The Impact of Monetary Variables on the Economic Growth and Sustainable Development:  Case of Selected Countries

Korauš, Antonín; Simionescu, Mihaela; Bilan, Yuriy; Schönfeld, Jaroslav

doi:10.9770/jssi.2017.6.3(5)

Cited by 15 publications

(13 citation statements)

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“…As Leitão showed that there is not any consensus in literature regarding to support that domestic credit stimulates the economic growth (Leitão 2013). Leitão observed a positive correlation between GDP and credit using a dynamic panel data for BRIC countries (Brazil, Russia, China, India) and for the European Union member states during the period 1980-2006(Leitão 2010 (Levine 1997;Sanchez, Yu 2011;Korauš et al 2017). In this case, the internal credit discouraged the investment and saving that might support the economic growth of a country.…”

Section: ) + C(10)·d(gdp_sa(-1)) + C(11)·d(gdp_sa(-2)) + C(12)·dmentioning

confidence: 98%

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The Impact of Money on Output in Czech Republic and Romania

Simionescu¹,

Balcerzak

Bilan

et al. 2018

Journal of Business Economics and Management

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Abstract. The problem of relationship between output and money has become again a subject of special interests of economists after the most recent global financial crisis and monetary stabilization policies applied by central banks of almost all developed economies. In this context, the main aim of this paper is to assess the relation between GDP and the most important monetary variables in two countries: Romania and Czech Republic over the period of 1995:Q1 -2015:Q4. The choice of these economies was deliberate. The selected countries are different from the viewpoint of rate and results of transformation from the centrally planned to market economy, which have influenced their current economic environment stability. Czech Republic is currently classified as middle or even developed country, whereas Romania is still considered as a developing economy. Thus, differences between these two countries make them interesting in the case of comparative studies. In the empirical part of our research the vector error correction models (VECM) were applied. The main findings of the article are the following: in Romania, there is a short-run causality from money supply (M3) to GDP and a long-run relationship between GDP, internal credit and M3. According to Granger causality test, the rate of M3 in Romania was a cause for economic. In Czech Republic, there is a short-run causality from M3 to GDP and a long-run causality between GDP, internal credit and M3. Thus, the results contradict the money neutrality hypothesis in post-transformation Central European economies.

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Section: ) + C(10)·d(gdp_sa(-1)) + C(11)·d(gdp_sa(-2)) + C(12)·dmentioning

confidence: 98%

“…For Romania and Slovak Republic, a Bayesian approach put into evidence the negative impact of internal credit on output growth in the period 1995-2016 (Korauš et al 2017). This negative correlation might be explained by the changes brought by the global economic crisis.…”

Section: Review Of Previous Empirical Research For Highly Developed Amentioning

confidence: 99%

The Impact of Money on Output in Czech Republic and Romania

Simionescu¹,

Balcerzak

Bilan

et al. 2018

Journal of Business Economics and Management

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“…Such studies are more systematic and make it possible to assess the situation more comprehensively and objectively. In particular, the study on the economic growth factors in V4 countries (Czech Republic, Hungary, Poland, and Romania (Simionescu et al (2016(Simionescu et al ( , 2017 Korauš et al (2017) empirically analyzes data from 2003-2016 using the Bayesian generalized ridge regression. Direct foreign investment, which has essentially contributed to economic development, has been considered a significant factor among a wide range of indicators for these countries, and only in the Czech Republic education spending is the most important driver.…”

Section: Literature Reviewmentioning

confidence: 99%

The impact of the economy financialization on the level of economic development of the associate EU member states

Shkolnyk

Kozmenko

et al. 2019

Economics &Amp; Sociology

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Dynamic development of the financial system has an increasing impact on the state and development of both national economies and the world economy. This problem is especially acute in developing countries and is predetermined by their economic, social and political development. It also requires constant evaluation and control over the level of their economic development in terms of financialization. Within the framework of the European Neighborhood Policy, the EU cooperates with the countries of the region to deepen and strengthen the relations and helps to increase the stability and sustainability of its Eastern neighbors. Ukraine, Moldova, and Georgia today are currently Associated Eastern Partnership members. Using the panel data for these countries over the period of 2007-2017, the relationship between economic growth and indicators of financialization of the economies was determined. To this end, a fixed-effect regression model, the statistical adequacy of which was confirmed by many indicators (significance levels, Rsquared coefficients, the Breusch-Pagan test), is also used. It was determined that employment, exports of goods and services, added value created in the industrial sector, the ratio of bank capital and reserves to total assets, the share of М1 monetary aggregate in GDP, deposit rate, and Gini index had a positive influence on economic growth of the countries in question.

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“…Among other studies offering econometric models for the variables in question, one can also mention Dougherty, (1992), Goldberger (1990), Greene (1993), Pindyck and Rubinfeld (1991), Simionescu et al (2016), Korauš et al (2017), Kasperowicz (2014), Kaigorodova et al (2018), Fashina et al (2018).…”

Section: Introductionmentioning

confidence: 99%

Forecasting and management of gross domestic product

Oliinyk

Kozmenko

2019

Journal of International Studies

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Given that in order to predict the economic growth of a country, the dynamics of its GDP should be considered, and the forecast itself should be made taking into account the difference between actual and estimated figures, the article discusses the problems of GDP management and its optimal distribution. The use of averages to determine economic parameters is also analyzed. The correspondence of the regression formula and the Cauchy boundary value problem is considered. The problem of managing the GDP components to obtain the necessary characteristics of GDP growth is solved using Pontryagin Maximum Principle. As an example, several options of the optimal GDP distribution (constant prices, national currency) for China in 2016-2020 are considered. Numerical results are reported and adjusted for the discount factor. Based on the calculations, it is shown that in 2017-2018, GDP increases and in 2019-2020 it decreases.

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The Impact of Monetary Variables on the Economic Growth and Sustainable Development: Case of Selected Countries

Cited by 15 publications

References 0 publications

The Impact of Money on Output in Czech Republic and Romania

The Impact of Money on Output in Czech Republic and Romania

The impact of the economy financialization on the level of economic development of the associate EU member states

Forecasting and management of gross domestic product

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