Nataliia Parkhomenko - ANALYSIS TOOLS OF THE RATING OF INNOVATIVE ACTIVITY ON THE EXAMPLE OF UKRAINE AND SLOVAKIA (Nástroje analýzy hodnotenia inovatívnej činnosti na príklade Ukrajiny a Slovenska)
Abstract: The current state of the economy of the country, region, enterprise is based on innovation development. In the conditions of global competition, innovations are the main source of stable development, they are the criterion of safe development. To assess the level of innovation, various methods, indicators and criteria are used by international organizations and rating agencies. At the same time, to assess the inattentiveness of enterprises, there is no single valid methodology, which, under conditions of global competition is a concern. Such ratings will allow the enterprise to identify competitors in the sphere of innovative activity in a timely manner and take the necessary managerial decisions. For the compilation of ratings, the sum method, the distance method or others can be used. This paper gives an analysis of existing methods of rating the innovation activity on the example of Ukraine and Slovakia and allows to determine the list of key indicators for compiling an enterprise innovation rating.
Keywords: innovation, innovation activity, competitiveness, rating, economic development, global economy
Božena Chovancová – Ján Bukoven - PODMIENKY PRE STARTUP SPOLOČNOSTI NA SLOVENSKU (Condition for Start-ups in Slovakia)
Abstract: Currently, the growth of developed countries is driven not only by the traditional sectors of the economy; new technologies, innovation and scientific research are increasingly coming to the fore and are becoming the key to the long-term economic growth. Investments in startups have recently become trendy. It is not just “a matter of fashion” for one year, as it might seem. In Slovakia the amount of startups that become businesses and attract major international investors and private investors because of its high growth and innovation potential who can kick-start and support smart and inclusive economic growth in long-term. At the same time they contribute to the development of industries with high added value; to regional and global competitiveness, as well as creating employment for the highly skilled workforce. Some successful startups constitute a significant contribution in building the image of the Slovak Republic abroad as a country with innovation potential.
Keywords: Venture capital, Slovakia, Startup environment, Business Angels
Božena Hrvoľová - MIERA KAPITALIZÁCIE PRI OHODNOCOVANÍ FINANČNÝCH INVESTÍCIÍ V TEÓRII A V ZNALECKEJ PRAXI NA SLOVENSKU (Capitalization Rate in Case of Evaluation of Financial Investments in Theory and Practice of Deal Experts in Slovakia)
Abstract: The paper deals with the problem of the choice of appropriate capitalization rate in the valuation of financial investments in expert practice of the SR. Decree of the Ministry of Justice, according to which the experts must proceed to establish a single method for calculating the capitalization rate to a model WACC (The Weighted Average Cost of Capital) as the weighted average cost of equity and loan capital reduced the tax rate, where weights are the shares of equity and loan capital the total volume of capital. This method of determining the capitalization rate is not suitable for debt securities and excludes the possibility of using all models of valuation of equity securities.
Viera Čihovská - DYNAMICKÝ ROZVOJ SÚČASNÝCH EURÓPSKYCH MALOOBCHODNÝCH TRHOV (Dynamic Development of Current European Retail Markets)
Abstract: Developments in the current European retail market are characterized by widespread changes in the structure of their business environment, with overall change in the dynamics of this development, which is driven by the main development trends of this sector. These are mainly the processes of internationalization of integration, concentration and cooperation and, at the same time, the specialization, diversification and market dominance of European retail markets. The goal of the state is to provide a deeper analysis of European trade and to bring the nature and consequences of major development trends into European retail.
