The TT Index as an Indicator of Macroeconomic Vulnerability of EU New Member States

In: Ekonomický časopis/Journal of Economics, vol. 63, no. 1

Petr Teplý - David Tripe

Details:

Year, pages: 2015, 19 - 33

Keywords:

Euro, European Union, macroprudential indicators, TT index JEL Classification: F15, F31, F36, G21

Article type: Vedecký / Article

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Článek se zabývá faktory ovlivňujícími makroekonomickou nestabilitu a diskutujeme makroekonomickou a finanční kondici zemí v nových členských zemí EU ze střední a východní Evropy (SVE). Lze konstatovat, že dopady globální krize v 2008/2009 v různých zemích SVE různé a je proto přínosné tyto diference analyzovat. Jedním z faktorů je i kurzový režim dané ekonomiky – zatímco Estonsko, Litva, Slovensko a Slovinsko jsou v eurozóně, další země jsou na euro vázány. V předkládaném článku konstruujeme nový indikátor (TT index), který hodnotí úroveň makroekonomické nestability zemí SVE, skládá se ze sedmi makroekonomických ukazatelů a je spočítán pro roky 2008 a 2013.

This paper reviews some of the factors that potentially contribute to macro-prudential weakness, and thus concerns about macroeconomic and financial system health in the new EU member states of Central and Eastern Europe. In general, the consequences of the global 2008 – 2009 crisis were more severe in some of the new EU countries, and it is useful therefore to look at the experiences in the different countries to try and understand the reasons for the different outcomes and look to see what lessons may be learned. One of the factors having an impact on recovery from the crisis is in currency relationships, with Estonia, Latvia, Slovenia and Slovakia being members of the Eurozone, and some other countries in fixed exchange rate relationships. In this paper we present the construction of a new indicator (named the TT index) evaluating macroeconomic vulnerability of the new EU countries, which is based on seven macroprudential indicators and calculated for the years 2008 and 2013.

How to cite:

ISO 690:

Teplý, P., Tripe, D. 2015. The TT Index as an Indicator of Macroeconomic Vulnerability of EU New Member States. In Ekonomický časopis/Journal of Economics, vol. 63, no.1, pp. 19-33. 0013-3035.

APA:

Teplý, P., Tripe, D. (2015). The TT Index as an Indicator of Macroeconomic Vulnerability of EU New Member States. Ekonomický časopis/Journal of Economics, 63(1), 19-33. 0013-3035.