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2014 | 14 | 3 | 197-213
Article title

Integration of Monetary and Fiscal Policy of the Countries of the Visegrad Group

Title variants
Languages of publication
EN
Abstracts
EN
The aim of this paper is to evaluate mutual interaction of monetary and fiscal policies in the countries of the Visegrad group, i.e. in the Czech Republic, Slovakia, Poland and Hungary. The relationship of monetary and fiscal policy - their coordination, cooperation or mutual antagonism - are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies usually have different aims, and some conflict situations may arise in practical economic and political decision- making. Each policy has to make its decision with regard to the other one. Methodical approaches of this contribution are based on the game theory, which deals with the analysis of a wide range of decision situations with more participants (players) and it is primarily focused on the conflict situations. This game-theoretical approach is responsible for creating the theoretical model which is then dealt with in the empirical analysis. We find a distinctly stabilizing role of monetary policy and relatively problematic stabilizing role of fiscal policy in the analyzed countries. The dominant role of monetary policy is statistically confirmed in the case of the Czech Republic and Hungary.
Publisher
Year
Volume
14
Issue
3
Pages
197-213
Physical description
Dates
published
2014-09-01
online
2014-10-17
Contributors
  • Technical University of Ostrava, Department of National Economy, Faculty of Economy, Sokolská třída 33, 701 00 Ostrava, Czech Republic, stanislav.kappel@vsb.cz
author
  • Technical University of Ostrava, Department of National Economy, Faculty of Economy, Sokolská třída 33, 701 00 Ostrava, Czech Republic, jan.janku@vsb.cz
References
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Document Type
Publication order reference
Identifiers
YADDA identifier
bwmeta1.element.doi-10_2478_revecp-2014-0010
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