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The impact of monetary variables on the economic growth and sustainable development: Case of selected countries

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dc.title The impact of monetary variables on the economic growth and sustainable development: Case of selected countries en
dc.contributor.author Korauš, Anton
dc.contributor.author Simionescu, Mihaela
dc.contributor.author Bilan, Yuriy
dc.contributor.author Schönfeld, Jaroslav
dc.relation.ispartof Journal of Security and Sustainability Issues
dc.identifier.issn 2029-7017 Scopus Sources, Sherpa/RoMEO, JCR
dc.date.issued 2017
utb.relation.volume 6
utb.relation.issue 3
dc.citation.spage 383
dc.citation.epage 390
dc.type article
dc.language.iso en
dc.publisher General Jonas Zemaitis Military Academy of Lithuania
dc.identifier.doi 10.9770/jssi.2017.6.3(5)
dc.relation.uri http://jssidoi.org/jssi/papers/papers/view/216
dc.subject Bayesian model en
dc.subject Credit en
dc.subject GDP en
dc.subject Money en
dc.subject Regime-switching model en
dc.subject Sustainable development en
dc.description.abstract For establishing the best monetary policy it is essential to know if in practice monetary variables determine gross domestic product (GDP) in constant prices. Price stability contributes to the formation of stable environment for the development of commercially sustainable activities and expresses the responsibility of central banks for sustainable industrial development. It contributes to maximizing the GDP, employment, stable interest rates and sustainable economic development which have consequences for households' welfare as well as enterprises' value maximization. For a set of more monetary variables, we identified that in Romania money aggregates M2 and M3 as well as internal credit were strongly correlated with GDP over the time period 1995:Q1-2015:Q4, while in Slovakia only M2 and M3 were strongly correlated with GDP in the same time period. Contrary to expectations, according to a Bayesian linear regression, the internal credit changes had a negative impact on economic growth on the overall period. This conclusion is consistent with other empirical studies. This paper's analysis discovered that the aforementioned negative correlation is due to the crisis period, because the regime-switching Bayesian model indicated that only in times of economic contraction changes in internal credit negatively affected economic growth. en
utb.faculty Faculty of Management and Economics
dc.identifier.uri http://hdl.handle.net/10563/1007096
utb.identifier.obdid 43876451
utb.identifier.scopus 2-s2.0-85016107793
utb.source j-scopus
dc.date.accessioned 2017-07-25T08:54:57Z
dc.date.available 2017-07-25T08:54:57Z
dc.rights Attribution 4.0 International
dc.rights.uri http://creativecommons.org/licenses/by/4.0/
dc.rights.access openAccess
utb.contributor.internalauthor Bilan, Yuriy
utb.fulltext.affiliation Anton Korauš1, Mihaela Simionescu2, Yuriy Bilan 3 , Jaroslav Schönfeld 4 1 Paneuropean University in Bratislava, Faculty of Economics and Entrepreneurship, Tematinská 10, 851 05 Bratislava, Slovak Republic 2 Institute for Economic Forecasting of the Romanian Academy in Bucharest, Romania 13, Calea 13 Septembrie, Bucharest, 050711, Romania 3 Centre of Applied Economic Research, Faculty of Management and Economics, Tomas Bata University in Zlin, Mostní 5139, 760 01, Zlin, Czech Republic, 4 University of Economics, Prague, Faculty of Business Administration, Department of Strategy, nám. W. Churchilla 4, Prague 3, 130 67, Czech Republic E-mails: 1 antonin.koraus@paneurouni.com; 2 mihaela_mb1@yahoo.com; 3 yuriy_bilan@yahoo.co.uk; 4 jaroslav.schonfeld@vse.cz
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