Czech Financial and Accounting Journal, 2010 (vol. 2010), issue 2

Introduction

225. výročí zrodu amerického dolaru aneb o české cestě vedoucí k jeho názvu

Petr Marek

Český finanční a účetní časopis 2010(2):4-5 | DOI: 10.18267/j.cfuc.62  

Vážení čtenáři, letos tomu bude 225 let od okamžiku, kdy Druhý kontinentální kongres1 vyhlásil na svém newyorském zasedání dne 6. července 1785 za měnovou jednotku Spojených států amerických jeden dolar. K samotnému vydání dolaru došlo však až o 7 let později na základě Mincovního zákona, Coinage Act, z 2. dubna 1792. Od této chvíle se americký dolar stal vším, čím se mohl stát. Pro některé lidi byl a je bohem, ke kterému se modlili a modlí, a jeho nabývání obětovali a obětují celý svůj život. Pro druhé představuje synonymum veškerého zla, jež může téměř za všechny lidské zločiny a jiné nectnosti. Pravda bude asi někde uprostřed obou názorů. Dolar...

Articles

Financial Crises and Their Responses in the Institutional Reforms: Glass-Steagall Act versus Dodd-Frank Act

Petr Musílek

Český finanční a účetní časopis 2010(2):6-17 | DOI: 10.18267/j.cfuc.63  

Financial crisis is a sharp, brief, ultracyclical deterioration of all or most of a group of financial indicators - illiquidity, financial insolvencies, rate of returns, asset prices, financial institutions failures, and rush out of the real or long-term financial asset into money. Financial crisis solution has two dimensions. The crisis is connected with goverment interventions to stop systematic collapse of the whole financial system. After realization of the bail-out phase, instantly starts second phase, focuses on restoring the public confidence in the financial system includes discussion and practical implementation the institutional response...

Central Banking in the Rule of Law Context in the Czech Republic

Jan Cimburek, Pavel Řežábek

Český finanční a účetní časopis 2010(2):18-31 | DOI: 10.18267/j.cfuc.64  

The goal of the paper is to define the issue of central banking in the rule of law context in the Czech Republic. The paper deals both with the legislative framework during the creation of Czechoslovak sovereign monetary policy after the year 1918 and legislative framework of modern central banking in the Czech Republic after the year 1993. It defines present status and legislative framework of central bank and offers an opinion on the future of central banking in relation to European System of Central Banks harmonization processes, future legislative framework and practical conduct of legally defined central banking functions.

Options Trading on Crisis Eve

Jan Vlachý

Český finanční a účetní časopis 2010(2):32-41 | DOI: 10.18267/j.cfuc.65  

This paper provides a review of pre-World War II financial derivatives trading in Prague. Its structure, development and various contexts are being addressed, based on a comprehensive research of contemporary resources. Empirical data, which have not been used so far for similar purpose, allow a detailed analysis of trading in options on shares of the Skoda Corporation in 1929. The most exciting era of the Czech equities market, as well as its dominant issue, are thus represented, contributing to a better understanding of Czech financial history.

The Changes within the Regulatory and Supervisory Framework of the European Union Financial Markets

Naďa Blahová

Český finanční a účetní časopis 2010(2):42-51 | DOI: 10.18267/j.cfuc.66  

The document deals with financial markets supervision. It is focused on suggested changes on European Union level. The arguments are concentrated on analysis of development related to integration of European financial markets. The options provided by so-called Lamfalussy process are discussed and compared to the recommendations of Larosiér´s report. The article shows the key issue of the supervision which is multinational financial groups.

The Implementation of Self-Regulation in Praxis

Ondřej Poul

Český finanční a účetní časopis 2010(2):52-62 | DOI: 10.18267/j.cfuc.67  

The article deals with current issues of the self-regulation in the insurance market and demonstrates on the example the consequences of its improper implementation. The introductory essay brings the author's view of self-regulation definition. Further, the article deals with the environment in which the publication of "Ampelcheck Geldanlage" was issued by the Association of Consumer Hamburg. The publication was issued mainly to reduce information asymmetry from the side of insurance brokers and correct behavior of clients in the selection of suitable investment instruments for the creation of financial reserves for lately term of life. However, since...

Certain Important Aspects of Cost Contribution Arrangements in Financial Management

Tomáš Brabenec

Český finanční a účetní časopis 2010(2):63-83 | DOI: 10.18267/j.cfuc.68  

Cost contribution arrangements (CCAs) and Cost sharing agreements (CCAs) belong to the tools of modern finance management. Costs spent by associated enterprises on developing, producing or obtaining assets, services or rights (in general - benefits) are used for tax optimizing too. The main purpose of joint research and development, producing or obtaining benefits is to lower these costs as much as possible or to maximize the benefits. The problematic of transfer pricing and arm´s length principle in connection to CCAs, CSAs is mentioned in this article, too. Next, there is mentioned how to settle participation shares of the total cost and benefits...

Specific Issues in Financial Reporting of the Economic Results of Universities in Czech Republic

Jana Ištvánfyová

Český finanční a účetní časopis 2010(2):84-93 | DOI: 10.18267/j.cfuc.69  

The article is dedicated to the topic of financial reporting of the economic results of universities in relation to their financing. The article defines basic issues and problems in the area: identification of and distinction between the various activities of publicly financed universities, the use of an accounting platform and related accounting principles, when report economic activity. Another important topic addressed in the paper is the issue of reporting financial results for the period. In the conclusion, the author discusses the connection between the financial reporting system of public universities and principles of financial audit.

Homo Sapiens in the Captivity of Economics or about Watching of the (Right) Utility

Dana Kovanicová

Český finanční a účetní časopis 2010(2):94-99 | DOI: 10.18267/j.cfuc.70  

Review informs on the book and its individual chapters commented by wider notes. States, that the central idea of the entire work is finding answers to the question, what is the relationship between the economies and good for an individual and between economics and welfare good. It appreciates the author´s effort to gain plenty of interesting ideas from the heritage of ancient civilizations. Reviewer suspends why the mature Egypt was not included into the area's ancient economy and justifies Epicurus, wrongly considered as an amoral man. Points to the Plato´s later work Laws, in which Plato (as opposed to the Constitution) had developed the concept...