Ročník 41, 2012
Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 41, 4/2012, ISSN 0323-262X EV 4393/11
Eva Rievajová, Andrej Přívara - WS-PS MODEL AS A THEORETICAL BASIS FOR FLEXICURITY POLICY (Model WS-PS ako teoretickýá základ flexiistoty)
Abstract: The unfavourable performance of the EU labour markets in the 1990’s was generally blamed on their high rigidity. International organisations (particularly OECD) nowadays bring employment-related recommendations which are based on WS-PS Model. The authors of the paper argue that since this model provides various solutions to reduce the unemployment rate, and since it focuses on institutional factors of the labour market, it remains relevant also in the present period of flexicurity policy implementation.
Keywords: WS-PS model, rigidity of the labour market, flexicurity, institutional factors, EU labour markets
JEL: C 32, E 24
Zuzana Brinčíková - MOŽNOSTI VYUŽITIA SYSTÉMU FLEXIISTOTY V SLOVENSKEJ REPUBLIKE – POROVNANIE S DÁNSKO (Possibilities of Applying the Flexicurity System in the Slovak Republic – Comparison with Denmark)
Abstract: The present-day period of globalization, fast economic development and world economic crisis is accompanied with a lot of changes in the labour market. An increasing number of people without jobs and incomes has negative impacts on the entire economy, creates social tension and endangers public finances. One of the potential and perspective solutions is a support of flexibility of labour, which eventuates in a more flexible labour market and results in the increased mobility of labour force. It allows firms to adjust employment to changes in the production conditions in the course of the economic recession, and extends employment possibilities for work force. Flexicurity is characteristic of the entire Danish labour market. Its main contribution is that security and flexibility are not in contradiction, i.e. security is not at the expense of flexibility and vice versa. The core of the Danish flexicurity system is a flexible labour market with an active labour policy and educational policy accompanied with elements which contribute to social security. Several measures in this area have been adopted also in Slovakia, which should advance labour mobility and flexibility of the labour market.
Keywords: flexibility, mobility, labour force, labour market, flexicurity
JEL: J 28, J 60
Ladislav Průša - FINANCOVÁNÍ SLUŽEB SOCIÁLNÍ PÉČE V ČR – TEORETICKÁ VÝCHODISKA A SKUTEČNOST (Financing of Social Care Services in the Czech Republic – TheoreticalStarting-points and Reality )
Abstract: In 2007 there came into force a long-awaited new Act on social services. One of the most significant changes introduced by this Act was a new system of funding of social care services. The aim of the paper, which is based on current data on the structure of the funding of social care services, is to document the basic theoretical background of this system. The aim has not been fulfilled, with the result that the financing system is inefficient and the system of social care services has stagnated. This fact is particularly alarming in view of anticipated demographic trends. In the conclusion basic measures are outlined that could contribute to overcoming existing problems.
Keywords: social care services, funding of social care services, care benefit, subsidies
JEL: H 4, E 6
Igor Melišek - MERANIE A HODNOTENIE MAKROEKONOMICKÝCH VýSLEDKOV ZAHRANIČNÉHO OBCHODU (Towards the Subject of Measurement and Assessment of Macroeconomic Results of Foreign Trade)
Abstract: The paper deals with selected macroeconomic issues of foreign trade. It concentrates primarily on the measurement, assessment and effectiveness of foreign trade and pro-export policy from the macroeconomic perspective, assesses how these phenomena affect economic growth, and describes the methods and formulas of the calculations of individual indicators.
Keywords: foreign trade, competitiveness, comparative advantage, measurement of results of foreign trade, intra-industry trade, Grubel-Lloyd index, contribution to the Trade Balance.
JEL: E 60, F 13, F 14, F 40, O 24
Peter Knapik, Daniel Krajčík - CORPORATE GOVERNANCE FAILURES – CAUSALITY AND CONSEQUENCES (Zlyhania korporátneho riadenia – príčinnosť a dôsledky)
Abstract: The article describes the importance of corporate governance in business for the countries and individual companies; it deals with corporate governance failures and weaknesses (renumeration/incentive systems, risk management practices, the performance of boards, and exercise of shareholder rights) before the economic and fi nancial crisis and opportunities for its improvement. The authors present the implementation of corporate governance principles in business sphere as a very important incentive for foreign investor’s decisions and for infl uencing the quality of business environment. The paper deals with the corporate governance principles and infl uence on the increasing of level of competitiveness, law, regulations, and with acceptance of the importance of control mechanism (audit, rating – misleading or misused, shareholders, stakeholders, and gatekeepers). Further, authors deal with the prevention of the failures of corporate governance (paying attention to good and bad growth) company support to constructive engagement with their shareholders,with the adequacy of corporate governance principles in excessive risk taking, in accounting standards and regulatory requirements and in remuneration systems, and refl ect on the importance of qualifi ed board oversight. The authors consider the causes of the global economic crisis, which they see as a crisis of confi dence and are trying to fi nd some links between the causes of the crisis and the lack of corporate governance.
