This paper examines features of the Czech stock market’s development from 1997 to 2003 and attempts to unveil the macroeconomic consequences of stock-price development. The analysis of the stock market’s behavior supports a cautionary stance on the hypothesis of the efficient-market theory,...

Russia belongs to the energy superpowers. It is a country rich on raw materials and selfsufficient state that possesses the largest gas reserves, second largest coal reserves and seventh largest oil reserves in the world. Raw materials and energy sources still form so-called backbone of the...

The paper analyses the factors leading to the fall of long-term interest rates in the Czech Republic – respectively, the long-term interest rate differential in the Czech Republic and the Eurozone – between 1998 and 2003. The selection of factors is determined by the Fisher equation, UIP,...