scholarly journals Credit Spreads and the Links between the Financial and Real Sectors in a Small Open Economy: The Case of the Czech Republic

2014 ◽  
Author(s):  
Tomas Konecny ◽  
Oxana Babecká Kucharčuková
Keyword(s):  
Czech Republic ◽  
Open Economy ◽  
Small Open Economy ◽  
Credit Spreads ◽  
The Czech Republic

scholarly journals Transfer pricing and the Czech tax policy

2010 ◽  
Vol 58 (6) ◽  
pp. 465-472 ◽  
Author(s):  
Veronika Solilová ◽  
Veronika Sobotková
Keyword(s):  
Czech Republic ◽  
Open Economy ◽  
Tax Policy ◽  
Multinational Enterprises ◽  
Transfer Pricing ◽  
Small Open Economy ◽  
Tax Base ◽  
The Czech Republic ◽  
Eu Member States ◽  
Pricing Rules

The Czech Republic as a small open economy with an extensive network of the international tax treaties for the avoidance of the double taxation prevents from shifting the tax base of the associated enterprises to countries with preferential tax regime through transfer pricing rules. Transfer pricing as one of the important areas of international taxes determines how the profits of the multinational enterprises are split between the jurisdictions in which they operate and which countries get to tax those profits. This situation may affect the global budget of the multinational enterprises and the tax reve­nues of the jurisdictions. This paper is focused on the transfer pricing rules used in the Czech Republic and makes recommendations for the Czech tax policy in this area based on the analysis of the transfer pricing rules in the EU Member States.

Echoing the european monetary integration in the czech republic

1998 ◽  
Vol 7 (3) ◽  
Author(s):  
Oldřich Dědek
Keyword(s):  
Czech Republic ◽  
Open Economy ◽  
Early Stage ◽  
Monetary Integration ◽  
Convergence Criteria ◽  
The Czech Republic ◽  
Catching Up ◽  
Real Convergence ◽  
High Degree ◽  
The Eu

Even in the case of an optimistic scenario of joining the EU at an early stage in the next century, CE countries are highly unlikely to participate in the take-off stage of EMU. Instead, they are expected to address some more elementary issues related to their transition processes. But the fact of being a small and open economy implies a high degree of macroeconomic discipline, in many respects not so much unlike that embedded in the Maastricht convergence criteria. Whatever disputes many surround the Maastricht convergence criteria, one can scarcely deny that they do suggest directions in which CE economies need to further upgrade their fundamentals. They put aside, however, so-called real convergence measured by the level of GDP per capita. The currency crisis in the Czech Republic delivered the lesson that the growth rates, if not underpinned by a healthy macroeconomic background, are short-lived and bring only lags Into the catching-up process.

scholarly journals Globalization and Foreign Trade: Selected Topics in Central European Countries

2020 ◽  
Vol 74 ◽  
pp. 06014
Author(s):  
Jaroslav Kovárník ◽  
Eva Hamplová
Keyword(s):  
Czech Republic ◽  
Comparative Analysis ◽  
Foreign Trade ◽  
Open Economy ◽  
Surprising Result ◽  
Business Partner ◽  
The Czech Republic ◽  
Central European ◽  
Goods And Services ◽  
Globalized World

Foreign trade plays important role in the economy of every country, especially in modern globalized world. This article deals with selected aspects of foreign trade in countries from central Europe, namely in the Czech Republic, Slovakia, Poland, Hungary, Germany, and Austria. Method of comparative analysis has been used in this article. Firstly, the article analyses the development of GDP (foreign trade is part of GDP formula in every open economy), where the most powerful economies are Germany and Austria. Secondly, overall development of trade with goods and services in all selected countries has been analysed. Surprisingly, the only country with deficit in case of services is Germany. Thirdly, the article focuses on development in two countries, namely of the Czech Republic and Slovakia. The openness of these two countries is compared, but most of all, the export and import of these two countries in relation with other analysed countries. Relatively surprising result is that for both countries is the most important business partner Germany, but there are some differences. Detail results are described in the article.

scholarly journals Predictive performance of DSGE model for small open economy – the case study of Czech Republic

2013 ◽  
Vol 61 (7) ◽  
pp. 2229-2238 ◽  
Author(s):  
Tomáš Jeřábek ◽  
Jakub Trojan ◽  
Radka Šperková
Keyword(s):  
Czech Republic ◽  
Interest Rates ◽  
Open Economy ◽  
Multivariate Time Series ◽  
Small Open Economy ◽  
Predictive Performance ◽  
Parameters Estimation ◽  
Dsge Model ◽  
Economic Activities ◽  
Wide Range

Multivariate time series forecasting is applied in a wide range of economic activities related to regional competitiveness and is the basis of almost all macroeconomic analysis. From the point of view of political practice is appropriate to seek a model that reached a quality prediction performance for all the variables. As monitored variables were used GDP growth, inflation and interest rates. The paper focuses on performance prediction evaluation of the small open economy New Keynesian DSGE model for the Czech republic, where Bayesian method are used for their parameters estimation, against different types of Bayesian and naive random walk model. The performance of models is identified using historical dates including domestic economy and foreign economy, which is represented by countries of the Eurozone. The results indicate that the DSGE model generates estimates that are competitive with other models used in this paper.

