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What caused transformation decline in performance of Czech economy?
Dvořák, Tomáš ; Šťastný, Daniel (advisor) ; Potužák, Pavel (referee)
At first I introduce some features and problems of Czechoslovak centrally planned economy. Then I introduce and explore some internal and external factors that influenced performance of Czech economy in period 1990 -- 1992 negatively, partially negatively and partially positively and also some of those factors whose influence doesn't have to be obvious at first sight. Most of the factors I explored can be divided into two groups. The group representing factors with clearly negative influence on performance of Czech economy includes negative content of informal institutions, mutual absence of necessary institutions, regulations, way of thinking and acting, knowledge and experiences, further high public sector's share of GDP formation, adopted privatization strategy of public enterprises, loss of traditional markets and difficult transition to new markets. The group representing factors with partial negative and partial (and prevailing) positive influence includes price deregulation, restrictive income policy, adopted privatization strategy of banks, restrictive fiscal and monetary policy, adopted strategy of Czech economy integration into the world economy. Moreover I explored Czech bankruptcy law, the possibility of acceptance of a foreign democratic country's formal institutions and size of real decline in Czech GDP. I came to conclusion that Czech bankruptcy law couldn't significantly influence performance of Czech economy, further that unacceptance of a foreign democratic country's formal institutions didn't harm performance of Czech economy and in regard to the decline I came to conclusion the real decline wasn't as deep as it was shown by statistics.
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