Template-Type: ReDIF-Article 1.0
Author-Name: Kamil Janáček
Author-Name: Eva Zamrazilová
Title: Czech economy at the beginning of 2002: uncertain prospects
Abstract: Domestic demand, especially private household consumption and fixed capital investment was the main engine of continuing economic growth. At the same time, strong domestic demand did not provoke regular inflationary pressures. Inflation has stopped to be a threat of macroeconomic stability since the last quarter of 2001. Therefore, the Czech monetary policy could follow the overall world trend in basic rate cuts, the appreciating Czech currency being, however, very reluctant to monetary policy steps.  The slowdown in Western Europe was felt predominantly in the Czech industry, which was very sensitive especially to the decline of demand for Czech industrial exports to Germany. The scope of external imbalance was approximately the same as in previous year - low level of import prices helped to offset the negative impact of weakening foreign demand. The current account deficit was comfortably offset by ongoing inflow of FDI.
Keywords: Czech economy, labour market, monetary policy, external balance, world economic growth
Volume: 2002
Issue: 2
Year: 2002
File-URL: http://www.vse.cz/pep/190
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:2:id:190

Template-Type: ReDIF-Article 1.0
Author-Name: Oldřich Dědek
Title: Managing economic convergence and financial stability in the czech republic
Abstract: This article addresses the issue of macroeconomic policies in the pre-accession period. The key theme is an assessment of the relationship between the real and nominal convergence of the candidate countries towards the EU. Support for real convergence cannot procced on a long-term basis in contradiction to the nominal convergence criteria. Despite a renewal of growth in 1999, a whole range of persisting structural problems, chiefly in the fiscal area, confirm the benefit of voluntary pursuance of the nominal concergence criteria. Fof the central bank, the inflation criterion is particularly relevant. The issue of catching-up with the EU price level is discussed from this point of view. Neither the theoretical models (the law of one price and the Balassa-Samuelson effect) nor the empirical evidence provide arguments for abandoning the efforts for price stability. The most appropriate monetary policy regime linking the interests of monetary policy and government economic policy is inflation targeting.
Keywords: inflation targeting, accession process, policy mix, nominal and real convergence, price level, Balassa-Samuelson effect, one price law
Volume: 2002
Issue: 2
Year: 2002
File-URL: http://www.vse.cz/pep/191
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:2:id:191

Template-Type: ReDIF-Article 1.0
Author-Name: Jaroslava Durčáková
Author-Name: Martin Mandel
Title: Exchange rate, inflation and real economic growth in transitive economies
Abstract: In this paper we discuss the issue of the choice of exchange rate regimes in transitive economies and the effect of exchange rate policy on the development of macroeconomic indicators (e. g. the average growth rate of real GDP in domestic currency, the development of domestic inflation and the real exchange rate). Our analysis indicates that monetary and exchange rate policy is not a passive factor, at least in the medium term. Monetary policy should, in the first phases of transformation development, warn against two extremes: absolute stability even appreciation of the nominal exchange rate, or, on the contrary, chronic and severe depreciation.
Keywords: economic growth, exchange rate, inflation, transitive economies
Volume: 2002
Issue: 2
Year: 2002
File-URL: http://www.vse.cz/pep/192
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:2:id:192

Template-Type: ReDIF-Article 1.0
Author-Name: Jiří Jaroš
Title: Growth accounting in transitive economies
Abstract: The aim and probably the biggest contribution of this paper is to produce unique data series for the capital stock and an estimate of the depreciation rate (using microeconomic data) in the transitive economies in the period 1989 - 1999 and subsequently to try to calculate the growth accounting formula. The countries of primary interest are the Czech Republic and Slovakia, where the most complete data sources are available. The paper will prove that in the first years of economic transition Central and Eastern European countries show extremely high dynamics of growth that can be attributed to increases in productivity, that is very high Solow residual.
Keywords: transition, Czech Republic, growth accounting, capital stock, Solow residual
Volume: 2002
Issue: 2
Year: 2002
File-URL: http://www.vse.cz/pep/193
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:2:id:193

Template-Type: ReDIF-Article 1.0
Author-Name: Štefan Slávik
Title: Competitive advantage of enterprises in small transforming economy (example of slovakia)
Abstract: A Slovak contemporary business environment mainly enables an uprise of a short range sustainable competitive advantage. Bigger chances to acquire a competitive advantage have small firms, therefore they could respond to quickly changing and developing environments. The Slovak companies are unable to create total competitive advantage to succeed in greater amount in international scope. From selected industries the chemical and partly engineering ones have the most qualitative competitive advantage, the construction and trade businesses are the least competitive. Exeptional competencies are spread into the various firms and industries. Non-concentrated and non-integrated competitive advantage has subsequently a low value only. Non-total competitive advantage is accomplished to a full picture by stronger foreign competitors, which insert enterprises of this domain in their supply chains.
Keywords: competitive advantage, external conditions, structure, national competitive advantage, total competitive advantage
Volume: 2002
Issue: 2
Year: 2002
File-URL: http://www.vse.cz/pep/194
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:2:id:194