scholarly journals Exchange Rate Behaviour of East European Transitional Economies

2009 ◽  
Author(s):  
Catherine S. F. Ho
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Low Frequency ◽  
Transitional Economies ◽  
Data Sets ◽  
Eastern European ◽  
Data Set ◽  
East European ◽  
New Findings ◽  
Eastern European Countries

Eastern European countries, which are candidates for accord into the Exchange Rate Mechanism (ERM) and the eventual move towards Euro, fi nd exchange rate management a tedious challenge. This paper examines the underlying factors that move exchange rates and helps us to contribute towards streamlining policies and strategies in moving these countries forward. The new findings on exchange rate determinants for this group of transitional economies are based on parity factors as well as non-parity factor effects. The evidence that emerges from this paper is that non-parity factors including economic growth rate, current account and capital flows are significantly correlated with exchange rates. The results are robust whichever data set is used, high-frequency and low-frequency data sets.  

scholarly journals Effective Exchange Rates in Central and Eastern European Countries: Cyclicality and Relationship with Macroeconomic Fundamentals

2015 ◽  
Vol 15 (2) ◽  
pp. 157-177 ◽  
Author(s):  
Daniel Stavárek ◽  
Cynthia Miglietti
Keyword(s):  
Exchange Rate ◽  
Exchange Rates ◽  
Flexible Exchange Rate ◽  
European Countries ◽  
Eastern European ◽  
Macroeconomic Fundamentals ◽  
Effective Exchange ◽  
Exchange Rate Arrangements ◽  
Eastern European Countries

Abstract This paper examines the evolution of effective exchange rates in nine Central and Eastern European countries in terms of development trends, volatility and cyclicality. Consequently, it provides direct empirical evidence on the nature of the relationship between effective exchange rates and selected macroeconomic fundamentals, addressing a key precondition of numerous exchange rate determination models and theories that attempt to explain the role of exchange rates in the economy. The results suggest that flexible exchange rate arrangements are reflected in both nominal and real effective exchange rates having higher volatility and variability. Furthermore, the results provide mixed evidence in terms of intensity, direction and cyclicality, but show a weak correlation between exchange rates and fundamentals. Sufficiently high coefficients are found only for money supply. Consequently, using fundamentals for the determination of exchange rates and using the exchange rate to explain economic development may be of limited use for the countries analyzed.

scholarly journals History of sports medicine in east European countries

2015 ◽  
Vol 68 (1-2) ◽  
pp. 59-65
Author(s):  
Biljana Lazovic ◽  
Sanja Mazic ◽  
Marina Djelic ◽  
Jelena Suzic-Lazic ◽  
Radmila Sparic ◽  
...  
Keyword(s):  
Sports Medicine ◽  
Medical Knowledge ◽  
European Countries ◽  
Historical Background ◽  
Eastern European ◽  
Cultural Changes ◽  
East European ◽  
Psychological Pressure ◽  
History Of ◽  
Eastern European Countries

The purpose of this article is to provide a historical background of medicine, science and sports with the focus on the development of modern sports medicine in European countries, with an accent on Eastern European countries that have a long sports medicine tradition. The development of modern sports medicine began at the end of 19th and the beginning of 20th century, and it has been associated with social and cultural changes in the world of medicine, science and sports. Advanced medical knowledge, skills and practices, and the progress of scientific achievements enabled sports people to improve their performance level. Increased popularisation and commercialisation of sports have resulted from urbanization and city lifestyle, leading to the lack of physical activity and increased psychological pressure. In addition, the growing need and interest in sports and successes in professional sports have become a symbol of international recognition and prestige for the nations.

scholarly journals "FINANCIAL EDUCATION IN EASTERN EUROPEAN COUNTRIES"

2020 ◽  
Vol 13(62) (2) ◽  
pp. 125-132
Author(s):  
Nicoleta Geanina Bostan
Keyword(s):  
Financial Literacy ◽  
Population Policy ◽  
Financial Education ◽  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
Non Profit ◽  
East European ◽  
The Status ◽  
Eastern European Countries

