Ročník 45, 2016
Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 4/2016, ISSN 0323-262X, EV 4393/11, Issue4/ Číslo4
Ján Lisý RENESANCIA EKONÓMIE STRANY DOPYTU 70 ROKOV PO SMRTI J. M. KEYNESA? Renaissance of the demand-oriented economics seventy years after J. M. Keynes’ death?)
Abstract: In the year 2016 seventy years passed from the death of J. M. Keynes and eighty years since the publication of his most important work “The General Theory of Employment, Interest and Money”. Immediately after its publication, this work raised numerous disputes and discussions, which have continued to date. It was aperiod in which two mainstreams of economics known as the neo-classical synthesis overlapped. Despite polemical a and critical opinions of Keynes’ teaching, he can be considered to be the most significant and most frequently cited twentieth century economist. Even today, it appears that Keynes’ theory is the subject of further development, improvement andupdating to contemporary conditions and problems of a globalising world economy.
Keywords: effective demand, savings, investments, macroeconomic equilibrium
JEL Classification: P 16, D 46
Ľuboš Pavelka – Peter Krchnák – Sergey Aslanyan INFLUENCE OF THE FINANCIAL AND ECONOMIC CRISIS ON THE DEVELOPMENT OF MACROECONOMIC PARAMETERS OF ECONOMIES IN THE CZECH REPUBLIC, SLOVAKIA AND AUSTRIA SINCE 2008 TILL 2015 (Vplyv finančnej a hospodárskej krízy na rozvoj makroekonomických parametrov v ekonomike Českej republiky, Slovenska a Rakúska od r. 2008 do r. 2015)
Abstract: A mortgage crisis that later hit the real economy, erupted in the United States in 2007. With a two-year delay, the crisis came to the EU as a result of the interconnectedness of the European Union’s and USA’s economies. Economies of the EU member states experienced a severe recession in 2009 and the effects of the said crisis are still visible today. The consequences manifest themselves in far lower GDP average growth rates, very low inflation rates (even deflation in Slovakia), stagnating consumption and higher sovereign debt. This paper focuses on the comparative analysis of selected macroeconomic parameters of three neighbouring countries: the Czech Republic, the Slovak Republic and Austria. Macroeconomic indicators analyzed and compared in this paper are the GDP elements, i.e. capital creation, consumption of government, consumptions of households, and exports/imports. Further, this article compares the GDP as a whole, inflation, unemployment, and the government debt.
Keywords: GDP, debt, crisis, inflation, unemployment
JEL Classification: E 00, E 01
Július Alexy EKONOMIKA ZMIEN AINOVÁCIE VPROCESE TVORBY HODNOTY A KONKURENCIESCHOPNOSTI (Economy of Change and Innovations in the Value Creation Process and in Competitiveness)
Abstract: The paper focuses on new indicators of the economic growth and the competitiveness of the Slovak economy in the markets of EU and the third countries. Introduction of new capital assets and increase in the quality of the labour force are important determinants. Consequently, the creation of supportive conditions for the development of firms’ innovations and the rise of the significance of human factor within the production process are key factors of the growth and competitiveness of the economy.
Keywords: innovative development, creativity, modelling of education, science and innovation process
JEL Classification: O 30
Iryna Yeleyko – Olha Ryndzak UKRAINIAN IMMIGRANTS IN PORTUGUESE LABOUR MARKET
Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 3/2016, ISSN 0323-262X, EV 4393/11, Issue3/ Číslo3
Božena Chovancová – Vladimír Gvozdják - INVESTMENT STRATEGIES FOR BOND PORTFOLIO OPTIMI-ZATION
Economic Review, Ekonomické rozhľady, 2016 abstracts/abstrakty, volume/ročník 45, 2/2016, ISSN 0323-262X, EV 4393/11, Issue2/ Číslo2
Marián Goga - NOVÉ MOŽNOSTI ANALÝZY EKONOMIKY SR CENOVÝMI MODELMI (New Possibilities for the Analysis of the economy of the Slovak republic price Models)
Abstract: In this paper author draws attention to the analysis of value relations and proportions, especial-ly for the analysis of correlation between cost of production and its components, and the effects of various changes that occur in these parts. The analysis is based on open input-output model W. Leontief and the starting point for the elaboration of the issue of the production and analysis of prices is input-output table of SR for the year 2010.
This paper analyses price changes in the economy of SR according two types of pricing models – pricing model, which is considering the changes in prices due to tax changes in economic SR and pricing model, which is considering the changes in prices in certain sectors and their con-sequences in other sectors of economic SR.
