This paper surveys recent literature on real business cycles in open economies. It focuses on the empirical regularities of international macroeconomic fluctuations and provides a short discussion of the differences between the stylized facts of business cycles in advanced and in developing...

The paper provides an introduction to essays published in this volume, which focus on nominal and real convergence in transition countries. The paper is based on the idea that the process of convergence can, to a large extent, be viewed via developments in real exchange rates. Key issues...

The paper presents both theoretical and an empirical analysis of factors influencing the prices of non-tradable goods and services in the Czech economy. The analysis discusses the development of the real exchange rate of the Czech koruna and quantifies the size of the real exchange rate...

The paper analyses a relationship between monetary aggregate M2 and inflation in a small open economy. The relationship between monetary expansion and inflation as well as a dynamic of income velocity of money framework in a small open economy are discussed in more details in the paper. Authors...

The exchange rate cannot significantly diverge from a (real) long-term equilibrium level consistent with the macroeconomic picture of an economy for a long period of time; otherwise, the economy suffers from macroeconomic imbalances such as below-potential growth and below natural employment, or...

Informed trading is one of the key factors that can obstruct the efficient functioning of a financial market. The authors examine the extent of informed trading in the Czech Republic, where the financial market is alleged to be driven by informed trading. In applying the model developed by...

In attempts to explain the mechanism of a financial crisis of the third generation, the basic problem is to specify the basic causes of its emergence. In the text of the paper we have formulated a hypothesis saying that the basic cause of the emergence of a systemic financial crisis of the Asian...

The article deals with areas of initial public offerings of shares and their influence on the development of stock markets in the countries of the Visegrad Four. IPO, also known as the "IPO" is the process of newly issued shares of the stock markets. Development of the newly made IPO affects not...