Dynamika změny stavu zásob a její synchronizace s cyklem úspor a importu v české republice v letech 1999-2012

A Dynamics of Inventories and Its Synchronization with a Cycle of Savings and Import in the Czech Republic in 1999-2012

Lukáš Kučera and Karel Brůna ()

Politická ekonomie, 2014, vol. 2014, issue 5, 605-629

Abstract: The article deals with a problem of changes in inventories, its variability and its synchronization with changing savings and import in the Czech Republic in 1999-2012. In theoretical part both macroeconomic and microeconomic aspects of changes in inventories are discussed in the context of expected and unexpected demand shocks. In empirical part sources of GDP variability are analyzed using trend and cyclical data. Trend variability of changes in inventories is less important for trend GDP variability than in case of cyclical variability and vice versa for cyclical GDP and changes in inventories. Parameters of VAR model of cyclical changes in inventories, savings and import are also estimated. The results show that change in savings is a source of unexpected demand shock with impact on inventories. Reaction of import confirms that savings influence more domestic products consumption than imported products which are more driven by exports.

Keywords: savings; GDP; import; variability; inventories; VAR (search for similar items in EconPapers)
JEL-codes: E21 E22 E32 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.18267/j.polek.972

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