Volume 38

Ekonomické rozhľady/Economic Review - Content Volume 38

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 38, 4/2009, ISSN 0323-262X EV 4393/11

 

Eva Muchová, Jana Chrenková - INFLÁCIA A CENOVÁ STABILITA Z POHĽADU GLOBÁLNYCH VÝVOJOVÝCH TRENDOV


Abstrakt/Abstract: Price stability belongs to main goals of economic policy. The paper

deals with the inflation and price stability from the perspectives of global trends.

Approximately same inflation rates between countries enable to maintain the relative

purchasing power parity. It results in stabilisation of trade patterns and eliminates

the use of exchange rate mechanism. The creation of the Maastricht price stability

criterion is subject to criticism due to its method of reference limit calculation for

the assessment of meeting the inflation criterion. The other target of criticism is

the adequacy or inadequacy of inflation criterion for the so-called catching-up

countries. Some factors affecting inflation rates in the monetary union are analysed

in the paper, e.g. Boxer effect, Balassa-Samuelson effect and perceived inflation.

Key words: price stability, inflation rate, convergence, Balassa-Samuelson

effect, Boxer effect, perceived inflation

JEL: F 15, F 41

 

str./p. 467-480

 

Abstrakt/abstract

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Michaela Chocholatá - APLIKÁCIA JOHANSENOVEJ KOINTEGRAČNEJ METÓDY PRI TESTOVANÍ PLATNOSTI PARITY KÚPNEJ SILY NA SLOVENSKU

Abstrakt/Abstract: The paper investigates the validity of purchasing power parity theory

in Slovakia. The analysis was done on monthly data (January 2002 – July 2008)

for the exchange rate of the Slovak koruna (SKK) against the euro (EUR), i.e. SKK/

EUR using the Johansen co-integration procedure. The co-integration tests were

carried out for trivariate relationship between the exchange rate, the domestic price

series, and the foreign price series, and also for bivariate relationship between the

exchange rate and the domestic foreign price ratio. The whole analysis was done

on logarithmic transformation of the above-mentioned variables. The findings

indicate no evidence of the PPP validity in both cases. The results coincide with the

existing literature, which states that the existence of the Balassa-Samuelson effect,

productivity shocks, non-tradable goods and services, and managed exchange rate

regimes can be denoted to be the main reasons for PPP invalidity.

Key words: purchasing power parity, exchange rate, harmonized index of

consumer prices, Johansen co-integration procedure

JEL: F 31, B 23

str./p. 481-495

 

Abstrakt/abstract

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Vít Pošta - NONLINEAR DYNAMICS UNDER UNCOVERED INTEREST RATE PARITY: CASES OF THE CZECH REPUBLIC, HUNGARY AND SLOVAKIA 


Abstrakt/Abstract: There has been an increasing amount of research giving mixed

evidence of exchange rates following purchasing power and uncovered interest rate

parities conditions. Using linear methods, a stable relationship between exchange

rates and the respective fundamentals is usually found; however, the speed of

adjustment of the exchange rates toward equilibrium seems to be rather slow. This

together with the high volatility of both nominal and real exchange rates is addressed

as one of the exchange rate puzzles. One approach to solving this puzzle is the use

of nonlinear methods for exchange rate modelling. In this paper nonlinearity of

the behaviour of the exchange rate of Czech Koruna, former Slovak Koruna and

Hungarian Forint to Euro is tested using the ESTAR modelling framework. While it

is usually the purchasing power parity condition which is tested, it is the uncovered

interest rate parity which is considered in this paper.

Key words: ESTAR, nonlinear dynamics, uncovered interest rate parity

JEL: C 22, E 44, F 31

 

str./p. 496-514

 

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Lucia Demjanová, Štefan Čarnický - STRATEGICKÝ INFORMAČNÝ SYSTÉM V MALÝCH A STREDNÝCH STAVEBNÝCH PODNIKOCH NA VÝCHODNOM SLOVENSKU


Abstrakt/Abstract: Monitoring of the business environment development and trends,

identification of discontinuities, opportunities and threats resulting from that

variable environment – those are the major tasks of strategic monitoring systems.

The aim of our research in small and medium-sized construction companies

operating in the East Slovak region was, apart from other things, to identify the most

frequently applied sources of strategic information within the framework of strategic

monitoring system. We have split out information sources into two main categories:

ordinary and specific. The media and the Internet have been identified to be the most

frequently used ordinary information sources, while specific information sources

included conferences, symposiums and personal contacts within the industrial

branch. The second aim of the paper is the analysis of applying information systems

in monitoring and data processing. Our research results show that only 46% of

surveyed enterprises utilized the information system for this purpose.

Key words: strategic information, strategic information sources, information

system, strategic scanning, monitoring of the business environment

JEL: M 10, M 15

 

str./p. 515-528

 

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Ivan Brezina, Zuzana Čičková, Juraj Pekár - APPLICATION OF EVOLUTIONARY APPROACH TO SOLVING VEHICLE ROUTING PROBLEM WITH TIME WINDOWS


Abstrakt/Abstract: This article deals with software support to the vehicle routing problem

with time windows (VRPTW) on the basis of evolutionary algorithms. Since the

vehicle routing problem with time windows belongs to the group of NP-hard problems,

the use of optimisation techniques seems to be relatively complicated; therefore

nowadays many researchers turn their attention to the application of alternative

computational techniques that are inspired by evolutionary biology. Besides the

unconstrained problems with continuous variables, the evolutionary algorithms may

be used also for dealing with constrained problems with discrete variables; however,

their use requires the techniques that enable to decode a candidate solution into the

problem solution so that all given criteria are met. The authors present their own

approach for the purposes of coding and decoding the VRPTW that enables to use

a lot of evolutionary techniques.

Keywords: vehicle routing problem with time windows, evolutionary

algorithms

JEL: C 6, C 61, C 63

 

str./p. 529-539

 

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Peter Kardoš, Miroslav Jakubec - VYUŽITIE METÓDY LICENČNEJ ANALÓGIE PRI STANOVENÍ HODNOTY OCHRANNEJ ZNÁMKY


Abstrakt/Abstract: The paper deals with the valuation of trademark as an important

factor of value creation in an enterprise. After a brief definition of fundamental

concepts related to trademark, the paper focuses on the analysis of separate factors

used in the calculation of the trademark value by means of the licence analogy

method. The focus is mainly on the value-sensitive factors, while the authors give

recommendations on how to deal with problem areas. In the conclusion the authors

discuss the impact of value-added tax on the resulting trademark value. These

recommendations are expected to lead to the enlargement of the scientific theory of

intangible company assets, which has not been adequately worked out to date and

simultaneously to the improvement of expert opinions worked out by appraisers in

Industrial Property.