Keywords: corporate governance, economic crisis, corporate failure
JEL: G 30, G 32
Tomasz Wołowiec, Jacek Rodzinka, Tomasz Skica - THE INFLUENCE OF QUALITY VARIABLES ON LOYALTY EFFECT OF NON-LIFE INSURANCE COMPANIES’ CUSTOMERS (Vplyv kvalitatívnych premenných na efekt lojálnosti klientov neživotných poisťovní)
Abstract: The aim of the article is to present ways of measuring customer loyalty. The results of this analysis allowed us to differentiate institutional clients of insurers’ services depending on the power of their loyalty. On the basis of this measurement we presented a tool that enables us to indicate the most and the least loyal groups of clients taking into account some assumed features. The article is based on the authors’ research conducted from May to July 2003 on the sample of 739 economic entities.
Keywords: customers loyality, insurers’, variables, selected methods for measuring customer loyalty, loyal groups.
JEL: D 01, D 12
Miloš Bikár - OTÁZKY RIEŠENIA DLHOVEJ KRÍZY V EUROZÓNE (Development of Global Economy and Euro Zone Debt Crisis)
Abstract: The paper deals with the analyses and predictions of the global economy development and the policies that have been proposed to solve the financial and sovereign debt crisis in Europe, against the backdrop of what the real underlying problems are, i.e. extreme differences in competitiveness; the absence of growth strategy; sovereign, household and corporate debt at high levels in the very countries that are the least competitive; and in banks that have become too large and are driven by dangerous trends in capital markets banking. The paper explains how counterparty risk spreads between banks, and how the sovereign and banking crises serve to exacerbate each other. Of all the policies proposed, the paper highlights those that are coherent and stresses the magnitudes involved if the euro is not to
Key words: fiscal consolidation, financial reform, counterparty risk, sovereign debt, credit derivatives, cross-border exposure, collateral, monetary policy.
JEL: E 58, F 34, G 15, G 18, H 60
Anna Tomová - ALOKÁCIA LETISKOVÝCH SLOTOV V EURÓPSKEJ ÚNII: EKONOMICKÉ DIMENZIE A NOVÁ LEGISLATÍVNA INICIATÍVA (Allocation of Airport Slots as Specifi c Economic Problem)
Abstract: In this paper we deal with airport slots allocation, which is one of the most topical issues of air transport development in Europe at the moment. Allocation of airport slots is analysed through its economic dimension, and via revealing an airport capacity as a limited economic source. In the paper we confront the valid system of airport slots allocation within the European Union against the new European Commission legislative initiative. We discuss posssible implications of the proposed legislation on functioning of air transport market, depicting possible controversial effects of the new proposed system, which are seen in lower fl exibility, inconsistency and unresolved collision of national and supranational interests.
Keywords: airport, capacity, slot, secondary trading, allocation, European Union, auction, effectiveness, coordination, quality
JEL: L 13, L 41, L 93
Nadežda Jankelová - MIŠÚNOVÁ HUDÁKOVÁ, I.: Zdokonaľovanie strategického manažmentu. (Improving Strategic Management) Bratislava: Vydavateľstvo EKONÓM, 2012. 106 s. ISBN 978-80-225-3458-1.
JEL: Y 30
Dana Bajusová - Regions in Motion – Breaking the Path 52. kongres Európskej asociácie regionálnej vedy v Bratislave (The 52nd Congress of the European Association for Regional Science in Bratislava)
Vladimír Choluj - HUSÁR, J. – LALUHA, I. – PETRENKA, J. edit.: Spomienky a príbehy z dejín Ekonomickej univerzity v Bratislave (1940 – 2010). Bratislava: SPRINT 2 s. r. o, 2012, 332 s., ISBN 978-80-89393-60-2.
Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 41, 3/2012, ISSN 0323-262X EV 4393/11
Jana Lenghardtová, Jana Paľková - INTERNACIONALIZÁCIA VZDELÁVANIA EKONÓMOV A MANAŽÉROV A VÝZVY DIALÓGU EURÓPA - LATINSKÁ AMERIKA (Internationalisation of Education of Economists and Managers and Challenges of Europe – Latin America Dialogue)
Abstract-Abstrakt: Within the present internationalisation strategy of the University of Economics in Bratislava the development of relations with universities from the European Union countries is a priority. Nevertheless, at the same time the need for strengthening the internationalisation oriented towards third countries is stressed, with a special attention paid to the policy of initiating and developing relations with universities from Latin America. The aim of thispaper is to justify the above mentioned internationalisation policy, by highlighting those factors which contribute to the arguments in favour of intensifying relations with Latin America (i. e. the growing importance of the region in the global context, the potential of opportunities for international cooperation, and last but not least the cultural and linguistic affinity with Europe); to summarize the previous development andchallenges of the dialogue LAC - EU; to present selected results of an empirical research focused on attitudes of relevant target groups towards the LAC - EU cooperation; and finally to outline one of possible efficient models of cooperation with Latin American universities based on the principles of “knowledge triangle ”.
