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DEFAULT RATE IN THE CZECH REPUBLIC DEPENDING ON SELECTED MACROECONOMIC INDICATORS

Radmila Stoklasová

Since the late 1980s, the Czech Republic has undergone the transformation process from a centrally planned economy to a market economy. The modernization of the country’s financial sector is a fundamental condition for economic growth. The beginning of the transformation was associated with a rapid increase in credit activity. There was a decrease in the growth rate in the second half of the 1990s, followed by a decrease in the volume of lending. The volume of lending has increased again and the number of ‘bad’ credits has increased also since 2000.
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EFFECTS OF FISCAL POLICY SHOCKS IN CE3 COUNTRIES (TVAR APPROACH)

Rajmund Mirdala, Martin Kameník

European Union member countries experienced a decrease in the macroeconomic performance during the early stages of the economic and debt crisis. Significant deterioration in the fiscal stance as one of the primary implications of the economic recession revealed questions associated with fiscal sustainability in terms of threshold levels of fiscal deficit and sovereign debt that individual countries can sustain over longer period of time (Wöhlbier, Astarita, & Mourre, 2014).
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EFFECTIVENESS OF THE MONETARY POLICY IMPLEMENTATION IN THE CONTEXT OF CRISIS: USE OF SHORT-TERM INTEREST RATE IN THE CZECH REPUBLIC AND THE EMU

Ľudmila Bartóková, Júlia Ďurčová

The recent economic crisis and the events that followed, namely the debt crisis, pointed to a number of issues of European Economic and monetary union (EMU), such as particularly persistent asymmetries and differences in development. Due to the high interconnectedness of member countries’ economies, it is no longer possible to perceive the problems of one country as isolated, since the negative effects are spread throughout the EMU.
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Day of the Week Effect in Central European Stock Markets

Daniel Stavárek, Tomáš Heryán

Some decades ago, the Efficient market hypothesis (hereafter EMH) remarkably influenced financial theory and practice. The main contribution to the theory is often attributed to Fama’s survey study where the efficient capital markets were promoted. In efficient markets, asset prices reflect the best estimation of market participant regarding the expected risk and return of the assets while the information currently known about the asset is taken into account. Hence, all assets in the market will be appropriately priced offering adequate level of expected return to risk.
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