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Original scientific paper
https://doi.org/10.2478/crebss-2018-0015

Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar

Vesna Bucevska   ORCID icon orcid.org/0000-0002-4411-4953 ; Faculty of Economics, Ss. Cyril and Methodius University, Republic of Macedonia
Goran Mojanoski   ORCID icon orcid.org/0000-0003-4430-6071 ; Association of Young Analysts and Researchers, Republic of Macedonia

Fulltext: english, pdf (277 KB) pages 78-85 downloads: 103* cite
APA 6th Edition
Bucevska, V. & Mojanoski, G. (2018). Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar. Croatian Review of Economic, Business and Social Statistics, 4 (2), 78-85. https://doi.org/10.2478/crebss-2018-0015
MLA 8th Edition
Bucevska, Vesna and Goran Mojanoski. "Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar." Croatian Review of Economic, Business and Social Statistics, vol. 4, no. 2, 2018, pp. 78-85. https://doi.org/10.2478/crebss-2018-0015. Accessed 7 Dec. 2019.
Chicago 17th Edition
Bucevska, Vesna and Goran Mojanoski. "Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar." Croatian Review of Economic, Business and Social Statistics 4, no. 2 (2018): 78-85. https://doi.org/10.2478/crebss-2018-0015
Harvard
Bucevska, V., and Mojanoski, G. (2018). 'Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar', Croatian Review of Economic, Business and Social Statistics, 4(2), pp. 78-85. https://doi.org/10.2478/crebss-2018-0015
Vancouver
Bucevska V, Mojanoski G. Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar. Croatian Review of Economic, Business and Social Statistics [Internet]. 2018 [cited 2019 December 07];4(2):78-85. https://doi.org/10.2478/crebss-2018-0015
IEEE
V. Bucevska and G. Mojanoski, "Identifying the determinants that cause the value movements of currencies Denar, Kuna and Dinar", Croatian Review of Economic, Business and Social Statistics, vol.4, no. 2, pp. 78-85, 2018. [Online]. https://doi.org/10.2478/crebss-2018-0015

Abstracts
This paper aims to evaluate the relationship of real exchange rates of domestic currencies with macroeconomic variables in Macedonia, Croatia and Serbia by using econometric approaches. Macedonia is characterized by the regime of a fixed exchange rate, Croatia is characterized by a managed floating exchange rate, while Serbia is characterized by the regime of a floating exchange rate. The choice of an exchange rate regime is an important aspect of economic management, in order to ensure competitiveness, macroeconomic stability and development. Evaluation of the relationship of Croatian, Macedonian and Serbian real exchange rates is performed by employing the consistent methodology of vector error correction modelling (VECM). According to the results of the analyses of the real exchange rates on the long run, the selected independent variables have long-run causality in case of the real exchange rate of Croatian Kuna. In case of Macedonian Denar and Serbian Dinar the VECM is inappropriate.

Keywords
fiat currency; exchange rate; real exchange rate; vector error correction model

Hrčak ID: 209784

URI
https://hrcak.srce.hr/209784

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