Ročník 42, 2013

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 42, 4/2013, ISSN 0323-262X EV 4393/11


Katarína Oravíková Podoliaková - Global Trends and Chalenges in investment banking (Súčasné globálne trendy a výzvy v oblasti investičného bankovníctva)


Abstract: Investment banking is one of the most dynamic sectors of global finance. Activities of investment banks impact the global economy and are very important to the smooth functioning of capital markets. Thus it is no surprise that the business of investment banking has been subject to a great deal of government regulation around the world. Especially nowadays, investment banks are operating in a rapidly changing and highly regulated environment. Their focus on strategic and operational priorities provides the key to high performance. This paper discusses the major trends and challenges in investment banking industry that we identified in the background of the ongoing macroeconomic developments. We found three areas: responding to regulation, emphasis on the client needs and establishing a new balance, which currently represent the major challenges for globally operated investment banks.


Kľúčové slová/Keywords: investment banking, bank, trends and challenges


JEL: G 21, G 24


str./pp. 413 - 423






Miroslav Grznár - Ľuboslav Szabo Diferentiation in the Development of Industries during the Period of Crisis (Diferenciácia v rozvoji priemyselných odvetví počas krízového obdobia)


Abstract: The paper deals with the evaluation of development of industry in the Slovak Republic during the period 2005 – 2012 in terms of classification by industries and technology level in the context of development in EU-27 countries. The fastest growth was recorded in high-level technology industries, which were least affected by the crisis. Enterprises responded to the crisis by decreasing the number of employees and also by substantially increasing wages and salaries. Industries with a low level of technology recorded a slower growth; crisis impacts were smaller, and a decline in the number of workers recorded in these industries was stabilised by the end of the period. The development of crisis did not disrupt a smooth growth in wages and salaries in all industries.


Kľúčové slová/Keywords: industry, technology levels of industries, crisis, labour input, gross wages and salaries


JEL: D 01, D 24


str./pp. 424-436






Slavoj Czesaný - Czech Position in International Comparison of R&D Sector Performance (Česká pozícia z hľadiska medzinárodnej komparácie výkonnosti sektora výskumu a vývoja)


Abstract: The aim of this analysis is to identify position of the Czech Republic in international comparison of resources and effects of research, development and innovation. Methodology of the analysis is based on five analytical blocks of indicators covering financial resources, human capital, quality of environment supporting R&D&I advancement, R&D&I outputs and, macroeconomic impacts. The country position in international comparison is identified not only based on individual indicators but also on a composite indicator for each analytical block. In most of scientific and technology development indicators, the Czech Republic is lagging behind the advanced EU countries. The greatest weaknesses of the Czech Republic in comparison with European innovation leaders (Sweden, Germany, Denmark, and Finland) occur in the field of availability of risk capital, cooperation between universities and business sector, patent intensity and, the number of scientific publications per million inhabitants. Current debt and economic crisis hinders progress in Czech research and innovation sector and slows down the processes of real convergence.


Kľúčové slová/Keywords: research sector, financial expenditure, human capital, economic environment, research performance, patent intensity, international comparison, innovation leaders


JEL: O 32, O 38, P 17


str./pp. 437-449






Edward Wiśniewski - Methods of Selection of Investment Projects in Practice of Local Governments (Metódy výberu investičných projektov v praxi miestnych samospráv)


Abstract: The attainment of the development of the local government unit requires a certain investment projects. The decision to implement or reject the investment is a complex process. Since the accuracy of forward-looking decisions depends on the competitiveness of the city or district, investment decisions can be divided into three groups: decisions corrugated rejection or acceptance of a particular investment project, decisions concerning the selection of an investment option among several competing, and decisions about the must unitable development program). In the first part of the article the autor shows the essence of simple statistical methods: the utility value analysis, the synthetic index method and taxonomic methods. In addition the autor presents a method of dynamic comparison of investment project by NPV and IRR. In the empirical part the autor evaluates fundamental investment projects in Baltic Sea spa town Kołobrzeg in Poland. Case study is based on data from the Multi-Year Financial Plan for the years 2013-2018 and the budget 2013. In conclusion, after comparing the results of different methods, you will find considerable variation order of preference of decision-making in the implementation of project, using different methodology of choice. Assessment of the effectiveness of investment projects should be made by applying the package methods, as the simplified point method used so far seems to be too unreliable. The problem, however, presented to the city in Poland, is universal to other European Union countries, including Slovakia.


