The paper investigates the importance of domestic and foreign liquidity constraints and variablity of various sources of household income for the properties of the consumption function in the Czech economy, with the consequences for monetary policy and the exchange rate. For this purpose, the...

The stability and credibility of a national currency is one of the key factors for successful national economic development. Knowledge of the long-run demand for money helps the monetary authorities to determine what is the rate of growth of the money stock that would not lead to an excessive...

Paper discusses reform process in the Czech Republic (and former Czechoslovakia), which after some preparations in 1990 started in 1991 has been implemented along two major reform lines: - microeconomic restructuring including privatization, liberalization of prices and markets, and - creation...

We examine the role and nature of external influences (US as well as German) and changing institutional constraints upon UK monetary policy by estimating Taylor-type reaction functions for three subperiods: 1985-90 (pre-ERM), 1992-97 (post-ERM) and 1997-2000 (MPC). We identify and contrast...

This paper uses Markov-switching techniques to examine the presence of different market conditions on the Shanghai A-share market since the start of active trading in the mid-1990s. The originality of the paper lies in the identification of three contrasting regimes: a speculative market, a bull...

This paper examines the effect of financial deregulation on consumption expenditure in France during the period 1970-1993. A nonlinear model for consumption which allows for liquidity constraints through a time-varying parameter dependent on a proxy for financial deregulation is estimated using...