Key words: trademark, licence analogy method, valuation, intangible property

JEL: M 41, O 34

 

str./p. 540-552

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Jaroslav Husár - MAASTRICHTSKÉ KRITÉRIÁ A EKONOMICKÁ TEÓRIA


Abstrakt/Abstract: In this paper we deal with the problem of theoretical base of two

Maastricht criteria. The European Union has adopted quantitative values for both

of them. Since the countries recorded much bigger values, we decided to find the

economic theory background. We constructed two dynamic models, and it was

shown that the value of the debt/GDP ratio could be higher than 1. The path may

be explosive in one model and non-explosive in the second one. The criterion for

the inflation is also critical. We showed how difficult it was to measure the inflation.

Next, it was proved that the problem could be formulated in a mathematical way. The

model helped us to show that it was necessary to speak about the price movement

towards the equilibrium price. This price rise cannot be regarded as inflation.

Key words: Maastricht criteria, dynamic economic model, debt/GDP ratio,

inflation, measuring inflation, modelling inflation

JEL: C 5, B 23, E 32

 

str./p. 553-564

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Dušan Holub - PROJEKTY VEREJNO-SÚKROMNÉHO PARTNERSTVA – RIZIKÁ A MOŽNOSTI


Abstrakt/Abstract: In the present paper the author describes basic characteristics of

the public-private partnership projects (PPP), which bring several advantages in

comparison with the traditional ways of securing the public services by means of

awarding public contracts. The key point of success or failure of the PPP projects

is the proper division of the risk between both partners. Another very important

criterion for deciding if a PPP partnership project will be applicable is proving

that the value for money can be achieved. In comparison with the traditional way

of constructing and operating infrastructure PPP projects are more complex and

unless professionally managed, they do not represent value for money. A perfect

contractual relation between partners is a very important condition for the success

of PPP projects.

Key words: Public-private partnership, PPP projects, traffic infrastructure,

value for money, highways, tender, financial crisis

JEL: K 39, L 9

 

str./p.  565-579

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Gabriela Dubcová - IMPROVEMENT OF WOMEN’S POSITION ON THE LABOUR MARKET OF THE SLOVAK REPUBLIC

 

“Progress made by women, including in key areas for the Lisbon Strategy such as

education and research, not fully reflected in women’s position on the labour market.

This is a waste of human capital that the EU cannot afford. At the same time, low birth

rates and a shrinking workforce threaten the EU’s political and economic role”.

“COMMUNICATION FROM THE COMMISSION

TO THE COUNCIL…2006 – 2010. {SEC(2006) 275” [6]

Abstrakt/Abstract: The paper deals with the analysis of the state-of-the-art of

women’s position in the economy of the Slovak Republic. The author compares

the same economic attributes of gender and identifies the real-life remuneration

of women in the current remuneration system of companies and institutions.

Principles of remuneration applied are assessed in terms of business ethics. Causes

of discrimination against women in the SR economy of the SR are discussed, and in

connection with this, the system of promoting women’s human rights is described in

the paper. The author recommends measures for the improvement of women’s position

in Slovakia’s economy both on the enterprise level and the state level.

Key words: women’s position in the economy, unemployment rate, remuneration

system of companies, work ethics, discrimination, economic attributes of gender

JEL: K 2, C 4, M 12, M 14

 

str./p. 580-593

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Marína Korčoková - POTRAVINOVÁ BEZPEČNOSŤ V EURÓPSKEJ ÚNII


Abstrakt/Abstract: Consumer policy has gone through a very long way of development in

the whole society and separately in the European Union. Its position was created on the

basis of market demand and responses from consumers. Consumer policy significantly

contributes to the improvement of effectiveness and functionality of the market. It

protects consumers against deficiency of the market environment in particular in such

cases where they are put in a disadvantageous position towards sellers. The main goal

of consumer policy is the identification with the consumer’s interests and problems

that may directly affect the development of the entire society.

Key words: consumer policy, consumer, relationship marketing, safety products,

food safety

JEL: P 46, Q 18

str./p. 594-607

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RECENZIE/REVIEWS

Vladimír Polavka

SIVÁK, R. – MIKÓCZIOVÁ, J.: Teória a politika kapitálovej štruktúry podnikateľských subjektov. Bratislava: Sprint dva, 2009, 302 s., ISBN 978-80-89393-06-0 JEL: Y30 str./p. 608-609

 

Michal Grell

IVANIČKA, K. a kol.: Kreativita, invencia, inovácia. Stimulátory rastu, prosperity a trvalej udržateľnosti SR. Bratislava, Vydavateľstvo EKONÓM, 2009, 362 s., ISBN 978-80-225-2761-3 JEL: Y30 str./p. 609-612

 

Rajmund Mirdala

VOKOROKOSOVÁ, R.: Minimálna mzda a konkurencieschopnosť. Košice: Elfa, 2008, 96 s. ISBN 978-80-8086-093-6

JEL: Y30 str./p. 612-613

 

 

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 38, 3/2009, ISSN 0323-262X EV 4393/11

 

Rudof Sivák, Pavol Ochotnický - REFLEXIE FINANČNÝCH KRÍZ V TEÓRII A V TEÓRII FINANČNÝCH BUBLÍN


Abstrakt/Abstract: The paper describes fundamental theoretical approaches to the

explanation of financial crises and to possibilities of predicting them. It also offers

a survey of relevant theoretical knowledge, in particular in terms of the theory of

financial crises, theory of financial bubbles, their origin and stages. The next part of

the paper deals with the explanation of causes and genesis of the financial crisis in

the United States; the issue is discussed in context of the theory of financial bubbles

and illustrated on a specific empirical example. The author deals with three main

factors, which – in relation to financial bubbles– have resulted in the US financial

crisis and subsequently in the crisis on global financial markets.

Key words: financial crisis, financial bubble, risk

JEL: E 32, E 44, G

 

str./p. 299-311

 

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Pavol Vincúr - LISABONSKÁ STRATÉGIA, HOSPODÁRSKA POLITIKA PRE VEDOMOSTNÚ EKONOMIKU VERZUS FINANČNÁ KRÍZA


Abstrakt/Abstract: The paper deals with basic factors of forming economic policy for

the knowledge-based economy and basic targets of the Lisbon Strategy. Further,

the next topic discussed is the analysis of the development of gross value added and

the state-of-the-art of forming complex pro-innovation system. On the basis of basic

macroeconomic magnitudes, the author emphasizes the inevitability of the change of

behaviour of the business sector towards pro-innovation attitude.

Key words: vision, strategy, gross value added, realisation process,

knowledge-based economy

JEL: E 6, E 32

 

str./p. 312-319

 

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Eva Rievajová - NEZAMESTNANOSŤ A AKTÍVNE OPATRENIA NA TRHU PRÁCE V KONTEXTE GLOBÁLNEJ FINANČNEJ A HOSPODÁRSKEJ KRÍZY


Abstrakt/Abstract: Every economic crisis is a kind of disequilibrium. It is manifested in

the decrease in production, reduction of employment and in rising unemployment.

Economic growth influences employment growth with some time delay. In the Slovak

economy as an open and export orientated economy, the impacts of the crisis may

be expected to directly or indirectly affect all the economic sectors. Decrease in

unemployment is connected with the growth of world and European economies.

