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Table 1 SVAR results of Czech Republic before and after crisis

From: Labour mobility as an adjustment mechanism to asymmetric shocks in Europe: evidence from the Czech Republic, Hungary, Poland and Slovakia

 

Before crisis

After crisis

Coefficient

Std. error

Coefficient

Std. error

/a_1_1

1

(Constrained)

1

(Constrained)

/a_2_1

 − 0.36***

0.023

0.1***

0.025

/a_3_1

0.12***

0.011

0.18***

0.008

/a_4_1

 − 0.423***

0.106

 − 0.42***

0.0518

/a_1_2

0

(Constrained)

0

(Constrained)

/a_2_2

1

(Constrained)

1

(Constrained)

/a_3_2

0.62***

0.1

 − 0.118**

0.049

/a_4_2

1.122***

0.095

 − 4.578***

0.329

/a_1_3

0

(Constrained)

0

(Constrained)

/a_2_3

0

(Constrained)

0

(Constrained)

/a_3_3

1

(Constrained)

1

(Constrained)

/a_4_3

4.018***

0.211

 − 5.515***

0.946

/a_1_4

0

(Constrained)

0

(Constrained)

/a_2_4

0

(Constrained)

0

(Constrained)

/a_3_4

0

(Constrained)

0

(Constrained)

/a_4_4

1

(Constrained)

1

(Constrained)

/b_1_1

0.231***

0.037

0.29***

0.031

/b_2_1

0

(Constrained)

0

(Constrained)

/b_3_1

0

(Constrained)

0

(Constrained)

/b_4_1

0

(Constrained)

0

(Constrained)

/b_1_2

0

(Constrained)

0

(Constrained)

/b_2_2

0.024***

0.004

0.048***

0.005

/b_3_2

0

(Constrained)

0

(Constrained)

/b_4_2

0

(Constrained)

0

(Constrained)

/b_1_3

0

(Constrained)

0

(Constrained)

/b_2_3

0

(Constrained)

0

(Constrained)

/b_3_3

0.011***

0.002

0.016***

0.002

/b_4_3

0

(Constrained)

0

(Constrained)

/b_1_4

0

(Constrained)

0

(Constrained)

/b_2_4

0

(Constrained)

0

(Constrained)

/b_3_4

0

(Constrained)

0

(Constrained)

/b_4_4

1

(Constrained)

1

(Constrained)

  1. LR test of identifying restrictions: chi2(1) = 43.18, Prob > chi2 = 0.000, Number of obs. = 20, Log likelihood = 91.10228. LR test of identifying restrictions: chi2(1) = 14.16, Prob > chi2 = 0.000, Number of obs. = 45, Log likelihood = 136.9166
  2. /a_1_1 represents own shock for global GDP, /a_2_1 represents a shock from global GDP to domestic supply, /a_3_1 represents a shock from global GDP to the exchange rate, /a_4_1 represents a shock from global GDP to price level. /a_1_2 represents a domestic supply shock to global GDP, /a_2_2 represents own domestic supply shock, /a_3_2 represents domestic supply shock to exchange rate, /a_4_2 represents domestic supply shock to price level. /a_1_3 represents demand shock to global GDP, /a_2_3 represents demand shock to domestic supply, /a_3_3 represents own demand shock, /a_4_3 represents demand shock to price level, /a_1_4 represents monetary shock to global GDP, /a_2_4 represents monetary shock to domestic supply, /a_3_4 represents monetary shock to exchange rate, /a_4_4 represents monetary shock to price level. /b_1_1, /b_2_2 and /b_3_3 are own shocks. ** denotes statistical significance of coefficients at 5% level, and *** denotes statistical significance of coefficients at 1% level