Monetary policy in the Czech Republic in the year 2000 in the broader framework of macroeconomic development is the topic of this article. The central bank's experience with inflation targeting, and the implementation of the inflation target in 2000 are assessed. The resumption of GDP growth and...

The coordination of the economic policies of the EU Member countries started in the early 90´ s has become a permanent feature of the European integration process. Gradually a rather complicated mechanism has evolved aiming to combine and complement policies pursued at EU level with policies...

The article deals with the role of the central banks in advanced market economies and the theoretical possibility of abolishing these institutions. Central banks have monopolies in some areas, especially regarding monetary policy. In many countries, central banks also have monopolies in other...

The author reverts the current mainstream discussion of deflation hampering economic growth. The author first revises the definition inflation that is often misinterpreted. He shows that deflation is a natural phenomenon that often follows periods of unsustainable asset-price bubbles. He also...

Èlánek se zabývá deflací, zkoumá její pøíèiny a stanovuje její typologii. Na základì tohoto zkoumání ústí v závìr, že dokud ekonomie bude stavìt na subjektivitì užitku, který nelze meziosobnì srovnávat, bude poskytovat jediný závìr. Antideflaèní politika...

Over the past few years, the Value at Risk indicator (VaR) has evolved, without doubt, into the most frequently used comprehensive tool for assessment of potential losses caused by adverse changes in market rates. However, the common models used for VaR assessment are based only on mid prices...

Long-term memory processes have been extensively examined in recent literature as they provide simple way to test for predictabilty in the underlying process. However, most of the literature interprets the results of estimated Hurst exponent simply by its comparison to its asymptotic limit of...

This paper wants to give a basic overview of arguments for and against of using the financial derivatives tools in the field of foreign exchange risk management. The case study shows, how the separate hedging instruments have impact on P & L statement. This paper discusses different relationship...

Autoøi se ve svém èlánku pokoušejí odpovìdìt na otázku, zda proces eliminace neperspektivních firem napomohl oživení èeské ekonomiky na konci 90. let. Pro rok 1999 prokázali vysokou míru podobnosti provozních výsledkù (produktivita práce, pøidaná hodnota na zamìstnance,...

Credit risk is a significant feature of debt securities. Large institutional investors employ teams of researchers who scrutinize and measure credit risk. The Czech market possesses specific features that make the exact specification and measurement of credit risk an uneasy task. This article...