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Command Economy after the Shocks of Opening up: The Factors of Adjustment and Specialisation in the Czech Trade

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Author Info
Vladimír Benáček () (Institute of Economic Studies, Faculty of Social Sciences, Charles University, Prague, Czech Republic)
Jiří Podpiera (Czech National Bank, Prague, Czech Republic)
Ladislav Prokop (Czech National Bank, Prague, Czech Republic)

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Abstract

This analysis focuses on factors determining the transition of international trade in the Czech economy. Even though the Czech economy was exposed to several structural shocks during 1993–2002 and grew at a very low rate, its external trade flows sustained an annual growth at around 10%. The restructuring in the pattern of specialisation with the EU-15 was exceptionally intensive and our results confirm that its progress can be explained by the variables used in the theories of open economies. The undergoing changes were profound and painful, but their positive final outcome is undisputable. In the econometric part of this study we quantify the determining factors of Czech exports and imports during 1993–2002 when the trade flows have undergone intensive structural and qualitative changes facilitating the trade creation. Our findings lend significance to the variables of aggregate demand and the real exchange rate, in addition to liberalisation of tariffs, evolution of unit prices of exports and imports, changes in quality, diversion in factor usage and economies of scale. Unimpeded opening-up can be a crucial driver of an in-depth restructuring, which brings positive results from the very start, even though its spillovers into an overall fast growth can be delayed.

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Paper provided by Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies in its series Working Papers IES with number 2006/20.

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Length: 19 pages
Date of creation: Apr 2006
Date of revision: Apr 2006
Handle: RePEc:fau:wpaper:wp2006_20

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Related research
Keywords: industrial specialisation; export and import dynamics; dynamic estimation; trade determinants;

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Find related papers by JEL classification:
F14 - International Economics - - Trade - - - Country and Industry Studies of Trade
F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nauro F. Campos & Roman Horváth, 2006. "Reform Redux: Measurement, Determinants and Reversals," Working Papers IES 2006/16, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006. [Downloadable!]
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  2. Alexis Derviz, 2007. "Cross-Border Risk Transmission by a Multinational Bank," AUCO Czech Economic Review, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, vol. 1(1), pages 87-111, March. [Downloadable!]
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  3. Petr Jakubík, 2006. "Does Credit Risk Vary with Economic Cycles? The Case of Finland," Working Papers IES 2006/11, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006. [Downloadable!]
  4. Karel Janda, 2005. "The Quantitative and Qualitative Analysis of the Budget Cost of the Czech Supporting and Guarantee Agricultural and Forestry Fund," Working Papers IES 86, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2005. [Downloadable!]
  5. Karel Janda, 2005. "The Comparative Statics of the Effects of Credit Guarantees and Subsidies in the Competitive Lending Market," Working Papers IES 82, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised 2005. [Downloadable!]
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  1. Petr Kadeřábek, 2006. "Correcting Predictive ModelCorrecting Models of Chaotic Reality," Working Papers IES 2006/31, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2006. [Downloadable!]
  2. Lukáš Vácha & Miloslav Vošvrda, 2006. "Wavelet Applications to Heterogeneous Agents Model," Working Papers IES 2006/21, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2006. [Downloadable!]
  3. Jan Ámos Víšek, 2007. "The Instrumental Weighted Variables. Part II. Square root of n-consistency," Working Papers IES 2007/06, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007. [Downloadable!]
  4. Miloslav Vošvrda & Jan Kodera, 2007. "Goodwin's Predator-Prey Model with Endogenous Technological Progress," Working Papers IES 2007/09, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007. [Downloadable!]
  5. Jan Ámos Víšek, 2007. "The Instrumental Weighted Variables. Part I. Consistency," Working Papers IES 2007/05, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007. [Downloadable!]
  6. František Turnovec, 2006. "Publication Portfolio of the Czech Economists and Problems of Rankings," Working Papers IES 2006/30, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2006. [Downloadable!]
  7. Natálie Reichlová & Petr Švarc, 2006. "Strategic Referring in Labor Market Social Networks," Working Papers IES 2006/29, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Dec 2006. [Downloadable!]
  8. Jan Ámos Víšek, 2007. "The Instrumental Weighted Variables. Part III. Asymptotic Representation," Working Papers IES 2007/07, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007. [Downloadable!]
  9. Karel Janda, 2007. "Instituce státní úvěrové podpory v České republice [available in Czech only]," Working Papers IES 2007/20, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jun 2007. [Downloadable!]
  10. Adam Geršl, 2007. "Foreign Banks, Foreign Lending and Cross-Border Contagion: Evidence from the BIS Data," Working Papers IES 2007/08, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Jan 2007. [Downloadable!]
  11. Ondřej Schneider, 2007. "The EU Budget Dispute - A Blessing in Disguise?," Working Papers IES 2007/14, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2007. [Downloadable!]
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