Ovlivňuje monetární politika konkurenceschopnost Slovenské republiky?

Abstract

The aim of the article is to analyse the influence of monetary policy on the competitiveness of a country understood as the ability of a country to sell its goods and services on the international markets. The monetary policy is represented by the key interest rate, the monetary aggregate M3 and until December 2008 also the exchange rate SKK/EUR. The Trade Covering Ratio stands for the indicator of national competitiveness (import covered by export). We have focused on the situation in the Slovak Republic. The analysis has been split into two periods. The period of January 2004 - December 2008 is connected with the preparation of the country for the entrance into the eurozone. The second examined period of January 2009 - December 2012 is the period after the euro adoption. Applied econometric analysis using the linear regression of time series has confirmed the statistical significance of the monetary policy effect on the competitiveness. The monetary aggregate and the exchange rate were significant factors before Slovakia joined the eurozone. Considerable difference between the floating exchange rates period and the period of the Slovak membership in the ERM II was not detected by the analysis. The interest rate has become the significant monetary instrument influencing the competitiveness in the period after the euro adoption.