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Subnational Finance Today and Tomorrow in the Czech Republic: Impacts of the Financial Crisis and Global Recession

In: The Economics of Centralism and Local Autonomy

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  • Phillip J. Bryson

Abstract

The Czech Republic had not participated in the global market for mortgage-backed assets. When the crisis struck Europe, the country had been doing well economically, although it had experienced economic challenges, as discussed in earlier chapters of this book, associated with its transition to market democracy. It had undertaken extensive reforms in its effort to qualify for membership in the EU, and in 2004 it did accede to membership. At the onset of the financial crisis, it was still engaged in the effort to qualify to adopt the euro and was pursuing rather conservative economic and financial policies to advance that effort. Among its most significant economic challenges was the attempt to deliver modern European entitlements in the form of pensions and health care to its citizenry. Having overextended in these areas, the Czech Republic was busy applying the needed discipline to public budgets.

Suggested Citation

  • Phillip J. Bryson, 2010. "Subnational Finance Today and Tomorrow in the Czech Republic: Impacts of the Financial Crisis and Global Recession," Palgrave Macmillan Books, in: The Economics of Centralism and Local Autonomy, chapter 0, pages 229-243, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-11201-8_13
    DOI: 10.1057/9780230112018_13
    as

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