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Czech Republic: Macroeconomic development, the private sector and business financing

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  • Adalbert Winkler

Abstract

The Czech Republic, the former model country among the transformation states, has been in a deep recession since the second half of the 1990s. Although the IMF expects GDP to grow this year by between 2% and 2.5%, it warns that the vital structural reforms must be continued. In this article, Dr. Adalbert Winkler, Chief Economist of IPC (Internationaler Projekt Consult), Frankfurt a.M., investigates the causes for the economic downturn which are mostly of a microeconomic nature. The downturn is to a significant extent attributable to the special Czech "coupon privatisation", which created uncertainty over property ownership and thus led to links between the state and financial sector that were subject to abuses, especially in the financial and business sectors. It encouraged an unwise lending to unprofitable firms that were pledged to a conservation of economic structures instead of a restructuring.

Suggested Citation

  • Adalbert Winkler, 2000. "Czech Republic: Macroeconomic development, the private sector and business financing," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 53(24), pages 13-21, September.
    • Handle: RePEc:ces:ifosdt:v:53:y:2000:i:24:p:13-21
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    More about this item

    JEL classification:

    • O10 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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