Volume 46, 2017

Economic Review, Ekonomické rozhľady, 2017 abstracts/abstrakty, volume/ročník 46, 2/2017, ISSN 0323-262X, EV 4393/11, Issue2/ Číslo2



Marcel Čas  - THE POLITICAL ECONOMY OF THE DEVELOPMENT OF ADVANCED CAPITALISM (Politická ekonómia vývoja rozvinutého kapitalizmu)


Abstract: In modern economics it is customary to leave out political considerations from economic mo-dels. This paper will try to dispense with this error. I will set up a simple dialectic of the deve-lopment of capitalism as economic and political phenomena. The ultimate aim of the paper is to explain the reemergence of radical politics in the developed world by using a simple explanato-ry theory constructed from economic, political and historical considerations. Given that my analysis is correct, I will be able to render an assessment of the likely future development of western capitalism.

Keywords: political economy, development of capitalism, institutional crises

JEL Classification: A 14, N 00


str./pp. 105-113




Tomasz Grodzicki - MAIN IMPLICATIONS OF THE COMMON AGRICULTURAL PO-LICY AND THE 2004 EU ENLARGEMENT (Hlavné dôsledky Spoločnej poľnohospodárskej politiky a rozšírenie Európskej únie v roku 2004)


Abstract: Over the last thirteen years, a lot has changed in the European agricultural sector, starting from 2004 with the enlargement of 10 countries, the so-called EU-N10 (the Czech Republic, Cyprus, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia). The Common Agricultural Policy (CAP) can be perceived as a big success for the EUN10 which received over €68 billion in the period 2015-2013 from the CAP funding, which was spent on investments in farms and rural areas. Owing to the development of agricultural market in Eu-rope the EU-N10 have made a great progress in competitiveness towards the Old Member States (EU-15), which would be hardly possible without funding from the CAP that has helped the EU-N10 to raise productivity, encourage more and more young people to become farmers, and to focus on sustainability in the agricultural sector. This paper focuses on (1) CAP expendi-ture, (2) the main drivers and barriers to CAP success, as well as (3) winners and losers of the CAP within EU-N10.


Keywords: Common Agricultural Policy (CAP), New Member States (EUN10), CAP expenditure.


JEL Classification: O 13, O 17, O 18 


str./pp. 114-125




Natália Hlavová - ENERGY SECURITY IN AFRICA (Energetická bezpečnosť v Afrike)


Abstract: The paper focuses on energy security and energy security evaluation in the economies on the African continent. The first part of the paper compares several definitions of energy security and describes the most important methods for the evaluation of energy security of the state. The second part of the paper focuses on the Energy Architecture Performance Index, which is one of the few to evaluate energy security also in developing states, including twenty African states. Based on our results, the energy security in Africa is lower than the world average, but African countries perform well in some categories, namely Environmental Securi-ty. The best performing country is Morocco; the worst performer is Benin.

Keywords:  energy security, Africa, Energy Architecture Performance Index


JEL Classification: Q 40, N 17


str./pp. 126-136




Kristína Gardoňová – Róbert Prno - EU – REPUBLIC OF KOREA THE FREE TRADE AGREEMENT EVALUATION (Hodnotenie Dohody o voľnom obchode medzi Európskou úniou a Kórejskou republi-kou)


Abstract: Trade areas are at the same time, a result of globalization, and one of its driving factors. We took the example of EU–South Korea Preferential Trade Agreement, as it is the first agreement that the EU has signed with an Asian country, to show how important the FTA is for both eco-nomies. We firstly looked at assumptions and theoretical background of how FTAs work, and what happens after tariff elimination. Then, we studied the EU–South Korea Trade balance, looked at the most important sectors for each country and tried to evaluate the state-of-the-art in this area. Our goal was to further analyse what factors were influencing most the mutual trade balance; therefore, we constructed a simple regression model to see what impact the tariff elimination on EU–South Korea trade balance had and what was the role other factors, for instance GDP or exchange rate played. Finally, we looked at some concerns that were raised by the EU before signing the FTA and how they turned out to be fulfilled.

Keywordsfree trade agreement, trade balance, export

JEL Classification:  F 11, F 13


str./pp. 137-148




Patrik Klimko - THE ECONOMIC IMPACT OF MEGA SPORTS EVENTS (Ekonomický dosah veľkých športových podujatí)


Abstract: The ability to leverage cost or benefits and establish a sustainable legacy from hosting the Olympics games as the mega-event continues to be of significant interest from policy makers. Relatively few studies have focused on impacts and future legacy by the cities (or regi-ons/states). The crucial problem is to find correct data because in the past; there is only very little evidence about Olympics impact studies. The paper is focused on four Olympics games in Sydney 2000, Athens in 2004, Beijing in 2008, London in 2012, and the aim is to focus on GDP, games cost, and sports-related cost. The number of athletes and sports-related cost is more or less constant, but the game cost depends on the size of infrastructure, which is not rela-ted to the Olympics.

