Economics and Finance Tasks 2022

Running head: ECONOMICS AND FINANCE
Economics and Finance
Name of the Student
Name of the University
Course ID

1ECONOMICS AND FINANCE
Table of Contents
Task 1: Czech Republic imports and exports and exchange rate relationship................................2
Task 2: Czech Republic and Fiscal policy objectives.....................................................................5
Fiscal policy and main tools of fiscal policy...............................................................................5
Three main goals of fiscal policy for Czech Republic................................................................5
Types of fiscal policy...................................................................................................................6
Evaluation of different types of fiscal policy..............................................................................7
Impact of fiscal policy in Czech Republic on nation debt of Czech Republic............................9
Task 3: International trade and protectionism...............................................................................11
PPF for Germany and Bangladesh.............................................................................................11
Opportunity cost of Cars ad Cloth in Germany and Bangladesh...............................................13
Absolute advantage....................................................................................................................14
Gains from trade........................................................................................................................15
Economic, ethical and humanitarian impact of trade protectionism.........................................17
References......................................................................................................................................19

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Task 1: Czech Republic imports and exports and exchange rate relationship
In determination of export and import volume of a nation, exchange rate plays an
important role. Exchange rate expresses the value of one country’s currency in terms of currency
of another nation. Value of the nation’s currency determines the volume of export and import by
affecting price of imported and exported goods. When value of currency falls, this implies the
country has to pay a larger amount for every unit of foreign currency (Arize, Malindretos and
Igwe 2017). This is known as depreciation of currency. The depreciation of currency is good for
importer importing goods of the concerned nation as they now have to pay a relatively lesser
price. This benefits the exporters by boosting their export demand. This is however bad for
importers of own nation as they have to pay a higher price for the imported goods valued in
foreign currency. The situation is reverse if value of domestic currency increases against the
foreign currency. When value of domestic currency increases this is a bad news for foreign
importers. Foreign importers then have to pay a larger price for the goods imported from the
nation (Asteriou, Masatci and Pılbeam 2016). Importers in the domestic nation however is
benefitted as imports become relatively cheaper to them. When value of a currency increases in
terms of foreign currency this is known as appreciation of currency. The volume of export and
import and associated trade balance thus is closely related with movement of currency exchange
rate.
Czech Republic is a highly open and export oriented economy. The main exports of the
nation include cars, computers, different parts of vehicles, machine parts, broadcast equipment
and others. The top export destinations are Germany, Slovakia, United Kingdom, France and
Poland. Major goods imported by the nation include machine parts, cars, broadcast equipment,
vehicle part and computer with imports mainly originating from China, Germany, Italy, Slovakia

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and Poland (Oec.world 2020). Volume of export and import in the nation fluctuated with
variation in the currency exchange rate. The official currency of Czech Republic is Czech
Koruna. Apart of fluctuation in currency exchange rate imports and exports also vary depending
on various trade policies. Protectionism measures taken by the country and its trading partners
significantly influence trade volume. Czech Republic however is a highly open economy and
mostly relies on promotion of free trade policy. The average tariff rate in Czech Republic is only
1.79 percent (Data.worldbank.org. 2019). This shows a minimal degree of trade restriction and
reliance towards free trade.
Volume of export and import in Czech Republic in the last five years is shown in the
figure 1. In order to evaluate the relation between export and import and that of exchange rate,
trend exchange rate during the same time period is presented in figure 2.
2014 2015 2016 2017 2018
0
50
100
150
200
250
0
2
4
6
8
10
12
14
16
18
Export, Import and Trade balance
Export Import Trade balance
Year
Export and import volume
Trade balance
Figure 1: Export and import of Czech Republic
(Source: Data.worldbank.org. 2019)

