Czech Financial and Accounting Journal, 2021 (vol. 2021), issue 2

Articles

Analysis of the export and import function of the Czech Republic: aggregate and structural view

Filip Pastucha

Český finanční a účetní časopis 2021(2):5-26 | DOI: 10.18267/j.cfuc.560  

The article deals with modelling of the import and export function of the Czech Republic with an emphasis on the structural view of foreign trade. As the Czech economy is a very open one, a detailed quantification of the variables affecting foreign trade may be crucial for the future direction of economic policy. The models are constructed using a cointegration or an error correction model distinguishing between short-run and long-run relationships. In addition, VAR models of disaggregated import and export functions are constructed using SITC groups examining whether there is a significant difference in the explanatory variables relative to the overall...

The effect of the international movement of the factor of production (capital and labor) on the balance of primary incomes

Ondřej Šíma

Český finanční a účetní časopis 2021(2):27-45 | DOI: 10.18267/j.cfuc.561  

The paper aims to determine the factors and specifics that shape the balance of primary incomes. The analysis is performed according to the availability of data for all countries of the world for the period 1980–2016 employing panel regression. The text is based on theories of international movements of factors of production. The specifics influencing the development of the balance of primary income include the composition of net foreign assets, which is to some extent influenced by the development stage of the economy and the status of the reserve currency. Incomes from the international labor movement also play a role, which significantly affect...

Discussion

250 years of the Vienna Stock Exchange: Boom, collapse and long term stagnation

Petr Musílek

Český finanční a účetní časopis 2021(2):47-59 | DOI: 10.18267/j.cfuc.559  

The discussion paper focuses on the identification of the main reasons for the weak position of the stock exchange market in the Austrian economic system. The introductory part of the paper is based on an examination of the reasons for the establishment of the Vienna Stock Exchange. The following part of the article focuses on the boom, which ended in a stock market crash in 1873. This stock market crash significantly affected the Vienna Stock Exchange market in the following decades. Attention is also paid to the development of the Vienna Stock Exchange after the collapse of the Austro-Hungarian monarchy. The final part of the paper discusses the...