The Czech tax system is undergoing radical transformation. Among the many forthcoming changes, several features can be identified, which alter the structure of tax asymmetries. This paper uses an option-based model of direct taxation to examine a controversial new thin-capitalization rule,...

Income valuation is a fundamental valuation approach. One question still open is the discount rate calculation. One factor impacting the discount rate is a capital structure. Nevertheless, the structure has to be in market values. It means that the knowledge of the result is a precondition for...

Economic growth of the Czech Republic strongly accelerated in the years 2005-2007. Substantial decline of economic activity took place at the end of 2008 and in the year 2009. On the supply side the main contributing factors were labour and total factor productivity. On the demand side the...

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...

Economic growth of the Czech Republic differed strongly in two periods: 1996-1999 and 2000-2004. While in the first period the economy was hit by the recession and the average annual rate of growth of GDP reached only 0,9 %, in the second period the growth accelerated to 3,2 %. The economic...