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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.
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.
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