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1

Polish Currency Exchange Rate vs. Parity

100%
Galus S.
Pieniądze i Więź
|
2005
|
vol. 8
|
issue 2(27)
152-156
EN
The author presents the dynamic model of seven currencies versus Polish zloty in the years 1993-2004. It has been proved that according to that model there is no correlation between the exchange rate and their parity.
2
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The Role of Exchange Rate and Price Factors in Profitability Improving in Ukraine

100%
Goncharuk A. G.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2007
|
issue 19
150-155
EN
The influences of nominal effective exchange rate of hryvnya and wholesale price index changes to value of profitability of the economy is defined by application of correlation-regression analysis. The recommendations about optimization of currency and price policy for improvement of economic efficiency of the economy of Ukraine are framed
3

Real, equilibrium exchange rate in an economy undergoing transformation

100%
Gotz-Kozierkiewicz D.
Ekonomista
|
2004
|
issue 3
309-333
EN
The critical role, in the control of growth and macroeconomic equilibrium, is played by the equilibrium-conditioned real exchange rate. This concept, being theoretically complex as well as difficult in practical implementation, should nonetheless be dwelled upon as it indicates ways of avoidance of serious errors in economic policy. The notion in question requires that a strategy-based approach to the exchange rate and macroeconomic policies be adopted. That, in turn, helps to diagnose the difference between the real exchange rate being observed and the strategically substantiated equilibrium rate. Identification of the latter, assisting policy makers in the formulation of long-range strategy, indicates the potentially desired changes in the real exchange rate.
4

Estimating the reaction function for Hungarian monetary policy

80%
Hidi J.
Kozgazdasagi Szemle (Economic Review)
|
2006
|
vol. 53
|
issue 12
1178-1199
EN
Analysis based on reaction functions, a popular tool in monetary policy, can be used for two purposes: on the one hand, they can provide a reference value for the actual interest-rate level, and on the other, they allow characterization of the relationship between interest rates and other macro variables. This study discusses both issues for Hungary in the recent period of inflation targeting. Overall it can be concluded that the Taylor rule fits the Hungarian interest rate series well, although taking into account the openness of the economy, this fit can be improved further by using other reaction functions. Significant deviations of the actual interest rate from the levels implied by reaction functions can be explained by the presence of the exchange-rate band or by swings of the risk premium. With the relationship between interest rates and other macro variables, the role of the output gap in determining interest rates seems insignificant. The effect of inflationary expectations and the exchange rate turns out to be significant, and their relationship with interest rates is similar to those found in other countries. When inflation expectations are higher, interest rates increase more. The role of the exchange rate depends on the time horizon: at monthly frequency, interest rates are sensitive to exchange-rate changes. But at quarterly frequency, which is closer to the central bank's policy horizon, the exchange rate only has an indirect effect on interest rates through its effect on inflationary expectations.
5

AN ESTIMATION OF ACTUAL AIMS OF THE NATIONAL BANK OF UKRAINE IN FORMING AND REALIZATION OF MONETARY POLICY

80%
Rudenko Z. M.
Rehionalna ekonomika
|
2008
|
issue 4(50)
115-119
EN
On the basis of analysis of interest rate according to credits the overnight credits on the banking market empirical verification of intermediate aims of monetary-credit policy in Ukraine has been carried out. As alternative special purpose variables are examined: rates of change of nominal currency of national exchange rate against USD; logarithm of the real effective currency of the national exchange rate, logarithm of amount (M0, M3) of money and logarithm of money base. The obtained result testifies to the correlation of interest rate at the market with the level of money proposition, which is explained not by reaction of the National bank of Ukraine on monetary development, but by the dependence of values of interest rate, at the market on the level of money proposition.
6

CHANGES IN THE EXCHANGE RATE AND THE PRICE DYNAMIC IN THE GLOBAL TRIAD COUNTRIES (Zmiany kursu walutowego a dynamika cen w krajach globalnej triady)

80%
Misztal P.
Optimum. Studia Ekonomiczne
|
2010
|
issue 1(45)
38-59
EN
The issue concerning the transfer of the exchange rate onto prices has become one of the key research areas within the so-called New Open Economy Macroeconomics. This theme is widely analyzed mainly in foreign literature on macroeconomic as well as on microeconomic levels. The main aim of the article is to present the influence of exchange rate changes on the price dynamic in the Euro-Zone, the USA and Japan. The knowledge concerning impact of the level of exchange rate transfer onto prices allows to assess how exchange rates affect inflation and monetary policy in these countries. The article consists of two parts. The first part deals with theoretical analysis of the phenomenon of incomplete exchange rate transfer onto prices including reasons and factors determining the range of this phenomenon. In addition, in this part, a brief overview of theoretical researches involving this subject has been presented. In the next part of the article, the range of exchange rate transfer onto prices in the 'Global Triad countries' by using the Vector Autoregression Model (VAR) has been analyzed.
7

EXCHANGE RATE CHANGES AND PRICE ADJUSTMENTS IN POLAND (Zmiany kursu walutowego a dynamika cen w Polsce)

