Interakce monetární a fiskální politiky zemí visegradské skupiny

The Interaction of Monetary and Fiscal Policy in the Visegrad Group Countries

Jan Janků (), Stanislav Kappel and Zuzana Kucerova

Politická ekonomie, 2014, vol. 2014, issue 4, 459-479

Abstract: The aim of this article is to estimate the mutual interaction of monetary and fiscal policy in the Visegrad Group countries, i.e. in the Czech Republic, Slovakia, Poland, and Hungary. The relations between monetary and fiscal policy - its coordination, cooperation or mutual antagonism - are basic determinants of successful economic policy implementation of each country. Fiscal and monetary policies usually have different aims. Therefore, some conflict situations may arise in practical economic and political decision-making process. Methodical approaches of this article are based on the game theory, which deals with the analysis of a wide range of decision-making situations with more participants (players); it is primarily focused on the conflict situations. Our results confirm the stabilizing role of monetary policy in the Czech Republic, Poland, and Hungary, also the dominant role of monetary policy in the Czech Republic and the dominant role of fiscal policy in Hungary. In the case of Slovakia, inconsistent results concerning the monetary policy role are probably caused by its EMR II membership and Eurozone entry in 2009.

Keywords: policy objectives; policy interactions; policy coordination; non-cooperative games; monetary policy; game theory; fiscal policy (search for similar items in EconPapers)
JEL-codes: C72 E52 E58 E61 E62 E63 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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DOI: 10.18267/j.polek.964

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