Right after the establishment of Czechoslovakia, it was evident that foreign trade would play an important role in the economy of the new state. The narrow domestic market forced Czechoslovak producers to look for new foreign sales opportunities. With respect to historical ties, they were mainly...

This article deals with the situation in the Chinese economy at the time of communist takeover. It brings a basic characteristic of the Chinese economy including its large problems. The study is also trying to analyse the fi rst steps of the new communist government that immediately impacted on...

Keynes foreword to the German edition of his General Theory is one of the causes of the association between his name and a total state. This paper looks into how justified the link between Keynes's theory and the Nazi German economic policy really is. The first part introduces Keynes's ideas on...

The Council of Economic Experts and its influence on the German economic policy are discussed in this paper. The first section concentrates on the institutional background and historical genesis of this body. Consequently, the importance of the Council in preventing a competitive and efficient...

The authors contend that the theory of optimum currency areas (OCA) provides a useful framework for discussions of monetary integration. The authors summarize the historical development of monetary integration and discuss possible future development. Theoretical issues, such as those raised in...

The article is concerned with analysis of independence of central banks of the EU Member States within the framework of the ESCB, as well as independence and responsibility of the ECB, and suggests an alternative institutional embodiment of its position, reflecting the specific framework of the...

The main goal of this paper is to analyse the process of price convergence (beta and sigma convergence) in new EU Member States towards the Euro area (EU-12). The theoretical part of the paper consists of a brief overview of methods that are employed for analyses of the process of price...

This paper begins with a description of simple select models of inflation and their ability to fit the data. The paper in turn measures the stability of particular parsimonious models. One-step forecast tests are applied, which establish the instability of the money demand model compared with...

There are three possible price movements in a market economy: stability, inflation, and deflation. Inflation and deflation are defined in this article as changes in the purchasing power of money caused by the money creation. Inflation and deflation have many asymmetric, and even some symmetric,...

This article attempts to answer a few open questions related to price convergence in the Czech Republic and in other Central and Eastern European Countries toward prices in the European Union. The authors address the following issues: First, what, from the theoretical viewpoint, should the...