Prague Economic Papers, 2000 (vol. 9), issue 2

Czech economy on a way back to growth

Kamil Janáček, Martin Čihák, Marie Frýdmanová, Tomáš Holub, Eva Zamrazilová

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.70

The paper contains an analysis of the current trends in the Czech economy, and a short-term outlook for 2000. The authors claim that the economy is going through a gradual turn from recession to stagnation and to a slight recovery. The main factors of the turn toward revival are exports, followed by private household consumption, while government consumption contributed only slightly to the increase of domestic demand. The authors see the main potential risk for the year 2000 in the need to stabilise economic growth and achieve its further acceleration. The success will mainly depend on a fast removal of financial barriers which the majority of Czech...

Czech economy in 2000 and 2001

Jiří Křovák, Jan Filáček

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.71

We predict that GDP will grow 1.5 % in 2000 after falling 0.2 % in 1999. Sluggish growth in 2000 will be driven by domestic demand, namely fixed investment. Interest rates set by the CNB are now in a "parking zone". The two-week repo rate remains at 5.25 %. We do not expect any significant (upward) changes during the course of this year. We expect average annual inflation (CPI) to increase to 3.8 % in 2000. Unemployment will rise to 10.8 % (at yearend) and employment will decline by 2 %. Real wages will grow by a modest 1.6 %. We predict that the trade gap will widen to CZK 85 bil. and the current account deficit will comprise some 2.4 % of GDP in...

Czech foreign trade in the economic transition

Jaroslav Foltýn, Jan Hřích

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.72

This article describes the almost ten-years long history of Czech foreign trade in the broader context of economic transition. Dividing the history into two different parts (1991 - 1996 and since 1997 beyond) the paper tries to evaluate not only the results in the period mentioned, but also to assess the roots and causes, both external and internal. Besides shortcommings there were a number of positive achievments, expecially in the first period (rapid reorientation, stable terms of trade etc.) which, however, turned sour especially due to neglecting huge and rising trade balance deficits. The situation exploded by the spring time of 1997 and the measures...

Post-privatization corporate governance in eastern europe (the case of the czech republic)

Mária Havrilová

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.73

After the collapse of communism, it was acknowledged that mass privatization was a priority for Eastern Europe. This paper examines why it was necessary to accelerate the process, and the various methods that were used. It focuses on the Czech system of voucher-based privatization. In the Czech experiment in transferring ownership rights is discussed a number of issues in relation to the post-privatization corporate governance. It is imperative that privatization is not perceived as an instant conversion from central planning to an idealistic model of a market economy. On the contrary, it is just the beginning of a long term, evolutionary process of...

New issues in voting power analysis

František Turnovec

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.74

The paper introduces concept of power indices with constraints on voting configuration formation, so called constrained power indices. It is shown in the paper that some of most frequently used power indices based on extremely simple model of weighted voting game can be extended for more sophisticated models of voting situations.

Economics for everybody and a cookbook for teachers

Milan Žák

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.75

Original view on transformation of the czech banking system

Roman Matoušek

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.76

Obligatory teaching aid for businessmen, economists and managers

Jiří Dědina

Prague Economic Papers 2000, 9(2) | DOI: 10.18267/j.pep.77