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2014 2015 2016 2017 2018
20.00
20.50
21.00
21.50
22.00
22.50
23.00
23.50
24.00
24.50
25.00
Exchange rate in Czech Republic
Year
CZK/USD
Figure 2: Trend in Czech Koruna exchange rate
(Source: Data.worldbank.org. 2019)
The volume of export in 2014 was recorded to be 171.54 billion USD. The associated
import volume was 158.32 billion USD. Since export was above the import the nation
experienced a trade surplus of amount 13.22 billion USD. The recorded exchange rate between
Czech Koruna and USD was 20.76. In 2015, exchange rate increases to 24.60 indicated a
depreciation of currency. Going by standard theory of exchange rate and trade volume, this
should have increased export while lowered export. However as shown by the recorded trade
statistics during this year both export and import declined in 2015. The decline in Czech’s export
during this time was mainly due to a decline in export to Russia because of the economic
sanction against Russia and other measures of retaliation (Lazarova 2015). Following this there
was a decline in both export and import of Czech. Since export dropped at a faster rate than the
import trade balance of Czech Republic with Russia went in deficit during this year (Tyll,
Pernica and Arltova 2018). For the next two years of 2017 and 2018 the domestic currency of

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Czech Republic appreciated with recorded exchange rate being 23.38 and 21.73 respectively.
The volume of export is recorded to be 172.14 billion USD and 192.22 USD in 2017 and 2018
respectively. The associated volume of import in the two respective years were 155.90 billion
USD and 176.57 billion USD.
The above discussion though suggests a smooth flow of trade in Czech Republic ongoing
trade protectionism measures globally overheated the economy. The decision of US president to
impose tariff on goods that China imports to US triggered a trade war between the two large
economies of the world (bbc.com 2020). The trade war resulted from US protectionism measure
likely to impact Czech economy by affecting its trade volume. Most of the trade of Czech
Republic occurs with EU countries with EU nations accounting 84% of total trade volume. Of
this Germany alone accounted 39 percent. The tariff imposed by President Trump affected some
sector other than aluminum and steel. The proposed tariff on automobiles would damage car
industry of Germany which indirectly affected Czech economy. The global trade tension due to
several protectionism measures have overheated the economy of Czech and are expected to
disrupt the trade flow in future.
Task 2: Czech Republic and Fiscal policy objectives
Fiscal policy and main tools of fiscal policy
Fiscal policy refers to the policy measure adapted by the government of a nation for
stabilizing the economy in terms of adjustment to the government spending and tax rates
(Guilmi, Gallegati and Landini 2017). The two main tools with which fiscal policy works are
government expenditure and tax.
Three main goals of fiscal policy for Czech Republic

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The three main goals of fiscal policy in Czech Republic are
 To achieve a stable growth.
 To achieve full employment (Ec.europa.eu. 2019).
 To maintain public debt below 3%.
Types of fiscal policy
Government implement two main types of fiscal policy depending on state of economy.
The two main forms of fiscal policy used by the government are expansionary fiscal policy and
contractionary fiscal policy. Fiscal policy is a demand side policy and affects economic activity
through influencing aggregate demand (Uribe and Schmitt-Grohe 2017). The equation for
aggregate demand is given by
AD=Consumption+ Investment +Government Spending+ Net Export
Government spending is one main component of aggregate demand and influences
aggregate demand directly. Another tool of fiscal policy is tax rate which influences aggregate
demand through affecting disposable income of household and consumption.
Expansionary fiscal policy
Government adapts expansionary fiscal policy when the economy undergoes a
recessionary phase. During recession there is a continuous decline in economic growth along
with a decline employment and price level. A boost in aggregate demand through necessary
policy stimulus can help the economy to recover recession. This is the time when government
takes expansionary fiscal policy. The expansionary fiscal policy is implemented either through
an increase in government expenditure or through a cut in tax rate (Gandolfo 2016). Rise in

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government spending or decrease in tax increases aggregate demand. As aggregate demand
expands there is an rise in GDP and inflation in the economy. With expansion in aggregate
output more employment opportunities are created. As more and more people become employed
there is fall in unemployment rate within the economy.
Contractionary fiscal policy
Sometimes there are situations where an economy experiences excessive inflationary
pressure. This occurs when actual GDP exceeds the potential GDP of the economy creating an
inflationary gap. During this time, the economy needs some contraction to reach to the stable
long term potential GDP. Government then adapt contractionary fiscal policy either by sinking
government expenditure or by increasing tax rate. The contractionary fiscal policy brings down
the aggregate demand to a lower level (Heijdra 2017). When aggregate demand contracts there is
a decline in GDP and inflation within the economy. The contraction of aggregate output in turn
causes loss of some employment opportunity resulting in an increase in rate of unemployment.
Evaluation of different types of fiscal policy

