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Macro economical development of East Germany and Czech republic after the 2. World War
BENDÍKOVÁ, Zuzana
There are two countries I will focus on in my bachelor thesis: East Germany and Czech Republic and their macroeconomical development after The Second World War. In the theoretical part I describe the main processes that define macroeconomy such as national accounts, gross domestic product, gross national income, balance of payments, economic growth, inflation, unemployment and fiscal and monetary policy. These factors help me to describe the economical development of these countries in the times of Socialism, when their economies were regulated from one center. They were important members of the Warsaw Pact. Then I capture the situation after the fall of the Berlin Wall, thereafter the both countries had to transform to market economy, and the state wasn't the only participant on the market anymore. The transformation, as a considerable event for further development of the countries, is unique in both of these countries, that is why they need to be addressed separately.
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Economic Research Bulletin (2012, No.2). No. 2, Vol. 10, November 2012, Financial Stability and Monetary Policy
Česká národní banka
The importance of analysing the interactions between financial stability and monetary policy and its effects on macroeconomic fluctuations has risen substantially during the current financial crisis. This edition of the Research Bulletin is focused on five articles which analyse these interactions from various angles. The first article examines the effect of tighter macroprudential and monetary policies on output. According to this research, in comparison to monetary policy, macroprudential policy may be less costly, as it has less adverse effects on bank earnings. The second article examines to what extent financial frictions matter for macroeconomic fluctuations. The results suggest that the effect of financial frictions on macroeconomic fluctuations is sizeable only when financial stress is sufficiently high. The third article focuses on the relation between central bank finances and inflation. The article concludes that central bank losses are unlikely to represent a threat to price stability. The fourth article examines whether low monetary policy rates may increase commercial banks’ risk-taking. It finds that too low an interest rate may lead to a build-up of long-term risks to financial stability, but a lower interest rate during the life of a loan reduces its riskiness. The fifth article examines the interactions between bank capital and bank liquidity creation. The results indicate that greater capital requirements are beneficial for financial stability but may have an adverse effect on bank liquidity creation.
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