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1

OSOBITOSTI VÝVOJA A ŠTRUKTÚRY PRÍJMOV V SLOVENSKEJ EKONOMIKE

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 4
327 – 343
EN
In Slovak economy a structure of income (on macro-level) has formed, which is far from the usual income structure in advanced economies. The wage share significantly lagged (and declined further). The wages were largely substituted by mixed income of self-employed persons. This kind of income restructuring is associated with risks for some segments of public finance (especially for sectors financed from social contributions). While the economic performance level converged gradually to the level of most advanced economies, the income structure was more on the path of divergence. Changes in the income structure were driven by shifts in sectorial composition of the economy (e.g. expansion of branches with low wage share), but also by technological progress within sectors and branches (e.g. growth of capital intensity).
2

VPLYV EKONOMICKEJ RECESIE NA ŠTRUKTÚRNE ZMENY ZAMESTNANOSTI NA SLOVENSKU

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 2
144-155
EN
This early appraisal of employment changes during recession deals with the role of self-employment and with the role of education level. The decline of employment during recession is far from an equable process. In the early stage of recession in Slovakia, along with downturn of employee number, the role of self-employment grew rapidly. This process was contradictory to tendencies in majority of EU countries. The impact of recession on labour force was diverse: the number of lower-educated employed persons fell substantially in the same time the number of tertiary educated employed persons grew (in spite of sharp GDP decline). This tendency was similar to employment restructuring in most EU countries, however in Slovakia it was more obvious. Both these tendencies are signs of creative destruction, but they are accompanied with serious risks for Slovak society.
3

ŠTRUKTÚRNA ADAPTÁCIA ZAMESTNANOSTI NA RECESIU A JEJ PREKONÁVANIE V SLOVENSKEJ EKONOMIKE

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 2
130 – 145
EN
Effects of recession on the structure of employment have been different in each phase of recession (and revival after the recession). It seems likely correct the assumption of our earlier analysis that in the initial phase of the recession was already noticeable structural changes in employment, but they were far from its final form. In later stages, the shape and intensity of structural changes has changed significantly. Recession strengthened the position of highest-educated workers, penalizing the segment of youngest workers, in their early stage have necessitated further expansion of self-employment to the prejudice of dependent work. Recession in some cases reinforced the structural changes in employment, which were already present even before the recession (expansion of self-employment, share increase of the tertiary educated employed persons), in other cases, the recession has brought new structural changes (increase in the proportion of part-time work). Seem to be more important the cases, when the recession reinforced the structural changes that were in milder form present even before the recession. The recession has added new momentum to them.
4

ZHODNOTENIE VÝVOJA TRHU PRÁCE NA SLOVENSKU V ROKU 2005 A JEHO KRÁTKODOBÝ VÝHĽAD

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 5
457-467
EN
In the previous years, the development of the macroeconomic parameters was favourable, except the labour market. The trends in an unemployment rate, as well as a development of the real wages seemed not to be in the accord with the high economic growth. In 2005, the development on the labour market was different, and more favourable than in the previous the other kinds of imbalance - higher growth of the real wages compared with lower growth of a productivity. This article explains changes in the development trends in the year 2005, makes statements to some discussed topics (risks of imbalance between wage growth and productivity growth or the scope of tax wedge) and indicates the possible development projections in the years 2006 and 2007.
5

PRÍČINY ZMIEN VO VÝVOJI FUNKČNEJ ŠTRUKTÚRY PRÍJMOV V SLOVENSKEJ EKONOMIKE

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2015
|
vol. 63
|
issue 9
906 – 921
EN
The low wage share has been one of the traditional problems of the Slovak economy. This article deals with the change in the structure of income: the prevailing low share of wages in value added began to grow significantly in recent years. The functional structure of income in the years 2013 – 2015 developed in such a way as in the Slovak economy has not previously been recorded. The reversal was linked to a new phenomenon in the labour market: employment and labour income parameters were improving despite only weak economic growth (it was previously not conceivable). Change of trends in the structure of income (together with the improvement of labour market indicators) was enabled by changed structure of aggregate demand increases, employment growth in the state-influenced branches, changes in the sectoral composition of GDP growth and also by changes in the forms of employment.
6