Kľúčové slová/Keywordslocal development, investment project, local government, classification methods

JEL : R 28, R 53, C 61


str./pp. 450-462






Ingrid Brocková - Inovatívna koordinácia na úrovni krajín G 20 (Innovating Coordination on the Level of G 20 Countries)


Abstract: The decisions taken by the G20 summits have been crucial in steering the global economy through the global financial and economic crisis. During the recent years, the G20 has acted firmly and decisively with a sense of urgency and common purpose and has managed to renew the collective G20 spirit. The global objective has been to restore global confidence, support sustainable growth and job creation, and maintain financial stability. Recently, G20 launched two initiatives which would bring the substantive systemic change into tax and tradepolicy. The new initiative of the OECD carried out for the G20 countries – BEPS (Base Erosion and Profit Shifting) sets the new standard for automatic tax information, which is expected to become operational in 2014. The ambition is to create a set of tax rules that are fair and equipped for the modern economy. The goal is to have a competitive tax system that supports investment, jobs and growth. The G20 endorses the Action Plan prepared by the OECD, which includes measures such as forcing companies to pay tax where the sales are made and encouraging more transparency about their tax arrangements. Global Value Chains have become a dominant feature of the world economy, involving countries at all levels of development. The production of goods and services is increasingly carried out wherever the necessary skills and materials are available at competitive costs and quality. This growing fragmentation of production across the borders has important implications for trade and investment patterns and policies and offers new prospects for growth, development and jobs. Both in terms of analytical substance and in terms of the knowledge sharing among the G20 the progress has been achieved in cooperation with the OECD, WTO and UNCTAD.

Over the past years they have worked closely to develop a trade in value-added database, which is the first step in integrating trade measured in value added terms into the international statistical system with providing the evidence-base analysis.


Kľúčové slová/KeywordsG20, inclusive economic growthtax evasion, profit shifting, global value chains, trade in value added database, transparency


JEL: F 43, H 26


str./pp. 463-473







Božena Hrvoľová - Miloslav Hronec - Teória verzus právna  úprava ohodnocovania podnikov na Slovensku (Theory versus Legal Regulations in Valuation of Businesses in Slovakia)


AbstractIn this paper we tried to give several examples of pitfalls in the cases of directly specified procedures in the laws under which experts work on evaluation of properties. Specification is beneficial for the groups of experts who do not have time to study the latest sources of information available (mostly in Anglo-Saxon literature), which generalizes practical experience under the new conditions. Additional application of specific procedures in the law eliminates errors which might be common in the cases of freer regulation. On the other hand, specification of evaluation procedures in law might lead to usage of erroneous and outdated practices. Therefore it would be useful in the preparation of new regulations to seriously consider various options, take into consideration the current knowledge level of experts and consider all pros and cons of specifying of procedures for experts. In our opinion, inspiration for the right level of specification of procedures in the law regulating the activities of experts can be found in International evaluation standards.

Kľúčové slová/Keywordsexperts, evaluation of companies, methods of evaluation, free cash flowcontinuing value Slovak economy


JEL: K 11


str./pp. 474-482






Elena Šúbertová - Michaela Kinčáková - Pripravenosť študentov manažérskeho zamerania na podnikanie na Slovensku (Readiness of Students of Managerial Studies to Do Business in Slovakia)


Abstract: Currently, there are many universities and high school graduates with the necessary expertise, knowledge and language skills that are appropriate for starting a business. Nevertheless, a substantial proportion of the unemployed are graduates. Slovakia is a country with a very high number of so called nascent entrepreneurs on the one hand, but on the other hand, with the lowest percentage of women entrepreneurs in the European Union. Due to the the speed at which firms go out of business and the low number of women who are willing to bear the economic risk, we investigated the readiness of our students of the field of study Business Management to be entrepreneurs in the Slovak Republic.


Kľúčové slová/Keywords: education, entrepreneurship, small and medium sized enterprises, knowledge, experience, practice


JEL: E 13, B 41


str./pp. 483-493








Ivan Laluha

VIDOVÁ, J.: Investície a inovácie v ekonomike.Bratislava: Vydavateľstvo Ekonóm, 2013, 238 s., ISBN 978-80-225-3621-9.


JEL: Y 30

str./pp. 494



Andrea Furková

IVANIČOVÁ, Z. – CHOCHOLATÁ, M. – SURMANOVÁ, K.: Ekonometrické modelovanie. Bratislava: Vydavateľstvo Ekonóm, 2012, 352 s., ISBN 978-80-225-3381-2.


JEL: Y 30

str./pp. 495


Jana Lovíšková

DUPAĽ, A. – MAJTÁN, M.: Manažment projektov v rozvoji podnikov. Bratislava: Vydavateľstvo Ekonóm, 2013, 219 s., ISBN 978-80-225-3591-5.


