Prague Economic Papers, 2002 (vol. 11), issue 3

Original contributions, Original article, Research article

Analysis of the development of the czech economy in 2001 and outlook for 2002 and 2003

Petr Dufek, Marián Vávra, Milan Václavík

Prague Economic Papers 2002, 11(3):201-236 | DOI: 10.18267/j.pep.195  

This paper evaluates Czech economic development during 2001 and is supplemented by the predictions of basic economic indicators for 2002 and 2003. This article is divided in several parts. In the beginning we focus on economic growth, including a marginal analysis of GDP and industrial production. It is possible to find a detailed net inflation analysis in Chapter three which consists of an explanation of current demand and supply factors and then we present an econometric estimate of the net inflation equation. This chapter includes impulse-response analysis. Raw material dependency and the intensity of Czech production is analyzed in Chapter four,...

Inflation targeting in poland (a comparison with the czech republic)

Helena Horská

Prague Economic Papers 2002, 11(3):237-254 | DOI: 10.18267/j.pep.196  

This paper deals with the implementation of the inflation targeting regime in Poland. The study contributes to the discussion about opportunities and constraints of inflation targeting in the more advanced transitive economies. This analysis of monetary policy issues is based on an econometric investigation of the Polish inflation time series and on the estimation of the links between monetary policy instruments and inflation. In comparison with the Czech Republic, the Polish inflation targeting strategy faces more obstacles and limitations that are caused by the structural characteristics of Polish inflation and the country's less advanced money market.

Firm ownership structures: dynamic development

Evžen Kočenda, Juraj Valachy

Prague Economic Papers 2002, 11(3):255-268 | DOI: 10.18267/j.pep.197  

This paper analyzes development of the ownership structures in Czech voucher-privatized firms during 1996 - 1999. The period can be characterized by increasing ownership concentration uniformly across all categories of owners with exception of banks. Within frequent changes uncovered by cluster analysis, higher ownership concentration was found to preserve itself. In general, investment funds and portfolio companies recorded the highest average concentration increase. Industrial companies and individual owners were found to be the most stable type of owner. Sector perspective shows that while in 1996 the firms do not exhibit excessive differences among...

Privatizing a service sector: where to start?

Jacek Cukrowski

Prague Economic Papers 2002, 11(3):269-279 | DOI: 10.18267/j.pep.198  

This paper develops a theoretical framework for the analysis of transformation of the service sector during privatization process. A simple model which includes a supplier of services and retail firms is presented and applied to study the effects of various sequences of privatization. Our findings indicate that privatizing the supplier first is always at least as good as privatizing the retailers first because (unlike the strategy of privatizing the retail firms first) it increases both the number of retail firms and profit of the supplier.