STRATÉGIA A PRIEBEH EKONOMICKEJ TRANSFORMÁCIE NA SLOVENSKU

100%
Morvay K.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 1
5-32
EN
The transformation of the Slovak economy went through stages of varying quality over time. The current second stage of depoliticization of economy is rounding up along with reforms undertaken typically not only by transforming countries but also by economically more advanced states. Having analyzed the criteria for a completed transformation process one may conclude that despite a substantial shift towards the standard market economy model the transformation has not been entirely completed by the time Slovakia became a member of the European Union. The Slovak economy, on the other hand, has already managed a critical mass of changes and would be considered by the economically more advanced countries as a peer in the economic area. Notwithstanding this advance the authors of the economic policy need address the convergence task along with the removal of the remaining transformation deformities
7

HLAVNÉ TRENDY VÝVOJA HOSPODÁRSTVA SLOVENSKA V ROKU 2006 A ICH ODHAD V ROKU 2007

63%
Morvay K., Okáli I.
Ekonomický časopis (Journal of Economics)
|
2007
|
vol. 55
|
issue 6
539-553
EN
In 2006 the favourable development of the Slovak economy had almost universal character. Robust economic growth was combined with a breaking improvement on labour market and with preserving satisfactory macroeconomic stability. Launching the operation of new production capacities of the foreign investors together with the fulfilled economic reforms had decisive impact on the good results in 2006 and will have a positive influence on the economic development of the Slovak economy even in 2007. The commitments connected with the expected entry into the euro area (January 1, 2009) will contribute to maintaining macroeconomic stability and to further advancement of real convergence towards the level of the West European economies.
8

OVERCOMING OF LAG IN THE CAPITAL TO LABOUR RATIO IN THE SLOVAK ECONOMY

63%
Morvay K., Hudcovský M.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 8
838 – 851
EN
The paper examines the problem of capital to labour ratio lag in the Slovak economy. It proves that the undercapitalization has significantly eased since the year 2004 in Slovakia. The undercapitalization, which was perceived as a barrier to a higher performance of former transition economies was mainly present in the sectors, which have already been traditionally represented in the former socialist economies. It was not such a problem for sectors which newly formed only in the post-socialist period. Although the Slovak economy lagged in the capital intensity behind the most advanced economies, the position of the Slovak Republic was relatively favourable in the group of Central and Eastern Europe. However, in the process of undercapitalization overcome, the Slovak Republic did not experience similar structure of fixed capital formation as it is in the most advanced economies. The dynamics of machinery and equipment accumulation was particularly high along with the insignificant accumulation of intellectual assets.
9

HODNOTENIE FIŠKÁLNEJ A MENOVEJ POLITIKY V ROKU 2005 NA SLOVENSKU

63%
Frank K., Morvay K.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 5
442-456
EN
The economic policy of Slovakia was in 2005 one of the determinants of the contribution to the strong economic growth and to the relatively high level of the macroeconomic equilibration. The formation of the most relevant segments of the macroeconomic policy led not only to the quantitative improvement in macroeconomic equilibration of the economy (public finance deficit, inflation rate) but also to the improvement of the decision-making policy. The ongoing reform of the public finance governance (in the field of fiscal policy) and the inflation targeting (in the field of monetary policy) led to the improvement of the credibility of these economic policy segments.
10

