MACROECONOMIC BALANCE OF THE CZECH ECONOMY IN THE YEARS 1995-2005
The study is focused on macroeconomic stability of the Czech economy. The first part (methodological) stems from the system of national accounting which offers two approaches: from the point of view of relationship between domestic supply and demand and between savings and investments. Analytical part examines domestic supply and demand, which is reflected in the balance of foreign trade. There was a positive tendency due to a favourable development in foreign trade. The relation between savings and investments, which is equal to current account balance, looks less favourable. The main source of imbalance is a negative balance of incomes expressing bigger outflow of primary incomes in relation to their inflow. Public finances can be identified as the weakest chain link of economic development. International comparison with new EU Members from middle Europe indicates that keeping macroeconomic stability in acceptable boundaries represents a serious problem.
national savings, macroeconomic balance, gross national disposable income, gross domestic product, foreign trade and trade balance, domestic investments, domestic demand, current account balance, general government budget
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