Lukáčik, Martin; Szomolányi, Karol; Lukáčiková, … - 2017
Using the structural vector auto-regression analysis of the terms-of-trade, trade balance, output, consumption and … investment cyclical components we show that the relationship between the terms-of-trade and trade balance is negative and that … world economic literature. The negative relationship between the terms-of-trade and the trade balance confirms a theoretical …