Charles University Prague, Faculty of Social Sciences
Czech Journal of Economics and Finance (Finance a uver)
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2005, Volume 55, Issue 11-12
2005, Volume 55, Issue 9-10
- 418-440 Stress Testing of Banking Systems (in English)
by Martin Èihák - 441-459 Shareholder Democracy in the Czech Republic (in Czech) "Abstract: Joint-stock companies are among the most fundamental components of a market economy. “Voucher privatization” in the Czech Republic saw an abrupt mushrooming of joint-stock companies where none had appeared for over a generation. This occurred in an environment lacking in guiding institutional frameworks, offering only minimal protection for both minority and majority shareholders, which handicapped the country’s capital-market development. Beginning in 1996, several improvements of the institutional framework were implemented. Now Czech commercial law is largely harmonized with European standards. Weaknesses still persist in enforcement, however, and as such, both foreign and domestic investors prefer simpler forms of organization to limited-liability companies."
by Jiøí Havel - 460-470 Skewness in Financial Returns: Evidence from the Portuguese Stock Market (in English)
by Carlos MACHADO-SANTOS & Ana Cristina FERNANDES - 471-482 Information Efficiency of Central Europe Stock Exchanges (in Czech) "Abstract: The authors use a variance ratio test to test the weak form of market efficiency as regards capital markets in the Czech Republic, Slovakia, Hungary, Poland, and in the United States. Market efficiency was tested using weekly and monthly values of relevant market indices in a period from 1993 until August 2004. The main results of the research show that (1) the weak form of the efficient market hypothesis could not be rejected for Central European capital markets; (2) market efficiency was observed over time on all the observed markets; (3) the Central European capital markets converged to the U.S. capital market (in terms of the weak form of market efficiency)."
by Karel Diviš & Petr Teplý - 483-505 Exchange-Rate Convergence and Entrance to the Eurozone III - Selected Problems of New Member States (in Czech) "Abstract: The paper contains a general analysis of the exchange rate convergence process of new European Union member states and candidate countries. Following an introduction, we discuss exchange rate strategies applied during periods of economic transition. Emphasis is given to a hypothetical evaluation of the exchange rate criterion. We review the exchange rate strategies of transition countries using an analytical framework similar to the EU member states, and discuss the selected strategies presented in the “Pre-accession Economic Programmes” and convergence programs. In light of the exchange rate experience of EU-15 countries, we summarize the main determinants of exchange rate movement in transition countries. Finally, we discuss factors which will influence ERM2 accession."
by Zdenìk Èech & Roman Horváth & Luboš Komárek
2005, Volume 55, Issue 7-8
- 316-332 How Inflation Targeters (Can) Deal with Uncertainty
by Kateøina Šmídková - 333-343 Is the CNB Predictable?
by David Navrátil & Viktor Kotlán - 344-362 Do the Measurements of Financial Market Inflation Expectations Yield Relevant Macroeconomic Information?
by Martin Fukaè - 363-379 Determinants of Long-term Interest Rates in the Czech Republic "Abstract: The paper analyses the factors leading to the fall of long-term interest rates in the Czech Republic – respectively, the long-term interest rate differential in the Czech Republic and the Eurozone – between 1998 and 2003. The selection of factors is determined by the Fisher equation, UIP, PPP, expectation hypothesis and neoclassical growth theory. The paper suggests that falling long-term interest rates may have been affected by an expectation of lower short-term rates due to falling inflation expectations and inflation premiums. The decrease of CZK/EUR long-term rate differentials from 4 % to 0 % can approximately be explained by the one-third decrease of inflation expectations in the Czech Republic and by the 50% decrease of the relative inflation premium. In the long term, the effect of Czech National Bank monetary policy is dwindling vis-à-vis European Central Bank policy, i.e., euro interest rates. Another factor is the anticipated entry of the Czech Republic into the Economic Monetary Union. The real interest-rate differential has no effect."
by Tomáš Holinka - 380-394 Inflation Expectations and Monetary Policy "Abstract: This paper shows that an economy’s behavior differs significantly according to assumptions made on the formation of inflation expectations. We analyzed the behavior of an open economy in a regime of explicit inflation targeting with commitment. The economy is exposed to three different shocks – demand, supply, and exchange rate – and its reaction is analyzed under three different assumptions on inflation-expectations formation: naive, rational, and adaptive learning. The economy in which rational expectations were assumed showed the least volatile development and minimized the central bank’s loss function. The stabilizing effect of this forward-looking type of expectation was most evident in the case of supply shock. When naive expectations were assumed, the economy reacted to all shocks with significantly bigger and longer-lasting fluctuations. The worst results were obtained assuming adaptive-learning expectations, where shocks lead to large oscillations and the economy stabilized only several years after the shock."
by Jan Filáèek
2005, Volume 55, Issue 5-6
- 206-231 Liberalized Markets Have More Stable Exchange Rates: Short-Run Evidence from Four Transition Countries
by Aleš Bulíø - 232-252 Equilibrium Exchange Rate in the Czech Republic: How Good is the Czech BEER? "Abstract: The paper investigates the equilibrium exchange rate of the Czech koruna using the reduced-form equation of the stock-flow approach advocated by, for example, Faruqee (1995) and Alberola et al. (1999). We investigate whether the observed real exchange rate of the Czech koruna is close to its equilibrium value over the period from 1993 to 2004. Our empirical approach is tantamount to the behavioral equilibrium exchange rate (BEER), popularized by MacDonald (1997) and Clark and MacDonald (1998), in that the Czech real exchange rate vis-a`-vis the euro is regressed on the dual productivity differential; and the net foreign assets position, based on which actual and total misalignment figures, are derived in a time-series context. In other words, we check the quality of the Czech BEER. We also study the impact of a possible initial undervaluation on the estimated equilibrium exchange rate. Employing monthly time series from 1993, and applying several alternative cointegration techniques, we identify a period of an overvaluation in 1997 and in 1999, an increasing overvaluation afterwards, an undervaluation in 2003, and a correction toward equilibrium in the second half of 2004."