Keywords: World and European trade, development of European trade, internationalization, integration, concentration, specialization, diversification and market dominance of European retail markets
Martin Hudec – Zuzana Okasová - TOWARDS COMMON ECONOMIC AND MONETARY UNIONS (Smerom k spoločným ekonomickým a monetárnym úniám)
Abstract: Nowadays, there exist numerous fiscal courses of action between countries that are far expelled from the Eurozone somewhat deficient money related union, but then, likewise take after tenets, and oblige the national financial arrangements of the members. One such course of action is a settled conversion scale framework. A few cases of such settled swapping scale frameworks in the Second War time frame are the Bretton Woods framework of monetary management, established in the mid-20th century, and the ERM-II, established in 1979 as the European Monetary System. Numerous nations on the planet peg their cash to another, specifically to the dollar. In Europe, various nations peg their monetary standards to the euro (meeting convergence criteria namely, Bulgaria, Croatia, Czech Republic, Hungary, Poland, Romania, and Sweden or with an opt-out – Denmark). By doing that, they enable fragmented fiscal unions with the nation to which they peg. Unmistakably, these are monetary related unions, which are considerably more fragmented than i.e. the Eurozone. Naturally, we should distinguish between an inadequate and a full monetary union, or in other words, the fiscal union where every part nation keeps up its own free budgetary approach and the budgetary unification. The aim of our research paper is therefore to analyze selected issues related to different convergence processes towards monetary unions.
Anett Bösz - HARMONISING LIBERALISM AND REALISM IN THE THEORY OF INTERNATIONAL RELATIONS (K harmonizácii liberalizmu a realizmu v teórii medzinárodných vzťahov)
Abstract: This paper aims to analyse the debates on neoliberalism and neorealism in international relation (IR) theories. It also contains a recommendation for harmonising neoliberal and neorealist thoughts in the theory of international relations, because it could offer relevant answers to global challenges of the 21st century. Leaving pessimistic and utopian attitudes behind is one of the keys for the understanding of current issues and relations between nation states. The twentieth century created agap from the differences between the two theories that have always been clearly visible, which was caused by the disparity of imaging human nature. This difference between neoliberalism and neorealism hinders in the co-operation between the two groups of scholars however the harmonisation of IR theories would help to understand the world today, and it would assist in searching for the solution to global problems in practice.
Keywords: liberalism, realism, neoliberalism, neorealism, IR theories, debate, harmonisation
Jiří Bílý - Zuzana Horváthová - THE ECONOMIC BACKGROUND OF SOCIAL PROCESSES DURING THE FORMATION OF THE STATE OF THE ANCIENT GREECE (Ekonomické zázemie sociálnej politiky starovekého Grécka v procese formovania štátu)
Abstract: Ancient history and the history of the middle ages are as necessary to present people as the most recent history. Historical science must provide a profound scientific picture of the entire historical development of humanity in all its aspects, apicture based on established facts. The topical character of subjects for historical investigation is not limited by achronological frame, but by the significance of how great and important are the theoretical problems which it poses, on how much it leads to the enriching of science of society. This is the scientific and practical meaning of historical research and not its superficial analogies to the present which can and often lead to the modernisation and distortion of historical reality and events. The early Greek tyranny is therefore asignificant landmark on the path of the rise of the state in those communi-ties with highly developed economies, those particularly advanced in handicraft production. At the same time, however, the early tyranny is only atransitory phenomenon in the process of the rise of the state and usually after agiven period of time comes into conflict with those social forces to which it gave birth. In the following text, we attempt to show the importance of the transformations of ancient economy in the context of civilizational clashes. The main method of processing text is the comparative method in the context of indicators of cultural, economical and political development in the greece area and, subsequently, the analytical, which is to draw attention to the growing trends stateʼs forming between economic trends in and outside Greece.
Keywords: tyranny, constitution, cult, slavery, class
Katarína Liptáková - REGIONÁLNE DISPARITY TRHU PRÁCE V BANSKOBYSTRICKOM KRAJI (Labour Market Disparities in the Banská Bystrica Region)
Abstract: The paper deals with regional disparities on the labor market in the selected . The aim of the thesis is based on theoretical knowledge to analyze the most important labor market disparities of region in the period from 2004 to 2016. Subject of the examination are regional labor mar-ket problems and researched objects are 13 districts of Banská Bystrica region. The first part provides an analysis of theoretical resources for regional unemployment, presents the current regional labor market problems, introduces regional disparities, their causes and indicators to measure them. The second chapter describes the object of research, analysis labor market indi-cators in the period of monitoring and using methods of Gini coefficient to determine the size of disparities between districts based on past development. The third part divides 13 districts into for groups based on collectively cluster analysis and recommends possibly solutions in resear-ched districts to reduce disparities between them with an emphasis on differences in the labor market. The paper uses descriptive statistics, method of analysis and synthesis, deduction, in-duction, scientific abstraction, comparison and other statistical methods. It draws on secondary sources from the Statistical Office of the Slovak Republic and the Central Office of Labor, So-cial Affairs and Family.