JEL: Y 30

str./pp. 496



Martina Machová

EDAMBA 2013 – medzinárodná vedecká konferencia pre doktorandov a mladých vedeckých pracovníkov (EDAMBA 2013 – International Scientific Conference for Doctoral Students and Young Researchers) [Award of the University of Economics in Bratislava for Publication Activity in the Year 2012]

str./pp. 497



Obsah 42. ročníka Ekonomických rozhľadov (2013)
str./pp. 498-502





Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 42, 3/2013, ISSN 0323-262X EV 4393/11


Katarína Belanová - Acces to Finance of Small and Medium-sized Enterprises in Slovakia (Prístup k financiám v malých a stredne veľkých podnikoch na Slovensku)



Abstract: Small and medium-sized enterprises (SMEs) are the backbone of all economies, as well as a key source of economic growth, dynamism and flexibility. Small businesses are particularly important for bringing innovative products or techniques to the market. Despite these facts, they are commonly constrained by finance. How to solve their financial constraint is a worldwide problem. In Slovakia, SMEs are also suffering from financial gap and due to the fact that their financing relies mainly on bank sources (as detailed below), this paper focuses on the issues about SMEs’ borrowing ability from the bank. The paper reveals the results of the survey aimed at the SME finance in Slovakia. We present factors affecting SMEs’

ability to borrow from the bank in Slovakia, stating that the fact whether SMEs can provide a collateral or guarantee is a decisive factor; factors such as a firm size, amount of information requested by banks, administrative burden, and long loan granted procedures play an important role.


Kľúčové slová/Keywords: small and medium-sized enterprises, financial gap, bank loan,

information asymmetry


JEL: G 21, G 30


str./pp. 277-290







Vieroslava Holková - Matej Valach - LIFE QUALITY VERSUS SOCIAL QUALITY IN SLOVAKIA (Kvalita života verzus sociálna kvalita na Slovensku)


Abstract: The current level of quality of life in Slovakia is the result of the process of changes in the socio-economic, social, political and other conditions of our society in the past two decades. According to selected indicators of quality of life Slovakia is comparable to V-4 countries, but lags behind the developed countries of the EU. In Slovakia, there is a certain group of the population that does not participate sufficiently in social and economic life of society, or more precisely, is excluded from this life due to lack of funds because of low income or his party. In 2011 13% of the population faced the risk of poverty for low income, while the most vulnerable groups are households with two adults and three or more dependent children.


Kľúčové slová/Keywords: quality of life, social quality, HDI, IHDI, GII, income inequality, rate of risk of poverty, material deprivation, long-term unemployment


JEL: I 30, I 31, I 32, J 01


str./pp. 291-305






Eleonóra Fendeková - Georg Brüderl - OPPORTUNITIES AND CHALLENGES OF EASTERN EUROPEAN COUNTRIES TO PARTICIPATE IN THE GLOBAL SEMICONDUCTOR AND ELECTRONIC MARKET (Príležitosti a výzvy pre krajiny Východnej Európy zapojiť sa do globálneho trhu na polovodiče a elektroniku)


Abstract: The foundation for the semiconductor industry was laid approximately sixty years ago and represents today a market of more than US$ 300 billion a year. During this period of time, some geographic regions gained a strong position in this market, such as the United States of America, South-East Asia, China, and Western Europe. With the political opening of Eastern Europe, high expectations were set by the industry and national economies to participate in this highly attractive business with research and design, manufacturing and marketing of products and electronic goods. Building on the research and relevant academic doctrine on globalisation, transnational cooperation, a comparative qualitative and quantitative analysis was done on Eastern European countries to evaluate the opportunities and challenges for national and business economies to participate in this market. As a result, this

paper summarizes the current situation to what extent Eastern European countries are important to this marketplace. It explores the key success factors and identifies areas for improvements that are needed in order to participate in this industry for enterprise business, national economies, the educational system, institutions and society and provides recommendations to extend the academic doctrine related to globalisation and transnational cooperation. It also provides suggestions and ideas for the educational system, institutions, social economies,and political decision makers.


Kľúčové slová/Keywords: Eastern Europe, globalisation, transnational cooperation, foreign

direct investment, innovation, corruption, semiconductor and electronics industry, technological upscale, global competitive index, European Union, structural indicator, national economies, Lisbon goal, convergence, SWOT, diversity, EU15, EU27.


JEL: F 13, F 16, M 11, M 15


str./pp. 306-325







Viera Čihovská - SOCIAL ORIENTATION OF MARKETING CONCEPT (Sociálna orientácia marketingovej koncepcie)


Abstract: Marketing, which has been viewed as an effective philosophy and conception of managing the area of profit, shifts and extends its limits beyond material products and services towards other activities. Modern marketing concepts respond to increasing social problems of individuals as well as society and offer solutions on how to carry out changes in attitudes to negative social phenomena and to the change in the target public behaviour in order to assert socially desirable attitudes and ideas. The mission of Social marketing is affecting voluntary behaviour of target groups in order to improve the quality of their lives and ensuring welfare for the entire society. The aim of the paper, in this context, is to give an insight into

the problems of social marketing, i.e. the topic that has not been adequately worked out in our country, explain its essence and characteristic features, and identify main areas of social problems the solutions to which are offered by the society-oriented concept of marketing.