by Ian Babetskii & Balázs Égert - 253-266 Real Exchange Rates and Optimum Currency Areas: Evidence from Developed Economies
by Roman Horváth & Zuzana Kuèerová - 267-282 On the Empirics of the Non-neutrality of Money: Evidence from Developed Countries
by Petr Duczynski - 283-301 The Czech Equity Market - Its Effectiveness and Macroeconomic Consequences "Abstract: This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory, even in its weak form. Another finding, as regards the macroeconomic consequences of stock-price development, undermined the assumption of the positive wealth effect of rising stocks. In relation to GDP growth, the prediction power of the stock index proved rather limited. The Czech stock market can also function as an instrument of portfolio diversification, at least in relative terms, since the correlation to the Czech bond market was weak. Contrariwise, the correlation among the Czech, U.S., and European stock markets increased in time, restricting the room for portfolio diversification."
by Helena Horská
2005, Volume 55, Issue 3-4
- 110-123 What Drives the Optimal Bankruptcy Law Design? (in English) "Abstract: In this paper the authors discuss the factors that interact in the design of an optimal bankruptcy law. The authors focus on issues that are often overlooked in both the policy debate and in the academic research on bankruptcy. After answering the question why a bankruptcy law is needed at all, the authors discuss the criteria of ex ante vs. ex post efficiency. The second factor the authors deal with is institutional quality, namely the quality of the judiciary. They argue that, considering factors such as imprudence and corruption, it may be optimal to resign on the first-best solution that could be theoretically achievable with a benevolent and omniscient judiciary. The optimal bankruptcy law would then contain more simple and automatic rules and less space for judicial (i.e., individual) discretion. The authors� concluding comment concerns the lack of empirical research in the bankruptcy area in the Czech Republic and the essential need for such research."
by Ondøej Knot & Ondøej Vychodil - 124-140 Why heavily indebted poor countries have failed to pay back their debt? An empirical investigation (in English)
by Menbere Workie Tiruneh - 141-161 Stock Prices and Exchange Rates in the EU and the United States: Evidence on their Mutual Interactions (in English) "Abstract: This paper investigates the nature of the causal relationships among stock prices and effective exchange rates in four old EU member countries (Austria, France, Germany, and the UK), four new EU member countries (Czech Republic, Hungary, Poland, and Slovakia), and in the United States. Both the long- and short-term causalities between these variables are explored using monthly data. The paper also endeavors to answer the question of whether the linkages between the analyzed economic variables are of similar intensity and direction in old and new EU member countries, and whether or how relationships have changed. The results show much stronger causality in countries with developed capital and foreign-exchange markets (i.e., old EU member countries and the United States). Evidence also suggests more powerful long- and short-term causal relations during the 1993–2003 period than during 1970–92. Causalities seem to be predominantly unidirectional, with the direction running from stock prices to exchange rates. Finally, we detected strong relations when applying the real effective exchange rate than the nominal effective exchange rate."
by Daniel Stavárek - 162-187 Evaluation of Tax-Revenue Forecasts in the Czech Republic (in Czech) "Abstract: The article analyzes macroeconomic forecasts of tax revenue in the Czech Republic. Forecasts are tested for their biases on data from Czech Republic from 1993 to 2003. The authors argue that Czech tax-revenue forecasts were highly biased and the hypothesis of unbiasedness could not be rejected for most of Czech taxation, excluding consumption taxes. The best-forecast quality concerned consumption taxes (VAT and excise), where the bias was about 6–7 percent. There was significant improvement in the forecast quality for personal-income tax, though little improvement elsewhere."
by Jiøí Špalek & Dalibor Moravanský
2005, Volume 55, Issue 1-2
- 5-24 The Labor Market in the Czech Republic: Trends, Policies, and Attitudes (in English) "Abstract: The Czech Republic is no longer an employment haven, the site of what had been declared as an “unemployment miracle.” What happened? In this paper, the authors gather various statistical and sociological data on employment and unemployment trends, wage development, and workers’ opinions and their labor market strategies, taken from various surveys. In such manner, not only is the history of the Czech labor market over the past decade written, but also the reasons for the deteriorating labor market performance are addressed, and an appropriate policy agenda is outlined. In particular, the authors identify existing labor market rigidities and show that high unemployment here proceeds in an ever-widening gyre, resulting in the emergence of the unemployment trap and benefit dependency. Active labor market policy measures alone appear to be insufficient to deal with this problem."
