Template-Type: ReDIF-Article 1.0
Author-Name: Maria Dunin-Wasowicz
Title: Economic and Monetary Union in the Accession Countries - Political and Economic Contexts
Abstract: The EU-25 will start operating on May 1, 2004. This paper reviews the position of the new Member States (NMS) in the Economic and Monetary Union (EMU) with respect to future adoption of euro. It argues that further integration in this area is much more about the deepening of the political integrity of the EU than about lowering transaction costs. However, a debate on the political and economic implications resulting from the adoption of euro by the NMS is full of unsolved issues. The central one is to define the possible scenario of the path to the euro. It implies actions on both sides: the NMS need to implement many economic reforms and enhance the political debate on the benefits of the euro adoption. The EU side must proceed with reforms, including the redefinition of the Stability and Growth Pact. The lack of reforms may hamper the political position of the EU.
Keywords: euro, EMU, accession countries, adoption of the euro, EMU criteria, public opinion
Classification-JEL: F02, F15, G15
Pages: 99-114
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=233.pdf
File-URL: http://www.vse.cz/pep/233
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Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:233:p:99-114
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Template-Type: ReDIF-Article 1.0
Author-Name: Bruno S. Sergi
Author-Name: Karel Vít
Title: How to Rationalize the Export-Saving Paradigm (the Czech experience)
Abstract: The paper analyzes the relationship between saving and export in the Czech economy. Because the Czech economy has been increasingly trading with Western Europe, testing the relationship between these two variables is significant. OLS and 2SLS are applied to quarterly data between gross national savings, gross domestic product and exports over the period 1994 - 2001. The 2SLS procedure has also the advantage of identifying the underlying principles of the formal paradigm by means of instruments (productivity, real investments and unemployment). This study does lend support to the paradigm advanced by Maizels in 1968, which relates a country"s increase in domestic savings to exports.
Keywords: Czech economy, exports and savings, the Maizels? hypothesis
Classification-JEL: D10, E12, P35, P44
Pages: 115-120
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=234.pdf
File-URL: http://www.vse.cz/pep/234
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:234:p:115-120
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/234

Template-Type: ReDIF-Article 1.0
Author-Name: Tibor Hlédik
Title: Quantifying the Second-Round Effects of Supply-Side Shocks on Inflation
Abstract: This paper uses a small-scale dynamic rational expectations model based on an open-economy version of Fuhrer-Moore-type staggered wage setting to quantify the second-round effects of selected supply-side shocks and of shocks to the nominal exchange rate on wages and subsequently on inflation. In order to analyse the desired reaction of the central bank to these shocks, optimal time-consistent policy rules are derived within the presented New-Keynesian framework. The conclusions presented in the paper suggest that the second-round effects of shocks to import prices and the nominal exchange rate on inflation should not be ignored in practical policy-making.
Keywords: monetary policy, inflation targeting, optimal policy rules
Classification-JEL: E31, E52, F41
Pages: 121-141
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=235.pdf
File-URL: http://www.vse.cz/pep/235
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:235:p:121-141
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/235

Template-Type: ReDIF-Article 1.0
Author-Name: Jaromír Hurník
Title: Fiscal Consolidation in General Equilibrium Framework (the case of the Czech Republic)
Abstract: Within the non-stochastic dynamic general equilibrium model framework this paper examines the implications of alternative fiscal consolidation programs for small open economy. The calibrated model enables realistically quantify the impact of the deficit financing and fiscal consolidation on consumption and saving of households, investment of firms and thereby on the capital stock and real interest rates. Through the interest rate link the impact of deficit financing and fiscal consolidation on cyclical and long-term properties of monetary policy set-up can be observed. Several fiscal consolidations were simulated in order to demonstrate the comparative statics and differences in dynamic paths of above mentioned variables.
Keywords: fiscal consolidation, general equilibrium model
Classification-JEL: E10, E62, H30
Pages: 142-158
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=236.pdf
File-URL: http://www.vse.cz/pep/236
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:236:p:142-158
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/236

Template-Type: ReDIF-Article 1.0
Author-Name: Patrik Bauer
Title: Capital Structure of Listed Companies in Visegrad Countries
Abstract: This paper analyzes capital structure of listed companies in Visegrad countries during the period from 2000 to 2001. The results are based on the database, which assembles financial reports of listed firms. In general, leverage of these firms is relatively low if measured in book value, but it is relatively high if assessed in market value. Quasi-maximum likelihood estimation is used in order to investigate the determinants of capital structure. According to the results, leverage of a company is positively correlated with size and it is negatively correlated with profitability, tangibility and non-debt tax shields. There is a negative relationship between leverage measured in market value and growth opportunities. Moreover, leverage decreases with volatility, albeit on a lower level of statistical significance.
Keywords: capital structure, determinants of capital structure, leverage, Visegrad countries
Classification-JEL: G32
Pages: 159-175
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=237.pdf
File-URL: http://www.vse.cz/pep/237
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:237:p:159-175
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Template-Type: ReDIF-Article 1.0
Author-Name: Peter Mikek
Title: Accession to the Monetary Union and Slovenian Monetary Policy Under Exchange Rate Targeting
Abstract: After joining the EU in 2004, Slovenia and other new members will have to adopt the euro. Their accession to the European Monetary Union will require stabilizing and later fixing their exchange rates and thus restrictive monetary policy. The paper shows that successful stabilization of the exchange rate also requires restrictive fiscal policy. Fiscal policy that is not compatible with the goals of monetary policy would prevent stabilization of the exchange rate.
Keywords: inflation targeting, price level, fiscal regime, monetary union, monetary policy reaction function, monetary feedback, exchange rate targeting
Classification-JEL: E50, E60, F40
Pages: 176-186
Volume: 2004
Issue: 2
Year: 2004
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=238.pdf
File-URL: http://www.vse.cz/pep/238
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2004:y:2004:i:2:id:238:p:176-186
X-File-Ref: http://www.vse.cz/RePEc/prg/jnlpep/references/238