Significant international attention has been directed to the most pressing problem of the financial crisis of 2008/2009 -- global liquidity shortages. The use of adequate foreign exchange reserves during the crisis helped alleviate pressures. However, this was only partially effective in a number of important cases. Some countries also needed to rely on external official financing. The aim of this article is to compare and analyse the main sources of official global liquidity -- foreign exchange reserves, bilateral swap lines of central banks, regional financial arrangements arid IMF resources. To reach effective outcomes in relation to the accumulation of FX reserves and a strengthening of the global financial safety nets, effective international coordination will be necessary. Adapted from the source document.
The study deals with analysis of economic reforms in South-Eastern Asia affected by financial crisis in 1990s. Authors have stressed, that it was a result of internal & external influences, which caused not only the fatal destabilization of main economic fundaments of affected countries & they have had consequences on international business authority of these countries. It was approved, that the high rate of internal interdependence of countries affected by crisis & also the interdependence on Japan, could be considered as basic, but hidden accelerators of crisis. Nevertheless using of important reforming interventions eliminated most of the economic implications of it the risks of re-outbreak of the crisis have been decreased to certain level only. For prevention against its expansion are responsible all "attended" subjects & equally they have to share on realization of reforming economic programs for its long-term elimination. Tables, References. Adapted from the source document.
The relatively long term period of stability before the present crises called even "Great Moderation" or "Golden Age of Central Banking" indicated that the inflation targeting was a success story. As of 2008 a lot has changed and the debate over "Leaning against the wind or Clean afterwards?" is being revisited among central bankers and academicians. At the same time the question "Does money matter in monetary policy" is on the table again. This paper focuses on the discussion of these issues; moreover, some new challenges that emerged in previous three years are discussed. The crisis has highlighted an urgent need to incorporate banks and financial frictions into monetary policy modelling framework -- therefore some new findings on this field of research are outlined. An important lesson from the crises is that price stability is not a sufficient precondition for financial stability, therefore an operational framework for financial stability is being searched -- this is subject of the final part of this paper. Adapted from the source document.
The article presents economic voting theory and its application to the study of electoral behaviour in four Central European countries. The theoretical part describes the reward-punishment model of economic voting and its predictions for electoral behaviour in countries with coalition governance and in internationally open economies during the global economic crisis. The analytical part investigates the existence and features of economic voting (as a P-function) in the Czech Republic, Hungary, Poland and Slovakia. Hypotheses about the existence of economic voting in these countries, the higher economic accountability of more responsible coalition partners, and the lower level of economic voting under the perceived influence of the EU on the domestic economy are tested using OLS and binary logistic analysis of European Election Study data (2004 and 2009). As the results show, economic voting was only detected in Hungary (2004 and 2009) and Slovakia (2004). The analysis indicates that, in general, almost all Prime ministers' parties bear a greater degree of economic accountability; meanwhile, perceptions of EU economic responsibility had no influence on the popularity of government parties in 2009. ; The article presents economic voting theory and its application to the study of electoral behaviour in four Central European countries. The theoretical part describes the reward-punishment model of economic voting and its predictions for electoral behaviour in countries with coalition governance and in internationally open economies during the global economic crisis. The analytical part investigates the existence and features of economic voting (as a P-function) in the Czech Republic, Hungary, Poland and Slovakia. Hypotheses about the existence of economic voting in these countries, the higher economic accountability of more responsible coalition partners, and the lower level of economic voting under the perceived influence of the EU on the domestic economy are tested using OLS and binary logistic analysis of European ...
This article seeks to identity functional and systemic shortcomings of the Register of Interest Representatives (the Register) and contrasts them with the Commission's own evaluation of the Register's functioning. Special attention is accorded to the analysis of financial data published by interest groups in the Register. The article builds on original empirical research in which quantifiable data from 1063 registered interest groups were evaluated. The analysis of the financial data is complemented by the results of a questionnaire given to the registered interest groups. The questionnaire was addressed to almost one third (324) of interests registered at the end of February 2009; the return rate achieved 22.84%. The research suggests that the methods for calculating financial amounts are inadequate. This situation is exacerbated by a passive control system of truthfulness and completeness of registered data, as well as by a weak voluntarily motivation to register and by the lack of a sanctions policy. These factors diminish the credibility of the data in the Register. Consequently, the level of transparency with regard to the financial aspects of lobbying is, to a great extent, limited. Adapted from the source document.
