An assumption that a central bank can influence the real interest rates is the object of our interest. In the paper we form and solve a model which corresponds to Romer´s (2000) assumptions. Our model is IS-LM augmented by a conception of price-adjusting after monetary intervention and...

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,...

The transformation of the world economy over the past two decades has been manifesting itself in various forms. On the one hand, there is an increasing interdependence of the world economy, which is a manifestation of the depth of the globalization process, mainly thanks to the expansion of...

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,...

In this paper, we investigate the adequacy of scaling, a method frequently used in estimation of standard deviation of stock returns. Scaling is based on the assumption that standard deviation is proportional to the square root of the length of the time interval of the sample (for example daily,...

Financovanie zahraničného obchodu je dôležitou súčasťou financovania obchodných aktivít firiem zaoberajúcich sa exportom a importom. Pre každú firmu, ktorá sa zaoberá zahraničným obchodom má veľký význam správna voľba platobných a zabezpečovacích nástrojov. Od správnej...

In this paper historical performance of eleven approaches for estimation of one-day 95% value-at-risk is evaluated. Random sample of 1000 foreign exchange portfolios consisting of positions in EUR and USD with CZK as a base currency was considered. Since foreign exchange portfolio consists of...

The paper presents empirical analysis of influence of different ownership forms on efficiency of Czech and Slovak banks using the Stochastic Frontier Analysis. The paper brings new results as it uses set of data which has not been used previously in the literature. On the set of 44 Czech and 21...