Charles University

Displaying 1-40 of 112 results

  • White Papers // Oct 2013

    Fully Bideniable Public-Key Encryption

    Bideniable encryption allows both sender and receiver in a public-key setting to simultaneously claim that a different message of their choice was transmitted, and support this claim by a good-looking encryption and key-generation randomness, respectively. A weaker version with two variants of algorithms is called flexible or multi-distributional deniability, a...

    Provided By Charles University

  • White Papers // Oct 2012

    On Online Labeling with Polynomially Many Labels

    In the online labeling problem with parameters n and m the authors are presented with a sequence of n keys from a totally ordered universe U and must assign each arriving key a label from the label set {1, 2,...,m} so that the order of labels (strictly) respects the ordering...

    Provided By Charles University

  • White Papers // Jun 2012

    Linked Data Aggregation Algorithm: Increasing Completeness and Consistency of Data

    The advent of linked data accelerates the evolution of the web into an exponentially growing information space, bringing the information consumers unrestricted access to the data and enabling an agile information aggregation, which has up to now not been possible. Such information aggregation comes with inherent problems, such as provision...

    Provided By Charles University

  • White Papers // Jan 2012

    Software for Small-to- Medium Enterprises

    Small-to-Medium Enterprises (SME) have specific requirements on the SoftWare Systems (SWS) they use. SME have a limited possibility to design stable business processes as they have limited resources and data to design the processes properly. Moreover, SME must be able to adapt itself dynamically to changing business conditions and must,...

    Provided By Charles University

  • White Papers // Jul 2011

    Who Borrows And Who May Not Repay?

    The authors use Household Budget Survey data to analyze the evolution of the household credit market in the Czech Republic over the period 2000-2008. They next merge their data with the Statistics on Income and Living Conditions in 2005-2008, in order to test the validity of the standard debt burden...

    Provided By Charles University

  • White Papers // Jun 2011

    Rational Inattention To Discrete Choices: A New Foundation For The Multinomial Logit Model

    Often, individuals must choose among discrete alternatives with imperfect information about their values, such as selecting a job candidate, a vehicle or a university. Before choosing, they may have an opportunity to study the options, but doing so is costly. This costly information acquisition creates new choices such as the...

    Provided By Charles University

  • White Papers // Jun 2011

    Discrete Actions In Information-Constrained Tracking Problems

    Optimal actions of an agent facing a Shannon capacity constraint on the translation of an uncertain signal into an action can easily turn out to be discretely distributed, even when the objective function and the initial distribution of uncertainty contain no discrete elements. The authors show this result analytically in...

    Provided By Charles University

  • White Papers // May 2011

    A Note On Equilibrium Uniqueness In The Baron-Ferejohn Model

    The Baron-Ferejohn multilateral bargaining model predicts a payoff-unique Stationary Subgame Perfect Equilibrium (SSPE) in which players' equilibrium strategies are not uniquely determined. In this paper, the authors present a modified version of the Baron-Ferejohn model by introducing veto players and provide a sufficient condition to obtain a truly unique SSPE...

    Provided By Charles University

  • White Papers // Apr 2011

    Estimating The Volatility Of Electricity Prices: The Case Of The England And Wales Wholesale Electricity Market

    Price fluctuations that partially comove with demand are a specific feature inherent to liberalized electricity markets. The regulatory authority in Great Britain, however, believed that sometimes electricity prices were significantly higher than what was expected and, therefore, introduced price-cap regulation and divestment series. In this paper, the author analyzes how...

    Provided By Charles University

  • White Papers // Apr 2011

    Structural Versus Behavioral Remedies In The Deregulation Of Electricity Markets: An Experimental Investigation Guided By Theory And Policy Concerns

    The authors try to better understand the comparative advantages of structural and behavioral remedies of deregulation in electricity markets, an eminent policy issue for which the experimental evidence is scant and problematic. Specifically, they investigate theoretically and experimentally the effects on competition of introducing a forward market - considered a...

    Provided By Charles University

  • White Papers // Apr 2011

    Credit Rationing And Public Support Of Commercial Credit

    Credit contracting between a lender with monopoly market power and a small start-up entrepreneur may lead to the rejection of projects whose expected benefits are higher than their total costs. This inefficiency may be eliminated by government support in the form of credit guarantees or interest rate subsidies. This paper...