by Vladislav Flek & Jiøí Veèerník - 25-40 Labor-Market Performance and Macroeconomic Policy: Time-Varying NAIRU in the Czech Republic (in English)
by Jaromír Hurník & David Navrátil - 41-53 Czech Labor Market Flows 1993-2003 (in English)
by Jaromír Gottvald - 54-67 Unemployment, Labour Marginalisation, and Deprivation (in English)
by Petr Mareš & Tomáš Sirovátka - 68-82 Regional Wage Adjustments and Unemployment: Estimating the Time-Varying Wage Curve (in English)
by Kamil Galušèák & Daniel Münich - 83-95 Czech Relative Wages and Returns to Schooling: Does the Short Supply of College Education Bite? (in English)
by Štìpán Jurajda
2004, Volume 54, Issue 11-12
- 478-499 Fully-Funded Pension System in a Converging Economy
by Jan Kubíèek - 500-519 The New Basel Capital Accord and Czech Banks
by Jaroslava Bauerová - 520-540 Credit and Household Consumption
by Renata Pašalièová & Vladimír Stiller - 541-559 An Analysis of Financial Performance Using the EVA Method
by Dana Dluhošová - 560-563 Privatization without the Capital (K. Kouba - O. Vychodil - J. Roberts) (in Czech)
by Lubomír Mlèoch - 564-567 The Evolutionary Analysis of Economic Policy (P. Pelikan - G. Wegner) (in Czech)
by Karek Kouba
2004, Volume 54, Issue 9-10
- 378-381 Economic Reforms in Slovakia
by Anton Marcinèin - 382-390 Tax Reform in Slovakia
by Radovan Chalupka - 391-404 Pension Reform in Slovakia: Fiscal Debt and Pension Levels
by Igor Melicherèík & Cyril Ungvarský - 405-419 Slovak Health-care Reform: Greater Privatization
by Anton Marcinèin & Peter Pažitný & Rudolf Zajac - 420-435 Agricultural Reform in Slovakia
by Pavel Ciaian & Jan Pokryvcak - 436-455 Firm Growth in Advanced Stages of Economic Transition: Evidence from Slovak Industry
by Ivana Studená
2004, Volume 54, Issue 7-8
- 286-304 An Interpretation of Czech FX Options
by Pavel Bouc & Martin Cincibuch - 305-324 Replication Methods in the Pricing and Hedging of Barrier Options "Abstract: This paper considers various options replication methods. Firstly, a specific type of barrier option, an up-and-out call, is considered. Other barrier options are briefly also described, and various types of barriers are considered. Secondly, a general definition of replication methods is provided. Two methods are thus examined in detail: The first one, based on ever-changing positions in replicating portfolio, is referred to as a dynamic replication method. The second one is denoted as a static replication method ? its aim is to create a static basket of simple assets that will replicate the option payoff. However, in the real world it is difficult to attain perfect replication; therefore, the expected replication error of both methods is studied via simulation technique." "Classification-JEL: G11, G13, G20; D81; C15, C61" "Keywords: Options; barrier options; replication methods; dynamic and static replication; replication error"
by Tichý Tomáš - 325-334 Defection of Traditional Standard Deviation Scaling of Capital Asset Returns
by Vladimír Gazda & Karel Koøený & Tomáš Výrost - 335-354 Contributions to Inflation and Deflation in Today?s Market Economy
by Zbynìk Revenda - 355-356 The Nobel Prize Laureates, 2003 "Abstract: The article summarizes the main points discussed at the seminar on ""The Nobel Prize Laureates, 2003,"" held by the Czech Economic Association in March 2004. The seminar featured two main speakers: Josef Arlt (University of Economics, Prague, and Charles University, Prague), who lectured on the work of Clive Granger; and Miloslav Vošvrda (Charles University and UTI A Prague), who summarized the main ideas of the work of Nobel laureate Robert Engle. Both of the papers are available on the Czech Economic Association?s web site, www.cse.cz."
by Luboš Komárek - 357-360 Institutions and Responsibility. On the Philosophy of Economic Science (V. Klusoò) (in Czech)
by Lubomír Mlèoch
2004, Volume 54, Issue 5-6
- 190-201 The Impact of the Regime-Shift Premium on Forward Interest Rates and Inflation Expectations in the Czech Republic (in Czech)
by Tomáš Holinka & Vladimír Stiller - 202-233 Demand for Fuel and its Consequences for Indirect Taxation: A Microeconomic View
by Michal Slavík - 234-242 What Determines Leverage in Transition Countries?
by Laurent Weill - 243-251 On the Desirability of Coordinated Supply-side Intervention: Does a Monetary Union Matter?
by Carmen Díaz-Roldán - 252-266 Is Dollarization the Right Option? Financial Fragility, Original Sin and Fear of Floating "Abstract: This paper focuses on the option of dollarization or euroization for emerging-market economies. There are no “one-size-fits-all” exchange-rate policies for emerging- -market economies; however, there are macroeconomic disadvantages associated with flexible exchange-rate regimes in such economies. Similarly, the timing of euro adoption in EU accession countries is a complex matter as well. The paper compares the costs and benefits of euro adoption, in particular to unilateral euroization."