KeywordsOlympics games, impact, GDP, games cost, sport-related cost

JEL Classification:  Z 20, Z 28


str./pp. 149-159




Ladislav Faith - CURRENT DEVELOPMENT OF PERSONAL VEHICLES – PER-CEPTION OF SELECTED ASPECTS (Súčasný vývoj osobných vozidiel – vnímanie vybraných aspektov)


Abstract: This paper deals with the latest important trends in automotive industry, which are currently developed and heavily tested by all car manufacturers and their suppliers. The focus is concen-trated on the implementation of new generation of human – machine interface, car-to-car communication, advanced electronic driving assistants or autonomous driving systems as the most important disruptive innovation representative example in this industry category in the close future. Moreover, a special emphasis is dedicated to the development of alternative engi-nes (plug in or hybrid electric cars and testing of new forms sales forms and consumer – manu-facturer commercial relations. Part of the study deals with the environmental issues and social responsibility associated with the car industry, especially with the usage and production of die-sel engines and their pollution impact. All the above mentioned issues and questions are part of the primary quantitative research, which brings the results describing the public perception and views of all these important changes, which are going to have sooner or later an impact on all of us.

Keywordsautonomous car, automotive industry, alternative engines, car ownership, plug-in electric car

JEL Classification:  M 30, M 31


str./pp. 160-173




Peter Pajonk - CONDITIONALITY AND UTILIZATION OF INTER-ORGANIZATIONAL RELATIONSHIPS ON THE INDUSTRIAL MARKET OF THE SLOVAK MECHANICAL ENGINEERING (Podmienečnosť a využitie medziorganizačných vzťahov na priemyselnom trhu sloven-ského strojárenského priemyslu)


Abstract: Inter-organizational relationships in the industry do not involve just the buyer–seller relatio-nship, but it is a deeper cooperation leading to an increase in added value for the final consu-mer. The author deals with the current situation in the use of various forms of inter-organizational relationships in the Slovak engineering industry and with the conditions of their formation. This article aims to show the possibilities for deeper cooperation in this industrial sector.

Keywordsinter-organizational relationships, industrial market, mechanical engineering

JEL Classification:  L 22, M 11


str./pp. 174-183




Martin Dluhoš - USING PORTFOLIO THEORY IN THE SECOND PENSION PILLAR IN SLOVAKIA – SEARCHING FOR AN EFFICIENT SET OF PORT-FOLIOS (Využitie teórie portfólia v druhom dôchodkovom pilieri na Slovensku - hľadanie efek-tívnej množiny portfólií)


Abstract: Slovak savers who are investing in the second pension pillar save part of financial means for a pension in pension management companies offering more funds – notably bond fund, mixed fund, stock fund, and index fund. At present, savers can spread their savings and other future pension payments over two funds with any ratio. This has allowed them to create an optimal investment portfolio due to their tendency for risk. The goal of this paper is to examine the pos-sibilities of creating a portfolio of various funds at Slovak pension management companies and compare the risk and profitability of individual portfolios. The presented results indicate positi-ve values in the covariance matrix of logarithmic returns of individual assets, and in most of the examined pension management companies, the efficient frontier consists of a combination of investment in an index fund and bond fund. Passively managed index funds, index–replicating with a high level of spatial diversification with time diversification which is associated with re-gular payments, represent a real possibility of saving for one’s pension.

Keywordssecond pension pillar, diversification, efficient frontier

JEL Classification:  G 11, G 23


str./pp. 184-194









Economic Review, Ekonomické rozhľady, 2017 abstracts/abstrakty, volume/ročník 46, 1/2017, ISSN 0323-262X, EV 4393/11, Issue1/ Číslo1




Štěpánka Křečková  - DOPAD APLIKACE PRAVIDEL BASEL III NA PROFITABILITU BANKOVNÍCH KLIENTŮ (Impact of the Basel III Application on the Profitability of Bank Clients )


Abstract: This article deals with Basel regulatory framework for banks, its upgrades with the focus on minimum capital requirements and the impact of these new requirements on the profitability of bank clients. The article describes the methodology of risk capital used in ex-ante RAROC (Risk Adjusted Return on Capital) calculation, and how its level is influenced by capital requirements set by Basel regulatory framework. Besides it suggests EVA (Economic Value Added) as an alternative client’s exante profitability measurement that can be used in banks alongside RAROC measure and provide bank relationship managers with additional information on ma-naging the client portfolio. On the sample of medium-sized enterprises – clients of a bank ope-rating on the market in the Czech Republic, the expected profitability of these clients was calculated by reflecting firstly Basel II requirements. Then the results were compared with the pro-fitability calculated by reflecting new Basel III capital requirements, in order to show the impact of new requirements set by Basel III. For the profitability calculation, both introduced profitability measurements, i.e. RAROC and EVA, were used in order to show that using EVA measurement as an accompanying tool to RAROC measurement can be of additional informative value for bank managers in the decisionmaking process and for the client portfolio management. 

