Transcript Czech agricultural production development

Real Estate Market in the Czech
Republic and EU Region under
Influence of World Financial
Crisis
Lubos Smutka, Ph.D.
Czech University of Life Sciences Prague
Faculty of Economics and Management
Department of Economics
Brief introduction about
the Czech Republic and
Europe
European Union
EU in brief
Founded in 1957 – 6 member states
27 member countries
22 official languages
Organization “sue generis”
a hybrid intergovernmental and supranational organization
first supranational law system organization
lower trade barriers
adopt a common currency
move toward convergence of living standards.
More than 4.3 mil. sq km (4,324,782 sq km)
Population - 499,673,300
Population growth rate – 0.16 %
EU – basic characteristics
•
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Area: 4,324,782 sq km
Population: 491,582,852 (July 2009 est.)
Population growth rate: 0.108% (2009 est.)
Net migration rate: 1.46 migrant(s)/1,000 population
(2009 est.)
Life expectancy at birth: 78.67 years
GDP (purchasing power parity): $14.91 trillion (2008)
GDP (official exchange rate): $18.14 trillion (2008 est.)
GDP - real growth rate: 0.8% (2008 est.)
GDP - per capita (PPP): $33,700 (2008 est.)
Unemployment rate: 7.4% (2008 est.)
Inflation rate (consumer prices): 3.5% (2008 est.)
The Czech Republic
Czech Republic
• The Czech Republic was born on January
1, 1993, when the Czechoslovak Federal
Republic split into two independent states,
the Czech Republic and Slovakia. Since
May, 2004, the Czech Republic has been
a member of the European Union.
However, the country has not adopted the
euro yet and still uses its national
currency, the Czech koruna.
Geography and location
The Czech Republic
Peaceful,
Friendly,
Tolerant,
Patient,
Foxy,
Selfish,
Calm and
confident
Others countries’ opinions – for example
Bulgarian opinion
Basic information
Area km2
78 886
Inhabitants
10,3 mil.
Per km2
131
Unemployment
8,6 %
GDP/cap
USD 20 700 (60% of EU)
Rate of inflation
2,1%
Average gross salary
1 350 USD/cap/month
GDP - Share of
Agriculture
2,5 %
Administrative structure
• 7 regions + Capital
• 6249 sub-regions
Geography
• Area:
• total: 78,866 sq km
land: 77,276 sq km
water: 1,590 sq km
• Land use:
• arable land: 38.82%
permanent crops: 3%
other: 58.18% (2005)
Population:
10,220,911 (July 2008 est.)
Age structure:
0-14 years: 13.8% (male 723,521/female 684,786)
15-64 years: 71.2% (male 3,653,679/female 3,619,872)
65 years and over: 15.1% (male 604,419/female 934,634) (2008 est.)
Population growth rate:
-0.082% (2008 est.)
Government
Government
• Capital: Prague
-
Chief of state: President Vaclav KLAUS (since 7 March
2003)
- Head of government: Prime Minister Jan Fischer;
- Government consists of 18 members
- Parliament consists of the Senate (81 seats; members
are elected by popular vote to serve six-year terms; onethird elected every two years) and the Chamber of
Deputies (200 seats; members are elected by popular
vote to serve four-year terms)
The Czech Republic is a member of the
following organizations and institutions.
• ACCT (observer), Australia Group, BIS, BSEC
(observer), CE, CEI, CERN, EAPC, EBRD, EIB,
ESA (cooperating state), EU, FAO, IAEA, IBRD,
ICAO, ICC, ICCt (signatory), ICRM, IDA, IEA,
IFC, IFRCS, ILO, IMF, IMO, IMSO, Interpol,
IOC, IOM, IPU, ISO, ITSO, ITU, ITUC, MIGA,
NAM (guest), NATO, NEA, NSG, OAS
(observer), OECD, OIF (observer), OPCW,
OSCE, PCA, Schengen Convention, UN,
UNCTAD, UNESCO, UNIDO, UNMEE, UNMIL,
UNOMIG, UNWTO, UPU, WCL, WCO, WEU
(associate), WFTU, WHO, WIPO, WMO, WTO,
ZC
National Economy - GDP
•
$175.3 billion (2007)
•
$251 billion (2007)
6.6% (2007 est.)
3% (2008 est.)
