Analysis of import demand in the czech republic

Tomas Holub

Prague Economic Papers, 1997, vol. 1997, issue 3

Abstract: This analysis has confirmed the relevance of the situation in the money market for the development of import and also the monetarist approach to the adjustment of balance of payments. This (together with the growth of GDP and the gradual real appreciation of the koruna through the influence of the inflation differential) means that even in the case of a stable nominal exchange rate there will be a gradual increase in the deficit of the current account to a level in line with the current phase of economic transformation and the connected reconstruction in industry and other sectors of the economy. It is therefore right for the CNB not be afraid to carry out the necessary restrictions in order to prevent the acceleration of the real appreciation of the currency through the appreciation of the nominal exchange rate within the fluctuating band, and by doing so also to prevent any further worsening of the foreign trade situation.

Date: 1997
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DOI: 10.18267/j.pep.132

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