Formal model of economy in transition - case of Slovak republic
AbstractThis paper aims at constructing a model of a small open economy of the Slovak Republic. In essence, the model represents a synthesis of already published modifications of the Mundell - Fleming type of models, describing the market of goods and services in interaction with the money market and paying special attention to foreign trade. As the model construction is aimed at providing a tool for qualitative analyses, the model equations are specified in linear functional form - in order to obtain analytic solutions. Theoretical analyses are confronted with the empirical verification of the constructed model. Not surprisingly, historical experience represented by data on Slovak economy in transition reveals that complex structure of the model degenerates to a much simpler form in early years of transition. It is understood and verified that several economic principles guiding market economies do not apply in transition (e.g. investments evolve independently of interest rates).
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Politická ekonomie.
Volume (Year): 2006 (2006)
Issue (Month): 2 ()
Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes
- E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- P24 - Economic Systems - - Socialist Systems and Transition Economies - - - National Income, Product, and Expenditure; Money; Inflation
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