Measures adopted in the labour market policy for the alleviation of the crisis impact

focus on employees as well as on employers, and they are of a temporary nature.

Key words: labour market, employment, unemployment, financial and economic

crisis, recession, employment policy

JEL: E 24, E 32

 

str./p. 320-330

 

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Milan Buček - REGIONÁLNE DOSAHY A IMPULZY EKONOMICKEJ KRÍZY


Abstrakt/Abstract: The paper deals with the impact of global and economic crisis on

regions. The focus is on selected factors of regional threats as presented in the

EU study “Region 2020”. The starting point of the methodology is the calculation

of the so-called threat index. This index is based on the following four factors:

changes in globalization, in demography, in climatic conditions, and those in energy

availability. Advanced industrial regions and cities will be influenced in several

dimensions. Impacts of the crisis on these regional holders of macroeconomic

growth are described in the paper. The author identifies challenges and makes

proposals for dealing with the crisis on the self-government level. In the conclusion,

the author states that even during the crisis, it is necessary consider traditional

well-tried theoretical concepts, which are also aimed at regional competitiveness

during post-crisis period.

Key words: regions in crisis, factors of global and regional crises, impulses for

handling of crisis

JEL: 0 18, R 1, R 5, E 32

 

str. /p. 331-338

 

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Dagmar Lesáková - PRÍČINY A VÝCHODISKÁ GLOBÁLNEJ FINANČNEJ A HOSPODÁRSKEJ KRÍZY


Abstrakt/Abstract: The aim of the present paper is searching for answers to the following

three questions: firstly, what are the sources of the origin of the current financial

crisis?; secondly, what are the areas in which the economic science helped, and

where did it fail to offer opinions on causes of the crisis and possible solutions

of overcoming it; and thirdly, how is the economic environment perceived in

the Slovak Republic on the basis of economic sentiment indicator? Economists

obviously neglected the first signals of the world financial and economic crisis and

considerably underrated both its global scale and consequences. The aim of the

paper is to investigate also the reasons for these failures.

Key words: economic science, economic sentiment indicator, economic

environment, global financial crisis

JEL: B 22, G 15

 

str./p. 339-346

 

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Heiko Steffens - THE IMPACT OF THE FINANCIAL CRISIS ON CONSUMER PROTECTION


Abstrakt/Abstract: Deep impact of the crisis on the German economy: the macroeconomic

indicators reveal dramatic contractions in most areas. German government

launched two recovery programmes with a total budget of 80 billion Euros before

June 2009. The most popular tool was the “environmental premium” (so called

“Abwrackprämie”): a subsidy to promote sales of new cars. The crisis also provoked

a public debate of the role of economists and the value of economic theories. The

classic theories were questioned, while the “Behavioural Economics” were praised.

German consumer organisations criticised the financial intermediaries and advisers

and called for a legal reform in the system of financial supervision upon each level.

Key words: macro-economic situation, German government’s recovery

programmes, environmental premium, consumer protection, value of economic

theories, bad deals, financial intermediaries and advisers, reform of finance

supervision, product information, macro prudential social and economic

governance

JEL: B 13, G 0, D 11, E 20, E 32

 

str./p. 347-352

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Ľudmila Novacká - PODNIKY CESTOVNÉHO RUCHU NA MEDZINÁRODNOM TRHU V OBDOBÍ GLOBÁLNEJ KRÍZY


Abstrakt/Abstract: The tourist product is soft due to its geographical, economic, product

and organization risks. Tourism is not separated from a society’s development; and

the current global crisis is intensely felt also in the sales of tourist services.

According to assumption of The United Nations World Tourist Organisation

(UNWTO) stagnation, even a declining trend are going to continue until the year

2030: the overall rise will not exceed forecasts for previous periods. The so far 4 %

average growth may be viewed as success. During the year 2009 the demand for

some products in tourism has declined, while a demand for the product priced in

the medium range appeared. The supply resulted in restructuring of services. Even

speculative bankruptcies occurred.

Key words: crisis, needs, tourist product, demand, offer/supply, prices

JEL: L 83, E 32

 

str./p. 353-358

 

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Peter Baláž, Andrej Hamara - VPLYV VÝVOJA NA MEDZINÁRODNÝCH KOMODITNÝCH TRHOCH A EKONOMICKÁ KRÍZA: PRÍČINY A DÔSLEDKY


Abstrakt/Abstract: Development on the commodity markets plays one of the key roles

in the expansion of the world financial crisis. Distinguished scholars point out that

oil and other commodities significantly affect not only economic growth, but also

the current crisis within the given context. The negative effect of high energy prices

on industrial production results in the reduced demand for metals, thereby putting

downward pressure on their prices. On the demand side, some commodities directly

compete with synthetic products, which are produced from crude oil (cotton with

man-made fibres, natural rubber with synthetic rubber). Authors identify the reasons

that made it possible that despite high commodity prices the global market recorded

a successful growth until 2008. The paper points out other risks, particularly those

related to the development of capital and commodity markets, the reduction of which

– unless they become part of the anti-crisis measures – may delay or eliminate

success of adaptation measures.

Key words: commodity market, development strategy, economic crisis, economic

growth, energy market, oil and natural gas

JEL: E32, O13, E620, F 100

 

str./p. 359-369

 

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Michal Fendek - EFEKTÍVNA REGULÁCIA SIEŤOVÝCH ODVETVÍ – IMPULZ ROZVOJA EKONOMIKY


Abstrakt/Abstract: The role of regulatory mechanisms is increasing in connection with

the objectification and increases in nationwide operation effectiveness of natural

monopolies on the network industry market. The aim of these mechanisms is the

closest possible approximation of proportions between price and level of product

supply by the network industry to the situation which would occur under the

conditions of market competition. An important part of the restructuring of the

market in electricity, gas, and in other products of network industries in the Slovak

Republic was the creation of a new regulatory framework. The existence of pure

monopoly in network industries increases the role of regulatory mechanisms in

connection with objectification and increase in their social effectiveness.

The objective of regulatory mechanisms is to find an appropriate proportion

between price and product supply of network industry under assumption of the

existing competitive market. With regard to the analysis of equilibrium in network

industry models, it is important to point out that except for competition policy

protection the state fulfils another specific task in the regulation of network

industries. In this paper we deal with the issue of the price regulation on the network

industry market.

Key words: network industries, regulatory mechanism, regulated price,

reasonable profit in regulated industry, natural monopoly regulation

JEL: D 42, L 16, L 51, R 38, R 48

 

str./p. 370-381

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Ján Solík - VPLYV FINANČNEJ KRÍZY NA ÚČTOVNÍCTVO A ZDAŇOVANIE PODNIKATEĽSKÝCH SUBJEKTOV


Abstrakt/Abstract: The focus of the paper is on changes caused by global financial and

economic crisis in the area of accounting and taxation of business accounting entities,

analysis of proposals for solutions and their consequences. On supranational level,

there are heated discussions about the consequences of fair value measurement and

IASB reactions to this new situation. One of the problems is to search for a reliable

measurement base for the valuation of financial instruments under non-liquid

market conditions. In the Slovak Republic the focus of the changes in the business

environment is tax legislation. Their aim is to decrease the tax burden of the citizens

and improve the cash flow of business entities.

