Suchergebnisse

The Czech economy was characterized by a high nominal & real appreciation that was caused by great foreign direct investment inflow in 2002. The paper analyzes the effect of the Czech currency appreciation on industrial branches & the industry as a whole using a simple model based on a corporate accounting. The Outcome of the model is then compared with actual y-o-y data of non-financial corporations in 2002. There is significant difference between industrial branches in sensitivity to appreciation. Foreign owned branches are able to limit the negative impact of appreciation, whereas the worst situation is in branches owed only by residents & the public. The property structure, in addition to the labor intensity of production, has had a great effect on corporate finance after the rapid crown appreciation. 3 Tables, 3 Figures, 14 References. Adapted from the source document.

Focuses on foreign direct investment (FDI) in manufacturing in the Czech Republic, Hungary, Poland, & Slovakia (CECs), where FDI penetration jumped to remarkable high levels in recent years. Foreign investment enterprises are more profitable, export-oriented & technologically superior compared to domestic companies. FDI is perceived as a main channel of technology transfer & potential source of spillovers in host economy, though, estimates of technology transfer show mixed picture in the CECS. FDI spurs restructuring & productivity growth in foreign investment enterprises but FDI rather crowds out domestic companies as spillovers are confirmed only to domestic companies with sufficient technological absorptive capacity. The paper concludes with some policy implications regarding FDI promotion & innovation policy. 6 Tables, 1 Figure, 66 References. Adapted from the source document.

Gradual narrowing of the gap between consumer & investment demand was one of major achievements of 2003, supporting the long-term sustainability of Czech economic growth. In the first half of 2004, industry & construction witnessed strong growth, retail trade showing a considerable slowdown. Growth in industry has continued to be more rapid in the sector of foreign controlled companies. After a slight weakening of deflation tendencies in the third quarter of 2003, last quarter of 2003 & first half of 2004 confirmed a resurgence of inflation. Growth of industrial prices was more rapid than the growth of consumer ones, predominantly due to increasing world prices of oil & metals. The labour market & public finance continue to be the main macroeconomic problems of the Czech Republic. The improvement may come only after adoption of fundamental reforms in both these areas. 9 Tables, 5 Graphs, 6 References. Adapted from the source document.