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 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...

We analyze effect of intraday information flow in three emerging EU stock markets-the Czech Republic, Hungary, and Poland. We use five-minute intraday data on stock market index returns and 15 types of EU and U.S. macroeconomic announcements during 2004-2007. We measure each announcement as its...

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...

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...

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...

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...

With the accession of 10 new European Union member states in May 2004, much attention is being placed on the governance of European Community institutions. This article focuses specifically on discussions of European Central Bank (ECB) governance, particularly as regards the ECB?s amendment of...