Key words: crisis, IFRS, fair value, measurement, financial instruments,

amendments to accounting and tax legislation

JEL: M, E 62, E 32

 

str./p. 382-389

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Peter Závodný, Gabriela Kristová - NOVÉ VÝZVY PRE PODNIKOVÚ INFORMATIKU A INFORMAČNÉ TECHNOLÓGIE V ČASE KRÍZY


Abstrakt/Abstract: The paper deals with the issue of how the changes in the economy are

going to affect business processes and information technology and with the impact of

global recession on the needs for effective IT processes and business consolidation.

Key words: financial crisis, information technology, resource virtualisation,

outsourcing, business consolidation and restructuring, e-learning

JEL: E 3

 

str./p. 390-394

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Juraj Stern - LOGISTICKÉ PROCESY V PODNIKOCH V PODMIENKACH KRÍZY


Abstrakt/Abstract: The author deals with the impact of global economic and financial

crisis on logistics. In the past, logistic processes were related in the first place

to business/logistics parks, and these have been most affected by the current

prices as a result of rising interest rates of commercial banks. The author

makes predictions on developments in the automotive industry in Slovakia on

the basis of recent developments in this industry and points out the decline in

transportation activities (rail, road and air freight transport) recorded in Germany.

The author identifies the areas in logistics that may be rationalised (shortage of

qualified labour force, disproportionate allocation of sources, and poor information

culture) and suggests methods of increasing logistics performance (e.g. decreasing

logistics costs, standardization, improving meeting market requirements, improving

warehouse management, transportation optimisation, optimisation of manipulation

technology). In the conclusion, the author states the crises has revealed inefficient

areas in logistics and wasting in logistics systems.

Key words: logistics, crisis, transportation, warehouse, rationalisation

JEL: L 92, E 32

 

str./p. 395-397

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Miroslava Szarková - PERSONÁLNY MARKETING PODNIKOV V PODMIENKACH GLOBÁLNEJ HOSPODÁRSKEJ KRÍZY


Abstrakt/Abstract: The purpose of the article is to briefly describe and arrange in

chronological order the current views on the role and functions of company’s personal

marketing in the context of the developmental trends of the global economic crisis.

It emphasizes the meaning of application of personnel marketing instruments in

the process of ongoing intra-company personnel structures and systems evoked

by the global economic crisis, while it focuses on the need of their conceptual use

during the economic crisis mainly in the following two areas: protection of key job

offers in the company’s organizational and personnel structure and protection of

the company’s human capital in a way that it did not lose its competitiveness that is

based on the quality of human resource capital during such a period; on the contrary

so that it was able to maintain its competitiveness as an asset for the future.

Key words: personnel marketing, personnel management, personnel marketing

opinions, labour market, human capital, labour force, job offer, competitive

advantage

JEL: M 5, E 32

 

str./p. 398-404

 

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Božena Hrvoľová - FUNDAMENTÁLNA ANALÝZA VERZUS TRH


Abstrakt/Abstract: The current financial crisis has raised a number of discussions on

the causes of its origin, consequences and possible outcomes. One of the issues the

crisis has revealed is the impact of the prices of financial instruments on the value

of assets. This contribution is devoted to the issue of determining the “real” values

in legal rules.

Key words: financial market, fundamental analysis, securities, price, value,

intrisic value, fair value

JEL: G 1, G 15

 

str./p. 405-411

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Elena Šúbertová - PREJAVY HOSPODÁRSKEJ KRÍZY V MALÝCH A STREDNÝCH PODNIKOCH V SR


Abstrakt/Abstract: Small and medium-sized enterprises play a decisive role in economic

development. In 2008 there were over 418 thousand of these enterprises in the

Slovak Republic. The article deals with the activity of small and medium-sized

enterprises at the beginning of economic and financial crisis in the Slovak Republic.

In December 2008 the author recorded manifestations of the beginning economic

crisis on a sample of small and medium-sized enterprises via questionnaire survey.

At the same time the author presents the most recent changes in the year 2009.

Key words: small and medium-sized enterprises, anti-crisis measures

JEL: M 13, E 32

 

str./p. 412-421

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Martin Mizla - VYBRANÉ SÚVISLOSTI DOSAHU HOSPODÁRSKEJ KRÍZY A RIADENIA KVALITY


Abstrakt/Abstract: Quality is one of the most important factors influencing decisions of

customers. Companies are able to increase their good reputation thanks to quality.

It appears that despite holding ISO 9001 certificates some companies are affected

by the contemporary economic crisis more than some other companies without the

certificate. The aim of the paper is to find some answers to this phenomenon: (i)

higher general sensitivity to volatility of the economy and (ii) changes in applying

valid general TQM paradigms.

Key words: quality management, economic crisis, sensitivity, quality improvement

paradox

JEL: E 32, L 15

 

str./p. 422-427

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Vanda Lieskovská - VYBRANÉ PREJAVY SPOTREBITEĽSKÉHO SPRÁVANIA SA V OBDOBÍ GLOBÁLNEJ HOSPODÁRSKEJ A FINANČNEJ KRÍZY


Abstrakt/Abstract: The present paper focuses on selected consumer behaviour symptoms

that arise as a result of the current global economic and financial crisis. The focus

is especially on the final consumer who is looking for more favourable economic

options when purchasing. On the other hand, the aspect of traders is not neglected

either: traders are forced to flexibly adapt their operational strategies to maintain

their customers and ensure their own survival in the period of global economic and

financial crisis. The issue discussed in this paper is part of the solution of the grant

project of the Ministry of Education, SR No. 1/0493/08.

Key words: consumer, consumer behaviour, economic crisis, scrap money,

automobile brands, retail sales

JEL: D 11, E 32

 

str./p. 428-438

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Viktória Bobáková - NIEKTORÉ MOŽNOSTI FINANCOVANIA INOVÁCIÍ


Abstrakt/Abstract: Support to science and research, as a pre-requisite for introducing

innovations, is still at a low level in our economy. The Slovak Republic belongs

to catching-up countries in the area of research and development expenses and

in that of innovations in the European Union. Stimulation of innovations has its

own significance even at the time of economic recession. Improvement of access

to finance for innovative enterprises is an important factor of competitiveness: it

increases or enables to overcome the actual unfavourable economic development. In

order to finance effective innovation activities, it is necessary to carry out a series of

actions in the area of creating favourable business environment, as well as in that of

exploiting new sources of financing innovations.

Key words: research, development, innovations, venture capital, business

angels, loan

JEL: O 3, O 32, N 34

 

str./p. 439-447

 

Abstrakt/abstract

Fulltext

Eva Jančíková - OBCHODNÉ FINANCOVANIE A GLOBÁLNA KRÍZA

Abstrakt/Abstract: The World financial crisis has gradually developed into global economic

crisis and had a considerable influence on the world trade and trade finance.