• GDP - per capita (PPP):
$25,900 (2008 est.)
Inflation rate (consumer prices):
6.3% (2008)
$24,500 (2007)
•
2.9% (2007 est.)
•
•
•
GDP (official exchange rate):
$217.1 billion (2008 est.)
GDP (purchasing power parity):
$265.2 billion (2008 est.)
• GDP - real growth rate:
GDP - composition by sector:
agriculture: 2.7%
agriculture: 2.3%
industry: 38.7%
industry: 37.6%
services: 58.6% (2007 est.)
services: 60.1% (2008 est.)
National Economy – Labour Forces
• 5.36 million (2007 est.)
• Unemployment rate: 6.6% (2007 est.)
• 5.4% (2008)
• 8% (2009)
• Labour force - by occupation:
– agriculture: 3.6%
– industry: 40.2%
– services: 56.2% (2007)
National Economy
• Budget:
revenues: $72.1 billion
expenditures: $74.98 billion (2007)
revenues: $93.42 billion
expenditures: $96.09 billion (2008 est.)
• Public debt:
26.8% of GDP (2008 est.)
26% of GDP (2007)
Current account balance:
Debt - external:
-$4.534 billion (2007)
-$6.642 billion (2008 est.)
$74.7 billion (31 December 2007)
$80.43 billion (31 December 2008)
Foreign trade
• Exports: $122.3 billion f.o.b. (2007)
$145.7 billion (2008 est.)
- machinery and transport
equipment 52%,
- raw materials and fuel 9%,
- chemicals 5%
Germany 30.6%, Slovakia 9.2%, Poland 6.5%, France 5.3%, UK 4.8%,
Italy 4.6%, Austria 4.7% (2008)
• Imports: $116.6 billion f.o.b. (2007)
$139.4 billion (2008 est.)
- machinery and transport equipment 46%,
- raw materials and fuels 15%,
- chemicals 10%
Germany 30.3%, Netherlands 5.6%, Slovakia 6.6%, Poland 6.4%, China 4.9%,
Austria 5.2%, Russia 6.2%, Italy 4.1%, France 4.1% (2008)
Residential real estate property –
family houses and apartments
• Czech Republic
• Europe
Inter annual growth of family
houses prices
Region
2005
2006
2007
12,2%
2008
Czech republic
2,20% 7,0%
6,5%
Praha
-3,20% 9,90% 7,60%
Středočeský kraj
1,60% 6,00% 14,40% 8,00%
Jihočeský kraj
5,80% 5,80% 11,30% 3,10%
Plzeňský kraj
-2,50% 7,50% 10,60% 8,10%
Karlovarský kraj
5,00% 10,40% 12,50% 1,30%
Ústecký kraj
1,00% 9,60% 10,80% 9,80%
Liberecký kraj
10,60% 6,00% 10,00% 1,20%
1,30%
Královéhradecký kraj 4,90% 6,10% 13,10% 3,80%
Pardubický kraj
5,50% 5,60% 12,60% 3,20%
Kraj Vysočina
3,10% 6,80% 8,80%
Jihomoravský kraj
3,10% 7,20% 14,90% 7,50%
Olomoucký kraj
2,90% 11,20% 11,90% 8,30%
Zlínský kraj
5,20% 7,20% 10,30% 12,50%
7,60%
Moravskoslezský kraj 2,50% 4,60% 21,20% 6,80%
Development of Residential Real Estate Property in
Selected Developed Countries (in real prices)
The characteristic of main cycles in residential real estates
property prices in selected developed countries in period
Country
The main period of price
growth
Duration (number of
quarters)
The main period of price
slowdown
Duration (number of
quarters)
USA
1995Q1-2005Q2: +52,7 %
41
-
-
Japan
1977Q3-1991Q1: +77,6 %
54
1991Q1-2005Q1: -40,7 %
56
Germany
1976Q2-1981Q2: +15,7 %
20
1994Q2-2004Q4: -20,5 %
42
France
1997Q1-2005Q1: + 74,3 %
32
1981Q1-1984Q3: -18,1 %
14
Italy
1970Q1-1981Q1: + 98,0 %
44
1981Q1-1986Q2: -35,3 %
21
Canada
1985Q1-1989Q1: +66,5 %
25
1981Q1-1985Q1: -20,9 %
16
UK
1995Q4-2005Q2: +137,4 %
38
1973Q3-1977Q3: -33,7 %
16
Australia
1996Q1-2004Q1: + 84,7 %
32
-
-
Denmark
1993Q2-2004Q3: +93,4 %
45
1979Q2-1982Q4: -36,8 %
14
Finland
1979Q1-1989Q1: +111,8 %
40
1989Q1-1993Q2: -49,7 %
17
South Korea
1987Q3-1991Q2: +33,5 %
15
1991Q1-2001Q1: -47,5 %
39
Ireland
1992Q3-2005Q1: +242,7 %
50
1981Q3-1987Q2: -27,1 %
23
Netherlands
1985Q3-2005Q1: +183,1 %
78
1978Q2-1985Q3: -50,4 %
29
New Zealand
1970Q1-1974Q3: + 62,7 %
18
1974Q3-1980Q4: -37,8 %
25
Norway
1993Q1-2005Q2: +136,3 %
49
1986Q4-1993Q1: -40,6 %
25
Spain
1996Q4-2004Q4: +114,2 %
32
1978Q2-1986Q1: -32,2 %
31
Sweden
1996Q2-2005Q2: +80,1 %
36
1979Q3-1986Q1: -37,9 %
26
Switzerland
