The paper analyses the intertemporal approach to the balance of payments which is based on the intertemporal approach to the relation between domestic saving and investment. A key element of the presented analysis is whether world capital mobility is high enough to hold a condition that the...

The article discusses different causes of financial crises and shows that the imputation of reinvested profits of the subsidiaries of foreign firms as a debit item on a host country's balance of payments account tends to overstate the current account deficit and to make the host country seem...

In this article, we tried to estimate whether foreign direct investment in the Czech Republic, Hungary and Poland crowds in or crowds out domestic investment. We used a model of total investment that introduced, from the point of view of the recipient country, foreign direct investment as an...

Economic growth accelerated in 2001 mostly as a consequence of renewed recovery of domestic demand, gross fixed capital investment being the main pro growth factor. Industry, construction and retail trade showed a solid growth around 5 %. Along with economic growth, external imbalance has...

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...

The goal of article is a comparison of transition process in three central Europe countries. The first three parts are dedicated to a development in the Czech Republic, the Hungary and the Poland. The fourth part is dedicated to a comparison of their macroeconomic development. The conclusion...

Monetary and fiscal policy should be paired with the economic objectives on which they have the most influence. The authors have transformed this traditional Mundell's principle of effective market classification into the conditions of the Czech economy - a small open economy with controlled...

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...

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The goal of the article is a qualitative and quantitative analysis of the relationship among savings, investments and credits in a business cycle in the Czech Republic. The presented analysis brings specific recommendations on the interaction between monetary policy and macroprudential...