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Figure 3: Impact of expansionary fiscal policy
Figure 3 evaluates the impact of expansionary fiscal policy and associated impact on
major economy variables. The aggregate demand in the above figure is captured by the
downward sloping line AD. The corresponding aggregate supply curve is shown by upward
sloping line AS. Macroeconomic equilibrium is settled at E with equilibrium GDP and price
level are determined as Y* and P* respectively. Now, if government takes an expansionary fiscal
by increasing government spending or lowering tax then the AD curve shifts out to AD1 (Cantore
et al. 2019). Because of the expansion of aggregate demand macroeconomic equilibrium shifts
from E to E1. Corresponding to the new equilibrium GDP increases to Y1 and price level
increases to P1. With expansion of GDP as shown in the above figure, employment increases
lowering level of unemployment.

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Figure 4: Impact of contractionary fiscal policy
The impact of contractionary fiscal policy in an economy is evaluated in the figure 4.
Here, when government adapt a contractionary fiscal policy by lowering spending or increasing
tax rate reduces the level of aggregate spending shifting in the aggregate demand curve to AD2.
At the lower level of aggregate demand, the economy attains new equilibrium at E2. The
contractionary fiscal policy thus lowers the GDP to Y2 and price level to P2. With decline in
GDP, there is a loss in employment opportunities which by lowering employment increase
unemployment level in the economy (Rezabek and Doucek 2018).
Impact of fiscal policy in Czech Republic on nation debt of Czech Republic
The adjustment of two main fiscal policy instruments that is government expenditure and
taxes influence national budget and public debt. Too much policy expansion though considered
to be supportive for economic growth, it may have an adverse effect on the economy in terms of
a higher debt burden. In case of Czech Republic, government though supports the economy to
achieve stable economic condition it however successfully keeps the public debt at a

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significantly low level. Among the EU nations, Czech Republic is known to have the lowest
level of debt per capita. Government designs fiscal policy in a such a way that it can maintain a
public debt less than 3% (Oecd.org. 2015).
Figure 5: Government debt to GDP ratio
(Source: Tradingeconomics.com. 2020)
As shown from the above figure, there is a continuous decline in debt to GDP ratio in
Czech Republic in the last five years. Decline in government debt has made possible because of
the design of public policy.
The economic growth of Czech Republic in 2017 was 3.7 percent. The impressive
economic growth of the nation helped in strong performance of public finances. Both state and
local government accounted a surplus in this year with estimated surplus being 17 billion and 44
billion for both state and local government respectively. Government though adapted a fiscal
policy expansion in terms of raising investment expenditure it still experienced an overall surplus
because of above average increase in tax rate (mfcr.cz 2017). The national budget of Czech

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Republic first accounted a surplus in 2016. The shift of the budget towards a surplus was mainly
due to a significant improvement in structural balance. In 2018, economic growth of the nation
slowed down to 3.0 percent. As the economy slowed that government needed to adapt an
expansionary fiscal policy. In order to support the economy, government increased its investment
spending. After week economic growth in the first quarter, government increased its investment
spending by 20 percent (mfcr.cz 2018). This resulted in a decline in government budget. In
recent years, external economic risks along with internal factors and problem of ageing
population has out continuous pressure of government budget. This creates a future pressure on
expenditure and public revenue. Government needs to incur a significant expenditure on health
care services, pensions and other long term care program. The ceiling of expenditure in this area
was initially set at 0.25 percentage point below the previous year. The resulted tightening down
of expenditure to -0.75% was due to absence of social reform ensuring a greater financial
stability. The fiscal projection suggests that a more fiscal policy expansion will lower budget
surplus of Czech Republic for next two years. The budget surplus which was 0.9 percent of GDP
in 2018 was fell to 0.5 percent and 0.3 percent in the respective years of 2019 and 2020 (mfcr.cz
2019). Consequently, public debt will continue to fall offering government sufficient opportunity
to support economic growth of the nation.
Task 3: International trade and protectionism
PPF for Germany and Bangladesh
Production possibility frontier of a nation illustrates the maximum amount of goods that a
country can possibly produce using all of its resources (Chacholiades 2017). The table below
provides information regarding production of cars and cloth in Germany and Bangladesh.