Kľúčové slová/Keywords: marketing, social marketing, profit-oriented marketing, social responsibility, marketing techniques and approaches

JEL : M 31, M 39


str./pp. 326-335






Tomáš Klieštik - Metamorfózy nákladov kapitálu (Metamorphoses of Capital Costs)


Abstract: The present contribution deals with the quantification of capital costs. The contribution is written on theoretical base. The costs will be particularly quantified in financing only by equity and only by debt capital and particularly in so called mixed financing in which weighted average costs of capital will be quantified. The cost of capital can be seen from three different perspectives: in the assets side of a company, in the liability side of a company and in the side of potential investor. Each of these perspectives or points of view shows the cost of capital differently, but all of them deal with the same number. It is logical that the capital cost should be minimal as only in that case the company market value is maximal.


Kľúčové slová/Keywordscost of capital, equity, debt, weighted average costs of capital, investor.


JELE 22, E 47, G 12, G 31, G 32


str./pp. 336-354







Ivaničová Zlatica - Surmanová Kvetoslava - ANALÝZA EFEKTÍVNOSTI REGIÓNOV SLOVENSKEJ REPUBLIKY POMOCOU METODOLÓGIE SUR MODELOV (Analysis of the Slovak Republic Regions' Effectiveness by means of SUR Models Methodology)


Abstract: The development of the economic potential of individual regions in the Slovak economy causes gradual opening up of the gap between the Bratislava region and other re-gions. This disparity causes a drop in demand in the regions, which is reflected in a deceleration in the economic performance of regions. In this paper we present the evolution of gross domestic product in various regions based on the development of capital and labour with help of the Cobb-Douglas production function using the methodology of the seemingly unrelated regressions.

Kľúčové slová/Keywords: Cobb-Douglas production function, SUR model, capital, regions

Slovak economy


JEL: C 39, E 23


str./pp. 355-370







Zuzana Joniaková - Jana Blštáková - VÝZNAM ORGANIZAČNEJ KULTÚRY PRE APLIKÁCIU SPOLOČENSKY ZODPOVEDNÉHO PODNIKANIA. DOBROVOĽNÍCTVO V ORGANIZÁCIÁCH NA SLOVENSKU – VÝSLEDKY VÝSKUMU (Importance of Corporate Culture for the Application of Socially Responsible Business. Volunteering in Organisations in Slovakia – Results of Research)


Abstract: Corporate social responsibility belongs among contemporary challenges for management of companies, which arise not only from development of demanding business environment, its claims to permanently sustainable competitiveness, but are aroused also by wider social kind changes, and it is supported by institutions active on behalf of European economic and business environment development. Corporate social responsibility (CSR) being part of the business, generates benefits not only for inner organisational environment, but it positively affects wider community of organisation’s activities, which nowadays organisations aim to comprise into their business strategies. Concrete forms of CSR application, identification of barriers and the choice of applicable concept remain up to the initiative of organizations’ managements. The paper delivers research results of one of the concrete forms of CSR activities, which is Employee volunteering, in Slovak organisations. The paper discusses the issue of practical application of employee volunteering, researches the legitimacy of CSR activities and defines barriers to and benefits of its application. The ways of

supporting CSR is being discussed in the framework of corporate culture development are also discussed in the paper. Based on the research results published in this article there arises the necessity to understand the need for accepting the corporate social responsibility and integrating it into essential pillars of corporate philosophy.


Kľúčové slová/Keywords: corporate culture, corporate social responsiblity, employee volunteering.


JEL: M 14


str./pp. 371-383






Lenka Kalusová - VYBRANÉ CENOVÉ STRATÉGIE FIRIEM A MOŽNOSTI ICH UPLATNENIA V PRAXI (Selected Pricing Strategies of Firms and Possibilities of their Application in Practice)


Abstract: The issue of pricing strategies is highly topical particularly nowadays.Enterprises are forced, as a result of the present economic condition, to cut down the prices of their products so that they could sell them. For that reason, the aim of this paper is to analyse potential uses of selected pricing strategies (skimming pricing strategy and penetration pricing strategy) in practice. We characterise the basic features of these strategies, advantages and disadvantages of their use, and the possibilities of their application in practice. In conclusion of this paper, we offer a few rules and tips that enterprises can use when selecting their optimum pricing strategies.


Kľúčové slová/Keywords: pricing decisions, pricing strategies,skimming price strategy,

penetration price strategy, advantages and disadvantages of pricing strategies, applicability of strategies.


JEL: M 30, M 39, G 3

str./pp. 384-396






Milan Hutera - Bodovacia metóda a jej modifikácia (Scoring Method and its Modification)


Abstract: The basic objective of business diagnostics is to create a comprehensivebase of knowledge on the implementation of business diagnoses using various verified methods and techniques. These are used to identify problems, weaknesses, opportunities, crises and threats in business. Methods of multi-criterial evaluation are important tools of business diagnostics. This paper focuses on practical application of the scoring method, describes its application on selected financial indicators and proposes a new modification of this method.


