Rudolf SIVÁK – Peter GOLHA - REGULÁCIA A RIADENIE RIZÍK V BANKÁCH V OBDOBÍ RASTÚCEJ KONKURENCIE Z MIMO BANKOVÉHO SEKTORA (Bank Regulation and Risk Management in the Period of Growing Competition from Outside of the Banking ector)
Abstract: The aim of this paper is to define main development trends in terms of the volume and structure of assets in the banking sector and in the sector of non-bank financial institutions (NBFI) in the last two decades. The first part of the article provides a definition of individual subsectors of the financial sector and their position in the financial system. The next section presents current trends in the volume and structure of assets in individual subsectors. The available data shows that over the last decade the volume of financial assets of NBFIs has grown dynamically worldwide. On the contrary, the growth dynamics of the banking sector's assets varied among individual economic entities. In the euro area and some other economies, the NBFI's market share has expanded significantly at the expense of the banking sector. One of the reasons for the dynamic expansion of the NBFI sector is the much lower degree of regulation compared to the banking sector. The last part of the paper is devoted to current innovations in the NBFI sector.
Keywords: financial system; financial monetary institutions; non-bank financial institutions; financial market regulation; financial intermediation.
JEL Classification: G10, G21, G23
Marián ČVIRIK - AKÉ JE POSTAVENIE IMIDŽU KRAJINY V KONCEPTE KRAJINY PÔVODU? SKÚMANIE V AUTOMOBILOVOM PRIEMYSLE (What is the Position of the Country's Image in the Concept of the Country of Origin? A Case of Automotive Industry)
Abstract: When respondent's decisions, the country of origin represent significant informative source. However, just a few experts devote with country of origin. Several sources agree that an important position in the concept of country of origin has an image. The main aim of this work is to clarify the importance of country image in the effect of the country of origin in the automotive industry. The study is based on a primary survey. A non-probability (convenience) sample of 277 respondents was used in the research to collect the empirical data. The one-way ANOVA (to confirm the hypotheses), correlation and linear regression analysis were used to explore the impact of image of country on country of origin concept in automotive. The results indicate a very strong connection of the country image which were found on basis of the Country Iimage Scale (CIS) and evaluation of the attractiveness of cars from selected countries. In future research, it would be advisable to examine the image of several countries and to assess the attractiveness in different regions, thereby shifting both theoretical and practical cognitive bases.
Keywords: Country of Origin, image, automotive, Country Image Scale.
JEL Classification: M31.
Silvia KOMARA - GARCH TYPE MODELS TO FIND LINKAGES BETWEEN STOCK RETURNS AND INTEREST RATE IN THE CZECH REPUBLIC (Modely typu Garch na vyhľadanie prepojení medzi návratnosťou akcií a úrokovou sadzbou v Českej republike)
Abstract: The accurate estimation and forecasting of volatility in financial market is a crucial issue and has been a popular subject of research. The aim of the paper is to analyze relationship between the Prague Stock Exchange Price Index of the Czech Republic (PX Index) and interest rate. For this purpose, we employ ordinary as well as asymmetric generalized autoregressive conditionally heteroskedastic (GARCH) methodology with explanatory variable. We assume positive relationship between these variables in terms of volatility. In other words, if the interest rate increases, volatility of PX Index returns should increase as well and vice versa. Our paper provides demonstration that there is a linkage between interest rate and PX Index and thus, that interest rate has explanatory power for PX Index and can help to improve the forecasts of this index.
Keywords: PX Index, interest rate, volatility, GARCH, asymmetry.