1976Q3-1989Q4: +73,5 %
53
1989Q4-2000Q1: -40,7 %
41
Basic trends in European real estate market in
2008/2009
• The year 2007 – the enormous growth of real estate property prices
• The year 2008 – the fall of real estate property prices
• Financial crisis – the economic slowdown in EUROPE is accompanied by
the slowdown of real estate property prices
• The growth of loan rates,
• Banks are more strict,
• It is much more difficult to get credit or loan,
• The crisis affected the whole European property market
• The impact of crisis on individual European countries was different,
• The most affected countries were UK, Ireland and Spain (countries with
really significant price bubble)
• All European countries were affected by the crisis – because of links
among individual countries
Ireland
• Prices of buildings started to fall in 2007
• In July 2008 prices felt by more than 12% and they reached the level
of the year 2005 – the price fall was possible to see especially in
case of Dublin
• The average time period for trade transaction increased significantly
• The end of 2008 – prices decreased in all sectors of real estate
property market (slowdown 15 – 50%).
• The number of transaction decreased significantly – by about 5090%
• In Dublin prices of real estates decreased by more than 40% during
the year 2008 (in comparison with the period 2006-2007)
• The market with apartments for rent was slowly growing, but the
value of rent decreased by about 10%
UK
• In 2007 – first problems on real estate market
• Bank changed their loan policy
• Real estate property prices started to decrease and investors started to lose
their trust in real estate market as a store of value
• Just in 2008 real estate market lost about 16% of its value from the year
2007 (reasons: credit conditions, price slowdown and anticipation)
• Investors from US left British market. The result of it was decrease of
provided mortgages and fall of property market (mainly apartments)
• Developers had to decrease their prices of new constructions, because of
property market slowdown
Spain
• The year 2007 is possible to describe as a „terrible year of Spanish
real estate market“,
• Spanish market is not transparent at all, therefore it is very difficult to
estimate exactly the impact of crisis on Spanish real estate market,
• According to CG-COAPI – the biggest real estate organization on
Spanish market – the inter annual slowdown of market was about
40% in case of buildings and 30% in case of apartments,
• The number of mortgages decreased by more than 60%
• The incomes of private owners and real estate agencies decreased
by about 60% 2008-2009
• The current situation increased interest of people to rent flats and
the average value of rent for flat increased by about 4%.
Denmark
• Denmark was affected by the crisis later than
other European countries.
• During the period 2008/2009 prices of real
estate property decreased by 6%,
• Danish government pointed out current property
crisis as a potentional threat, and probably the
most dangerous one, for Danish economy,
• On the other hand rental market is constantly
growing and just in 2008 – the average value of
rental fee increased by about 3%.
Francie
• The year 2008 – the decrease of purchasing power of
households, extreme impact of US crisis on French bank
system, the slowdown of bank system liquidity, the
slowdown of number of mortgages provided,
• Prices of buildings and houses decreased by about 5%,
prices of apartments decreased by 1,2%, real estate
market was affected just only a little bit,
• Rental market increased by 3%, but it is possible to expect
the slowdown of rents for flats especially in big cities.