Keywords: business diagnostics, scoring method, modified scoring method.


JEL: M 21


str./pp. 397-404








Marián Vongrej

Lisý J. a kol.: Makroekonomická rovnováha a nerovnováha – teoretické a praktické problémy. Bratislava: Iura EDITION2013, s. 208, ISBN 978-80-8078-588-8.


JEL: Y 30

str./pp. 405-406



Kornélia Beličková

ZUZANA NEUPAUEROVÁ a kolektív: Financie a mena – Praktikum. Bratislava: Vydavateľstvo EKONÓM, 2013, s. 138, ISBN 978-80-225-3597-7.


JEL: Y 30

str./pp. 406


Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 42, 2/2013, ISSN 0323-262X EV 4393/11


Alžbeta Ivaničková - Kreativita a konceptualizácia priestoru – nové impulzy v regionálnom rozvoji (Creativity and Conceptualisation of Space – New Impulses in Regional Development)



Abstract: This article is based on the literature that focuses on expressing the interaction between creativity, space and place. We have focused on empirical and theoretical works, and our objective was to show to what extent and from what aspects these topics were developed. The ultimate goal is to show that although interest in physical space and human interaction has been growing the gap in the literature exists, mainly regarding the conceptualisation of space an understanding creativity interaction with physical environment. The concept of space in this context is relative; it puts emphasis on the social construction of space, mutual dialectical formation of space and creative activities. The bases of this contribution are

conceptual space background, role of creativity in space and forming clusters of creative activities in the diversified space.


Keywords: creative space, creativity, space, place, creative cities, spatial quality


JEL: R 11, R 12, O 3, Z 19

str./pp. 111-127







Božena Chovancová, Peter Árendáš - IS IT POSSIBLE TO BACK A MAJOR WORLD CURRENCY BY GOLD? (Je možné kryť hlavnú svetovú menu zlatom?)


Abstract: The gold issue has been attracting increased attention. To the spotlight are coming its functions, especially a store of value and unit of account. Institutional, as well as small investors are advised to use gold as a stabilisation component of their portfolios. Similarly, we can record increased demand for gold from the side of central banks, which represent the largest players on the global gold market. In some cases we can observe also the desire to increase the share of gold on foreign exchange reserves. In this context, new views and opinions have emerged, which advocate the return of the gold to back the major world currencies. The aim of this paper is to analyse the possibilities of different alternatives of gold-backing of selected world currencies. We concentrate on three major currency regions: USA, Eurozone and China. Based on the available data processing and own calculations, we attempt to prove the absurdity of gold-backing of major world currencies.


Keywords: gold, currency backed by gold, gold reserves, money aggregates M2 and M3


JEL : G 11, G 15, E 52

str./pp. 128-139





Marta Matulčíková, Daniela Breveníková - Holistic Development of Human Resources through Lifelong Education (Celostný rozvoj ľudských zdrojov celoživotným vzdelávaním)


Abstract: The paper deals with the concept of lifelong education in the context of relationship between higher education and needs of the labour market and requirements of future employers of university graduates. The aim of the paper is to identify the demands of business entities and institutions placed on present and future employees, and in this way to present basic information and instructions to educational entities on how to provide for education. This is accomplished via the analysis of demands of selected respondents (employer entities) on their employees. The paper contains two chapters dealing with the subject and philosophy of the present research and with the requirements for job performance as viewed by employers from various industries. The results obtained are related to the problem

of employability on the labour market.


Keywords: lifelong education, long-term unemployed, educational environment, European Union, key competences, holistic development, human resources, employer requirements, job performance, labour market, personality traits, Strategy of Lifelong Learning and Lifelong Guidance, Slovak Republic.


JEL : I 21, J 21

str./pp. 140-164






 Ladislav Andrášik - EKONÓMIA REÁLNYCH A VIRTUÁLNYCH HOSPODÁRSTIEV (Economics of Real and Virtual Economies)


Abstract: Since its rise until now, economics has not had the subject of its study as a whole precisely defined, in the way that would meet requirements placed on intersubjectivity in a broad community of economists. Because of this, there arise numerous misunderstandings, even disputes between representatives of several schools of economic thought. Some schools or streams of thought try to deal with the problem by placing an attribute before the word economics. However, that does not solve the problem; on the contrary – it clearly points to an internal diversity of economics, which is something that does not suit the science. Because of this, in fact, social economic conscience still does not exist in a narrower sense of the concept. A principle problem of a scientific discipline is a precise determination of the part of objective reality in question and the formulation of this chosen part of reality to investigation (the subject of investigation). In the case of economics is is mostly not quite clear. It often happens that an economist claims to be studying objective reality, while in fact manipulating with abstract constructions, or mental models, which more or less severed from the objective reality. By analysing the mental model construed above some objective/real-life entity, need not considered as a drawback or mistake; however, it has to be clearly communicated in an adequate scientific way. If this done, then a clear boundary given between the subjects of exploration/investigation constructed above objective/real-life reality and the subject of investigation of some mental model. If mental models which make up a particular scientific whole fulfil on a higher level intersubjectivity requirements and a particular community of economists shares and uses them in this way, then we can speak about the existence of economic conscience of the given community. The aim of the present paper is to demonstrate the importance of clear determination of subject of study/investigation and specifically deal with new possibilities of cultivating methods of studying/exploring mental models, or virtual economies supported with advanced ICT products and services, applied information science (AI), computational intelligence (CI) and cognitive sciences. Proper using these new means, methods and tools to explore virtual economies this way helps in increasing quality of scholarly/scientific outputs, as well as intersubjectivity within a large community of not only academic economists, but also non-academics, including politicians. This at the same time also

