Macro-Stabilisation Issues in the Serbian Economy: Methodological Evaluation

Zaman, Constantin; Drcelic, Branko

doi:10.2139/ssrn.1521660

Cited by 8 publications

(8 citation statements)

References 8 publications

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“…Macroeconomic stability was measured using a GDP annual, the volume of industrial products (goods, services) sold, and Ukraine trade balance. The justification for using GDP as a proxy is based on similar contemporary studies which conducted cross-country analyses such as Bilan et al (2018), Kendiukhov and Tvaronavi cien_ e (2017), Kolodko (1993), Mo zdzierz (2019), Naghshpour (2019), Remeikiene et al (2018), Simionescu et al (2017), Zaman and Drcelic (2009). For the macroeconomic stability construct in line with earlier studies such as Sadalia et al (2019), Santosa (2018), the volume of industrial products (goods, services) sold was used as a proxy.…”

Section: Data Collection and Measure Of The Constructmentioning

confidence: 99%

Trust crisis in the financial sector and macroeconomic stability: a structural equation modelling approach

Brychko

Bilan

Lyeonov

et al. 2020

Economic Research-Ekonomska Istraživanja

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Although the growing body of literature that recognises a destabilising role of the trust crisis in the macroeconomic stability, the understanding of mediational pathways remains limited. The current paper fills the gap by contributing to the existing literature by examining closely the mediating effect of the trust crisis in the financial sector on the indicators of macroeconomic stability due to the anticipated impact of the financial intermediation development and the monetary policy transmission mechanism, as well as their combinatorial impact. A method of structural equation modelling was used to analyse the input data. It has been empirically confirmed that exacerbation of the trust crisis in the financial sector without the use of regulatory measures is detrimental to macroeconomic stability. The results of the mediation analysis show that transmission channels of the monetary policy mechanism and developed financial sector mitigate the harmful effects of deepening the trust crisis in the financial sector and lead to an increase in macroeconomic stability indicators. From a practical perspective, the findings revealed that interest, credit, and currency channels of the monetary policy transmission mechanism could be used to cope with the erosion of the trust crisis in the financial sector to macroeconomic stability.

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Section: Data Collection and Measure Of The Constructmentioning

confidence: 99%

Trust crisis in the financial sector and macroeconomic stability: a structural equation modelling approach

Brychko

Bilan

Lyeonov

et al. 2020

Economic Research-Ekonomska Istraživanja

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“…Also, we used macroeconomic stability index (Zaman and Drcelic, 2009) and Worldwide Government Indicators as efficiency criteria of political institutions (Kaufmann et al, 1999;Kaufmann et al, 2004). These were namely: voice & accountability (WGIViA), political stability (WGIPS) and lack of violence, government effectiveness (WGIGE), regulatory quality (WGIRQ), rule of law (WGIRL), and control of corruption (WGICC).…”

Section: Methodsmentioning

confidence: 99%

Untitled

Bilan

Raišienė

Vasilyeva

et al. 2019

VPA

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The purpose of this article is to propose the integrated index of Public Governance efficiency based on the Fishburne's method, considering the impact's power and direction of the different sub-indexes (Worldwide Government Indicators) on macroeconomic stability and eliminating the issue of multicollinearity. The object of the study was 11 European countries that had two common features: 1) in the political sphere, during 1990-1992 the countries started the political transformation process by refusing the monopoly of the communistic regime; 2) in the economic sphere, the countries experienced transformation from planned to market economy. Based on these criteria, the following countries were selected: Lithuania, and Ukraine. The research findings proved a connection between the political and social determinants and the macroeconomic stability for the all the countries. Moreover, the research results confirmed the existence of a cycle of social and political conflict, which depends on inter-relation of Public Governance and the Yuriy Bilan, Agota Giedrė Raišienė, Tetyana Vasilyeva, Oleksii Lyulyov, Tetyana Pimonenko. Public Governance efficiency and macroeconomic stability: examining convergence of... 242society, where the efficiency of Public Governance cannot be achieved without the support from the society, and the society cannot cooperate with non-effective Public Governance.

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“…For instance, high foreign debt is not necessarily showing low macroeconomic stability alone, if the debt is used for investment purposes which will increase the growth rates. In most of the cases, the macroeconomic stability is evaluated through ve basic indicators (Zaman and Drcelic, 2009): a) GDP growth rate, showing the overall potential of the economies to sustain a positive economic growth.…”

Section: Macroeconomic Stability Indexmentioning

confidence: 99%

“…For the scal balance, the upper limit of 2% and the lower limit of -10% are selected. Zaman and Drcelic (2009) preferred to use 2.5% in ation for the analysis of the Serbian economy for the lower limit. Since most of the central banks use an in ation target of 2%, we use 2% instead of 2.5%.…”

Section: Macroeconomic Stability Indexmentioning

confidence: 99%

The Role of Macroeconomic Stability in Current Account Balances

Çetrez

Altaylıgil

2021

Preprint

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The role of macroeconomic stability in current account balances has not been studied with a calculated index in the literature until now. It is aimed to find out the role of macroeconomic stability in current account balances for the first time in the study. The analysis is completed for the period between 1980 and 2016 for 97 countries. The macroeconomic stability is represented by an index which is created with inflation rate, growth rate, unemployment rate and fiscal balance data of all the countries. It is found out that the macroeconomic stability is one of the important determinants of current account balances like institutional quality and financial development. It has a negative and statistically significant relationships with current account balances for four different country groups which are developing countries, all countries except industrial, all countries except industrial and African countries, and all countries. Results show that the macroeconomic stability is especially important for the developing countries rather than high income countries.

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Macro-Stabilisation Issues in the Serbian Economy: Methodological Evaluation

Cited by 8 publications

References 8 publications

Trust crisis in the financial sector and macroeconomic stability: a structural equation modelling approach

Trust crisis in the financial sector and macroeconomic stability: a structural equation modelling approach

Untitled

The Role of Macroeconomic Stability in Current Account Balances

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