Keywords: Input-output table, price model, change of price production, change of tax, structural coeffi-cients, distribution effect, value-based relationships, the system of national accounts, industry aggregation
JEL Classification: C 67
Hassan Farazmand – Majid Sheikh Ansari – Mahvash Moradi - WHAT DETERMINES MONEY DEMAND: EVIDENCE FROM MENA (Čo určuje dopyt po peniazoch: dokumentované na príklade krajín MENA)
Abstract: Demand for money plays a major role in macroeconomic analysis, especially in selecting ap-propriate monetary policy actions. Therefore, the permanent need to search for a model of the demand for money, which is to be theoretically coherent, empirically stable and robust is one of the most important issues in macroeconomic policy. In this paper, we investigate the influential factors on money demand among MENA countries during 1980–2013. The results of estima-tion show that inflation as a key determinant has negative and significant effects on money de-mand. Also, exchange rate and income play a negative role and a positive one in explaining the changes in money demand, respectively.
Keywords: Money demand function, inflation, MENA
JEL Classification: C 33, E 31, E41
Juraj Ondriaš - CHINA – INDIA RELATIONS IN THE NEW MILLENNIUM (Vzťahy medzi Čínou a Indiou v novom tisícročí)
Abstract: The paper describes the relationship between the People’s Republic of China and India, with an emphasis on economic cooperation and political rivalry. Its aim is to identify the main points of cooperation and conflict in their mutual relations. After abrief overview of the history of rela-tions between both powers, the paper will analyze the current status of their relationship. Fol-lowing aperiod of difficult relations during the cold war, there is agrowing trend of cooperation between the two countries. Special attention will be paid to their activity in the BRICS group. The opportunities and obstacles of this relationship, as well as its effect onthe surrounding regi-on and on the developing countries in general, will be ascertained. Another emphasized issue will be the security rivalry between the two powers, as seen from the alleged Chinese “String of Pearls” project and India’s reaction to it. The main methods used in the writing of this paper are historical analysis of the sources and description based on the current state of affairs.
Keywords: : China, India, Sino-Indian Relations, BRICS, String of Pearls, Sino-Indian Bilateral Trade
JEL Classification: F 50, F 51
Monika Jurkovičová - BEHAVIOURAL ASPECTS AFFECTING THE PURCHASE OF INSURANCE – DIFFERENT BEHAVIOUR OF MEN AND WOMEN (Behaviourálne aspekty ovplyvňujúce nákup poistenia – rozdiely medzi správaním mužov a žien)
Abstract: The reality of insurance markets shows that the incentive to purchase insurance is not based only on risk aversion, the size of potential loss, probability of loss, the price of insurance coverage, and budget restrictions. In fact, individuals are also influenced by cognitive and emo-tional processes and heuristics that result in deviations from rationality. The aim of the paper is to discuss specific examples of behaviour that do not adhere to traditional economic theory models, for example purchase insurance after the occurrence of insured event, excessive opti-mism or a reliance on state aid. The paper shows several factors that affect people when they decide about the purchase of insurance coverage, for instance personal relationship to the ob-ject of insurance, advice from friends and acquaintances, emotional distress, etc. Special atten-tion is paid to distinctions between men and women in this area and evaluation of the gender gap is done with the aid of a questionnaire on a sample of 160 respondents.
Keywords: : behavioural economics, insurance demand, heuristics, demand anomalies
JEL Classification: G 22, D 12
Irina Ivanovna Kharlamova - STATISTICS OF EMPLOYMENT OF GRADUATES FROM THE HIGHER INSTI-TUTIONS OF THE RUSSIAN FEDERATION IN 2015
Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 45, 1/2016, ISSN 0323-262X EV 4393/11
Veronika Mitková- the CGE Models Parameters Estimations Techniques (Techniky odhadov parametrov CGE modelov)
Abstract: The paper presents four different techniques of the computable general equilibrium model parameters estimations: calibration, an econometric approach, a maximum entropy approach, and the Bayesian cross-entropy approach. Each method is shortly introduced, and the advantages and disadvantages of each of them are discussed. It is shown that it is possible to work on with the CGE models in situations with scarce or noisy data, which is the case of developing countries.
Keywords: computable general equilibrium model, calibration, econometric estimation
JEL: C 68, C 82
Katarína Podmajerská - The impact of the global financial crisis on the selected stock markets (Vplyv globálnej finančnej krízy na vybrané trhy cenných papierov)
Abstract: This paper deals with the global financial crisis and stock markets, in particular with the impact of the global financial crisis on the selected stock markets and relation between the global financial crisis and the stock markets. It briefly examines what transformed a significant, but a relatively mild financial disruption into a full-fledged global financial crisis. The global financial crisis was triggered not in stock markets but by bonds, debt not equity securities. The paper investigates how this influence was reflected in the stock markets. This paper works with the selected stock markets (with American, European and Asian stock markets) and selected indices Dow Jones Industrial Average (American stock market), Financial Times Stock Exchange 100 (European stock market) and Nikkei Stock Average (Japan stock market). To determine the extent of the global financial crisis and its impact on the stock markets is used its comparison in time. The paper investigates the development of selected indices over years 2000 – 2015.
