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Financial integration at times of financial instability
Babecký, Jan ; Komárek, Luboš ; Komárková, Zlatuše
This article analyzes the phenomenon of financial integration on both the theoretical and empirical levels, focusing primarily on assessing the impacts of the current financial crisis. In the theoretical section writers look at the definition of financial integration and summarize the benefits and costs associated with this process. The subsequent empirical section provides an analysis of the speed and level of integration of the Czech financial market and the markets of selected inflation-targeting Central European economies (Hungary and Poland) and advanced Western European economies (Sweden and the UK) with the euro area.
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The impact of population ageing on the Czech economy
Babecký, Jan ; Dybczak, Kakmil
Writers apply a stylised overlapping generation model in order to analyse the potential effects of the expected demographic changes on aggregate economic performance taking into account alternative fiscal policy set-ups. They provide a rough estimate of the amendments necessary on the revenue and expenditure sides in order to keep the current system financially balanced. They also discuss the implications for the development of other economic variables.
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Survey on wage and price formation of Czech firms
Babecký, Jan ; Dybczak, Kamil ; Galuščák, Kamil
Using an ad-hoc survey at the firm level, writers investigate the determinants of wage and price-setting practices in Czech firms, the presence and sources of wage rigidity, and reactions of firms to hypothetical shocks. Although the evidence of downward wage rigidity is not widespread, they find particular relevance of efficiency wage models for wage rigidity, while implicit contract theory is relevant in firms employing mainly highskilled labour.
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