Keywords: internationalisation of universities, Latin America, LAC-EUdialogue, knowledge triangle.
JEL: I 23, I 29, F 50
 The abbreviation "LAC - EU” denotes bodies concerned: Latin America and the Carribbeans - European Union. Skratka LAK - EÚ označuje príslušné regióny: Latinská Amerika a Karibik - Európska únia. 257
Vieroslava Holková, Alexandra Veselková, Matej Valach - SOCIO-ECONOMIC ASPECTS OF INCOME DISPARITY IN SLOVAKIA
Abstract-Abstrakt: Empirical results confirm a long-term disharmony between economic growth and the quality of life in society. In consequence of this, income disparity is most worrying, and so is its increase or the rise in the ratio of low-income groups of inhabitants and growth ofpoverty. Importance of income disparity (as one of the most visible forms of inequality) is in its linkage with serious economic and social processes that are taking place in last decades. Even though Slovakia has a low income disparity - the distance between bottom and top end of income structure is not extra significant in comparison with other countries, it is important to look at the importance of this problem mainly due to future social and economic development of society.
Keywords: income disparity, Gini index, quantile index S80/20, equivalent disposable income of households, risk rate of poverty, material deprivation
JEL: I 31, I 32
 The present paper is the outcome of scientific project VEGA No. 1/0570/11 Consumption and life quality of households in Slovakia respecting their consumption decision making in European context. 277
Miroslav Grznár, Ľuboslav Szabo - MANAŽMENT PODNIKOV - STAV PO KRIZE (Management of Companies – Post-Crisis Condition)
Abstract-Abstrakt: The paper deals with the impact of economic crisis and with ways- out in management of companies. It describes the post-crisis development in some sectors of the Slovak economy and analyzes the process of consolidation of selected companies. In particular, the paper emphasizes the use of such anti-crisis measures as the dismissal of employees, investment and innovation processes and cost savings.
Keywords: crisis, risks management, emergency planning, firms after crisis
JEL: D 24
 Príspevok je parciálnym výsledkom riešenia grantového projektu VEGA č. 1/0466/11 „Krízový manažment podniku“. 292
Yulia Tkachenko, Yuri Chepurko - THE PROBLEMS OF THE TRANSNATIONALIZATION IN THE RUSSIAN ECONOMY
Abstract-Abstrakt: The present article covers the analysis of world economy transnationalisation processes, manifesting in transnational corporations formation and development. In the present world TNCs represent one of the key economic subjects: in the early 2008 their share in the world GDP exceeded 57%. Thepaper analyses the place of TNCs in the common system of world economic relations and their role in the development of national economies; it supports a thesis that the transnationalisation level of companies of some state objectively reflects the extent of influence of national economy over the world economy. This work also examines the transnationalisation process of the Russian economy, motives of Russian companies, carrying out the foreign expansion, and substantiates key directions of support of domestic business, which is entering the international level.
Keywords: globalisation, transnationalisation, transnational companies, foreign direct investments, foreign expansion, investmentprotectionism, competitiveness
JEL: G 30
Soňa Ferenčíková, Lucia Krajčíková, Daniel Krajčík - STRATEGICKÉ RIADENIE ĽUDSKÝCH ZDROJOV V BÝVALÝCH TRANZITÍVNYCH EKONOMIKÁCH (Strategic Management of Human Resources in the Former Transition Economies)
Abstract-Abstrakt: The authors briefly describes the stages of the development of human resource management that has moved from a simple administratíve role to the position of the strategic partner in former transition economies within the last two decades. This new role as well as HR priorities and activities have been severely touched by the economic and financial crisis in the region. The authors study these priorities, follow-up activities based on the survey conducted in seven countries of Central and Eastern European region on the sample of 150 companies from manufacturing and service sectors. An important part of the survey is devoted to the position of HR department and level ofparticipation HR section on strategic stages and its position in the future.
Keywords: human resource management, Central and Eastern Europe
JEL: M 12, M 54
 Článok je súčasťou projektov VEGA 1/0016/09 Manažment ľudských zdrojov v zahraničných podnikoch v SR - vybrané problémy a spillovers v slovenských subjektoch a VEGA 01/0461/12 Manažérske kompetencie v zahraničných a domácich firmách v SR ako zdroj zvyšovania ich konkurencieschopnosti v ére globalizujúcej sa ekonomiky. 323
Pavlína Ivanová - ECONOMICS AS A MORAL AND AN ETHICAL SCIENCE FROM THE VIEWPOINT OF THE THEORY OF ECONOMICS AND PRACTICE
Abstract-Abstrakt: Substantial qualitative changes that are happening nowadays not only point at the inevitability of understanding the supranational context, but also the necessity of recalling moral and ethics principles. In this context, we conclude from theoretical assumptions listed and define a new basis of the theoretical and practical possibilities of the theoretical approach to social welfare and the ethical level of unemployment. The development of the causes of the economic crisis very clearly shows that the income polarisation is one of the main causes of the global recession. Employment development and the growth of the employment income connected with that shows that it is not sufficient for solving the global consumption problems. However, at the same time it has showed that as long as we do not pay attention to solving the income stratification problem, it will not be possible to renew the development of the global consumption, and as a result of that the cyclical termination of jobs is going to continue.