Keywords: financial crisis, stock market, DJIA
JEL: E 44, G 01, G19
Anita Gaile – Erika Šumilo - THE GLOBAL PERSPECTIVE OF EMPLOYMENT RELATIONS DEVELOPMENT: ORGANISATIONAL STRUCTURE AND ENVIRONMENT, INDIVIDUAL BEHAVIOUR, ORGANISATION-INDIVIDUAL RELATIONSHIP AND CAREER ATTITUDES (Globálny pohľad na rozvoj pracovno-právnych vzťahov, organizačná štruktúra a prostredie, správanie jednotlivca, vzťah medzi organizáciou a jednotlivcom a prístupy ku kariére)
Abstract: The organisation of work within organisations and employment relationships are triggered by the changes in the external environment: information technology development, demographics and socio-cultural factors. Organisations are becoming flatter substituting or adding to hierarchical structures matrix, network and virtual work organisation solutions. Each of them requires different competences and attitudes from individuals working for the organisation. Macroeconomic factors demonstrate the economic development as a rather stable process where as unemployment significantly fluctuates along the course, indicating a necessity for individuals to adapt more self-centred, pro-active attitudes when pursuing their professional careers. The conceptual frame for the further research is developed, identifying various individual competences and attitudes required by organisations adopting different work organisational structures.
Keywords: employment, individual – organisational relationship, behaviour, career attitude, organisational environment and structure
JEL: J 00
František Korček – Vladimír Bolek – Monika Beňová - SECURITY OF INFORMATION ASSETS IN SMALL AND MEDIUM-SIZED ENTERPRISES (Bezpečnosť informačných aktív v malých a stredne veľkých podnikoch)
Abstract: The period of information and communication technology development is associated with increased information security risks. The risks affect information assets of small and medium-sized enterprises, which are vulnerable due to rapid development and the lack of available financial resources. The priority of SME is to improve the security level in ICT, as the price for the loss of confidential data and business secrets is too high, in some cases even existential. Therefore, it is essential to examine and assess the security of information assets as the part of information security risk management in SME. The paper contains results of the research that evaluates the importance of individual information assets in Slovak enterprises and presents the usage of technical and organisational measures protecting the assets.
Keywords: information security, information assets, small and medium-sized enterprises, risk management, security measures
JEL: M 15
Miroslava Čukanová – Terézia Fúrová - SLOVAK GAZELLES IN TOURISM AS A DRIVER OF INNOVATION (Slovenské gazely v cestovnom ruchu ako hnací faktor inovácie)
Abstract: The aim of this paper is to investigate the occurrence of the high-growth enterprises – gazelles in Slovakia. The main part of the paper is oriented to the gazelles in tourism (based on the statistical classification of economic activities NACE Revision 2), which were selected from the list of gazelles compiled by the Statistical Office of the Slovak Republic. Innovation plays an important role in services, and tourism is no exception. As gazelles belong to the most innovative businesses, part of the research covers also the innovation in these enterprises.
Keywords: gazelles, tourism, innovation, high-growth enterprises, growth trigger points
JEL: L 83, M 13
Elena Šúbertová - DIFERENCIÁCIA SLOVENSKÉHO DRUŽSTEVNÍCTVA (Differentiation of Slovak Cooperatives)
Abstract: Slovak cooperatives have currently over 250,000 members. The fastest developing are those that provide business services. There is a big difference in growth dynamics: a significant increase is in administrative services, in services supporting research and technology; on the other hand, there is a decrease in numbers in construction and agriculture. All forms of cooperatives in Slovakia have one common problem: “bad name” originating in the past, especially in the years 1948 – 1989. Even though there were numerous transformations, there is still mistrust in starting and/or developing so-called “new cooperative types”. Differences in economic results of cooperatives depend upon their lines of business and activities, as well as their goals and, of course, upon conditions they work in. Because of the lack of financial resources, most young and potentially prospective members and/or employees are leaving cooperatives for jobs with better financial outlook. Employment of young graduates and young people in general is a major problem in Slovakia as a whole, and it is not specific to the cooperative sector.