helps in increasing the quality of cognition of objective/real-life economic processes; enable to cultivate imagination of each entity related to complex dynamic processes going on in a real-life socio-economic reality. We illustrate simple forms of this kind of activity by experimenting in virtual laboratories created in STELLE, iDMC and in Excel.


Keywords: Absorption of theory, Baldwinian teaching and evolution, Time of entity, Darwin’s teaching and evolution, Genetics and memetics, Hybrid excellence networks, Hybrid network organism, Imitation, Information cascades, Collective economic consciousness, intelligence, wisdom, Complex adaptive behaviour, Conform thinking and behaviour, Computation tools of consciousness, Computation entities, Face-to-face communication, Economics – information science cooperation, Lamarck’s teaching and evolution, Memetic computation, Meta-consciousness (-knowledge), Modelling and simulations, Myslits, Softbots, Speciation’s, herd

behaviour, Stigmergy, Succession, Transfer, students’ knowledge: obligatory and facultative, virtual laboratories.


JEL: C 72, C 91, D 8

str./pp. 165-197






František Križan, Martin Riška, Kristína Bilková - MAPOVANIE POTRAVINOVÝCH PÚŠTÍ V RURÁLNOM PROSTREDÍ: PRÍPADOVÁ ŠTÚDIA Z FUNKČNÉHO MESTSKÉHO REGIÓNU BRATISLAVA (Mapping Agricultural Deserts in Rural Environment: Case Study from the Functional Municipality Region Bratislava)


Abstract: The paper focuses on answers to these questions: What are fooddeserts? How to analyse a food desert? Where are food deserts? Is there any (or some) practical significance of identifying them? Food deserts were mapped in the rural villages of functional urban region (UFR) of Bratislava. The binary accessibility measure using geographical information system (GIS) tools was applied to identify food deserts.


Keywords: food deserts, countryside, accessibility measure, GIS, UFR Bratislava.


JEL: R 12

str./pp. 198-209





Eduard Hyránek, Andrea Briediková, Michal Grell - Zlepšovanie kľúčových procesov podniku ako súčasť jeho stratégie (Improving Key Processes of an Enterprise as Part of Its Strategy)

Abstract: In the paper we focus on the improvement of logistics processes in the engineering company in Slovakia (ECS). On the basis of the company experience of Třinecké železárny, Inc. and the theoretical background, we present the principles of process management in ECS, which produces automotive components. We analyse the possibilities of reducing costs from claims, which result from wasters generated in the final packaging process.


Keywords: engineering company, business process, assembling, packaging, logistics, improvement of process, cost reduction


JEL: D 29, M 19, M 29

str./pp. 210-225






Anna Polednáková, Miloš Bikár - EKONOMICKÉ MODELY FÚZIÍ A AKVIZÍCIE (Economic Models of Mergers and Acquisitions)


Abstract: The present paper deals with the issue of theoretical approaches to explaining the wave of mergers and acquisitions. In the introduction, the authors describe the nature of behavioural finance, which is associated with modern portfolio theory and the efficient markets hypothesis. The essence of behavioural theory is that the incorrect valuation of assets comes from psychological reasons. The authors of these theories claim that intelligent managers perceive these weaknesses and take advantage of them through acquisitions. Errors of high market valuation may be related to a high overestimation of synergies, leading to waves of mergers. In their conclusions the authors state that even if the merger is part of a wave of mergers, which are controlled by neoclassical reasons, most mergers are the the work of

companies valued wrong.


Keywords: mergers, acquisitions, behavioral patterns, psychological factors, the theory of efficient markets, portfolio theory


JEL: G 34, G 1

str./pp. 226-232






Alena Bašová - REGULÁCIA ENERGETICKÉHO TRHU V EURÓPSKEJ ÚNII (Regulation of Energy Market in the European Union)


Abstract: This paper aims to characterize regulation in the energy sector in the European Union. Most countries use two basic methods of regulation: price cap and revenue cap, which establish maximum price of produced commodities or maximum of revenues for provided goods or services. These two methods are stimulation methods, which permit regulated entities to achieve their profits if they set up a maximum price or income; hence we can refer to them as stimulation methods of regulation.