Keywords: ethics, moral hazard, economic growth, global crisis, welfare, income polarization
JEL: A 13
 This paper was prepared thanks to the support of VEGA Project No.: 1/0379/12 “The Conflicts of Human Capital Creation in the New Economy”.
Ema Mišúnová, Juraj Mišún - NÁČRT UPLATNENIA INOVÁCIÍ V REGIONÁLNOM ROZVOJI CESTOVNÉHO RUCHU (Outline of Applying Innovations in Regional Development of Tourism)
Abstract-Abstrakt: The paper is based on the argument that innovation processes in tourism are the most important elements of the long-term economic growth. In “intersectoral” process of innovation tourism can play a key role in transforming modern innovation into economic growth. New technologies, more experienced and more demanding clients, organizational changes, regional disparities and growing environmental restrictions are just some of the challenges that shape the tourism sector. Internet transforms the sale of tourism products in different ways. This will simplify access to information, which rapidly grows and makes tourism permanently competitive. The paper shows the specific features of tourism products creation, and possibilities of knowledge use in regions. In the application part we present partial outputs of the knowledge dynamics case study in tourism sector of the Bratislava region of “REDIPE”project 2010.
Keywords: knowledge economy, innovation in tourism, service sector, tourism enterprises, destination, tourism product, information technology, tourism policy.
JEL: L 22, L 83
Tomáš Dudáš - VPLYV PRÍLEVU PRIAMYCH ZAHRANIČNÝCH INVESTÍCIÍ NA PRODUKTIVITU PRÁCE NA SLOVENSKU - SEKTOROVÝ A REGIONÁLNY POHĽAD (Influence of Infl ow of Foreign Direct Investments on Productivity of Labour in Slovakia – Sectoral and Regional View)
Abstract-Abstrakt: The aim of the article is to provide an analysis of the impact offoreign direct investment inflows on the labour productivity in Slovakia on the level of regions and industries. The analysis is basedon mathematical andstatistical methods, and the main methods of analysis are correlation and regression analyses. The time series used in this analysis come from the available databases of the Statistical Office of the Slovak Republic and the National Bank of Slovakia. The results of the analysis confirm the positive impact of FDI inflows on labour productivity growth both on the industry level and also on the regional level. The question for the future however is, whether there are any spillover effects in terms of labour productivity - which means the gradual leakage of higher labour productivity to the corporations with domestic ownership.
Keywords: foreign direct investments, labour productivity, regions, industry
JEL: F 21, J 24
KLIMIKOVÁ, M. a kol.: Bankový manažment a marketing I. (Banking Management and Marketing I. )Bratislava: Vydavateľstvo Iris, 2012, 363 s. ISBN 987-80-89238-63-7.
MALACKÁ, V. a kol.: Finančný trh - zbierka príkladov. (Financial Market–Collection of Examples). Bratislava: IURA EDITION, 2007, 115 s., ISBN 978-80-8078-137-8.
MALACKÁ, V. - CHOVANCOVÁ, B.: Peňažné a kapitálové trhy - zbierka príkladov (Money and Capital Markets – Collection of Examples). Bratislava: IURA EDITION, 2011, 146 s., ISBN 978-80-8078-378-5.
POLEDŇÁKOVÁ, A. a kolektív: Optimalizácia finančného riadenia podnikov pôsobiacich v SR v kontexte súčasných globálnych problémov (Optimisation of Financial Management of Companies Operating in the Slovak Republic in the Context of Contemporary Global Problems). Bratislava: Vydavateľstvo EKONÓM, 2011, 158 s. ISBN 978-80-225-3343-0.
Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 41, 2/2012, ISSN 0323-262X EV 4393/11
Brezina, Ivan - Čičková, Zuzana - Pekár, Juraj - Evolutionary Approach as an Alternative Method for Solving the Vehicle Routing Problem (Evolučný prístup ako alternatívny spôsob riešenia problému rozvozu)
Abstract-Abstrakt: The vehicle routing problem (VRP) is one of the most important problems in the field of logistics and its importance follows from many practical applications as well as from its high computational complexity (NP – hard problem), therefore the use of optimization techniques seems to be relatively complicated and nowadays the attention is often focused on application of alternative computational techniques that are inspired by evolutionary biology. Presented evolutionary approach could be used in general for solving a wide variety of distribution problems.
