Full-text resources of CEJSH and other databases are now available in the new Library of Science.
Visit https://bibliotekanauki.pl

Results found: 2

first rewind previous Page / 1 next fast forward last

Search results

help Sort By:

help Limit search:
first rewind previous Page / 1 next fast forward last
1

REÁLNY EKONOMICKÝ CYKLUS V PODMIENKACH NEDOKONALÉHO FUNGOVANIA TRHU KAPITÁLU

100%
Dujava D., Lisý J.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 10
1006 – 1025
EN
In this paper the authors deal with a question of how imperfect flexibility of interest rate and prices of capital goods on market of capital influences welfare if an economy is submitted to technology shocks. By the use of the basic real-business-cycle model they explain how positive technology shocks may lower welfare. The authors identify factors influencing the need of flexible interest rate and flexible prices of capital goods. Their model predicts significant influence of elasticity of substitution of factors of production, of persistency and of intensity of technology shocks on welfare under the conditions of imperfect working capital market. Efficient capital market becomes more important with a slower rate of operation of diminishing marginal product of capital, lower persistency and higher intensity of technology shocks.
2

SLOVAK ECONOMIC GROWTH AND THE CONSISTENCY OF THE BALANCE-OF-PAYMENTS CONSTRAINT APPROACH

81%
Soukiazis E., Muchová E., Lisý J.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 9
879 – 896
EN
The present study aims at verifying whether the balance-of-payments constrained growth approach is suitable for explaining the Slovak growth performance after 1993. We use Thirlwall’s Law to predict actual growth of the Slovak economy based on the estimation of the income elasticity of demand for imports and exports, respectively. The income elasticity of demand for imports is obtained by employing 2SLS assuming that domestic income is endogenous. It is shown that the Slovak economy grew at a higher rate than the rate consistent with the balance-of-payments equilibrium at the cost of accumulating current account deficits. A sustainable solution should be focused on reducing the income elasticity of the demand for imports and increasing exports growth. In order the country not to fall into a balance-of-payments constrained growth trap policies must be designed to reduce the country´s dependence on imports by producing higher quality tradable goods.
first rewind previous Page / 1 next fast forward last
JavaScript is turned off in your web browser. Turn it on to take full advantage of this site, then refresh the page.