"In the context of economic disparities among the countries of the European Union, the paper analyses the status of financial literacy for people living in East European countries, the way to increase financial knowledge through financial education and finally leading to a higher and more effective financial inclusion. Economic gaps are a major challenge for Eastern European countries. Their recovery can be done through efficient public policies harmonized with actions to increase the degree of financial education of the population. Policy makers, public institutions and non-profit organisation involved in financial education matters can benefit from this analysis and conclusion just as much as researchers. "

scholarly journals Does cultural heritage affect job satisfaction? The East-West divide

2015 ◽  
Vol 65 (2) ◽  
pp. 325-337
Author(s):  
Nikica Mojsoska-Blazevski ◽  
Marjan Petreski ◽  
Venera Krliu-Handjiski
Keyword(s):  
Job Satisfaction ◽  
Cultural Values ◽  
Western Europe ◽  
Considerable Effect ◽  
Group Differences ◽  
Eastern European ◽  
East European ◽  
Values And Beliefs ◽  
Slow Moving ◽  
Eastern European Countries

The objective of this paper is to examine the factors influencing workers’ job satisfaction aside from the conventional factors, in the light of basic cultural values and beliefs, and then to set this into a comparative perspective for three groups of countries: South-East European (SEE) countries, Central and Eastern European countries (CEE) and Western Europe. Cultural values are grouped into traditional vs. secular-rational values and survival vs. self-expression values. The main result of the study is that culture has a considerable effect on job satisfaction across all groups of countries under investigation. However, there are between-group differences in terms of the relative importance of specific cultural values for job satisfaction. We also find some evidence suggesting the persistency of cultures and slow-moving institutions.

scholarly journals Still tied by golden fetters: the global response to the US recession of 1937–1938

2012 ◽  
Vol 19 (1) ◽  
pp. 21-48 ◽  
Author(s):  
Scott Urban ◽  
Tobias Straumann
Keyword(s):  
Exchange Rate ◽  
Gold Standard ◽  
Exchange Rate Regime ◽  
Central Banking ◽  
Eastern European ◽  
Standard View ◽  
Global Response ◽  
Policy Regime ◽  
The Us ◽  
Eastern European Countries

The US recession of 1937–8 is one of the deepest on record. Yet it did not produce a global depression – quite unlike 1930. According to the standard view, this reflected an unfettering of central banking after the collapse of the international gold standard circa 1931. We challenge this view. While Germany and a couple of Central and Eastern European countries were sheltered by binding exchange controls, most countries were still constrained by their golden fetters, as our new exchange rate regime classification suggests. The underlying policy regime was surprisingly similar to that of the 1929–30 downturn. What mattered was a quick reversal in US policy in 1938 and, for many countries, a more plentiful stock of international reserves.

Exchange rate effects on agricultural exports

2019 ◽  
Vol 11 (4) ◽  
pp. 600-621
Author(s):  
Rui Mao
Keyword(s):  
Exchange Rate ◽  
Panel Data ◽  
Exchange Rates ◽  
Food Industry ◽  
Real Exchange Rates ◽  
Data Set ◽  
Content Type ◽  
Agricultural Exports ◽  
Country Level ◽  
Rate Effects