Keywords: evolutionary approach, heuristics, self-organizing migrating algorithm, vehicle routing problem
JEL: C 61, C 90, L 91
Rievajová, Eva - Přívara, Andrej - Nezamestnanosť a politika flexiistoty na francúzskom trhu práce (Unemployment and Flexicurity Policy in the French Labour Market)
Abstract-Abstrakt: The paper aims to characterise the development in EU labour markets with focus on the French labour market. Labour markets have been recently affected by the consequences of the global financial and economic crisis which has had a negative impact both on economic growth and as well on employment. The crisis has caused most damage to export-oriented economies. One of the much discussed approaches to dealing with unemployment is the need to increase labour market fl exibility in combination with a better social protection of workers. The paper analyses the implementation of fl exicurity policy in the French economy, focusing on its four components: fl exibility and security in employment relationships, active labour market policy, lifelong learning, and modern social systems.
Keywords: labour market, unemployment, global crisis, fl exicurity, active labour market policy, lifelong learning, social security systems.
JEL: J 21, J 64
Škrovánková, Lea - Škrovánková, Petra - Aktuárske modely v systéme zdravotného a nemocenského poistenia (Actuarial Models in Health and Sickness Insurance System)
Abstract-Abstrakt: The paper contains designing and utilisation of actuarial models in health and sickness insurance. More and more often new modern methods are used in life insurance actuarial calculations. The old deterministic approach is giving way to new stochastic methods. One example of a stochastic method is analysed and applied in this article. The authors go on to show how the models described can be used to carry out actuarial calculations for a model of critical illness. The authors believe that the unifying approach provided by stochastic models is very important also for Slovak insurance companies; it enables a well-organised presentation of the personal sickness insurance statistics and, in particular, of health care.
Keywords: sickness and health insurance, critical illness, actuarial model, stochastic processes
JEL: C 10, C 15, I 11
Andrášik, Ladislav - Kultivácia ekonomickej imaginácie experimentovaním vo virtuálnych laboratóriách. Demonštrácia na prípade Cournotovho duopolu, keď sa hráči správajú adaptívne (Cultivation of Economic Imagination through experimenting in virtual laboratories. Demonstration on the case of Cournot Duopoly when players behave in an adaptive way)
Abstract-Abstrakt: Development of global knowledge society accompanied by crises in national economies, as well as by the world economic crisis makes the economics science face new challenges. These challenges are in the first place those new phenomena and processes that may be pertinently described with the attribute of “all-round”. In this new situation it is impossible to rely purely on conventional approaches. Instead, it is necessary to search for tools that are capable of raising economic imagination to a higher level. These methods and tools also include advanced ICT and in particular applied informatics and computation intelligence products. By means of them, we can construct virtual laboratories and experiment in them in order to find hidden qualitative properties of mental models, which are created by economists beyond the economic reality. For the purposes pursued in the present study, we have decided to use the mental model which was designed and developed into its mathematical form by A. A. Cournot by the end of the first half of the 19th century. We have supplemented this model with the change in players’ behaviour in the sense that the players behave in an adaptive way, i.e. fl exibly. This kind of modification of the classic duopoly is most suitable for demonstrating the phenomenon that even quite simple mental models may contain latent, at first sight unsuspected complexities. As a result, we have to be even more careful when dealing with more complex mental models constructed beyond the present-day economic reality. The investigation of a modified Cournot type of model populated with a pair of adaptive players poses relatively high demands on an analyst’s mathematical skills despite its seeming simplicity. Moreover, nor a highly sophisticated mathematical analysis renders such obvious results, which would display adequately clearly and exhaustively specific properties of this kind of model. On the other hand, to achieve a sound understanding of market processes this kind of knowledge is very significant as well as relevant and useful. Given the contemporary high standard of information sciences and software engineering, or when we have at disposal advanced products of computation intelligencie (CI), there are reasonable possibilities for experimenting in virtual laboratories, which do not place high demands on more extensive preliminary skills for this activity at a PC. Potential means that enable us to construct virtual laboratories for tasks of this type, including also the Cournot model, include the following programs: STELLA, Vensim, SWARM, Simulink in MATLAB, and some other. In the present case we have used iDmc program, which was designed in the programming language of LUA, and it runs in JAVA environment. The program is advantageous for most econonomists as it is freely accessible and downloadable from the Internet, and its author provides also free-of-charge detailed instructions how to experiment with it to economists, who, apart from their knowledge of economics, may not have parallel informatics knowledge and skills needed for these programming activities. The aim of the present paper is to familiarise the reader of the Economic Review with possibilities of unconventional acquiring of economic knowledge by these methods, namely on the instance of the well-known Cournot duopoly model, when players behave in an adaptive way (fl exibly) rather than responding by adjustment as Cournot supposed.
