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1

PRODUCER PRICE INDEX AND CONSUMER PRICE INDEX: CAUSALITY IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

100%
Khan K., Su C.-W., Tao R., Lobonț O.-R.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 4
367 – 395
EN
This article uses the bootstrap panel Granger causality to analyse the link between the Producer Price Index (PPI) and Consumer Price Index (CPI) in ten Central and Eastern European (CEE) countries. The result of cross-sectional dependency and slope homogeneity shows that PPI and CPI vary in different countries. However, the result indicates that PPI influences CPI in the sense of Granger causality in five CEE countries; namely, Latvia, Lithuania, Romania, Slovakia and Slovenia. The findings support the moderate inflation model in the significant countries, which explain that PPI is a primary contributing factor of CPI. On the other hand, CPI has a significant impact on the PPI only in Hungary. The results are useful for policy makers of these countries to formulate inflation targeting policies with greater attention towards the PPI.
2

THE CONTRIBUTION OF TOURISM TO THE LONG-RUN TURKISH ECONOMIC GROWTH

100%
Ongan S., Demiröz D. M.
Ekonomický časopis (Journal of Economics)
|
2005
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vol. 53
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issue 9
880-894
EN
This paper empirically investigates the impact of international tourism receipts on the long-run economic growth of Turkey. For this purpose, tourism-led growth hypothesis is tested by using co-integration and Granger causality testing. The causal relationship between international tourism receipts and GDP is examined for the period 1980Q1-2004Q2. Johansen technique is used and vector error correction modelling (VECM) is incorporated into the Granger causality tests. The empirical results suggest that there are bidirectional causal relationships between the two variables in both the short and the long-run. In other words, it can be said that economic growth contributes to the development of tourism while tourism contributes to the economic growth.
3

HOW DOES CORRUPTION IN CENTRAL AND EASTERN EUROPE HURT ECONOMIC GROWTH? GRANGER TEST OF CAUSALITY

88%
Grochová L., Otáhal T.
Ekonomický časopis (Journal of Economics)
|
2013
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vol. 61
|
issue 6
563 – 577
EN
The paper explains theoretical framework of how corruption hurts economic growth and reveals its application difficulties. Comparing views on corruption in terms of the problem of agency and the problem of rent-seeking we argue that corruption in general is the problem of legal setting and its enforcement and, if badly established, it does not promote economic growth. To verify the theoretical argument we present empirical Granger causality test to demonstrate that corruption precedes economic growth in Central and Eastern Europe. This means that legal setting and its enforcement rather allow for rent-seeking than promote economic growth. As a consequence we emphasize the necessity to focus on institutional framework to fight corruption and support economic growth.
4

A NOTE ON THE INTERTEMPORAL RELATION BETWEEN MONEY AND PRICES IN POLAND

88%
Jablecki J.
Studia Ekonomiczne (Economic Studies)
|
2008
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issue 3-4(58-59)
257-272
EN
In this article Lucas's (1980) filtering technique is used to extract the trend components from M3 growth and CPI inflation in Poland over the period 1996-2007. On the basis of correlations and graphical analysis three conclusions are reached regarding the relationship between the two series: (1) The correlations between money growth and inflation increase substantially as the filter suppresses the high-frequency components of the data, revealing an almost one-for-one relation between the trends. (2) Changes in the growth rate of M3 affect the rate of inflation after about a year, suggesting that the time lag is significantly shorter in Poland than in such developed countries as the US or the UK. (3) The pattern of Granger causality is univariate for both the filtered and unfiltered data, running from money to prices. The article closes with some remarks on the usefulness of the obtained results in the light of ongoing controversy over the use of monetary aggregates in monetary policy.
5
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Influence of regulations on exchange rates behaviour - an econometric analysis

88%
Syczewska E. M.
Roczniki Kolegium Analiz Ekonomicznych
|
2005
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vol. 14
205-227
EN
The authoress studies behaviour of several daily exchange rates, published by the NBP, for period January 4th 1993-January 31st 2005. The aim is to check whether such major events as changes in exchange rate regimes, switch to floating rate, regulation changes concerning freedom of entrance of the EU financial institutions, and, last but not least, the EU accession would show as significant in econometric analyses. She uses tools ranging from visual inspection of the spectrum of a series, through the Granger causality tests to the formal regression tests. Explanatory variables for the squared logarithmic returns are: series of the main interest rate, of the devaluation rates, and dummy variables. She compares also ratios of the average squared logarithmic returns in periods before and after moments of the regulation changes. She shows that for most events, the change of regulation lead to increase of volatility; not all regulations were significant for all the currencies. The EU accession seems to diminish volatility of returns.
6

Analiza przyczynowości pomiędzy cenami węgla koksowego, koksu i stali w latach 2003–2010

88%
Śmiech S., Papież M.
Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
|
2012
|
issue 878
57-71
EN
Using quarterly data for the years 2003–2010, the authors describe the coking coal, coke and steel markets to determine whether there is a correlation between the market prices of coke, coking coal and steel. Coke, coking coal and scrap are all used to produce steel, and therefore the price of steel should depend on these raw materials. The price of steel also depends mainly on economic conditions. Vector autoregression models (VAR) are employed in the analysis.
7

RELATIONSHIP BETWEEN GDP GROWTH AND OIL AND NATURAL GAS CONSUMPTION IN EU COUNTRIES

75%
Obadi S. M., Korček M.
Ekonomický časopis (Journal of Economics)
|
2014
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vol. 62
|
issue 3
249 – 264
EN
Crude oil and natural gas, as energy carriers forming the basis of European Union countries energy mix, are nowadays at the heart of policy measurements aiming at lowering their consumption with respect to environmental and security threats associated with them. In this article we used Granger causality test in order to examine whether there exists the possibility of negative consequence related to the implementation of such policy for economic development of the EU countries. Based on results we conclude the persistence of continuing existence of environmental risks in relation to restarting economic growth. The absence of more significant influence of oil and gas consumption on economic growth can be perceived positively.
8

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

75%
Obadi Saleh M., Othmanová S.
Ekonomický časopis (Journal of Economics)
|
2012
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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.
9

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

75%
Boďa M., Pinter Ľ., Zimková E.
Ekonomický časopis (Journal of Economics)
|
2014
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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.
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