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1

MUSE: MONETARY UNION AND SLOVAK ECONOMY MODEL

100%
Senaj M., Výškrabka M., Zeman J.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 5
435 – 459
EN
In this paper, we employ the Bayesian method together with the calibration approach to parameterise a medium-scale two-country dynamic stochastic general equilibrium model of Slovakia and the Eurozone. Parameters controlling the steady state of the model are calibrated to match the ratios of a few selected variables to their empirical counterparts. The remaining parameters are estimated via the Bayesian method. Since Slovakia has been a Euro area member for only two years, we need the model to operate under the two different monetary regimes – autonomous monetary policy regime and monetary union regime. This feature enables us to estimate the model parameters in the case of independent monetary policy and subsequently simulate impacts of various structural shocks on the Slovak economy as a part of the monetary union. At the end of the paper, we present the impulse-response functions of the model to selected structural shocks.
2

ŠTRUKTURÁRNE SÚVISLOSTI SLOVENSKEJ EKONOMIKY NA BÁZE INPUT-OUTPUT ANALÝZY

100%
Lábaj M., Luptáčik M., Rumpelová D.
Ekonomický časopis (Journal of Economics)
|
2008
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vol. 56
|
issue 5
477-494
EN
The overall economic performance is determined by the structures and interdependencies between different sectors of the economy. To analyze these direct and indirect relations that are not visible at the first glance we use the open static Leontief model. After explaining the methodology and necessary database we analyze the interdependencies in the Slovak economy based on input-output tables. We evaluate the impacts of the final consumption components on total production, employment, value added and imports. To analyze the effects of final consumption we computed the output multiplicator, employment multiplicator, value added multiplicator and import multiplicator. The conclusions are also compared with chosen developed countries.
3

The Euro and the Slovak Economy in a Period of Financial Crisis

100%
Sivák R., Péliová J.
Argumenta Oeconomica Cracoviensia
|
2012
|
issue 8
127-134
EN
The Slovak Republic became a member of the European monetary union on 1 January 2009. In context of the financial and debt crisis, the evaluation of pros and cons of eurozone membership takes on a completely different perspective. The competitive disadvantage for Slovakia caused by the fixation of the conversion rate to EUR at the peak of the appreciation trend was in the financial crisis compensated to a significant extent by the elimination of currency risk. Strong dependence on the development of foreign demand is thus still being perceived. Eurozone membership has brought more risk than benefit for the field of public finance, especially with regard to the participation liabilities related to the EFSF/ESM rescue mechanisms.
4

AN ALTERNATIVE APPROACH TO MEASURING OUTPUT GAP

100%
Zeman J.
Ekonomický časopis (Journal of Economics)
|
2006
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vol. 54
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issue 4
337-351
EN
This paper tries to identify the inflationary pressures in the Slovak economy by two methods. The first method uses concept of output gap considered as a main determinant of the inflation dynamics. The traditional output gap is estimated by the structural vector autoregressive (SVAR) technique. An emphasis of the paper is however placed on a new way of looking at the inflation dynamics. The second method, based on this framework, uses the real unit labor cost in order to identify inflationary pressures in the Slovak economy.
5

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

100%
Kališ R., Lábaj M., Luptáčik M., Morvay K., Stracová E.
Ekonomický časopis (Journal of Economics)
|
2018
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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.
6

STRATEGICKé PROBLÉMY, LEADERSHIP A DIVERZITA V ZAHRANIČNÝCH FIRMÁCH V SLOVENSKEJ REPUBLIKE

100%
Ferenčíková S., Chovanec R.
Ekonomický časopis (Journal of Economics)
|
2008
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vol. 56
|
issue 5
495-514
EN
The authors present a survey conducted among the biggest investors to the Slovak economy. The aim of this survey was to identify main strategic challenges they face in Slovakia, the implementation of leadership principles in the local subsidiaries and the situation in the diversity of their management. The authors also studied the level of independence of the local subsidiaries from their foreign headquarters as well as the main cultural differences between the country of the origin of the investor and Slovak employees. The conclusions based on the research survey are supposed to help investors coming and being active in Slovakia.
7

AGRICULTURAL SECTOR AND ITS IMPORTANCE FOR THE SLOVAK ECONOMY: STRUCTURAL ANALYSIS

100%
Bartóková Ľ., Ďurčová J.
Ekonomický časopis (Journal of Economics)
|
2022
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vol. 70
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issue 3
237 – 263
EN
For some time, the focus of the empirical analysis has been oriented towards sectors linked to the so-called New Industrial Revolution (Industry 4.0). Nevertheless, the agriculture will always be one of the important sectors in each national economy. It is also a sector that underwent many extensive structural changes in the last two decades. The aim of our paper is to look in closer details on various indicators for this sector, notably its current position, its economic linkages to other domestic or foreign industries or generated effects on employment or value added. Our analysis is based on the input-output methodology. The results confirm overall weakening of the domestic linkages, especially on the demand side, and strengthening of the import flows. Also from a supply side point of view, the importance of agriculture as a supplier to other sectors is declining. The agricultural sector has also been losing strength in job creation. However, in terms of value added and gross product value indicators, our results confirm the important role of agriculture in the Slovak economy.
8