Keywords: border-collision bifurcations, closed invariant curves, Cournot duopoly and adaptive behaviour, focus, isoelastic demand function, local and global bifurcations, local and global crises, Neimark-Hopf and Neimark-Sacker bifurcations, node, multistability, saddle
JEL: C 15, C 62, D 24, D 43
Tomová, Anna - Novák-Sedláčková, Alena - Ku kritike politiky verejno-súkromných partnerstiev (Towards Criticism of Public-Private Partnerships)
Abstract-Abstrakt: The paper deals with public-private partnerships (PPP), discussing their role and place in socio-economic development of countries. Arguments in favour of PPPs and those against it are assessed on the basis of research reports of international economic organisations, papers in academic journals as well as other cross-countries and cross-industries investigations. A special emphasis is put on the analysis of political and legislative support of public-private partnerships provided by institutions of the European Union. Development of public-private partnership market in EU member countries is described in the paper (with regard to the development of public debt indicator to GDP), while its dimensions and relevance are identified in terms of future development in the EU.
Keywords: public-private partnership, privatisation, European Union, socioeconomic development
JEL: H 41, L 33
Bystryakov, Alexander Yakovlevich - Savchina, Vladimirovna Oksana - Financial Stability of the Sberbank of Russia and the Bank for Foreign Trade (VTB) Activity in Conditions of the World Crisis (Finančná stabilita Ruskej banky Sberbank a činnosť Banky zahraničného obchodu v podmienkach svetovej krízy)
Abstract-Abstrakt: The stability analysis of the Sberbank of Russia and the Bank for Foreign Trade (VTB) activity is carried out on the basis of consolidated financial statement relative to key activity figures. Main destabilizing factors acting on the Russian banking system during 2007-2008 are revealed and evaluated. The infl uence of these factors on liquidity, profitability, asset quality and state of capital of the adopted targets of research is also determined in the paper.
Keywords: financial crisis, stability, liquidity, profitability, capital
JEL: E 44, E 5
Pakšiová, Renáta - Význam teórie účtovníctva v kontexte svetového vývoja (Importance of Accountancy in Context of Contemporary World Development)
Abstract-Abstrakt: Every existing department within the company’s information system has its own justification. Accountancy belongs to the fundamental information systems of every organisation. The majority of disciplines in the field of direction sooner or later experience the importance of forming their own theory which may enable the clarification concerning the content of specific disciplines and its functioning and non-subordination in the system of direction. Accountancy as part of the information system (and the system of direction) was dependent on the historically proved necessity of every conducting system combined with the importance of accounting information. The continuous changes of legal norms referring to accountancy in the Slovak Republic with the aim to achieve harmony with above-the-standard modifications have led to the necessity of concept unification concerning the theoretical basis of accountancy. The familiarisation with the theoretical principles of accountancy and the influence of different theoretical schools can help to comprehend the philosophy of accountancy, which forms the basis of national and above-the-national legal norms, and these norms in turn modify current accountancy and the financial statement.
Keywords: theory of accounting, practice of accounting, global progress of accounting
JEL: M 40
Breveníková, Daniela - Lišková, Danuša - On the Importance of Translator´s Background Knowledge of the World of Finance (Based on the Analysis of German and English and Slovak Economic Text) (O význame znalostí vývoja vo svete financií z hľadiska potrieb prekladateľa)
Abstract-Abstrakt: The paper written by two language teachers offers the answer to the question what the students pursuing their studies at the Faculty of Applied Languages should know about the background of the world of money, banking and stock exchange to become successful translators in professional settings. The paper is written on the basis of analysis of texts of various genres, e.g. monographs on the subject, textbooks, professional journals, as well as daily press materials in English, German and Slovak languages. The focus of our analysis is on the issues of terminology of the three areas. The paper refl ects the authors’ long-time interest in this topic itself and their experience in teaching courses in Business German or Business English as well as in specialised courses in English/German for Finance. The authors do not aim to cover problems concerning terminology of banking and stock exchange in their entirety: the aim is to point to some difficulties arising in the course of studying texts dealing with this kind of specialised texts.
Keywords: Anglicism, finance, language, loanword, metaphor, professional communication, stock exchange, terminology, translation
JEL: E 44
Grančay, Martin - Osobitosti ponuky na trhu severoatlantickej leteckej dopravy s aplikáciou na Slovenskú republiku (Specificities of Supply on the North Atlantic Air Transportation Market as Applied to the Slovak republic)
Abstract-Abstrakt: The paper explains the nature of air transportation as a non-standard economic sector. We specifically focus on the supply-side factors and identify the main features of air transportation services supply on the North-Atlantic market: high level of market saturation, strong business clientele, relatively high price of inputs, use of the most up-to-date technologies, and accelerating liberalisation. We evaluate current position of Slovakia in the North-Atlantic aviation map and arrive at the conclusion that Slovakia needs to focus on increasing connectivity between domestic airports and European hub airports. In accordance with this, we suggest measures to reach this goal.
