The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the infl ation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?"...

The Czech Republic is going to face ageing of its population. It will affect the economy in many ways. The pension system is one of them. This paper provides a view on possibilities how to insure long-term stability of the pension system in the Czech Republic using a mix of pay-as-you-go and...

Our paper focuses on the analysis of supply and demand shocks and on the estimation of expected costs of introducing Euro currency into Czech Republic (CR). The analysis is based on the theory of optimal currency areas by Mundell (1961, 1973) and uses a macroeconomic approach formalized by...

Our study contains application of Latent Semantic Indexing on financial crises prediction. Hypothesis to test was that equity markets are able to predict even sharp changes in monetary policy during a quarter ahead of such a change (which was searched during two quarters that followed). This...

There are three crises at the same time which severely threaten the national worldwide: The financial crises, a severe crisis of the automobile industry and as a consequence a global recession. The national governments analyzed very fast the causes and worldwide initiated programs to reduce its...

The present article is focused on the Capital Asset Pricing Model (CAPM) and its implementation into American Stock Market. It attempts to empirically test the validity of the CAPM to estimate individual stock returns based on historical stock data of selected companies. Security Market Line...

This paper is focused on analyzing the impacts of the governmental initiatives as a response to the global economic crisis on the private sectors in different countries. Macroeconomic and microeconomic backgrounds of the crisis are discussed at the beginning in order to understand its roots and...

While the significance of tourism for the Czech Republic's economy is relatively high, it is far from being the dominant industry. Despite the recent substantial investments in this particular field of economic activity, the share of tourism in the gross value added has been steadily declining,...