Economic Review

Ekonomické rozhľady

ročník 46, číslo 4, 2017


ISSN 0323-262X EV 4393/11



Nataliia Parkhomenko - ANALYSIS TOOLS OF THE RATING OF INNOVATIVE ACTIVITY ON THE EXAMPLE OF UKRAINE AND SLOVAKIA (Nástroje analýzy hodnotenia inovatívnej činnosti na príklade Ukrajiny a Slovenska)

Abstract: The current state of the economy of the country, region, enterprise is based on innovation development. In the conditions of global competition, innovations are the main source of stable development, they are the criterion of safe development. To assess the level of innovation, various methods, indicators and criteria are used by international organizations and rating agencies. At the same time, to assess the inattentiveness of enterprises, there is no single valid methodology, which, under conditions of global competition is a concern. Such ratings will allow the enterprise to identify competitors in the sphere of innovative activity in a timely manner and take the necessary managerial decisions. For the compilation of ratings, the sum method, the distance method or others can be used. This paper gives an analysis of existing methods of rating the innovation activity on the example of Ukraine and Slovakia and allows to determine the list of key indicators for compiling an enterprise innovation rating.

Keywords: innovation, innovation activity, competitiveness, rating, economic development, global economy

JEL Classification: F 63, O 30

str./pp. 321 - 331


Božena Chovancová – Ján Bukoven - PODMIENKY PRE STARTUP SPOLOČNOSTI NA SLOVENSKU (Condition for Start-ups in Slovakia)


Abstract: Currently, the growth of developed countries is driven not only by the traditional sectors of the economy; new technologies, innovation and scientific research are increasingly coming to the fore and are becoming the key to the long-term economic growth. Investments in startups have recently become trendy. It is not just “a matter of fashion” for one year, as it might seem. In Slovakia the amount of startups that become businesses and attract major international investors and private investors because of its high growth and innovation potential who can kick-start and support smart and inclusive economic growth in long-term. At the same time they contribute to the development of industries with high added value; to regional and global competitiveness, as well as creating employment for the highly skilled workforce. Some successful startups constitute a significant contribution in building the image of the Slovak Republic abroad as a country with innovation potential.

Keywords: Venture capital, Slovakia, Startup environment, Business Angels

JEL Classification: G 23, G 24, G 32

str./pp. 332 - 346


Božena Hrvoľová - MIERA KAPITALIZÁCIE PRI OHODNOCOVANÍ FINANČNÝCH INVESTÍCIÍ V TEÓRII A V ZNALECKEJ PRAXI NA SLOVENSKU (Capitalization Rate in Case of Evaluation of Financial Investments in Theory and Practice of Deal Experts in Slovakia)

Abstract: The paper deals with the problem of the choice of appropriate capitalization rate in the valuation of financial investments in expert practice of the SR. Decree of the Ministry of Justice, according to which the experts must proceed to establish a single method for calculating the capitalization rate to a model WACC (The Weighted Average Cost of Capital) as the weighted average cost of equity and loan capital reduced the tax rate, where weights are the shares of equity and loan capital the total volume of capital. This method of determining the capitalization rate is not suitable for debt securities and excludes the possibility of using all models of valuation of equity securities.

Keywords: capitalization rate, valuation, revenue method, debt securities, equity securities

JEL Classification: C 52, E 44, G 12

str./pp. 347 - 368


Viera Čihovská - DYNAMICKÝ ROZVOJ SÚČASNÝCH EURÓPSKYCH MALOOBCHODNÝCH TRHOV (Dynamic Development of Current European Retail Markets)

Abstract: Developments in the current European retail market are characterized by widespread changes in the structure of their business environment, with overall change in the dynamics of this development, which is driven by the main development trends of this sector. These are mainly the processes of internationalization of integration, concentration and cooperation and, at the same time, the specialization, diversification and market dominance of European retail markets. The goal of the state is to provide a deeper analysis of European trade and to bring the nature and consequences of major development trends into European retail.

Keywords: World and European trade, development of European trade, internationalization, integration, concentration, specialization, diversification and market dominance of European retail markets

JEL Classification: M 19, M 31

str./pp. 369 - 384


Martin Hudec – Zuzana Okasová - TOWARDS COMMON ECONOMIC AND MONETARY UNIONS (Smerom k spoločným ekonomickým a monetárnym úniám)


Abstract: Nowadays, there exist numerous fiscal courses of action between countries that are far expelled from the Eurozone somewhat deficient money related union, but then, likewise take after tenets, and oblige the national financial arrangements of the members. One such course of action is a settled conversion scale framework. A few cases of such settled swapping scale frameworks in the Second War time frame are the Bretton Woods framework of monetary management, established in the mid-20th century, and the ERM-II, established in 1979 as the European Monetary System. Numerous nations on the planet peg their cash to another, specifically to the dollar. In Europe, various nations peg their monetary standards to the euro (meeting convergence criteria namely, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, and Sweden or with an opt-out – Denmark). By doing that, they enable fragmented fiscal unions with the nation to which they peg. Unmistakably, these are monetary related unions, which are considerably more fragmented than i.e. the Eurozone. Naturally, we should distinguish between an inadequate and a full monetary union, or in other words, the fiscal union where every part nation keeps up its own free budgetary approach and the budgetary unification. The aim of our research paper is therefore to analyze selected issues related to different convergence processes towards monetary unions.

Keywords: credibility, current account deficit, fixed exchange rate system, inflation, monetary growth, exchange rate regime

JEL Classification: A 13, O 4, O 10

str./pp. 385 - 401



str./pp. 402 - 404



str./pp. 405 - 406