Eva Rubliková - HOW DETRENDING SERIES COULD INFLUENCE THE LENGTH OF CYCLE (Ako by mohlo detrendovanie časových radov ovplyvniť dĺžku cyklu)
Abstract: The aim of the article is to show how misunderstanding of the type generating process of the series could influence the length of the cycle in macroeconomic data. The focus of analysis is the study of the growth and cyclical behaviour of GDP in Slovakia based on the assumption that time series is trend or difference stationary. The results confirm that two different ways of separating cyclical fluctuations from the long-term trend have effect on the length of cycle. We display what different results could be obtained if we assume that the trend is deterministic but in fact it is stochastic. Our analysis is focused on 76 observations of seasonally adjusted quarterly data of GDP (mld. EUR in current prices) in Slovakia, during the period Q1/1995 till Q4/2013. Using the decomposition method assuming that the series has two components – a long-term trend and stationary process containing the cycle. The long-term trend will be described by the linear trend function assuming trend stationary gene-rating process and by the Hodrick – Prescott filter assuming the difference stationary genera-ting process. After the estimation of the long-term trend and detrending the series, the resi-dual stationary process will be analysed for the cycle and estimated by the autoregressive model of order 2 or higher.
Keywords: linear trend, Hodrick – Prescott filter, cycle, autoregressive model, Dickey-Fuller test
JEL: C 22
Katarína Belanová - REAL OPTIONS APPROACH AS A NEW VIEW OF INVESTMENT (Prístup reálnych opcií ako nový pohľad na investície)
Abstract: The article presents a survey of recent theoretical, as well as empirical, contributions concerning the business investments, which help to understand the investment decision making of the companies better. As shown, they emphasize the relevance of idiosyncratic factors affecting investment decisions such as the degree of irreversibility and uncertainty, whose interaction may generate an opportunity cost equivalent to the exercise of an option and so they add an important dimension to the neoclassical theory of investment (also called standard or orthodox theory of investment). This theory has not recognized the important qualitative and quantitative implications of this interaction, what can explain some of its failu-res. We investigate the irreversibility of investments and the impact this has on the nature of the relationship between investment and uncertainty in a way of empirical analysis. The em-pirical analysis uses firm – level data and is based on a survey of 53 automotive suppliers, which was carried out during the year 2011. We find supportive evidence for the fact that uncertainty is negatively associated with planned investments of the companies surveyed, which remains true also in the presence of irreversibility. Finally, we demonstrate the core of the real options approach in a form of a practical example.
Keywords: investment, uncertainty, irreversibility
JEL : D 81, D 92
Milan Džupina - Juraj Mišún - A COMPARATIVE STUDY OF PRINCIPLES OF COPRORATE SOCIAL RESPONSIBILITY (CSR) IN SMALL AND MEDIUMSIZED ENTERPRISES (SMES) AND MULTINATIONAL ENTERPRISES (MNES) (Komparatívna štúdia zásad spoločenskej zodpovednosti v malých a stredných podnikoch a v nadnárodných podnikoch)
Abstract: Small and medium-sized enterprises (SMEs) are usually defined as a backbone of all the economies. Nevertheless, SMEs are very diverse in their characteristics. Differences are mainly in their size, history, sector, and ownership, which leads to different approaches to CSR strategies. However, it is possible to generalize recommendations for SMEs to adopt appropriate CSR strategies, which match their visions, missions and corporate values. Altho-ugh SMEs are individually small in their economic power, collectively they generate an im-portant part of GDP in almost all countries. Previous research on CSR has mainly focused on multinational enterprises (MNEs) but very few scholars and practitioners have turned their attention to CSR in SMEs. There are only few studies dealing with CSR in SMEs, mainly be-cause they lack sufficient time, resources and knowledge to implement social actions and plans. The present study is both qualitative and quantitative in nature and highlights differen-ces between SMEs and MNEs in terms of dimensions of corporate social responsibility.
Keywords: corporate social responsibility (CSR), small and medium-sized enterprises, principles of CSR, sustainable development, multinational corporations
JEL: M 14, Q 01
Anežka Jankovská - PRIEBEH REFORMY ČLENSKÝCH KVÓT, HLASOVACÍCH PRÁV A RIA-DENIA V MEDZINÁRODNOM MENOVOM FONDE (The Course of the Reform of Member Quotas, Voting Rights and Management in the International Monetary Fund)
Abstract: The article looks at the reforms of the IMF so far, members’ quotas, voting power and governance of IMF activities. It defines the role and importance of members’ quotas in the IMF and further discusses a package of IMF measures that help implement the fourteenth general revision of members’ quotas. This includes addressing issues regarding the acceleration of the general revision, the increase and redistribution of members’ quotas, the development and implementation of a new formula for the calculation of members’ quotas and the outlining of further progress in the management of IMF members’ quotas and voting rights. The paper discusses the outstanding issues of preparing the fifteenth general review of members´ quotas; it describes the historical development of members’ quotas in the IMF and highlights the main changes in establishing their amount in the current period to reflect changes in the economic situation of member states.