Keywords: regulation, incentive regulation method, price cap, revenue cap, energy sector, provided goods and services.


JEL: Q 4, Q 48

str./pp. 233-243





Mikuláš Sedlák  - TVORBA NOVÉHO MODELU TRHOVÉHO HOSPODÁRSTVA (Creation of a New Model of Market Economy)


Abstract: The mission of the economy is connected with ethics and that one with religion. The origin of the market economy was in Calvinistic ethics. Its core is individualism and profit maximization. It is Adam Smith who is considered an originator of the liberal economic model. The next development of economics was achieved by neoclassical economics, which was based on the utilitarian ethics. In the middle of the twentieth century a moral decay began. The maximization of profit is the mythology of the primary goal. The response to that paradigm is the model of social responsibility of enterprise’s stakeholders. The negative features of the capitalistic economic system are above all: cyclical development of the economy,

unequal incomes and property of the citizens, unemployment, and poverty. Opinions of the necessity of the market economy reconstruction vary. There are various considerations on the new market economy’s model. It is necessary to assume the pluralistic approach to the creation of the economic model.


Keywords: capitalism, market economy, ethics, maximization of profit, negatives of the capitalist economy system, reconstruction of the economic model, pluralistic approach to the creation of the economic model.


JEL: P 1, P 16

str./pp. 244-266







Silvia Megyesiová


PAVELKA, T. – LÖSTER, T. – MAKOVSKÝ, P. – LANGHAMROVÁ, J.: Dlouhodobá nezaměstnanost

v České republice. Praha: Melandrium, 2011, s. 116, ISBN: 978-80-86175-76-8.


JEL: Y 30

str./pp. 267


anglický preklad názvu knihy: (Long-term Unemployment in the Czech Republic).





Miriam Lovászová


Cena Ekonomickej univerzity v Bratislave za publikačnú činnosť v roku 2012

(Award of the University of Economics in Bratislava for Publication Activity in the Year 2012)


str./pp. 268-269

Economic Review, Ekonomické rozhľady, abstracts/abstrakty, volume/ročník 42, 1/2013, ISSN 0323-262X EV 4393/11



Saleh Mothana Obadi, Matej Korček - ANALÝZA VÝVOJA ENERGETICKEJ BEZPEČNOSTI EÚ SO ZRETEĽOM NA ROPU A ZEMNÝ PLYN (Analysis of Energy Security Development of the European Union with Focus on Crude Oil and Natural Gas)


Abstract: The importance of energy security issues as well as the energy sector itself recorded significant growth of interest during the first decade of 21st century. This was caused by well-known facts of growing energy demand from the side of developing countries, by rising fossil fuels price, and by increasing public environmental awareness. Especially the issues of national capabilities of securing the adequate energy resources for acontinual economic flow and growth of national economies represent the commitment for stakeholders at the level of managing national and supranational economies. In this paper, using two modifications of Herfindahl-Hirschaman index (HHI), we tried to analyse development tendencies in case of energy security of EU-27 countries and provide the interpretation of this development in relation with contemporary developing trends on crude oil and natural gas markets. In the first part, we used HHI to measure concentration of suppliers on EU market and to analyse the politics and moving forces in this area. The second part is dedicated to analyses of EU exposure to risks coming from concentration on global markets of oil and natural gas.


Keywords: energy security, concentration index, crude oil, natural gas, energy mix


JEL: O 13, P 28, P 48, Q 4

str./pp. 7-26






Denisa Čiderová, Vladimíra Repášová - GEO-ECONOMICS OF THE EUROPEAN UNION IN G-20 CONTEXT: FOCUS ON TRADE (Geo-ekonomika Európskej únie v kontexte krajín G-20: zameranie na obchod)


Abstract: In today’s global world economic priorities of acountry take precedence over political interests. The new era of geo-economics has its own effects on the European Union (EU), too – intensifying cooperation among EU member states has either reflected their national interests, or developments in the global environment affecting prospects of their future prosperity. Geopolitical interests of the EU ensure peace across the European continent and geo-economic priorities seem to be prominent in EU actions. Global geo-economic balance is the outcome of rivalry between (or among) super trading blocs rather than between (or among) individual countries. The aim of this article, therefore, is to scrutinize recent developments significant for negotiations on the European level in the G-20 context from the perspective of the EU as aregional as well as aglobal actor. Yet, due to the complexity of the issue focus will be just on trade and its potential for the EU seeking aboost for its economic growth.