The paper aims to explain the development of the perception of national identity of the Christian Democratic Party (CDU), the strongest German political party in the past few decades. The paper focuses on election manifestos for the 1990, 1994, 1998, 2002, 2005, and 2009 elections. For this purpose, each manifesto is examined according to up to five analytical categories – such as values, nation, Europe, threats, and society. These categories explore the party's perception in a wider context instead of focusing only on direct references to national identity. The analysed period was divided into three phases with an emphasis on the internal crisis between the years 1998 and 2002. The crisis influenced policy priorities; therefore the perceptions of elements belonging to national identity were changed in order i) to gain victory in the general elections in 2002 and 2005, and ii) to reflect properly the state of German society. Therefore, significant policy shifts were made. These policy changes show how the party successfully integrated societal demands and preferences over the past decade. Thank to this, the CDU incorporated both conservative and liberal elements. This is evident in the case of incorporating liberal elements such as homosexual partnerships while, at the same time, actively stressing the importance of defending national interests. ; The paper aims to explain the development of the perception of national identity of the Christian Democratic Party (CDU), the strongest German political party in the past few decades. The paper focuses on election manifestos for the 1990, 1994, 1998, 2002, 2005, and 2009 elections. For this purpose, each manifesto is examined according to up to five analytical categories – such as values, nation, Europe, threats, and society. These categories explore the party's perception in a wider context instead of focusing only on direct references to national identity. The analysed period was divided into three phases with an emphasis on the internal crisis between the years 1998 ...
Economic growth of the Czech Republic measured by GDP reached 3,4% per annum in the decade 2001-2010 and was substantially faster than average annual growth of the European Union. Strong acceleration in the years 2005-2007 was followed by stagnation in the years 2008-2012 caused by strong decline of GDP in the year 2009 and milder recession in the year 2012. The modest recovery in the years 2010 and 2011 was pulled namely by foreign trade, while final consumption and gross fixed capital formation stagnated. Alternative indicator of national income was negatively influenced by growing outflow of primary incomes. Real gross domestic income indicates different results in comparison with gross domestic product because of changes in the terms of trade. Macroeconomic stability improved substantially in the field of foreign trade while general government deficit contributed to its deterioration. Adapted from the source document.
The publication is the result of a three-year observation of Czech companies' relation to quality, particularly their awareness of the fact that the quality of their products is a factor of competitiveness of the entire enterprise. The research was carried out using a questionnaire survey in companies in selected sectors. Based on the research of relevant specialized literature, research questions were formulated in the field of product quality, product quality monitoring and control, degree of customer satisfaction, and competitive advantages and disadvantages. Partial analyses were carried out from 2008 to 2010, and only those questions that remained completely unchanged in the individual reporting periods were subjected to mutual comparison. In addition to the survey, the financial indicators of the individual participating companies were analyzed in each year. This enabled the authors to monitor the situation of the company not only in the context of issues of quality, but also relate the results of this survey to their actual financial success. To split the businesses into two groups according to their financial performance five indicators selected on the basis of the research literature and experience with previous similar studies on a similar subject were used
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We use EU SILC data for the Czech Republic to estimate the size of the motherhood penalty for the period 2006-2017. We find out that adjusted motherhood penalty amounts to 11-15% in the period 2006-2008. At that time, the Czech Republic appeared to be comparable to countries such as Germany and the UK. However, the motherhood penalty effectively disappears after 2009 and the Czech Republic is now placed in the same group with Scandinavian countries, France and Belgium. Despite that, there are still many obstacles for mothers to increase their labour market participation, which translate mainly into wage penalties via the experience and labour intensity channels. The study also supports other general evidence from cross-country motherhood penalty comparisons, motherhood penalty being mostly a phenomenon of middle-educated, married women located outside large cities, employed in private industry and having more than one child.
