scholarly journals Integration of Monetary and Fiscal Policy of the Countries of the Visegrad Group

2014 ◽  
Vol 14 (3) ◽  
pp. 197-213
Author(s):  
Stanislav Kappel ◽  
Jan Janků
Keyword(s):  
Monetary Policy ◽  
Czech Republic ◽  
Fiscal Policy ◽  
Successful Implementation ◽  
The Czech Republic ◽  
Conflict Situations ◽  
Wide Range ◽  
Monetary And Fiscal Policy ◽  
Visegrad Group

Abstract The aim of this paper is to evaluate mutual interaction of monetary and fiscal policies in the countries of the Visegrad group, i.e. in the Czech Republic, Slovakia, Poland and Hungary. The relationship of monetary and fiscal policy - their coordination, cooperation or mutual antagonism - are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies usually have different aims, and some conflict situations may arise in practical economic and political decision- making. Each policy has to make its decision with regard to the other one. Methodical approaches of this contribution are based on the game theory, which deals with the analysis of a wide range of decision situations with more participants (players) and it is primarily focused on the conflict situations. This game-theoretical approach is responsible for creating the theoretical model which is then dealt with in the empirical analysis. We find a distinctly stabilizing role of monetary policy and relatively problematic stabilizing role of fiscal policy in the analyzed countries. The dominant role of monetary policy is statistically confirmed in the case of the Czech Republic and Hungary.

scholarly journals The Interaction of Monetary and Fiscal Policy in the Countries of the Visegrad Group

2014 ◽  
Vol 62 (2) ◽  
pp. 373-381
Author(s):  
Jan Janků ◽  
Stanislav Kappel
Keyword(s):  
Monetary Policy ◽  
Fiscal Policy ◽  
Interest Rates ◽  
Dominant Role ◽  
Multivariate Regression Analysis ◽  
Successful Implementation ◽  
Fiscal Policies ◽  
The Government ◽  
Visegrad Group

Coordination of or at least absence of conflict between monetary and fiscal policies are key to the successful implementation of economic policy. The article aims to use reaction functions to assess whether the monetary and fiscal policies in the countries of the Visegrad Group are in coordination or in conflict and which variables influence their decisions. The central bank is the representative of monetary policy, which has interest rates as its instrument, and the government as the representative of the fiscal policy which has change revenue or spending as a share of GDP as instrument. To obtain the results, multivariate regression analysis is used. The research period is based on quarterly observations from first quarter of 2000 to the fourth quarter of 2012. Stabilizing role of monetary policy and in some countries also partially stabilizing role of fiscal policy has been found. Another result was that in the case of the Czech Republic, Slovakia and Poland, monetary policy appears to play the dominant role, whereas fiscal policy plays dominant role in Hungary. In the case of Slovakia, some different results may be due to Slovakia’s participation in ERM II, which led to the monetary policy, in addition to maintaining price stability, also aiming to maintain a fixed exchange rate and the subsequent entry of Slovakia into the Eurozone and the de facto loss of autonomous monetary policy.

Selected elements of fiscal policy in the Visegrad Group Countries

2016 ◽  
Vol 61 (4) ◽  
pp. 66-83
Author(s):  
Tomasz Grabia
Keyword(s):  
Czech Republic ◽  
Fiscal Policy ◽  
Eastern Europe ◽  
Public Debt ◽  
Central And Eastern Europe ◽  
The Czech Republic ◽  
Public Finances ◽  
Visegrad Group

The article discusses key problems of fiscal policy in four selected countries of Central and Eastern Europe (Poland, the Czech Republic, Hungary and Slovakia) in years 2001—2014. The analysis covers, among others, indicators of public debt and its determinants, as well as indicators of budget revenues and expenditures. The article points out that public debt increased in all the studied countries in the analysed period. Both structural and cyclical deficits were responsible for its build-up. The country with the best state of public finances was the Czech Republic. Although the situation improved from 2011 Hungary had the highest level of debt in relation to GDP. That country was also characterized by a degree of fiscalism, measured by both budget revenues and expenditures in relations to GDP, much higher than those for other countries.

scholarly journals Quo vadis, V4? What is the potential of the Czech Republic to promote its interests within the framework of the V4?