Trade finance is essential for international trade; therefore ICC (International

Chamber of Commerce) made a survey at the request of WTO (World Trade

Organisation). The purpose of the survey was to obtain current marketplace

information about the current market situation as well as about the reaction of

banking community, to formulate problems facing trade finance and propose

solutions for their elimination. The Survey received responses from 122 banks in 59

countries. The survey results indicate that the current economic crisis has produced

an increased demand in trade finance products, especially in documentary credits;

however, banks, for various reasons, decreased and cut trade finance credit lines

mainly due to stricter credit risk assessment. Moreover, decreasing availability of

finance resulted in the increase in costs related to using trade finance products.

Key words: financial crisis, economic crisis, world trade, trade finance,

documentary credit, SWIFT, Basel II, capital requirements, protectionism in

international trade

JEL: F 4, E 44

str./p.  448-459

 

Abstrakt/abstract

Fulltext

 

 

 

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 38, 2/2009, ISSN 0323-262X EV 4393/11

Marián Nemec - ÚLOHA PEŇAZÍ V MENOVEJ POLITIKE EURÓPSKEJ CENTRÁLNEJ BANKY


Abstrakt/Abstract: The European Central Bank monetary policy strategy has been

created on the basis of combination of the monetary and inflation targeting regimes,

while its monetary pillar is a subject of heavy criticism. On the other hand, there

are arguments in favour of this strategy which have been proved in controlling the

inflation pressures. The strategy seems to be a proper connection of short- to mediumterm

approach to inflation risks analysis represented by the economy analysis pillar

and the medium- and long-term approaches represented by the monetary pillar.

Key words: European Central Bank, monetary policy strategy, monetary pillar,

monetary targeting, inflation targeting.

JEL: E 42, E 52, E 58

 

str./p. 147-162

 

Abstrakt/abstract

Fulltext


Dagmar Lesáková - CUSTOMER ORIENTED STRATEGIES IN SLOVAK COMPANIES


Abstrakt/Abstract: The objective of our paper is to evaluate the relevance of customer

oriented strategies used by Slovak companies. We put emphasis on loyalty

development and loyalty strategies in the process of retaining customers. In recent

years, academics as well as practitioners have increasingly directed their attention

to the loyalty problem. Until now, academic research on loyalty has, however, been

focused on measurement aspects and correlation between loyalty and customer

characteristics.

Two types of loyalty strategies are presented in the paper: reward strategy

and relationship strategy. Under the „reward strategy“ we understand offering

discounts, rebates, or goods. On the contrary, the „relationship strategy“ means

using information to tailor offerings to individual customer tastes, buying patterns

or value to the company. Most authors believe that only the relationship strategy is

able to stimulate customer loyalty. However, in practice we expect most companies

to develop reward strategies, because these are much easier to implement. The

aim of our research is to analyse the implementation and characteristics of both

strategies and of their perceived contribution to customer loyalty.

Keywords: Customer strategy, customer loyalty, relationship marketing, reward

strategy.

JEL: M 31

 

str. /p. 163-170

 

Abstrakt/abstract

Fulltext

Jozef Sojka, Karol Lizák - VPLYV VEĽKOSTI ŠTÁTOV NA EFEKTÍVNOSŤ ICH HOSPODÁRENIA


Abstrakt/Abstract: The focus of the paper is on the analysis of the impact of country

size on the effectiveness of its economy. The authors intend to demonstrate that the

country size is an important factor influencing economic parametres of the country

concerned and effectiveness of its economy. Countries are divided into three groups

by number of inhabitants, namely large and small countries, while the group of small

countries is further subdivided into two groups: West European small countries and

East European medium-sized and small countries, in particular European Union

countries. The analysis focuses on the following economic indicators: productivity of

labour, capital investments, competitiveness, the cost of scientific research, government

debt, final consumption, import and export. In the first part, results are evaluated by

separate groups for the period of 1996–2005. In the second part, effectiveness of each

individual country and for each year is analysed separately. These data are later

aggregated by groups so that these values were comparable. These aspects render

an analytical insight in the effectiveness of the country’s economic development, its

dynamics and stability. Authors have discovered that after the aggregation by country

size the same results are obtained as in the first part.

Key words: productivity of labour, capital investment, competitiveness, cost

of scientific research, government debt, final consumption, export and financial

parametres, DEA.

JEL: C 61, C 67

 

str. /p. 171-183

Abstrakt/abstract

Fulltext 

Katarína Máziková, Michal Hrapko - THE IMPORTANCE OF THE EUROPEAN COMPANY FOR ACCOUNTING HARMONISATION AND THE MARKET IN THE EUROPEAN UNION


Abstrakt/Abstract: Legal form of a European company (SE) is a significant contribution

to the unified European market. This legal form enables companies from various

EU member countries to operate under common rules, uniform management and

reporting system. Nowadays, the accounting harmonisation in the European Union

is of a great importance for providing information from the European company. SE

can transfer its registered office within EU member states without ceasing to exist,

which creates a pressure on the member states to improve their market environment.

Council Regulation No 2157/2001 on the Statute for an SE sets the ways of formation

of an SE and also unifies different approaches to companies’ management structures

and involvement of employees in the SE. SE can be created in several ways: by

means of a merger of two or more public limited-liability companies; formation

of a holding SE by public and private limited-liability companies; formation of

a subsidiary SE; and transformation of a public limited-liability company into the

SE. Formalities not laid down in the council regulation on SE, e.g. accounting and

financial reporting, are conducted in accordance with national laws of EU member

countries.

Key words: European Company, Societas Europea, one-tier and two-tier

management system, special negotiating body, representative body of employees,

mergers, goodwill, holding, subsidiary, IFRS 3.

JEL: D 02, M 16, M 41

 

str./p.  184-197

Abstrakt/abstract

Fulltext 

Karol Morvay - KOMPARATÍVNA ANALÝZA CITLIVOSTI ZMIEN ZAMESTNANOSTI NA DYNAMIKU PRODUKCIE


Abstrakt/Abstract: The relationship between GDP growth and employment growth

was weak in the Slovak economy during the period of economic transition. This

article deals with the measure called „employment growth threshold“, which

shows a critical rate of economic growth needed for extension of employment. The

employment growth threshold reaches a relatively high level in Slovakia. It was

possible to achieve high output growth without employing additional labour force.

In the future, the decrease of productivity gap (between productivity of labour in

Slovakia and productivity in most advanced economies) will probably cut back the

threshold level. However, it means that the supply side on the labour market will be

a new limitation factor of the economic growth of the Slovak economy.

Key words: GDP growth, employment, employment growth threshold,

productivity gap.

JEL: E 01, E 24

 

str./p.  198-206

 

Abstrakt/abstract

Fulltext

Petra Škrovánková - STOCHASTICKÝ TROJSTAVOVÝ MODEL, ZDRAVOTNÉHO POISTENIA


Abstrakt/Abstract: The paper deals with the application of stochastic methods for

modelling products of health insurance and medical insurance products. Multi-stage

models have been used in mathematics since the end of 1960, and referred as the

Markoff chains, although they were invented in the 18th century. Health care is one of

the most important components of social insurance in every country. For this reason,

the author deals with mathematical methods as one type of the instruments available

for the determination of premium probability amount. Specifically, the threestage

model shows the mathematical apparatus of health security and a practical

application of differential equations.

