Suchergebnisse

Fragmentation of production processes across borders represents a new paradigm of foreign trade. The new organization of production processes at the global or regional level opposite to a national level has been manifested by huge increase of trade in intermediate inputs. The world trade is growing fast and is largely driven by the intermediate trade. Countries that do not significantly engage in intermediate trade and achieve low labour productivity growth rates, have seen lower growth rates of value added. Therefore, the aim of this article is to investigate the involvement of Slovakia in use and trade in intermediates. We analyze the import and export of intermediates using data from world input-output database. The results for Slovakia show that the trade in intermediates has experienced a significant shift over last 14 years. The volume of intermediate trade remarkably grown moreover the dynamic of its change overcomes the growth of gross output as well as value added. At the same time, the Slovak industrial sectors have increased demand for imported intermediate inputs; furthermore the difference between imported and exported intermediate inputs rises.

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Focus on monetary policy transmission mechanism has regained its importance especially in regards to fi nancial and debt crisis. Negative developments after 2008 still verify the ability of monetary policy to mitigate its impacts. In EMU, it can be seen in the case of the effects of single monetary policy and the deepening of the asymmetries between member countries. This can be compared to the case of the monetary policy ef fi ciency in small and open non-member country and its in fl uence on macroeconomic developments. This paper is focused on the analysis of transmission process of monetary policy through the interest rate channel in EMU as well as in a non-member country, namely in Czech Republic. The aim of the analysis was to verify the similarity of reaction in case of monetary policy shock. The results for Czech Republic were compared to results for overall EMU. The focus was predominantly on interest rate channel of monetary transmission process and its impact on in fl ation, nominal effective exchange rate and gross domestic product, the variables that are typically used in central banks' monetary rules. We also assumed that negative developments related to the crisis can distort the transmission of monetary policy effects on macroeconomic variables and that the impact of monetary policy changes is transmitted to the economic variables only partially or signi fi cantly lagged. The effects of interest rate shocks on selected variables were identi fi ed by estimating VAR model that uses Cholesky decomposition of innovations; the most widely used empirical methodology for analysing the transmission mechanism of monetary policy. The results show that the reactions of the product and the price level to positive interest rate shock are very similar for Czech Republic as well as for EMU throughout the investigated period 1999–2013. However, we cannot de fi nitively af fi rm that the crisis disrupted the transmission process from monetary measures to analysed macroeconomic variables as shown in the cases of Czech Republic and EMU. Interest rate channel has not shown particularly strong and stable in fl uence on the observed variables neither for Czech Republic, nor for EMU.