Capital flows have increased significantly in recent years and are a key aspect of the global monetary system. They offer potential benefits to countries, but their size and volatility can also pose policy challenges. The Fund needs to be in a position to provide clear and consistent advice with...

In this study, the following statistical data are presented in detail: composition of gross domestic product, industrial production, civil employment by factor, agricultural production, electricity production and consumption, developments in wholesale and consumer prices, operations of the...

The Czech government placed high priority on implementing and observing the international standards relevant for financial stability. The supervisory staff exhibited a high understanding of best international supervisory standards, policies, and practices. Nevertheless, the report noted...

This paper presents an update to the Report on the Observance of Standards and Codes—Fiscal Transparency Module for the Czech Republic. The paper reports on key developments in fiscal transparency since the last update in August 2003. It discusses that since the last update, the fiscal...

The Czech government has made further progress in improving fiscal transparency that was already high by international standards. The measures implemented to broaden the coverage of general government data have been commended. Improved reporting on fiscal risks, including those arising from...

This paper analyzes legal impact of the Articles of Agreement of the IMF on the business transactions of private persons and corporations. At the heart of the Articles is the simple idea that the member states of the IMF should observe certain rules of good conduct in monetary policy, and that...