Politická ekonomie 2006, 54(2):227-246 | DOI: 10.18267/j.polek.555

Formalizovaný model tranzitívnej ekonomiky - prípad SR

Mikuláš Luptáčik, Viliam Páleník, Vladimír Kvetan, Ján Ďuraš, Jana Hrivnáková, Peter Ondko
1 Wirtschaftsuniversität Wien.
2 Ekonomický ústav, Slovenská akademie věd, Bratislava.

Formal model of economy in transition - case of Slovak republic

This paper aims at constructing a model of a small open economy of the Slovak Republic. In essence, the model represents a synthesis of already published modifications of the Mundell - Fleming type of models, describing the market of goods and services in interaction with the money market and paying special attention to foreign trade. As the model construction is aimed at providing a tool for qualitative analyses, the model equations are specified in linear functional form - in order to obtain analytic solutions. Theoretical analyses are confronted with the empirical verification of the constructed model. Not surprisingly, historical experience represented by data on Slovak economy in transition reveals that complex structure of the model degenerates to a much simpler form in early years of transition. It is understood and verified that several economic principles guiding market economies do not apply in transition (e.g. investments evolve independently of interest rates).

Keywords: mathematical economics, Mundell-Fleming model, small open economy, economic transition
JEL classification: C32, E20, P24

Published: April 1, 2006  Show citation

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Luptáčik, M., Páleník, V., Kvetan, V., Ďuraš, J., Hrivnáková, J., & Ondko, P. (2006). Formal model of economy in transition - case of Slovak republic. Politická ekonomie54(2), 227-246. doi: 10.18267/j.polek.555
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