    Provided By Charles University

  • White Papers // Apr 2011

    The Role Of Investment Incentives In Regional FDI Reallocation: A Regression-discontinuity Approach

    This paper analyzes the causal effect of investment incentives on regional allocation of Foreign Direct Investment (FDI) in the Czech Republic during 2001-2007. Investment incentives institutional setup provided foreign investors with financial incentives depending on the particular district unemployment rate. The identification strategy is based on a regression-discontinuity approach as...

    Provided By Charles University

  • White Papers // Mar 2011

    Intellectual Property Rights Protection And Enforcement In A Software Duopoly

    The authors study the economic impacts of the interaction between a regulator's Intellectual Property Rights (IPR) protection policy against software piracy on the one side and the forms of IPR protection that software producers may themselves undertake to protect their intellectual property on the other side. Two developers, each offering...

    Provided By Charles University

  • White Papers // Mar 2011

    The Identification Of Price Jumps

    The authors performed an extensive simulation study to compare the relative performance of many price-jump indicators with respect to false positive and false negative probabilities. They simulated twenty different time series specifications with different intraday noise volatility patterns and price-jump specifications. The double McNemar (1947) non-parametric test has been applied...

    Provided By Charles University

  • White Papers // Feb 2011

    Consumer Reactions To Unobserved Changes In Price Schedules

    Economic theory presumes that individuals respond to true marginal prices when deciding on the amount of goods and services they buy and many other economic decisions. However, learning about these marginal prices is often costly in terms of search time, cognitive effort or monetary outlays. This is likely to be...

    Provided By Charles University

  • White Papers // Jan 2011

    The Telecommunications Industry And Economic Growth: How The Market Structure Matters

    This paper presents an endogenous growth model where, in line with the recent empirical evidence, the telecommunications industry (telecom) is an engine of growth. In such a framework, this paper analyzes the channels through which telecom contributes to economic growth and focuses on market structure analysis for telecom, in the...

    Provided By Charles University

  • White Papers // Jan 2011

    Monetary Policy Rules And Financial Stress: Does Financial Instability Matter For Monetary

    The authors examine whether and how main central banks responded to episodes of financial stress over the last three decades. They employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K.,...

    Provided By Charles University

  • White Papers // Jan 2011

    Generational Accounting In European Health Care Systems

    Growing shares of health care sectors in national income in the OECD countries have been observed for decades. Rising demand for health care coupled with medical advances may generate a significant burden on public finance in the ageing Europe in the coming years. The authors explore European public health care...

    Provided By Charles University

  • White Papers // Jan 2011

    Rent Deregulation, Tenure Choice, And Real Estate Price Expectations

    The authors study a natural experiment in the Czech Republic where the maximum regulated rent appreciation has depended explicitly on the price of real estate since 2007. They track the tenure choice of households from consumption surveys for subsequent years. Rent deregulation makes households in regulated apartments more likely to...

    Provided By Charles University

  • White Papers // Jan 2011

    The Golden Rule Of Public Finance And The Productivity Of Public Capital

    This paper concentrates on the golden rule of public finance. It reviews the main advantages and disadvantages of the potential implementation of this rule in the European Union. Often the question of the productivity of public capital is at the heart of the rule's discussions. As this issue has mostly...

    Provided By Charles University

  • White Papers // Jan 2011

    How Are Inflation Targets Set?

    This paper aims to contribute to a better understanding on how inflation targets are set. For this reason, the authors first gather evidence from official central bank and government publications and from a questionnaire sent to central banks on how inflation targets are set; they then estimate the determinants of...

    Provided By Charles University

  • White Papers // Dec 2010

    Corruption, Voting And Employment Status: Evidence From Russian Parliamentary Elections

    This paper examines to what extent the distribution of votes and voting behavior of people with different employment status are affected by regional differences in corruption. Using data from the Russian Parliamentary (State Duma) Elections 1999 and 2003, the author develops and estimates a SUR system of equations which takes...

    Provided By Charles University

  • White Papers // Dec 2010

    Second-Best Trade Policies, R&D Spillovers And Government (In)Ability To Precommit In An Intra-Industry Trade Framework

    The authors introduce an intra-industry setup in order to reconsider the consequences of government (in)ability to precommit to its policies when it is constrained to only one policy instrument (second-best policies). This setup nests the standard frameworks of strategic trade policy - the "Third-market" and the "Home-market" framework. They also...

    Provided By Charles University

  • White Papers // Nov 2010

    How Does Monetary Policy Respond To Financial Stress?

