Template-Type: ReDIF-Article 1.0
Author-Name: Josef Tošovský
Title: Ten years on (some lessons from the transition)
Abstract: The article offers essential reflections on ten years of experience with the transformation of the former centrally planned economies into free market economies. Although there were large differences among individual transition countries, all of them faced similar challenges early in the 1990s. The unique initial conditions of the Central and Eastern European countries called for an approach fundamentally different from reforms applied in Latin America or Asia. CEE countries had to rebuild, from scratch, a private sector, create a market-compatible institutional environment, and correct the serious inherited deformations of the real economy. In addition, at the same time they were confronted with the international liberalization of flows of goods and capital. The article aims to distinguish and analyse both objective and subjective factors affecting the process of economic transformation.
Keywords: privatization, economic transformation, objective and subjective factors, institutional framework, financial sector
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/162
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:162

Template-Type: ReDIF-Article 1.0
Author-Name: Zdeněk Dvorný
Title: The role of the czech national bank monetary instruments in interest rates targeting during transition
Abstract: In this paper, the recent development of Czech interest rates during the Czech Republic's transition to a market economy is discussed. First, the situation in the economy and in the banking sector, as well as the monetary policy of the central bank during the period of 1990 - 1999 is presented. However, the main focus is on monetary policy instruments and their application during transition. The paper also describes the targeting of the central bank's policy by using direct limitations in banking during 1990 - 1991 and refinancing instruments exploited during the period of 1991 - 1992. Finally, the central bank's orientation towards free market operations, starting in 1993, is discussed.
Keywords: Czech National Bank, monetary policy, refinancing, monetary instruments
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/163
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:163

Template-Type: ReDIF-Article 1.0
Author-Name: František Turnovec
Title: Regional reform in the czech republic and regional disparities in the extending european union
Abstract: In this paper we try to describe a state of affairs related to regional reform and Government decentralization in the Czech Republic, taking into account a future European dimension of regional policies. Regional disparities in the European Union and in the Central and East European candidate states on NUTS-2 level of European statistics are studied in context of different extension scenarios. Implications of significantly different level of regional development in the recent member states of the EU and CEE candidate states for the European Union redistribution policies after extension are discussed.
Keywords: European Union extension, local governments, municipalities, NUTS-2 regions, per capita regional GDP, regional disparities, regional governments, regional elections
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/164
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:164

Template-Type: ReDIF-Article 1.0
Author-Name: Tomáš Cvrček
Title: The behavioral maladjustment of the communist managerial elites (the case of the czech republic)
Abstract: The scarcity of educated and experienced managers and the path dependency influence the corporate governance of the post-communist enterprises. Using the standard microeconomic tools, the paper investigates the possible similarities between the old "command economy management" and the behavior of managers under the conditions of infant capitalism. It concludes that the standard microanalysis, supplemented with assumptions representing the management behavior under communism, may offer a viable theoretical explanation of management decision making as seen in the Czech Republic.
Keywords: privatization, transformation, East-Central Europe, company management, central planning, homo se assecurans
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/165
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:165

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Jonáš
Title: International monetary fund after the financial crises of the 1990s
Abstract: In this article, I would first discuss briefly what we know about the causes of the recent financial crises, and whether the International Monetary Fund (IMF) could have done more to prevent them. I will explain what policy strategies the IMF recommended to resolve these crises, why it recommended these policies, and to what extent is the criticism of these recommendations justified. In the second part, I will discuss the lessons which the IMF has drawn from these crises. I will explain how the experience of recent years has changed the thinking about the proper role of the IMF in supporting stable international monetary system. I will focus on two broad areas of changes in the activity of the IMF. First, on measures that are being taken to make the repetition of financial crises less likely; second, on measures to be applied if the prevention fails and if a financial crisis strikes again.
Keywords: financial crises, role of the IMF, international monetary system
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/166
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:166

Template-Type: ReDIF-Article 1.0
Author-Name: Milan Neubauer
Title: International portfolio diversification in the central european region
Abstract: The aim of this paper is to investigate international portfolio diversification opportunities for German and the U.S. investors in the Central European region. We employ Johansen multivariate cointegration test to analyze long run relationships among the Czech, Slovak, Polish, Hungarian, German and the U.S. stock markets. In addition, we attempt to account for possible impact of the Czech capital market failure on the diversification opportunities in the region. As the cointegration tests bring evidence on long run relationships among the Central European and developed stock markets, expected diversification benefits indicated by the low values of correlations of returns may be overestimated particularly over the longer investment horizons. Since the strength of relationships decreases from past to present, the loss of attractivity of the Czech capital market appears to weaken the long run interdependence among the countries which may paradoxically increase the diversification potential of the Central European region.
Keywords: cointegration, portfolio diversification, Central European emerging markets
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/167
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:167

Template-Type: ReDIF-Article 1.0
Author-Name: Peter Silárszky
Author-Name: René Levínský
Title: Coalition formation and eastward expansion of the european union (implications for the council)
Abstract: In this paper we study the distribution of power in the Council of the European Union. The goal of this paper is to evaluate the implications of coalition formation and the entry of some Central and Eastern European countries on the voting power of the member states. The analysis is based on the Shapley-Shubik power index of simple cooperative games. Modified versions of the Shapley-Shubik index are used to analyze the influence of sub-systems of the EU on the distribution of power in the decision making process.
Keywords: EU enlargement, EU decision making, Shapley value
Volume: 2001
Issue: 1
Year: 2001
File-URL: http://www.vse.cz/pep/168
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2001:y:2001:i:1:id:168