Monetary policy, exchange rates and labor unions in SEE and the CIS during the financial crisis

Jovanovic, Branimir; Petreski, Marjan

doi:10.1016/j.ecosys.2013.12.005

Cited by 14 publications

(12 citation statements)

References 38 publications

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“…Blunch and Sulla (2013) notice that the growth rate has started to decline in the last quarters of 2008, with negative growth rate recorded for first quarter 2009. Since we are analysing monthly data, we specify January 2009, as Jovanović and Petreski (2013) identify specifically that date as the structural break in their monthly data, and attribute this to the crisis effect. The cointegrating relationship for Serbia established following the same methodological approach presented in equation (1) is represented by expression (3).…”

Section: Resultsmentioning

confidence: 99%

Money demand during crisis – (post) transitional perspective

Botrić

2017

oec

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The existing literature on money demand in Croatia and Serbia is mostly concerned with identifying whether traditional factors are present and to what extent. The aim of this paper is to extend the traditional concept with variables that are more related to specific recent developments in analysed countries – transition and crises. Specifically, the precautionary motives for holding money are expected to be important during the crises, while financial transaction motives are expected to be important in the period before the crises. Additionally, instead of traditional cointegration approach, an ARDL testing procedure was utilized in the paper in order to avoid specific problems related to the unit root identification problems. Comparative perspective of the analysis should help to distinguish between common and specific features in the analysed countries.

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Section: Resultsmentioning

confidence: 99%

Money demand during crisis – (post) transitional perspective

Botrić

2017

oec

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“…Nevertheless, such understanding of anti-crisis management does not entirely characterize the essence of the banks' anti-crisis management from the perspective of the banking sector role for the economic development of the country. In the economies of those countries, which are characterized by the bank-oriented model of financial relations, stability and efficiency of the banking system predetermines and ensures the development of the national economy (Jovanovic and Petreski, 2014;Ahrend and Goujard, 2015). Kazakhstan, as already mentioned, refers to such countries, too.…”

Section: Review Of the Relevant Literaturementioning

confidence: 99%

Developing Crisis Management Model for Second-Tier Banks in the Post-Crisis Period of Economy Development in the Republic of Kazakhstan

Komekbayeva¹,

Orynbassarova²

2016

American Journal of Applied Sciences

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Abstract:In the context of an ineffective crisis management system, the development of the banking sector of Kazakhstan in the post-crisis period is characterized by the impaired financial stability of second-tier banks. This situation creates the threat of systemic risk in the national banking system as a result of the critical slowdown in economy crediting by 49.5% and a reduction in bank assets by 47.2% of GDP. The article develops a diversified model of anti-crisis management aimed at increasing the financial stability of commercial banks. In contrast to other studies, the author's approach is based on the argumentation of cause and effect links of financial, social and technical anti-crisis measures, the subordination of tactical objectives, which will provide an optimal level of financial stability of banks. Achieving the optimal level of financial stability of banks will determine the maximum rate of development of the national banking system in the post-crisis period. The objectivity and accuracy of the results is an advantage of this approach, it takes into account the specificity of the post-crisis period of the banking system functioning and is consistent with the international practice of strategic management.

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“…Faia et al (2013) showed that government spending shocks yield small multipliers, as they have little impact on hiring and firing decisions. In a similar effort, Matsui and Yoshimi (2015) Jovanovic and Petreski (2014) were also obtained by Cheng (2014), who used a small open-economy model with nominal rigidities and search-matching frictions. Cheng (2014) revealed that the optimal policy rule gives importance to unemployment targeting as well as inflation targeting, whereas the welfare gain from responding to unemployment fluctuations diminishes as the rate of exchange rate pass-through to import prices falls.…”

Section: Literature Reviewmentioning

confidence: 99%

Economic factors influencing the dynamics of unemployment in the G10 countries: empirical evidence from panel data modeling

Özçelebi¹,

Ozkan²

2017

Pressacademia

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Purpose-The purpose of the study is to determine which macroeconomic factors and economic policy changes may affect unemployment in the G10 countries. Methodology-Panel least squares approach is employed to estimate the role of economic factors inflencing unemployment in the G10 countries. Findings-Our findings are in line with the Phillips curve approach, exposing the importance of expansionary macroeconomic policies triggering the aggregate demand along with maintaining economic and financial stability to reduce unemployment. Expansionary economic policies play a major role in providing an improvement in the labor market in the long run. An increase in the level of financial and economic integration and development may decrease unemployment in the G10 countries. An increase in the total value-added industry and education expenditures may lead to a decrease in the unemployment rates in these countries. Conclusion-We suggest that these countries should focus on sustaining their financial stability and development to improve the conditions of the labor market permanently. Liberalization of foreign trade, financial flows and market capitalization are crucial factors for the development of productivity of production factors, technology and organizational capacity in the G10 countries. Policy makers in the G10 countries should identify the channels through which technology, human capital, government spending, investment-specific, foreign and other shocks and taxes affect unemployment.

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Monetary policy, exchange rates and labor unions in SEE and the CIS during the financial crisis

Cited by 14 publications

References 38 publications

Money demand during crisis – (post) transitional perspective

Money demand during crisis – (post) transitional perspective

Developing Crisis Management Model for Second-Tier Banks in the Post-Crisis Period of Economy Development in the Republic of Kazakhstan

Economic factors influencing the dynamics of unemployment in the G10 countries: empirical evidence from panel data modeling

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