Keywords: cooperatives, activities, members, employees, business services, differences, economic results
JEL: M 21, J 54
Slavoj Czesaný - ANALÝZA TRENDŮ, KONTEXTŮ A PERSPEKTIV VÝVOJE ENERGETIKY VE SVĚTĚ A V ČESKÉ REPUBLICE (Analysis of Trends, Contexts and Prospects of the Power Industry Development in the World and in the Czech Republic)
Abstract: This article is a contribution to the deepening of analytical knowledge about the development of the world energy trends and the strengths and weaknesses of development of the energy sector in the Czech Republic. Attention is focused on the following questions: What long-term trends are prevailing in the structure of production, consumption and efficient utilization of energy resources in the world and in the Czech Republic? What are the opportunities for growth versus the risks of development of the power industry in the long term? By analyzing the positions of the Czech Republic in an international comparison, the following weaknesses in the Czech Republic were identified: high energy intensity of the economy, high prices of energy resources, excessive subsidies for renewable energy, and the obsolescence of the production and distribution system. Among the strengths of the power industry, there is: a relatively low import demand, high export of electricity, interconnection of energy networks, and availability of electricity in remote areas. Based on the principle of the necessary diversification of energy sources, the article concludes that the preferable structure of the power industry is such based on a balanced ratio of gas, liquid, solid and renewable sources. The arguments for this priority rest on strengthening the security in energy supply.
Keywords: world energy, analysis of resources, energy outlook, energy policies, production costs
JEL: Q 41, Q 42, Q 43, Q 48
Anna Tomová – Ivan Haluška - VERNOSTNÉ PROGRAMY NOVEJ GENERÁCIE A ROZVOJ LETECKEJ DOPRAVY (Frequent Flyer Programmes of New Generation and Development of Air Transport)
Abstract: In the paper we analyze frequent flyer programmes of a new generation as an important structural change in the air transportation industry. Using the results of Multiplus and Aimia companies case studies we identify here two types of new generation frequent flyer programmes according to the stages of their maturity and distinguishing attributes. We inform so about the status of the programmes in world air transportation in 2015. Finally, we discuss potential impacts of these programmes on stakeholders in the air transport industry, namely disintegration of air services value creation, generation of demand for air services, psychological moment of captured customer, models of mutual relationship among frequent flyer programmes of new generation and competition of airlines. We also identify the new directions in economic research with regard to frequent flyer programmes in air transport.
Keywords: frequent flyer programmes, air transport, customer relationships, marketing, airline
JEL: L 93, M 30
Tetiana Gorokhova – Mykhailo Lukash - DETERMINATION OF AN OPTIMAL MARKET SUPPLY CHANNEL BASED ON THE COMPARISON OF MARKET SUPPLY CHANNEL AND CONSUMPTION DYNAMICS (Určovanie optimálnej distribučnej cesty ponuky na trhu založené na porovnaní distribučnej cesty ponuky na trhu a dynamiky spotreby)
Abstract: Globalization affects a company’s access to international markets since it is accompanied with the removal of trade barriers and booming information and communication with the emerging markets such as the Eastern Europe or China in the 20th century. While creating an internationalization strategy, the corporation faces a challenge to select the markets that could best comply with its goals, resources and have sufficiently large market potential. The article focuses on the market supply channels dynamics, which has to be considered when assessing the market capacity, and on the selection of market entry strategy. For that purpose, steel industry has been taken under scrutiny. The paper analyzes consumption, production, export and import data registered in the period spanning from 2004 to 2013 in 101 countries around the world. We group up the countries according to production volumes, export and import growth and make statistical inferences with the domestic dynamics of consumption. The results suggest the link between the market supply channel growth and its share in consumption volume to be present and significant. The paper provides recommendations for sustainability strategies of both individual companies and global steel industry.
Keywords: market gap, steel market, market supply channels, capacity, dynamics, international markets; corporate responsibility
JEL: M 210, F 170, L 110
Marcel Čas - THE CLASSICAL DICHOTOMY (Klasická dichotómia)
Abstract: The classical dichotomy is the thesis that the real economy can be effectively studied independently of the monetary economy. It says that the knowledge of technical details of the monetary economy as e.g. of the money markets, the stock market, and the interbank payment system is not needed if one wants to build a theory of the real economy. The aim of this paper is to critically asses the arguments that try to prove that the classical dichotomy holds. The paper summarizes models that show that money is neutral towards the real economy and therefore implies that money can be excluded from the analysis. Ultimately, the paper asks if it is really the case that monetary phenomena can be reduced to real phenomena.
Keywords: classical dichotomy, monetary neutrality, economic theory, real and monetary phenomena, reductionism
JEL: E 40, B 41