Keywords: geopolitics, geo-economics, G-20, EU27, EA17, free trade agreements (FTAs)

JEL: F 13, F 14, F 15, F 51, F 60

str./pp. 27-49



Eva Muchová, Marek Kálovec - DLHOVÁ KRÍZA V EUROZÓNE – TEORETICKÉ POHĽADY A EMPIRICKÉ POZNATKY (Debt Crisis Analysis in Eurozone – Theoretical Views and Empirical Findings)


Abstract: The paper deals with the debt crisis in the euro area, with emphasis on the development of the peripheral economies. The first section presents the theoretical approaches to the debt crisis. The second part focuses on the particularities of fiscal policy in amonetary union. The third section focuses on theoretical background for empirical analysis of the conditions of long-term sustainability of the debt burden. The paper results in the fourth section presenting the findings of analysis for selected countries (Greece, Ireland, Portugal, and Spain). The results of empirical analysis support the idea of the monetary union as aproject that was in the beginning political one and contributes to the significant fiscal imbalances accross monetary union. The analysis supports argument that the current model of the eurozone is unsustainable in the long-term perspective.


Keywords: debt crisis, eurozone, fiscal discipline, debt sustainability


JEL: F 41, F 02

str./pp. 50-64





Štefan Majtán, Soňa Nemečková - MARKETING FIRIEM PÔSOBIACICH V GLOBÁLNOM PROSTREDÍ (Marketing of Firms Operating in Global Environment)


Abstract: Even nowadays, the marketing decision dilemma about the standardisation and local adaptation to foreign markets still remains relevant. However, under conditions of an increasing globalization, it acquires different context, which should be taken into account. Their examination is the subject of this paper. We analyse the behaviour in this specific area on aselected sample of companies operating in the Slovak Republic. Results are presented for the research sample in their entirety and according to identified interrelations. We have searched systematically for relations between identifiers of companies and selected answers in the questionnaire as well as between these answers with each other within the individual parts of the questionnaire. Some conclusions are presented in graphical and tabular forms.


Keywords: globalisation, global environment, marketing, standardisation, local adaptation.


JEL: M 31

str./pp. 65-76





Martin Grančay, Nóra Szikorová - VONKAJŠIA EKONOMICKÁ POLITIKA ŠTÁTU A REGULÁCIA MEDZINÁRODNEJ LETECKEJ DOPRAVY – ŠTATISTICKÁ ANALÝZA A STAV V EURÓPSKEJ ÚNII (External Economic Policy of State and Regulation of International Air Transport – Statistical Analysis and State-of-the-art in the European Union)


Abstract: The aim of the paper is to determine whether there is astatistical dependency between acountry’s foreign trade policy and its international civil aviation policy. We use trade tariff restrictiveness index TTRI and overall trade restrictiveness index OTRI as proxies for the level of acountry’s protectionism in foreign trade. We apply weighted air liberalization index WALI as aproxy for the level of acountry’s protectionism in international aviation. Correlation analysis shows no evidence of astatistically significant link between the variables. That confirms the view that civil aviation is aspecific sector and is subject to specific policies. In the latter part of the paper, we look at the air liberalization indices of the EU member states and analyse why they differ.


Keywords: air transportation, liberalization index, foreign trade, correlation analysis

JEL: L 93, F 13

str./pp. 77-88




Karol Trnovský - ASPEKTY OŽIVENIA RASTU EKONOMIKY SLOVENSKEJ REPUBLIKY (Aspects of Growth of Economic Recovery of the Slovak Republic)


Abstract: One of the topical issues is the effect of crisis on acountry’s GDP. After a sharp downfall in economic growth, the country enters into the recovery phase. Such arecovery proceeds in various ways. Areturn to pre-crisis levels may not be the case. The specific nature of the current crisis may cause long-term damage to natural market processes. The actual shape of the recession and subsequent recovery is equally important. The slope of the economic cycle in troubled years points to the seriousness of the situation and predicts the length of the economic recovery. The analysis of the model data of the Slovak Republic between 1997 and 2008 were used. Pre-crisis trend was compared to the macroeconomic forecasts of public institutions until 2015.

Keywords: economy’s performance, forecast, global economic crisis, economic recovery

JEL: B 50, H 70, K 40

str./pp. 89-100







Juraj Mišún

ZUZANA ROBY – KATARÍNA PROCHÁZKOVÁ: Medzinárodný manažment a medzinárodné podnikanie.  (International Management and International Business. Case Studies) Prípadové štúdie. Bratislava: Vydavateľstvo EKONÓM, 2012, 116 s. ISBN 978-80-225-3493-2.

JEL: Y30

str./pp. 101-102




Zuzana Littvová

ANEŽKA JANKOVSKÁ – ANNA MAJTÁNOVÁ – JÁN PETRENKA – OTTO SOBEK – KAROL VLACHYNSKÝ: Finančný slovník výkladový. (Glossary of Finance) Bratislava: Iura EDITION, 2012, 502 s. ISBN 987-80-8078-469-0

JEL: Y30

str./pp. 102






Martina Machová

EDAMBA 2012 – medzinárodná vedecká konferencia pre doktorandov a mladých vedeckých pracovníkov (EDAMBA 2012 – International Conference of Doctoral Students and Young Researchers)

str./pp. 103-104