Purpose The purpose of this paper is to extend empirical investigations of the relationship between real exchange rates and agricultural exports to the firm-product-country level with the use of disaggregated panel data of China’s food industry. In particular, the study aims to explore heterogeneities in the export response to real exchange rates across firms, destinations and products, as well as to differentiate responses on the intensive and extensive margins. Design/methodology/approach This paper utilizes a merged panel data set of firm-product-country level transaction records of China’s agricultural exports with firm-level survey data of the food industry. Panel regression models are constructed to identify empirical relationships. Findings Real appreciations are found to reduce export quantities and the probability to enter destination markets. These impacts are enhanced in 2005 when China unexpectedly depegged yuan from the USD. In addition, real appreciations in 2005 also reduced the yuan-denominated export price and increased firms’ probability to exit destination markets. Taking the exchange rate reform as a natural experiment, evidence suggests that the negative exchange rate effects on exports are robust to the endogeneity issue. Finally, heterogeneous export responses are identified with respect to firm productivities and ownerships, income levels and locations of destination markets, as well as product groups. Originality/value This paper provides first-hand evidence on how real exchange rates influence agricultural exports at the firm-product-country level. A featured contribution is that China’s exchange rate reform in 2005 is utilized to alleviate the typical concern of endogeneity. Findings may benefit policy makers, for example, by identifying firms most vulnerable to real appreciations.

scholarly journals BANK CONCENTRATION AND NON-PERFORMING LOANS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES

2014 ◽  
Vol 16 (1) ◽  
pp. 117-137 ◽  
Author(s):  
Atilla Çifter
Keyword(s):  
Least Square ◽  
Eastern European ◽  
Data Set ◽  
Ordinary Least Square ◽  
Long Run ◽  
Additional Control ◽  
Short Run ◽  
Generalised Method Of Moments ◽  
Eastern European Countries ◽  
Bank Concentration

This paper examines the effect of bank concentration on the non-performing loans (NPLs) for ten Central and Eastern European (CEE) countries. The short-run effect of bank concentration is tested with the generalised method of moments system and the instrumental variable approaches, and the long-run effect is tested with the fully modified ordinary least square (FMOLS) approach. The empirical analysis shows that the bank concentration is an insignificant factor on the NPLs, either in the short or in the long-run of the panel data set. On the other hand, individual FMOLS results reveal that the bank concentration reduces the NPLs in Estonia, Latvia, and Slovakia, and increases the NPLs in Bulgaria, Croatia, Lithuania, Poland, and Slovenia in the long-run. According to this evidence, the bank concentration does not reduce the credit risk for all of the CEE countries. Therefore, bank concentration may not affect systemic stability in the CEE countries. These findings are also robust in controlling several factors, including additional control variables. As a result, the relationship between the bank concentration and the NPLs, in regards to the CEE countries, is ambiguous.

scholarly journals The impact of real exchange rates on price competitiveness in Eastern European countries

2020 ◽  
Vol 19 (1) ◽  
pp. 45-55
Author(s):  
Nadiia Proskurnina ◽  
Jürgen Kähler ◽  
Rosario Cervantes-Martinez
Keyword(s):  
Exchange Rates ◽  
Real Exchange Rates ◽  
European Countries ◽  
Eastern European ◽  
The European Union ◽  
Local Exchange ◽  
Developed Economies ◽  
Countries In Transition ◽  
Eastern European Countries ◽  
The Impact

The subject of this paper is empirical research on studies of exchange rates in Eastern European countries, such as Albania, Bulgaria, Bosnia and Herzegovina, Belarus, Czech Republic, Estonia, Croatia, Hungary, Latvia, Lithuania, Moldova, (North) Macedonia, Montenegro, Poland, Romania, Serbia, Slovakia, and Slovenia, in order verify the validity of theories that explain these changes. This research aims to explain the mixed evidence of the Balassa-Samuelson effect in Ukraine, taking into account the intentions of Ukraine to become a member of the European Union. Unlike previous works, the attention is shifted to a review of empirical evidence and the identification of main factors that limit the ability to verify the theory. The main conclusion is that all the currencies studied underwent substantial real appreciations during the study period. Thus, it can be concluded that an adequate monetary policy in countries under study is very important, given that local exchange markets are not sustainable enough and the volatility of exchange operations is higher than in countries with developed economies. However, the Balassa-Samuelson Hypothesis (BSH) can explain the impact of the real exchange rate due to changes in productivity in countries in transition.

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