    The authors examine whether and how main central banks responded to episodes of financial stress over the last three decades. They employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K.,...

    Provided By Charles University

  • White Papers // Nov 2010

    Access To Capital And Capital Structure Of The Firm

    The paper examines the importance of financial constraints for firm capital structure decisions in transitions economies during 1996-2006 using endogenous switching regression with unknown sample separation approach. The evidence suggests that differences in financing constraints have a significant effect on a firm's capital structure. Constrained and unconstrained firms differ in...

    Provided By Charles University

  • White Papers // Oct 2010

    Can Religion Insure Against Aggregate Shocks To Happiness? The Case Of Transition Countries

    This paper focuses on the effects of reforms and happiness in transition economies. Previous literature suggests that religiousness insures happiness against individual stressful life events, such as unemployment, disability, or marital separation. The author estimates an econometric model to study if religion also insures against aggregate shocks to happiness, such...

    Provided By Charles University

  • White Papers // Oct 2010

    Don't Drink And. Avoid Risky Sex Of Your Peers: The Influence Of Alcohol Consumption Of Opposite-Gender Peers On Youth Risky Sexual Behavior

    The author estimates the effect of opposite-gender peer drinking on individual risky sexual behavior among Czech youth. The identification strategy relies on two main controls for individual and group-specific unobservables. First, younger schoolmates' sexual behavior is a control for school-specific attitudes toward sexual behavior. Second, pre-determined individual pre-secondary-school alcohol consumption...

    Provided By Charles University

  • White Papers // Oct 2010

    Macroeconomics Of Microfinance: How Do The Channels Work?

    Recent changes in the microfinance landscape are characterized by increasing patterns of its integration with national financial systems and entry of commercial banks. Microfinance is no longer perceived as an isolated marginal sector of informal intermediation but rather constitutes particular lower-end segment of the broader financial system. Addressing the limited...

    Provided By Charles University

  • White Papers // Oct 2010

    Deregulation, Economic Growth And Growth Acceleration

    The paper analyzes the influence of credit-, labor-, and product market deregulation policies on economic growth in more than 70 economies over a period of 30 years. It addresses both the issues of reform measurement and its endogeneity. Specifically, by combining a difference-in-difference strategy with an IV approach to the...

    Provided By Charles University

  • White Papers // Oct 2010

    Measuring Skill Intensity Of Occupations With Imperfect Substitutability Across Skill Types

    In absence of a model-based measure of occupational skill-intensity, the literature on wage inequality cannot consistently track technological progress on occupational level - a key ingredient of recent theories of labor market polarization. In this paper, the author uses the March CPS data from 1983 to 2002 to estimate such...

    Provided By Charles University

  • White Papers // Oct 2010

    Growth Of Electoral Fraud In Non-Democracies: The Role Of Uncertainty

    Electoral fraud has become an integral part of electoral competition both in established democracies and less-than-democratic regimes. In this paper, the author studies electoral fraud in the non-democratic setting. First, the author presents evidence of fraud sustainability and growth over the lifetime of non-democratic regimes in post-Soviet and Sub-Saharan countries....

    Provided By Charles University

  • White Papers // Oct 2010

    Fairness In Risky Environments: Theory And Evidence

    Theories of fairness have typically used the assumption of ex-ante known pie size. Pie size, however, is rarely known ex ante. Using three simple allocation problems generally known as dictator, ultimatum and trust games, the authors explore the influence of ex-ante unknown pie size of varying degrees of risk on...

    Provided By Charles University

  • White Papers // Sep 2010

    Were Stocks During The Financial Crisis More Jumpy: A Comparative Study

    This paper empirically analysis the price jump behavior of heavily traded US stocks during the recent financial crisis. Namely, the author tests the hypothesis that the recent financial turmoil caused no change in the price jump behavior. To accomplish this, the author employs data on realized trades for 16 stocks...

    Provided By Charles University

  • White Papers // Sep 2010

    Overcoming Consumer Biases In The Choice Of Pricing Schemes: A Lab Experiment

    This paper uses experimental data to investigate possible biases in consumers' choice of pricing schemes when their demand is perfectly inelastic but uncertain. The author considers three-part pricing schemes (i.e. fixed fee, included units, extra-unit price). The analysis suggests a strong bias towards the pricing scheme with the number of...

