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The paper deals with the problems of contemporary way of using interest rates within the framework of monetary regulation, with special focus on cases when extremely low, or even negative rates are applied. The first part is focused on theoretic definition of the meaning and function of interest rates in financial and economic system in the sense of "standard" economic theory, or in accordance with individual economic approaches. Subsequently, the influence of contemporary extremely low or even negative interest rates of central banks are analyzed, as well as their influence on the activities of economic subjects, with special attention to individual sorts of financial institutions, namely its influences on their economic results and on fulfilment of their mission. And, subsequently, it defines and characterizes the impacts of contemporary monetary policy of the world most important central banks on functioning of economy of individual the most important states or multinational economic units, as well as world global economy. Based on achieved results, future development is predicted, both from the point of view of economic development and from the standpoint of future impacts on contemporary human society. ; Příspěvek se zabývá problematikou novodobého způsobu používání úrokových sazeb v rámci monetární regulace, se zvláštním zaměřením na případy vyhlašování sazeb extrémně nízkých, či dokonce záporných. Ve své první části se zaměřuje na teoretické vymezení významu a funkcí úrokových sazeb ve finančním a ekonomickém systému ve smyslu "standardní" ekonomické teorie, resp. podle jednotlivých ekonomických přístupů. Následně analyzuje vliv soudobých extrémně nízkých či dokonce záporných úrokových sazeb centrálních bank na činnost ekonomických subjektů, se zvláštním zaměřením na jednotlivé druhy finančních institucí; konkrétně na dopady na jimi dosahované ekonomické výsledky a na plnění jejich poslání. A následně, v kontrastu vůči teoreticko-ekonomickým postulátům vymezuje a charakterizuje dopady soudobé monetární politiky nejvýznamnějších světových centrálních bank kombinované s rovněž s ne zcela standardní politikou vlád jednotlivých zemí na fungování ekonomiky jednotlivých nejvýznamnějších států či nadnárodních ekonomických celků, tak i globální ekonomiky světové. Na základě dosažených výsledků pak závěrem predikuje budoucí vývoj, a to jak z hlediska ekonomického vývoje, tak i z hlediska dopadů na budoucnost soudobé lidské společnosti. ; The paper deals with the problems of contemporary way of using interest rates within the framework of monetary regulation, with special focus on cases when extremely low, or even negative rates are applied. The first part is focused on theoretic definition of the meaning and function of interest rates in financial and economic system in the sense of "standard" economic theory, or in accordance with individual economic approaches. Subsequently, the influence of contemporary extremely low or even negative interest rates of central banks are analyzed, as well as their influence on the activities of economic subjects, with special attention to individual sorts of financial institutions, namely its influences on their economic results and on fulfilment of their mission. And, subsequently, it defines and characterizes the impacts of contemporary monetary policy of the world most important central banks on functioning of economy of individual the most important states or multinational economic units, as well as world global economy. Based on achieved results, future development is predicted, both from the point of view of economic development and from the standpoint of future impacts on contemporary human society.

Příspěvek se zabývá problematikou vývoje finančního systému zemí Evropské unie (EU) se zvláštním zaměřením na řešení stávající krize. V první řadě posuzuje smysluplnost a dosavadní postup v naplňování projektu "Eurozóny", včetně procesu postupného zavádění jednotné evropské měny. V souvislosti s tím je provedena analýza dosavadního vývoje v Evropské unii se zvláštním zaměřením na specifikaci soudobých ekonomických problémů, jež se v současnosti řeší prosazováním tzv. "záchranných" opatření. Jelikož se jedná o nestandardní politická rozhodnutí s mimořádně významnými ekonomickými a společenskými dopady, je jejich obsah analyzován v systémových souvislostech, s cílem zhodnotit jejich přínosnost, resp. rizikovost nejen s ohledem na budoucí hospodářský vývoj Evropské unie, ale též z hlediska prospěšnosti s ohledem na evropské obyvatelstvo a lidskou společnost. ; This paper deals with the development of the financial system in the European Union (EU), with a special focus on solving the current crisis. First, assess the current and meaningful progress in the implementation of the "Eurozone", including the process of the gradual introduction of the single European currency. In this context, an analysis of current developments in the European Union with a special focus on the specification of contemporary economic problems that are currently being addressed by promoting the so-called. "Emergency" measures. Since it is an unusual political decisions extremely important economic and social impacts, the content is analyzed in system contexts, to assess their usefulness, respectively. risk not only with respect to future economic development of the European Union, but also in terms of usefulness with regard to the European population and human society.

The rapid growth and development of the mutual fund industry throughout the world stimulated vast contemporary studies focusing on a wide range of issues predominantly of microeconomic character, such as fund performance, timing ability, fees and fund flows, thus leaving determinants and attributes of mutual fund industry development beyond their research. The rare relevant studies predict that development of the mutual fund industry depends on a number of factors among which the predominant role belongs to development of the economic and financial systems, and quality of governance and regulatory basis. One essential condition of validity of this prediction is that it is based upon a sample of developed economies, thus leaving a space for the likelihood that under condition of developing or middle-income economies some expectations may substantially deviate from the predication. This paper aims to reevaluate the significance of the impact of individual macro- and microeconomic factors, which were identified in previous studies, on size of asset under management in the sample of high- and middle-income economies of Central and Eastern Europe by means of regressing the total size of the mutual fund industry and size of its separate components, such as equity, fixed income and money market asset management over a number of independent variables. The obtained results indicate that out of a wide range of factors, the high explanatory power of which was stressed by earlier studies, only a small group of them turned out to be significant in our research. In particular, it was found that the size of the CEE mutual fund industry in general and the sizes of its particular segments respond positively on increase of country openness to trade and capital inflows, development and stability of local financial and capital markets, improvement of quality of governance and regulatory basis. Also some controversial evidence was obtained on the role of change in government indebtedness for explaining the size of the mutual fund ...