by Roman Horváth - 267-269 Exchange Rate Regimes: Choices and Consequences (A. R. Ghosh ? A.-M. Gulde ? H. C. Wolf)
by Aleš Bulíø
2004, Volume 54, Issue 3-4
- 94-116 Foreign Exchange Intervention: The Theoretical Debate and the Czech Koruna Episode
by Adam Geršl - 117-137 The New ECB Governing Council Voting-Modalities Scheme: An Outside View
by Petr Procházka - 138-154 Economic Irrationality of the Donator Arising from his Low Confidence in Donation Recipient
by Jiøí Hlaváèek & Michal Hlaváèek - 155-170 A Brief History of the Czech Bond Market
by Anna Dvoøáková - 171-173 The Applied Econometrics: Theory and Praxis (Roman Hušek and Jan Pelikán) (in Czech)
by Jan Kodera
2004, Volume 54, Issue 1-2
- 2-21 Determinants of Capital Structure: Empirical Evidence from the Czech Republic
by Patrik Bauer - 22-49 Open-Ending of Closed-End Funds in the CR: Price and Discount Reaction - Empirical Evidence
by Jana Fajtová - 50-63 Hedging Strategies and Financial Risks
by Zdenìk Zmeškal - 64-67 Monetary Policy during Very Low Inflation
by Luboš Komárek - 68-71 World Finance and Economic Stability (J. Tobin) (in Czech)
by Martin Èihák - 72-74 Nothing Is Sacred: Economic Ideas for the New Millenium (R. J. Barro)
by Aleš Bulíø
2003, Volume 53, Issue 11-12
- 462-476 Fiscal Policy: Too Political?
by Petr Hedbávný & Ondøej Schneider - 477-509 Cyclically Adjusted Fiscal Balance: OECD and ESCB Methods
by Vladimír Bezdìk & Kamil Dybzcak & Aleš Kreidl - 510-538 A Microanalysis of Pension Reform: To Switch or Not to Switch in the Czech Republic?
by Michal Ježek - 539-561 Labor and Capital Taxation: Theory and Application in the Czech Republic (in Czech)
by Martin Salí & Ondrøej Schneider & Jan Zápal - 562-591 Fiscal Implications of Population Ageing
by Vladimír Bezdìk & Kamil Dybzcak & Aleš Kreidl
2003, Volume 53, Issue 9-10
- 371-373 Joining the EU - The Experience of Selected Current Members (in English)
by Jan Frait & Luboš Komárek - 374-393 East Germany, Central Europe, and the Risk of Real Convergence Overshooting
by Philipp Rother & Ralph Süppel - 394-412 Irish Economic Development over Three Decades of EU Membership
by Frank Berry - 413-429 The Path towards Economic and Monetary Integration: The Portuguese Experience
by Joao Amador - 430-448 Finnish Monetary and Foreign Exchange Policy on the Way towards the Euro
by Tapio Korhonen - 449-451 Banking System Stability
by Luboš Komárek
2003, Volume 53, Issue 7-8
- 282-213 Management and Regulation of Foreign Exchange Risk (in Czech)
by Zuzana Silberová - 316-333 Interest and Noninterest Profits and Profitability in the Czech Banking Sector (in Czech)
by Jaroslav Heømánek & Jiøí Podpiera - 334-355 Price Convergence: What Can the Balassa-Samuelson Model Tell Us? (in English)
by Martin Èihák & Tomáš Holub
2003, Volume 53, Issue 5-6
- 190-219 Public Debt Policy: Credibility and Institutions
by Petr Pavelek - 220-242 Inflation Targeting as a Stabilization Tool: Its Design and Performance in the Czech Republic
by Viktor Kotlán & David Navrátil - 243-260 Which Exchange-Rate Regime in the EMU Accession Period: An Empirical Analysis
by Ray Barrel & Dawn Holland & Kateøina Šmídková - 265-266 Exhaustion of Resources: 150 Years of One Economics Discussion
by Luboš Komárek - 267-269 The Nobel Memorial Prize Laureats 2002 "Abstract: The article summarizes the main points discussed at the seminar on ""The Nobel Memorial Prize Laureates 2002,"" held by the Czech Economic Association (CEA) in March 2002. There were two main speakers at the seminar: The first was Michal Skoøepa (Czech National Bank and Charles University), who presented a lecture on the work of 2002 Nobel Memorial Prize in Economic Science co-winner Daniel Kahneman, and the second speaker was Ondøej Rydval (CERGE-EI), who summarized the main ideas of the work of the 2002 Nobel prize co-winner, Vernon Smith. The presentations were largely based on material available in the Czech Economic Association Bulletin no. 44, which can be found on the Internet at www.cse.cz (a Czech-language site)."
by Luboš Komárek
2003, Volume 53, Issue 3-4
- 98-112 When to Join the Eurozone: An Empirical Analysis
by Ray Barrel & Dawn Holland & Kateøina Šmídková - 113-129 The Monetary Model of the Exchange Rate under High Inflation -The case of the Turkish Lira/US Dollar
by Irfan Civcir - 130-153 Sectoral Productivity and Real Exchange Rate Appreciation: Much Ado about Nothing?
by Vladislav Flek & Lenka Marková & Jiøí Podpiera - 154-168 Individual Decision-Making to Commit a Crime: A Survey of Early Models
by Roman Horváth & Eva Kolomazníková - 169-171 The Frontiers of New Institutional Economics (Eds.: John N. Drobak and John V. C. Nye) (in English)
by Aleš Bulíø - 172-173 2nd Annual Conference of the Czech Economic Association (in Czech)
by Luboš Komárek
2003, Volume 53, Issue 1-2
- 2-10 Exposé to the 2003 State Budget Discussion in the Czech Parliament
by Bohuslav Sobotka - 11-30 Understanding Long-Term Unemployment in the Czech Republic
by štìpán Jurajda & Daniel Münich - 31-59 Equilibrium Rent and Housing Policy Implications "Abstract: Housing-policy research in European Union countries distinguishes between two kinds of rent control: non-targeted ""first-generation"" rent control and targeted ""second-generation"" rent control, the later which better reflects housing market relations. The article demonstrates the drastic consequences of first-generation rent control in the Czech Republic, using criteria of social effectiveness and economic efficiency. The authors present the results of an econometric simulation model on the determination of equilibrium market rents after rent deregulation. Due to a sharp decrease in housing affordability in the Czech Republic, the authors simulate the application of two housing-policy instruments: social housing and housing allowance. A cost-benefit analysis shows that rent deregulation and the application of effective policy instruments would substantially increase the income of landlords, decrease the level of currently biased market rents, and maintain the relative affordability of housing."
