Ekonomické rozhľady - Ročník 40, 2011

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 40, 4/2011, ISSN 0323-262X EV 4393/11

Ekonomické rozhľady/Economic Review - Obsah celého ročníka 40

Miroslav Musil - VISEGRAD GROUP – AFTER 20 YEARS (Visegrádska skupina po dvadsiatich rokoch)


Abstract/Abstrakt: The year 2011 is referred to as the “Year of the Visegrad Group” – Czech Republic, Hungary, Poland and Slovakia. In this year Hungary and Poland alternate as the European Union Presidential country, and, in parallel, Slovakia

and Hungary alternate in the position of the Visegrad Group Presidential country.

It is also the year when the Visegrad Group commemorates the 20th anniversary of

its foundation. The paper outlines the history of the Visegrad Group from its early

beginnings which reach back to the 14th century: The author describes major V-4

documents and strategies and key themes. Subchapters deal with the following

topics: V-4 and the European Union, V-4 and the Western Balkans, V-4 and Defence

and Security Policy, V-4 and energy, economy, transportation, agriculture, culture

and tourism. The Central European grouping, the Visegrad Group, confi rmed the

justifi cation of its existence, its functioning and of its importance for the future. It

is stated in the conclusion that the grouping has proved its potential for facing the

actual international and global challenges in international affairs, economy, energy,

security and in other important spheres.


Keywords: International Visegrad Fund, Visegrad Group, Presidency of the

Slovak Republic, Visegrad cooperation


JEL: F 02, F 36

str./p. 429-447




Antonín Klas - ROLE OF DOMESTIC TECHNOLOGICAL DEVELOPMENT IN INNOVATIONS (Funkcia domáceho rozvoja technologických inovácií)


Abstract/Abstrakt: The aim of this article is to analyze the development of innovation

activities and research as the factors of knowledge-based economy in the Slovak

Republic (SR). The phenomena of technological progress are examined on data on

exports in the EU countries and in the SR according to technological demands, the

structure of innovating enterprises share by technological level, mutual dependence

between innovations (measured by number of EPO patents) and economic

performance (measured by means of GDP/capita). In this connection, also the

contributions of total factor productivity (TFP), capital, labour force, foreign direct

investment (FDI) and GERD on the GDP growth rate are analyzed. The author

identifi es also the basic defi ciencies in research and innovations in Slovakia together

with a proposal on how to overcome them.


Keywords: innovations, technological progress, economic performance, foreign

direct investments, R&D expenditures.


JEL: 0 30, 0 31, 0 32

str./p. 448-459




Eva Muchová, Marek Kálovec - FINANČNÉ A HOSPODÁRSKE KRÍZY VO SVETLE EKONOMICKEJ TEÓRIE  (Financial and Economic Crises in the Light of Economic Theories)


Abstract/Abstrakt: The paper is dedicated to current issues of fi nancial and economic

crises. In the fi rst part the main approaches to crisis in different economic thoughts

are presented – classical economics, Keynesianism, the Austrian School of

Economics, monetarism and a typology of fi nancial crises – general model of

crisis, currency crisis, banking crisis, contagion and debt crisis as well. In the

next chapter fundamental factors causing the crisis – bubbles on credit and

assets market (Austrian School, Schumpeter), changes in consumer behaviour

(Rothbard), asymmetric information (Mishkin) and vulnerability, awareness and

fear (Dornbusch) are analyzed. Crises used to spread to other countries caused

by different transmission mechanisms. This issue is analyzed in the fourth section.

In the last part of the paper theoretical approaches to current fi nancial crisis are

introduced. Global crisis has created a room for economic theory and economic

reality confrontation, and moreover it allows verifying fundamental paradigms of

current macroeconomic theory.


Keywords: fi nancial crisis, currency crisis, banking crisis, contagion crisis, debt

crisis, effective markets, capitalism, moral hazard, adverse selection, fundamental

factors of crisis, global fi nancial system, regulation, deregulation


JEL: B, E 32, F 34, G 01

str./p. 460-475



Sergey Naumov - DYNAMICS OF ECONOMIC AND POLITICAL REPRESENTATIONS IN THE RUSSIAN PUBLIC SPACE UNDER CONDITIONS OF STRUCTURAL CHANGES (Dynamika hospodárskej a politickej reprezentácie v ruskom verejnom priestore v podmienkach štruktúrnych zmien)


Abstract/Abstrakt: The paper deals with the relations between economic and political

dependency as refl ected in the mood of the Russian population. In the fi rst part the

author explains the concept of economic dependence and compares the way it is

understood in the Russian culture and in Western cultures. Further the author provides

and outline of the history of Russia with focus on the economic conditions in the

country in relation to the mass mood. He argues that the former is not a basic factor

determining the mass mood and social and political activities of Russians. The

author’s ideas are based on data from sociological research carried out by the “Public

Opinion” Foundation agency in 2009. In the conclusion the author refers to the

consequences of high-speed reforms on the one hand and the favourable assessment

of President’s Putin politics during the period 2006-2008 on the part of the Russian

population as a development that is congruent with that in other transition economies


Keywords: mass mood, index of social optimism, social and political dependence,

social and economic development, democratisation, economic culture, political

representation, public opinion, public space, the Russian Federation, Russian society,