Key words: Markoff chains, transition probability, transition probability

matrix.

JEL: G 23

 

str./p. 207-218

 

Abstrakt/abstract

Fulltext

Arnold Dávid, František Peller - EKONOMICKÉ TVRDENIA A DIFERENCIÁLNY POČET


Abstrakt/Abstract: The aim of this article is to describe a mathematical character of

some economic statements, in particular to explain how to prove these statements by

means of differential calculus. The statements relate to marginal analysis of basic

economic functions, e.g. profit, costs, production, income, etc.

Key words: economy, mathematics, price, revenue, profit, optimalisation,

elasticity.

JEL: C 2, D 1, D 2, D 4

 

str./p. 219-227

 

Abstrakt/abstract

Fulltext

Eva Rievajová, Ján Kavec - FLEXIBILITA TRHU PRÁCE A OCHRANA ZAMESTNANCA


Abstrakt/Abstract: The paper deals with the issues related to labour markets flexibility.

Adaptation of economies to changes in the conditions resulting from globalisation

and a global financial and economy crisis necessitates a flexible labour market

connected with security in compliance with needs of employees, employers and

social standards. The application of flexicurity strategy has to be linked to a broader

growth and employment strategy.

Key words: labour market, globalisation, flexibility, competitive, flexicurity

policy.

JEL: J 0, J 4, J 6

 

str./p. 228-238

Abstrakt/abstract

Fulltext 

Ivana Hudáková - PRINCÍPY A METÓDY TVORBY ŠTUDIJNÝCH PROGRAMOV VYBRANEJ ZAHRANIČNEJ UNIVERZITY


Abstrakt/Abstract: Creating the European Higher Education Area (EHEA) started with

the Bologna Declaration of 1999, and it is to be accomplished in year 2010. Its

primary objective is to create appropriate conditions for national higher education

systems convergence in EU member countries. A crucial role in the Bologna process

is assigned to securing transparency of the process of education at European

level while maintaining a variety of national educational systems and the cultural

traditions of individual member countries. It is not to be understood as a kind

of directive integration, but more of forming basic preconditions for convergent

development.

When introducing a two-level education system and then three-level education

system, there was a need, or at least an opportunity to transform the existing study

programmes in a way that they would meet the needs of development of a particular

region where the particular educational institution resides as well as to follow

general educational trends in Europe and worldwide (The Bologna Process). The

aim of this paper is to analyse the structure of study programmes in economic

specializations of a foreign university (Wirtschaftsuniversität in Wien).

Key words: study programmes, study programme accreditation, quality of study

programme, principles and methods of study programmes.

JEL: A 2

 

str./p. 239-247

 

Abstrakt/abstract

Fulltext

Nikoleta Puchá - ZLEPŠENIE INKASNEJ ČINNOSTI PODNIKATEĽSKÉHO PROSTREDIA


Abstrakt/Abstract: In the contemporary period of world economic crisis sellers are

forced to grant buyers also extended maturity of payables. The estimate of the

credit risk and collection activity are performed by individual firms themselves,

or via outsourcing services. Potential extortion of these receivables depends on

various facts. In business and financial practice, draft is often used as a security

instrument of business or financial relation. In case of default on commitment

creditors are able to satisfy their receivables to debtors faster by means of the draft

and on the basis of the proposal to issue compulsory payment order in the form

of draft within an accelerated legislative procedure. At present, on the basis of

the legislation of the Slovak Republic in force the draft may exist only in a paper

form. Since electronisation affects all the areas of economic and financial life, the

author believes that the benefits offered by the electronic form of draft will have

to be re-assessed. In this way, circulation of capital would increase, and handling

both business and financial cases would be simplified and faster. Risks, in terms of

essential elements related to draft would be completely eliminated, and the effects

could be observed across the entire business spectrum.

Key words: promissory note, electronisation, business relationship, register for

electronic promissory notes.

JEL: D 81, G 20, P 34

 

str./p. 248-253

 

Abstrakt/abstract

Fulltext

Jana Sršňová, Ľubica Fűzyová - MEDZINÁRODNÉ STRATÉGIE SLOVENSKÝCH PRIEMYSLENÝCH PODNIKOV


Abstrakt/Abstract: International strategies contain a wide range of business strategies:

strategies of entry modes and market processing, strategies of target market, timing

strategies, allocation strategies and marketing strategies. This paper deals with

the analysis and evaluation of international strategies in industrial enterprises

in Slovakia. The research was done in 325 industrial enterprises of various sizes.

Primarily, economic factors are taken into account in applying international strategy.

Some negatives among companies may be found especially in the application of only

a few entry modes to the foreign market. Companies usually use only traditional

information sources and it is obvious that market specification is missing. The focus

of the paper is on small-sized enterprises.

Key words: international strategies, business strategies, entry modes, timing

strategies, allocation strategies.

JEL: F 23, M 31

 

str./p. 254-262

Abstrakt/abstract

Fulltext 

Ingrid Šabíková - AKRUÁLNY PRINCÍP V REFORME RIADENIA VEREJNÝCH FINANCIÍ NA SLOVENSKU


Abstrakt/Abstract: Accounting system for public administration used in Slovakia till to

December 31, 2007 was not accrual based. Its main weaknesses included:

– the absence of programmatic monitoring of costs;

– absence of the methodology allowing to identify the profit or loss of the accounting

entity, i.e. identification based on comparing accrual gains and accrual costs;

– absence of the duty to compose and submit (quarterly) financial statements;

– absence of the duty of accounting of provision-making and valuation allowances

to determine the real value of equity and debt of government administration and

territorial self-government;

– key principles of IPSAS (International Public Sector Accounting Standard)

were not applied.

For these reasons Slovakia implemented accrual accounting and IPSAS to

public administration. Accrual accounting is an important part of the programme

financing and European System of Accounts ESA95.

Key words: public finance, public administration, European System of Accounts

(ESA95), accrual based, government accounting.

JEL: H 83

 

str./p. 263-272

 

Abstrakt/abstract

Fulltext

Soňa Ferenčíková, Daniel Krajčík, Zita Ferenčíková - PROBLEMS AND SUCCESS FACTORS OF FOREIGN-OWNED COMPANIES IN SLOVAKIA: PAST, PRESENT, AND FUTURE 


Abstrakt/Abstract: The authors studied almost 200 foreign investors in Slovakia in order

to find out what the firms considered and consider as the pressing problems and

success factors of doing business in Slovakia in the past, at present and in the future.

