The question of public finance stability and the economic stability are widely discussed topics, not only in transitive and emerging economies, but also in developed countries. The aim of this paper is to find out and measure connections between the fiscal policy development and external...

2004, which was also the year of EU entry, was quite successful for the Czech economy. Economic growth accelerated, driven in particular by the investment demand and exports. After 10 years of permanent deficits, the trade balance deficit diminished significantly. The effects of EU entry, which...

In the first part of this article is discussed a theoretic comparison of a standard Keynesian (income) approach and a monetary approach to the balance of payments. The monetary adjustment process is based on the monetarist assumption that money market imbalances affect the real economy and...

This paper discusses theoretical aspects of the fiscal policy in the special economic system of the small open economy under fixed exchange rates. The author lays stress on the size of the fiscal multiplier as an analytical expression of the structure of this economy. <P>The first part describes...</p>

The paper is discussing CNB FX intervention and its impact on all segments of Czech financial markets from process and volumes of transactions point of view and possible consequences. The focus is on foreign exchange, bond and stock market. Although the impact of FX intervention was evident on...

Economic growth of the Czech Republic measured by GDP reached 3,4 % per annum in the decade 2001-2010 and was substantially faster than average annual growth of the European Union. Strong acceleration in the years 2005-2007 was followed by stagnation in the years 2008-2012 caused by strong...

In this paper I first discuss the group of potential determinants of current account development according to surveyed empirical and theoretical literature. In this respect I strive to introduce several alternatives of each variable effect on current account if it is possible. I follow with...

The paper aims at enriching current discussions about the equilibrium exchange rate level for the Czech currency, and generally for transition economies. The main idea of the paper is to introduce one of the newly emerged conceptions of real exchange rate which can indicate potential...

In this article is compared the monetary and the exchange rate policies and their influence on the real economic situation in Hungary, Poland and the Czech Republic. In these transition countries a growth rate of a domestic demand was over taking a growth rate of an aggregate supply and this...

The aim of this paper is to discuss the impact of current account adjustment on the tradable and nontradable sector in member countries of currency union - Euro zone. The current account adjustment associated with the adjustment of the net export's deficit caused by the drop in the domestic...