F02 - International Economic Order and IntegrationNávrat zpět

The aim of the article is to explore how the results of the U. S. subprime mortgage crisis influenced economic policy of governments in highly developed countries. It analyses consequences of a state intervention especially for government budgets and a rise of government debts. Then the article discusses the point of view of the Austrian school. Austrian economists argue a state is not an economic subject and its fiscal policy is very dangerous for effective allocation of the available resources of production's factors. They advocate a society with a small government and liberal economic policy. The author believes that Austrian approach to economic problems is more realistic and more pertinent than the approach of those, who demand more government intervention.

Future of the European Union and its future directions should be the most important subject of the European Studies, which combine studies of Economy, Political Science, International Relations and other disciplines to study the European Integration Process in its complexity. This applies especially today, when the EU faces a huge amount of internal and external pressures. In stead, the European Studies, often focus on studying and analysing the current stage of European Integration Process and its historical development; they take it as it is, and as if its future depended only on the interaction between particular levels of it multi-level governance. Debate on Europe's future is, thus, rather simplified at the academic level, and a public discussion about the future of "our" European Integration thus often lacks important academic stimuli. The cause of this situation might be seen in seeking for the strong theoretical instrument, which could embrace the European Integration Process in its broadness and complexity and, simultaneously, connect it with the development of Global (or Gloablized) Economy and Society. In this paper, the authors will try to outline and emphasize that International (or Global, if the effects of globalisation should be especially stressed) Political Economy and its views on the theory of Regionalism might be the proper theoretical instrument to deepen the European Studies by the issues of EU's future in Global Economy. Their research of New Regionalism and especially of its current wave done so far, namely suggests that in spite of its marked specificity, the European Union can be examined in the New Regionalism perspective and that this analysis can bring valuable outcomes for the EU's future. Explanations of the current wave of regionalism offered by the Global Political Economy, together with the empirical study of regionalism, especially bring a systemic approach to the Global Economic Order, to the balance between market and state as well as to the political aspects of economic processes; all these are necessary for the EU's future directions' research.

The paper deals with questions connected with the present situation on the world oil market. First, we shortly focus on the context and the historical development of the prices of oil and the reactions of the market subjects. We discuss general factors on the oil market. And then we apply these factors to the current situation on the market. We try to find the main contemporary causes of the growth of the oil prices. We come to the conclusion that the main causes are connected with the growing demand on the market in contrary to (for example) the shocks in the 1970s that were caused by limited supply. Consequently, we concentrate on the impacts of the growth of the oil prices on the world economy. We found out that the impact is still very limited because the whole world economy is growing strongly and even the impact on the price level is very narrow. At the end of the paper we mention prognosis about the future of the oil market.

The objective of this article is to provide a survey of basic facts about process of globalization. We can define globalization as the international economic integration through particular markets. Globalization is largely continual and objective process that began approximately in the middle of nineteenth century. Main factors determining globalization are technology and liberalization and also "desire of people to participate in globalization". On the other hand globalization reinforces these factors. Within globalization we can also see two following processes. The essence of the first one is centralization and concentration of production and capital and in the centre of second one stands a process of transnationalization. The results of these tendences are creation and action of transnational corporations. Today these firms are major entities forming present globalization. It is also necessary to give certain attention to the role of state in current world.

As a consequence of the new regionalism a marked increase in the number of regional groupings can be observed which makes the preferential relations between states even more complicated and complex. One of such complex relationships, which did not come to being during the third wave of regionalism but was strongly supported by it, is subregionalism - simply said, overlapping of regional integrations. The aim of this comparative study is to analyze a current state and development of subregionalism within two region-wide integrations - the European Union (EU) and the Asia Pacific Economic Cooperation (APEC) - and on the basis of this analysis to compare the effects of this phenomenon in both regions. Some general conclusions enabling an assessment of future development of subregionalism and its impact on regionalism in Europe and Asia are the main outcomes of the comparison.

The aim of the article is to outline the theoretical grounds of regionalism and, in particular, to explain the basis of this new phenomenon, its forms (stages) and historical development. The core of the explanation is a "new" regionalism as the third wave of regionalism in the world economy: its interpretation, causes, diversity and cases of regional integration. Furthermore, trends in regional development of trade initiatives have been outlined (from the "old" to "new" regionalism, from a "looser" to "deeper" integration, from individual cases to "global" regionalism.) In the conclusion, areas requiring further examination in connection with the impact of regionalism on the Czech economy have been defined.

Paper focuses on foreign direct investment (FDI) in manufacturing in the Czech Republic, Hungary, Poland and Slovakia (CECs), where FDI penetration jumped to remarkable high levels in recent years. Foreign investment enterprises are more profitable, export oriented and technologically superior compared to domestic companies. FDI is perceived as a main channel of technology transfer and potential source of spillovers in host economy, though, estimates of technology transfer show mixed picture in the CECs. FDI spurs restructuring and productivity growth in foreign investment enterprises but FDI rather crowds-out domestic companies as spillovers are confirmed only to domestic companies with sufficient technological absorptive capacity. Paper concludes with some policy implications regarding FDI promotion and innovation policy.

Since the start of economic transformation, the Czech Republic has been viewed as the country enjoying the best starting position and the best results as regards its economic level and its macroeconomic stabilization, but also as a country where the institutional framework is less adapted to supplying the needs of a market economy than Hungarian or Polish institutional framework. The fact that prior to accession the Czech Republic will have to implement Community directives and other relevant Community acts in its national legislation and that on accession it will be subject not only to Community primary law, but also to secondary legislation (e.g. especially regulations), is of fundamental benefit, even though it cannot be quantified.

The economies of Central and Eastern Europe are acceding to the EU with economic levels well behind those of current Member States. Combining countries with different economic standards does give rise to certain risks. Where the convergence of the price level is too fast and is not underpinned by labour productivity growth above the level of growth in EU and by the related balancing of wage income, it could pose a threat to the standard of living due to the decline in real wages. If wage pressures are too strong, and force a rise in wages that is incommensurate to labour productivity, the competitiveness of the business sphere would decline, economic growth would slow down, and unemployment would ultimately rise. A key requirement for the smooth progression of integration is a robust economic growth on the basis of labour productivity and its harmonization with wage level and price level developments.