THE IMPACT OF MONETARY VARIABLES ON THE ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT: CASE OF SELECTED COUNTRIES

Kód výsledku v IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F70883521%3A28120%2F17%3A63510220" target="_blank" >RIV/70883521:28120/17:63510220 - isvavai.cz</a>

Nalezeny alternativní kódy

RIV/61384399:31130/17:00051098

Výsledek na webu

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DOI - Digital Object Identifier

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Jazyk výsledku

angličtina

Název v původním jazyce

THE IMPACT OF MONETARY VARIABLES ON THE ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT: CASE OF SELECTED COUNTRIES

Popis výsledku v původním jazyce

For establishing the best monetary policy it is essential to know if in practice monetary variables determine gross domestic product (GDP) in constant prices. Price stability contributes to the formation of stable environment for the development of commer - cially sustainable activities and expresses the responsibility of central banks for sustainable industrial development. It contributes to maximizing the GDP, employment, stable interest rates and sustainable economic development which have consequences for house- holds’ welfare as well as enterprises’ value maximization. For a set of more monetary variables, we identified that in Romania money aggregates M2 and M3 as well as internal credit were strongly correlated with GDP over the time period 1995:Q1-2015:Q4, while in Slovakia only M2 and M3 were strongly correlated with GDP in the same time period. Contrary to expectations, according to a Bayes- ian linear regression, the internal credit changes had a negative impact on economic growth on the overall period. This conclusion is consistent with other empirical studies. This paper’s analysis discovered that the aforementioned negative correlation is due to the crisis period, because the regime-switching Bayesian model indicated that only in times of economic contraction changes in internal credit negatively affected economic growth

Název v anglickém jazyce

THE IMPACT OF MONETARY VARIABLES ON THE ECONOMIC GROWTH AND SUSTAINABLE DEVELOPMENT: CASE OF SELECTED COUNTRIES

Popis výsledku anglicky

For establishing the best monetary policy it is essential to know if in practice monetary variables determine gross domestic product (GDP) in constant prices. Price stability contributes to the formation of stable environment for the development of commer - cially sustainable activities and expresses the responsibility of central banks for sustainable industrial development. It contributes to maximizing the GDP, employment, stable interest rates and sustainable economic development which have consequences for house- holds’ welfare as well as enterprises’ value maximization. For a set of more monetary variables, we identified that in Romania money aggregates M2 and M3 as well as internal credit were strongly correlated with GDP over the time period 1995:Q1-2015:Q4, while in Slovakia only M2 and M3 were strongly correlated with GDP in the same time period. Contrary to expectations, according to a Bayes- ian linear regression, the internal credit changes had a negative impact on economic growth on the overall period. This conclusion is consistent with other empirical studies. This paper’s analysis discovered that the aforementioned negative correlation is due to the crisis period, because the regime-switching Bayesian model indicated that only in times of economic contraction changes in internal credit negatively affected economic growth

Druh

J_SC - Článek v periodiku v databázi SCOPUS

CEP obor

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OECD FORD obor

50202 - Applied Economics, Econometrics

Projekt

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Návaznosti

V - Vyzkumna aktivita podporovana z jinych verejnych zdroju

Rok uplatnění

2017

Kód důvěrnosti údajů

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

Název periodika

Journal of Security and Sustainability Issues

ISSN

2029-7017

e-ISSN

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Svazek periodika

6

Číslo periodika v rámci svazku

3

Stát vydavatele periodika

LT - Litevská republika

Počet stran výsledku

8

Strana od-do

383-390

Kód UT WoS článku

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EID výsledku v databázi Scopus

2-s2.0-85016107793