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


  • Filip Novotný


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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    More about this item


    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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