by Martin Lux & Petr Sunega - 60-74 Structure of the Environmental Public Expenditure in the CR
by Miroslav Hájek - 75-84 Administrative Costs of Taxation in a Transition Country: The Case of Slovenia
by Maja Klun
2002, Volume 52, Issue 12
- 674-697 Mìøení kvality podnikatelského prostøedí ve støední Evropì
by Pavel Körner & Zdenìk Kudrna & Ondøej Vychodil - 698-718 Regulatornì stanovené postupy pro odhad oèekávaných ztrát v ÈR (a jejich vztah k regulatornì stanoveným postupùm pro odhad ztrát neoèekávaných)
by Lucie Kobzová - 719-739 Reálna a nominálna konvergencia slovenskej ekonomiky k priemeru EU
by Ivan Šujan & Milota Šujanová
2002, Volume 52, Issue 10
- 522-538 Exchange Rate Convergence and Entry to the Eurozone (II): A Comparison of Experiences from Member States of the European Union
by Zdenìk Èech & Luboš Komárek - 539-549 Deflace - definièní znak zdravé ekonomiky
by Josef Šíma - 550-569 Daòové zatížení jako konkurenèní faktor v mezinárodní soutìži ? Model asymetrických zemí v podmínkách monopolu
by Milan Sedmihradský - 566-569 Cílování inflace ? pouèení z mezinárodní zkušenosti
by Luboš Komárek - 570-572 Argentina - vzestupy a pády "Abstract: V kvìtnu 2002 se konal 38. semináø ÈSE z øady semináøù ""Ekonomické teorie a èeská ekonomika"" s názvem: Argentina - vzestupy a pády?. Øeèníkem semináøe byl Jiøí Jonáš, poradce výkonného øeditele Mezinárodního mìnového fondu. Jeho vystoupení se zamìøilo na pøíèiny argentinské krize. Strukturováno bylo do pìti èástí, tj.: (1) úvodní popis, (2) historie Argentiny: vzestupy a pády, (3) plán konvertibility, (4) mexická krize a (5) krátké zotavení a nová krize. Kompletní verzi pøíspìvku lze nalézt na adrese www.cse.cz."
by Roman Horváth & Luboš Komárek
2002, Volume 52, Issue 9
- 458-477 K pøíèinám mìnových krizí - empirie a teorie
by Mojmír Helísek - 478-501 Analýza diskrepancí v poptávce po penìzích domácností a firem v ÈR 1994?2000 ? èást II: firmy
by Martin Melecký - 502-514 Porovnání pøežívajících a zanikajících podnikù v èeské ekonomice na konci 90. let
by Jiøí Hlaváèek & Michal Hlaváèek
2002, Volume 52, Issue 7-8
- 386-407 Teorie optimálních mìnových zón: rámec k diskuzím o monetární integraci
by Roman Horváth & Luboš Komárek - 408-427 Hypotéza permanentního dùchodu a kupónová privatizace v ÈR
by Jan Hanousek & Zdenìk Tùma - 428-449 Analýza diskrepancí v poptávce po penìzích domácností a firem v ÈR 1994-2000 (èást I: domácnosti)
by Martin Melecký
2002, Volume 52, Issue 6
- 322-337 Kurzová konvergence a vstup do eurozóny (I) - komparace zkušeností kandidátských a èlenských zemí EU
by Zdenìk Èech & Luboš Komárek - 338-354 Vliv mìnové politiky na vývoj bankovních úvìrù
by Renata Pašalièová & Vladimír Stiller - 355-370 Vnitroodvìtvový obchod a vliv rozdílù ve velikosti zemí ? na pøípadu Slovinska a ÈR
by Stanislav Èernoša - 371-379 Teoretická analýza pøínosù environmentálních daní
by Jana Szomolányiová
2002, Volume 52, Issue 5
- 258-274 Makroekonomický model produktu neakcelerujícího inflaci
by Martin Fukaè & Osvald Vašíèek - 275-286 Odhad parametrù modelù ve stavovém tvaru
by Jan Vlèek - 287-306 Transmisní mechanizmus mìnové politiky na poèátku 3. tisíciletí
by Kateøina Šmídková - 307-309 Dlouhodobá nezamìstnanost a vstup ÈR do EU: Mùžeme se pouèit ze zkušeností Španìlska a Švédska?
