Central bank missteps are Emerging Europe's main risk

2017 ◽  
Keyword(s):  
Czech Republic ◽  
Capital Inflows ◽  
Bond Yields ◽  
Monetary Policies ◽  
Government Bonds ◽  
The Czech Republic ◽  
Content Type ◽  
International Investors ◽  
Global Stock Markets ◽  
Equity Index

Subject The implications of a sharp rise in foreign holdings of local currency-denominated government bonds in Emerging Europe. Significance A surge in capital inflows into the Czech Republic and Turkey is increasing the scope for a disorderly sell-off in financial markets, as both the US Federal Reserve (Fed) and the ECB begin simultaneously withdrawing monetary stimulus. While international investors’ appetite for higher-yielding assets remains strong because of low (or in some cases negative) bond yields in advanced economies, emerging markets (EM) are still vulnerable to the removal of stimulus by the Fed and the ECB. Impacts Global stock markets are at record highs: the rally in the S&P 500 equity index is now the second-strongest bull run in US history. Price pressures in Central Europe, particularly core inflation, will be subdued, except in the Czech Republic. This will allow central banks to maintain loose monetary policies which in turn will support regional bond markets.

Public leadership and strategies of Czech municipalities during the COVID-19 pandemic – municipal activism vs municipal passivism

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Michal Plaček ◽  
David Špaček ◽  
František Ochrana
Keyword(s):  
Czech Republic ◽  
Local Governments ◽  
Strategic Behavior ◽  
Participant Observation ◽  
Capital City ◽  
The Czech Republic ◽  
Content Type ◽  
Public Leadership

PurposeThis paper discusses the role of public leadership and the strategic response of local governments to the external shock caused by the COVID-19 pandemic. The authors examine the typical Czech response with regard to how the leadership of municipalities in the Czech Republic responded to this extremely negative external stimulus.Design/methodology/approachThe authors use qualitative research methods for this investigation. They have chosen the case study method (see Yin, 2009; Stake, 1995; Klonoski, 2013). The general case is the Czech Republic. Mini-cases consist of municipalities from the Znojmo region, municipalities of the Central Bohemian region and the municipal districts in the capital city of Prague. Furthermore, the method of participant observation was used.FindingsThe authors’ analysis of the problem of local government responses to the pandemic crisis shows that municipal leaders responded with a variety of (non-)adaptation strategies. It appears that certain framework factors influenced the various local governments' behavior.Originality/valueThe article examines the strategic behavior of Czech municipal leaders regarding the pandemic crisis based on the observation of the reactions of local governments in the Czech Republic to the pandemic crisis and strives to define their basic strategies.

scholarly journals Draft Genome Sequence of Aeromonas cavernicola sp. nov. DSM 24474T, Isolated from a Cavern Brook in the Moravia Region of the Czech Republic

2018 ◽  
Vol 6 (15) ◽  
pp. e00227-18
Author(s):  
S. M. Colston ◽  
A. Navarro ◽  
A. J. Martinez-Murcia ◽  
J. Graf
Keyword(s):  
Czech Republic ◽  
Genome Sequence ◽  
Novel Species ◽  
Draft Genome ◽  
Water Sources ◽  
Draft Genome Sequence ◽  
The Czech Republic ◽  
Content Type

ABSTRACT Species of the Aeromonas genus can be found in numerous environmental milieus, including various water sources, and some species cause disease in animals. We present here the draft genome sequence for Aeromonas cavernicola DSM 24474T, a novel species isolated from a freshwater brook within a cavern in the Czech Republic.

scholarly journals Comparison of effects of expansionary monetary policy in the Czech Republic and Slovakia

2020 ◽  
Vol 74 ◽  
pp. 04006
Author(s):  
Boris Fisera ◽  
Jana Kotlebova
Keyword(s):  
Monetary Policy ◽  
Czech Republic ◽  
Banking Sector ◽  
Open Economies ◽  
Balance Sheet ◽  
Bank Lending ◽  
Central Banks ◽  
Monetary Policies ◽  
The Czech Republic ◽  
Economic Developments

The ongoing process of globalization has affected the way the monetary policy is conducted – and this is especially the case of small open economies, where the economic developments are heavily affected by the developments abroad. Therefore, the aim of this paper is to investigate the effects of unconventional monetary policy in two very open economies – Slovakia and the Czech Republic in the post-crisis era – the two rather similar very open economies. We assess the effects of their monetary policies by estimating their impact on the banking sector in both countries. We employ two cointegrating estimators – DOLS and FMOLS, so that we can assess the dynamics of the relationship between the developments of main balance sheet items of the respective central banks and the aggregate bank lending to various sectors of the economy. We do find evidence that unconventional policies of both central banks did lift bank lending – with the effect being stronger in Slovakia and for the QE policies. In both countries, the effect was more pronounced for the bank lending to household sector – specifically on housing related loans. Finally, we do not find evidence that the increasing openness of these two already very open economies affected the transmission of monetary policies into the banking sector.

Does housing market impair employment in The Czech Republic?

