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Vnější nerovnováha: cena za konsolidaci
[The external imbalance: painful consolidation]

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  • Eva Zamrazilová

Abstract

This article goes through the history of the external imbalance in the Czech Republic. The first signs of imbalance appeared in 1994, negative tendencies, however, culminating at the end of 1996 and the beginning of 1997. The current account deficit has been decreasing since the third quarter of 1997 due to both domestic (sluggish demand) and foreign (recovery of growth in Western Europe) factors.Results for 1998 support the statement that recovery of economic growth will be the macroeconomic priority for 1999 rather than external imbalance. The recovery of domestic demand could, however, - under certain circumstances - represent an import promoting impetus, which could threaten the painfully acquired and still fragile external balance. This would be very dangerous since twin deficits (fiscal deficit together with the one on the balance of payments) would not attract massive inflow of foreign investments.

Suggested Citation

  • Eva Zamrazilová, 1999. "Vnější nerovnováha: cena za konsolidaci [The external imbalance: painful consolidation]," Politická ekonomie, Prague University of Economics and Business, vol. 1999(3).
    • Handle: RePEc:prg:jnlpol:v:1999:y:1999:i:3:id:35
    DOI: 10.18267/j.polek.35
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    Keywords

    monetary policy;

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