E63 - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury PolicyNávrat zpět

The economic crisis has revealed the existence of significant and long persisting external and internal macroeconomic imbalances in European countries. The aim of the article is to evaluate the development of internal macroeconomic imbalances in 28 European countries in the course of the years 2004 - 2013, and to show whether this development is depend on the acquired degree of economic integration (common market, monetary union). Internal macroeconomic imbalances were defined on the basis of Macroeconomic Imbalances Procedures (MIP) Scoreboard. On the basis of the evaluation of the individual indicators development, it is possible to say that from the year 2008 the overall development of internal macroeconomic imbalances was disproportional and at the same time the countries of Eurozone showed higher proportion of countries with imbalances in all the monitored indicators. A significant difference was detected in the indicators of loan /credit flow in the private sector, the debt of the private sector and the indicators of public debt. The conclusions arrived at also do not support the Hypothesis of Integration Process Endogeneity.

The aim of this paper is to evaluate mutual interaction of fiscal and monetary policy in the Czech Republic and in Slovakia. The relationship - cooperation or conflict, are basic determinants of successful implementation for economic policy of the state. Fiscal and monetary policies have usually different aims and some conflict situations may arise. The game-theoretical approach is responsible for creating the theoretical model, which is then dealt with the empirical analysis by the method of the ordinary least squares. We find a stabilizing role of monetary policy in both countries and the dominant role of monetary policy in the Czech Republic.