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Financial Policies and Dynamic Game Simulation in Poland and Hungary

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  • Yoshino, Hisao
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    Abstract

    Recently, steady economic growth rates have been kept in Poland and Hungary. Money supplies are growing rather rapidly in these economies. In large, exchange rates have trends of depreciation. Then, exports and prices show the steady growth rates. It can be thought that per capita GDPs are in the same level and development stages are similar in these two countries. It is assumed that these two economies have the same export market and export goods are competing in it. If one country has an expansion of monetary policy, price increase and interest rate decrease. Then, exchange rate decrease. Exports and GDP will increase through this phenomenon. At the same time, this expanded monetary policy affects another country through the trade. This mutual relationship between two countries can be expressed by the Nash-equilibrium in the Game theory. In this paper, macro-econometric models of Polish and Hungarian economies are built and the Nash- equilibrium is introduced into them.

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    File URL: http://ir.ide.go.jp/dspace/bitstream/2344/844/1/187_yoshino.pdf
    File Function: First version, 2009
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    Bibliographic Info

    Paper provided by Institute of Developing Economies, Japan External Trade Organization(JETRO) in its series IDE Discussion Papers with number 187.

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    Date of creation: Mar 2009
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    Publication status: Published in IDE Discussion Paper. No. 187. 2009. 03
    Handle: RePEc:jet:dpaper:dpaper187

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    Related research

    Keywords: East Europe; Poland; Hungary; Monetary policy; Nash-equilibrium; Game theory; Macro-econometric model; Trade; Simulation; Reaction function; Money supply; Central bank;

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