The impact of monetary and non-monetary factors on GDP dynamics of the Visegrad Group countries

• Autorzy: Goliuk V.
• Języki publikacji: EN

Abstrakty

EN

The aim of the article isto identify the factors affecting economic growth of the Visegroup countries. Linear regression have been exploitedto analyze the impact of both monetary and non-monetary factors on gross domestic product dynamics of Poland, Check Republic, Slovakia and Hungary. The study have revealed that both monetary and non-monetary factors have impact on GDP dynamics of the Visegrad Group countries, but household final consumption,exports of goods and services, inflation, high-technology exports and broad money growth show the highest correlationwith GDP of the countries. All regression models consider GDP dynamics as dependent variable. Collinearity of certain predictor variables have notallowed using the most significant factors to develop linear regression models. As a result, independent variables sets are not those of the highest statistical significance. Therefore, regression model of Poland includesin flation, high-technology exports and real interest rate as predictor variables. Regression model of Check Republic shows the correlation between GDP dynamics as dependent variable and high technology exports, domestic credit provided by financial sector and broad money growth as independent ones. The following independent variables areused to develop the regression line of Slovakia: domestic credit provided by financial sector and broad money growth. Linear regression model of Hungary includesin flation and foreign direct investmentas predictors. The study have confirmed the strong positive effect making by foreign direct investment on economic growth of the post-communist countries.The research results also contribute to the thesis about low inflation as one of the key factors of economic growth in the Central European countries. The study also have proved the significant effect on economic growth made by domestic credit provided by financial sector and significant correlation between GDP dynamics and export of goods and services

• Wydawca: -
• Czasopismo: World Scientific News
• Rocznik: 2016
• Tom: 57 Special Volume
• Opis fizyczny: p.267-281,ref.

Twórcy

autor

Goliuk V.

• Department of Management, National Technical University of Ukraine, “Igor Sikorsky Kyiv Polytechnic Institute”, 37/1 Peremohy ave, 03056, Kyiv, Ukraine

Bibliografia

• [1] R. J. Barro, National Bureau of Economic Research, 5698 (1996).
• [2] B. Florin Filip, Ecoforum,Volume 4, Issue 2(7)(2015).
• [3] A. Chubrik, The International Workshop, Lithuania –Nordic Research Networking in Social Sciences 2003–2004, May 14–15, 2004, Lithuania, Vilnius.
• [4] J. Fidrmuc, European Journal of Political Economy 9 (2003) 583-604.
• [5] P. Hlavacek, B. Bal-Domanska, Inzinerine Ekonomika-Engineering Economics 27(3)(2016) 294-303.
• [6] R. Jimborean and A. Kelber, La Banque de France, Direction générale des études et des Relations internationales, June (2014).
• [7] A. Kutan, J. Brada, Federal Reserve Bank on St.Louis. Review, March/April(2000).
• [8] P. Upreti, Major Themes in Economics, Spring, (2015) 37-54.
• [9] M. Próchhiak, Post-Communist Economies, 23(4)(2011).
• [10] World development indicators, World Data Atlas, Knoema, August (2016).

Uwagi

EN

1st INTERNATIONAL SCIENTIFIC CONFERENCE, dilemmas of scientific research in various fields of science: natural sciences, science and technology, economic and social sciences, humanistic sciences, 10th October, 2016, Cracow, Poland