This paper uses a specific experiment — „voucher privatization“ in the former Czechoslovakia — to test the permanent income hypothesis of consumer behavior. Voucher privatization (the mass privatization of state-owned assets through publicly offered vouchers) led to an unexpected...

Although price stability has been achieved in the euro area, the first ten years of the euro have not brought the expected long-term output growth benefits. The Czech Republic – an economy that has achieved price stability without the euro – should then reframe the debate about euro area...

The authors analyze financial-system development in the so-called Visegrad Four countries (Hungary, the Czech Republic, Poland, and Slovakia) during 1993–2005. They conceptualize the Visegrad Group economy as a set of sectors that interchange financial assets to measure financial-system...

This paper studies bank-failure models in the context of transition economies. In order to capture the default risk of banks, data on the structure of retail deposit rates is used to improve the prognostic quality of bank-failure prediction. The Czech bank crisis of 1994?1996, during which 14...