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Table 1: Production of cars and cloth in Germany and Bangladesh
Using information from the above table PPF for Germany and Bangladesh can be drawn
as follows
Figure 6: PPF of Germany
In the above figure the horizontal axis measures amount of car produced in Germany and
the vertical axis measures amount of Cloth produced in Germany. The horizontal intercept
therefore shows the maximum number of cars produced in Germany and the vertical intercept
shows maximum quantity of clothes produced in the nation. As shown from the above table
using all of its labor Germany can produce maximum 24 cars and 12 clothes. The value of

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horizontal intercept OB therefore is 24 and that of vertical intercept OA is 12 (Leamer and Stern
2017). Joining A and B the PPF for Germany is obtained as AB.
Figure 7: PPF of Bangladesh
In figure 7, number of cars produced in Bangladesh is measured in horizontal axis and the
amount of clothes produced is measured in the vertical axis. Using all the available labors
Bangladesh can produce maximum 10 cars and 18 clothes. The horizontal intercept OD
represents maximum number of cars and the vertical intercept OC represents maximum amount
of clothes. Joining C and D PPF for Bangladesh is obtained as CD.
Opportunity cost of Cars ad Cloth in Germany and Bangladesh
Opportunity cost is cost of sacrificing unit of one good in order to produce 1 unit of
another good (Senga, Fujimoto and Tabuchi 2017). The table below shows opportunity cost
involved in producing one good in terms of another in Germany and Bangladesh.
Table 2: Opportunity cost of Cars and Cloth

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For producing 24 cars, Germany has to sacrifice 12 cloths. Therefore, for producing 1
unit of car, Germany needs to sacrifice 0.5 unit of cloth. The opportunity cost of car in Germany
is 0.5 unit of cloth. Production of 12 units of cloth in Germany requires sacrifice of 24 units of
cloth. Germany thus needs to forgo 2 units of cars for unit production of cloth. The opportunity
of cloth in Germany is 2 units of cars.
In Bangladesh, production of 10 units of cars need sacrifice of 18 cloth. For producing 1
unit of car the Bangladesh has to forgo 1.8 unit of cloth. Opportunity cost of car in Bangladesh
therefore is 1.8 units of cloth. Similarly, in order to produce 1 unit of cloth, Bangladesh has to
forgo 0.56 unit of car. In Bangladesh, the opportunity cost of cloth is 0.56 unit of car.
Absolute advantage
A nation has an absolute advantage in producing a good when it has the ability to produce
the good at a lower absolute cost. From table 1, it has been observed that using all of its labor
Germany can produce 24 cars while Bangladesh can produce 10 cars. Germany therefore has an
absolute advantage in producing cars (Moon 2018). In case of cloth, using all the available labor,
Germany can produce 12 cloth and Bangladesh can produce 18 cloth. Bangladesh therefore has
an absolute advantage in producing cloth.
Absolute advantage and specialization

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The theory of absolute advantage suggests that a country should specialize in goods in
which it has an absolute advantage. As discussed above Germany has an absolute advantage in
producing cars while Bangladesh has an absolute advantage in producing cloth. Therefore,
Germany should specialize in making cars and Bangladesh should specialize in making cloth
(Desai and Rudra 2019).
Gains from trade
Before specialization countries need to produce both cars and cloth. In this situation
available resources are divided between the two industries. Labor is the only factor of production
for both the countries. Assuming labor is equally divided for producing cars and cloth, the
production of cars and cloth in the individual country and the world as a whole in given in the
following table.
Table 3: World production before specialization
When labor is divided equally between Cars and Cloth Germany can produce 12 cars and
6 cloth. Under same circumstance Bangladesh can produce 5 cars and 9 cloth. World production
of car before specialization is the sum of production of cars in the individual country. The world
production of car is (12 + 5) = 17. The world production of cloth is (6 + 9) = 15. c

