Template-Type: ReDIF-Article 1.0 Author-Name: ??? Title: Peter F. Drucker awarded honorary doctorate Abstract: On 29th May 1997, the Scientific Council of the University of Economics in Prague called an official session on the occasion of the awarding of the degree of Doctor Honoris Causa to one of the major creators of modern management, Professor Peter F. Drucker. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/134 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:134 Template-Type: ReDIF-Article 1.0 Author-Name: ??? Title: Remarks of Peter F. Drucker Abstract: In introduction of his speech Drucker remembers his young years. As a son of Austrian lawyer he visited Prague many times. While his father was working with his clients, he walked around and discovered the beautiful city of Prague. A few years later he worked in a small private bank in London, which had many good clients in Czechoslovakia - that time he travelled to Prague maybe three times each year. In conclusion Drucker puts in remembrance the role of University of Economics in this process. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/135 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:135 Template-Type: ReDIF-Article 1.0 Author-Name: Karel Kouba Title: Privatisation as a process of property right redistribution Abstract: The crucial problem of privatisation, and of the Czech economy transformation in the broad sense cannot be seen in the used forms of property right transformation and in the speed of privatisation and transformation steps. The basic problem consists in an institutional and ethical deficit. The appropriate solutions to growing problems of macroeconomic stability and economy restructuring in these spheres are found in the paper. The Czech economy is suffering by very weak institutional and microeconomic foundation. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/136 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:136 Template-Type: ReDIF-Article 1.0 Author-Name: Luděk Urban Title: Czech republic: outlook of accession to the european union Abstract: The Czech economy is undergoing two dominant processes: on the one hand transformation process which is far from being finished, on the other hand the Czech Republic is preparing its legislation and takes other measures to be ready for accession to the EU. The process of EU accession is a relationship of two partners who are not in quite an equal position. One party, an associated country aspiring to join the EU, tries to demonstrate that it fulfills the laid down conditions of accession and that it is ready for this act. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/137 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:137 Template-Type: ReDIF-Article 1.0 Author-Name: Vladimír Benáček Title: Fiscal convergence to the countries of european union and the state burden Abstract: There is no doubt that the same economic regularities are effective in economies in the stage of advanced economic transformation as in traditional market economies. But the low productivity and relics of institutions from the totalitarian system make them very different. Some immature markets of these economies, e.g. labor, money, capital and real property ones, are combined with a huge burden of the non-market public sector, which is mainly borne by budgets of central and local governments. It is not true in any case that any of the former Comecon economies would suffer from an excess of market dictate . It would be worth asking a question to what extent all these economies suffer from market imperfections (e.g. absence of some markets or rent seeking) and from the fact that the government and bureaucracy are still involved in numerous non-market and regulatory responsibilities. As shown by some comparative studies, the government's economic influence significantly goes beyond the scope of their rampant state budgets. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/138 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:138 Template-Type: ReDIF-Article 1.0 Author-Name: Frank Stolze Title: Changing foreign trade patterns in post-reform czech industry (1989-1995) - empirical evidence Abstract: Summarizing our analysis we must acknowledge that it is still difficult to get a precise picture of the role which different factors play in determining international competitiveness of industrial branches. The most limits of the analysis are as follows: comprehensive data on input intensities of industrial branches were only available for West European countries; the assumptions necessary for a precise forecast of competitiveness positions through RCA-indicators are not been fulfilled; trade patterns are still distorted by production structures and capacities inherited from the planned economy. Although it may be premature to seriously address the question to what extent factor endowments determine trade flows between the Czech Republic and the EU, we have found a number of interesting tendencies. For the year 1989 correlation tests and an analysis of the most 10, 20 and 30 factor-intensive industries revealed a certain positive effect of capital, labour and energy inputs. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/139 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:139 Template-Type: ReDIF-Article 1.0 Author-Name: Evžen Kočenda Title: Conditional variance and fluctuation band Abstract: The exchange rate of the Czech koruna pegged to a currency basket is analyzed. The change of value of the basket is measured by its index. The central point of the analysis is how the change in the fluctuation band of the index affected volatility of the exchange rate. By allowing for a wider fluctuation band, the CNB let the exchange rate fluctuate more freely, thus reducing its potential nominal stability. Because of the fact that the currency basket was introduced to keep a relatively stable nominal exchange rate and to limit its volatility, a further implication is that allowing for a wider fluctuation band should lead to more pronounced movements and increased volatility of the koruna. The results of the analysis clearly indicate that allowing for a wider fluctuation band resulted in a decrease in volatility of the key currencies (DEM and USD). The other two currencies (CHF and FRF) exhibit different behavior that suggests increased volatility after the narrow fluctuation band was abolished. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/140 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:140 Template-Type: ReDIF-Article 1.0 Author-Name: Josef Jílek Title: The development of otc and exchange-traded derivatives in the czech republic Abstract: A market-based financial system relies on the existence of prudential, organizational and protective regulations in order to preserve the safety and soundness of the financial system, to ensure its smooth functioning and to provide adequate protection to the users of financial services. The particular business characteristics of banks have important implications regarding the need for their regulation. The need for bank regulation, given the objective of maintaining confidence in the financial system, arises from the fact that banks are uniquely vulnerable to contagious illiquidity and insolvency collapse and their failures can cause severe negative social externalities. This paper describes the Czech derivatives market and discusses the latest approach of the Czech National Bank towards establishing a bank regulatory framework. To put these issues in context, background information is provided on the foreign exchange position of the Czech banking sector, CNB provisions and the foreign exchange market in the Czech Republic. Volume: 1997 Issue: 4 Year: 1997 File-URL: http://www.vse.cz/pep/141 File-Format: text/html Handle: RePEc:prg:jnlpep:v:1997:y:1997:i:4:id:141