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General Economics Books

Czech Republic Series

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Czech Republic 2008: Strong Currency, No Rush Toward the Euro

On the global scene, the year 2008 was characterized by a lingering mortgage crisis in the first half of the year, and an onset of a global financial crisis and the impending recession in the second half of the year. On the background of these events, the annual CERGE-EI economic survey of the Czech Republic, edited by Dr. Alena Bičáková and Dr. Peter Katuščák, focuses on the strong appreciation of the Czech currency and the effort of the Czech National Bank to tame inflation by consecutive interest rate hikes in the first half of the year followed by a correction in the exchange rate and aggressive rate cutting in the fall. Traditionally, the survey also covers developments in the capital and labor markets and public and non-profit sectors. Like in 2007, it also adds a more detailed coverage of selected sectors and it closes with a special new chapter on the economic position of the Czech Republic within the EU. (Download)

Czech Republic 2007: The Beginning of Fiscal Reform

After the turbulent post-election political development in the second half of 2006, the new government set out to implement a series of reforms. The annual CERGE-EI economic survey of the Czech Republic, edited by Dr. Peter Katuščák and Dr. Petr Zemčík, provides a detailed description of the implemented as well as intended public sector reforms and their likely consequences. The annual survey also describes the most important events affecting the macroeconomic situation and the labor market. A novelty of this year's issue is a chapter devoted to more extensive coverage of several sectors in the economy. (Download)

Czech Republic 2006: Accelerated Growth


Czech Republic 2005: Year After

The annual CERGE-EI economic survey of the Czech Republic provides an overview of the country's recent economic and political developments, as well as its major institutions, business environment, taxes, and other public policies. It also contains a host of data on the Czech Republic and other countries. In the 2005 edition, special attention is paid to the immediate effects of the EU entry, and to the human capital composition of the Czech labor force. The survey, edited by Dr. Libor Dušek and Prof. Krešimir Žigić, was authored by a number of CERGE-EI faculty and junior researchers. (Download)

Czech Republic 2003/2004: Entering the EU

This year, the annual CERGE-EI economic survey of the Czech Republic focuses on the proposed fiscal reform and the imminent EU entry. The survey, edited by Dr.Štěpán Jurajda and Dr. Libor Dušek and authored by a number of CERGE-EI faculty and junior researchers, covers all aspects of recent economic evolution as well as the most important political developments. In addition to fiscal-reform and EU-accession chapters, it includes detailed coverage of macroeconomic, enterprise-sector, labor-market and environmental issues, and provides a host of comparative statistics. (Download)

Czech Republic 2002: Invited to the EU

The past year, 2002, was quite rich in important events and CERGE-EI's annual summary of these events was published in January 2003. Dr. Štěpán Jurajda and Dr. Lubomír Lízal, Deputy Director for Research, were the editors of the book. Articles were written by a number of CERGE-EI faculty members and researchers, including senior students.

The 2002 issue focuses on several long-term phenomena of political and economic development: the need for fiscal reform and our invitation to the European Union. Other aspects of long-term economic growth prospects are addressed as well, for example, the shadow economy, corruption and labor market policies. The results of all elections in the year 2002 are included as well as a summary of the flooding damages. Customarily, the usual general topics are Political Transformation, Macroeconomy, Microeconomy, Labor Market, Ecology, and EU Accession. An extensive comparative statistical data of transition and accession countries are presented together with economic forecasts for the year 2003.

The principal sponsor of the 2002 book is the Ministry of Foreign Affairs of the Czech Republic. (Download)

Czech Republic 2001: Mixed Blessings

As it used to happen in the past years, CERGE-EI's annual summary was published in December 2001. Dr. Jan Hanousek, Director of CERGE-EI, and Dr. Lubomír Lízal, Deputy Director for Research were this year's editors. All articles were written by members of CERGE-EI faculty and researchers, including the junior ones. This year's issue focuses on two phenomena of the last period: moderate economic growth and unhealthy roots of the long-term growth prospects, like shadow economy, corruption or institutional framework are. The usual topics as Political Transformation, Macroeconomy, Microeconomy, Work and Pay, Ecology, and EU Accession are included. As a standard in this series, a wealth of comparative statistical data and economic forecasts are presented.

Principal sponsors of the 2001 booklet are the Ministry of Foreign Affairs of the Czech Republic and the Phare Programme. (Download)

Czech Republic 2000: Quo Vadis?

