Anna Schultzová, Jaroslava Šepeľová - Daňová povinnosť ako faktor finančného rizika podnikateľských subjektov (Tax Obligation as a Factor of Financial Risk of Corporate Entities)
Abstract: Nowadays, a lot of researches are focused on understanding the reasons why taxpayers do not pay taxes. Our article analyses the tax risk as part of the credit risk through using credit scoring models. The decision to manage the company’s financial situation also includes the entity’s ability to pay taxes. The paper answers the question whether tax debts are the result of a weak financial situation in enterprises or that of deliberate actions. On the basis of our results, it can be stated that the financial results of companies with tax debts and those without tax debts vary considerably.
Keywords: tax evasion, tax liability, tax compliance, credit risk, tax risk
JEL Classification: G 30, H 2, H 26
str./pp. 109 - 124
Alena Zubaľová, Matej Boór, Jana Kočkovičová - THE SIZE OF THE SHADOW ECONOMY AS AN INDICATOR OF TAX COLLECTION EFFICIENCY (Veľkosť tieňovej ekonomiky ako ukazovateľ efektívnosti výberu daní)
Abstract: The aim of the paper is to point out the relationship between the efficiency of tax collection (on the basis of the results obtained in the DEA analysis and other economic indicators) and the volume of the shadow economy, through regression analysis. The attention is paid to the effectiveness of tax collection from both sides – taxpayers and tax administrators. One of the requirements for an effective tax collection system is to minimise the associated costs, as well as to eliminate the tax evasion. Measuring the effectiveness of tax collection is relatively demanding. A wide range of opinions and attitudes to this issue published in recent years has shown that the issues of effective tax collection are more than just current.
Keywords: shadow economy, tax administration, collection of taxes, efficiency, DEA, panel regression analysis
JEL Classification: H 20, H 26, O 17, C 21
str./pp. 125 - 140
Božena Hrvoľová, Anna Polednáková, Lukáš Haruštiak - APPROACHES TO THE VALUATION OF MONEY MARKET PAPERS (Prístupy k oceňovaniu cenných papierov na peňažnom trhu)
Abstract: Money market securities are short-term debt securities, therefore they can only be valued using methods based on the present value of future cashflow and using simple discounting. Specific approaches to the valuation of these securities will depend on the form of their return-interest at maturity for deposit instruments such as certificates of deposit, or discount for treasury bills, commercial paper and promissory notes. To properly evaluate discount securities, such as treasury bills, one must also take into account the way these instruments are quoted on various markets – their rates (discount rate or rate of return) and day count convention used.
Keywords: certificates of deposit, treasury bills, intrinsic value, current market rate of return, holding period return, discount rate, rate of return, investment return
JEL Classification: C 52, E 44, G 12
str./pp. 141 - 157
Juraj Bronček - IDENTIFIKÁCIA EXPORTNÉHO POTENCIÁLU SLOVENSKEJ REPUBLIKY PRI OBCHODOVANÍ S ČÍNSKOU ĽUDOVOU REPUBLIKOU – RICARDOVSKÝ PRÍSTUP (Identification of the Export Potential of the Slovak Republic in Trade with the People’s Republic of China – A Ricardian Approach)
Abstract: What are the export niches of the Slovak Republic in the vast market of the People’s Republic of China? And how can we even measure it? This contribution attempted to design an index to identify products that represent untapped export potential in bilateral trade flows and apply it to the bilateral trade flows between these two markets. Most of the products that have been identified are parts of the mechanical engineering, chemistry, agriculture, woodworking, and metallurgical industries. Their cumulated export potential is $ 468,874,200 for the year 2017. As the biggest obstacle to the realization of this gap, the author regards the degree of sophistication of Slovak products as compared with West European competitors, the complicated transit links with China, and the preferential tariff agreements China has concluded with other, especially Asian countries, and which divert trade from European countries.