by Luboš Komárek
2002, Volume 52, Issue 4
- 190-196 Èeská ekonomika v makroekonomických modelech
by Jan Frait & Luboš Komárek - 197-231 Støednìdobá makroekonomická predikce makroekonomické modely v analytickém systému ÈNB
by Jaromír Beneš & David Vávra & Jan Vlèek - 232-254 Èasová struktura úrokových sazeb a mìnová politika v malém makroekonomickém modelu
by Viktor Kotlán
2002, Volume 52, Issue 3
- 62-75 Z expozé ministra financí ÈR k návrhu státního rozpoètu ÈR na rok 2002
by Jiøí Rusnok - 76-89 Poptávka po penìzích v Èeské republice (M1)
by Mrtin Melecký - 90-101 Možný vliv èinnosti krajù na veøejné rozpoèty - Odhad zadlužení novì vzniklého stupnì samosprávy na základì francouzských dat a zkušeností
by Jaroslava Kypertová - 102-104 Morální hazard a výstup z bankovního sektoru
by Jan Frait - 106-114 Transformace a morální hazard
by Joseph E. Stiglitz
2002, Volume 52, Issue 2
- 23-35 Legitimita redistribuce: Èeská republika v mezinárodním srovnání
by Tomáš Sirovátka & Marie Valentová - 36-50 Využití mikrosimulaèního modelování v hodnocení redistribuèní funkce daní a sociálních dávek
by Petra Štìpánková
2002, Volume 52, Issue 1
- 2-3 Legitimita pøerozdìlování a jeho modelování (úvod)
by Jiøí Veèerník - 4-22 Pøerozdìlování pøíjmù danìmi a dávkami v ÈR: jeho promìny a reflexe po r. 1989 (plné znìní)
by Jiøí Veèerník
2001, Volume 51, Issue 12
- 614-617 Income Redistribution Via Taxes and Benefits (an introduction)
by Jiøí Veèerník - 618-638 The Tax System in the Czech Republic
by Chiara Bronchi & Andrew Burns - 639-657 Czech Social Security and Tax System and Their Impact on the Income Distribution
by Tomáš Jelínek & Ondøej Schneider - 658-675 Social Security and the Tax System in the CR: Recent History and Outlook
by Ladislav Prùša
2001, Volume 51, Issue 11
- 574-590 Value of Monetary Income in a Transition Economy
by Martin Cincibuch & David Vávra
2001, Volume 51, Issue 10
- 522-538 Exchange Rate Convergence and Entry to the Eurozone (II) A Comparison of Experiences from Member Stes of the European Union
by Zdenìk Èech & Luboš Komárek - 539-549 Deflation: An Underlying Feature of a Healthy Economy
by Josef Šíma - 550-565 Tax Burden and the Allocation of Investment in International Framework with Monopolistic Firms
by Milan Sedmihradský - 591-607 Interest Rates Time Structure and Domestic Bond Prices
by Michal Slavík
2001, Volume 51, Issue 9
- 450-471 Earnings Disparities in the CR: Evidence from the Nineties and a Cross-National Comparison
by Jiøí Veèerník - 472-487 Monetary Policy in the Czech Republic and EMU Accession
by Jiøí Jonáš - 488-506 The Role of Asset Prices in the Monetary Transmission Mechanism
by Michaela Skolková & Vladimír Stiller & Jan Syrovátka
2001, Volume 51, Issue 7
- 390-404 Industrial Restructuring in Central and Eastern Europe
by Libor Krkoška - 405-416 How Widespread Is Informed Trading on the Czech Financial Market?
by Jan Hanousek & Richard Podpiera - 417-429 Cointegration Analysis of Foreign Trade in the Czech Republic, 1993-98
by Vladimír Tomšík - 430-432 The State of the Phillips Curve
by Luboš Komárek - 433-436 Economics of Communist and Capitalist Dictatorships (M. Olson)
by Aleš Bulíø
2001, Volume 51, Issue 6
- 330-347 On the Way to European Union: Nominal and Real Convergence in Transition Countries
by Jan Frait & Luboš Komárek - 349-362 Price Convergence toward the EU: A Few Open Issues
by Martin Èihák & Tomáš Holub - 363-375 On the Differences in Price Levels between the Czech Republic and Germany
by Michal Skoøepa - 376-387 Can We Have Both? - Real and Nominal Convergence
by Kateøina Šmídková - 376-387 EU Convergence and the Role of External and Internal Stability in Transition Countries
by Martin Mandel & Vladimír Tomšík
2001, Volume 51, Issue 5
- 264-278 Detection of Bank Failures in Transition Economies: The Case of the Czech Republic
by Jan Hanousek & Jiri Podpiera - 279-297 Comparison of Selected Simple Models of Inflation in the Czech Economy
by Martin Melecký - 298-302 Banking Regulation in Czechoslovakia 1918-1938
by Ondøej Kopecký - 302-306 Transitional Economies and Corruption
by Jan Frait - 307-310 Psychology and Economics
by Viktor Kotlán - 309-311 Nobel Memorial Prize in Economics for the year 2000
by Viktor Kotlán
2001, Volume 51, Issue 4
- 190-192 Ten Years After: Lessons and Challenges in Transition
by Jan Frait - 206-216 Visegrad Twins' Diverging Path to Relative Prosperity - Comparing the Transition Experience of the Czech Republic and Hungary
by Lajos Bokros - 217-234 Lessons from Polish Transition
by Mrek Belka - 234-248 Transition and Convergence in Central and Eastern Europe
by Evžen Koèenda
2001, Volume 51, Issue 3
- 130-146 Macroeconomic Illusion and Microeconomic Facts - the Slovak Case
by Anton Marcinèin & Karol Morvay - 147-165 Credit Risk on the Bond Market
by Radek Pluhaø - 166-181 Interactions between Markets and Dually Listed Stocks: The Case of the Czech Republic
by Richard Podpiera
2001, Volume 51, Issue 2
- 66-80 Czech Currency and Monetary Policy in 2000
by Miroslav Hrnèíø - 81-98 Real Business Cycles in Open Economies "Abstract: This paper surveys recent literature on real business cycles in open economies. It focuses on the empirical regularities of international macroeconomic fluctuations and provides a short discussion of the differences between the ""stylized facts"" of business cycles in advanced and in developing countries. The paper reviews various real-business-cycle models, discerning one-sector models from their multi-good modifications. It also highlights discrepancies between theoretical predictions and data, such as ""consumption/output correlation puzzle,"" ""investment correlation puzzle,"" and ""price anomaly."" The paper concludes with a brief consideration of prospective directions for future research."