scholarly journals Ten Years Later: Lessons for DSGE Builders and Czech Policy Makers

2019 ◽  
Vol 19 (3) ◽  
pp. 159-174
Author(s):  
Aleš Michl
Keyword(s):  
Czech Republic ◽  
Fiscal Policy ◽  
Lower Bound ◽  
Interest Rates ◽  
Open Economy ◽  
Zero Lower Bound ◽  
Government Investment ◽  
The Czech Republic ◽  
Equilibrium Approach ◽  
Dynamic Stochastic

Abstract We show an example of a small open economy – the Czech Republic – where the fiscal restriction was put in place between 2010 and 2013 in a negative output gap and zero lower bound on nominal interest rates. According to our results, such fiscal policy seems to have been mistaken, as the restriction may apparently have caused a second recession in the Czech Republic in 2012/2013 (after the global recession in 2008/2009). Instead of the dynamic stochastic general equilibrium approach (DSGE), we applied a tractable static deterministic partial equilibrium approach using the IS-LM framework. We derived mathematically from the IS-LM model that expansionary fiscal policy acting via higher government investment can be an appropriate tool for reacting to a crisis in the very short run when interest rates hit the zero lower bound. Expansionary fiscal policy after the 2008/2009 crisis would probably have led to faster stabilisation of the Czech economy. We simulate a potential increase in government investment of 8% yearly between 2011 and 2013. This would have added 0.4 pp to GDP growth and increased the inflation rate by about 0.5 pp. Hence, the inflation outlook in 2013 would not have been negative and would consequently have led to less pressure for monetary policy expansion using unconventional interventions against the Czech koruna.

scholarly journals The impact of corporate social responsibility on business competitiveness

2021 ◽  
Vol 92 ◽  
pp. 06017
Author(s):  
Marcela Kožená ◽  
Martin Mlázovský
Keyword(s):  
Corporate Social Responsibility ◽  
Czech Republic ◽  
Social Responsibility ◽  
Open Economy ◽  
Value Added ◽  
Business Environment ◽  
Global Market ◽  
The Czech Republic ◽  
Corporate Social ◽  
The Impact

Research background: The social and environmental problems of the current globalised world are primarily targeted on the South and Southeast Asian business environment. However, according to the idea “think global, act local”, practices of Czech local business also contribute to the global environment. Purpose of the article: The Czech Republic is classified as a small open economy in the final stage of a transformation into a market economy, and on the top of that, it is also a member of the European Union. Thus, the Czech Republic is very dependent on the global market. Firstly, this paper is focused on analysing the Czech businesses’ attitude to competitiveness with special emphasis on corporate social responsibility. Secondly, there is predicated the future approach of the Czech managers to CSR. Methods: Primary research is based on individual structured interviews with Czech managers on the top and middle level (n=15). The interviews were conducted from February to May 2020 via a combination of face to face and distance communication. Findings & Value added: The results indicate that the Czech business mostly does not perceive CSR as a key factor of corporate competitiveness. However, the significant part of the interviewees considers CSR as moderately important and what is more, they predicate the upward trend of this factor. In addition, corporate social responsibility is often associated with other factors of competitiveness – more precisely to customer loyalty and innovation capability. Moreover, all the corporations stated that they apply at least some of the CSR principles in their ordinary course of business.

scholarly journals The Effects of Selected Macroeconomic Variables on Tourism Demand for the South Moravian Region of the Czech Republic from Germany, Poland, Austria, and Slovakia

2019 ◽  
Vol 22 (3) ◽  
pp. 25-43
Author(s):  
Tomáš Jeřábek
Keyword(s):  
Czech Republic ◽  
Open Economy ◽  
Price Level ◽  
Transportation Cost ◽  
Cointegration Analysis ◽  
Transport Cost ◽  
Tourism Demand ◽  
Elasticity Coefficient ◽  
The South ◽  
The Czech Republic

International tourism is one of the most important sectors of the open economy. The aim of this paper is to investigate the effects that income as gross domestic product, tourism price as the real exchange rate, and travel cost as the price of Brent crude oil have on inbound tourism demand (tourist arrivals) from Poland, Slovakia, Germany, and Austria in the South Moravian Region of the Czech Republic over the period 2002:M1–2018:M5. The number of Polish, German, Slovak and Austrian tourists accommodated in collective accommodation establishments within the South Moravian Region as a dependent variable are considered. To achieve this aim, cointegration analysis under the VECM approach is applied. The results show that Slovak, Polish, Austrian and German tourists respond positively to their income changes. Austrian and Slovak tourists respond negatively to changes in tourism prices in the Czech Republic. Tourists from Germany and Poland do not respond to changes in the Czech price level since their elasticity coefficients are non‑significant. German, Austrian and Slovak tourists respond negatively to transportation cost changes. Polish tourists do not respond to transport cost changes since their elasticity coefficient is non‑significant.

Social variation in size at birth and preterm delivery in the Czech Republic and Sweden, 1989-91

1998 ◽  
Vol 12 (1) ◽  
pp. 7-24 ◽  
Author(s):  
Koupilova ◽  
Vagero ◽  
Leon ◽  
Pikhart ◽  
Prikazsky ◽  
...  
Keyword(s):  
Czech Republic ◽  
Preterm Delivery ◽  
The Czech Republic ◽  
Social Variation ◽  
Size At Birth
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