The Netherlands
• Dutch real estate property market had to face to impact of financial
crisis at the end of 2008 – it means later than it was in case the
majority of EU members,
• The number of transaction decreased by more than 80%,
• The changes in prices were only minimum, but people stopped to
sell and buy and both buyers and sellers waited for another
development (during the last quarter of 2008 the number of houses
sold decreased by 27%),
• The crisis influenced mainly transactions in value between 350 ths.
– 900 ths. EURO),
• There are existing huge differences between individual Dutch
regions, especially property market in Amsterdam is very stable,
• Rental market was not affected at all, and the average value of rent
for flat increased during the year 2008 by 1,6%.
Italy
• In 2008, the real estate market was affected by minimum
way,
• Real estate property market changed its prices by only
5-10%,
• Rental market was affected by the crisis especially in
case of rural areas, in urban areas rental fee decreased
by only 5-7%,
• Demand for rental housing is constantly increasing, but
demand for new apartments stagnates,
• The value of average rental fee is slowly increasing.
Scandinavian countries
• Except for Denmark, the impact of financial crisis on
Scandinavian countries was very limited,
• Individual countries had to face to real estate market
crisis sometimes at the end of 2008,
• Real estate property prices started to decrease during
the last three months of 2008. In Finland and Sweden
the slowdown of real estate property market was about
3-4%.
Germany
• German real estate market is very specific (rent regulation, lower
share of apartments in private ownership in comparison with the rest
of EU),
• In past years the growth of German market was not so progressive
like it was in case of before mentioned countries,
• Financial crisis did not affect German market so much like it was in
some other countries,
• The main problem of German real estate market is discussion about
rent regulation and about the growth of rental fee
Selected Middle and East
European Countries
• The crisis influenced especially Baltic countries,
• Latvia, Estonia (during 2004-2006 prices of apartments increased more than
two times, in 2007 the slowdown of real estate property market was
recorded, in 2008 market collapsed (50% slowdown).
• Lithuania – the impact of crisis is limited,
• Poland – mild slowdown of real estate property market, number of new
projects decreased, rental market is growing,
• Russia – after several years of prosperity, the real estate property market
recorded significant slowdown,
• Czech Republic – in 2008 real estate property market was not affected by
financial crisis, problems started since the beginning of 2009. After several
years of permanent growth of prices, the Czech Republic has to face market
prices slowdown by about 10%,
• Hungary – in 2008 stable development trend, in 2009 real estate property
prices decreased ,
• Austria – in 2008 real estate property and rental markets changed only a
little bit.
Czech real estate property market
– apartments and family houses
Types of taxes applied in CR
Individual Income Tax
flat : 15%
Corporate Income Tax
21%
VAT
9% food and services and 19% other goods
Property tax
Building tax
less than 0,1%
Ground tax
less than 0,1%
Tax from Sale of Real Estate:3%
Transaction Costs
Who Pays?
Legal Fees
1% (+ 19% VAT)
buyer
Registration Fees
0.01% - 0.02%
buyer
Agent's Fee
2.5% - 5%
buyer
Transfer Tax
3%
seller
Costs paid by buyer
3.7% - 6.21%
Costs paid by seller
3%
ROUNDTRIP
TRANSACTION
COSTS
6.7% - 9.21%
See Footnotes
Source: Global Property Guide
How difficult is the property purchase process in
Czech Republic?