Vladimir Putin presidency


JEL: P 16

str./p. 476-482





Peter Knapik - EKONOMICKÁ ANTROPOLÓGIA (Economic Anthropology)


Abstract/Abstrakt: In the era of globalisation and lasting economic and fi nancial crisis

economists are discussing the problems which complicate existence and functioning

of society. The ideas of academicians who are unable to record the symptoms of

crisis are not suffi cient to understand the contemporary economic situation and to

fi nd solutions to it. They cannot fully appreciate the impact of phenomenon

“fi nancialization” of the economy on the real economic life (they relied on the invisible

hand of the market, concept of generating values on fi nancial markets, trading with

“innovative fi nancial products” on the stock market). Therefore it is useful to apply

the outcomes of economic anthropology analysis. Economic anthropology enables

us to take into consideration results in the area of “substance” economics, which

could help us fi nd potential solutions to consequences of the crisis.


Keywords: economic anthropology, commodity exchange, reciprocity,

re-distribution, markets, commerce, asset management, consumerism, formalism,

substantivism, culturalism


JEL: A 12, B 25, Z 13

str./p. 483-497



Petr Štumpf, Vladimír Dvořák - VÝVOJ STRATEGICKÝCH DOKUMENTŮ CESTOVNÍHO RUCHU V JIHOČESKÉM KRAJI (Development of Strategic Documents for Tourism in the South Bohemian Region)


Abstract/Abstrakt: From the aspect of the tourist industry the South Bohemian Region

belongs, in the long term, to leading destinations in the Czech Republic. The success

refl ected in the rising competition of tourist destinations is based on the concept of

destination management, destination marketing, destination planning as well as on

the selection of the right strategy for the development of the tourist industry within

a particular area. An important instrument, which supports an effective management

and systematic destination development in the medium term, is a strategic document

(Strategy of Development of the Tourist Industry), which sets forth a vision and

concrete aims to be achieved by a particular destination within a given period of

time, as well as the proposal for ways of achieving these aims. The author

evaluates the development of strategic planning in the tourist industry by means of

development documents in the South Bohemian Region in the course of recent ten

years. On the basis of imperfections identifi ed in the contemporary development, the

author subsequently proposes the optimisation of the method of developing strategic

and tactic documents in the tourist industry for the South Bohemian Region in the

upcoming planning period 2014-2020.


Keywords: tourist industry, destination management destination planning,

destination strategy, South Bohemian Region, strategic document, marketing concept


JEL: L 83

str./p. 498-521




Lukáš Holas - DLHOVÁ KRÍZA V EURÓPSKEJ MENOVEJ ÚNII (Debt Crisis in the European Monetary Union)


Abstract/Abstrakt: The subject of the paper is the sovereign debt crisis in the European

Monetary Union. In order to understand further causalities, the aim of the fi rst part

is to outline the circumstances which led to the outbreak of the sovereign debt crisis

of the EMU. Based on available information, the paper subsequently informs about

a gradual expansion of the crisis into other critical eurozone countries. The paper

is partially aimed at analysis of adopted counter-crisis measures, out of which the

EFSF or the Euro rescue fund plays the most signifi cant role. Taking into account

all partial goals, the paper concludes with the outline of the possible scenario of the

eurozone debt crisis.


Keywords: EMU, debt crisis, public debt, low competitiveness, EFSF, restructuring


JEL: F 15, F 36

str./p. 522-532




Martin Konvalina, Ingrid Šabíková, Marián Kočner - REZIDUÁLNA (ZVYŠKOVÁ) HODNOTA AKO EKONOMICKÁ KATEGÓRIA VO VYKAZOVANÍ DLHODOBÉHO HMOTNÉHO MAJETKU (Residual Value as Economic Category in Reporting Long-term Tangible Assets)


Abstract/Abstrakt: Fixed asset dissolves into economic operation of an enterprise through

the depreciation. In order to reach fair and true refl ection of fi xed assets value, it is

necessary to qualify its residual value at the end of used period, in which it is

realisable from sales aspect. If the residual value represents signifi cant portion of

fi xed asset acquisition cost, it is necessary to calculate depreciable amount, which is

the base for a correct depreciation plan.


Keywords: tangible fi xed asset, acquisition cost, depreciation, depreciable amount, residual value.


JEL: M 41

str./p. 533-540





Soňa Kompoltová

ORBÁNOVÁ, D.: Didaktika podnikovej ekonomiky. Bratislava: Vydavateľstvo EKONÓM, 2011, 262 s. ISBN 978-80-225-3137-5

JEL: Y 30


str./p. 541

František Peller

ŠKROVÁNKOVÁ, L. – ŠKROVÁNKOVÁ, P.: Dôchodkové poistenie. Bratislava: Vydavateľstvo EKONÓM, 2011, 112 s. ISBN 978-80-225-3187-0

JEL: Y 30


str./p. 542



Martina Machová

Medzinárodná konferencia pre doktorandov a mladých vedeckých pracovníkov – EDAMBA 2011


str./p. 543


Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 40, 3/2011, ISSN 0323-262X EV 4393/11

Veronika Bučková, Svend Reuse - CREDIT RISK RESULTING FROM BANK GUARANTEES – DEVELOPMENT OF A RISK ADJUSTED PRICING (Úverové riziko z bankových záruk – vývoj oceňovania podľa rizika)


Abstract/Abstrakt: This paper focuses on the credit risk of bank guarantees from the perspective

of banks. Bank guarantees represent a specifi c type of credit instruments. Issuance of a bank

guarantee means a potential asset for a bank. So, the bank guarantees are treated as an

off-balance sheet transaction. After the agreed event occurs, the potential receivable becomes

a real receivable – a balance sheet asset. As the bank guarantee is a credit instrument,

it is joined with a credit risk. The bank faces the risk that the customer will not meet his

obligations (default). This fact can lead to negative impact to banking business and so it is

important to pay suffi cient attention to this risk and implement an effective risk management.

