Template-Type: ReDIF-Article 1.0
Author-Name: Vratislav Izák
Title: Fiscal Deficits and Inflation in the Transition Countries
Abstract: The fiscal deficits in the majority of transition countries continue to deteriorate and pose risks for the sustainability of public finances in the longer time horizon. Due to short time span and data limitation (1993 - 2003) I concentrate on the short-run dynamics using fixed-effect model with panel data. I found a very small effects of fiscal deficits on inflation for the group of Visegrad countries (the Czech Republic, Hungary, Poland, Slovakia) with slightly better results after the exclusion of Poland. The perspective of adopting the euro in the horizon of several years has prevented until now the use of surprise inflation to reduce the real burden of servicing the increasing public debt. In the periods of social conflicts which are likely to characterize times of delayed fiscal reforms the temptation to resort to seignorage may become more stronger than nowadays.
Keywords: transition countries, inflation, fiscal deficits
Classification-JEL: E31, E60, E63
Pages: 3-16
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=249.pdf
File-URL: http://www.vse.cz/pep/249
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:249:p:3-16
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Template-Type: ReDIF-Article 1.0
Author-Name: Antonín Rusek
Title: Financial Integration and the New EU Member Countries: Challenges and Dilemmas
Abstract: Real convergence is the key economic challenge for the new EU Member Countries. The main growth area today is the 'new' entrepreneurial economy of creativity and innovation. But such an economy needs a financial structure capable of coping with the higher risk inherent in the 'new' economy. To provide such a financial structure, the financial markets must be broad, deep and liquid, i.e. financial markets must be large enough to provide this financial structure. Hence, the financial integration became an imperative for the new Member Countries. But this integration process possesses both economic and political challenges and dilemmas. Answers to those challenges and dilemmas will then determine the degree of real convergence - and hence the degree of economic success - for each new Member State.
Keywords: financial sector, real convergence, financial integration, new EU Member Countries, 'new' economy
Classification-JEL: F36, F39, F43, O16
Pages: 17-32
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=250.pdf
File-URL: http://www.vse.cz/pep/250
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:250:p:17-32
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Template-Type: ReDIF-Article 1.0
Author-Name: Ivan Matalík
Author-Name: Michal Slavík
Title: Debt Management in the Czech Republic (formation in the 1990s and the current state)
Abstract: This paper describes the development and the current state of debt management in the Czech Republic. The basic principles on which it was built during the1990s and the importance of the monetary and fiscal policy co-ordination in effective debt management implementation are discussed. The authors try to explain the main factors that are behind the substantial state debt increases in the course of several recent years and to discuss some of the topical issues connected to the debt management targets and procedures. The paper provides a basic description of the instruments used and the conceptual and institutional framework of the Czech Republic debt management system with a particular emphasis on the role of the central bank.
Keywords: debt management, state treasury management, economic transition, fiscal and monetary policy co-ordination
Classification-JEL: E61, G18, H63, H81
Pages: 33-50
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=251.pdf
File-URL: http://www.vse.cz/pep/251
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:251:p:33-50
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Template-Type: ReDIF-Article 1.0
Author-Name: Roman Hušek
Author-Name: Tomáš Formánek
Title: Estimation of the Czech Republic Sacrifice Ratio for the Transition Period
Abstract: Estimation of the costs of disinflation policy is usually done using the sacrifice ratio (SR) coefficient. This paper provides two alternative estimates of SR for the Czech economy. The estimates are based on relatively simple, but transparent and verified models, i.e. their vector autoregression and vector moving average representations. When we analysze our estimates of the Czech SR from the accuracy point of view, we see that the results are very sensitive to the way of definition of monetary shocks. Even though the individual estimates of the SR are generally not accurate enough for monetary policy decision making, there is a good probability that the Czech SR was negative during the transition period analysed, with relatively low absolute value. We may therefore assume that if the Czech National Bank decides to incur monetary restriction, such action would not have long-term significant negative impact on output.
Keywords: sacrifice ratio, impulse response (IR) function, Blanchard-Quah decomposition
Classification-JEL: C32, E31, E52
Pages: 51-63
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=252.pdf
File-URL: http://www.vse.cz/pep/252
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:252:p:51-63
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Template-Type: ReDIF-Article 1.0
Author-Name: Jozef Medveď
Author-Name: Juraj Nemec
Author-Name: Leoš Vítek
Title: Social Health Insurance and Its Failures in the Czech Republic and Slovakia: The Role of the State
Abstract: Health care reforms in the Czech Republic and in Slovakia are based on the implementation of market-based instruments into the system, namely on privatization and health insurance. Such changes, especially the change of the system of financing of health care from 'socialist' taxation-based system to 'modern' insurance-based one, were supported by many arguments, showing expected positive outcomes. However, after more than ten years from starting the change, health care system performance criteria in both countries have not been improved as expected. In our paper we try to examine some potential purposes of such trends, with focus on rhetoric and reality of potential of health insurance to improve the performance of health systems in transitional countries.
Keywords: Czech Republic, health reform, health insurance, performance of health care system, Slovakia
Classification-JEL: I11, I18
Pages: 64-81
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=253.pdf
File-URL: http://www.vse.cz/pep/253
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Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:253:p:64-81
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Template-Type: ReDIF-Article 1.0
Author-Name: Huseyin Kalyoncu
Title: Sustainability of Current Account for Turkey: Intertemporal Solvency Approach
Abstract: This paper examines sustainability of current account for Turkey during the period 1987:Q1 - 2002:Q4. Using the usual intertemporal borrowing constraint, I have tested for a long-run relationship between Turkey exports and imports (measured in real terms to real gross domestic product) using quarterly data. In my empirical analysis of the sustainability of current account for Turkey, cointegration approaches have been used. Empirical results suggest that there exists a unique long-run or equilibrium relationship among real exports and imports and their percentage to real GDP and their estimated cointegration factor (b) is very close to 1. The empirical findings suggest that the current account of Turkey is sustainable in the long-run.
Keywords: current account deficits, sustainability, intertemporal budget constraint
Classification-JEL: E30, F30, G32
Pages: 82-88
Volume: 2005
Issue: 1
Year: 2005
File-URL: http://www.vse.cz/pep/download.php?jnl=pep&pdf=254.pdf
File-URL: http://www.vse.cz/pep/254
File-Format: text/html
Handle: RePEc:prg:jnlpep:v:2005:y:2005:i:1:id:254:p:82-88
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