Journal of Economics - Obsahy ročníkov

This study applies a stationary test with the flexible Fourier function pro-posed by Enders and Lee (2012) to test the validity of Taylor rules to assess the non-stationary properties of the convergence of the real exchange rates for ten Central Eastern European countries. We find that our approximation has a higher power to detect U-shaped breaks and smooth breaks than the linear method if the true data-generating process of exchange rate convergence is in fact a stationary non-linear process. We examine the validity of Taylor rules from the non-linear point of view and provide robust evidence that Taylor rules holds true for seven Central Eastern European countries. These results imply that the choices and effectiveness of the monetary policies in Central Eastern European economies are highly influenced by Taylor rule, and also influenced by external factors originating from the United States. Keywords: Taylor rules, Fourier Stationary Test, structural change, trend breaks JEL Classification: C22, F36

We evaluate the process of financial and trade integration in 26 European Union (EU) countries over the period 1993 – 2012. We distinguish between “new” and “old” EU countries to compare the processes of financial and trade integration in the developed countries and formerly central-planned economies. We use classical and moving correlation, dynamic correlation, and wavelet co-spectrum. Classical and moving correlation shows the strong relation until 2008. Dynamic correlation confirms strong relation for long and business cycle frequencies. Specification via wavelet co-spectrum reveals that long frequencies are correlated in the period 2000 – 2009, business cycle frequencies in the period 1993 – 1994 and 2003 – 2004 and middle frequencies generally in the period 2008 – 2010. The process of financial integration was stronger in the old EU member countries while the process of trade integration in the new member countries. Keywords: financial integration, foreign trade, international financial markets, correlation analysis, wavelet co-spectrum JEL Classification: E44, F15, F21, F36, G15, C23, C36

This paper describes the term VAT (Value-Added Tax) gap and the method used to estimate it in the Czech Republic (CR). The focus is drawn to calculating the theoretical VAT liability from the input-output tables which are a part of National Accounts. The method used by the Czech Statistical Office in the process of computing the weighted average VAT rate (model WAR) for the purpose of the CR contribution to the EU budget is used for the calculation of the theoretical VAT in the CR. The calculations of the VAT gap in the years 2002 to 2010 done by the method WAR are compared to the results published in the Slovak Republic (SR). The VAT Gap in the CR reaches on average approximately 17%, but it has been steadily increasing up to 26% in 2010. In the SR the VAT gap is higher, in average 25.5% and is also growing. Keywords: tax evasion, VAT gap, estimates, output-input tables, weighted average VAT rate JEL Classification: H26

The aim of the article is to verify the relationship among individual types of taxes and economic growth in OECD countries by dynamic panel regression with utilizing more ways of taxation approximation. Traditional tax quota and alternative World Tax Index were used as main approximators of taxation. It is evident from the results of both analyses that labour taxation (personal income taxes and social security contributions) is the most harmful for economic growth. Corporate taxation, value added tax and other consumption taxes negatively influence economic growth. The impact of property taxes is positive which is caused by an increasing ratio of property taxes in the total tax mix of OECD countries. Keywords: taxation, economic growth, tax quota, World Tax Index, dynamic model JEL Classification: E20, H20, O47

The paper deals with the impact of environmental quality on human health in the Baltic States. The quality of environment and health are the core indicators of quality of life and they are closely interrelated. The indicators system to assess environmental quality and health status was developed to assess the impact of environmental quality on health in the Baltic States based on regular consolidated statistical data provided by EUROSTAT. The paper presents the concept of assessment of environmental quality and health status dimensions in the quality of life measurements and provides analysis of dynamics of environmental and health indicators in Lithuania, Latvia and Estonia states. The integrated environmental quality and health indicators were developed and assessed in the Baltic States since EU accession in 2004. The relationship between the main environmental quality and health status indicators is assessed. Comparison of environmental quality and health status indicators in the Baltic States and in Czech Republic and Slovakia are provided as well. Based on the analysis per-formed policy recommendations are presented. Keywords: environmental quality, health status, integrated indicators, comparative assessment JEL Classification: I31, I38, O47