Table 5 Correlation of shocks before the global financial crisis

External supply shocks

 Czechia

1

 Hungary

0.0768

1

 Poland

0.2766

0.7911^a

1

 Slovakia

 − 0.1114

0.6636^a

0.3646

1

Domestic supply shocks

 Czechia

1

 Hungary

 − 0.3121

1

 Poland

 − 0.1541

0.1726

1

 Slovakia

 − 0.1089

0.1294

0.2242

1

Demand shocks

 Czechia

1

 Hungary

 − 0.398

1

 Poland

 − 0.1627

0.0664

1

 Slovakia

 − 0.3088

0.1454

0.239

1

Monetary shocks

 Czechia

1

 Hungary

 − 0.262

1

 Poland

0.2782

0.1452

1

 Slovakia

 − 0.116

0.4812^a

 − 0.0394

1