Convergence for european union accession: challenges for czech monetary policy

1998 ◽  
Vol 7 (1) ◽  
Author(s):  
Stanislava Janáčková
Keyword(s):  
European Union ◽  
Monetary Policy ◽  
Czech Republic ◽  
Monetary Integration ◽  
Time Lags ◽  
Real Output ◽  
The European Union ◽  
The Czech Republic ◽  
Eu Countries ◽  
Transmission Mechanisms

If the analyses of the transmission mechanisms are not fundamentally wrong, it follows that Czech Republic shares a common feature typical for EU countries: the short-term non-neutrality of money with respect to real output. Money matters , money affects real output as well as prices. There can be significant differences, however, in the time lags, as well as in the strength of impact of monetary policy on both prices and output. Future steps of the Czech Republic toward monetary integration with the EU countries (starting with ERM 11 membership) will presuppose a further convergence of the transmission mechanism of Czech monetary policy toward the mechanism prevailing within the European Union. Such convergence can only proceed hand-in-hand with continuing transformation and restructuring of the Czech economy.

scholarly journals Benchmarking study on the venture capital market in the Czech Republic, Hungary and the Netherlands

2016 ◽  
Vol 13 (3) ◽  
pp. 191-202 ◽  
Author(s):  
Ing. Jaroslava Rajchlová ◽  
Ing. Veronika Svatoaová
Keyword(s):  
European Union ◽  
Cluster Analysis ◽  
Czech Republic ◽  
The Netherlands ◽  
Venture Capital ◽  
Capital Market ◽  
The European Union ◽  
The Czech Republic ◽  
Eu Countries ◽  
Capital Financing

The main aim of paper is seen at two levels: the first level to assess the situation on the venture capital market in the Czech Republic based on the results of a comparative study of selected countries of European Union is the area of venture capital financing. The second level is, then, to propose measures, whose implications could increase the effectiveness of venture capital to the business sector in the Czech Republic. The main purpose of the paper is to identify internally homogeneous groups of the EU states regarding the situation on the venture capital market in the European Union Member States. The aim of this article is supported by relevant statistical data for the period 2008-2013 to assess the legislative framework of venture capital market in the Czech Republic and other selected European countries. Based on the results of cluster analysis, EU countries were identified, Hungary and the Netherlands, in which legislative conditions with venture capital market were subsequently analyzed and the results were compared with the situation in the Czech Republic. The Netherlands as a representative of the countries with developed market risk capital, Hungary as a representative of CEE countries. The problem of undeveloped VC market in the Czech Republic is not in demand for venture capital, but in its supply. Pension funds and insurance companies cannot invest more than 5% in risky assets. In the Czech Republic, there are no tax incentives to attract investors and even government programs that could complement the missing investors and support the creation of venture capital funds. This low level of venture capital usage for the development of enterprises could also be seen in misunderstanding and ignorance of this form of financing, the inability of management to prepare a business plan and to attract a potential investor, fears of administrative burdens arising from an investor and finally questionable return on investment when, for example, public offering of shares, which achieves a high appreciation, is in the Czech Republic underused. Keywords: venture capital, benchmarking, cluster analysis, Ward’s method, CEE countries, EU countries, Czech Republic, Hungary, Netherlands. JEL Classification: G32, M21

scholarly journals Euro Dominance Hypothesis and Monetary Policy Independence – the Czech Perspective

2016 ◽  
pp. 1-16
Author(s):  
Łukasz Goczek ◽  
Dagmara Mycielska
Keyword(s):  
Monetary Policy ◽  
Czech Republic ◽  
Interest Rates ◽  
Euro Area ◽  
Research Agenda ◽  
Monetary Integration ◽  
The Czech Republic ◽  
Eu Countries ◽  
The Stability ◽  
The Cost

In this article, we investigate the actual level of monetary policy independence in the Czech Republic. We formulate the research agenda in terms of the Euro Dominance Hypothesis. The situation of the non-euro EU countries with derogation in terms of joining the EMU, like the Czech Republic, is similar to the pre-euro situation of the euro area countries, in which the problem of the stability of the European Mechanism System was predominant. We investigate the co-movement of interest rates between the Czech Republic and the Eurozone to assess the potential costs of monetary integration. Using cointegration and VECM methods we show that the ECB monetary policy influences monetary policy in the Czech Republic and the actual level of monetary independence in the Czech Republic is much lower than it is presumed. Therefore, we argue that for the Czech Republic the cost of the joining the EMU will be lower than expected.

scholarly journals The Fiscal Compact and the European Constitutions: ‘Europe Speaking German’

