Financial Innovation and Stability: The Czech Pension Reform Case Study

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1 Financial Innovation and Stability: The Czech Pension Reform Case Study Martin Janíčko Abstract: Financial innovations should be regarded as a relatively substantial element in the functioning of most modern economies. However, their general impact could be assessed from several different perspectives, depending on their particular behaviour and role they play in an economy. This contribution most importantly follows both the Post Keynesian and the Regulation School logic, trying to clarify the business cycle volatility with respect to the intensity of innovative activities in the financial sector. It also presents several concepts from behavioural economics concerning participation in pension savings schemes. The pension reform in the Czech Republic serves as yet one more channel through which we may expect an extended offer and variety of financial products flowing into the economy. Moreover, a non-negligible part of them will certainly have innovative features. In this regard, we have to focus on how the institutional framework is put into effect, so that the entire system proves to have recognizable elements of stability as well as that it fulfills the aim for which it has primarily been created. Keywords: financial innovations; business cycle amplitude; Post Keynesian economics; Regulation School; pension reform; behavioural economics; irrational ignorance JEL classification: P17, G15, E32, E44

2 Selected issues of the NAIRU, potential output and output gap on the published data and the prediction of development in the Czech Republic until the end of 2010 Emilie Jašová Abstract: Intention of this article is monitoring the development of the potential product, which is counted with application of the Cobb-Douglas production function, and of the production gap. Further we analyze the development of the factors and their contribution to the development of the potential product and production gap. As well we try to identify possible time lag some of the variants of the counting of the potential product and production gap. Counting of potential product and production gap with five alternatives of potential employment can give us the first signal about near structural changes in economy. Keywords: NAIRU, Cobb-Douglas production function, potential product, production gap JEL classification: E24, E32, E37

3 Some remarks to the theory of real business cycle and role of innovations Kadeřábková Božena Summary: This paper deals with some problems of the RBC theory in relation to innovation as a key source of growth in labor productivity. Labour productivity is a procyclical and leading so-called variable, i.e the quantity that can be used to predict the economic cycle. Changes in labor productivity as a result of shocks are differentiated by sector. Keywords: Real business cycle, labour producitivity, innovation JEL classification: O31, E3

4 Whole life costing as a innovative decision-making tool in the design stage of construction Renáta Schneiderová Heralová Abstract: Whole life costing of construction should be a part of an investment assessment; it is a systematic approach to decision making for investment projects. Whole life costing is used to compare the total cost of the acquisition, use, maintenance, and disposal of building. Whole life costing of construction in the design phase must encompass all cost elements that will be spend in connection with the building in future. Keywords: cost, costing, life cycle, building JEL classification: L85

5 Innovative strategies and strategic management with application to construction Dana Měšťanová Abstract:In the construction sector are innovative approaches necessary, especially with regard to the increasing demands of investors and on the other hand is required to reduce negative impact of construction on the environment. Are important requirements for sustainable development and sustainable reduction of energy consumption of buildings in the implementation phase and the subsequent use of particular buildings. The paper presents the basic principles of business innovation in construction and many examples of innovation, including decision-making approaches with the aim of strengthening innovation potential. Keywords: construction, environment, sustainable development, energy performance of buildings JEL classification: O31

6 Simplification of source code with graph structure expression Tomáš Bublík Abstract: This paper deals with abstraction of a source code. It is possible to express source code like a graph. This abstraction is suitable for easier understanding the source codes with more complex syntax. Two structures will be introduced on Java source code: an abstract syntax tree and a program dependence tree. Next, its properties and advantages will be introduced. Although its possibilities are wide, some of them will be mentioned. Moreover, the area with successful graph usages will be described. Clone detection, refactoring, or plagiarism could be as an example. The examples in this paper are introduced in one of the most popular language Java. For most of readers will be probably easy to understand it. Keywords: Java, abstract syntax tree, program dependence graph, clones detection, source code, refactoring JEL classification: C61

7 Software for management and decision support in small and medium enterprise - the standardization of its functionality and user interface design concepts Vlastimil Čejp Abstract: The main topic of this article concerns suggestions of suitable software functions for support of controls and decision-making in a company. The leading idea is that every part of business demands similar operations in the domains of managerial decisions and business management. In cases where a firm desires a new information system, it is not always necessary to create it again from the beginning. Similarly, as a standard package of office software (word processor, spreadsheet, client, presentation...) is installed in the majority of computers, every manager of a smaller or middle-sized company could have a standardized managerial information system with a certain package of functions and method of controlling it. It is definitely possible to individually complement it by special programme units, but the basic skeleton will probably be the same. This article describes research in which i have tried to define such a system and consequently implemented it in several firms to test it in real conditions. i explain the concept of the communication system between user and IT developer, which i call itinerary map chapter 3.1. Suggestions of standard function, including user interface for their usage, follows in chapter 4. a designed prototype is being tested in different companies. i would like to obtain feedback on the possibility of standardizing this software type from these experiences. Keywords: software to support management and decision making, management information system, business intelligence, itinerary map, user interface JEL classification: M15 O31

8 ICT support economic activities of life Bohumil Miniberger Abstract: ICTs (Information and communication technologies), have showed significant development over the past decade. These days they have become an inevitable part of every sphere of human activities, especially those ones connected to economic and business activities. According to [1] the expenditures on ICT of an average household have increased from 2,085 CZK in 2000 year to 5,794 CZK in 2009 (per family member). We should tackle a question whether those ICT services are used efficiently i.e. to support economic and business activities. We can mention electronic banking, for example, which can significantly diminish the bank charges for the over-the-counter transactions carried out in a bank or a post office; on condition that we have suitable software equipment at our disposal. Recently there have been introduced some new forms of payment system, e.g. contactless cards and/or smartphones which expanded massively also as electronic purse although initially were intended as entertainment applications/devices. The paper will familiarize the reader with some transactions of electronic banking including their safeguard against misuse, as well as all necessary procedures that must be carried out by the user. Special attention will be paid to the contactless payment system which proves to be a dynamically growing phenomenon, especially for the young generation, which massively uses smartphones and tablets. In conclusion of this paper there will be mentioned the references to those banks which have already offered this new phenomenon in the Czech Republic. Also, there will be mentioned the Check Point, as a tool of e-government, which under Collection of Laws No 263/2011 will allow the extension of the contact points of the public administration into the banks. Keywords: Czech Bureau of Statistics, ICT, E-government, e-commerce, electronic banking, contactless cards, smartphone, tablet, security of electronic payment system, Czech Point. JEL classification: D83, L86

9 ICT and a support of the economical active life Josef Myslín Abstract: The article describes present demographic situation and tries to show that some changes in society and subsequently in social arrangement are necessary. As well it tries to show that ICT technologies could help do this changes. But, the ICT must not be use rash and unnecessarily. The article tries to show possibilities, which we have, but also identifies risk connected with implementation of modern information technologies. Keywords: ICT technologies, pension, pension system, prolonging of economical active life JEL classification: I25, M53, O31