This paper reviews the main features of the Czech macroeconomic development in the last years with the accent on disinflation and real GDP. The adjustment path of the Czech economy is clear: The decrease in nominal GDP growth has caused a deceleration of inflation on the one side and a drop of...

The Czech National Bank (CNB) has influenced the money market rates (Pribor) through repo rates effectively. The strong cointegration has been valid for the further step, too - the impact of Pribor rates on the interest rates of newly granted credits. <p>The expected negative correlation between...</p>

The preliminary results seem to confirm a greater relevance of postkeynesian than monetaristic approaches in the inflation field. Whereas prices are co-integrated, according to CRDW in a static regression, with wages, they are not co-integrated with money, therefore the association between money...

The paper examines whether redistribution policy is bad or good for economic growth by analysing government expenditure on the welfare state in the old and new post-socialist EU countries from the mid-1990 to 2008. Due to the differences among countries fixed effect is included in the model...

The primary balance has influenced the unit costs of debt servicing in 10 postsocialist members of the EU. The effects of the GDP growth and the inflation are equally robust and significant. The coefficients of lagged debt are at variance with the expectations from Bohn´s 1998 paper, and one...

The fiscal deficits in the majority of transition countries continue to deteriorate and pose risks for the sustainability of public finances in the longer time horizon. Due to short time span and data limitation (1993 - 2003) I concentrate on the short-run dynamics using fixed-effect model with...

The prevailing view in the literature is that the cost of debt servicing depends on the variables that determine the debt dynamics: primary balance, outstanding debt, economic growth and inflation. Several papers devoted to advanced market economies show that a stronger primary balance is...