Development of foreign trade and balance of payments in the czech republic, hungary and poland

1998 ◽  
Vol 7 (2) ◽  
Author(s):  
Vladimír Tomšík
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Foreign Trade ◽  
Central Europe ◽  
Exchange Rate Policy ◽  
Balance Of Payments ◽  
The Czech Republic ◽  
Economic Changes ◽  
National Currencies ◽  
Rate Policy

The objective of this paper is to analyse one of the greatest problems in the process of transformation of these three economies in the years 1990-1996 - foreign trade development. Following political changes in the countries of Eastern and Central Europe, economic changes had to be implemented that also implied changes in foreign trade. These crucial changes include abolition of foreign trade monopoly and its liberalisation, introduction of stepwise convertibility of national currencies (for transactions of balance of payments on the current account at first), changes in exchange rate policy, price liberalisation and territorial reorientation of foreign trade. All these changes were reflected in foreign trade development in all three countries compared.

The persistence of moderate inflation in the czech republic and the czk crisis of may 1997

1999 ◽  
Vol 8 (4) ◽  
Author(s):  
Josef C. Brada ◽  
Ali M. Kutan
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Exchange Rate Policy ◽  
Nominal Exchange Rate ◽  
Fiscal Policies ◽  
Foreign Reserves ◽  
Macroeconomic Policies ◽  
The Czech Republic ◽  
Speculative Attack ◽  
Rate Policy

The paper deals with the exchange rate policy being implemented in combination with the mix of monetary and fiscal measures prior to the speculative attack on the CZK in 1997. The fixed nominal exchange rate may have been retained for too long and the monetary and fiscal policies were inappropriate. It explains the relation between Czech inflation, exchange rate and macroeconomic policies until the crisis of May 1997. <P>While the Czech Republic weathered its currency crisis much better than did most other emerging economies, with the worst damage being a USD 2 billion loss of foreign reserves, the crisis failed to resolve all of the fundamental problems. It gives also some explanations for the persistence of inflation at a level around 10 % until mid-1998.

scholarly journals Exchange rate policy, growth, and foreign trade in China

2011 ◽  
Vol 56 (190) ◽  
pp. 103-139 ◽  
Author(s):  
Mirjana Gligoric
Keyword(s):  
Exchange Rate ◽  
Foreign Trade ◽  
Foreign Exchange ◽  
Global Economy ◽  
Trade Deficit ◽  
Exchange Rate Policy ◽  
Negative Effects ◽  
Bilateral Relations ◽  
The Usa ◽  
Rate Policy

This paper analyzes a hot topic: the influence of an undervalued currency on macroeconomic variables - primarily on the economic growth and trade balance of a country, but also on employment, foreign exchange reserves, competition, and living standards. It also reviews and explains the consequences of yuan undervaluation, points out the need for its appreciation, and states the negative effects that stem from this measure. Special attention is given to the problematic bilateral relations between China and the USA and the reasons why Americans are worried about the exchange rate policy that China implements. Although yuan appreciation would decrease the American foreign trade deficit, it also raises the question of further financing of the American deficit. There are also other problems that the possible appreciation would cause for the American economy, due to the effect of J-curve, passthrough, larger costs of input imported from China, etc. Therefore, Chinese foreign exchange policy is an important subject, but it is not the solution to the problems of the global economy - which have deeper roots than that. However, there is no excuse for China implementing unfair exchange rate policies, or replacing such policies with controversial protectionist policies (as some authors have suggested).

scholarly journals Psychiatry in the Czech Republic

2006 ◽  
Vol 3 (2) ◽  
pp. 41-43 ◽  
Author(s):  
Jirí Raboch
Keyword(s):  
Czech Republic ◽  
Health Insurance ◽  
Patient Care ◽  
Healthcare System ◽  
Central Europe ◽  
The Czech Republic ◽  
Economic Changes ◽  
Profound Influence ◽  
Catchment Areas ◽  
Care Facilities

The profound political, social and economic changes that occurred after the end of communist rule in Central Europe in 1989 had a profound influence on Czech psychiatry. In the socialist Czechoslovakia the healthcare system was fully owned, financed and organised by the state, in so-called regional institutes of healthcare. These had obligatory catchment areas of about 100 000 inhabitants and comprised in-patient as well as out-patient care facilities, including psychiatry. The main trends after 1989 were decentralisation of the healthcare system, rapid privatisation, especially of out-patient services, and financing through the newly established health insurance corporations.

scholarly journals The Connection between the Exchange Rate and the Balance of Payments Accounts in the Czech Republic: An Econometric Approach

2017 ◽  
Vol 8 (1) ◽  
pp. 58-71
Author(s):  
Tomáš Urbanovský
Keyword(s):  
Exchange Rate ◽  
Czech Republic ◽  
Granger Causality ◽  
Current Account ◽  
Balance Of Payments ◽  
Nominal Exchange Rate ◽  
Current Account Balance ◽  
The Czech Republic ◽  
Financial Account ◽  
The Current Account

Relationships between the nominal exchange rate, the current account and the financial account of the balance of payments in the Czech Republic are investigated in this presented paper. The implemented cointegration analysis and vector error correction model suggest one pair of Granger causality. It has been discovered that change in the current account balance Granger-causes a change in financial account balance. This relationship has the nature of two-way Granger causality, which means that a reversed relationship holds as well. Other relationships implying Granger causality were not found. Error terms were significant only in regressions with both accounts as dependent variables, which imply that only these variables return to their long-term equilibria. Because an increase in financial account surplus leads to a decrease in current account surplus (or deepening the current account deficit), excessive liberalization of the Czech financial system can lead to a large capital inflow, jeopardizes current account sustainability and results in a currency crisis in the Czech economy.

Fear of Free Floating or Forced Exchange Rate Fixing

2004 ◽  
pp. 112-122
Author(s):  
O. Osipova
Keyword(s):  
Exchange Rate ◽  
Financial Crisis ◽  
Exchange Rates ◽  
Inflation Targeting ◽  
Exchange Rate Policy ◽  
Float Exchange Rate ◽  
Floating Exchange Rate ◽  
Rate Policy ◽  
Exchange Rate Arrangements ◽  
Pass Through

After the financial crisis at the end of the 1990 s many countries rejected fixed exchange rate policy. However actually they failed to proceed to announced "independent float" exchange rate arrangement. This might be due to the "fear of floating" or an irreversible result of inflation targeting central bank policy. In the article advantages and drawbacks of fixed and floating exchange rate arrangements are systematized. Features of new returning to exchange rates stabilization and possible risks of such policy for Russia are considered. Special attention is paid to the issue of choice of a "target" currency composite which can minimize external inflation pass-through.

Sign in / Sign up

Export Citation Format

Share Document