Prague Economic Papers, 1998 (vol. 7), issue 1

Original contributions, Original article, Research article

The czech economy in the first half of the 1990s: comparison with similar european economies

Vladimír Nachtigal

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.142

The submitted research study takes as it's primary objective an attempt to assess and reveal the position of the Czech economy within Europe in the first halt of the 1990s. In pursuing this objective, comparison of the status and development trends of the Czech economy with other European economies was used as the main method of assessing and evaluating economic reality. Since the limited size of the study does not allow for extensive comparisons either with all or with the majority of European economies, it was necessary to select only those economies which have certain analogical features with the CR economy.

Convergence for european union accession: challenges for czech monetary policy

Stanislava Janáčková

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.143

If the analyses of the transmission mechanisms are not fundamentally wrong, it follows that Czech Republic shares a common feature typical for EU countries: the short-term non-neutrality of money with respect to real output. Money matters , money affects real output as well as prices. There can be significant differences, however, in the time lags, as well as in the strength of impact of monetary policy on both prices and output. Future steps of the Czech Republic toward monetary integration with the EU countries (starting with ERM 11 membership) will presuppose a further convergence of the transmission mechanism of Czech monetary policy toward the...

Banking regulation and supervision: lessons from the czech republic

Roman Matoušek

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.144

We have concentrated on the current issues linked to the goals of banking regulation and supervision. Attention has been focused mainly on the problem of entry into and exit form the banking sector and the institutional framework banking supervision as a whole. Although we are aware that the present situation in emerging markets is far from that of standard economies, we argue that remarkable progress has been made in creating an appropriate banking system since the beginning of the 1996.

Some implications of voucher privatization for corporate governance

Marie Bohatá

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.145

This article focuses on the way Czech joint stock companies are governed and monitored. At first, it analyses implications of voucher privatisation for corporate governance and then explains the main features of its model applied in the Czech Republic (CR). It summarises results of an empirical research and a survey among 77 board members of large companies operating in the CR. The survey, which used face to face interviews based on a structured questionnaire, was accomplished in spring 1997. In the CR, the transformation of former state enterprises is characterised by their privatisation, as well as their search for a place in a globalise world economy....

Risk reduction of households waste: contingent valuation analysis

Petr Šauer, Stanislava Mildeová

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.146

The results of this research are promising and suggest that contingent valuation is a practical way to make rough estimations of the benefits accrued from environmental policies, for reducing the risks of past environmental burdens, and for making comparisons with costs within a cost-benefit analysis. Contingent valuation provided a means of quantifying consumer preferences and values. However, an important constraint in this research is that the method (word pictures) used to present risks was quite general and lacked the specificity that would be useful to employ in future studies. A more detailed formulation would result in a more precise pricing...

Whose failure: market or philosophy?

Jiří Kinkor

Prague Economic Papers 1998, 7(1) | DOI: 10.18267/j.pep.147

The contemporary failings of governments can not be cured by mere institutional/constitutional political constraints. Without rational, objective morality to replace corrupt altruist-collectivist mentality, there will never be chance for freedom to prevail over all sorts of statism and to endure. Thus, I conclude that it was philosophy that had failed for centuries prior to Ayn Rand.