2020 ◽  
Vol 2020 (56) ◽  
pp. 255-279
Author(s):  
Zbyněk Dubský ◽  
Kateřina Kočí
Keyword(s):  
Czech Republic ◽  
The Czech Republic ◽  
Central European ◽  
Future Role ◽  
Quo Vadis ◽  
Positive Input ◽  
Visegrad Group ◽  
Regional Grouping ◽  
The Eu

The original purpose of the Visegrad Group (VG or V4 – which includes Hungary, Poland, the Czech Republic and Slovakia) was primarily to support its member states’ accession to the EU and NATO, which it successfully achieved. However, the views on the current cooperation of four Central European countries differ. Some researchers believe that the V4 has transformed since 2004 into a viable project which has become even an inspirational model of cooperation for other regional groupings. According to them, and contrary to doubts about the continuation of the V4 project, membership of the EU has given the V4 a new impulse, and its agenda has been expanded into new areas of cooperation which included EU affairs. Therefore, the V4 operates now as a distinct regional grouping within the EU (i.e. positive input regarding their commitment in several Council presidencies). Others, however, suggest that V4 cooperation seems to be labelled as a defensive project, a coalition within the EU, which is against something (recently the prominent topics have revolved around migration issues) and that it could lead to the marginalisation of the group and thus reduce its importance at the EU level. While discussing the future role of the V4, the article will focus on the Czech Republic, and its potential to promote its interests within the framework of the V4, especially in the context of its current presidency (from 1 July 2019 to 30 June 2020).

Prague, the Victorious May of 1945

2020 ◽  
Vol 13 (4) ◽  
pp. 80-91
Author(s):  
S. V. Kudryashov
Keyword(s):  
Czech Republic ◽  
Controversial Issues ◽  
Political Struggle ◽  
Military Operation ◽  
The Czech Republic ◽  
German Army ◽  
Local Municipality ◽  
Local Residents ◽  
Group Center

The article deals with complex and controversial issues related to the uprising and liberation of Prague in May 1945. Interpretation of the events became acute and caused lively discussions in connection with the demolition of the monument to Marshal I. V. Konev on April 3, 2020 by the order of the local municipality. The Czech Republic is also discussing the idea of «perpetuating the role of other liberators» of the capital – soldiers of the ROA division, which for two days (May 6-7) provided assistance to the rebels. Using new documents from the Central archive of the Ministry of defense of the Russian Federation, the author draws a conclusion about the limited influence of the Vlasov units. They, indeed, brought confusion to the German ranks, but early in the morning of May 8, they themselves left Prague on a rapid march. After that, fighting and negotiations between the rebels and the German command continued. The article emphasizes that the main goal of the Soviet military operation from 6 to 11 May 1945 was the defeat of the German Army Group Center. The liberation of Prague was only part of a powerful offensive by three Soviet fronts. Heavy battles for Prague did not happen, but the entry of Soviet tanks into the Czech capital and the subsequent jubilation of local residents became a symbol of the end of the war in Europe. The author concludes that the demolition of monuments to Soviet soldiers and commanders is a manifestation of internal political struggle in the countries where it occurs, and the Czech Republic is only one of these examples.

Young Scholars Conference “Slavic World: Commonality and Diversity”. 21–22 May 2019. Session “Linguistics”

2019 ◽  
Vol 14 (1-2) ◽  
pp. 295-297
Author(s):  
Sergej A. Borisov
Keyword(s):  
Czech Republic ◽  
Middle Ages ◽  
The Czech Republic ◽  
International Context ◽  
Slavic Languages ◽  
Russian Academy Of Sciences ◽  
Current State ◽  
Wide Range ◽  
History Of ◽  
Academy Of Sciences

For more than twenty years, the Institute of Slavic Studies of the Russian Academy of Sciences celebrates the Day of Slavic Writing and Culture with a traditional scholarly conference.”. Since 2014, it has been held in the young scholars’ format. In 2019, participants from Moscow, St. Petersburg, Kazan, Togliatti, Tyumen, Yekaterinburg, and Rostov-on-Don, as well as Slovakia, the Czech Republic, Hungary, and Romania continued this tradition. A wide range of problems related to the history of the Slavic peoples from the Middle Ages to the present time in the national, regional and international context were discussed again. Participants talked about the typology of Slavic languages and dialects, linguo-geography, socio- and ethnolinguistics, analyzed formation, development, current state, and prospects of Slavic literatures, etc.

Fiscal Policy in the Czech Republic Under Transition

1995 ◽  
Author(s):  
Pavel Stepanek ◽  
Vera Uldrichova ◽  
Drahomira Vaskova ◽  
Vera Kamienickova ◽  
Milena Horcicova
Keyword(s):  
Czech Republic ◽  
Fiscal Policy ◽  
The Czech Republic
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