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1

Ukrayina ta svit: porivnyannya makroekonomichnykh pokaznykiv rozvytku

100%
Semenenko T. O., Domrachev V. M.
Mekhanizm Rehuluvannya Economiky
|
2017
|
vol. 2(76)
55-66
EN
Researches compare the current macroeconomic indicators of Ukraine and some other countries Ukraine conducts trade with: Gross domestic product, inflation rates, current accounts, interbank interest rates etc. The influence of inflation on Gross domestic product was researched. A misalignment of actions of the government and the National Bank was detected as one of the key problems of Ukrainian economy. Results of the comparative analysis indicate the ways of improvement of monetary and fiscal policies in the light of eurointegration. This is connected with the need for an economic revival, lowering the fiscal pressure as well as inflation rate and interest rate; and the need for financial stability and trust towards the national currency and banking system as a whole.
2

CAUSAL RELATIONSHIP BETWEEN CURRENT ACCOUNT AND FINANCIAL ACCOUNT BALANCE IN SELECTED CEE COUNTRIES

100%
Turan T.
Ekonomický časopis (Journal of Economics)
|
2015
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vol. 63
|
issue 9
959 – 974
EN
First, this paper examines the causal relationship between the current account and financial account then the current account and the main components of financial account and finally the financial account, saving, and investment in Croatia, Hungary, Poland, Romania and Slovenia. In this context we employ Toda-Yamamoto approach to Granger causality test by using the quarterly data. We find a causal relation running from the financial (current) account to the current (financial) account in Croatia (Poland) and Slovenia (Romania) while a bi-directional causality exists in the case of Hungary. We conclude that at least one component of financial account balance Granger causes current account in Croatia, Poland, Romania and Slovenia while the causality running from the current account to at least one component of financial account in Poland, Romania and Hungary. It seems that the financial account Granger causes the saving in Hungary and investment in Croatia while the causality running from the saving in Romania and investment in both Croatia and Poland to the financial account.
3

IMBALANCES AND DEBT CRISIS IN THE EURO AREA

100%
Sipko J.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 3
265 – 284
EN
The main goal of the article is to analyse some critical macro and microeconomic indicators between 1995 and 2012 in EU member states, but in particular, in the Euro Area. By using quantitative and comparative analysis, the paper found that there is a trend of both internal and external imbalances within the single currency area. Both regression and correlation analysis indicated statistically significant relations between the key macro and microeconomic indicators, such as the current account, market share, net international investment position, fiscal deficit and public debt, including imbalances in the TARGET2 system. Based on this, the paper came to the conclusion that put the economies on a sustainable, solid and balanced economic growth path in the euro-zone countries, comprehensive structural reform agenda is needed, adopting and implementing the medium-term fiscal consolidation plans a the creation of banking union would be critical.
4

DETERMINANTS OF EXPORT AND IMPORT FUNCTIONS IN THE EU MEMBER COUNTRIES

86%
Mirdala R., Semančíková J., Ruščáková A.
Ekonomický časopis (Journal of Economics)
|
2019
|
vol. 67
|
issue 9
901 – 930
EN
Current account imbalances and their sustainability in the EU member countries has been examined in the recent empirical literature since the establishment of the Euro Area. Deeper trade integration within the EU is generally beneficial. However, international fragmentation of production resulting from emergence of global value chains deepens external imbalances due to persisting differences in macroeconomic performance among member countries. The main objective of the paper is to examine effects of price and non-price determinants of exports and imports in 21 EU member countries. We have estimated the determinants of export and import demand functions in the 21 EU member countries. Our results indicate the high role of imports in aggregate export functions, while aggregate functions indicated a high contribution of domestic demand to the imports dynamics. Disaggregated analysis revealed the importance of intermediates in the external trade within and outside the EU from territorial and commodity aspects.
5

HOW DO OIL PRICE CHANGES AFFECT THE CURRENT ACCOUNT BALANCE? EVIDENCE FROM CO-INTEGRATION AND CAUSALITY TESTS

86%
Turan T., Karakas M., Ozer H. A.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 1
55 – 68
EN
This paper examines the relationship between the global oil prices and current account balances in Czech Republic, Hungary, and Poland by using ARDL and causality analysis. Our estimates indicate that there is a co-integrating relationship among the global oil price, current account balance, GDP growth rate, and real exchange rate in the sample countries. We find that a change in oil price has a significant effect on the current account balance in Poland and Czech Republic. Additionally, our results suggest that a change in the growth rate exerts a significant effect on the current account in these two countries. Moreover, there is a causal relationship running from the oil prices to current account balances in all sample countries in the short run. Furthermore, it seems that the growth rates Granger cause the current account in Czech Republic and Hungary in the short run. Finally, we also detect a long run and strong causality between variables in some cases.
6

TEST OF INTER-TEMPORAL MODEL OF CURRENT ACCOUNT: EVIDENCE FROM THE CZECH REPUBLIC, HUNGARY, POLAND AND SLOVAKIA

72%
Pošta V.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 9
897 – 917
EN
A current account may be viewed as an indicator of an imbalance between savings and investments in an economy. One of the key issues is the degree to which consumption is sensitive to actual temporary changes in current income. Modern inter-temporal approach builds on permanent income hypothesis, which concludes that the sensitivity of consumption (and savings) to temporary changes in income is low. The paper formulates a simple inter-temporal model of current account and employs the present value test of the model in the cases of the Czech Republic, Hungary, Poland and Slovakia. It further focuses on the role of habits in modelling current accounts. The results show that a simple inter-temporal model has some descriptive power, especially in the case of the Czech Republic, but overall it gives rather poor results. It is the assumption that the economy consists strictly of Ricardian agents that seems to be the main reason behind the empirical failure.
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