Prague Economic Papers, 1996 (vol. 5), issue 3

Original contributions, Original article, Research article

Inflation, wages and money

Vratislav Izák

Prague Economic Papers 1996, 5(3) | DOI: 10.18267/j.pep.107

The preliminary results seem to confirm a greater relevance of postkeynesian than monetaristic approaches in the inflation field. Whereas prices are co-integrated, according to CRDW in a static regression, with wages, they are not co-integrated with money, therefore the association between money and prices in four-years period is lower than expected at first sight. One must mention that in the Czech Republic the term exogenous supply of money, has a special meaning.

The banking sector's approach to the european union

Josef Mervart

Prague Economic Papers 1996, 5(3) | DOI: 10.18267/j.pep.108

From the comparisons presented, it can be deduced that total assets in the Czech Banking sector are lower than is usual in EU member states. Although the concentration of assets in the Czech Banking sector is above average for the EU, the assets of our largest banks are still lower than those of the larger banks in comparable EU countries.

Market model of the czech capital market

Martin Sommer

Prague Economic Papers 1996, 5(3) | DOI: 10.18267/j.pep.109

Market Model is a powerful analytic tool both for market description and for the creation of investment strategies. Its ideas are generally accepted on the developed markets, but there have not been proper attempts to apply it on new Eastern European markets, especially on the Czech market. However, results from this study seem to support the hypothesis about Model's validity on Czech equities. Emerging markets often lack an adequate reaction of equity prices to the fundamental measures. Although investors correctly tend to back them up with real firm figures, every relevant price mechanism available is warmly welcomed. The Market Model compares price...

Czechoslovak industrial exports: structural change, re-orientation and specialization (1989 - 1992)

Adam Slater

Prague Economic Papers 1996, 5(3) | DOI: 10.18267/j.pep.110

Fostering a strong export sector is essential for the kind of small, open economy like post-communist Czechoslovakia (latterly the Czech and Slovak Republics). The CSFR export sector has to a considerable extent the defied expectations, of many of the more pessimistic commentators in regard to the expansion of exports to the West, as many industries with a previously poor record on the EC market have attained very rapid growth rates of exports to that market. Nevertheless, the evidence of section 3 points to a weakening of the reorientation process in 1992, and raises questions about the future of many of the industries which formerly exported largely...

transformation indebtedness of cooperative farms

Emil Divila, Stanislav Marchal

Prague Economic Papers 1996, 5(3) | DOI: 10.18267/j.pep.111

Due to the previous dominant position of cooperatives ( collective farms ) in the Czech agriculture transformation of property rights in the post-November period was a key part of agricultural reform. Further outlook of the present (transformed) cooperatives which accounts for roughly a half of the total agricultural outputs represents a cardinal problem of the future agrarian structure in the Czech Republic. This outlook is, however, rather problematic. It is not only a result of some weak features of the cooperative as a specific business form (problems ensuing from the complicated ownership and interest structure in cooperatives). What makes the...