    Provided By Charles University

  • White Papers // Sep 2010

    The Effect Of Time In A Multi-Dimensional Marriage Market Model

    In the paper, the author develops a theoretical model of a marriage market that accounts for the effect of aging on agents' wealth and physical attractiveness. Furthermore, the author uses the model to analyze how the structure and more importantly the stability of the marriage market is affected by the...

    Provided By Charles University

  • White Papers // Sep 2010

    Analysis Of Electricity Industry Liberalization In Great Britain: How Did The Bidding Behavior Of Electricity Producers Change?

    Promoting competition among electricity producers is crucial for ensuring allocative efficiency and lower electricity prices. In this paper, the author empirically examines the electricity market of England and Wales in order to analyze to what extent the regulatory reforms were successful in promoting competition among electricity producers during 1995-2000. This...

    Provided By Charles University

  • White Papers // Aug 2010

    A Family of Real-Time Java Benchmarks

    Java is becoming a viable platform for real-time computing. There are production and research real-time Java VMs, as well as applications in both military and civil sector. Technological advances and increased adoption of Real-time Java contrast significantly with the lack of benchmarks. Existing benchmarks are either synthetic micro-benchmarks, or proprietary,...

    Provided By Charles University

  • White Papers // Aug 2010

    Welfare Improving Coordination Of Fiscal And Monetary Policy

    Should independent monetary and fiscal policies coordinate their actions and/or targets? To examine this question the paper considers a simple reduced-form model in which monetary and fiscal policies are formally independent, but still interdependent - through their mutual spillovers. The analysis shows that the medium-run equilibrium levels of inflation, deficit,...

    Provided By Charles University

  • White Papers // Aug 2010

    Intergenerational Bargaining In Technology Adoption

    The author studies the choice of technology adoption in an environment where human capital is transmitted from the old to the young generation, but the young generation can opt out for a new technology. The adoption and matching decisions are made in a sequential intergenerational bargaining. Since technology adoption benefits...

    Provided By Charles University

  • White Papers // Aug 2010

    Oligopolistic Price Competition With Informed And Uninformed Buyers

    The standard price competition of two or more players leads to Bertrand equilibrium in basic economic theory (if complete information is assumed, there are no capacity constraints, etc.). In reality, even on highly competitive Internet-based markets, the prices of seemingly undifferentiated goods (e.g. books and CDs on Amazon and similar...

    Provided By Charles University

  • White Papers // May 2008

    Preserving Intentions in SOA Business Process Development

    Business processes play an important role in Service-Oriented Architectures. Commonly, the business processes are designed in the Business Process Modeling Notation (BPMN), which allows their development even by persons without programming skills. Being abstract and high-level BPMN is not suitable for direct execution, though. The natural choice for implementing business...

    Provided By Charles University

  • White Papers // Jan 2012

    Software for Small-to- Medium Enterprises

    Small-to-Medium Enterprises (SME) have specific requirements on the SoftWare Systems (SWS) they use. SME have a limited possibility to design stable business processes as they have limited resources and data to design the processes properly. Moreover, SME must be able to adapt itself dynamically to changing business conditions and must,...

    Provided By Charles University

  • White Papers // Dec 2008

    The Extended Concept of Security and the Czech Security Practice

    According to the extended concept of security, the nation state is no longer the sole privileged reference object of security. The traditional model of national security is developing from military terms to a broader concept which embraces the international, economic, social, environmental, and human rights dimensions of security. The meaning...

    Provided By Charles University

  • White Papers // Oct 2013

    Fully Bideniable Public-Key Encryption

    Bideniable encryption allows both sender and receiver in a public-key setting to simultaneously claim that a different message of their choice was transmitted, and support this claim by a good-looking encryption and key-generation randomness, respectively. A weaker version with two variants of algorithms is called flexible or multi-distributional deniability, a...

    Provided By Charles University

  • White Papers // Jun 2009

    Known-Plaintext - Only Attack on RSA - CRT with Montgomery Multiplication

    The paper describes a new attack on RSA-CRT employing Montgomery exponentiation. Given the amount of so-called final subtractions during the exponentiation of a known message (not chosen, just known), it creates an instance of the well known Hidden Number Problem (HNP,). Solving the problem reveals the factorization of RSA modulus,...

    Provided By Charles University

  • White Papers // May 2008

    Conceptual Model Based Normalization of XML Views

    As the popularity of XML as a format for data representation grows the need for storing XML data in an effective way grows as well. This paper has provide the user with effective solutions based on storing XML data into relational databases and with new technologies based on storing XML...