2015 ◽  
Vol 8 (3) ◽  
pp. 318-334 ◽  
Author(s):  
Martin Konecný ◽  
Dominik Stroukal
Keyword(s):  
Czech Republic ◽  
Panel Data ◽  
Design Methodology ◽  
Detrimental Effect ◽  
Western World ◽  
The Czech Republic ◽  
Content Type ◽  
Negative Effect ◽  
Building Societies ◽  
Practical Implications

Purpose – The main aim of this paper is to find whether homeownership can have detrimental effect on employment in The Czech Republic. Design/methodology/approach – Oswald’s conjecture is tested on the set of panel data across Czech regions between the years of 2005 and 2012. Findings – By testing a model similar to Oswald’s, this paper receives the similar result that the rate of homeownership leads to higher rate of unemployment in following years. The second model tested in the paper does not support previous findings that regional rate of homeownership has negative effect on individual’s probability of being unemployed. Research limitations/implications – Findings of this paper are valid only for The Czech Republic. Possible refinements to the model are presented as inspiration for further research. Practical implications – Results bring a powerful argument into debate about subsidization of homeowners through building societies. Originality/value – This paper is a first examination of Oswald’s hypothesis in The Czech Republic. It opens a debate about whether Oswald’s conjecture holds outside of the Western world.

Lean home services in Czech Republic

2019 ◽  
Vol 10 (3) ◽  
pp. 784-802
Author(s):  
Felipe Martinez
Keyword(s):  
Czech Republic ◽  
Large Scale ◽  
Assessment Tool ◽  
Future Research ◽  
Lean Management ◽  
The Czech Republic ◽  
Content Type ◽  
Services Sector ◽  
Main Challenge ◽  
Size Limits

Purpose The purpose of this paper is to present the findings of an empirical research on the leanness of the home services sector in the Czech Republic. The automotive sector provides reference to argue the numerical outcomes. Design/methodology/approach The research uses a specifically designed assessment tool (Lean Index – LI) to determine the sector’s leanness level. Referring to the results from both sectors, the paper draws conclusions about the current leanness level of home services providers. Findings The proposed LI indicates a value of 69.50 per cent for home services providers, whereas the LI for the automotive industry suppliers is 82.88 per cent. This suggests that there are large opportunities for the implementation of lean management in the home services sector. However, the main challenge is to introduce a continuous improvement approach to these companies. Research limitations/implications The sample size limits the generalisation of the research results. However, this paper represents the first empirical attempt to implement a large-scale survey. The results are limited to the Czech Republic. However, parties from other countries have indicated interest to replicate the research. Practical implications This research provides first empirical findings on the possibilities of implementing lean in the home services sector. Future research projects in other sectors will have the opportunity to make use of the LI assessment tool. Originality/value The paper presents the first approach of lean management into the home services sector. It provides valuable information to specialised institutions in the sector about the possibilities of lean management in the sector. It also provides an overview of the sector for practitioners and academics willing to pioneer lean in the sector.

Are capital inflows in the CR inflationary?

1996 ◽  
Vol 5 (1) ◽  
Author(s):  
Tomáš Dvořák
Keyword(s):  
Czech Republic ◽  
Money Supply ◽  
Money Demand ◽  
Empirical Investigation ◽  
Demand Function ◽  
Supply And Demand ◽  
Capital Inflows ◽  
Supply Function ◽  
The Czech Republic ◽  
Net Foreign Assets

It is evident that the volume of capital inflows in the Czech Republic has had seriously monetary consequences. As shown in the section 2 net foreign assets accounted for most of the growth in the money supply in the Czech Republic during 1993 and 1994. Inflationary effects of capital inflows depend on whether capital inflows are driven by the money demand or by the money supply. The inflows driven by a rightward shift in the money demand function are not likely to result in inflation, while a shift in the money, supply function, caused perhaps by institutional change and greater availability of foreign funds, is likely to put pressure on prices. Empirical investigation of the supply and demand effects attempted to confirm the existence of the supply of money supply function in the Czech Republic. The application of appropriate econometric analysis in the turbulent period of 1992 - 1994 was somewhat problematic.

Negative bond yields will fuel global equity rally

2016 ◽  
Keyword(s):  
Stock Market ◽  
Sovereign Debt ◽  
Asset Prices ◽  
Central Banks ◽  
Oil Price ◽  
Bond Yields ◽  
Fiscal Stimulus ◽  
Government Bonds ◽  
Content Type ◽  
Risk Appetite

Significance The gains in global equities stem from the expanding universe of negative-yielding government bonds, which now account for nearly a third of the stock of global sovereign debt. This is pushing yield-hungry investors into riskier assets, despite concerns about the sustainability of a stock market rally with weak fundamental underpinnings and central banks' ultra-loose policies driving asset prices. Impacts Sterling will remain under pressure because of the BoE's aggressive monetary easing, both conventional and unconventional. The recent oil price rebound will support equity valuations and risk appetite. Fiscal stimulus will benefit stocks in the construction and defence sectors.

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