Journal of Scientific Papers

ECONOMICS & SOCIOLOGY


© CSR, 2008-2019
ISSN 2071-789X

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  • General Founder and Publisher:

     
    Centre of Sociological Research

     

  • Publishing Partners:

    University of Szczecin (Poland)

    Széchenyi István University, (Hungary)

    Mykolas Romeris University (Lithuania)

    Alexander Dubcek University of Trencín (Slovak Republic)


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    Society for Scholarly Publishing (SSP)

    American Sociological Association


    European Sociological Association


    World Economics Association (WEA)

     


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Determinants for post-pandemic recovery of macroeconomic stability: Evidence from European countries

Vol. 17, No 2, 2024

Alina Vysochyna

 

Department of Accounting and Taxation, Sumy State University,

Ukraine

Email: a.vysochyna@uabs.sumdu.edu.ua

ORCID 0000-0001-9490-1026 

 

Determinants for post-pandemic recovery of macroeconomic stability: Evidence from European countries

 

Tetiana Vasylieva

 

Department of Financial Technologies and Entrepreneurship, Sumy State University,

Ukraine

Email: tavasilyeva@fem.sumdu.edu.ua

ORCID 0000-0003-0635-7978


Wojciech Cieśliński

 

Faculty of Physical Education and Sports,

Wroclaw University of Health and Sport Sciences,

Wrocław, Poland

Email: wojciech.cieslinski@awf.wroc.pl

ORCID 0000-0001-8226-607X


Domonkos Tinka

 

Széchenyi István University, 

Doctoral School of Economic and Regional Sciences,

Gyor, Hungary 

Email: tinka.domonkos@sze.hu

ORCID 0009-0009-8068-0942


 

Abstract. The destructive consequences of the COVID-19 pandemic have negatively affected socioeconomic indicators and disrupted macroeconomic stability. The aim of the study is to determine the optimal combination of financial, socioeconomic, and public health determinants based on their relevance for the post-pandemic recovery of macroeconomic stability. For this purpose, principal component analysis was used to form an initial macroeconomic stability index by integrating such indicators as GDP growth, unemployment rate, consumer price index, current account balance, and trade volume. Next, the Granger test and panel data regression modeling was employed to identify the causality between the level of macroeconomic stability and a set of financial, socioeconomic and public health determinants. Finally, the financial, socioeconomic, and public health determinants were ranked according to their impact on macroeconomic stability. The obtained empirical results can be used to improve the financial, economic, and health care state policies in terms of strengthening country resistance to risks caused by a pandemic or other similar threats in the future. 

 

Received: August, 2023

1st Revision: April, 2024

Accepted: June, 2024

 

DOI: 10.14254/2071-789X.2024/17-2/13

JEL ClassificationC23, F52, H51, I18

Keywords: public health, macroeconomic stability, economic growth, social determinants, coronavirus disease, European countries