CERGE-EI's fifth annual summary was published in December 2000. As with the 1999 edition, Dr. Jan Hanousek, Director of CERGE-EI, and Dr. Daniel Münich, Deputy Director for Graduate Studies served as editors. Articles were written by a number of CERGE-EI faculty members and researchers. This year's booklet discusses the economic potential of the Czech Republic in the 21st century by analyzing topics as Political Transformation, Macroeconomy, Microeconomy, Work and Pay, Ecology, and EU Accession. As has become standard in this series, there is a wealth of comparative statistical data and economic forecasts presented as well.

Principal sponsors of the 2000 booklet are the Phare Programme and the Ministry of Foreign Affairs of the Czech Republic. (Download)

Czech Republic 1999: Back to the Drawing Board

CERGE-EI's publication summarizing the economic situation in the Czech Republic was published in December 1999. This edition was edited by Dr. Jan Hanousek, Director of CERGE-EI, and Dr. Daniel Münich, Deputy Director for Graduate Studies, and features articles by a number of CERGE-EI faculty members and researchers. This year's booklet, which corresponds with the 10th anniversary of the Velvet Revolution, covers such topics as Political Transformation, Macroeconomy, Microeconomy, Foreign Trade, Work and Pay, Ecology, and EU Accession. In addition, there is a wealth of statistics, as well as economic forecasts.

Principal sponsors of the 1999 booklet are the Phare Programme, Grant Agency of the Czech Republic, and Škoda Auto. (Download)

Czech Republic 1998: Facing Reality

Published in early 1999, this 92-page booklet is one in a series of successful annual summaries of the situation in the Czech Republic. Edited by CERGE Director František Turnovec and written by a team of CERGE-EI economists, the 1998 book features expanded coverage of the Czech Republic's on-going negotiations on accession to the European Union. It also, as usual, features comprehensive overviews of the situations in the Czech political, macroeconomic, microeconomic, foreign trade, labor, and ecological spheres, as well as the latest statistics on the Czech economy.

Published through the sponsorship of Škoda automobilová, a.s. (Download)

Czech Republic 1997: The Year of Crises

Edited by František Turnovec, the Director of CERGE, and including contributions from several CERGE and EI economists, this 64-page booklet continues the tradition of the 1996 publication (see below). Its chapters cover various areas of the Czech economy (macroeconomy, microeconomy, foreign trade, public economy, etc.) as well as other spheres of Czech public life during the year 1997, a truly critical one in the transition of the Czech Republic.

Published through the sponsorship of Škoda automobilová, a.s. (Download)

Czech Republic 1996: Basic Socio-Economic Indicators

Edited by František Turnovec, a 52-page booklet containing a wealth of general information and economic facts and forecasts by a team of CERGE and EI economists. (Download)

Other Books

Dlouhodobé makroekonomické dopady kvality vzdělávacího systému a související mikroekonomické aspekty učitelských platů v České republice [Long-Term Macroeconomic Impacts of the Educational System Quality and Related Microeconomic Aspects of Teachers' Salaries in the Czech Republic]

Daniel Münich, Jan Straka, Peter Ondko, 2014

Long-term economic growth is a fundamental driver of the quality of life in a country. The education level of the population is a significant factor influencing economic growth. And the education level is in turn significantly determined by the quality of teachers. However, these relationships are long-term and remain hidden from a day-to-day perspective.

In this research monograph we bring these long term macroeconomic factors into light through quantitative projections. In our estimates for the Czech Republic, we take advantage of empirical estimates of key parameters and methods by Eric Hanushek and Ludger Woessmann, presented for instance in the OECD's report in 2010. At the microeconomic level, using specific unique salary indicators, we bring evidence of the very low salary-attractiveness of the teaching profession at elementary and secondary schools in the Czech Republic.