The article aims to show both the still very strong position of the USD in the global financial system and assess its likely future position. It illustrates that although the U.S. is no longer the dominant global economic power that it was when the dollar became the global reserve currency, the dollar so far is not in immediate danger of losing its privileged position. Despite the challenges facing the USD as the global reserve currency, it continues its dominant role since no other currency has shown itself strong and credible enough to replace it. Considerations on replacing dollar with other currency are no more than a speculation. Adapted from the source document.
Being a part of the social world, international law is not closed nor isolated system -- on the contrary, it is in an intimate interaction with international relations & politics. Richard Falk, Professor of International Law, taught for example at the Princeton University & presently at the University of California, Santa Barbara. He is interested in the connections between IL & IR & is a prolific writer on this topic. Two of his last books, The costs of War -- International Law, the UN & World Order After Iraq (2008) & Achieving Human Rights (2009) are reviewed in this essay in highly critical manner. In the essay, Falk's normative inquiry into the legal & political developments is contrasted with the latest discussions in both the International Law & International Relations. In the review essay, Falk is criticized for his unconvincing criticism of the US foreign policy, for his intellectual shortcuts & excessive idealism. However, very interesting & significant parts of both books are emphasized & Falk's books are considered to be worth reading. His insight into the international legal problems & into the developments of human rights is outstanding. Adapted from the source document.
We analyse potential sources of internal imbalances, specifically as regards private and public indebtedness. The combination of a high public debt and increasing private sector indebtedness have been a source of concern in the perspective of the funding of the economy in examined countries. We utilize the detailed financial accounts as an analytical framework for revealing the development of private sector's indebtedness in 18 EU countries in the period 1995-2012. Ratio of private debt (non-financial corporations, households and non-profit institutions serving households) to GDP was steadily increasing till 2009 with a decrease in the following years. After the decomposition of the private sector debt several facts stand out. Highly indebted, on the average, are households in Denmark and The Netherlands. Postsocialist countries have still low indebtedness, but are catching up. In panel regressions (fixed effects) the dependent variable is overlapping two-and free-year forward looking averages. The control variables are those usually used in growth equations a la R. Barro. We have utilised also instrumental variables (Pooled IV Two-stage EGLS) and 3 years averages for all variables to capture medium-run impacts. Having analysed the impacts of different private debt variables on the growth rate of real GDP we assert that the impact has been negative and statistically significant in almost all growth regressions. Adapted from the source document.
Central banks of major advanced economies have already started their sixth year of the greatest ever experiment in monetary policy at place. First, special measures were taken to prevent collapse of financial intermediation. At the same time main policy rates were cut down to historical lows hitting the zero lower bound quite soon after the onset of the financial crisis. After that central banks realised various unconventional measures in order to support their weak economies. While exceptional instruments aimed at restoring financial markets seem to have been inevitable to avert a collapse of a much greater magnitude in the short run, some other measures have remained disputable. Not only had these measures limited effectiveness in restoring stronger and sustainable economic growth, but concerns have also been raised recently about their unintended consequences. These side-effects concern not only domestic economies but international spillovers on many vulnerable less advanced and/or developing economies have been evident. Moreover, potential risks of the unprecedented measures may start to act fully in a longer horizon. Quantitative easing has led to enormous increases in balance sheets of the Fed, the BoE and ECB; however structural differences on the asset side have been evident. Main challenge for major central banks thus seems to be the right timing and structure of inevitable exit strategies in the near future so that a smooth exit with minimal side effects could be guaranteed. Adapted from the source document.
The question of public finance stability & the economic stability are widely discussed topics, not only in transitive & emerging economies, but also in developed countries. The aim of this paper is to find out & measure connections between the fiscal policy development & external economic stability. This research is based on a quantification of the budget deficit & public debt impact onto exchange rate in chosen countries that have recently experienced some kind of financial crisis. External competitiveness is also assessed by the fiscal policy impact onto current account balance. It is necessary to point out that monetary variables are going to be probably more important but the fiscal sector cannot be omitted. Especially nowadays when there is an integration process in EMU going on, where the fiscal policy is going to play important role in the economic stability. Tables, Figures, References. Adapted from the source document.