by Martin Macháèek - 99-110 Interest-Rate Swaps and Arbitrage
by Jiøí Málek - 111-125 Three Approaches to the Theory of Public Goods
by Mojmír Hampl
2001, Volume 51, Issue 1
- 2-8 Exposé to the 2001 State Budget Discussion in the Czech Parliament
by Pavel Mertlík - 9-32 Seignorage and Central Bank Finance
by Tomáš Holub - 33-45 The Influence of Income Differentiation on the Structure of Household Expenditures
by Jana Èermáková - 46-58 Regression Analysis of Foreign Trade in the CR in 1993-1998
by Vladimír Tomšík
2000, Volume 50, Issue 12
- 654-672 Monetary Conditions Indicators "Abstract: Monetary Conditions IndicatorsMartin CIHAK ? International Monetary Fund, Washington, D.C.Tomas HOLUB ? Czech National Bank; Faculty of Social Sciences, Charles University, PragueThe article provides an overview of foreign-language (non-Czech) literature on monetary conditions indices. The authors also discuss the issues involved in the construction of a monetary conditions index for the Czech Republic. They argue that if a monetary conditions index is to have any use for practical monetary policy, one must first distinguish two components of monetary policy stance: the monetary policy stance vis-a-vis the monetary policy target, and the monetary policy target itself. They conclude that MCI can be useful for measuring the monetary stance vis-a-vis the target, but better still is a frequent publication of inflation forecasts and the methodology behind such forecasts on the part of the central bank."
by Martin Èihák & Tomáš Holub - 673-684 The Money in Circulation Demand
by Daniel Kožel - 685-698 Dividends in the Czech Capital Market and an Optimal Investment Strategy
by Miloš Filip - 699-702 Young Economists on the Methodology of Economics
by Viktor Kotlán - 703-707 Economic Policy of the Slovak Republic in the Years 1990?99 (Eds: A. Marcincin ?M. Beblavy)
by Milan Žák
2000, Volume 50, Issue 11
- 582-583 Czech Foreign Trade Flows
by Vladimír Benáèek - 586-587 The Marketplace of New Economic Ideas
by Tomáš Cahlík
2000, Volume 50, Issue 10
- 514-522 The Czech National Bank's Inflation Report for Q2 2000
by Ènb - 523-538 Exchange Rates and Foreign Trade - An Example Involving Japan and the USA
by Jiøí Jaroš - 539-549 Economic Transition in the Slovak Republic "Abstract: The transition from a planned to a market economy can be rather neatly divided into two periods ? the revolutionary period (privatisation, liberalisation, and stabilisation) and the evolutionary period (implementation of institutional framework). In this regard, the Slovak experience shows that while short-term growth is relatively easy to achieve, the challenge remains sustainable long-term growth. Revolution period is necessary toward effecting economic transition, but is no end in itself. The transition of a national economy is not limited to economics; it has a political and social dimension as well, which are particularly evident in the Slovak context with regard to privatisation, economic policy, and the realisation of pro-reform legislation. Human capital is essential not only for the restructuring of firms but also for the reform of public administration and toward the greater creation of an efficient market economy framework."
by Daniela Zemanovièová - 550-554 Open Economy Macroeconomics: 1999 Nobel Prize "Abstract: The article summarizes the seminar ""Open Economy Macroeconomics: 1999 Nobel Prize"" held by the Czech Economic Association in March 2000. The seminar was devoted to the work of Professor Robert A. Mundell, the 1999 Nobel laureate in economics. There were three main speakers at the seminar: first was Jiøí Jonáš (International Monetary Fund, Washington), who lectured on the impact of Prof. Mundell's work on the IMF's approach to macroeconomic stabilization. Martin Mandel (University of Economics, Prague) discussed Robert Mundell's 1962 article on the principle of effective market classification. He described how this principle is altered if we change the definition of the external balance of an economy to exclude external debt financing." The third speaker, Vladimír Tomšík (Komerèní banka, Prague), who compared the well-known Mundell-Fleming model with more general Keynesian-Monetarist model. He demonstrated how these two models can be effectively used to analyze the Czech economy of the past few years. The seminar presentations were followed by a discussion
by Martin Èihák - 555-558 Public Budgets in the Czech Republic - Searching the Root of Imbalance "Abstract: The article sums up the Czech Economic Association's seminar ""Public Budgets in the Czech Republic"" held in April 2000 in Prague. Various presenters outlined the basic theoretical underpinnings of fiscal policy analysis and sought to quantify the structural and cyclical part of Czech public budgets. Focus was paid to an often overlooked aspect of taxation in the Czech Republic ? compliance costs and the European Union's influence on Czech taxation policy. It was agreed that the root of the Czech state's fiscal problem lays on the spending side of state budgets and that revenues are already stretched to the limit, with the possible exception of revenues from environmental taxes."
