Prague Economic Papers, 2001 (vol. 10), issue 2

Original contributions, Original article, Research article

Czech economy in 2001: catching up again?

Kamil Janáček, Eva Zamrazilová, Vladimír Tomšík

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.169

Economic growth was higher than expected in 2000. While in 1999 the upturn of Czech economy was driven mainly by exports, in 2000 domestic demand have taken over the role of main pro-growth factor. Czech industry showed great progress in 2000: rapid growth was accompanied by ongoing restructuring. Growth of labour productivity in industry outpaced increase of real wages almost four times, which helped Czech exporters to compete on demanding foreign markets even under strong exchange rate of CZK. Rapid growth of labour productivity and construction also prevented Czech economy from cost-inflationary pressures.

Czech labour market flows from 1993 to 2000

Jaromír Gottvald

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.170

This paper investigates the behaviour of the labour market using labour force surveys data between 1993 and 2000. The first part of the paper is focusing on structural changes in employment in absolute and relative terms. Different groups (gender, occupations, and industries) are investigated to see major flows on the Czech labour market during the transition period. Paper concentrates on changes on the labour market by means of gross flow analysis and also on international comparison.

What is the optimal rate of disinflation to be targeted in the czech economy?

Lavan Mahadeva, Kateřina Šmídková

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.171

What is the optimal rate of disinflation to be targeted during transition? This question has attracted more attention under the inflation-targeting regime than under other monetary strategies, because explicit inflation targets are used to anchor expectations. These targets signal what rate of disinflation is targeted by policymakers. Deciding what level of disinflation is least costly in terms of the volatility of important economic variables is not straightforward, since costs depend on monetary transmission in a given economy. In this paper, a small, aggregate, forward-looking model of Czech monetary transmission is used to compare the consequences...

Czech banks in context of the economy's equilibrium, growth and competitiveness

Petr Chvojka

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.172

The paper deals with the problem of interrelated development of basic economic characteristics - growth, equilibrium and the resulting international competitiveness of an economy - and tries to find whether and in which way their inherent contradictions could be influenced by a suitable economic policy. The possibilities of applying a monetary policy with optimal results are discussed under the viewpoint of the specific conditions of the Czech economy's transformation (such as the problem of limited functioning of the financial and banking system in an uncompleted institutional, legal, control framework). These conditions are both limiting the possibilities...

On educational attainment in transition economies

Petr Duczynski

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.173

The paper examines various indicators of educational attainment in transition countries. Both quantity indicators, such as average years of schooling, percentage of no schooling, and adult literacy rates, and quality indicators, such as pupil-teacher ratios, dropout rates, and repetition rates are taken into account. These indicators are compared among transition countries and developed and developing countries. In addition, developed transition countries are compared to less developed transition countries.

Investment appraisal of advanced manufacturing technology in the czech republic, usa and united kingdom

Ladislav Hájek, Josef Hynek, Václav Janeček, Frank Lefley, Frank Wharton

Prague Economic Papers 2001, 10(2) | DOI: 10.18267/j.pep.174

The results of a survey large Czech manufacturing companies are presented which shows the current levels of investment in advanced manufacturing technology (AMT), the techniques and criteria used to assess AMT capital projects, and attitudes to the need for further investment. Comparisons are made with the results of earlier identical surveys in the UK and the USA. The comparisons reveal numerous statistically significant differences. The current levels of AMT investment in the Czech Republic are relatively low, the techniques used for evaluation relatively unsophisticated, the investment criteria used are more short term, and there is less concern...