The level of the credit risk is determined by the quality of the customer’s business or the

bonity of the customer. The goal of the paper is to calculate the credit risk of bank guarantees

given by the banks. The calculation is based on the classical spread analysis (as done in [8]

pp. 17) and the migration matrix of S&P. The fi rst part of the paper contains the defi nition of

the bank guarantees and their characteristic features. The next part is devoted to the credit

risk resulting from bank guarantees. There is stated a basic formula of the risk premium and

the method for calculation of the costs of guarantee. After that, the calculation of the credit

risk is done. A fi nal conclusion sums up the main results of the article.


Keywords: Bank guarantee, credit risk, risk premium, risk adjusted pricing, spread


JEL : G 21, G 24, G 32

str./p. 309-314





Rudolf Sivák, Kristína Jančovičová Bognárová - PRISPEVOK UKAZOVATEĽA EVA MOMENTUM K MERANIU FINANČNEJ VYKONNOSTI PODNIKOV (Contribution of Metric EVA Momentum to Financial Performance Measurement of Companies)


Abstract/Abstrakt: Stewart, G. B., a principal creator of the EVA (economic value added)

framework for performance measurement and business valuation has introduced a new

performance metric that represents a true innovation in fi nancial management and analysis

and takes EVA a step further. The metric is called EVA Momentum and it is the ratio of the

change in a company’s economic profi t in one period to its sales in the prior period. Yet,

this simple concept is remarkably powerful. For one thing, it is the only fi nancial ratio for

which a higher value is always better than a lower one. That cannot be said about any other

performance ratios, including return on assets, return on equity, or even earnings per share.

The focus of the paper is on introducing this new fi nancial metric and describing its main

attributes and decontraction. The aim of the authors is also the practical application of EVA

Momentum in the process of fi nancial performance measurement of a selected company.


Keywords: EVA Momentum, performance measurement, early warning system,

decontraction of EVA Momentum, EVA margin, profi table growth, market implied value


JEL: G 32, G 3

str./p. 315-323




Katarína Belanová - „FINANCIAL GAP“ IN SMALL AND MEDIUM-SIZED ENTERPRISES FINANCE (Podkapitalizácia v malých a stredne veľkých podnikoch)


Abstract/Abstrakt: Small and medium-sized enterprises (SMEs) are the backbone of all

economies, as well as a key source of economic growth, dynamism and fl exibility in

advanced industrialised countries, emerging and developing economies. SMEs constitute

the dominant form of business organisation, accounting for over 95% and up to 99% of

enterprises depending on the country. They are responsible for between 60 – 70 % net

job creation in OECD countries. Small businesses are particularly important for bringing

innovative products or techniques to the market. Financing is necessary to help them set up

and expand their operations, develop new products, and invest in new staff or production

facilities. Due to the fact that a substantial portion of the SME sector neither has suffi cient

collateral required for collateral based lending, nor high enough returns to justify the risks

taken by venture capitalists, these enterprises cannot obtain fi nance from the formal fi nancial

system, which leads to the SME fi nancial gap. The paper deals with the reasons of the SME

fi nancial gap, its differences among the countries, discusses if it is possible to measure it and

provides the proposals how to overcome it.


Keywords: fi nancial gap, SME, collateral based lending, venture capital


JEL : G 32

str./p. 324-333




Elena Vasilievna Ponomarenko - CRISIS LESSONS: THE REVIEW OF RUSSIAN AND INTERNATIONAL EXPERIENCE (Poučenie z krízy: prehľad ruských a medzinárodných skúseností)


Abstract/Abstrakt: In this article the author provides the analytical review of the governments’

measures for overcoming the consequences of the world fi nancial and economic crisis with

describing some successful and ineffi cient economic tools of monetary and fi scal policy,

which were used for supporting fi nancial and real sectors in the developed economies and

Russia. The contemporary economic theory – economics of the public sector, institutional

economy – gives a new impulse for studying the increasing role of the government in

the modern world and the strengthening of positive effects of its interaction with market

structures, taking into consideration the process of economic recovery from the world

fi nancial crisis. Issues on the optimum and effi cient government, scales of its economic

activity, effective institutes are not only becoming the subject of sharp scientifi c discussions,

but mainly indicate the practical needs for estimating the existing tools and institutes and

working out of new ones on the national and international levels.