Keywords: air transportation, airlines, North-Atlantic market, Slovakia, factors of supply
JEL: L 93
SZARKOVÁ, M.: Komunikácia v manažmente. Bratislava: Vydavateľstvo Ekonóm, 2011. 268 s. ISBN 978-80-225-3251-8 (SZARKOVÁ, M.: Communication in Management. Bratislava: Publishing House Ekonóm, 2011. 268 p. ISBN 978-80-225-3251-8)
JEL: Y 30
Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 41, 1/2012, ISSN 0323-262X EV 4393/11
Erika Neubauerová, Alena Zubaľová - NEW TRENDS IN FISCAL POLICY – GENDER-SENSITIVE BUDGETING
Abstract-Abstrakt: Gender-sensitive budgeting (gender budgeting) is an application of gender mainstreaming to processes connected with budgeting. It means gender evaluation of budgeting and integration of gender perspective at all levels of budgeting process. By means of these all revenues and expenditures are restructured with the aim to support gender equity (European Parliament resolution on gender budgeting, 2003). In other words, it means improvement of socio-economic status of women in narrower meaning, and from the view of broader understanding it is the effort to infl uence social policy of the country and its development aiming to enforce an equal access of both men and women to public resources. This equal access to public resources is closely linked with the spending of public expenditures.It is becoming a fundamental problem within gender-sensitive budgeting, which is related both to gender specific expenditures as well as expenditures supporting gender equity within public services.
Keywords: gender equity, gender-sensitive budgeting, gender mainstreaming, gender role, gender blind policies, gender analysis, gender perspective.
JEL: H 72, J 16, O 23
Elena Šúbertová, Michaela Kinčáková - EVALUATION OF THE RESULTS ANALYSIS IN THE ENTREPRENEURIAL THINKING OF BUSINESS STUDENTS IN SLOVAKIA
Abstract-Abstrakt: Nowadays, it is very important to promote the development of entrepreneurial and managerial skills within the university students, particularly promising young economists. Entrepreneurship and managerial education are implemented at several universities in Slovakia, including the Faculty of Business Management, University of Economics in Bratislava. Education of future entrepreneurs and managers is done in many programmes and courses. Each course has its own defined objectives, syllabi, literature and knowledgeable teachers for quality education. Teaching tools and methods are differentiated for each programme. Traditional educational methods are not correlated with current entrepreneurial development anymore. Recommended additional methods are practical examples and case studies. Cooperation of the faculty with economic practice and high mobility of teachers and students are also required to improve the quality of education in entrepreneurship. The survey which results are presented in this article was executed within the students of the Faculty of Business Management,as a part of the course in “Entrepreneurship in small and medium enterprises”.The objective was to evaluate students’ knowledge and skills in entrepreneurship,especially in SMEs. The survey results are subject to the present scientific article.
Keywords: education, entrepreneurship, small and medium sized enterprises, knowledge, experience, practice
JEL: E 13, B 41
Bogusław Stankiewicz - COMPETITIVENESS OF HEALTH RESORT ENTERPRISE – LOOKING FOR METHODS OF EVALUATING CROSS-BORDER COMPETITIVENESS OF HEALTH RESORT ENTERPRISES
Abstract-Abstrakt: The article deals with the problem of the extent to which it is possible to build a health resort enterprise competitiveness model useful for the needs of cross-border research. The starting point was the analysis of tourist destination competitiveness, which led to an observation that the existent models are useful on the macro level (a group of countries, a country, a smaller section of country’s territory), but it cannot be used on the micro level, while a detailed research, being helpful for enterprises, does not meet the postulate of complex measurement of the determinants of their competitiveness. The research on destination competitiveness is accompanied by a discussion on the choice of a research method, while the idea of applying gualitative methods to measure enterprise competitiveness is supported. The final part of the article is the analysis of a Polish model of enterprise competitiveness (of the Toruń team) based on RBV achievements. The analysis of the model structure – the subsystems of the competitiveness potential – indicates its universality and, thus, its usefulness for adapting it for the needs of complex research both with regard to competitiveness of the Polish health resort enterprises as well as others (e.g. Slovak health resorts).
Keywords: enterprise competitiveness, cross-border competitiveness, health resort enterprise, enterprise competitiveness model, tourist destination
JEL: I 15, I 18, I 25
Karol Szomolányi, Martin Lukáčik, Adriana Lukáčiková - THE RELATION BETWEEN THE RATE OF CHANGE OF MONEY WAGE AND UNEMPLOYMENT RATES IN THE FRAME OF THE MICROECONOMIC DYNAMICS
Abstract-Abstrakt: The Phillips curve is a basic tool to understand relations between the growth rate of money wage and unemployment rates. Economic dynamics literature contains numerous precious analyses of the Phillips curve. Authors mostly automatically assume that the Phillips curve defines money wage growth rate, or infl ation rate as a decreasing and convex function of unemployment rate, or output gap and as an increasing function of expected money wage growth, or expected inflation rate. Basic models of the economic dynamics are the original market equilibrium models. If the subject of dynamic analyses is labour market – market commodity is labour and its price is money wage – we can derive the Phillips curve. Books and lectures on economic dynamics could be enriched with this approach. Such analyses could help to understand why the Phillips curve is decreasing or why it should be augmented by expectations.