Effects of foreign direct investment: the case of the Czech economy

Alena Zemplinerová, 2012

The core contribution of this monograph is research on the FDI in the Czech transition economy during 1989 - 2010 based on individual data sets provided by the Czech Statistical Office. The role and effects of FDI are analyzed from various aspects including the mode of entry. (Download)

Strategic Interactions in Markets with Innovative Activity: The Cases of Strategic Trade Policy and Market Leadership

Krešimir Žigić, 2011

The common denominator of this monograph is the application of dynamic oligopoly theory in analyzing the underlying strategic effects in particular microeconomics issues (positive analysis) and ensuing policy implications of these issues (normative analysis). Part I deals with strategic trade and accompanied strategic policy and part II is devoted to the positive and normative issues of market leadership under endogenous entry. (Download)

CERGE-EI Tackles Transition

Edited by Libor Dušek and Lubomír Lízal, 2011

This volume is a collection of articles reprinted from top refereed journals and contains the most influential scholarly papers published by CERGE-EI faculty over the past 20 years. An introduction is by Lubomír Lízal, Associate Professor with Tenure at CERGE-EI and member of the Board of the Czech National Bank. (Download)

Competition Policy and Economic Analysis: What Can We Learn from Firm and Industry Data?

Alena Zemplinerová, 2010

This monograph presents results of empirical research based on the analysis of firm data and attempts to provide some background for the ongoing debate on the reform of competition policy. (Download)

Labour Market in the Czech Republic: Economic and Policy Developments During First Five-Years in the European Union

Daniel Münich, Štěpán Jurajda, 2009

This  monograph presents a comprehensive, detailed analysis of labour market developments in the Czech Republic during the first five years after the entry to the European Union. The authors combine different analytical and descriptive methods and approaches in order to systematically, comprehensively, and critically evaluate the complex economic, social, and policy processes.

Foreign Direct Investment in the Czech Republic prior to Joining the European Union

Yuko Kinoshita, Jana Valachyová, Peter Tóth, Petr Zemčík, 2009

This  book consists of five essays, which discuss the role of the foreign direct investment (FDI) in the Czech Republic before it joined the European Union in 2004. The first addresses the question of interaction between FDI and Research & Development (R&D) using firm-level data on Czech manufacturing firms from 1995 to 1998. The second essay provides an empirical study of the territorial distribution of foreign-owned manufacturing plants. The third essay examines how important agglomeration economies were for the location decision of foreign investors entering into the Czech manufacturing sector during the period 1994-2001. The fourth essay looks at the resulting degree of geographic concentration of the manufacturing industry.

Asset Pricing and the US Financial & Real Estates Markets

Petr Zemčík, 2009

The book analyzes various assets markets using advanced econometric methodology from the perspective of asset pricing theory. The focus is on markets for stocks, bonds, and real estate, which has proved to be important especially in the last year or so, when a collapse of the housing bubble triggered the global recession. The contribution in the terms of theory includes a description of the role of habit persistence and durability in mean reversion to generate predictability of asset returns observed in the US and elsewhere. The present work also demonstrates the importance of including housing returns in asset pricing models. However, the main contribution is in the field of econometric modeling in financial economics. Namely, the authors analyze properties of the Generalized Method of Moments (GMM), introduce new tests for latent factors, generalize the existing variance ratio test and estimate a tri-variate Markov model.

Elements of Time Series Econometrics: An Applied Approach

Evžen Kočenda, Alexandr Černý, 2007

This book presents the numerous tools for the econometric analysis of time series. The text is designed with emphasis on the practical application of theoretical tools. Accordingly, material is presented in a way that is easy to understand. In many cases intuitive explanation and understanding of the studied phenomena are offered. Essential concepts are illustrated by clear-cut examples. The attention of readers is drawn to numerous applied works where the use of specific techniques is best illustrated. Such applications are chiefly connected with issues of recent economic transition and European integration. The outlined style of presentation makes the book also a rich source of references.

The text is divided into four major sections. The first section, “The Nature of Time Series,” gives an introduction to time series analysis. The second section, “Difference Equations,” describes briefly the theory of difference equations with an emphasis on results that are important for time series econometrics. The third section, “Univariate Time Series,” presents the methods commonly used in univariate time series analysis, the analysis of time series of one single variable. The fourth section, “Multiple Time Series,” deals with time series models of multiple interrelated variables. Appendices contain an introduction to simulation techniques and statistical tables.

Growth, Inflation, and Banking: The Role of Human Capital

Michal Kejak, 2007

This book concentrates on the role of human capital as a growth engine in the process of economic development and its effect on a better explanation of the long-run relationship between growth, inflation and other monetary phenomena. The first part of the book provides a general theory of how the development of countries could progress via different stages of growth using an extended Lucas model with external benefits of human capital through a diffusion of new knowledge.