Keywords: socio-economic crisis, government policy, economics of public sector,

institutional economics


JEL: P 16, P 35

str./p. 334-345






Alena Kucková - REACTION OF SLOVAK AND CZECH PUBLIC TO THE PROPOSED FINANCIAL STATEMENTS PRESENTATION MODEL (Reakcia slovenskej a českej verejnosti na navrhovaný model prezentácie účtovnej závierky)


Abstract/Abstrakt: The IASB and FASB are currently working on a joint project about fi nancial

statement presentation. Recent outcome of the cooperation was the publishing of the staff

draft of exposure draft IFRS X – Financial statement presentation in July 2010. To receive

as much feedback as possible on the proposed model and the most signifi cant changes there

were prepared questionnaires by the IASB and EFRAG, as well as organized other outreach

activities. The paper presents the feedback and comments on the proposals from the side of

Slovak and Czech public, for which a similar questionnaire was prepared to participate in

this discussion even though they were omitted from direct involvement on the EFARG’s event.

The results could contribute to the general debate about the topic and bring the ideas from

Slovak and Czech national standard setters, analysts and future users. The new standard for

fi nancial statement presentation is going to be accepted worldwide and it is necessary for the

IASB and FASB to respond to all relevant opinions.


Keywords: fi nancial statement presentation, staff draft, disaggregation and cohesiveness

principles, structure of fi nancial statements, direct method of cash-fl ow statement presentation,

remeasurements, analysis of changes in assets and liabilities


JEL: M 41, M 48

str./p. 346-364






Štefan Majtán, Martina Špilová - ANALÝZA SPOTREBITEĽSKÉHO SPRÁVANIA NA GLOBALIZOVANOM TRHU S CUKROM (Analyses of Consumer Behaviour on Globalised Sugar Market)


Abstract/Abstrakt: Globalisation affects consumer behaviour, therefore marketing strategies have

to be adapted to it as well. This paper confi rms this fi nding by the specifi c research in the

practice of selected European Union countries on the example of the sugar market. Due to

limited space, there are in particular presented the results of fi ndings related to consumer

behaviour on monitored national markets. The introductory section presents the basic

assumptions of how the marketplace globalisation is perceived. The next section introduces

the results of the review of the product portfolio of sugars and subsequently consumer

preferences, as well as specifi c characteristics of consumers on surveyed national markets.

These fi ndings should be used in the marketing strategies of fi rms operating on the sugar



Keywords: globalisation, marketing, sugar, consumer


JEL: M 31, F 23

str./p. 365-376





Tatiana Varcholová, Lenka Dubovická - PRÍSTUPY K HODNOTENIU VPLYVU PROGRAMOV SPOLOČENSKEJ ZODPOVEDNOSTI PODNIKOV NA FINANČNÚ VÝKONNOSŤ  (Approaches to Evaluating the Influence of Programmes of Corporate Social Responsibility for Firm´s Financial Performance)


Abstract/Abstrakt: The Corporate Social Responsibility (CSR) is an essential condition for fi rms

and community sustainable development. The presented article gives a different view of this

problem as inspiration for possible proposals for its solution. Concrete solutions consist of

two alternatives: 1) integration of CSR initiatives according to their infl uence on enterprise

performance into basic four perspectives of Balanced Scorecard (BSC); 2) adding the fi fth

perspective into BSC the CSR concept. By adding CSR into the strategic management of

enterprise there are created requirements for global ecologic and social issues. We assume

that CSR acts in this process as an integrating element of global cooperation of corporations.


Keywords: corporate social responsibility (CSR), sustainable development, stakeholders,

fi nancial performance, CSR performance, balanced scorecard (BSC)


JEL: M 14

str./p. 377-386





Gabriela Dováľová - EFEKTÍVNOSŤ INVESTÍCIÍ DO ZDRAVOTNÍCTVA A JEJ DETERMINANTY (Efficiency of Investments in Health Care and its Determinants)


Abstract/Abstrakt: The aim of this paper is based on acquired knowledge to explore and explain

whether the effi ciency of public spending with a focus on health and economic growth are

related and to identify the determinants which infl uence this effi ciency. At a time when the

EU Member States must deal with growing pressure on budgetary balance, whether because

of current demographic trends or because of the fi nancial crisis, the question of improving

effectiveness and effi ciency of using public resources becomes more important. Effi ciency is

defi ned as the extent to which an entity can maximize outputs which are produced from given

inputs or minimize costs in achieving given output.


Keywords: economic growth, effi ciency, health care, DEA analysis, public expenditures


JEL: H 00, I 18, H 51

str./p. 387-395





Anton Čiernik - SOCIO-EKONOMICKÉ DOPADY MODERNIZÁCIE CESTNEJ A ŽELEZNIČNEJ INFRAŠTRUKTÚRY V SLOVENSKEJ REPUBLIKE (Socio-economic Impacts of Modernisation of Road and Railway Infrastructure in the Slovak Republic)


Abstract/Abstrakt: The paper analyses socio-economic impacts of modernisation transport

infrastructure in the Slovak Republic, which is largely fi nanced from the funds of the European

Union. One of the most important aims of this fi nancial support is achieving sustainable

mobility by means of developing transport in EU member countries. In this connection, the

analysis contains a practical application of the methodology of pricing of external transport

costs. Results of this analysis show that in comparison with advanced European countries

the Slovak Republic does not achieve adequate benefi ts from the modernisation of transport

infrastructure. This situation largely results from an inadequate support of kinds of transport

that are not a burden to the environment.