Among the ten most important factors in all the three periods, the firms defined the

following ones (although in a different order): customers, the building of brand

recognition, market share growth, designing effective organizations, cutting costs in

the organization, designing and developing new products, and partially also talent

management (in the past as talent acquisition and in the future as developing and

retaining suitable labour force). The factors such as the organization’s growth, the

building of brand recognition, and strategic thinking and planning decreased in

importance, while the factor of financial and economic crises appeared as a new

one, and the importance of a factor “cutting costs” in the organization increased in

comparison with the past. The firms define almost the same factors for the present

and for the future, which is due to their vague expectations about the future – they

may be said to perceive the future as a simple extrapolation of the present: they have

no strategic vision; they fail to handle the current crisis instead of viewing it as an

opportunity for a change.

Key words: success factors, doing business in Slovakia, foreign investors in

Slovakia, human resource management, Slovakia.

JEL: M 16, F 23

 

str./p. 273-289

 

Abstrakt/abstract

Fulltext

RECENZIE/REVIEWS

 

Vojtech Stanek

HOLKOVÁ, V. – VESELKOVÁ, A.: Mikroekonómia. Bratislava: SPRINT vfra, 2008, 314 s., ISBN 978-80-969927-9-90.

JEL: Y30 str./p. 290

 

INFORMÁCIE/INFORMATIONS

 

Miriam Lovászová

Cena rektora Ekonomickej univerzity v Bratislave za publikačnú činnosť v roku 2008

JEL: Y30 str./p. 291

 

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 38, 1/2009, ISSN 0323-262X EV 4393/11

Koloman Ivanička - SYNERGETIKA V AUTOREGULÁCII A V MANAŽMENTE METROPOLITNÝCH A URBANISTICKÝCH SYSTÉMOV

 

Abstrakt/Abstract:Synergetic as a theory studies interior substance of the dynamics of
open systems and their transition to the higher types of organization. Europe, world
and Slovakia, all these are increasingly getting involved in this type of transition.
Author deals with three processes, which influence the transition of the space of
Slovakia. They include:
– process of metropolization,
– process of suburbanization,
– and process of networking to higher and larger mega-city regions (euro-polis).
Management and governance of metropolis are facing new challenges. It is
necessary to overcome classical management principles and innovate the concept of
creating spatial structures. The key tasks for Slovakia include finding the optimum
model for the 21st century and for preserving the country’s genius loci. This model
should link the spirit of nations with the spirit of Europe (genius of Europe).

 

Keywords: dynamo-polis, metropolis, euro-polis, suburbanization, attractors,
synergy of the theory and practice, purposeful and goal-oriented programming and
planning, spontaneous auto-regulation of the evolution, morphogenesis, learning
cities, innovation in management, metropolitan development of Bratislava and
its networking to euro-polis, successful entrance of Košice to the process of
establishment of metropolis for eastern Slovakia, uncertainty of the nucleus for
central (middle) Slovakia metropolis.
JEL: R 10, R 19, R 58

str./p. 7-17

 

Abstrakt/abstract

Fulltext

Milan Terek - MOŽNOSTI VYUŽÍVANIA HĹBKOVEJ ANALÝZY ÚDAJOV V EKONOMIKE

Abstrakt/Abstract:The paper deals with the characteristics of data mining. The possibilities
of its using in economics are described in the present paper. Further the objectives,
tasks and basic application areas of data mining are given. The multidisciplinary
character of data mining is emphasized in its roots. Then, the process of data mining
is described; this description offers general knowledge of application procedures.
Finally, there is presented a brief overview of data mining methodologies.
Keywords: data mining, knowledge discovery in databases, predictive data
mining, descriptive data mining, tasks of data mining, process of data mining
JEL: C 89

str./p. 18-27

 

Abstrakt/abstract

Fulltext

 

Veronika Miťková - CGE MODEL – PRINCÍPY JEHO TVORBY

Abstrakt/Abstract:This paper presents the computable general equilibrium model
creation procedure. It consists of a short description of the social accounting matrix
and its relation to the model. The next part deals with data preparation and data
adjustment. The structure of the model as an aggregate unit, functional forms and
the aggregation degree of the model make up the contents of the next parts of the
paper. The last two chapters deal with parameter quantification and determination of
the external elasticities values. This paper can be considered as a designer’s manual
for this class of models.
Keywords: computable general equilibrium model, social accounting matrix,
model creation procedure.
JEL: C 68

str./p. 28-39

 

Abstrakt/abstract

Fulltext

 

Grzegorz Michalski - BALANCES OF CASH AND THE FIRM VALUE

Abstrakt/Abstract:Firms hold cash for a variety of different reasons. Generally, cash
balances held in a firm can be called considered, precautionary, speculative,
transaction, and intentional. The first reason is the result of management anxieties.
Managers fear the negative part of the risk and hold cash to hedge against it.
Second, cash balances are held to use chances that are created by the positive part
of the risk equation. Next, cash balances are the result of the operating needs of the
firm. In this article, we analyse the relation between these types of cash balances
and risk. This article also contains propositions for marking levels of precautionary
cash balances and speculative cash balances. Current models for determining cash
management assign no minimum cash level, or their minimum cash level is based
on the manager’s intuition. The model presented in this paper avoids intuition and is
based on calculation. Application of this proposition should help managers to make
better decisions to maximize the value of their firms.
Keywords: demand for cash, cash balances, risk, uncertainty, real options, option
value of money, short-term financial management, working capital management
JEL: G 32, G 11, M 11, D 81, O 16, P 33, P 34

str./p. 40-48

 

Abstrakt/abstract

Fulltext

Lea Škrovánková - AKTUÁRSKE VÝPOČTY V NEMOCENSKOM POISTENÍ

Abstrakt/Abstract:The purpose of this paper is to provide theoretical knowledge
about sickness insurance, survey of transformation steps performed in the
Slovak health insurance system, and to describe some problems related to
sickness insurance in Slovakia. This paper proposes the procedure of premium
calculation by means of suitable actuarial methods. The construction and
using of differential equations are suitable methods for this case. The models
and calculations for our insurance market are discussed at the end of the
paper. It is in particular the last example proposed by the author that will be
a suitable solution for the Slovak actuarial practice.
Keywords: health and sickness insurance, actuarial model, benefit structure
JEL: G 23
str./p. 49-60

 

Abstrakt/abstract

Fulltext

 

Viliam Lendel, Milan Kubina - DIAGNOSTIKA ÚROVNE SLOVENSKÝCH PODNIKOV V OBLASTI IMPLEMENTÁCIE CRM1 DO PODNIKOVEJ PRAXE

Abstrakt/Abstract:The last several years saw the rise of Customer Relationship
Management (CRM) as an important business approach. Customer Relationship
Management is a comprehensive business and marketing strategy that integrates
technology, process, and people. The objective of CRM is to increase the firm’s profit
as well as customer loyalty and customer satisfaction. The paper describes a research
methods focused on diagnostics of the level of Slovak companies in the CRM area.
In order to achieve reliability and information value of the research, medium and
large businesses were addressed. The paper presents all results of the questionnaire
research used and focuses on base results that diagnose the level of Slovak companies
in the CRM area.
Keywords: CRM, CRM process, customer, relations, research, implementation
JEL: M 15

str. /p. 61-69

 