JEL Classification: C58
Jakub KINTLER – Katarína REMEŇOVÁ - EFFECTIVE USE OF THE PRICE DIFFERENTIATION STRATEGY IN PRICE MANAGEMENT (Efektívne použitie stratégie cenovej diferenciácie v manažmente cien)
Abstract: Price differentiation relates to a pricing tactic that gives a company an opportunity to charge different prices for the same product based on the customer segmentation. This statement is based on the following several assumptions: different customer value systems, information and other conditions imbalance, free trade, free movement of people and capital, etc. In this research article, we work with the assumption that in the inside environment of the company there has to be created the process that ensures reliable price management decisions by the proper set-up of price differentiation strategy and its tactics. This research paper aims to identify the relationship between effective implementation of price differentiation strategy and other organizational parameters concerning price management. The Chi-Square Test of the Independence, and the coefficients for determining the association among nominal variables were Cramer’s V and the Phi coefficient. Eta coefficient was applied to measure the strength of relationship between the nominal and the interval variables. Results of non-parametric testing indicate that there is statistically significant dependence between the effective use of price differentiation strategy and price management techniques.
Keywords: Price differentiation, price strategy, value, pricing metrics, levels of price differentiation
JEL Classification: L1, M21, M31
Peter JANČOVIČ - ROZVOJOVÁ SPOLUPRÁCA EURÓPSKEJ ÚNIE S LATINSKOU AMERIKOU A KARIBIKOM (Development Assistance of the European Union to Latin America and the Caribbean)
Abstract: The aim of this article is to identify main directions of the European Union’s development policy implemented towards Latin America and the Caribbean and to delimit trends of development assistance provided by the EU. The EU represents the most important partner for development in Latin America and the Caribbean. With regard to relatively high levels of income in most of Latin American and Caribbean countries, the official development assistance does not play a role of crucial source of external funding in the region. Nowadays, development assistance acts as a mediator or an instrument of mobilization of domestic as well as other external sources of financing for economic development. In conclusion, the EU’s development assistance still has its relevance to Latin America and the Caribbean. It helps to overcome the specific regional problems, achieve sustainable development goals and ensure inclusive socioeconomic growth. Development aid is more and more promoted by alternative ways such as policy dialogue, trilateral assistance, blending, trade liberalization or increasing investment activity in the region, rather than providing official development assistance.
Keywords: EU, Latin America and the Caribbean, development aid.
JEL Classification: F35, F63
Tatiana HRIVÍKOVÁ - CONSEQUENCES OF GENDER CONCEPTUALISATIONS IN CULTURAL CONTEXT (Dôsledky rodových konceptualizácií v kontexte kultúry)
Abstract: The paper deals with the issue of gender in/equality and its causes from a cultural perspective. It describes the cultural background of gender differentiation (gender ideology) and defines the key terms based on the relevant documents of global and European institutions. The author identifies and characterises the most important areas of gender inequality that may have detrimental consequences for the economic prosperity of people. The examination of data extracted from the Global Gender Inequality Index Report 2020 provides information about the overall situation in each EU member state concerning gender in/equality and in four sub-areas: Economic Participation and Opportunities, Educational Attainment, Health and Survival, and Political Empowerment. The scores and rankings of the member states are compared and crosschecked with Hofstede’s cultural dimension of Masculinity/Femininity and eventually, based on the collected information, the conclusions are drawn.
Keywords: gender, culture, gender stratification, gender in/equality, gender inequality index.
JEL Classification: A12, A13, A19
Jozef LUKÁČ – Jana SIMONIDESOVÁ - TAX ASPECTS OF INTERNATIONAL TRANSACTIONS AND INTERNATIONAL TAX EVASION (Daňové aspekty medzinárodných transakcií a medzinárodných daňových únikov)
Abstract: In the current period, most EU countries are trying to significantly consolidate public finances. Increasing attention is focused on public revenue dedicated to efficient tax collection and tax evasion. In these times of high capital mobility, states have to face the possibility of outflows of capital abroad and act as competitors to each other in terms of attracting investment from abroad. Some countries try to attract foreign investors by offering them little or no tax burden. These situations are the subject of tax evasion investigations and the possibilities of reducing such tax evasion in direct and indirect taxes are also being investigated to a large extent. If they are reduced, higher tax revenues can be achieved without the need to raise tax rates. Tax administration includes the institutions directly responsible for collecting taxes in the state, and it is clear that the proper functioning of these authorities can have a significant impact on the extent of tax evasion. It is this issue that is addressed in this paper.
Keywords: international transactions, tax, tax evasion, VAT gap, Slovakia.
JEL Classification: H21, H25, H26
