In case that a central bank is withdrawing excess liquidity, there arises a question whether the monetary policy based on repo operations (withdrawal repo) is identically efficient as the monetary policy relying on repo rate connected with reverse repo (issuance repo) when central banks provide...

The aim of our paper is to formulate and empirically verify the simple backward looking econometric model of the monetary policy rule, which would be able to describe the development of monetary policy rate, namely only on the basis of statistically measured and at the given time available...

In 1998 the Czech National Bank (CNB) changed its monetary policy framework and started to target inflation. The article discusses main theoretical aspects of inflation targeting and some practical problems with implementation of inflation targeting. The main characteristics of the inflation and...

In this paper we discuss the issue of the choice of exchange rate regimes in transitive economies and the effect of exchange rate policy on the development of macroeconomic indicators (e. g. the average growth rate of real GDP in domestic currency, the development of domestic inflation and the...

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The article deals with the problems of adaptation of Czech foreign trade to challenging markets of developed countries. It devotes special attention to the trade with the EU since the problems of adaptation, leading to growing trade deficits, were most profound in this territory. In the end of...

Economic growth was higher than expected in 2000. While in 1999 the upturn of Czech economy was driven mainly by exports, in 2000 domestic demand have taken over the role of main pro-growth factor. Czech industry showed great progress in 2000: rapid growth was accompanied by ongoing...

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...

The objective of this paper is to analyse one of the greatest problems in the process of transformation of these three economies in the years 1990-1996 - foreign trade development. Following political changes in the countries of Eastern and Central Europe, economic changes had to be implemented...

The article analyses the economic development of transition economies (the CR, Hungary, Poland, Slovakia and Slovenia) in the nineties by means of the original graphical method based on a multidimensional view, with the intention to assess convergence or divergence of their economic level...