The literature of international economy recognizes the importance of political factors over the national economy's performance and over the likelihood of external crises. Some recent studies analyze the impact of these factors over the financial crises and speculative attacks, but little has...

The paper presents both theoretical and an empirical analysis of factors influencing the prices of non-tradable goods and services in the Czech economy. The analysis discusses the development of the real exchange rate of the Czech koruna and quantifies the size of the real exchange rate...

In the last two decades the financial integration between countries arose. In consequence appeared questions on different degrees of autonomy of monetary politics of these countries. The traditional sight is that interest rate is determined by offer and demand of loaned funds and that the...

Modifying IS-MP-IA model by using EU economic characteristics allows for better interpretation of the results. Specifically, from the point of view of the IS and MP curves we obtain useful information about the influence of EU economy on the Czech economy (i.e. on its GDP). We may conclude that...

This article applies the smooth transition autoregressive nonlinear model (STAR) proposed by Granger and Terasvirta (1993) to the Brazilian real exchange rate (RER), aiming to test the validity of the purchasing power parity (PPP) to Brazil. Initially a review of Brazilian and international...

This paper evaluates the main impacts of the internationalization of Brazilian manufacturing on the pass-through coefficients during the second half of the nineties. Throughout this period the Brazilian exchange rate regime has dramatically changed. In addition, it has been possible to examine...

In this essay I've demonstrated that there is evidence of unstable and non-linear relationship between fundamental variables and exchange rates. I have tried to "tune" Frankel's (1979) real interest differential model of exchange rate fluctuation. I have distinguished between Czech crown/Euro...