• The following can buy real estate without
any restriction:
- Czech citizens
-Legal entities headquartered in
the Czech Republic
-Foreigners with a permanent
residence permit for the CR
- People granted asylum in the CR
Square Metre Prices - Czech
Republic Compared to Continent
• Monaco€35,658
France€9,961
Greece€6,048
Luxembourg€5,376
Andorra€4,140
Slovak Rep.€3,597
Romania€3,484
Slovenia€2,926
Estonia€2,841
Cyprus€2,513
Portugal€2,225
Turkey€1,390
UK€14,421
Switzerland€7,138
Italy€5,541
Montenegro€4,759
Czech Rep.€4,015
Netherlands€3,579
Poland€3,348
Germany€2,882
Ukraine€2,807
Croatia€2,474
Bulgaria€2,214
Moldova€1,013
Russia€11,851
Finland€6,468
Ireland€5,483
Denmark€4,607
Spain€3,932
Lithuania€3,539
Austria€3,000
Latvia€2,860
Malta€2,646
Belgium€2,465
Hungary€1,683
Macedonia€1,003
Gross Rental Yields - Czech
Republic Compared to Continent
Moldova14.17%
Hungary8.11%
Belgium5.78%
Turkey5.48%
Italy5.04%
Latvia4.40%
Estonia4.36%
France3.85%
Finland3.69%
Russia3.45%
Greece2.71%
Macedonia10.11%
Netherlands6.63%
Romania5.50%
Germany5.12%
Switzerland4.80%
Austria4.40%
Slovak Rep.4.28%
Spain3.81%
Luxembourg3.63%
Cyprus3.45%
Andorra2.19%
Ukraine9.09%
Poland5.83%
Slovenia5.49%
Croatia5.07%
Bulgaria4.62%
Denmark4.36%
Czech Rep.3.89%
Lithuania3.70%
UK3.48%
Malta2.94%
Monaco1.48%
The development of houses and apartments
number in ths.
The structure of apartments in the Czech Republic according to age
Czech Republic
Development of selected real
estate property prices in the CR
The number of new building permissions and estimative
price of buildings
Czech Republic
New apartments development trend in
the CR
Flats under the
construction
Finished flats
The number of finished apartments
in individual regions in the CR
Average prices for one square meter development in the Czech
Republic in period 2007-2008
Average prices for one square meter development – in
dependence on the size of the flat
The relationship between size of apartment and price for
one square meter
Average price of apartment in dependence on
ownership and construction material
Average price for one square meter of older apartment in
private ownership – differences among individual regions
Average value of one month rent for apartment –
differences among regions
Differences in open market rents, prices and salaries among
individual regions in the Czech Republic
Czech Republic and Crisis
• The Czech Republic is small, at only 78,864 sq. km. with a
population of 10.2 million. After rising by an average of 6.6%
annually from 2005 to 2007, GDP growth in the Czech Republic
slowed to 4.4% in 2008. The slowdown was primarily due to falling
exports and weaker domestic demand. In Q3 2008, exports were
down 10.7% y-o-y.
• Almost 85% of the country’s exports go to the EU; around 30% to
Germany which is now in recession. Several companies, particularly
in the financial, banking and manufacturing sectors have started to
lay-off workers.
• In January 2009, over 45,000 people lost their jobs. This pushed
unemployment to 6.8%, up from 4.3% in Q3 2008, the lowest level in
a decade. Unemployment is expected to reach 7.5% in 2009 and
8.5% in 2010.
Czech Republic – GDP
development
2009 –
negative
development
trend -5%
Mortgages in the CR
Mortgages
2009
2004 2005 2006 2007 2008
/6
total value in
billion CZK
154
226
327
470
584
623
average value in
million CZK
1.27
1.41
1.5
1.71
1.77
1.68
loan rate in %
4.74
5.08
4.36
5.34
5.69
5.55
Perspectives for 2009
Q1
Q2
Q3
Q4
2008
3.56
3.69
5.42
0.24
2007
12.20
8.79
4.11
3.20
2006
2.17
2.51
2.07
6.74
2005
0.50
0.51
0.50
1.20
% change over a quarter
Source: Czech Statistical Office
Apartments
• The growth of individual consumption together with the
growth of individual incomes were the main engines of
residential market growth in past years,
• Since 2001 the residential buildings and apartments
represented the most profitable sector in area of real
estate property market,
• Residential market is very sensitive (consumers
preferences, social climate, prices, inflation, mortgages
and so on),
• The current slowdown of real estate property market is
possible to explain through the following factors
–
–
–
–
–
–
–
increase of loan interests
financial crisis,
low position of banking sector,
economy slowdown,
people’s anticipation,
drop in domestic and foreign demand,
constantly increasing value of Czech currency
Industrial buildings
• Industrial buildings segment was constantly growing during the
last ten years.
• The total area of industrial buildings and buildings for logistic
purposes represents about 3 millions square meters,
• Made to measure projects had the main position on the market,
• The level of demand has been constantly decreasing,
• The current level of occupation of industrial areas is about 80%
• The growth of demand was recorded only in case of those
projects which size is under the 1500 m2,
• The majority of new industrial buildings is possible to find close
to the main agglomerations and European corridors.