Keywords: transport infrastructure, transport system, external costs, fi nancial support

by the European Union, cost and benefi t analysis, freight transport, personal transport,

operational programme “Transport”, permanently sustainable development, public transport


JEL: Q 51, R 41, R 42

str./p. 396-408





Jaroslav Husár - NA ČO NÁM JE EKONOMETRIA (What is Econometrics Good for)


Abstract/Abstrakt: In this paper the author discusses the usefulnes of econometrics. The author

shows that econometrics is indispensable for getting the best out of the subject. It is also

shown that an econometric model is a tool for more systematic tracing of theoretical

relationship. To stress this aspect, the author uses the Keynesian model and studied the

effects of taxation and spending by the government. The author also discusses the defi cit of

trade and achieves signifi cant theoretical conclusions. Econometrics makes economics more



Keywords: epistemiological tool, econometric model, effects of taxes and spending by

government, defi cit of trade


JEL: E 1, C 01, E 61

str./p. 409-418






Ivana Hudáková

SUNTINGEROVÁ, Ľ.: Kreativita v manažmente. Bratislava: Sprint dva, 2010, 296 s. ISBN 978-80-89393-21-3

JEL: Y 30





Martina Machová

Vývoj a perspektívy svetovej ekonomiky: Spomalenie rastu a vysoká nezamestnanosť




Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 40, 2/2011, ISSN 0323-262X EV 4393/11

Rudolf Sivák - University as a Factor of Economic Growth

Abstract/Abstrakt: The paper deals with the role played by universities in the period of the contemporary crisis. In order to understand a complex nature of universities’ potential to act as factors of economic growth renewal, the author reflects how in the course of history societal expectations relating universities have been evolving. The universities’ potential of dealing with the present crisis is defined in terms of six dimensions. The author states the current crisis period is a suitable time for universities to declare their offer concerning their potentials in this area. An active role of universities in the building of innovation infrastructure in regions is an essential condition for the recovery of dynamics of social and economic development in regions.


Keywords: academic revolution, factors of economic growth, higher education

institution, knowledge-based economy, education and research, renewal of economic

growth, university mission


JEL: E 32, I 2

str./p. 139-146




József Berács - KNOWLEDGE EXPORT IN HIGHER EDUCATION A Hierarchic Approach


Abstract/Abstrakt: The purpose of the paper is to lay the possible methodological

foundations for the quantification of higher education export, and more specifically

of the export of knowledge. In the introductory part of the paper the author

emphasizes the need for basic and applied research that provides reliable data and

information relating not only to foreign students in higher education but also to the

export performance and capacity of the sector and its institutions. The author sees

this issue as a topic of greater interest to economic policymakers and university

managements. The core of the paper is the author’s holistic model of knowledge

export constructed from the bottom up, which consists from hierarchic horizontal

and vertical levels. Theoretical and practical tasks involved in further development

of this model are discussed in the Summary. The author concludes that to answer

the questions concerning comparative advantages in this field, not only the product

but the entire functioning of the higher education market requires analysis from the

economic, management, business, marketing, and other aspects.


Keywords: categories of publications, exchange students, export capacity of

higher education, higher education, knowledge export, model of knowledge export,

ranking of universities, research results, scientific research, teacher mobility, student



JEL: A2, A22, A23

str./p. 147-162





Abstract/Abstrakt: The author deals with higher education internationalisation as a

worldwide process, which is connected with the development of knowledge-based

economy. The purpose of the paper is to point out the major attributes of universities’

internationalization process and their changes, to identify the trends in flows of higher

education services exports and imports and describe the formats and international

policy focus of the chosen countries as to the process in question. The paper was based

mostly on the numerous journal and Internet publications of international higher

education experts, reports and international organizations’ statistics. In separate

subchapters the author analyses specific aspects of this process, e.g. the flow of mobile

foreign students to specific countries, legal framework for HEI internationalisation,

or fields of study chosen by mobile students. These variables are used in the ranking

of host countries. Despite obvious benefits of HEI internationalisation, the author

warns that copying other countries’ systems, and other universities’ measures and

fully implementing them in a completely different environment may prove ineffective

and inefficient. On the other hand, the best method of reaching the goals of HEI is

in monitoring the environment, analyzing the benchmarks, understanding trends and

challenges, and then determining the right strategy.


Keywords: education market, higher education, higher education institution

(HEI), internationalisation, globalisation, international student factor, knowledgebased

economy, mobile students, regression analysis, North America, Latin

America, Poland, Slovakia


JEL: I 2

str./p. 163-187



Milan Šikula - crisis and post-crisis adjustment aND new chalenges for the economic science


Abstract/Abstrakt: The author claims that to overcome real causes and the true nature of the

current crisis, approaches of financial analysts do not suffice; what is needed is the

approach based on political economy, identifying historical roots of causal relations.

An unbiased identification of the causes of the contemporary crisis necessitates an

internally stratified and multi-aspect approach, reflecting mutual interdependence of

layers, driving forces and interests of agents. This is an irreplaceable pre-requisite

of choosing such means and methods of crisis and post-crisis adjustment processes,

which are inevitable for real overcoming of global systemic character of the crisis.

