Politická ekonomie, 2008 (vol. 56), issue 3

Articles

Česká ekonomika po vstupu do Evropské unie

The czech economy after its entry into European Union

Vojtěch Spěváček, Růžena Vintrová, Eva Zamrazilová, Mojmír Hájek, Václav Žďárek

Politická ekonomie 2008, 56(3):291-317 | DOI: 10.18267/j.polek.641  

Economic growth of the Czech Republic differed strongly in two periods: 2001-2003 and 2004-2006. While in the first period the average annual rate of growth of GDP reached only 2,7 %, in the second period the growth accelerated to 5,7 %. The economic growth measured by the indicators of real income (namely of real gross domestic income) was faster. This was caused by positive contribution of the terms of trade. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the growth was pulled by domestic demand which grew in the period 2001-2003 even faster than GDP. The contribution of foreign trade...

Európska menová únia, optimálna menová oblasť a možné dôsledky vstupu slovenska do eurozóny

European monetary union, optimum currency area and possible effects of slovakia's joining the euro area

Jan Iša, Ivan Okáli

Politická ekonomie 2008, 56(3):318-344 | DOI: 10.18267/j.polek.642  

Slovak Republic entered the ERM II in the end of 2005 whereby it came nearer to its strategic objective - joining the euro area. In this paper we try to answer two questions. Section 1 examines the features and risks of the EMU. Is EMU an optimum currency area and what is the OCA scorecard of euro area? We conclude that euro area - in spite of its indisputable benefits - is rather a premature monetary union with asymmetric monetary policy effects and other policy asymmetries. Section 2 analyzes possible effects of the EMU on the Slovak economy. We examine the experience of other countries and compare their real convergence to average level of euro...

Vliv společné měny na hospodářské cykly jednotlivých částí měnové unie

The influence of common currency on economic cycles of individual parts of currency union

Eva Kaňková

Politická ekonomie 2008, 56(3):345-361 | DOI: 10.18267/j.polek.643  

Paul de Grauwe and Paul Krugman are two of the most significant economists who are interested in single currency influence on the economic cycle. In our paper we try to show that a complex view of argumentation of both the economists i.e. (from both the views of the individual countries and the view of individual regions) reveals that the existence of the currency union will lead to the most frequent asymmetrical shocks in the currency union mentioned. To limit ourselves only to the view of the individual countries, as the authors mentioned do, will lead to unacceptable simplification of the whole problem. Further we try finding out if after introducing...

Zachrání Evropu imigrace?

Will immigration save Europe?

Marek Loužek

Politická ekonomie 2008, 56(3):362-379 | DOI: 10.18267/j.polek.644  

The current record wave of immigration is a problem and does not conform to the interests of most people in Europe. Immigration is ineffective as a global development policy. The article argues in favor of an immigration that is balanced and that is in the interests of citizens in Europe rather than just in the interests of potential immigrants, recent immigrants and businesses that like cheap labor. First section of the article perceives immigration in the context of the public debate. Second section calls attention to the record wave of immigration to Europe. Third section asks a question of who are the winners and losers of immigration. Forth section...

Discussion

Riziko měnové krize z hlediska účasti v kursovém mechanismu ERM II

The risk of currency crisis in the period of participating in exchange rate mechanism ERM II

Mojmír Helísek

Politická ekonomie 2008, 56(3):380-403 | DOI: 10.18267/j.polek.645  

In the course of exchange rate development history of the countries taking part and evaluated in ERM or ERM II before they entered the euro-area there was no depreciating evolution with a trend to currency crisis at all. Fundamental indicators of these economies, partly owing to the compliance with other Maastricht criteria, do not induce devaluation expectancions of investors. However, there is a danger in two other lines. Firstly there is the possibility of so called pure contagion, secondly there are specifics connected directly with taking part in ERM II (wrong configuration of the central parity, appreciating exchange rate overshooting or advancing...