Abstract: The exchange rate is a pivotal pricing instrument that simultaneously impacts various components of the economy. Depreciation of nominal exchange rate is export promoting, which might be a desired export-led growth policy, and particularly critical to closing-down the widening current account imbalance. However, negative effects resulting from high dollarization and high share of imported intermediate inputs can outweigh positive effect. The aim of this research is to quantify impact of change in nominal exchange rate and test contractionary depreciation hypothesis on Georgian economy using structural and Bayesian vector autoregression. According to the acquired results, appreciation of nominal exchange rate is expected to decrease inflation, monetary policy rate, interest rate on domestic currency loans and economic growth in the medium run; however, impact on economic growth in the short run is statistically not significant.
Abstract: The concept of competitiveness is currently very
frequently used term. However, the interpretation of its essence is
different. In this paper, one of the many concepts of competitiveness
will be analyzed and that is macroeconomic competitiveness, which
is understood as a process, which is based on the productivity growth
through the growth of key macroeconomic indicators such as
standards of living and employment, where all of these variables
must have a sustainable basis. Given the competition is a relative
quantity it must be constantly compared with the development of
competitiveness in other economies or regions. And this comparison
method is also used in the article that compares the macrocompetitiveness
of selected economies of the European Economic
Area – the Czech Republic, Poland, Austria, Switzerland and
Germany. The aim of the paper is to verify the hypothesis concerning
the direct correlation between the size of the economy and its
competitiveness.
Abstract: This article considers with the influence of selected economic indicators for the development of the Zlin region. Development of the region is mainly influenced by business entities which are located in the region, as well as investors who contribute to the development of regions. For the development of the region it is necessary for skilled workers remain in the region and not to leave these skilled workers. The above-mentioned and other factors are affecting the development of each region.
Abstract: This study investigates the relationship between 10
year bond value, Yen/U.S dollar exchange rate, non-farm payrolls (all
employs) and crude oil to U.S. Dow Jones Sustainability Index. A
GARCH model is used to test these relationships for the period
January 1st 1999 to January 31st 2008 using monthly data. Results
show that an increase of the 10 year bond and non farm payrolls (all
employs) lead to an increase of the D.J.S.I returns. On the contrary
the volatility of the Yen/U.S dollar exchange rates as well as the
increase of crude oil returns has negative effects on the U.S D.J.S.I
returns. This study aims at assisting investors to understand the
influences certain macroeconomic indicators have on the companies-
stock returns as reported by the D.J.S.I.