The outline of the context reflects a breakthrough nature of the period, which creates

new challenges also for social sciences and requires changes in paradigms and

principal methodological innovations. It is also the aim of this paper to contribute to

their development.


Keywords: causes of global crisis, crisis adjustment, financial system,

financialisation, global financial crisis, indebtedness, recession, superbubble, USA


JEL: B 2, E 44, G 15, 18





Peter Staněk - New Paradigms of global economy

Abstract/Abstrakt: The paper deals with the causes of the current economic crisis (immense

polarisation of wealth and poverty in the world, global change in consumption,

virtualisation of the financial sector, etc.) in the context of significant changes that

the author views as paradigms. The restoration of balance in the global economy

is expected from mainly from China, India and some Latin American countries. In

connection with the expansion of Chinese private firms on the world markets the

author speaks about a kind of restoration of state-monopolistic capitalism. In the

conclusion he points to the change in the overall structure of the competition in

the world, which take place between separate regions rather than separate states.


Keywords: business cycle, causes of crisis, collapse of markets, crisis, global crisis,

polarisation of wealth and poverty, unemployment, virtual assets, virtualisation,

European Union, United States of America


JEL: E 3, G 1, G 15

str./p. 203-207






Abstract/Abstrakt: The paper deals with various aspects of partnership between

universities and companies and also sources and causes of changes occurring in

both of them. On the list of sources an important place is occupied by information

and communication technologies (ICT), which have transformed the university’s

relations with its partners and resulted in a radical change in our conception of

management. The managerial system has turned to the “e-management”: a new

decision-making process incorporating new concepts related to the Internet.

Likewise relationships between universities and companies as vital players in the

European Union have been affected by ICTs. The case of PGV Network is used to

illustrate a cultural approach to dealing with these changes.


Keywords: information and communication technologies (ICT), Internet,

centralisation, transversality, knowledge, management science, managerial skills,

PGV Network, new technologies, transfer of knowledge management, university and

company, Visegrad Group


JEL: A2, O33, 052


str./p. 208-212



Eva Kislingerová - The World of Economy and Finance after the Crisis


Abstract/Abstrakt: The paper analyses some aspects of the period generally called the

crisis of 2008 to 2010 from the perspective of business administration, and the

consequences the general economic depression had on Czech companies. By

comparison with macroeconomic data, the paper sums up some strategic decisions

of companies which could have substantially helped restructure the companies

during the crisis.


Keywords: crisis, depression, machinery industry, equity, liabilities


JEL: G 30

str./p. 213-228




Ján Lisý - Súčasný stav a perspektívy rozvoja Národohospodárskej fakulty EU v Bratislave


Abstract/Abstrakt: The present development of the Faculty and its results achieved in complex

accreditation clearly show that the Faculty of National Economy as part of the

University of Economics in Bratislava is a top all-state education and scientific

institution, which is the only and unique institution in terms of its macroeconomic

profile. In terms of its structure and content of instruction it is comparable with

faculties of similar type in EU countries. The Faculty of National Economy is the

only economics faculty in Slovakia to have been awarded the Statute of the Centre

of Excellence in Economics Research for dealing with the civilisation challenges

in the 21th century related to knowledge economy and economic growth by the

Ministry of Education, Slovak Republic.


str./p. 229-241




Jaroslav Kita - Obchodnovedné disciplíny NA OBCHODNEJ FAKULTE EU V BRATISLAVE – historický kontext, výzvy a perspektívy

Abstract/Abstrakt: The seventy years of the existence of the University of Economics in Bratislava is

undoubtedly a significant anniversary of the University, but also that of the Faculty

of Commerce, which is an educational and research institution holding a unique

position in the system of education in Slovakia. The Faculty of Commerce as part of

the University of Economics offers an all-round commercial studies. The Faculty

of Commerce lays emphasis on the differentiation of individual study programmes

taught at the Faculty, as well as on a specialised language education of teachers and

students: economic courses are also taught by teachers who are foreign nationals as

well as by experts from international and domestic firms. This enables the Faculty

to be part of the European and global education area. By means of its accredited

fields of study and study programmes the Faculty is involved in the convergent and

reform processes compatible with European and global educational area.


str./p. 242-248




Michal Fendek - Fakulta hospodárskej informatiky EU v Bratislave – História a perspektívy


Abstract/Abstrakt: The Faculty of Economic Informatics of the University of Economics in

Bratislava undoubtedly belongs to the most significant higher education institutions

specializing in the education of qualified economists in Slovakia. Its predecessor,

the Faculty of Management of the Higher School of Economics in Bratislava, was

established in 1968 and the Faculty of Economic Informatics, University of

Economics in Bratislava was founded as its successor in the year 1991.


str./p. 249-258



Ľuboslav Szabo - Vývoj, súčasný stav a priority ďalšieho rozvoja Fakulty podnikového manažmentu Ekonomickej univerzity v Bratislave


Abstract/Abstrakt: The Higher School of Economic Sciences was renamed the Higher School of

Economics as of the academic year 1953/54. One of its three faculties was also

the Faculty of Manufacturing and Economics, a predecessor of the present Faculty

of Business Management; since the year 1953 till today the Faculty went through

various organisation changes and also changed its academic profile and name.


str./p. 259-270




Ľudmila Lipková - Úlohy a poslanie Fakulty medzinárodných vzťahov EU v Bratislave v systéme vysokého školstva v Slovenskej republike

Abstract/Abstrakt: The Faculty of International Relations, University of Economics in Bratislava

is one of seven faculties of the University of Economics in Bratislava. It was

established by the decree of the Rector of the University as of 17 January 2000.