2012 ◽  
Vol 8 (1) ◽  
pp. 1-7 ◽  
Author(s):  
LB ◽  
JHR
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Monetary Union ◽  
Euro Area ◽  
Economic And Monetary Union ◽  
Economic Policies ◽  
The European Union ◽  
The Czech Republic ◽  
The United Kingdom ◽  
Fiscal Compact

In between the writing of this editorial and the publication of this issue of EuConst, the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, in everyday parlance the ‘Fiscal Compact’, will have been signed by the representatives of the governments of the contracting parties — the member states of the European Union minus the United Kingdom and the Czech Republic. The Fiscal Compact is intended to foster budgetary discipline, to strengthen the coordination of economic policies and to improve the governance of the euro area.

scholarly journals The economic conditions for the utilisation of the land fund in the Czech Republic after its accession to the European Union

2012 ◽  
Vol 51 (No. 10) ◽  
pp. 452-454
Author(s):  
M. Hrabánková
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Rural Areas ◽  
Monitoring And Evaluation ◽  
Economic Conditions ◽  
The European Union ◽  
Environment Friendly ◽  
The Czech Republic ◽  
The Sustainable Development ◽  
Public Benefit

The important part of the increase of regional potential is the farming of the land fund. The economic conditions for its utilisation have been already prepared. They are based especially on the drawing of funds of the European Union, namely for the period after the accession of the Czech Republic to the European Union and for the years 2007–2013. The measures concerning the land are included in the prepared programme documentation, especially in the Horizontal Rural Development Plan (HRDP) and in the Operational Programme “Agriculture”. The farmers will obtain the direct payment per area (SAPS) in addition to supports on foregoing measures. The requirements for environment-friendly farming of land will be increased in the future. The economic conditions for next period will concentrate on these priorities. It will concern the securing of public benefit contributing to the sustainable development of rural areas. The project assurance of these trends and their regional monitoring and evaluation will be important.

scholarly journals Entry Into the Common Market of the European Union in Terms of Czech Republic’s Foreign Trade with Dairy Products

2018 ◽  
Vol 66 (2) ◽  
pp. 605-616 ◽  
Author(s):  
Ivo Zdráhal ◽  
Věra Bečvářová
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Foreign Trade ◽  
Dairy Products ◽  
Business Environment ◽  
Common Market ◽  
Milk Product ◽  
The European Union ◽  
The Czech Republic ◽  
The Eu

The aim of the paper is to evaluate the development of the Czech foreign trade in milk and milk products and specify the typical features and consequences within its territorial and commodity structure using a specific system of indicators intended to show a relevant image on the topic. The analysis covers the period between 1999 and 2015 and are interpreted in the context of changes of the business environment that have occurred in the last two decades, particularly in relation to the Czech Republic’s entry into the European Union. Throughout the studied period, the Czech Republic revealed a positive balance of trade in milk and dairy products, as well as favourable values of TC index (value of coverage of import by export). The dynamics of the territorial structure of export and import is embodied in the overall trade dynamics between the Czech Republic and countries of EU-28. The Czech Republic’s entry into the EU common market, however, led to a change in the trading milk product structure. As a negative is regarded the fact that the structure of Czech export to the EU countries has changed and that is mainly concentrated on basic raw milk or dairy products of the first phase of processing with relatively low added value.

scholarly journals Potential of open data in the Czech Republic

2016 ◽  
Vol 3 (1) ◽  
Author(s):  
Jan Boubin
Keyword(s):  
European Union ◽  
Economic Development ◽  
Czech Republic ◽  
Innovation Management ◽  
Open Data ◽  
Current Situation ◽  
The European Union ◽  
The Czech Republic ◽  
The Government ◽  
Further Development

The paper Potential of open data in the Czech Republic deals with the current situation of open data government and autonomous institutions in the Czech Republic in comparison with other European Union countries (Great Britain, France, Belgium, Austria, Estonia, ...) and defines the possibilities of open data economic development of the Czech Republic. Methodology of the paper includes a search resources dealing with the issue of open data in the Czech Republic and the European Union, comparing the obtained data, the analysis of obtained data and draft of recommendations for further development. The first part is an evaluation of the current situation and the situation compared with other EU countries. Further conditions for further development and evaluation of the potential of open data for the Czech Republic. The final section of the paper deals with evaluation of possibilities open application data management processes of companies in the Czech Republic in terms of strategic and innovation management. The result is an overview of the potential use of open data in the context of economic development and an estimate of the trend in applications open at the government level.

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