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The article aims to identify the development phases in the process of the regional differentiation in the Czech Republic after 1989, & examines whether this differentiation trend is currently changing. The assumption the article's hypothesis is based on is that during recent development the basic 'parameters' of the principal features of the country's regional structure have been stabilized amidst the conditions of parliamentary democracy & a market economy. Unlike the first phases of socio- economic transition, when differentiating trends prevailed, a certain degree of stabilization can now be assumed, alongside the emergence of new trends. The development of regional differences was analyzed using indicators of GDP, the unemployment rate, entrepreneurial activity, & tax revenue from self- employed physical persons. The findings show that over the course of the 1990s regional differences intensified at both the mezo- regional (regional) level & the micro- regional level. It was also confirmed that at the turn of the millennium the phase of divergent regional development ended, & since that time regional differences have hovered around the same level.

This paper provides a theoretical framework for a thesis that the transition to the Inflation targeting regime, either explicit or implicit, may be one of the causes of the long-term latent accumulations of the financial and structural imbalances, materializing much later and with more dire consequences. Due to the long-term systematic manipulation of interest rates, within the operational framework of the stabilization of consumer prices and the output gap, as well as of anti-deflationary fundamentalism, the economy can transform itself into a kind of black box, gradually and over time causing an escape of credit and monetary aggregates. Money supply tends to be more endogenous and elastic, changing the causality within a link between the money supply and its effective economic materialization, both in production processes of the real economy as well as in banking and financial services. Thereby, the economy lacks a needful defensive mechanism that would pull the overheating economy back through more exogenous and inelastic money supply, automatically adjusting market interest rates. In the empirical part we employed VECM tests to show that the money supply was exogenous before the implicit adoption of inflation targeting in the USA (1985), but endogenous after it. Adapted from the source document.