Only a few months ago – before the Faculty of Applied Languages was established

– it had been the youngest and smallest faculty of the University. The Faculty is

part of the education institutions in the Slovak Republic which prepare specialists

in international relations. It was founded in response to new needs resulting

from the changes related to the constitutional law and the origin of the sovereign

Slovak Republic. During the years 2000-2005 the Faculty of International Relations

provided education in the field of study “International Relations with focus on

International Economic Relations”. Since the year 2005 the Faculty has been

offering education in the accredited study programme “International Economic

Relations – field of study “Economic Diplomacy”.


str./p. 271-274






Abstract/Abstrakt: As early as in the first academic year 1940/41 seven foreign languages were

taught at this University (German, English, French, Italian, Spanish, Russian,

and Hungarian). The structure of language programme corresponded to the then

situation: German was taught as a compulsory subject and apart from it two

other languages were studied as compulsory subjects. The academic staff of the

first language teaching unit at the then Higher School of Economics in Bratislava

included not only instructors–native speakers of German, French and Italian

languages, but also such renowned personalities of the Czechoslovak linguistics as

Alexander Isačenko and Wiliam Schwanzer. Organisation of language teaching at

the University as well as the content, structure, importance and also preferences of

individual languages studied have been changing in the course of the University’s



str./p. 275-285




Michal Tkáč - Poslanie , stratégia  a rozvoj Podnikovo-hospodárskej fakulty EU v Bratislave so sídlom v Košiciach


Abstract/Abstrakt: The Faculty of Business Economics, University of Economics in Bratislava with

residence in Košice (hereinafter as FBE UE) was established as the fifth faculty at

the University in the year 1992, within the transformation of the Higher School of

Economics in Bratislava into the University of Economics in Bratislava. The present

FBE UE provides education of university qualified economists and managers at all

three levels of study in full-time and external study programmes. The instruction

takes place in Košice and since the year 1994 also at the Faculty’s teaching unit

at Michalovce.


str./p. 286-291






Jozef Wallner

SIVÁK, Rudolf a kolektív: Slovník znalostnej ekonomiky. Bratislava: Sprint dva, 2011, 434 s., edícia Economics. ISBN 978-80-89393-45-9

JEL: Y 30


str./p. 292


Jana Parízková

BUČEK, M. – REHÁK, Š. – TVRDOŇ, J.: Regionálna ekonómia a politika. Bratislava: Iura Editon , 2010, 269 s.

JEL: Y 30


str./p. 292

Martin Grešš

Baláž, P. a kol.: Medzinárodné podnikanie: Na vlne globalizujúcej sa svetovej ekonomiky. 5. prepracované a doplnené vydanie. Bratislava: SPRINT dva, 2010. ISBN 978- 80-89393-18-3

JEL: Y 30


str./p. 293-294

Darina Orbánová

VELICHOVÁ, Ľ.: Didaktika cvičnej firmy – teória a prax. Bratislava: Vydavateľstvo EKONÓM, 2010, 189 s., ISBN 978-80-225-3055-2.

JEL: Y 30


str./p. 295-296


Gabriela Dováľová

Payne , R. K. – DeVol , P. – Smith , T. D.: Mosty z chudoby: stratégie pre profesionálov a komunity. Košice: Equilibria, s. r. o., 2010, 293 s.

JEL: Y 30


str./p. 298-299



Iveta Dudová

Východiská a výzvy pre sociálnu politiku v nastávajúcom desaťročí

str./p. 300

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, fulltext, volume/ročník 40, 1/2011, ISSN 0323-262X EV 4393/11

Eleonora Fendeková, Michael Mandat - SYSTEMATIC BRAND MANAGEMENT MODEL FOR VALUE ORIENTED BRAND MANAGEMENT (Model systematického riadenia značky pre hodnotovo orientovaný manažment značky)


Successful companies are able to build up strong brands and differentiate themselves sustainable from the competition through a stringent brand management. The problem posed for the establishment and the management of brands lies in developing a holistic viewing perspective which controls the value contribution of all company divisions to create the most coherent and differentiated image of a brand A further decisive demand on brand management consists of finding models for establishing and managing the brand, as well as implementing differentiation strategies in practice and controlling these actions.

Keywords: brand building, brand development, brand management, brand value, company value, value oriented brand management, brand management model

JEL: M 11, M 12, M 31, M 31

str./p. 7-21







The paper provides an overview of the most influential schools of economic thought since the beginning of 20th century and their views on cyclical fluctuations of market economies, which are frequently accompanied by a financial crisis. It offers the contribution to our understanding of reasons and solutions of global recession and financial crisis, which hit the world economy at the beginning of the third millennium.

