solved by these techniques in the context of financial tasks, providing deeper insight into potential usage of intelligent systems on financial markets.
Abstract: The aim of artificial intelligence is to discover mechanisms of adaptation in a changing environment with utilisation of intelligence, for instance in the ability to exclude unlikely solutions. Artificial intelligence methods have extensive application in different fields such as medicine, games, transportation, or heavy industry. This paper deals with interdisciplinary issues – interconnection of artificial intelligence and finance. The paper briefly describes techniques of data mining, expert systems and agent based computation intelligence and specifies the types of tasks solved by these techniques in the context of financial tasks. It provides deeper insight into potential usage of intelligent systems on financial markets.

12 citations

Performance
Metrics
No. of papers from the Journal in previous years
YearPapers
202211
20205
20193
20184
20174
20168