Ričardas Mileris - DEPOPULATION PHENOMENON OF LITHUANIA: UPCOMING CHALLENGES FOR THE COUNTRY’S ECONOMY (Fenomén depopulácie v Litve: nadchádzajúce výzvy pre hospodárstvo krajiny)
Abstract: The Lithuanian depopulation phenomenon that has continued for the current twenty-six years motivates many economists to foresee the possible consequences for the Lithuanian economy of this negative trend. This research aims to predict the Lithuanian population changes in future twenty-three years and to highlight the forthcoming challenges for the Lithuanian economy when becoming the highly depopulated country. The demographic and emigration factors evi-dently cause the Lithuanian population decline, so the main economic differences between Lithuania and other EU countries were analyzed to understand the economic reasons of emig-ration and depopulation. The comparative analysis of EU economies allowed to determine the purposive values of Lithuanian macroeconomic indicators when the reduction of emigration could be expected. As Lithuania belongs to the group of EU countries with the least macroeco-nomic indicators, the continuous huge depopulation in future is very probable.
Paula Puškárová - ON THE BRAIN COMPETITION POLICIES IN THE UNITED STATES AND THE EUROPEAN UNION (Politiky konkurencie onajlepšie mozgy v Spojených štátoch amerických a v Európskej únii)
Abstract: The knowledge economy has propelled the emergence of a new breed of policy that aims to attract the highly skilled labor in order to secure local growth. The so-called Brain Competition Policy refers to the attraction, education and circulation of talent within and across economies. The policy has arguably its roots in the United States (US) where one of the first laws favoring high skilled workers were passed and where the highest inflows of high skilled labor have been registered for decades now. Scholarly work however proves that the US recipe for success is not universal. The European Union (EU) countries have executed several attempts to copy the principles of the US Brain Competition Policy into their legislation but many of those failed due to cultural and societal differences. The aim of this paper is to assess these differences, and draw up links to the flows of human capital registered for both regions. The paper summarized some key troubles pending for the EU to successfully develop and implement the very own Brain Competition Policy (BCP).
Keywords: human capital, USA, European Union, migration, brain drain
Erika Bartalosová - VÝZVY SÚČASNÉHO VZDELÁVANIA: NOVÉ ZRUČNOSTI, NOVÉ METÓDY (Challenges of Current Education: New Skills, New Methods)
Abstract: Schools and universities are striving to prepare their students for the “real world”. They train them how to read, write and count. However, there are other less recognized skills such as, for example, how to work in ateam, how to think critically and how to handle data they encounter every day. We want our high-school and university graduates to be ready for a productive and successful life. What is out there waiting in their future? Twenty years ago, we did not know that outside world was going to be so much dependent on information technology and software. That means that today’steachers are facing the same big challenge – to prepare the students for the unknown future. However, there are certain basic skills that might help the graduates to comply with the labour market demands. In this paper, we point to the key qualifications indis-pensable for successful entry of graduates to the labor market as well as to innovative and acti-vating teaching methods that facilitate development of the key qualifications of the students.
Keywords: technological changes, informal education, key qualifications, cone of learning, innovative and activating teaching method
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
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.
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 Security. The best performing country is Morocco; the worst performer is Benin.
Keywords: energy security, Africa, Energy Architecture Performance Index
Kristína Gardoňová – Róbert Prno - EU – REPUBLIC OF KOREA THE FREE TRADE AGREEMENT EVALUATION (Hodnotenie Dohody o voľnom obchode medzi Európskou úniou a Kórejskou republikou)
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.
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.
Keywords: Olympics games, impact, GDP, games cost, sport-related cost
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.
Keywords: autonomous car, automotive industry, alternative engines, car ownership, plug-in electric car
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 slovenského 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.
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 efektívnej 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.
Keywords: second pension pillar, diversification, efficient frontier
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)
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
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
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.
Keywords: mobility of labour, labour movement, migration, institutional factors oflabour movement, statistical testing
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.
Keywords: health insurance, multistate models, Markov chains, probability oftransition, matrix