Search the digital library catalog

Abstract: The terms-of-trade shocks are not main source of business cycles in three post-communist countries (i.e., Slovakia, the Czech Republic, and Croatia). The zero or negative reactions of the trade balance in terms-of-trade positive shocks in the countries exhibit the Obstfeld-Svensson-Razin effect, according to which the Harberger-Laursen-Metzler positive effect on terms-of-trade indicates that the smaller the trade balance, the more persistent the terms-of-trade shock is. The conclusions come from the structural vector autoregressive analysis of the cyclical components of terms-of-trade, trade balance, output, consumption, and investment in three post-communist countries.
Keywords: innovation, terms-of-trade, business cycle, Slovak economy, Czech economy, Croatian economy, trade balance
Published in DKUM: 13.11.2017; Views: 1745; Downloads: 415
Full text (492,14 KB)
This document has many files! More...