The second part of the book proposes an extension of the standard Lucas model by the introduction of money and an explicit banking sector allowing to model the interactions between real and monetary phenomena. The key mechanism that helps to explain the evidence is the ability of the representative consumer to choose between competing payment mechanisms, money and credit. (Download)

Theory of Strategic Trade Policy in North–South Trade: Optimal Northern and Southern Tariffs in an Inherently Asymmetric Environment

Krešimir Žigić, 2005

The theory of strategic trade policy posted a challenge to the prevailing concept of free trade. The key claim of the theory is that a significant share of international trade takes place in an imperfectly competitive environment that, in turn, requires oligopoly theory as an underlying concept. The government is viewed as an important actor in this context that possesses the ability to alter the above strategic interactions in favor of the domestic firm, and, in favor of domestic consumers and the domestic treasury. Thus, it may be socially beneficial for a government to intervene by tariffs, subsidies, quotas, etc. in order to secure higher domestic social welfare. The main issues of this monography are an inquiry into strategic trade policy in the “North South” intra-industry trade context from both a Northern and Southern perspective. The context of North South trade implies that international trade takes place among ex ante asymmetric actors. This asymmetry can, among other things, arise from a) the presence of unilateral R&D spillovers b) the difference in unit costs of production or c) different quality costs among the firms. Given the above asymmetries, the book explores some properties of optimal strategic trade policy as well as its sensitivity and its social welfare implications with respect to different modes of competition, information asymmetry and variations in ability of government to pre-commit to its policy choice. (Download)

Tale of The Czech Transition: Understanding The Challenges Ahead

Jan Hanousek, Evžen Kočenda, Lubomír Lízal, 2004

The break-up of the command system in the economies of Central Europe and the following disintegration of the former Soviet empire have brought unprecedented changes to nations in Central and Eastern Europe. The Czech Republic embarked on an uneasy path of reform from a planned to a market economy in 1990 and even at such an early stage it became clear that changing regimes would entail many reforms. Recent years have witnessed several significant steps in the Czech Republic's transition toward a functioning market economy. This book, a policy-oriented economic commentary, brings together review and assessment of the reform process, provides important lessons for other reformers, and charts the challenges ahead. (Download)

Human Capital in Transition, Czech Students and Workers Adapting to the Market

Daniel Münich, 2003

This book provides a detailed analysis of the transition experience of Czech workers and students. The first chapter starts with a cross-sectional comparative study of the transition from communist to market wage structures and returns to human capital. The second chapter provides insight into workers' mobility and the resulting wage gains, which underlie the changes in the observed cross-sectional patterns. The third chapter sheds light on the profound changes in the schooling system and the behavior of students and schools in light of the emerging labor market for human capital. (Download)

Three Stages of Czech Labor Market Transition: Reallocation, Incentives and EU Standards

Štěpán Jurajda, 2003

Recent work on the following three aspects of labor market transition in the Czech Republic is presented: (i) reallocating workers and jobs from post-communist firms to newly started enterprises, (ii) providing incentives for human capital investment decisions, and (iii) coming to terms with anti-discrimination legislation motivated by the looming EU accession. Each chapter provides not only a detailed study of the Czech case, but also a direct comparison to results from other countries. (Download)

The World Bank Czech Republic Country Study

Major project completed in late 1999, on which CERGE-EI has cooperated with the World Bank, was the translation of the World Bank Czech Republic Country Brief into Czech.

The Executive Summary in English and in Czech is available. (English) (Czech)

Exchange Rate in Transition

Evžen Kočenda, 1998
Reviewed by Jan Hanousek

In this book several econometrics techniques are used to perform quantitative research of the exchange rate in transition. This is an empirical work based on related economic theory. While the stress is put on the exchange rate of the Czech koruna, the subject is analyzed from a broader perspective of other transition countries as well. (Download)

The Czech Republic and Economic Transition in Eastern Europe

Edited by Jan Švejnar. Copyright © 1995 by Academic Press, Inc.

A comparative analysis of the Czech Republic's economic transition after the fall of the Communist bloc, edited by a principal architect of the Czech economic transformation and Economic Advisor to President Václav Havel. Thirty five essayists (primarily Czech economists) describe the country's macroeconomic performance; its development of capital markets; the structure and performance of its industries; its unemployment, household behavior, and income distribution; and the environmental and health issues it faces. (