    Provided By Charles University

  • White Papers // Jun 2012

    Linked Data Aggregation Algorithm: Increasing Completeness and Consistency of Data

    The advent of linked data accelerates the evolution of the web into an exponentially growing information space, bringing the information consumers unrestricted access to the data and enabling an agile information aggregation, which has up to now not been possible. Such information aggregation comes with inherent problems, such as provision...

    Provided By Charles University

  • White Papers // Oct 2007

    Effects of Memory Sharing on Contemporary Processor Architectures

    Memory subsystems of contemporary processor architectures are equipped with multiple adaptive circuits such as address translation caches, various types and levels of memory content caches, memory prefetch counters, memory bus transfer buffers, memory controller address selectors. Memory subsystems of contemporary processor architectures are typically equipped with a multitude of caches,...

    Provided By Charles University

  • White Papers // Jan 2010

    Current Trends in Middleware Benchmarking

    The paper provides a brief overview of the state of the art in middleware benchmarking. The overview is used to highlight some of the outstanding issues in the area, specifically the issues related to implementing, running and evaluating regression benchmarks. The issues are analysed in depth and the course of...

    Provided By Charles University

  • White Papers // Jul 2009

    Central Bank Communication And Exchange Rate Volatility: A GARCH Analysis

    The authors examine the effects of the Czech National Bank communication, macroeconomic news and interest rate differential on exchange rate volatility using generalized autoregressive conditional heteroscedasticity model. These results suggest that central bank communication has a calming effect on exchange rate volatility. The timing of central bank communication seems to...

    Provided By Charles University

  • White Papers // May 2008

    The Effects Of Monetary Policy In The Czech Republic: An Empirical Study

    In this paper, the authors examine the effects of Czech monetary policy on the economy within VAR, structural VAR, and the Factor-Augmented VAR framework. They document a well-functioning transmission mechanism similar to the euro area countries, especially in terms of persistence of monetary policy shocks. Subject to various sensitivity tests,...

    Provided By Charles University

  • White Papers // Sep 2008

    Price Setting And Market Structure: An Empirical Analysis Of Micro Data

    Most of the papers on price setting that use micro data focus on advanced industrial countries. In this paper the authors analyze the experience of an emerging economy, Slovakia, using a large micro-level dataset that accounts for a substantial part of the consumer price index (about 5 million observations). They...

    Provided By Charles University

  • White Papers // Apr 2011

    Estimating The Volatility Of Electricity Prices: The Case Of The England And Wales Wholesale Electricity Market

    Price fluctuations that partially comove with demand are a specific feature inherent to liberalized electricity markets. The regulatory authority in Great Britain, however, believed that sometimes electricity prices were significantly higher than what was expected and, therefore, introduced price-cap regulation and divestment series. In this paper, the author analyzes how...

    Provided By Charles University

  • White Papers // Apr 2011

    Structural Versus Behavioral Remedies In The Deregulation Of Electricity Markets: An Experimental Investigation Guided By Theory And Policy Concerns

    The authors try to better understand the comparative advantages of structural and behavioral remedies of deregulation in electricity markets, an eminent policy issue for which the experimental evidence is scant and problematic. Specifically, they investigate theoretically and experimentally the effects on competition of introducing a forward market - considered a...

    Provided By Charles University

  • White Papers // Mar 2011

    Intellectual Property Rights Protection And Enforcement In A Software Duopoly

    The authors study the economic impacts of the interaction between a regulator's Intellectual Property Rights (IPR) protection policy against software piracy on the one side and the forms of IPR protection that software producers may themselves undertake to protect their intellectual property on the other side. Two developers, each offering...

    Provided By Charles University

  • White Papers // Mar 2011

    The Identification Of Price Jumps

    The authors performed an extensive simulation study to compare the relative performance of many price-jump indicators with respect to false positive and false negative probabilities. They simulated twenty different time series specifications with different intraday noise volatility patterns and price-jump specifications. The double McNemar (1947) non-parametric test has been applied...

    Provided By Charles University

  • White Papers // Feb 2011

    Consumer Reactions To Unobserved Changes In Price Schedules

    Economic theory presumes that individuals respond to true marginal prices when deciding on the amount of goods and services they buy and many other economic decisions. However, learning about these marginal prices is often costly in terms of search time, cognitive effort or monetary outlays. This is likely to be...