Keywords: business cycle theories, financial crisis, Keynesian economics,
Neo-Keynesian economics, Post-Keynesian economics, new Keynesian economics,
Austrian School, monetarism, new classical macroeconomics, new synthesis

JEL: B 1, E 3

str./p. 22-38







The quality of life is a very wide concept, which is being surveyed in various connections. One of them is its measuring in connection to
consumption. Consumption expresses the way of using material and spiritual wealth of society when satisfying needs of its members, who differ in terms of consumption interests and aims. In relation to life quality the function of consumption cannot be replaced, because it expresses a material side of fulfilling human needs and desires. In connection to increasing the quality of life it is important that the relation between consumption and the quality of life reaches a functional balance in the meaning of contributing to fulfilling reproductive but mainly developing needs of a man. There are considerable differences among single countries in the EU in level and structure
of consumption and so in the level of quality of life. The quality of life in new EU countries is low; it is lagging in every aspect behind that of the developed countries. Reducing the differences among rich and poor Union members must be perceived as  an inevitable process, which will probably take place in longer time horizon. This process is affected by present economic crisis and its negative side consequences, different economic potential of the countries and ability to use it, pension reforms, problems with indebtness and keeping budget discipline in countries and so on.

Keywords: quality of life, measuring the quality of life, economic growth, GDP
per capita, private household consumption, Human Development Index

JEL: I 18, I 31, I 32, N 30

str./p. 39-52








The ongoing processes of globalisation and European integration have shifted authority away from the national state up to the European level and down to sub- national levels, with an increasing role of non-state actors. Governance becomes organised through multiple jurisdictions and can no longer be understood as a central state monopoly. This poses a challenging question as to how traditional institutional systems concentrated around a central state can adapt to new roles, where direct control over decision making is shrinking but demand for co-ordination of the complex social arena is expanding. Key issues here relate to ensuring democratic decision making in the process of transformation from traditional governments to governance.

Keywords: globalisation, environmental policy, governance.

JEL: Q 56, Q 48

str./p. 92-101







The paper deals with the oldest history of economic thought in Slovakia by the year 1848 and describes works of authors who worked at higher educational institutions. The core of the paper is a description of a so far unknown economic works by J. Szentiványi, Professor of Trnava University. The criticism of Senec college and other colleges is analysed in the next part. The second chapter deals with works of Berzeviczy, Škrlec, Podmaniczký, and Baluďanský. The third chapter focuses on authors dealing with the issues of agriculture: Tešedík, Feješ, and almost an unknown author Liczey. The fourth chapter dealing with the opinions of trade and finance analyses P. Sponer´s paper on foreign trade and K. Paltauf´s article on finance.

Keywords: trade, finance, history of economic thought, agriculture, foreign trade.

JEL: A 2, B 3, N 53

str./p. 102-126





Božena Chovancová, Viera Malacká - AKCIOVÉ TRHY VERZUS REÁLNA EKONOMIKA1


Current global economic crisis has brought with it new changes to the function of the securities market, especially in terms of its impact on the real-life economy. The common long-term positive correlation between the securities market and the economy were thus negatively influenced, particularly during the last two decades. It is connected predominantly with the extensive changes in the structure of the American economy and its clear orientation towards consumption. In the structure of the American securities indexes this results in the higher ratio of financial sector with a great volume of fictitious securities and in fact, generally it strengthens the virtualization of the economy. The current trend in securities market proves a complete disengagement from the real economy, and its eminent growth is largely connected with revitalization of the financial sector. The future problem will continue to be the orientation to the loan market expansion and will result in the growth of debts, which will influence all levels of the economy.

Keywords: structure of GDP, development of stock market, share index, government debt, housing debt, credit card

JEL: G 15, G 28


str./p. 53-64








The article presents the basic imperatives – indicators of innovative models of development of the Russian economy in the long term outlook and reflects the directions and priorities for the modernisation required by these indicators by the year 2020. The institutional and economic conditions accelerating the technological modernisation of basic sectors in the Russian economy are identified on the basis of the Federal goal-oriented programme. This programme reflects the opportunities of country’s economy opportunities for transition to the innovation model for the development of pharmaceutical and medical industries.

Keywords: innovation, modernization, the innovative model of development, competitiveness, energy-savings strategies, the high medical technologies, innovative pharmaceutics.

JEL: O 31


str./p. 65-73








The paper deals with an analysis of how to use certain measures of location, based on analysis of outliers. Contaminants, extreme values and outliers are characterised. Trimming mean and M-estimators are described. Then the possibilities of detecting outliers are analysed. Computing of one-step M-Estimator and modified one-step M-Estimator of location is described. Further, the trimmed mean and M-estimators of location are compared. Finally, some non-traditional measures of location in the analysis of salaries are described.

Keywords: outliers, trimmed mean, M-Estimator, analysis of salaries.

JEL: C 13


str./p. 74-91








Vladimír Gonda

MENBERE T. Workie a kol.: Vývoj a per-spektívy svetovej ekonomiky. Ozdravenie svetovej ekonomiky: realita alebo mýtus? Bratislava: EÚ SAV, 2010. 312 s. ISBN 978-80-7144-178-6


JEL: Y 30

str./p. 127-130




Miriam Lovásová
Cena rektora Ekonomickej univerzity v Bratislave za publikačnú činnosť v roku 2010

str./p. 131