414,496 research outputs found
Recent Publication Productivity of Czech Economists
No full textThe author presents individual and institutional rankings based on the publications of Czech economists in impact-factor journals during 1998 to 2005 with the purpose of measuring the international competitiveness of Czech economists. His accounting methodology is egalitarian by international socio-metric standards, accounting also for publications in journals with low impact factor.impact factor; journal publications; Czech Republic; research
"Put your own house in order first": local perceptions of EU influence on Romani integration policies in the Czech Republic
No full textThis article examines the influence of the European Union (EU) on the development and implementation of Romani integration policy in the Czech Republic from the perspective of those responsible for policy delivery. Based on analysis of key policy documents and research conducted in the Czech Republic, this article first examines how Romani integration became a more important issue during membership negotiations and then discusses how the criticism of the European Commission's Regular Reports was received by those responsible for implementing pro-Romani policies. Finally, the paper assesses how the status of full EU membership has impacted on integration policy. The article concludes that while funding for Romani integration projects has benefitted some groups, the overall impression of the EU is of a remote institution, quick to criticise and unwilling to practise what it preaches
Czech wine consumers: maturing with age?
No full textThe purpose of this study is to identify the most important motivations for drinking wine and the factors influencing wine purchase in the Czech Republic and to ascertain if there are significant differences between genders and age groups. An online survey was conducted, using e-mail and social networks, of wine consumers in one of the 14 regions of the Czech Republic. This resulted in a sample of n=237. Spearman’s correlation test was conducted to find correlations between wine consumption and age and the chi-square test for differences between genders. Four motivations were found to be significantly correlated with age – to be sociable, to be respected, because wine is considered healthy and because it belongs with a nice meal, as well as seven factors affecting wine purchase – label, provenance, brand/producer, vintage, design of the bottle, recommendations of salesperson and a preference for the lowest priced wines. As the majority of respondents came from one of the 14 Czech regions, generalizations for the whole Czech Republic cannot be made. It is recommended that future work should include more complex segmentation. This paper contributes to the literature by exploring the Czech wine market, where very little research has been conducted so far, as well as by exploring the influence of age on the motivation for wine consumption
Voucher funds in transitional economies : the Czech and Slovak experience
No full textVoucher funds have arisen in the transitional economies of Eastern and Central Europe that have used voucher privatization. These funds collect vouchers from citizens and use them to buy shares in enterprises. In the Czech and Slovak Republics, voucher funds are typically organized as corporations owned by the citizens who contributed their vouchers. Recently, they have also been organized as unit trusts (either open-ended or closed). A management company manages the funds under a contract that specifies the management fee. The management company is typically owned by the initial sponsor of the fund - for example, a bank. Voucher funds can give owners a diversified and professionally managed portfolio. More important, the funds select who sits on an enterprise's governance boards (which oversee management and profitability). Although experience is limited, the funds in these two countries have probably stopped most fraud and self-serving by enterprise mangers and are beginning to encourage the restructuring needed for profitability. A few funds have replaced poorly performing or dishonest managers; more often, because qualified replacements are few, they encourage managers to improve performance. There have been complaints about funds'performance. Some have made unrealistic promises to voucher holders and have appointed poorly qualified members to management boards. There is concern about conflicts of interest in the bank-sponsored funds and excessive control of enterprises. Funds typically lack capital or expertise to undertake restructuring - but few other potential owners are likely to be better qualified. The author examines 27 regulations that have been proposed for funds. Regulations in transitional economies, unlike regulations in most western countries, should encourage funds to play a strong role in corporate governance, he contends, as few potential owners have this ability. Most important, regulations should require that funds disclose information about their operations so their owners can monitor and control fund managers. The regulatory regime, the author says, should discourage monopolies and anticompetitive behavior; create incentives for fund managers to improve fund performance; discourage self-serving or fraudulent behavior by fund managers, and conflicts of interest; and eliminate high-risk investments unacceptable to fund owners. Because there is so little experience with these funds, the regulatory regime should not be unduly restrictive. As problems arise, regulations to deal with them can be added.International Terrorism&Counterterrorism,Economic Adjustment and Lending,Economic Theory&Research,Agricultural Knowledge&Information Systems,Payment Systems&Infrastructure
An Analysis of the Cost of the Supporting and Guarantee Agricultural and Forestry Fund (SGAFF) in the Czech Republic
No full textThe paper analyzes the cost to the Czech state budget of the Supporting and Guarantee Agricultural and Forestry Fund (SGAFF). In the empirical part of the paper, the author shows that the SGAFF portfolio has sufficient value to cover the expected costs of the credit guarantees and subsidies offered by the fund. The theoretical model looks at government interventions designed to decrease the credit rationing of farmers with high probability of success. The theoretical model shows that, with uniform non-targeted supports, the Czech government unambiguously prefers lump-sum guarantees to interest-rate subsidies. With support targeted wholly to disadvantaged farmers, the cost of lump-sum guarantees, proportional guarantees, and interest-rates subsidies are all equal.credit; guarantees; subsidies; transition
Designing Stress Tests for the Czech Banking System
No full textThe note discusses key issues involved in designing a suitable set of stress tests for the Czech banking system. The aim of the note is to propose stress tests that could be used by the Czech National Bank on a regular basis to assess the soundness of domestic banks, both for purposes of macroprudential surveillance and for banking supervision. The author suggests that the exercise be broadly based on the stress tests conducted during the 2001 IMF-World Bank Financial Sector Assessment Program (FSAP) mission to the Czech Republic. He summarizes the FSAP stress tests, and proposes a number of extensions and modifications. The key recommendations are presented in a table that covers also data requirements and a suggested timeframe for implementation. The note includes results of a replication of the Czech FSAP stress tests for mid-2003 data.Banking system, stress tests.
