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Vliv zhodnocení koruny na český podnikový sektor
[Effect of czech crown appreciation on czech corporate sector]

Author

Listed:
  • Filip Novotný

Abstract

The Czech economy was characterized by a high nominal and real appreciation which was caused by great foreign direct investment inflow in 2002. The paper analyzes the effect of the Czech currency appreciation on industrial branches and the industry as a whole using a simple model based on a corporate accounting. The outcome of the model is then compared with actual y-o-y data of non-financial corporations in 2002. There is significant difference between industrial branches in sensitivity to appreciation. Foreign owned branches are able to limit the negative impact of appreciation, whereas the worst situation is in branches owed only by residents and public. The property structure and in addition the labor intensity of production have had a great effect on corporate finance after the rapid crown appreciation.

Suggested Citation

  • Filip Novotný, 2003. "Vliv zhodnocení koruny na český podnikový sektor
    [Effect of czech crown appreciation on czech corporate sector]
    ," Politická ekonomie, University of Economics, Prague, vol. 2003(5).
  • Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:5:id:419
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    File URL: http://www.vse.cz/polek/419
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    References listed on IDEAS

    as
    1. Claudia Goldin, 2004. "The Long Road to the Fast Track: Career and Family," NBER Working Papers 10331, National Bureau of Economic Research, Inc.
    2. Claudia Goldin, 2006. "The Quiet Revolution That Transformed Women's Employment, Education, and Family," American Economic Review, American Economic Association, pages 1-21.
    3. Balcar Jiří & Filipová Lenka & Machová Zuzana, 2012. "Gender Wage Gap in the Czech Republic: First Descriptive Analysis Based on Survey 2011," Review of Economic Perspectives, De Gruyter Open, pages 151-167.
    4. Luisa Escriche, 2007. "Persistence of Occupational Segregation: the Role of the Intergenerational Transmission of Preferences," Economic Journal, Royal Economic Society, vol. 117(520), pages 837-857, April.
    5. Goldin, Claudia, 2006. "The Quiet Revolution That Transformed Women’s Employment, Education, and Family," Scholarly Articles 2943933, Harvard University Department of Economics.
    6. Luisa Escriche & Gonzalo Olcina & Rosario Sánchez, 2004. "Gender discrimination and intergenerational transmission of preferences," Oxford Economic Papers, Oxford University Press, vol. 56(3), pages 485-511, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    currency appreciation; property structure; investment inflow; corporate accounting; value added; profit before tax;

    JEL classification:

    • F47 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Forecasting and Simulation: Models and Applications
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L16 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Industrial Organization and Macroeconomics; Macroeconomic Industrial Structure

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