DEVELOPMENT TRENDS AND THE IMPORTANCE OF PAPER INDUSTRY FOR THE SLOVAK ECONOMY

45%
Kališ R., Lábaj M., Luptáčik M., Morvay K., Stracová E.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 9
861 – 887
EN
In this paper, we examine the dynamics of paper industry, its productivity, the capital-labour ratio, as well as the connections between the development of employment, labour costs and its competitiveness. An extended Leontief model with induced effects is used. We show that the Slovak paper industry grew faster than in most of the European countries. However, compared to the manufacturing sector or the whole Slovak economy, it experienced a slower growth. The final demand for the products of the paper industry generated in 2013 more than 18 thousand jobs and more than EUR 650 million of value added. The final use of paper for EUR 1 million generates value added in the Slovak economy directly and indirectly for EUR 630 thousand. One employee in the production of paper generates 3.6 jobs in the remaining industries.
11

HOSPODÁRSKY VÝVOJ SLOVENSKA V ROKU 2007

39%
Okáli I., Frank K., Gabrielová H., Jeck T., Morvay K., Rumpelová D., Šikulová I.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 5
435-476
EN
The balanced positive development of the Slovak economy continued also in 2007 within the economic-political and institutional settings formed by reforms of the former governments. The present left-wing government introduced some slight corrections into the economy, in particular by strengthening the social dimension of using economic results. The positive trends in economic growth, macroeconomic stability and social situation of the population confirm that the corrections of economic reforms have only a partial character and they did not have any impact on the dynamics of the economy in 2007. The rapid economic growth was induced particularly by activities of the foreign investors. On the demand side, mainly growth of household and investment demand as well as growth of net export contributed to the economic growth. The paper deals also with development of production, external economic relations, labour market, monetary policy and public finance.
12

ECONOMIC DEVELOPMENT OF SLOVAKIA IN 2012 AND OUTLOOK UP TO 2014

39%
Morvay K., Okáli I., Gabrielová H., Hvozdíková V., Šikulová I., Frank K., Jeck T.
Ekonomický časopis (Journal of Economics)
|
2013
|
vol. 61
|
issue 8
767 – 845
EN
After the unexpectedly severe recession (2009) and equally unexpected recovery (2010), the Slovak economy balanced between recovery and a second recession for two years (2011 and 2012). The Slovak economy was more resilient against “the second wave of the crisis” than previously expected. Although the euro area was in recession in 2012, the Slovak economy grew (albeit slightly). However, after the significant deceleration of economic growth in the last quarter of 2012, the expectations of a recession have returned. After approximately one and a half year of waiting, the Slovak economy will be fully confronted with the second wave of the crisis. The economy cannot resist the second wave of the recession (which has already hit the euro area) forever. Significant slowdown hits the economy at a time when the euro area economy has started to improve gradually. This could mean that the significant decline in economic growth could be coupled with a possible alleviation of the difficulties.
13

HOSPODÁRSKY VÝVOJ SLOVENSKA V ROKU 2008

39%
Okáli I., Morvay K., Frank K., Gabrielová H., Jeck T., Šikulová I.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 6
524-567
EN
In 2008, preservation of political stability in Slovakia was coupled with continuity in a quite satisfactory economic-policy framework's influence on the real economy. This has been reflected in GDP growth rate surpassing 6%, in the employment rate growing by 3.2% and real wages growth totalling to 3.3%, while at the same time Slovakia has managed to comply with all nominal convergence criteria, meeting the levels required for the Euro zone accession (from 1 January 2009). However, in consequence of the upcoming global economic crisis, the last quarter of 2008 brings a turnabout in the positive development trends also as regards the Slovak economy. Extremely open economy of the SR and its vulnerability to swings in the business cycle of the world economy eventuates in the fact that after an era of successful economic development in 2005 - 2008, the Slovak economy faces the most serious recession since its transformation depression (at the beginning of 90s) and that its recession will be one of the deepest among the EU countries, too. The article predicts GDP contraction by 6 - 7.5% in 2009, unemployment rate swelling to 11.2 - 12.5% and disinflation as a probable attendant phenomenon of the recession.
14

