Ročník 45, 2016

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

str./pp. 137-150

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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

str./pp. 151-169

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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

str./pp. 170-180

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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

str./pp. 181-196

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Irina Ivanovna Kharlamova - STATISTICS OF EMPLOYMENT OF GRADUATES FROM THE HIGHER INSTI-TUTIONS OF THE RUSSIAN FEDERATION IN 2015 Štatistické údaje o zamestnanosti absolventov vysokých škôl v Ruskej federácii v roku 2015

Abstract: This paper presents the results of the first monitoring of graduates’ employment from Russian universities conducted in April 2015 by the Ministry of Education and Science in cooperation with the Pension Trust. We considered the goals, objectives, milestones and key performance indicators of the monitoring. The majors of training of graduates with the highest percentage of employment and the highest salary levels have been identified. We paid special attention to the employment indicators in the Volgograd region. The paper deals with the trends in migration geography of graduates and the dynamics of their salaries in 2013 in Russian regions in the context of the major economic institutions.

Keywords: : monitoring of universities effectiveness, graduates’ employment, migration of graduates

JEL Classification: Y 10, J 31, J 61

str./pp. 197-208

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Martin Holub - DIFERENCIACE SAZEB DŮCHODOVÉHO POJISTNÉHO PRO RODINY S DĚTMI1 (Differentiation of Social Contribution Rates for Families with Children)

Abstract: Pension systems, as well as other subsystems of state social policy must respond to socio-demographic development of the society, especially the increasing life expectancy, changes in family behaviour and the development of fertility. The current debate on pension reform in the field of expert commission for pension reform also includes innovative approaches that have no basis in economic theory and world practice. The paper analyses one concrete measure propo-sed consisting in differentiating the amount of pension insurance contributions, depending on the number of children raised. It undergoes a thorough analysis of both the microeconomic and macroeconomic points of view and assesses it in the context of current theory pension systems. Based on the analysis, it is concluded that in relation to the objectives which should be fulfilled – support for families with children – the proposed measure is inappropriate, inconsistent and brings only marginal effects for families with children, which does not include all types of fami-ly life. Under the current social policy, there are better measures that would lead to achieving the targets.

Keywords: : old-age pension, social contributions, family support, child pension, social contribution reduction

JEL Classification: H 55, J 26, G 22

str./pp. 209-221

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Veronika Piovarčiová – Petra Ščepánová - VÝVOJOVÉ TRENDY KOMPARÁCIE EKONOMICKÝCH SYSTÉMOV (Developmental Trends in the Comparison of Economic Systems)

Abstract: Globalisation and related phenomena, in particular, however, the breakdown of the socialist economic system have fully impacted the traditional concept of economic systems comparison. This, however, does not mean that if socialism as an economic system failed, the only remai-ning economic system should be capitalism. It appears that globalisation does not necessarily lead to the convergence towards auniform organizational model. The structure of global economy is influenced by developmental trajectories of national economies. Arising influence of transnational corporations and the weakening influence of national states pose awide range of challenges connected with the investigation of new tasks of national states via transforming their internal structures, but also with the shift of the national agenda to an international level. The aim of the present paper is to provide a perspective of differing concepts of economic sys-tems and their ensuing characteristic principal features. Their analysis is considered a starting-point for evaluating the effectiveness of economic systems and their capacity of adapting to changes produced by globalisation processes.

Keywords: : comparative economics, economic system, basic features of economic systems

JEL Classification: P 00, P 50

str./pp. 222-242

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Saleh Mothana Obadi - REVEALED COMPARATIVE ADVANTAGE AND COMPETITIVENESS IN THE EU-28 AND THE USA (Odhalené komparatívne výhody a konkurencieschopnosť ekonomík EÚ-28 a USA)

Abstract: This paper examines revealed comparative advantage (RCA) in the EU and USA as sectoral comparative analysis between the mentioned trade partners. In the midst of preparations for the potential Transatlantic Trade and Investment Partnership (TTIP), it is necessary to examine the sectoral competitiveness of the EU in relation with its trade partner – the USA. For this aim in our analysis we have used Balassa´s index of RCA. Meanwhile, this approach for our purpose is frequently used in literature although we aware that this index has some empirical drawbacks, but it give us a feature of gross sectoral competiveness of examined country or group of countries. According to our empirical analyses, we found that though the EU-28 have comparative advantages, according to RCA index in the global level, in less groups of commo-dities (32 groups of two digits SITC commodities) than the USA (40 groups of two digits SITC commodities).

Keywords: : comparative advantage, competitiveness, EU, USA

JEL Classification: F 10, F 11, F 14

str./pp. 243-259

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Ján Lisý - AKTUÁLNOSŤ SMITHOVHO BOHATSTVA NÁRODOV PO 240 ROKOCH1 (Relevance of Smith’s ‟The Wealth of Nations” after 240 Years)

Abstract: As many as 240 years elapsed since the first publication/edition of Smith’s ‟The Wealth of Na-tions”, which is considered the birth of the economics as an independent science, that is why it is also referred to as the Bible of economics. The book was an immediate great success. Only during the author’s life (by 1790), it was published in five editions in England and also was translated into French and German languages. Smith became a widely recognized authority not only in England but also in the entire Europe. ‟The Wealth of Nations” came out at the beginning of the industrial revolution; it explains and analyses the operation of the manufacture capitalism. Even despite that, the economic, societal, ethical, political, and philosophical prob-lems are highly relevant nowadays, in the era of contemporary civilisation. ‟The Wealth of Nations” is a follow-up to the first significant Smith’s work called ‟The Theory of Moral Emo-tions”. Smith in his work‟The Wealth of Nations” analyses and explains the operation of lais-sez faire capitalism, which he understands as the system of natural freedom. The operation of the natural freedom system is made possible owing to the invisible arm of the market, which embodies the idea of harmony of the individual and societal interests. The condition for the operation of the market invisible arm is the state’s non-interference into the economy. In con-trast to physiocrats and mercantilists, Smith saw the source of the country’s wealth in the sphe-re of material production in general. The principal driving force of economic growth is the divi-sion of labour. The international division of labour increases the wealth of all nations. For this reason, Smith proclaimed the freedom of international trade based on the principle of absolute advantages. He considered labour as astable measure of value. He viewed wages as subsisten-ce minimum. He was aware of the contradictory relationship between wages and profit: Each wage increase decreases the profit. Owing to ‟The Wealth of Nations“ Smith remains agreat authority not only among economists. His teaching was a source of inspiration for representati-ves of all the societal classes.

Keywords: : natural order, theory of value, labour, wages, capital, profit, land, rent, division of labour, ac-cumulation of capital, international trade

JEL Classification: P 16, D 46

str./pp. 260-270

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