Offices
• Prague has the dominant position,
• The share of Prague is about 70% - speaking
about new projects,
• It is expected that till the end of 2009 the total
area of offices just in Prague will be more than
three millions square meters,
• The value of offices in Prague is constantly
decreasing – the main reason is too high growth
rate of supply in comparison with growth rate of
demand – market is almost saturated.
Conclusion
in CZK/m2
Praha
Kladno
Mladá Boleslav
Liberec
Jablonec nad
Nisou
Ústí nad Labem
Most
Děčín
Zlín
Kroměžíž
Brno
Znojmo
Ostrava
Havířov
Karlovy Vary
Plzeň
New apartments
2008 2009
Change
slowdown 565000 60500 30%
41300 33350 slowdown 20%
slowdown by
38400 33250 15%
slowdown by
37000 33300 10%
Old apartments
2008 2009
Change
slowdown -15% / 45200 43000 20%
29600 24500 slowdown 15%
32000 30500 slowdown 10%
19400 20000 growth +3%
24000 17500 slowdown 20%
13900 14700 growth 6%
oscilation +25% / 9000 9000 25%
17000 15500 slowdown 10%
26500 22500 slowdown 15%
21000 19000 slowdown 10%
33150 30000 slowdown 10%
xxx xxx
xxx xxx
37000 31500 slowdown 15%
29000 28000 slowdown 4%
46400 40600 slowdown 12%
29000 27500 slowdown 5%
27150 22600 slowdown 17%
xxx xxx
42600 40900 slowdown
39200 36000 slowdown 10%
slowdown 5% České Budějovice 32000 28000 10%
slowdown 5%Tábor
30000 28000 10%
Jihlava
34000 31300 slowdown 10%
Třebíč
26000 24000 slowdown 8%
27500 24450 slowdown 10-25%
26400 24500 slowdown 15-20%
20000
19400
15000
18300
28000
Panel building
Change
slowdown -10%
stagnation
slowdown -25% / 35%
slowdown -25% / 30%
slowdown 20%
stagnation
slowdown -10%
stagnation
slowdown -30%
slowdown -33%
stagantion
slowdown -10% / 19000 slowdown 5%
15%
16650 slowdown 15% - 25% slowdown 20%
13500 slowdown 10% - 30% slowdown 20%
17400 slowdown
stagnation
23000 slowdown 20%
slowdown 20%
Land
Rent of apartments
Change
Change
slowdown by
20%
growth
stagnation
stagnation
stagnation
stagnation
stagnation
stagnation
stagnation
stagnation
growth
stagnation
stagnationm
stagnation
stagnation
stagantion
slowdown
stagnation
growth 10%
stagnation
stagnation
slowdown
stagantion
stagnation
stagnation
growth
rapid growth
slowdown 5-10%
growth
slowdown 5-15%
stagnation
slowdown
23000 21700 slowdown 5%
slowdown 15% - 20% stagnation
slowdown
18800 17500 slowdown 10%
24300 22600 slowdown 7%
18000 16000 slowdown 12%
slowdown 15% - 20% mild growth
slowdown 7%
stagnation
slowdown 7% / 15% stagnation
stagnation
growth
mild growth
Conclusion - continuation
Hradec Králové
Trutnov
Olomouc
Přerov
slowdown 10%39300 35000 30%
32000 30000 slowdown 7%
slowdown 12%42400 37600 35%
xxx xxx
37500 33350 slowdown 10%
27000 25000 slowdown 10%
Average values
35620 32284 slowdown 10%
Pardubice
Chrudim
28500 25700 slowdown 10%
25000 23000 slowdown 10%
slowdown 25%
slowdown 20%
30300
21500
26900
19000
27650 slowdown 10%
20500 slowdown 5%
24500 slowdown 10%
17000 slowdown 10%
slowdown 25%
slowdown 20%
slowdown 35%
slowdown 35%
23433 21167 slowdown 10%
slowdown 25%
mild
slowdown
stagnation
oscilation -15% / +15%
stagnation
stagnation
oscilation -10% / +10%
slowdown 5% stagnation
stagnation
slowdown 5%-10%
slowdown 15% growth 5%
stagnation - mild
stagnation
growth
Thank you very much for your
attention
Lubos Smutka, Ph.D.
Czech University of Life Sciences Prague
Faculty of Economics and Management
Department of Economics
[email protected]