Keywords: Basel, Risk Capital, Regulatory Capital, Risk Weighted Assets (RWA), Risk Adjusted Return on Capital (RAROC), Economic Value Added (EVA)

JEL Classification: G 21, E 58, E 59


str./pp. 5-24




Anna Majtánová – Patrik Marcinech - Rebalancing of Investment Portfolios of Insurers under Solvency II (Realokácia investičných portfólií poisťovní v rámci systému Solvency II)


Abstract: The investmentpolicy of insurance companies is a very important area in the current environment of the new regulátory systém, Solvency II. The Directive introduces a new method of measurement and management of all risks affecting the business of insurance companies. The aim of this páper is to quantify the differences in risk-adjusted returns, resulting from investments in selected asset classes and the creation of efficient portfolios. Another aim is to point out to the potential rebalancing of portfolios of insurance companies, due to the implementation of the new regulátory regime and the current situation on the financial market. The results presented are limited by three investment instruments, namely: aportfolio of government bonds, stock index and real estate index.


Keywords: Solvency II, rebalancing, investment instruments, market risk, RAROC


JEL Classification: G 22 


str./pp. 25-44




Jitka Meluchová - Martina Mateášová - Trends in the Outsourcing of Financial Services (Trendy v outsourcingu finančných služieb)


Abstract: Current developments and globalisation trends in the economy andfinance result in increasing the level of risk that affect the internal and external environment of the enterprise. In order to remain competitive, the company must learn to identify and manage the risks that affect the prosperity and effectiveness of alt of its activities. The development of the business environment has resulted in the building of business Service centres. The shared Services centres (SSC) seek to achieve more efficient processes and cost savings. The shared Services centres are entities responsiblefor the execution and the handling of specific operational tasks, such as accounting, human resources, payroll, IT, legat, compliance, purchasing, and security. SSCs have developed from performing routine operational activities into intellectually demanding functions with higher demandsfor professional skills and experience. This páper explores benefits and risks of shared Services centres as parts of corporate financial management. Benefits and risks have been studied in a concrete multinational company. The analysisfocused on trade liabilities (purchases ofinputsfrom suppliers).

Keywords:  shared Service centres, outsourcing, risk management, accounting,financial statement, accountspayable


JEL Classification: G 17, M 41


str./pp. 45-59




Katarína Liptáková - Mobilita práce ako výrobného faktora vo vybraných krajinách Európskej únie (Labour Mobility as Production Factor in Selected European Union Countries)


Abstract: The goal of the thesis is, with the help of relevant literatúre and the method of regression analysis, to identifyfactors affecting the movement of labour force in selected EU countries. We will identify the causes of differences in labour migration among the surveyed EU countries with emphasis on institutional differences across economies. Subject of the goal is to review the movement of labour in selected EU countries. To achieve the goal, we have chosen to work with mostly statistical methods of data Processing and verification of hypotheses based on analysis of the literatúre studied. For theoretical part, we use the literatúre on migration, to be able to grasp the direction of movement of labour. Our motivation is to denote basic directions of movement of labour through institutionalfactors. We test hypotheses using the regression analysis of datafrom selected EU countries freely available in online databases. Institutional aspects of government such as political stability and the level of corruption are quantified by means of an index of the World Bank, the International Monetary Fund, and specialized publications and magazines. Statistical analyses identify the main institutional aspects that influence, either positively or negatively, the movement of labour. Results will be compared with our hypothesis to be confirmed or defied. The final part contains the conclusions to the results and the identification of push and pull factors, acting on the mobility of labour.

Keywordsmobility of labour, labour movement, migration, institutional factors oflabour movement, statistical testing

JEL Classification:  E 6


str./pp. 60-78




Lea Škrovánková - František Slaninka - Stochastické modely v zdravotníctve (Stochatic Models in the Health Sector)



The aim of thispaper is to theoretically describe the possibility of applying actuarial mathematics in health insurance. The development of health insurance plans displays some specific features of each country, in particular by using actuarial mathematics. The páper contains some conceptions neededfor the construction of the stochastic model by Markov chains. It analyses the forms of valuating Markov chains by system’s modelling, too. The páper defines the matrix of transition probabilities, i. e. stochastic matrix. It is necessaryfor insurance companies to know what the probabilities of transition are, e.g. if the insurant will be healthy, ill, or dead. Therefore, we were interested in the probabilities distribution state of systém after n steps. For this purpose, we determined the chain: vector of initialprobabilities and matrix of transition.

Keywordshealth insurance, multistate models, Markov chains, probability oftransition, matrix

JEL Classification:  C 4,11, K 3


str./pp. 79-99