Keywords: export gap, export potential, Balassa index, bilateral trade
JEL Classification: E 10, F 10, F 14
str./pp. 158 - 178
Renata Śliwa - TOWARDS THE MATURITY OF ICT REGULATION – INTEGRATED REGULATION (K úrovni regulácie sektora ICT – integrovaná regulácia)
Abstract: The paper deals with the concept of integrated regulation of ICT sector, encompassing the evolution towards regulation led by economic and social policy goals. The integrated regulation or fully integrated policy approach has been recognized as the key to unlock the value of digital society. The correlations are portrayed on four identified within ICT Regulatory Tracker regulation areas and two subsectors of ICT treated as the most important for the development of ICT, that is, mobile-cellular and fixed broadband. The most visible strong positive correlation is between regulatory regime and fixed broadband subscriptions for all analyzed countries.
Keywords: regulation, integrated regulation, ICT Regulatory Tracker by ITU
JEL Classification: L 5, L 43
str./pp. 179 - 194
Martina Fehérová - HOW MENTAL ACCOUNTING, LOSS AVERSION AND COGNITIVE BIASES EXPLAIN HUMAN BEHAVIOR (Ako mentálne účtovníctvo, averzia k strate a kognitívna zaujatosť vysvetľujú ľudské správanie)
Abstract: Behavioral economics, which incorporates insights from other social sciences as psychology into standard economics, has been facing significant achievements and has generated interest beyond academia, among policy makers and the public. This article is dedicated to the contributions of Richard H. Thaler, to behavioral economics. By exploring the consequences of human limited rationality and self-control, Thaler defined numerous biases such as status quo bias, endowment effect, myopic loss aversion and established new models based on more psychologically realistic assumptions which have affected the development of behavioral economics in general.
Keywords: behavioral economics, biases, mental accounting, myopic loss aversion, R. H. Thaler
JEL Classification: B 2, D 9, G 4
str./pp. 195 - 205
Ján Lisý - K TEORETICKÉMU ODKAZU F. A. HAYEKA (Towards Theoretical Legacy of F. A. Hayek)
Abstract: F.A. Hayek belongs to the most distinguished representatives of the Austrian School of Economics, who was awarded the Nobel Prize for Economics in the year 1974. He is wellknown as a great supporter of liberalism and critic of the state regulation. Hayek worked out the most comprehensive monetary theory of economic cycle. He critised the government monopoly for issuing money and proposed to introduce the model of competing private money. He also critised the introduction of the common European currency and claimed that that kind of currency would be inferior to individual national currencies. These opinions have become the topic for discussion by both theoretical and practice–oriented economists.
Keywords: liberalizmus, peňažná teória ekonomického cyklu, centrálna banka, súkromné peniaze
JEL Classification: E 12, E 14
str./pp. 206 - 218
Jaroslav Husár - PODSTATA TEORETICKÉHO RIEŠENIA PROBLÉMOV EKONOMIKY SLOVENSKA DO ROKU 1968 (The Essence of Theoretical Problem Solving to Slovakia’s Economy up to the Year 1968)
Abstract: In this paper I describe the contribution of Slovak economists to the economic theory of socialism. In the period from 1960 up to 1970, several economic institutions in Czechoslovakia worked on the basic concepts of economic system operation, particularly as far as the regions are concerned. The classical system developed in the Soviet Union was in the phase of regression. Slovakia was considered to be a less developed part of Czechoslovakia. To get the right picture of economic performance, several original methods was developed. To solve the principal problem of our economy, a further breakdown of industries in I/O table by geographical region was necessary. A two-region I/O model was constructed that is analysed by the author of this paper. To measure the level of economic development by regions, we have modified the I-distance that provides a unique measure for a particular region. Both methods should be used in the EU.
Keywords: economic theory of socialism, attitude of Slovak economists, measuring of economic performance, two-regional model, I–distance
JEL Classification: B 30, B 41, C 02, C 21
str./pp. 219 - 232