80%
Misztal P.
Ekonomista
|
2009
|
issue 4
455-477
EN
The aim of the article is to present the influence of exchange rate changes on the price dynamics in Poland. Knowledge of the exchange rate pass-through to prices permits assessment of how exchange rates affect inflation and monetary policy. The phenomenon was found of an incomplete exchange rate pass-through to import, producer and consumer prices in Poland, in the short- and long-run. These results are in line with theoretical arguments and indicate that in general the degree of the exchange rate pass-through to import prices is lower in the case of more processed goods and higher in the case of less processed ones. What is more, the degree to which exchange rates are passed through to prices of industrial goods increases with the increase of their substitutability, while the level of exchange rate pass-through to import prices of raw materials, agricultural and food products decreases together with their lower substitutability.
8

MUNDELLOV - FLEMINGOV MODEL V REŽIME PEVNÉHO A VOĽNÉHO VÝMENNÉHO KURZU – POHĽAD NA VÝVOJ SLOVENSKEJ KORUNY

80%
Ivaničová Z.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 1
36-51
EN
The paper is focused on the appreciation of the Slovak currency, which started to be a more significant in the second part of the year 2002. The application of the international relations (purchasing power parity, interest rate parity and Fischer relation) is not sufficiently successful for currency analysis. Therefore it is efficient to extend this analysis on monetary policy based on the balance of national bank and particular accounts of the balance of payments. The Mundell-Fleming model, its total differential formulation, appears as the actual instrument for the mentioned analysis. The recent process of the evaluation of the Slovak crown corresponds to the theoretical deduction of the Mundell-Fleming model.
9

FLEXIBLE FOURIER STATIONARY TEST IN PURCHASING POWER PARITY FOR CENTRAL AND EASTERN EUROPEAN COUNTRIES

80%
Chi-Wei S.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 1
19 – 31
EN
This study applies stationary test with a Fourier function proposed by Becker, Enders and Lee (2006) to test the validity of long-run purchasing power parity (PPP) to assess the non-stationary properties of the real exchange rate for seven Central and Eastern European (CEE) countries. We find that our approximation has higher power to detect U-shaped breaks and smooth breaks than linear method if the true data generating process of exchange rate is in fact a stationary non-liner process. We examine the validity of PPP from the non-linear point of view and provide robust evidence clearly indicate that PPP holds true for two countries, namely Bulgaria and Romania. Our findings point out their exchange rate adjustment is mean reversion towards PPP equilibrium values in a non-linear way.
10

YUAN AND CHINESE CURRENCY POLICY (Yuan i chinska polityka walutowa.)

80%
Trzaskowski M.
Pieniądze i Więź
|
2009
|
vol. 12
|
issue 4(45)
168-176
EN
The article deals with the current situation of the Chinese currency (commonly called the yuan) both on internal and international level, its implications for global trade, relations with other currencies and its place in the future balance of world reserve currency.
11

MONETÁRNA POLITIKA A VÝVOJ KURZU V SLOVENSKEJ REPUBLIKE V OBDOBÍ 1999 – 2005

70%
Ivaničová Z., Chocholatá M.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 5
490-506
EN
The systematic appreciation of the Slovak Crown in the year 2004, 2005 and at the beginning of the year 2006 brings up the debate about the objectivity of this process. The authors describe the development of the Slovak currency on the basis of the selected macroeconomic indicators' development (gross domestic product, M2, foreign currency reserve, direct foreign investment, etc.). They state, that the appreciation of the Slovak Crown is valid. After the stationarity analysis of the used time series, the estimation of the economic hypothesis was realized. Authors have chosen nine of the many formulations of the simple econometric models.
12

ANALÝZA VZÁJEMNÝCH VAZEB MEZI DEVIZOVÝMI KURZY STŘEDOEVROPSKÝCH MĚN

70%
Stavárek D.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 7
646-658
EN
The paper examines long-term and short-term relationships among exchange rates of the Visegrad countries' national currencies vis-a-vis euro. The co-integration tests, vector error correction models and Granger causality tests are applied on the daily nominal exchange rates. The results suggest that long-term linkages are very rare. The only relevant long-term linkage was identified between Polish zloty and Slovak koruna during the period of EU membership. The short-term relationships proved to be significant more often. However, their frequency and intensity have been decreasing during the period analysed. This can be considered as the evidence of diminishing sovereignty of the national currencies and their ability to influence development of other currencies.
13

EXCHANGE RATE EFFECTS ON THE FOREIGN DIRECT INVESTMENT FOCUSING ON CENTRAL EUROPEAN ECONOMIES

70%
Mariel P., Pánková V.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 2
176-187
EN
An explanation of short-run fluctuations in foreign direct investment (FDI) flows by exchange rate movements is based on a belief that investing foreign companies can buy another country's assets and technologies cheaply when its currency is weak. The idea of a simple model of FDI depending on higher moments of exchange rates is completed by evidence of the dynamic effects of the process in question. Relevant panel data techniques are briefly recapitulated and then applied. Data of four central European countries show results which confirm the proposed theory.
14

