Browsing by Author "Škare, Marinko"
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- ItemExploring the Gibson law in CEE countries using a time series approach(Technická Univerzita v Liberci, ) Škare, Marinko; Tomić, Daniel; Porada-Rochoń, Małgorzata; Ekonomická fakultaThis study investigates the presence of the Gibson paradox in the transitional countries. The Gibson law has been a source of widespread academic discussion on the dynamics of long-term interest rates and the price level. Today the Gibson law re-emerges on the economic science stage since historically low-interest rates and defl ationary pressures are present worldwide. This paper studies the correlation between cyclical components of interest rates and prices for CEE (Central and Eastern Europe) states over the 2000-2014 period. Empirical results show only a weak correlation between the cyclical components implying no long run (cointegrating) relationship between bond yields and prices. Evidence presented in the study shows Gibson law is not valid for the CEE states, advancing the possibility that fi xed exchange regimes, lack of the gold reserves, and monetary stabilisation policies are the forces driving the law outside the CEE area. The results show that Gibson paradox is not present in CEE states but also point to the possible non-linear nature of the paradox. In order to investigate the non-linear nature of the paradox in CEE, because of constant changes and adaptation of the monetary policies in CEE states, future studies should use a long memory approach. The paper shows limited theoretical explanation for the non-existent Gibson law in CEE economies but still advances an explanation – lack of gold reserves, fi xed exchange regimes and restrictive monetary policy. Policy makers should monitor the nature of the paradox in relation to the historically low levels of interest rates in order to avoid or at least alleviate future fi nancial crisis.
- ItemGreen GDP: an analysis for developing and developed countries(Technická Univerzita v Liberci, ) Stjepanović, Saša; Tomić, Daniel; Škare, Marinko; Ekonomická fakultaA frequently asked question lately is whether the traditional measures of a country’s level of economic activity and progress, such as gross domestic product or gross national product, fail to account for the environmental issues. While these measures are highly reliable indicators that reflect the economic performance of a country, they largely ignore the depreciation of assets, non-market economy and especially the damages to the environment caused by growth. There is a consensus that these indicators, (especially) according to the concepts of sustainable development and green growth, appear to be poor measurements. Measuring progress on a complex and multi-dimensional scale and identifying relevant indicators are challenging tasks. No agreement exists yet on an analytical framework or a set of indicators to sustainable economic growth. Building the research on the alternative Green GDP measurement our goal is to provide an alternative ranking scheme by comprehensively considering both quantitative (common methodological algorithm) and qualitative (opportunity costs) features of the so-called green growth. The analysis will be demonstrated by calculating the Green GDP indicator for the variety of developing and developed countries for the period 2008-2016. Namely, our results could serve to improve the level of debate on different green indicators and inform the wider public. We see this paper as a step forward for a growing academic platform on ‘green economy topics’, a step pointed towards improving, amending, evolving and promoting further development of green growth measurements and indicators.