ECONOMIC DEVELOPMENT OF SLOVAKIA IN 2011 AND OUTLOOK UP TO 2013

39%
Morvay K., Okáli I., Gabrielová H., Hvozdíková V., Šikulová I., Frank K., Jeck T.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 6
547 – 641
EN
After the start of recovery (in 2010) from previous recession, the development of the Slovak economy in 2011 became more volatile. In the first half of 2011 the positive tendencies continued and the economic development was more favourable than expected, in the second half of 2011 renewed concerns about a new recession emerged. In 2011, some significant changes in development tendencies occurred: the price level growth revived, the public finance balance improved and the employment growth was observed after a longer period. The impacts of debt crisis and the pessimism connected with it were at the time not as negative as expected earlier. Therefore, we are not seeing the recession as the most likely development scenario up to 2013. We are expecting that the economic development in the upcoming years will be accompanied by relatively weak economic growth, with some signs of instability. For the policy makers it will be important, in addition to the stabilization and public finance consolidation, to restore the confidence of economic agents in the economy.
15

HOSPODÁRSKY VÝVOJ SLOVENSKA V ROKU 2004 (ŠTÚDIA BOLA VYPRACOVANÁ NA POŽIADANIE EURÓPSKEJ HOSPODÁRSKEJ KOMISIE OSN)

39%
Okáli I., Frank K., Gabrielová H., Kormanová Ľ., Morvay K., Outrata R.
Ekonomický časopis (Journal of Economics)
|
2005
|
vol. 53
|
issue 5
451-498
EN
The main features of the economic development of the Slovak Republic in the year 2004 are as following: strengthening of the quite respectable dynamic growth from the previous years; maintaining macro-economic stability above its average level being achieved in the whole period of the Slovak economy transformation. Positive features which are reflected not only in the values of macro-economic development indicators, but also in the improving results of corporations' business activities, are not sufficiently projected into a social situation of population.
16

ECONOMIC DEVELOPMENT OF SLOVAKIA IN 2009

39%
Morvay K., Okali I., Gabrielova H., Hvozdikova V., Sikulova I., Frank K., Jeck T.
Ekonomický časopis (Journal of Economics)
|
2010
|
vol. 58
|
issue 6
549-613
EN
After a rather long period of unprecedented economic growth, the Slovak Republic experienced an economic downturn in 2009. The small open economy, with an insufficient domestic market, responded sensitively to the slump in external demand. This was not the first serious destabilization of the Slovak economy, but the first one caused primarily by the external environment. Employment has been hit particularly hard by the recession, even though with a notable delay. The economy began to recover slowly in the first half of 2010; however the signs of recovery appear to differ considerably across sectors. The authors expect fragile recovery to continue further in 2010 (differentiated broadly by sectors), while the labour market development remains troubled. And with a certain time delay, the government's consolidation effort will probably enter this process.
17

ECONOMIC DEVELOPMENT OF SLOVAKIA IN 2010 AND OUTLOOK UP TO 2012

39%
Morvay K., Okáli I., Gabrielová H., Hvozdíková V., Šikulová I., Frank K., Jeck T.
Ekonomický časopis (Journal of Economics)
|
2011
|
vol. 59
|
issue 6
549 – 635
EN
Economic development of Slovakia in 2010 was marked by the decline of recession symptoms. Recession was replaced by a recovery, strongly differentiated by sectors. The economy has responded well to the signs of recovery in external demand. Change of the government has also brought economic policy changes, their impact was not shown fully in the same year. The effects of external environment were more significant. The labour market responded to the renewed performance growth with delay. The outlook reflects the expectation of continuing economic policy changes, including fiscal consolidation. The performance of the economy in 2011 will return to pre-recession levels, but some indicators will remain on the unfavourable level: the inflation revives, high unemployment rate will remain, the public debt will grow, and the wage growth will be probably weak. In 2012 the higher growth should be associated with a better state of balance. Very likely it will strengthen the catching-up process.
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