NOMINÁLNY VÝMENNÝ KURZ A SWAPY ÚVEROVÉHO ZLYHANIA NA VLÁDNE DLHOPISY: KOINTEGRÁCIA A GRANGEROVA KAUZALITA

61%
Boďa M., Pinter Ľ., Zimková E.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 1
46 – 70
EN
The paper offers an insight into the relationship between the euro to US dollar nominal exchange rate and the cost of sovereign credit default swaps (CDSs) of five selected countries of the Eurozone: Germany and the PIGS countries. The investigation is undertaken under the rationalized belief that the former indicator represents the status of external economic stability of a country and the latter indicator is a descriptor of their internal debt capacity. The results affirm, inter alia, that there were substantial differences in the intensity and quality of the relation between external economic stability and internal debt capacity during the pre-crisis period as opposed to the crisis period.
15

MONETARY CONDITIONS INDEX: NEW EMPIRICAL EVIDENCE FROM CENTRAL AND EASTERN EUROPEAN COUNTRIES

61%
Nucu A. E., Anton S. G.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 2
139 – 158
EN
The aim of the paper is to build a Monetary Conditions Index (MCI) for four Central and Eastern European (CEE) countries by combining changes in the short-term interest rate and in the real effective exchange rate over the period August 2005 – December 2015. Contrary to previous papers, we employ a Vector Error Correction Model to assess the relative importance of real interest rate and real exchange rate for the monetary conditions in several CEE countries. The results of the analysis provide new empirical evidence on the MCI’s ability to capture the monetary policy developments. Furthermore, we employ Granger causality to infer the extent of external influences on the overall monetary conditions of analysed countries. The results highlight that monetary decisions in the Eurozone have a prominent influence on monetary conditions in CEE countries.
16

REŽIMY MENOVÉHO KURZU A VOLATILITA: POROVNANIE VYBRANÝCH KRAJÍN ERM A VYŠEHRADSKEJ SKUPINY

61%
Valachy J., Kočenda E.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 2
144-160
EN
Exchange rate stability was defined as one of the prerequisites for monetary integration in Europe. In this paper, we analyse recent developments in the volatility of exchange rates of the Central European countries (the Visegrad Group) and a selected group of European Union countries (the Snake) participating in the former European Monetary System. We compare volatility in the currencies of both groups under specific exchange rate regimes using two different approaches to modelling exchange rate volatility: squared returns parametric model and GARCH. Both methods provide identical results for the currencies of the Visegrad group: an increase in volatility after a floating exchange rate regime was introduced. The case of the Snake countries exhibits mixed results for two currencies and a concurring result for the others: a decrease in volatility. In one case we are left with an insignificant coefficient.
17

EXCHANGE RATE LEVEL, INNOVATION, AND OBSTACLES TO GROWTH. WHO NEEDS A WEAK ZLOTY?

61%
Brzozowski M., Tchorek G.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 2
199 – 222
EN
We have adopted Rodrik’s “undervaluation” hypothesis to verify the conjecture that innovative firms in Poland opt for a weak currency because they face obstacles in the labour and financial markets. We do it by exploring a new database on Polish manufacturing exporters in order to find some interrelations between the exchange rate level and innovation activity. Our findings suggest that a weak Zloty is preferred by exporting firms that have carried out product and process innovations and registered a trademark, patent or claimed a copyright. We confirmed that financial constraints and labour market regulations were important factors preventing the growth of innovative firms. Based on the research on Polish firms, we claim that although innovative companies use technology to gain competitive advantage, their success and innovation activity also hinge on prices in general and on a weak exchange rate in particular because it helps to overcome market imperfections related to financial and labour resources.
18

OIL PRICES AND THE VALUE OF US DOLLAR: THEORETICAL INVESTIGATION AND EMPIRICAL EVIDENCE

61%
Obadi Saleh M., Othmanová S.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 8
771 – 790
EN
This paper deals with the development of oil prices and the factors which have impact on these prices. The main objective of this paper is to identify the impact of movement of exchange rate of US Dollar on crude oil prices. To reach the mentioned objective we have had used theoretical and empirical analyses and methods such as regression model, Granger causality and structural models to identify to what the extent the oil prices depend on the value of US Dollar, as one of the factors influencing the oil prices in the international markets, particularly in the last two decades. We find that US Dollar has a significant impact on oil prices.
19

EXCHANGE RATE EFFECTS IN A GLOBALIZED ECONOMY: EVIDENCE FROM THE CZECH REPUBLIC

51%
Novotný F.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 6
636 – 646
EN
The effects of nominal exchange rate fluctuations on profitability of domestic private firms and foreign-owned firms which operate in the Czech Republic are separately examined in the period from 1998 to 2006. The author finds out that exchange rate changes have diverse effects on the two sectors. Specifically, domestic private firms absorb exchange rate changes in their profit margins while foreign-owned firms are resistant against exchange rate changes. He ascribes the resistance of foreign-owned firms to transfer pricing strategies of multinationals. One determinant of a multinational company price strategy is different taxation in countries of its operation. That is the reason for concentration of gross profits in low taxed countries by manipulating intra-firm prices. As a result these optimization strategies have adverse effects on a macroeconomic level causing ineffectiveness of the exchange rate adjustment mechanism and distortions in both foreign trade and GDP statistics.
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