Even though the efforts to foster global economic governance have been a longstanding issue of global economic policies, their effectiveness has been questioned by the current crisis. The crisis has revealed many systemic issues that would require global solutions on the one hand, but on the...

Paper inquires into historical development of key theoretical concepts related to purchasing power parity in 20th century. It presents theories which explain relation between price level, labor productivity and exchange rate. These theories explain the process of how the long-run equilibrium...

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...

In this article is studied hypothesis, that every period (time interval) before financial crisis is distinguished by co-movement of several variables. The study is based on monthly data (that means no quarterly data, like portfolio investment, were used). This hypothesis, tested with vector...

The paper analyses the intertemporal approach to the balance of payments which is based on the intertemporal approach to the relation between domestic saving and investment. A key element of the presented analysis is whether world capital mobility is high enough to hold a condition that the...

In the course of exchange rate development history of the countries taking part and evaluated in ERM or ERM II before they entered the euro-area there was no depreciating evolution with a trend to currency crisis at all. Fundamental indicators of these economies, partly owing to the compliance...

Základný fenomén súčasného vývoja svetového hospodárstva je ekonomická globalizácia, ktorá sa taktiež mení a podlieha stálemu vývoju. Významné protiklady svetovej ekonomickej globalizácie však naďalej pretrvávajú a niektoré sa aj vyostrujú. Celkový spoločenský...

The paper deals with accumulation of foreign exchange reserves of central banks and its consequences in banking system liquidity management. In theoretical part the case of banking system liquidity surplus is analyzed focusing on creation of liquidity through FX operations, sterilization of...

The paper deals with the monetary policy of the European Central Bank and its effects on economic development of the Czech economy and other new members of EU from the perspective of Post-Keynesian monetary economics. In the first part the basic principles of contemporary Post-Keynesian monetary...

The paper is the first part of a broader empirical study that considers the entry timing of accession economies into the eurozone and their exchange-rate regimes between the EU entry and prior to the eurozone entry. The presented empirical analysis is based on model simulations and on the...