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After specialization country produces only the good in which it has an absolute
advantage. As explained in the above discussion, Germany enjoys absolute advantage in cars and
therefore specialize in production of cars. Similarly Bangladesh enjoys absolute advantage in
cloth and hence, specialize in producing cloth. The production in each nation and the world as a
whole is given in the following table.
Table 4: World production after specialization
After specialization car is only produced in Germany and Cloth is only produced in
Bangladesh. Germany therefore employs all the labor to produce cars and produce 24 cars. All
the labors in Bangladesh are engaged in production off cloth and produce 18 cloth. World
production of cars after specialization is 24 and that of cloth is 18.
From the above discussion, it is observed that world production of cars after
specialization increases from 17 to 24. The world production of cloth because of specialization
increases from 15 to 18. Therefore, because of specialization the world economy benefitted from
an increased production of both goods. This occurs because specialization allows countries to
engage resources for maximum productive area. This in turn increases efficiency of production
increasing aggregate world output and enhance economic growth.

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Impact of trade agreement and trade protectionism measure on a small country
The pattern of global trade has been changed towards involving more free trade
agreements and other trade restrictive measures. Free trade agreements refer to a multinational
agreement signed following international law to build a free trade area between the involving
nations. The free trade agreements control tariff and import duties with the objective of lowering
trade barrier barriers aim to encourage free trade among the nation (Osabuohien, Beecroft and
Efobi 2018). The free trade agreements though aim to promote free trade among the member
nations of the trade blocs it adversely affects non-member countries especially a small
developing countries like Bangladesh. Since such agreement promotes free trade only among the
member nations it restricts trade opportunities for the small nations. These countries suffer from
a decline in their export despite having comparative advantage in producing goods. For example,
the free trade agreement of NAFTA which allowed free trade between Canada, Mexico and US
hit the garment industry of Bangladesh. In terms of garment production Bangladesh is the fourth
largest nation. Neither Bangladesh is a member nation of NAFTA nor has any free agreement
with US. Free trade agreement between the developed nation thus lower export of the small
developing nation. Several trade protectionism measure like tariff, quotas, antidumping policies,
exchange rate controls and others have similar effects (Cortright 2018). When countries across
the world takes such trade protection developing nation highly relaying on trade and export
earning suffer a loss in terms of a decline in export demand. Since these nations mostly import
capital intensive goods which are paid out of export earning a decline in export in turn result in a
decline in import.
Economic, ethical and humanitarian impact of trade protectionism

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When developed countries increases trade protectionism measures then small developing
countries suffer from a decline in their export demand. Producers in countries like Bangladesh
experienced a decline in their welfare because of increased trade protection. The immediate
effect of trade restriction by a developed nation is to lower the price in the domestic market of
exporting nation. There is loss in producer surplus in these countries. Trade protection by
lowering export of goods to its’ trading partners though increases welfare of domestic customers,
the aggregate welfare is negative (McGee 2016). Because of the decline in export demand these
economies suffer from a loss in employment opportunities in these industries and lower
aggregate income and economic well-being.
In an era of globalization and integrated world protectionism measures taken by
developed nations are considered as unethical since through these measures developed nations
exploit small developing nation using its global economic power. The protectionism measure
like antidumping is unethical since it is a negative sum game. The losers here exceed the
winners. Protectionism in the form of economic sanctions is unethical in the sense that they do
not work in the way they are designed to. These are also negative sum game as suggested from
utilitarian perspective.
Apart from economic and ethical issues such protectionisms measure also include
humanitarian issues. It violates human rights to freely exchange goods and services. Trade
protectionism measures taken by the developed nations involve social and humanitarian aspects
(Weiss 2018). Such policies by lowering economic prospects causes loss of life and social harm
especially in the developing nations like Bangladesh.

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