Keywords: Phillips Curve, cobweb models, dynamic adjustment models
JEL: C 02, C 62, J 20
Anna Majtánová, Tomáš Ondruška - ECONOMIC SENSE OF NON-LIFE INSURANCE AND SPECIFIC RISKS
Abstract-Abstrakt: The insurance is one of the most important parts of the financial market with respect to trading risks. Although the life insurance is better understood in the public, the non-life insurance plays at least as an important role in society as life insurance. Every company as well as insurance companies need to understand how to respond to current trends and globalisation. The knowledge of these trends by identifying the most important risks helps them to stand up to the competition and be successful in the insurance market. The emergence of these risks will have serious consequences for the insurance industry. And what is more, there are still new and new risks which are more interconnected.
Keywords: insurance market, insurance risks, functions of insurance, non-life
insurance, sense of insurance, trends in non-life insurance
JEL: G 22
Marián Vongrej - FREEDOM, ELECTION AND MORALITY AS A BASIS OF CONSTITUTIONAL ECONOMICS
Abstract-Abstrakt: The aim of this paper is to demonstrate the bases of the constitutional economy. Freedom, free will, morality are the resources of each social-economic system. The morality and the ethics should be superior to the legislation. The written laws should be made for the society, common people, not for the thin group of politians,businessmen or lobby. The constitutional economy is part of the theory of public choice. Its main representatives are G. Tullock and J. M. Buchanan. The message of the constitutional economy is to encourage exchange and dialogue extending across a range of social sciences, including law, philosophy, political science and sociology.It explains the choice of the alternative sets of legal, institutional and constitutional rules that constrain the choices and activities of economic and political agents.
Keywords: Buchanan, constitution, constitutional economics, constitutionalism, ethics, government authority, morality, public choice theory, freedom, elections
JEL: B 50, H 70, K 40
Peter Árendáš - POROVNANIE VÝNOSNOSTI KOMODÍT A AKCIÍ ŤAŽOBNÝCH SPOLOČNOSTÍ (Comparing Performance of Commodities and Stocks of Mining Companies)
Abstract-Abstrakt: The commodity cycle, scarcity of mineral resources and growing demand for them, have led to a sharp growth of commodity prices and thus the interest of investors in commodity markets in the past decade. One of the basic forms, and for many commodities the only form of investing is buying shares of mining companies. This article compares the performance of different classes of shares of mining companies, in comparison with the underlying commodity, over the past decade.
Keywords: commodities, mining companies, comparison, performance
JEL: L 71, O 16, E 2
Beáta Gavurová - INFORMAČNO-TECHNICKÁ PODPORA ZAVEDENIA SYSTÉMU BALANCED SCORECARD (Informational and Technical Support of Introducing Balanced Scorecard)
The article is focused on the assessment of the technical implementation of the BSC through the evaluation of the methodology and the tools supporting the implementation of the BSC. The importance of this issue is outlined by the fact that a comprehensive study on the implementation of BSC in the Slovak Republic has not been conducted yet. The mapped generations of the BSC declare the development and improvement of software solutions. Nowadays, managers are offered a wide range of software tools, which not only declare the results, but also map the strategy and show the relationship of cause and effect, plan and create scenarios. Given today’s large volumes of data, the difficulty of collecting, processing and archiving, we believe that IT support is necessary for successful implementation of the system. This is confirmed by research results, which show that almost one third of respondents uses the model approach of the BSC implementation. The model approach is significantly different from approaches in management theory, mostly in the strong link to external support tool software. Application of any software solution should take into account that the BSC is a management system, rather than a system for dealing with IT company problems.
Keywords: Balanced Scorecard, technical implementation of BSC, model approach to BSC.
JEL: M 15, M 19
Vojtech Stanek - SPOLOČENSKÁ ZODPOVEDNOSŤ PODNIKOV A PODNIKOVÁ SOCIÁLNA POLITIKA (Corporate Social Responsibility and Corporate Social Policy)
Corporate social responsibility (CSR) is connected with the quality of life of the employees. The concept is related to principles such as responsibility,involvement, transparency, and interest. In the present-day globalized world the CSR but also the corporate social policy are instruments of improving the credibility of the reputation in relation to employees, co-workers, customers and suppliers. For the company it means success.
Keywords: corporate social responsibility, corporate social policy, social responsibility, social benefits of companies
JEL: D 6, D 60
KUŠNÍROVÁ, J. a kol.: Daňovníctvo – daňová teória a politika I – praktikum. Prvé vydanie.
Bratislava: IURA EDITION, 2011, 138 s., ISBN 978-80-8078-408-9
str. /p. 124
ŠVIHLÍKOVÁ, I.: Globalizace a krize. Souvislosti a scénáře. Všeň: GRIMMUS, 2010,
296 s., ISBN 978-80-87461-01-3
ROMANČÍKOVÁ, EVA: Ekonómia a životné prostredie. Bratislava: IURA EDITION,
2011, 224 s., ISBN 978-80-8078-426-3
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