Czech Foreign Policy and EU Membership: Europeanization and Domestic Sources
No full textThis paper examines the impact of EU integration and membership on the foreign policy of the Czech Republic. After examining the historical, geopolitical, and domestic sources of Czech foreign policy, it surveys Czech foreign policy since 1989, focusing on five distinct periods. The paper concludes that Czech foreign policy has been “Europeanized” to only a limited extent, and that EU influence on Czech foreign policy decision-making is relatively small compared to domestic political factors. EU membership also does not appear to have altered basic perceptions of Czech foreign policy interests, which remain largely determined by (pre-1989) historical experience and perceptions of geopolitical vulnerability. However, the Czech Republic has also sought to use the EU to achieve its key foreign policy goals, especially during its EU presidency in the first half of 2009. Limited socialization within EU institutions and the Czech Republic’s peculiar historical experience and geopolitical situation are the main explanations for limited Europeanization, suggesting that further socialization and the accumulated experience of EU membership could promote greater Europeanization of Czech foreign policy over time
FDI spillovers in the Czech Republic: takeovers vs. greenfields
No full textThis paper analyzes the effects of foreign direct investment on the sales growth rate of domestic companies in the Czech Republic. This paper analyzes the effects of foreign direct investment on the sales growth rate of domestic companies in the Czech Republic. Using firm-level panel data from 1995 to 2005, it studies both horizontal and vertical spillovers with respect to two kinds of foreign investment - takeovers and greenfields. This is the first paper applying this framework on firm level. The study allows also for the lagged nature of these spillovers. The results suggest that the sales growth rates of domestic companies mostly decrease in the presence of foreign companies, especially in upstream sectors. The impact through horizontal spillovers is mixed - positive from foreign takeovers, negative from greenfields. Positive forward spillovers are present mainly in recent years. Time sensitivity is revealed for horizontal as well as vertical spillovers.productivity, sales growth, spillovers, FDI, ownership, FDI Spillovers in the Czech Republic: Takeovers vs. Greenfields, Economic Papers
Equilibrium Exchange Rate in the Czech Republic: How Good is the Czech BEER?
No full textThe paper investigates the equilibrium exchange rate of the Czech koruna using the reduced-form equation of the stock-flow approach advocated by, for example, Faruqee (1995) and Alberola et al. (1999). We investigate whether the observed real exchange rate of the Czech koruna is close to its equilibrium value over the period from 1993 to 2004. Our empirical approach is tantamount to the behavioral equilibrium exchange rate (BEER), popularized by MacDonald (1997) and Clark and MacDonald (1998), in that the Czech real exchange rate vis-a`-vis the euro is regressed on the dual productivity differential; and the net foreign assets position, based on which actual and total misalignment figures, are derived in a time-series context. In other words, we check the quality of the Czech BEER. We also study the impact of a possible initial undervaluation on the estimated equilibrium exchange rate. Employing monthly time series from 1993, and applying several alternative cointegration techniques, we identify a period of an overvaluation in 1997 and in 1999, an increasing overvaluation afterwards, an undervaluation in 2003, and a correction toward equilibrium in the second half of 2004.behavioral equilibrium exchange rate, Czech koruna, equilibrium exchange rate, productivity, real exchange rate, stock-flow approach, transition economies
The Determinants of the Interest Rate Margins of Czech Banks
No full textThe author examines the determinants of the interest rate margins of Czech banks by employing a bank-level dataset at quarterly frequency in 2000–2006. His main results are as follows. He finds that more efficient banks exhibit lower margins and there is no evidence that banks with lower margins compensate themselves with higher fees. Price stability contributes to lower margins. Higher capital adequacy is associated with lower margins, contributing to banking stability. Overall, the results indicate that the determinants of the interest rate margins of Czech banks are largely similar to those reported in other studies for developed countries.commercial banks, interest rate margins, bank efficiency
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