Czech Financial and Accounting Journal, 2020 (vol. 2020), issue 1

Articles

Context of external economic imbalances adjustments and long-term economic growth

Jiří Pour

Český finanční a účetní časopis 2020(1):5-26 | DOI: 10.18267/j.cfuc.541  

Theoretically, external economic imbalance can be seen as an issue of chronic over-investment or under-saving of economies, and the process of correction may therefore be interpreted as a systematic movement of the national saving and investment rates towards their long-term equilibrium values. Such movement can be captured as a structural break in time series. We tried to empirically verify the long-term effects of the external imbalances adjustments on economic growth - namely whether structural breaks in the trend of relevant variables are related to the occurrence of structural breaks in GDP trend. The results suggest that the long-term adjustments...

Efficiency of Public Procurement in the Slovak Health Care

Juraj Nemec, Matúš Grega, Mária Horehájová, Matúš Kubák

Český finanční a účetní časopis 2020(1):27-39 | DOI: 10.18267/j.cfuc.542  

Increased efficiency of public procurement represents one of key factors of functional public finance. Slovak health care is the example of a service delivery area, suffering from permanent financial problems – improved public procurement would serve as one of tools to cope with them. The goal of this paper is to analyse the current situation of the public procurement in the Slovak health care system. We map both technical and allocative efficiency dimensions. The research sample represents all procurement cases of health care institutions in Slovakia for the period 2014 - 2019 (2141 cases). We also mapped in very detailed way all purchases of...

Economic policy response to internal and external shocks

Pavel Morda

Český finanční a účetní časopis 2020(1):41-62 | DOI: 10.18267/j.cfuc.543  

The paper focuses on the reactions of economic policy to external and internal shocks. It refers to the current economic situation caused by the COVID-19 pandemic that generated a combination of internal and external negative economic shock and an unprecedented termination of some sectors or industries. The aim of the paper is to observe the change in economic policy responses over the last decade by comparing a monetary and fiscal policy responses after the outbreak of the global financial crisis in 2008 with the current economic situation. Most of the observed states indicated faster and stronger reactions of economic policy during the COVID-19 pandemic...

Discussion

Pension reform for the future

Jiří Pochman

Český finanční a účetní časopis 2020(1):63-82 | DOI: 10.18267/j.cfuc.540  

This paper proposes fundamental changes in the Czech pension system, which would significantly help with the resolution of its problems with comprehensibility and long-term financial sustainability. Firstly, the paper introduces the basic characteristics of our pension system to the reader, including the procedure for calculating the old-age pension. Then, it explains why it is necessary to perform fundamental and particular changes in the pension system (i.e. to carry out a pension reform). Final and main part of the paper presents the proposed direction, which the reform of our pension system should take, and in general proposes measures that would...