External macroeconomic imbalances in Slovakia: its development and synchronization

Pavla BEDNÁŘOVÁ^[1], Vladimíra HOVORKOVÁ VALENTOVÁ^[2]

https://doi.org/10.53465/SJIR.1339-2751.2025.1.5-23

 

Abstract: The main and original aim of the paper is to identify the spatial synchronization of external macroeconomic imbalances in Slovakia with EU countries from 2013 to 2022. The required results are obtained using the five Scoreboard indicators of Macroeconomic Imbalance Procedure and furthest neighbour agglomerative method of cluster analysis, with the resulting dendrogram. External Macroeconomic Imbalances in Slovakia were significantly synchronized with Baltic States and Central European countries in 2014 and 2022. In 2017 and 2020, macroeconomic imbalances exhibited similarities with the southern EU countries. At the same time, Slovakia faced a loss of external competitiveness.

Keywords: macroeconomic imbalance procedure, external macroeconomic indicators, Slovakia, cluster analysis, dendrogram

JEL: F15, O52, O57

Fulltext: PDF

Submitted: 30. 1. 2025 | Accepted: 2. 6. 2025 | Published 15. 6. 2025

 

To cite this article (APA style):

Bednářová, P., & Hovorková-Valentová, V. (2025). External macroeconomic imbalances in Slovakia: its development and synchronization. Medzinárodné vzťahy – Slovak Journal of International Relations, 23(1), 5 – 23. https://doi.org/10.53465/SJIR.1339-2751.2025.1.5-23

 

Publisher: Bratislava University of Economics and Business | EUBA

ISSN online: 1339-2751

 

^[1] Doc. PhDr. Ing. Pavla Bednářová, Ph.D., Department of Economics, Faculty of Economics, Technical University of Liberec, Studentská 1402/2, 461 17 Liberec 1, e-mail: . https://orcid.org/0000-0002-5397-4488

^[2] Ing. Vladimíra Hovorková Valentová, Ph.D., Department of Economic Stastistics, Faculty of Economics, Technical University of Liberec, Studentská 1402/2, 461 17 Liberec 1, e-mail: . https://orcid.org/0000-0001-5718-315X