by Ondøej Schneider - 559-561 Chaos Theory "Abstract: The article summarizes the Czech Economic Association's seminar on ""Chaos Theory,"" held in May 2000. The main speaker, Pavel Kohout (PPF, a.s., Prague), presented several examples of how chaos theory can be used toward modeling the economy and, in particular, financial markets. He also spoke of the dangers inherent in attempts to indiscriminately transplant chaos theory from physics to economics. The presentation was followed by a lively discussion, also briefly summarized in this article."
by Martin Èihák - 562-563 European Economic Association Congress 2000 "Abstract: The annual meeting of the European Economic Association took place in Bolzano, Italy this year. There were more than 120 seminars, many panel discussions, and three main lectures presented. The seminars covered a broad range of issues related to economic theory and to applied research. Particular attention was paid to the features of the ""new economy"" and its implications for European economic developments. The main lectures emphasised the importance of the dialogue centred on the imperfect rationality of economic agents and on the contradictions between the theory of utility function and the outcomes of economic experiments. Czech economists participated in several seminars on economic growth, capital flows, monetary policy and efficiency and equality. The problems facing transitional economies were mainly discussed by experts from developed economies, from Israel and from Russia."
by Kateøina Šmídková - 564-566 Theoretical and Practical Aspects of Public Finance "Abstract: The Public Finance Department of the University of Economics in Prague (VŠE Praha) recently held an international conference on ""Theoretical and Practical Aspects of Public Finance."" The main topics discussed were the public and the taxation sectors' respective decentralization, efficiency, and financial instruments. Economists from England, Czech Republic, Scotland, Italy, Belgium, Russia, Slovenia, Turkey, Slovakia, and several international organizations were present."
by David Trytko
2000, Volume 50, Issue 9
- 450-451 International Economics - A Small Open Economy Applications
by Evžen Koèenda - 452-461 Effective Market Classification: Theory and Application in the Czech Economy "Abstract: Policies should be paired with objectives on which they have the most influence: such is the main idea of Mundell?s principle of effective market classification. This paper examines and discusses whether this principle is fulfilled in the Czech economy. The author deals with the difficulty of achieving internal stability and balance of payments equilibrium. The Czech National Bank ? the central bank ? has targeted net inflation since 1998; the Czech government is focused largely on economic growth. The author criticises this bipolar system, since external stability is not controlled by any single institution. In the theoretical portion of this article, the author solves the problem of the algebraic specification of Mundell's model in dynamic conditions and, also, explains the impact of a change of the external balance definition (current account plus direct investment) and the exchange rate system (floating) on the effective influence of monetary and fiscal policy."
by Martin Mandel - 478-487 Foreign Direct Investment and Productivity of Firms
by Martin Jarolím - 488-502 Coordination of the Czech Economic Policy in Network Industries with Practice in the EU
by Lubomír Lízal - 503-511 Exchange Rates and Monetary Measures
by Evžen Koèenda & Juraj Valachy - 452-463 Monetary and Fiscal Policies' Efficiency and the Determination of a Nominal Equilibrium Exchange Rate
by Emil Stavrev
2000, Volume 50, Issue 7-8
- 386-405 Is EMU an Endangered Specie? Regional Impacts of Single Monetary Policy
by Viktor Kotlán & Martin Macháèek - 406-420 The Impact of the Introduction of the Euro on the Structure and the Trade Volume of the European Derivatives Exchanges "Abstract: The article analyzes and summarizes several considerations the impact the introduction of the euro had on derivatives exchanges in Europe. It further outlines perspectives of potential developments. The author has divided the analysis into three parts according to the main types of exchange-traded contracts: short- and long-term interest-rates and index derivatives. The effects on the underlying assets, changes in territorial structure, and volumes of trade between January 1997 and October 1999 are discussed in each part.The main findings suggest that trade volumes are centering on the only underlying asset for any type of derivatives. The benchmark for short-term interest-rate derivatives became Euribor; for long-term interest-rate derivatives it was the German Bund; and among euro indexes are dominant Stoxx indices. Moreover, the trade in Euribor derivatives is largely concentrated in London (Liffe); however, Bund derivatives are mostly traded in Frankfurt (Eurex)."
by Jan Hájek - 421-429 The Czech National Bank?s Inflation Report for Q1 2000
by Ènb - 430-444 Karel Englis's Contribution to Economic Science
by František Vencovský
2000, Volume 50, Issue 6
- 310-325 Macroeconomic and Financial Aspects of Euro-Area Development
by Michal Mejstøík - 326-347 The Integration of Czech Banking into the European Single Market
by Petr Procházka - 348-360 Decision Making on Excessive Deficits in the EMU
by František Turnovec - 361-383 Road to EMU: Do We Need a Flexible Exchange Rate?
by Martin Cincibuch & David Vávra
2000, Volume 50, Issue 5
- 258-269 Comparison of Monetary Policy Rules Using a Czech Economy Model
by Kateøina Šmídková - 270-282 Czech Financial Market Efficiency in Light of Recent Interest Rate Cuts
by Richard Podpiera - 294-297 Gender Wage Differentials in the Czech Republic
by Martin Èihák - 298-301 Constitutional Economics
by Martin Èihák