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Co jsou peníze?

100%
Sokol J.
Sociologický časopis. Czech Sociological Review
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2004
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vol. 40
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issue 4
509-518
EN
As most philosophers regarded money with a certain distrust or even contempt, the question of the nature of money was not addressed from a philosophical perspective until G. Simmel wrote 'The Philosophy of Money' (1900). Even 19th-century thinkers clung to the idea of money as a commodity, or, for Marx, as a 'mask of value'. This idea is rather misleading, as money, in comparison with commodities, always flows in the opposite direction, is not consumed but rather circulates, and can be represented by fewer and fewer material tokens, by fiduciary money, or even by invisible computer bytes. On the other hand, it appears to be a sort of institutionalised mutual trust, the validity of which is attested to daily by the willingness (or unwillingness) of citizens to accept it as payment. Though the monetary economy has a natural tendency to extend itself over as many commodities as possible, money itself must, paradoxically, be strictly excluded from free market competition: its production is monopolised or at least regulated. The same is true for the agents of social control: if to bribe a judge, mayor or police officer were to become an efficient alternative to buying, nobody could be expected to sell. Money seems to be almost a genial social invention, facilitating daily life, the division of labour, and collaboration, and promoting a kind of civic egality. Its only drawback is that its validity depends on the general level of mutual trust among citizens. Thus the views of Socrates and of Adam Smith, both of whom saw money as somehow related to the morals and trustworthiness of a society, may be confirmed, albeit on different bases.
2

Sotsiokulturna rol’ hroshei u protsesi spozhyvannia

80%
Nabrusko I.
Sotsiolohiia: teoriia, metody, marketyng (Sociology: Theory, Methods, Marketing)
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2011
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issue 1
147-155
EN
The article provides a study of money functioning and dynamics of its role in consumption. Theoretical approaches to the concept “money” as a sociological category in the works of classical authors and modern researchers are examined. Although money is, first of all, a regulator of consumption, monetarization of everyday life causes the change of traditional factors of social integration. Key characteristics of socio-cultural situation are outlined in the paper. Since the process of consumption is getting beyond the limits of economic realities, money is becoming a criterion of human values. Interiorization of cultural norms and values by an individual is equated with acquiring dominating consumption practices. So, money defines the well-established quantitative limits of consumption and, at the same time, potential limitless number of propositions that can be realized during the consumption process. Specific money properties are outlined while analyzing the process of shopping as a widely used type of consumption behavior. Money is transformed from universal equivalent of commodity value into motive and stimulus for different types of activity and acquires features of cultural value.
3

The Market under Control - Interest Rates in the Second Republic

80%
Leszczynska C., Lisiecka L.
Roczniki Dziejów Społecznych i Gospodarczych
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2005
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vol. 65
167-194
EN
The principles of the functioning of the money market in the Second Polish Republic were subjected to far-reaching regulations which pertained both to legal aspects and the level of binding credit rates. The beginnings of the 'controlled market' can be found in the statute on usury (part of the reforms introduced by Wladyslaw Grabski), passed in 1924. This law, conceived as provisional, was supposed to overcome the 'high prices' of money, but it became a permanent element of the financial system, with consequences transcending the original intentions of its authors. The article analyses the configuration of interest rates in the years 1924-1938, and indicates the impact exerted by anti-usury legislation. The authoresses demonstrate the dependencies between the maximum rate, the interest of short-term credit, and the central bank rate. The fact that the government regulated the prices of credit must have obviously influenced the level of deposit rates. As the maximum rate was lowered, private banks began to aim at limiting competition for deposits; with this purpose in mind, in 1927 they created a cartel agreement about maximum deposit rates. In 1933 the government also introduced maximum deposit rates in communal savings banks and credit cooperatives. The existence of a maximum rate statute affected the way in which several banks, already functioning assumed shape: the Bank of Poland, private banks, state banks, and the non-bank market. The price of credit in each one of them was regulated, directly or indirectly, by the State. It is difficult to ascertain objectively whether the usury law proved to be more useful or detrimental. A discussion concerning those questions became intensified during the 1930s, when they were studied more widely by economists (e.g. by E. Taylor, M. Breit, S. Buczkowski, T. Solowij). A complete assessment of the correctness of the theses formulated by them calls for further economic research.
4

