Podrobný výpis o publikaci

The business environment has changed according to macroeconomic development, especially in a turbulent period since 2008, and its impact on the exchange rates development. However, tourism companies, hotels as well as travel agencies, in particular, are facing the exchange rate exposure just due to the basics of their business. This particular paper has focused on tourism and its possible usage in examining nominal effective exchange rates. According to its location, even the country as the Czech Republic would be an interesting destination for tourists from abroad. The aim of this paper is to examine those short- and long-term effects of exchange rate changes on international trade in services in the Czech Republic. Secondary data were obtained for a representative sample of countries according to inbound tourism in the Czech Republic. The focus variables were both, export and import of services within the balance of payment in the Czech Republic as a domestic country and its gross domestic product, then gross products of selected foreign countries and exchange rates of their currencies against the Czech Koruna. To investigate both, the long-term, as well as the short-term relationship between selected variables, it has been chosen Johansen cointegration tests and the Vector Error Correction model. Quarterly data are obtained from the OECD statistical database for ten years, the period from 2008 to 2017. The results of this study can be implemented not only within the Czech economy. According to the results, policymakers should be motivated to increase financial support to tourism nowadays.