Prague Economic Papers, 1999 (vol. 8), issue 4

Original contributions, Original article, Research article

Government failure in transition process

Milan Žák

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.54

The paper deals with the problem of government failure in a market economy, with special regard to transition economies. It starts from a wider concept of social forces. It criticizes a narrowed view of transition, typical for transition scenarios, limited only to mainstream economics and not covering the latest contributions of public choice theory and institutional economics. The traditional view of government failure has been further widened with the concept of utilization of political capital.

Economic growth and structural adjustment in transition (the case of the czech republic)

Anna Kadeřábková

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.55

The paper describes the problems of structural changes and structural policy within the framework of the relation between economic growth and structural changes, with attention given to the explanation of the principal growth and restructuring functions and their agents in the transition process. The basic alternative approaches to structural policy and their limits in achieving the designed goals are presented, including more general problems accompanying the structurally oriented economic policy-making. The paper is concluded with consideration of structural policy priorities in the transition process, and in support of adjustment capacity, influencing...

The persistence of moderate inflation in the czech republic and the czk crisis of may 1997

Josef C. Brada, Ali M. Kutan

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.56

The paper deals with the exchange rate policy being implemented in combination with the mix of monetary and fiscal measures prior to the speculative attack on the CZK in 1997. The fixed nominal exchange rate may have been retained for too long and the monetary and fiscal policies were inappropriate. It explains the relation between Czech inflation, exchange rate and macroeconomic policies until the crisis of May 1997.While the Czech Republic weathered its currency crisis much better than did most other emerging economies, with the worst damage being a USD 2 billion loss of foreign reserves, the crisis failed to resolve all of the fundamental problems....

Seigniorage and fiscal seigniorage in the czech republic

Jacek Cukrowski, Emil Stavrev

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.57

In this paper the concept of total gross seigniorage is used to analyze sources and uses of central bank seigniorage revenues in the Czech Republic during the period 1993 - 1997. A comprehensive framework for measuring total gross seigniorage and its main components is presented and estimates of seigniorage revenues (sources and uses) are computed and analyzed. The study shows that the conventional concept of monetary seigniorage should not be used as an estimate of government gains from money creation. Moreover, the analysis of the scope of budget deficit financing through money printing in the considered period in the Czech Republic shows that revenue...

Technological innovations and r&d strategies in the czech republic

Marie Bohatá

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.58

The paper focuses on the conditions influencing the diffusion of technological innovations and R&D strategies in the CR. First it deals with the main principles of the transformation of R&D and of the legal framework. Attention is paid especially to privatization and the reform of R&D financing. Using evidence from case studies, companies innovation strategies as well as their views on governmental R&D policy are discussed.

Active employment policy: a chance for czech labour market?

Marie Frýdmanová, Eva Zamrazilová

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.59

Czech labour market has been getting closer to standard labour market, notable growth of long-term unemployment can therefore be expected in the years to come. The level of long-term unemployment is still much lower in comparison with market economies, so that wide space still exists to stop massive growth of long-term unemployment.Reviewing the West European experience shows that active employment policies can be quite helpful to cope with the problem of long-term unemployment and its social impacts. National Employment Plan declares more intensive implementation of active employment policy, its financial possibilities being, however, rather limited....

Europe: west and east partners in the 2000

Bruno Sergio Sergi

Prague Economic Papers 1999, 8(4) | DOI: 10.18267/j.pep.60

This paper is about a perspective East-West European partnership in a framework of coordinated economic policies, especially monetary policy, and a single monetary authority. The data on inflation and the service sector used to test the degree of convergence of 15 European economies versus Germany show that selected economies in the East are about to attain western standards but eastward enlargement might take place only in case of more structural changes in the East. The Czech Republic, Hungary and Poland are the countries likely to qualify for membership and join soon.