    Provided By Charles University

  • White Papers // Jan 2011

    Rent Deregulation, Tenure Choice, And Real Estate Price Expectations

    The authors study a natural experiment in the Czech Republic where the maximum regulated rent appreciation has depended explicitly on the price of real estate since 2007. They track the tenure choice of households from consumption surveys for subsequent years. Rent deregulation makes households in regulated apartments more likely to...

    Provided By Charles University

  • White Papers // Dec 2010

    Corruption, Voting And Employment Status: Evidence From Russian Parliamentary Elections

    This paper examines to what extent the distribution of votes and voting behavior of people with different employment status are affected by regional differences in corruption. Using data from the Russian Parliamentary (State Duma) Elections 1999 and 2003, the author develops and estimates a SUR system of equations which takes...

    Provided By Charles University

  • White Papers // Dec 2010

    Second-Best Trade Policies, R&D Spillovers And Government (In)Ability To Precommit In An Intra-Industry Trade Framework

    The authors introduce an intra-industry setup in order to reconsider the consequences of government (in)ability to precommit to its policies when it is constrained to only one policy instrument (second-best policies). This setup nests the standard frameworks of strategic trade policy - the "Third-market" and the "Home-market" framework. They also...

    Provided By Charles University

  • White Papers // Oct 2010

    Can Religion Insure Against Aggregate Shocks To Happiness? The Case Of Transition Countries

    This paper focuses on the effects of reforms and happiness in transition economies. Previous literature suggests that religiousness insures happiness against individual stressful life events, such as unemployment, disability, or marital separation. The author estimates an econometric model to study if religion also insures against aggregate shocks to happiness, such...

    Provided By Charles University

  • White Papers // Oct 2010

    Don't Drink And. Avoid Risky Sex Of Your Peers: The Influence Of Alcohol Consumption Of Opposite-Gender Peers On Youth Risky Sexual Behavior

    The author estimates the effect of opposite-gender peer drinking on individual risky sexual behavior among Czech youth. The identification strategy relies on two main controls for individual and group-specific unobservables. First, younger schoolmates' sexual behavior is a control for school-specific attitudes toward sexual behavior. Second, pre-determined individual pre-secondary-school alcohol consumption...

    Provided By Charles University

  • White Papers // Jan 2011

    Generational Accounting In European Health Care Systems

    Growing shares of health care sectors in national income in the OECD countries have been observed for decades. Rising demand for health care coupled with medical advances may generate a significant burden on public finance in the ageing Europe in the coming years. The authors explore European public health care...

    Provided By Charles University

  • White Papers // Nov 2009

    Gatekeeping - Open Door To Effective Medical Care Utilisation?

    The authors assess the ability of health insurance plans with gatekeeping restrictions to control the utilization of medical care through their influence on the choice of the initial provider. Empirical results are based on the individual-level utilization panel data from 2001-2006 Medical Expenditure Panel Survey. They find only small differences...

    Provided By Charles University

  • White Papers // Nov 2010

    How Does Monetary Policy Respond To Financial Stress?

    The authors examine whether and how main central banks responded to episodes of financial stress over the last three decades. They employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K.,...

    Provided By Charles University

  • White Papers // Jan 2011

    The Golden Rule Of Public Finance And The Productivity Of Public Capital

    This paper concentrates on the golden rule of public finance. It reviews the main advantages and disadvantages of the potential implementation of this rule in the European Union. Often the question of the productivity of public capital is at the heart of the rule's discussions. As this issue has mostly...

    Provided By Charles University

  • White Papers // Jun 2008

    Policy Risk In Action: Pension Reforms And Social Security Wealth In Hungary, Czech Republic, And Slovakia

    The authors provide 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. Methodologically they follow upon McHale's (2001) study of selected reforms in G7 countries. However, as...

    Provided By Charles University

  • White Papers // Jan 2009

    Social Security Reform In A Dynastic Life-cycle Model With Endogenous Fertility

    This paper studies the effects of a fully funded social security reform with endogenous fertility in a detailed, general equilibrium life-cycle model with dynasties whose members differ in skills and life uncertainty. The authors find that as high skill households tend to save relatively more in assets than in children,...

    Provided By Charles University

  • White Papers // Dec 2009

    Investing Into Microfinance Investment Funds

    This paper investigates investment performance of microfinance investment funds. The examined funds have recorded lower total risk than global stocks and bonds (measured by four benchmark indices) with moderate but stable returns. The analysis revealed that investment in microfinance investment funds that focus especially on debt instruments represents an attractive...

