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2015 | nr 1 | 59--74
Tytuł artykułu

Economic Development in the Visegrad Countries from the Perspective of Macroeconomic Imbalance Procedure

Treść / Zawartość
Warianty tytułu
Języki publikacji
EN
Abstrakty
EN
The seriousness of problems stemming from macroeconomic imbalances in the EU and particularly in the euro area contributed to introduction of the Macroeconomic Imbalances Procedure which also includes a scoreboard of 11 indicators. The results of the scoreboard serve as an alert mechanism and are interpreted from an economic perspective with a view to identifying developments in the member states that may point to a risk of imbalances. The aim of the paper is to evaluate the risk of imbalances in the Visegrad countries using selected indicators from the scoreboard. Furthermore, the author extends the existing scoreboard methodology of absolute indicators by implementation of relative indices that are more valuable for effectiveness of the policy making process. The results suggest that the only Visegrad country with a significant risk of imbalances is Hungary. However, the relative indicators revealed a sign of possible imbalances also in the Czech Republic and Poland.(original abstract)
Rocznik
Numer
Strony
59--74
Opis fizyczny
Twórcy
  • Wyższa Szkoła Finansów i Prawa w Bielsku-Białej
Bibliografia
  • [1] . Bobeva, D., 2013. The new EU Macroeconomic Imbalances Procedure and its Relevance for the Candidate Countries. Journal of Central Banking Theory and Practice, vol. 2, issue 1, pp. 69-88.
  • [2] . Buti, M., 2011. Balancing Imbalances: Improving Economic Governance in the EU after the Crisis. CESifo Forum, issue 2/2011, pp. 3-11.
  • [3] . Gros, D., 2012. Macroeconomic Imbalances in the Euro Area: Symptom or cause of the crisis? CEPS Policy Brief, No. 266. [online]. [2014-07-03]. Available from: http://www.ceps.be/system/files/book/2012/04/PB266 DG on Macroeconomi c Imbalances in the Euro Area .pdf
  • [4] . Gros, D. and A. Giovannini, 2014. The "Relative" Importance of EMU Macroeconomic Imbalances in the Macroeconomic Imbalance Procedure. IAI Documenti 14/02. [online]. [2014-07-03]. Available from: http://www.ceps.be/system/files/Relative importance of EMU Macroeconomic Imbalance s.pdf
  • [5] . European Commission, 2010. The Impact of the Global Crisis on Competitiveness and Current Account Divergences in the Euro Area. Quarterly Report on the Euro Area, vol. 9, issue 1. [online]. [2014- 07-03]. Available from: http://ec.europa.eu/economy _finance/publications/qr_euro_area/2010/pdf/qrea201001 en.pdf
  • [6] . European Commission, 2013. Alert Mechanism Report 2014. [online]. [2014-07-03]. Available from: http://ec.europa.eu/ europe2020/pdf/2014/amr2014_en.pdf
  • [7] . European Commission, 2014. Results of in-depth reviews under Regulation (EU) No 1176/2011 on the prevention and correction of macroeconomic imbalances. [online]. [2014-07-03]. Available from: http://ec.europa.eu/economy_finance/economic_governance/ documents/2014-03-05_in-depth_reviews_communication_en.pdf
  • [8] . Nayman, L., S. Piton and A. Benassy-Quere, 2012. Six pack: the case for a simplified scoreboard. CEPII le blog. [online]. [2014-07- 07]. Available from: http://www.cepii.fr/BLOG/en/post.asp? IDcommunique=162
  • [9] . Stavarek, D., 2013. Cyclical relationship between exchange rates and macro-fundamentals in Central and Eastern Europe. Ekonomska Istrazivanja - Economic Research, vol. 26, issue. 2, pp. 83-98.
Typ dokumentu
Bibliografia
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Identyfikator YADDA
bwmeta1.element.ekon-element-000171438862

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