MUNDELLOV - FLEMINGOV MODEL V REŽIME PEVNÉHO A VOĽNÉHO VÝMENNÉHO KURZU – POHĽAD NA VÝVOJ SLOVENSKEJ KORUNY

The paper is focused on the appreciation of the Slovak currency, which started to be a more significant in the second part of the year 2002. The application of the international relations (purchasing power parity, interest rate parity and Fischer relation) is not sufficiently successful for currency analysis. Therefore it is efficient to extend this analysis on monetary policy based on the balance of national bank and particular accounts of the balance of payments. The Mundell-Fleming model, its total differential formulation, appears as the actual instrument for the mentioned analysis. The recent process of the evaluation of the Slovak crown corresponds to the theoretical deduction of the Mundell-Fleming model.