    Provided By Charles University

  • White Papers // Aug 2009

    Welfare Effects Of Housing Price Appreciation In The Economy With Binding Credit Constraints

    This paper analyzes the effects of recent housing price appreciation on aggregate welfare. It generalizes previously available results by considering credit constraints together with endogeneity of housing prices. First, housing price appreciation implies improvement in aggregate welfare in a model with exogenous housing price and credit constraints. Then, housing price...

    Provided By Charles University

  • White Papers // Apr 2011

    Credit Rationing And Public Support Of Commercial Credit

    Credit contracting between a lender with monopoly market power and a small start-up entrepreneur may lead to the rejection of projects whose expected benefits are higher than their total costs. This inefficiency may be eliminated by government support in the form of credit guarantees or interest rate subsidies. This paper...

    Provided By Charles University

  • White Papers // Nov 2010

    Access To Capital And Capital Structure Of The Firm

    The paper examines the importance of financial constraints for firm capital structure decisions in transitions economies during 1996-2006 using endogenous switching regression with unknown sample separation approach. The evidence suggests that differences in financing constraints have a significant effect on a firm's capital structure. Constrained and unconstrained firms differ in...

    Provided By Charles University

  • White Papers // Oct 2010

    Macroeconomics Of Microfinance: How Do The Channels Work?

    Recent changes in the microfinance landscape are characterized by increasing patterns of its integration with national financial systems and entry of commercial banks. Microfinance is no longer perceived as an isolated marginal sector of informal intermediation but rather constitutes particular lower-end segment of the broader financial system. Addressing the limited...

    Provided By Charles University

  • White Papers // Sep 2010

    Were Stocks During The Financial Crisis More Jumpy: A Comparative Study

    This paper empirically analysis the price jump behavior of heavily traded US stocks during the recent financial crisis. Namely, the author tests the hypothesis that the recent financial turmoil caused no change in the price jump behavior. To accomplish this, the author employs data on realized trades for 16 stocks...

    Provided By Charles University

  • White Papers // Nov 2009

    Financial Development And Allocation Of External Finance

    The authors examine whether financial systems facilitate efficient allocation of resources into perspective projects. Employing European micro-level data from 1996-2005, they show that firms in industries with the best growth opportunities use more external finance in financially more developed countries. The result is robust to controlling for technology determinants of...

    Provided By Charles University

  • White Papers // Sep 2008

    Strategic Informative Advertising In A Horizontally Differentiated Duopoly

    When firms possess information about their competitors' products, their advertisements may leak extra information. The author analyzes this within a duopoly television market that lasts for two periods. Each station may advertise its upcoming program by airing a tune-in during the first program. Viewers may alternatively sample a program. The...

    Provided By Charles University

  • White Papers // Jan 2011

    Monetary Policy Rules And Financial Stress: Does Financial Instability Matter For Monetary

    The authors examine whether and how main central banks responded to episodes of financial stress over the last three decades. They employ a new methodology for monetary policy rules estimation, which allows for time-varying response coefficients as well as corrects for endogeneity. This flexible framework applied to the U.S., U.K.,...

    Provided By Charles University

  • White Papers // Aug 2010

    Welfare Improving Coordination Of Fiscal And Monetary Policy

    Should independent monetary and fiscal policies coordinate their actions and/or targets? To examine this question the paper considers a simple reduced-form model in which monetary and fiscal policies are formally independent, but still interdependent - through their mutual spillovers. The analysis shows that the medium-run equilibrium levels of inflation, deficit,...

    Provided By Charles University

  • White Papers // Jul 2011

    Who Borrows And Who May Not Repay?

    The authors use Household Budget Survey data to analyze the evolution of the household credit market in the Czech Republic over the period 2000-2008. They next merge their data with the Statistics on Income and Living Conditions in 2005-2008, in order to test the validity of the standard debt burden...

    Provided By Charles University

  • White Papers // Jun 2011

    Rational Inattention To Discrete Choices: A New Foundation For The Multinomial Logit Model

    Often, individuals must choose among discrete alternatives with imperfect information about their values, such as selecting a job candidate, a vehicle or a university. Before choosing, they may have an opportunity to study the options, but doing so is costly. This costly information acquisition creates new choices such as the...

    Provided By Charles University