Abstrakt/abstract

Fulltext

 

Marcel Novák, Martin Šustr - FAKTORY PRÍLEVU PRIAMYCH ZAHRANIČNÝCH INVESTÍCIÍ DO VYBRANÝCH TRANZITÍVNYCH EKONOMÍK


Abstrakt/Abstract:The aim of this article is to review a trend in foreign direct investments
(FDI) on a global scale and monitoring of the factors of FDI inflow in the V4
transition economies (Czech Republic, Slovakia, Poland, and Hungary). The paper
also contains the identification of factors that influence inflow of FDIs to the country
as well as definition of crucial determinants of preparedness and attractiveness of
countries to foreign investors. At the end of this article, the authors are trying to
identify our own factors of motivation for FDI inflow and with the aid of comparison
they rate the attractiveness of the Slovak Republic (SR) in comparison with other V4
transition economies. In graphical analysis of icentives of FDI inflow to V4 countries
the SR has a leading position, which is also reflected in the international index of
FDI potential and the index of FDI inflow, which rate the SR as the most attractive
country for foreign investors from among selected V4 transition economies.
Key words: foreign direct investment, factors of FDI inflow, labour productivity,
disposable income, labour cost index, magic quadrangle, comparison, transition
economies.
JEL: F 21, F 43

str./p. 70-80

 

Abstrakt/abstract

Fulltext

 

Jana Kubicová - ŠPECIFICKÉ PRAVIDLÁ PROTI MEDZINÁRODNÉMU VYHÝBANIU SA DANI A MOŽNOSTI ICH UPLATNENIA V ČLENSKÝCH ŠTÁTOCH EÚ


Abstrakt/Abstract:Globalisation and capital mobility enable investors to invest not
only in their home countries but also globally. Investors take into account rate of
investment return after tax. Countries of residence of investors frequently impose
high tax burden on capital gains, which pushes investors to international tax
avoidance strategies. The paper distinguishes acceptable and unacceptable tax
avoidance and describes specific anti-abuse provisions in the form of CFC rules.
These rules are examined from the point of view of the rights guaranteed by EC
Treaty. From this we can draw a conclusion that community law does not preclude
national tax legislation in the form of CFC rules.
Key words: investment, income, tax avoidance, controlled foreign corporations, CFC rules
JEL: K 34, F 15, F 23

str. /p. 81-90

 

Abstrakt/abstract

Fulltext

 

Petr Strnad - ŘÍZENÍ TRŽNÍCH RIZIK POMOCÍ VALUE AT RISK – ÚSKALÍ A PROBLÉMY

Abstrakt/Abstract:During the nineties, the Value at Risk indicator (VaR) evolved, without
any doubts, into the most frequently used comprehensive tool for evaluation of
market risks undertaken by banks and financial institutions. It aims to assess the
maximum probable loss on a portfolio of financial assets and liabilities incurred
due to the adverse movements of market rates. The great importance of Value at
Risk is witnessed by the fact that it may be used even for the calculation of capital
requirements within capital adequacy framework. The aim of this paper is to stress
the pitfalls linked to VaR usage. VaR fails to deliver the complete picture of market
risks; it is also liable to manipulations. Different VaR models lead to significantly
differing results and the usual methods do not reflect the risk of insufficient market
liquidity.
Keywords: risk management, market risk, Value at Risk
JEL: G 1, G 21, G 32, E 44

str./p. 91-102

 

Abstrakt/abstract

Fulltext

 

Eleonóra Matoušková - TEÓRIE HOSPODÁRSKEHO CYKLU OD 30. ROKOV 20. STOROČIA


Abstrakt/Abstract:The paper deals with the analysis of the most significant modern
theories of the business cycle. Keynesian theories, as well as monetary theories
find the origin of the business cycle on the side of demand. In the case of Keynesian
theories, the impulse for fluctuation of aggregate output is the decrease (change) in
investment activity of the business sector. Monetary theories consider money shocks,
inadequate changes in money supply by the central bank to be causes of fluctuations
in the economy. In contrast to preceding theories, the theory of real business cycle
finds the cause of the business cycle on the side of the supply, in changes of aggregate
productivity resulting in the first place from significant technological changes.
Key words: business cycle, theories of business cycle, Keynesian theories
of business cycle, monetary theories of business cycle, real theories of
business cycle
JEL: B 22, E 32

str. /p. 103-113

 

Abstrakt/abstract

Fulltext

 

Mirka Wildmannová - ROLE NEZISKOVÝCH ORGANIZACÍ V ODVĚTVÍ SOCIÁLNÍCH SLUŽEB V ČR

Abstrakt/Abstract:The paper presents preliminary findings from a three-year (2005–2007)
project “The share of non-profit organisations in the provision of selected public
services“, supported by the Grant Agency of the Czech Republic and implemented
by a team of researchers from the Faculty of Economics and Administration,
Masaryk University, and from the Centre for Non-profit Sector Research. The goal
of the project was to test the hypothesis that even though almost twenty years have
elapsed since the collapse of the centralized communist state, private non-profit
organisations can hardly rival public sector providers of public services. The main
reason is that the public providers invariably take the legal form of the so-called
“subsidised organisation“(i.e. Government-subsidised quango). These organisations
are entitled in law to annual mandatory contributions to their budgets from their
founding government departments or agencies, which ruin the even playing field,
form other services providers that compete for financial grants from public sources.
This situation did not improve after the recent reform of public administration;
some renewed hope is being put in the currently on-going standardisation of public
services.
Key words: public sector, public services, social services, non-profit
organisations, state budget, regional budget, municipal budget
JEL: H, H 76, I 38

str./p. 114-129

 

Abstrakt/abstract

Fulltext

 

RECENZIE/REVIEWS

Vladimír Gonda
MELIŠEK, F.: Ekonomický rast a štruktúrne zmeny. Bratislava: Sprint dva, 2008, 254 s., ISBN 978-80-969927-7-5
JEL: Y30, str./p. 130-135

Erika Neubauerová

ZUBAĽOVÁ, A. a kol.: Daňové teórie a ich využitie v praxi. Bratislava: IURA EDITION, 2008, 198 s., ISBN 978-80-8078-228-3
JEL: Y30 str./p. 135-136

Alžbeta Ivaničková
VÁCLAV TOUŠEK – JOSEF KUNC – JIŘÍ VYSTOUPIL a kolektiv: Ekonomická a sociální geografie. Plzeň: Vydavatelství a nakladatelství Aleš Čeněk, s. r. o., 2008, 411 s., ISBN 978-80-7380-114-4
JEL: Y30 str./p. 136-137

Igor Melišek
BRACJUN, A.: Hospodárska politika Európskej únie. Bratislava: Sprint dva, 2008, 221 s., ISBN 978-80-969927-8-2
JEL: Y30 str./p. 138-139

 

INFORMÁCIE/INFORMATIOS


Barbora Drugdová
Vývojové trendy v poisťovníctve str./p. 140-141