Prague Economic Papers, 2004 (vol. 13), issue 3

Original contributions, Original article, Research article

Czech Economy at the Time of EU Entry

Kamil Janáček, Eva Zamrazilová

Prague Economic Papers 2004, 13(3):195-216 | DOI: 10.18267/j.pep.239  

In 2003, the economic growth moderately accelerated. The main factor of this acceleration was massive household consumption accompanied by the revival of fixed capital formation. Gradual narrowing of the gap between consumer and investment demand was one of major achievements of 2003, supporting the long-term sustainability of Czech economic growth. In 2003, both imports and exports accelerated, the trade deficit remaining at the same level as in 2002. Considering acceleration of Czech economic growth in 2003, stagnating level of trade deficit is favourable. The reason for continuously high current account deficit is growing deficit of income balance...

Voting Power Indicators in the European Union

Marek Loužek

Prague Economic Papers 2004, 13(3):217-236 | DOI: 10.18267/j.pep.240  

The article is concerned with voting power indicators in the European Union and one paradox arising from them. The first chapter defines voting power indicators exactly. The second chapter defines the paradox of new members and introduces some examples. The third chapter specifies data - voting power indicators in the EU. The fourth chapter computes differences between old and new voting power indicators. The fifth chapter summarizes the frequency of the paradox of new members in total. The sixth chapter brings a conclusion.

Pension Reform in the Czech Republic: Present Situation and Future Prospects (A Comparison with Austria)

Marie Vavrejnová, Eva Belabed, Karl Wörister

Prague Economic Papers 2004, 13(3):237-259 | DOI: 10.18267/j.pep.241  

This paper deals with present situation and future development of pension reform in the Czech Republic. A comparison with neighboring country - Austria, has been done. Parametrical reforms of pay as you go systems in both countries are compared and evaluated. Pretensions to introduce the multi-pillar pension system are commented and appraised. Some opacities in current definitions of private pension systems are mentioned. Specific risks of different pillars are introduced, together with the necessity to monitor costs of the pension administrative itself. Aging of the society and public budgets deficit are very important circumstances influencing the...

An Empirical Investigation Into the Determinants of External Indebtedness

Menbere Workie Tiruneh

Prague Economic Papers 2004, 13(3):261-277 | DOI: 10.18267/j.pep.242  

This paper finds that poverty (the savings gap), income instability, and external factors that include debt service payments and capital flight to be the main causes of overseas borrowing by developing countries in the 1980s and 1990s. As far as the empirical strategy is concerned, the application of a panel data approach seems to be highly preferred, as it allows to control time-specific events that are linked to overseas borrowing, particularly given the rapid changes in the global macroeconomic environment in the past years. Moreover, this strategy helps to produce a more robust explanation by allowing to incorporate country-specific factors as...