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EN
The paper examines long-term and short-term relationships among exchange rates of the Visegrad countries' national currencies vis-a-vis euro. The co-integration tests, vector error correction models and Granger causality tests are applied on the daily nominal exchange rates. The results suggest that long-term linkages are very rare. The only relevant long-term linkage was identified between Polish zloty and Slovak koruna during the period of EU membership. The short-term relationships proved to be significant more often. However, their frequency and intensity have been decreasing during the period analysed. This can be considered as the evidence of diminishing sovereignty of the national currencies and their ability to influence development of other currencies.
EN
The current developments in the NATO countries suffering from deficit in public finances intensify pressures for cutting military expenditure which is noticeable in the NATO countries as well where only a small group of countries fulfils the recommended 2% of GDP investment in military expenditure. This paper employs the Granger causality test and change point analysis to verify the theoretical relationship between the economic determinants of military expenditure and the level of military expenditure for chosen NATO member countries (France, Germany and Great Britain) over the period 1971 – 2012. Data were selected from the SIPRI and OECD databases. The findings suggest that defence spending in France, Germany and Great Britain is not determined by the economic growth.
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