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1

UNCERTAINTY OF FOREIGN AID: HOW IT AFFECTS MACROECONOMIC POLICY

100%
Hulej M.
Ekonomista
|
2004
|
issue 4
473-499
EN
The article presents the results obtained from an econometric analysis of relations between the foreign aid and the quality of economic policies applied by the beneficiary country. Instable foreign transfers may necessitate costly budgetary adjustments and complications in monetary and trade policies planning. Panel data concerning 56 developing countries, covering time span of 1975 -1995 were used. The results reveal that foreign aid positively influences the quality of the applied policies and especially it is evident in the case of multilateral transfers. The effects that are discussed become visible only after specific measures of uncertainty are introduced into the study. Absence of such a variable in other empirical studies impairs their ability to distinguish the positive and the negative results of foreign aid.
2

ANALÝZA VÝVOJE FINANČNÍ VÝKONNOSTI PODNIKů V ČESKÉ REPUBLICE

80%
Sedláček J.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 1
3-18
EN
The financial efficiency of the Czech companies in the period 1996 - 2005, measured by return on capital and revenues did not develop very favourably until the year 2000 when the things changed to the favourable development. This article examines the factors that influenced this development and indicates the ways pointing to improvement. The analyses showed that substantial share on a creation of economic value added in the average Czech industrial company has macro-economic policy, launched in the areas of the price of loan capital and of the legal entity income tax. The accelerator of the growth of financial efficiency of the enterprises will be the internal factors disregarded in this analysis, that include the new products and technologies, which are conductive to decrease the share of the costs on revenues.
3

HODNOTENIE FIŠKÁLNEJ A MENOVEJ POLITIKY V ROKU 2005 NA SLOVENSKU

80%
Frank K., Morvay K.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 5
442-456
EN
The economic policy of Slovakia was in 2005 one of the determinants of the contribution to the strong economic growth and to the relatively high level of the macroeconomic equilibration. The formation of the most relevant segments of the macroeconomic policy led not only to the quantitative improvement in macroeconomic equilibration of the economy (public finance deficit, inflation rate) but also to the improvement of the decision-making policy. The ongoing reform of the public finance governance (in the field of fiscal policy) and the inflation targeting (in the field of monetary policy) led to the improvement of the credibility of these economic policy segments.
4

Simulations and sensitivity analyses with a medium-sized macro model of the Hungarian economy

70%
Biro A., Elek P., Vincze J.
Kozgazdasagi Szemle (Economic Review)
|
2007
|
vol. 54
|
issue 9
774-799
EN
This paper analyses the most important mechanisms of the Hungarian economy using a medium-sized quarterly macroeconomic model developed jointly by the Economic Policy Department of the Ministry of Finance and the Institute of Economics of the Hungarian Academy of Sciences. After introducing the fundamental principles of modelling and the building blocks of the model investigated, within a scenario analysis, the authors present the effects of the main factors behind the macroeconomic and budgetary processes. The sources of uncertainty - defined in a broad sense - are categorized in three groups: change in the external environment (e.g. the exchange rate), uncertainties in the behaviour of economic agents (e.g. in speed of wage adjustment or extent of consumption smoothing), and economic policy decisions (e.g. the increase in public sector wages). The macroeconomic consequences of these uncertainties are shown not to be independent of each other. For instance, the effects of an exchange rate shock are influenced by the speed of wage adjustment.
5

MIKROEKONOMICKÁ ADAPTÁCIA A JEJ SÚVISLOSTI S ROZVOJOM FINANČNÉHO SEKTORA V KONTEXTE TRANSFORMAČNÉHO PROCESU SLOVENSKA

61%
Kárász P., Renčko J.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 1
21-40
EN
The aim of the article is a characterization of interplay between macroeconomic policy and structural reforms in linkage to microeconomic adaptation in several periods of up to now development of the Slovak economy. Realization starts from macroeconomic analysis of consequences of microeconomic adaptation's practice started by transition process and problems induced by influence of insufficient progress of this adaptation on financial sector. Subject of analysis are also macroeconomic issues of slow development of financial sector. Attention is paid to basic specifics of development in connection with progress of economic transition which to the end of nineties resulted to insufficient financial serving of real economy representing main barrier of Slovakia's further development.
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