Andrej Přívara, Magdaléna Přívarová - FRANCÚZSKY EKONOMICKÝ ŠTRUKTURALIZMUS A JEHO VPLYV NA VÝVOJ EKONOMICKÉHO MYSLENIA (The French Economic Structuralism and its Influence on the Development of Economic Thought)
Abstract: This paper characterizes the main features and orientation of the research carried out by the representatives of the French economic structuralism. It deals with the core findings of its leading figure F. Perroux, namely his criticism of orthodox neoclassical economics, his attitude towards Keynesian economics, as well as his vision of a broader economic theory, which stems from the holistic approach. Attention is also paid to Perroux’s contribution to development of spatial economics, regional politics and economic deficiency. Last but not least, the paper mentions the influence of French economic structuralism on development policies implemented in most of the countries that had come out of colonialism, and a certain renaissance of this economic thought in the form of neo-structuralism.
Keywords: power, structure, new conception of the economy, domination, regional policy
JEL Classification: B 52, F 02, F 21, J 31
str./pp. 369 - 386
Mihovil Anđelinović, Ante Samodol, Ana Pavković - ASSET ALLOCATION AND PROFITABILITY OF CROATIAN INSURERS IN THE PRE-SOLVENCY II PERIOD (Umiestnenie aktíva a ziskovosť chorvátskych poisťovní v druhom predsolvenčnom období)
Abstract: Insurance companies allocate their assets conservatively, being guided primarily by the safety principle instead of the profitability principle. The main goal of this paper is to investigate the structure of the investment portfolios of Croatian insurers and to quantify the link between asset allocation and profitability of insurance companies in the period of strict regulation. Econometric analysis includes data from financial statements for the period 2008–2015, which are analyzed using the cluster analysis and panel data analysis. Cluster analysis is employed for the classification of insurers according to their investment strategies, and its results will help in predicting the changes in asset allocation that financial reregulation will bring. The results of panel data analysis reveal that investing in riskier categories positively affects the business results, while the investment in debt securities does not encourage profit growth. Our analysis contributes to the existing empirical research on the asset allocation–profitability–nexus and will be valuable for assessing the impact of Solvency II regulations.
Keywords: insurance, asset allocation, cluster analysis, panel data model, financial regulation
JEL Classification: C 33, C 38, G11, G22
str./pp. 387 - 411
Patrik Kollárovič, Zuzana Brokešová, Erika Pastoráková - VPLYV NEPRIAZNIVÉHO VÝBERU NA ROVNOVÁHU NA POISTNOM TRHU: EXPERIMENTÁLNA ŠTÚDIA (The Effect of Adverse Selection on Insurance Market Equilibrium: Experimental Study)
Abstract: Adverse selection represents a market failure caused by the information asymmetry. Economists observe this phenomenon in many different markets, when the higher quality goods are displaced from the market by the lower quality goods. In the insurance market, this problem is emphasized by the fact that the adverse selection causes the instability of insurance industry. In insurance theory, this phenomenon is well defined by theoretical models. On the other hand, empirical studies do not show a clear evidence of the size of the effect on market equilibrium. The main aim of the paper is to quantify the utility change in demand and supply of insurance caused by the adverse selection. Our results indicate that the utility of the insurance market is decreasing due to the adverse selection, and this effect is much stronger for the supply of insurance, i.e. insurers.
Keywords: adverse selection, insurance market, information asymmetry, experimental economics
JEL Classification: D 82, G 22
str./pp. 412 - 440
Martin Hudec - PERSPECTIVES ON SELECTED ASPECTS OF THE TRANSIT TO A MONETARY UNION (Perspektívy vybraných aspektov prechodu k monetárnej únii)
Abstract: The optimum currency areas theory is an economic hypothesis pertinent to the subject of monetary unions, since it determines conditions under which it is (or on the other hand is not) monetarily favorable for a gathering of economies to receive a solitary currency. A moment subject that appears to be deserving of review is the as of late conspicuous hypothesis of exchange-rate (and other monetary) emergencies. This theme is pertinent in the light of the fact that one of its fundamental messages is that with unregulated universal money related streams the important decision for a gathering of economies is between currency union and floating and gliding exchange rates. At the end of the day, the evident middle of the road alternative of a settled yet perhaps customizable exchange scale is in reality near infeasible. Thirdly, the subject of money unions imagines a solitary currency for economies that have particular governments and in this manner, to some degree, possibly unmistakable monetary specialists. Thus, the subject of the connection amongst monetary and fiscal arrangements emerges. Therefore, the aim of our research paper is to analyze selected issues related to different transition processes towards monetary union.
Keywords: exchange rate regime, inflation, monetary growth, socio-economic optimality
JEL Classification: A 13, O 4, O 10
str./pp. 441 - 463
Saleh Mothana Obadi, Matej Korček - DETERMINANTY POHYBU CIEN ROPY NA SVETOVÝCH TRHOCH: TEORETICKÁ ANALÝZA (Determinants of Oil Price Fluctuation on World Markets. Theoretical Analysis)
Abstract: This paper deals with the determinants of oil price movements in the world markets. Crude oil as a primary commodity still has a significant place in the economies that produce it. These are in particular developing countries, because these commodities are the main, or in some cases, the only source of their income. Although the share of this commodity in the global output and trade in the past century has gradually declined, fluctuation in its prices greatly affects global economic activity. In many, especially developing countries, fluctuation in prices of this commodity has a significant effect on macroeconomic indicators, not just on gross domestic product, the balance of payments, government budget policy, but also on the complex problems it poses to macroeconomic policy implementation. While there are many factors affecting the oil prices, we trying in this paper to identifying an accurate role of these factors (determinants) on oil price movement in the world oil markets in the recent history.
Keywords: Oil price, developing countries, OPEC, USD exchange rate, geopolitics
JEL Classification: E 3, O 13, I 28, Q 21
str./pp. 464 - 490
Vanisha Oogarah-Hanuman, Yannick Li Luen Ching, Annick Yeung Pat Wan, Daren Chetty - ASSESSING THE PREVALENCE OF CYBERCRIME IN MAURITIUS (Hodnotenie výskytu kybernetickej kriminality v štáte Maurícius)
Abstract: The ICT sector is a key sector in Mauritius and the Vision 2030 of the Government is to transform Mauritius into a SMART island, an evolution of the Cyber Island which was envisioned in 2001 (Cybercrime Strategy, 2017). With the goal to embed the use of technology in the day-to-day life of every Mauritian, the ICT sector has brought along new opportunities, but at the same time new threats. With cyber criminals becoming more sophisticated and continuing to develop malicious software and devising improved methods for infecting computer systems and networks, the government has set up a legal framework to limit potential cybercrime attacks on the island of Mauritius (Republic of Mauritius). In order to address the dearth of research relating to the prevalence of online crime and its consequences to the general public, we administered one of the first surveys on the prevalence of cybercrime among Mauritius citizens. 276 respondents were surveyed and the results show that while 98% of the respondents have a high level of awareness about cybercrime, there is the need for more sensitization campaigns about the dangers pertaining to cybercrime.
Keywords: Cybercrime, Mauritius, ICT Sector
JEL Classification: M 15
str./pp. 491 - 507
