Prague Economic Papers, 1996 (vol. 5), issue 4

Original contributions, Original article, Research article

Inflation in the czech republic in the mid-nineties (a comparison of alternative explanations)

Martin Čihák, Kamil Janáček

Prague Economic Papers 1996, 5(4) | DOI: 10.18267/j.pep.112

The aim of the present study is, firstly, to organize existing theoretical approaches to the explanation of inflation in the Czech Republic. Secondly to investigate to what extent the rate of inflation in the Czech Republic was determined by the growth of the money stock and to what extent by the development of wages and productivity of labor. Chapter 1 gives a general description of inflation in the Czech Republic. Chapter 2 offers a list of its existing theoretical explanations. Chapter 3 contains a brief summary of the previous empirical research. Chapters 4, 5 and 6 contain our empirical model, its interpretation, and recommendations for economic...

Deliberations on economic transformation

Čestmír Kožušník

Prague Economic Papers 1996, 5(4) | DOI: 10.18267/j.pep.113

Almost seven years have passed since the Velvet Revolution . In principle, the systemic transformation of the economic system has been carried out and GDP, following a four-year fall, is again growing. Thus, after this time lag, the time has come to think over the evolution of the transformation process and related issues. It is also useful to evaluate both the results achieved and the problems faced which, as a heritage of the communist past or a result of economic transformation, are waiting for solution. Of course, this topic is rather extensive. The present analysis is confined to some macroeconomic aspects and problems of the past and future development...

The role of commercial banks in the czech economy transformation process

Petr Chvojka

Prague Economic Papers 1996, 5(4) | DOI: 10.18267/j.pep.114

The "intuitive restructuring role of commercial banks can gradually gain the elements of a purposeful activity, especially with how the banks manage to : overcome the barrier of inadequate information about the real value relations between individual branches, enterprises, etc., the given nonexistence of the consistent economics research and analyses; react positively to the problem of nonexistence of a distinct structural national economy related concept, according to which they could orientated otherwise in their crediting; formulate under such condition its own strategic approaches, including not only the actual (bank) partial standpoints, but integrating...

Savings and investments in transitional countries

Růžena Vintrová

Prague Economic Papers 1996, 5(4) | DOI: 10.18267/j.pep.115

The final funds for restructuring differ in individual CEFTA countries very much. Hungary and Slovakia are to be found in the opposite extreme positions. Both these countries have approximately the same economic level and find themselves between the highest level of the Czech republic and the lowest level of Poland. But the rate of their domestic savings and the foreign capital inflow differs diametrically in opposite directions. Poland has also a relatively low rate of domestic savings - only 15% in 1994 and the balance of payments current account is relatively well-balanced. The Czech republic has a medium rate of domestic savings (24% of GDP in...

Czech derivatives market becomes more liquid

Josef Jílek

Prague Economic Papers 1996, 5(4) | DOI: 10.18267/j.pep.116

In the last a few years, the volume of derivatives trading steadily increased, the market being built, in particular, by major Czech banks (including subsidiaries of foreign banks) and branches of foreign banks. The most common derivatives are currency forwards and currency swaps up to 6 months. They are used by banks for trading (i.e. purchase or sale with other banks or clients) and hedging foreign exchange positions. More and more clients demand these instruments to hedge their own operations, mainly foreign trade and short-term loans. Equity options have so far been used to buy securities through major securities dealers who sell options to foreign...