OECD economic surveys : Czech Republic 1998 / Organisation for Economic Co-operation and Development.

Format:

Book

Author/Creator:

Organisation for Economic Co-operation and Development, issuing body.

Series:

OECD economic surveys.

OECD Economic Surveys

Language:

English

Subjects (All):

Economic history.

Czech Republic--Economic policy.

Czech Republic.

Czech Republic--Economic conditions.

Physical Description:

1 online resource (161 pages).

Edition:

1st ed.

Place of Publication:

Paris, France : OECD Publishing, [1998]

Language Note:

English

Summary:

Assessment and recommendations I. Recent trends and prospects -The spring 1997 exchange rate crisis -Economic developments since the crisis -The short-term outlook II. Macroeconomic policies -Monetary management -The fiscal stance III. Pursuing the transition effort -Privatisation and the resulting ownership structure -Enterprise restructuring and the role of the financial sector -Encouraging more rapid changes -Summing up IV. Implementing the OECD Jobs Strategy -Labour market and employment performance -Policy requirements -Recent policy actions -Assessment and scope for further action Glossary Bibliography Annex -Chronology of main economic events Statistical annex and structural indicators.

Contents:

Intro

Table of contents

Assessment and recommendations

I. Recent trends and prospects

The spring 1997 exchange rate crisis

Figure 1. REAL AND NOMINAL EXCHANGE RATES

Table 1. Demand and output

Figure 2. TRADE PERFORMANCE

Figure 3. TRADE AND CURRENT ACCOUNT BALANCES

Box 1. The April 1997 stabilisation package

Figure 4. OFFICIAL INTERVENTION AND THE EXCHANGE RATE

Box 2. The May 1997 stabilisation package

Box 3. The Czech and Asian crises: a comparison

Economic developments since the crisis

Slowdown in activity

Figure 5. PRIVATE-SECTOR SENTIMENTS AND INDUSTRIAL PRODUCTION

Stabilisation of the external balance

Figure 6. FOREIGN TRADE

Table 2. Balance of payments

Deteriorating labour market conditions

Figure 7. REGISTERED UNEMPLOYMENT RATE

Higher inflation

Figure 8. INFLATION DEVELOPMENTS

The short-term outlook

Table 3. Short-term projections

II. Macroeconomic policies

Monetary management

The new framework

Box 4. Net inflation

Figure 9. NET AND CPI INFLATION

Recent interest and exchange rate developments

Figure 10. MONETARY CONDITIONS

Figure 11. INTEREST RATE AND EXCHANGE RATE DEVELOPMENTS

Money and credit

Table 4. Money and credit

Assessment

The fiscal stance

Table 5. State budget

Table 6. Government accounts

The 1997 budget outcome

Table 7. State budget, actual vs planned

Box 5. The impact of the floods

The budget plan for 1998

Medium-term risks

Table 8. Government liabilities

Figure 12. SPECIAL STATE-OWNED INSTITUTIONS AND THEIR RELATIONSHIP WITH THE GOVERNMENT

III. Pursuing the transition effort

Privatisation and the resulting ownership structure

Rapid sale of nationalised firms

Box 6. Privatisation in the Czech Republic

Table 9. Revenue from privatisation.

Table 10. Equity participation of the National Property Fund in strategic companies

Dispersed shareholdings

Table 11. Average composition of IPF portfolios

Enterprise restructuring and the role of the financial sector

Poor aggregate productivity performance

Table 12. Competitiveness and export performance

Insufficient restructuring

Table 13. Productive investment

Table 14. Balance sheet of non-financial enterprises

Lack of financial discipline

Table 15. Bankruptcies

Table 16. Credit allocation and enterprise performance

Table 17. Banks: main indicators

The passive role of shareholders

Box 7. Stock markets in the Czech Republic

Box 8. Market practices and minority-shareholder rights

Table 18. Average return on equity by ownership structure

Box 9. Skoda-Volkswagen joint venture: a success story

Encouraging more rapid changes

The sale of the state&amp

rsquoe

s stakes in large banks

Box 10. Complicating factors in the full privatisation of Czech banks

New, stricter constraints on banks and IPFs participations

The Securities and Exchange Commission

Summing up

IV. Implementing the OECD Jobs Strategy

Labour market and employment performance

Figure 13. KEY DEVELOPMENTS IN THE LABOUR MARKET

Figure 14. LABOUR MARKET INDICATORS BY AGE AND SEX

Figure 15. LABOUR MARKET INDICATORS BY EDUCATIONAL ATTAINMENT

Figure 16. UNEMPLOYMENT BY REGION

Table 19. Sectoral employment

Figure 17. DISTRIBUTION OF EARNINGS

Table 20. Earnings dispersion in the OECD

Figure 18. WAGE-PUSH INFLATION AND THE UNEMPLOYMENT RATE

Policy requirements

Box 11. The OECD Jobs Strategy: synopsis of recommendations for the Czech Republic

Enhancing the ability to adjust and adapt

The wage-formation system

Box 12. Wage bargaining institutions in the Czech Republic.

Table 21. Minimum wages and wage tariffs

Increasing the flexibility of employment and working time

Box 13. Employment protection legislation

Taxes and transfers

Figure 19. GOVERNMENT SPENDING AND SOCIAL TRANSFERS

Table 22. Social security payroll taxes

Table 23. Social security expenditure in the Czech Republic

Figure 20. AVERAGE AND MARGINAL TAX WEDGES

Box 14. Principal social security programmes

Table 24. Average gross replacement rates

Table 25. Implicit equivalencies for additional household members

Box 15. The Minimum Living Standard

Figure 21. NET EARNINGS AND SOCIAL SECURITY

Figure 22. ESTIMATED EFFECTIVE MARGINAL TAX RATES

Box 16. Other Income Support schemes

Active labour market policies (ALMP)

Table 26. Labour market programmes

Table 27. Employment office networks, staff members, and work-load indicators

Box 17. The Pro-active Labour Market Intervention Fund (PALMIF)

Job creation schemes

Training programmes

Increasing the knowledge base, efficiency and innovative capacity

Upgrading skills and competencies

Table 28. New entrants to secondary education

Figure 23. ENROLLMENT RATES BY AGE

Product market competition

Box 18. Programmes for Small and Medium Enterprises (SME)

Table 29. Controlled, non-market prices

Box 19. The Competition Office

Technology and innovation

Recent policy actions

Assessment and scope for further action

Notes

Glossary

Bibliography

Annex - Chronology of main economic events

STATISTICAL ANNEX AND STRUCTURAL INDICATORS

Table A. Selected background statistics

Table B. Supply and use of resources

Table C. Labour market indicators

Table D. Costs and prices

Table E. Monetary indicators

Table F. Balance of payments

Table G. General government revenue and expenditure

Table H. Financial markets.

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS

BASIC STATISTICS: INTERNATIONAL COMPARISONS (cont'd)

BOXES

Box 12. Wage bargaining institutions in the Czech Republic

TABLES

Table 9. Revenue from privatisation

Table 10. Equity participation of the National Property Fund in strategic companies

Table 16. Credit allocation and enterprise performance.

Table 17. Banks: main indicators

Table 21. Minimum wages and wage tariffs

FIGURES

Figure 23. ENROLLMENT RATES BY AGE.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

Description based on publisher supplied metadata and other sources.

ISBN:

92-64-15143-5

OCLC:

1225548820