MAKROEKONOMICKÝ DOPAD RŮSTU ŠIROKÝCH MĚNOVÝCH AGREGÁTŮ VE VYBRANÝCH ZEMÍCH V LETECH 1960 – 2007

70%
Jílek J.
Ekonomický časopis (Journal of Economics)
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2015
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vol. 63
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issue 1
3 – 18
EN
The impact of the broad monetary aggregates on the decrease of money velocity, inflation and real GDP in the USA (1960 – 2007), Eurozone (1991 – 2007), Japan (1960 – 2007), Great Britain (1987 – 2007) and the Czech Republic (1993 – 2007) has been analysed. In all countries the growth of the broad monetary aggregate resulted in higher inflation and higher real GDP in relation approximately 1 : 1. The broad money velocity has rapidly lowered in Eurozone, Japan, Great Britain and the Czech Republic. In the USA the broad money velocity lowered only slightly and the decrease was more volatile over time. Thus in countries with the exception of the USA there was strong negative correlation between (i) 1-year lagged monetary aggregates and (ii) consumer price index and real GDP.
5
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How do Polish children understand economic concepts?

61%
Kołodziej S.
General and Professional Education
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2012
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issue 1
15-22
EN
Knowledge and understanding of basic economic concepts is crucial for the future orientation of a child in a world of economy and influences taken in this sphere behaviors. Nowadays, children earlier and earlier begin activity in the market, thus the role of economic knowledge increases. This paper presents the results of the research on the fundamental concepts of economic knowledge and understanding of market mechanisms by the children attending the first and sixth grades of primary school. In particular, it analyzes the process of gaining knowledge about money, banks and relation between the supply of a particular good and its price. The results show that children gradually gain economic knowledge, reaching the level enabling to understand the relations between particular actors of the market at the age of twelve.
6

IS INFLATION A MONETARY PHENOMENON IN THE EAST EUROPEAN ECONOMIES? – MULTIFREQUENCY BAYESIAN QUANTILE INFERENCE

61%
Živkov D., Kovačević J., Lončar S.
Ekonomický časopis (Journal of Economics)
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2020
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vol. 68
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issue 8
787 – 810
EN
This paper tries to determine how growth of money supply affects inflation in different time-horizons and under different inflation levels in the Czech Republic, Poland, Hungary and Russia. The research is done by using two innovative methodologies – the wavelet approach and Bayesian quantile regression. By observing these four countries, we can assess whether inflation targeting (IT) plays significant role in curbing inflation, because three Visegrad group countries adopted IT almost two decades ago, while Russia started to conduct IT relatively recently. Estimated quantiles suggest that money supply growth does not influence inflation in the Czech Republic and Hungary, whatsoever. We find that money growth impacts inflation in Poland, but very modestly. On the other hand, in the case of Russia, the transmission effect from money to inflation is much higher, and it goes around 40% in low inflation conditions, when M1 aggregate is observed, and around 78% in low inflation conditions, when M3 aggregate is analysed. The overall results clearly indicate that the adoption of the IT framework as a disinflation strategy proved to be successful in the Visegrad group countries, since excessive money growth has little or no effect at all on inflation in these countries.
7

ANTICIPATED LOSS AVERSION FOR SMALL AND LARGE AMOUNTS OF MONEY IN CULTURALLY DIFFERENT (SLOVAKIA, POLAND, BOLIVIA) UNIVERSITY STUDENT SAMPLES

51%
Bacova V., Brezina I., Lesniak A.
Studia Psychologica
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2010
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vol. 52
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issue 4
315-326
EN
The aim of this study was to verify whether students in different cultures (with assumed distinct degrees of individualism-collectivism) anticipate their emotions in relation to loss differently and whether there are differences between anticipating one's emotions at losing small versus large sums of money in each sample. Three samples of university students (181 in Slovakia, 126 in Poland and 103 in Bolivia), mean age 21-22 years, were studied. No gender differences were found in any of the samples. Slovak and Polish students expressed anticipated loss aversion for greater sums of money and reversed loss aversion for small sums of money. Bolivian students showed no anticipated loss aversion either for small or large sums of money. Neither sample showed a relation between anticipated loss aversion and individualism-collectivism. Loss aversion in risky choices was observed in all samples; however, more students from Bolivia were willing to accept a greater financial loss than Slovak and Polish students. Higher individualism correlated with lower level of loss aversion in risky choices in the Slovak and Polish samples. The limits of the study are discussed in conclusion.
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