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,...

Paper deals with the European Monetary Union from perspective of Post Keynesian school of economic thought. It discusses separately arguments often proposed by mainstream economists. After the brief introduction, which highlights main differences between mainstream and Post Keynesian economic...

In this paper the stability of an inflationary process is examined. A dynamic model of the inflation has been developed based on the quantity theory of money. Some theorists say that any rate of inflation other than zero is inherently instable. They say that as people become aware of the fact of...

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,...