Keywords: members’ quotas, voting power, 14th general revision of members’ quotas, new formula for the calculation of members’ quotas, reform of governance of IMF activities
JEL: G 15, F 45
Ladislav Andrášik - PODOBY SPRÁVANIA BIOLOGICKO-EKOLOGICKÝCH A SPOLOČENSKO-EKONOMICKÝCH SYSTÉMOV (Aspects of Behaviour of Bio-ecological and Socio-economic Systems)
Abstract: In transforming economies, there exist various forms of human behaviour and organisational behaviour in contrast with valid norms. In literature, we encounter with various concepts used to designate these activities. All of them could be put under a general concepts of illegal forms economic behaviour or possible the collocation of “grey economy”. However, the subject of the present essay is not specific forms of these processes in objective reality but investigating the aspects of their operation on an overall dynamics of the virtual socio-economic system. The author’s starting-point here is that processes in socio-economic reality are very similar to bio-ecological processes in nature. In economics, these ecologywi-se models had a predecessor in the duopoly of the French economist A. A. Cournot, con-structed almost a hundred years earlier than the famous ecological Lotka – Volterra model. In the real-life socio-economic economy, there exist several pairs of either individuals, groups or also institutions; behaviour between them is similar to that in the mathematical formalism of Lotka and Volterra. The dissemination of ICT and in particular, that of computational intel-ligence was made possible due to completely new possibilities of investigating dynamic pro-cesses of that type. The focus of the exposition in the present paper is the application of the-se methods. The author uses Excel and iDMC software to make his exposition understan-dable to a wider professional public.
Keywords: discreet dynamics, experimenting in virtual laboratory, qualitative behaviour and simulation, succession, structural dynamics and stability, theorization on the basis of qualitative simulation (and/or – kind of experimenting)
JEL: C 02, C 31, C 38, C 62, C 88, C 92, P 16, P 27, P 37, P 51
Viktoriya Apalkova - THE DOMINANT IDEAS IN THE DEVELOPMENT OF INTERNATIONAL E-MONEY SYSTEMS (Predstavy dominujúce v rozvoji systémov medzinárodných elektronických peňazí)
Abstract: The structural changes in international markets of payment services lead to the creation of new forms and models of payment tools including e-money systems. In spite of a large number of scientific and analytic works devoted to the e-money issues the fa modifiability inherent to this type of payment creates the necessity to investigate constantly the changes and identify the dominants of their further development. These issues are especially relevant for national and international authorities in order to understand what type of challenges banking and financial systems face and be ready to make corresponding contributions. The author outlined and analysed the key new directions in transformation of international e-money systems (IEMS) such as advent of “mobile based e-money systems”, shifts in key principles of customer due diligence procedures, growing demand for cooperation between market operators, etc. There is also a new challenge for modern international e-money sys-tems: to provide effective means of fundraising for business, especially it is on the agenda for small and medium-size companies. The new form of investment generated through IEMS has been already named as “e-financing”.
Keywords: international e-money systems (IEMS), e-money, mobile based e-money, mobile network operators (MNOs), card-based e-money, server-based e-money, software/network e-money, e-finance
JEL: F 21, F 30, F 39
Roman Urban - Lukáš Štěpánek - Rudolf Urban - VYUŽITIE ALTERNATÍVNEHO PRÍSTUPU PRI HODNOTENÍ RIZÍK (Application of Alternative Approach in Risk Assessment)
Abstract: In the present-day turbulent times, the risk management is a basic function of every financial institution, including an insurance company. The regulatory system is used in the situation when principles based on prudent business activities and company solvency are malfunctioning and a systematic risk is an upcoming threat. The paper deals with basic information about an alternative quantitative method that is useful in the classification and ranking of risks (risk scenarios). This dynamic model is not based on the data of past and eliminates some deficiencies of existing methods, such as of Risk Matrix Assessment model. The new model shows one of many possibilities how the financial market could react and be prepared for solving the asymmetric threat in the future.
JEL: G 220, D 810
Miroslav Titze - NETRADIČNÁ MENOVÁ POLITIKA ‒ V KONTEXTE SÚVAHY CENTRÁLNEJ BANKY (Unconventional Monetary Policy ‒ in the Context of the Central Bank Balance Sheet)
Abstract: Since 2007, central banks in advanced economies have implemented many unconventional monetary policy measures. A complex theoretical background of unconventional monetary policy is now in progress. The main goal of the paper is to discuss basic theoretical differences and similarities between unconventional and conventional monetary policy approaches, instruments and implementation. There is no consensus about unconventional monetary policy measures, and there is a serious confusion across terms. The paper uses balance sheet of the central banks to discuss assets and liabilities measures in terms of the-ory. The paper consistently differentiates between various approaches and terms to avoid incorrect evaluation of unconventional monetary policies. Quantitative easing is to be better understood as one type of unconventional monetary policy. Narrow specifications of credit easing, quantitative easing and qualitative easing brings further confusion in terms and is not convenient in theory. This corresponds to specific unconventional monetary policy me-asures of the individual central banks.
Keywords: unconventional monetary policy, open market operations, central bank balance sheet, monetary policy implementation
JEL: E 42, E 52, E 58
Hana Poláčková - TEORETICKÝ PRÍSTUP K STABILITE KÚPNEJ SILY V HISTORICKOM KONTEXTE (Theoretical Approach to Purchasing Power Stability in Historical Context)
Abstract: As early as at the dawn of history of economics, in Plato’s and Aristotle’s times, there were laid the foundations of theories of the nature of money. Various aspects of looking at the functions of money resulted in two basic theoretical positions: the material (commodity) theory of money that built the function of money as a store of value and the nonmaterial theo-ry of money, based on the function of money as means of exchange and unit of account. A separate area of monetary theory later developed theories about the value of money, quantity theory of money, the cost of production theory of money or a theory of subjective value of money. Over time, the development of the economy and international trade economists have begun to address issues of currency circulation, the amount and cost of money and the price level. Because of the gradual replacement of full money for fiat money, the economists began to explore the problematic of inflation and its impact on economic, political and social life in the short run and in the long run.
Keywords: theories of money, development of the theories, price level, inflation theories
JEL: E 10, E 31, N 01