HOSPODÁRSKY VÝVOJ SLOVENSKA V ROKU 2007

88%
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.
9

VÝVOJ SLOVENSKEJ EKONOMIKY V ROKOCH 2008 A 2009 Z POHĽADU INPUT-OUTPUT ANALÝZY

88%
Lábaj M.
Ekonomický časopis (Journal of Economics)
|
2013
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vol. 61
|
issue 10
994 – 1010
EN
Economic recession in the world economy in 2008 – 2009 influenced the development of the Slovak economy very rapidly. Even though we can identify some general tendencies in the national economy, the impact of worldwide economic recession differs across industries in its strength and timing. In this article we try to reveal the direct and indirect dependencies of particular industries on foreign and domestic demand as well as the indirect effects of changes in sectoral structure of the final demand on the Slovak economy. We use Open Static Leontief Model and Structural decomposition analysis to analyse the changes in production, value added and employment between 2009 and 2008. We have decomposed these changes into the contribution of changes in direct coefficients, production structure, final demand structure, sectoral final demand structure and volume of final demand.
10

ŠTRUKTURÁLNE VÄZBY V SLOVENSKEJ EKONOMIKE V ROKU 2010: IDENTIFIKÁCIA KĽÚČOVÝCH ODVETVÍ

88%
Kubala J., Lábaj M., Silanič P.
Ekonomický časopis (Journal of Economics)
|
2015
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vol. 63
|
issue 8
795 – 816
EN
In this article we deal with the structural interdependencies in the Slovak economy in 2010. By the means of Leontief model we identify the importance of household final consumption, government expenditures, investments and export for production, value added and employment. We compare the results from different methods applied for the identification of key industries in the Slovak economy after the crisis. The analysis is based on Chenery-Watanabe coefficients and Rasmussen multipliers in weighted and normalized form as well as on Hypothetical extraction method and Power of pull method. Many industries that are important for the Slovak economy in terms of the effects on production generate much lower effects in terms of value added or employment. These linkages are important for the formulation of industrial policy in Slovakia.
11

K TVORBE A VYUŽÍVANIU STRATÉGIÍ ROZVOJA

88%
Okáli I.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 7
659 – 680
EN
The paper deals with development strategies as a tool of structural changes in the economy. The first part discusses the experience gained in creation development strategies of the Slovak economy after 2000. In the next section it devoted attention not only to differences between strategies, visions and forecasts, but also to their connections. There are considered rules of strategies – their relationship to economic research, combining analytical and synthetic viewpoints, interdisciplinary approach, variability of solutions, etc. A part of the article is an explanation of cognitive and practical functions of strategies studies. The conclusions look at strategies in the regulation of market economy and justify the need of their continuous innovation.
12

VIEWS OF SLOVAK ECONOMISTS ON THE ECONOMIC POSITION OF SLOVAKIA AT THE TURN OF THE YEARS 1967/1968

88%
Londák M.
Historický časopis (Historical Journal)
|
2008
|
vol. 56
|
issue suppl. issue
93 – 110
EN
The author concerned himself with the views of Slovak economists at the end of 1967 and in the first half of 1968 on the problem of the position of the Slovak economy in the economic unit of the whole state. The freer political atmosphere enabled criticism of the course of economic reforms up to then and pointed to various problems accompanying the development of the Slovak economy during the era of “building socialism”. In the course of spring 1968 this problem acquired importance in connection with the overall solution of the Slovak national question in this period, and came into the foreground especially in connection with the preparations to federalize the state. The study also points to the variety of views of Slovak and Czech economists on the problem of the economic content of the federation. The quantity of new ideas from Slovak economists produced during the spring of 1968 also shows their preparedness to solve problems on a new level.
13

PRACOVNÉ, SOCIÁLNE A KULTÚRNE PODMIENKY SLOVENSKÝCH ROBOTNÍKOV V NEMECKEJ RÍŠI V ROKOCH 1939 – 1945

88%
Mičko P.
Historický časopis (Historical Journal)
|
2009
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vol. 57
|
issue 4
659-678
EN
The author devotes attention to the question of the migration of Slovak industrial and agricultural workers to work in Germany in the period 1939 - 1945. This was associated with the economic connection between these two countries. Simultaneously it solved the problems of lack of workers in Germany and long term unemployment in Slovakia. On the basis of the agreement from the 8th December 1939 on the provision of Slovak workers to the Third Reich, workers went to Germany for permanent or seasonal work. We can assess the migration of workers to Germany from the two points of view. On one hand, we have to state that the employment of Slovak workers in the 'Third Reich' occurred on a voluntary basis and after the conclusion of a normal employment contract. The main motivating factor was the availability of a good income to support the family at home in Slovakia. The employment of workers abroad succeeded in reducing unemployment - a long term problem of the Slovak economy. On the other hand, from the point of view of the state, the employment of workers in Germany was an economic burden, because the workers had to be paid by the SNB form, a clearing method of payment disadvantageous for Slovakia. In this system of payments, Slovakia gained high unpaid claims against Germany, which placed a heavy burden on the state treasury.
14

ENERGIA – KĽÚČOVÝ FAKTOR SÚČASNEJ HOSPODÁRSKEJ POLITIKY EURÓPSKEJ ÚNIE

75%
Baláž P.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 3
274-295
EN
This article is focused on the analysis of those key factors of energy policy which will be the most crucial in further growth of competitiveness of Slovak economy. It addresses to the Slovak energy market structure, comparing its production and consumption and usage of the various energy media. It concludes that it is necessary to exploit all resources and to build new capacities in order to maintain long-term energy security of Slovak Republic. It emphasizes importance of nuclear energy and gas, along with energy saving and alternative resources, which could be in this strategy dominant.
15

ANALYSIS OF THE IMPACT OF THE CETA TRADE AGREEMENT BETWEEN THE EU AND CANADA ON THE SLOVAK ECONOMY

75%
Dovaľová G., Hošoff B., Kališ R., Lábaj M., Stracová E.
Ekonomický časopis (Journal of Economics)
|
2018
|
vol. 66
|
issue 8
771 – 797
EN
This paper is focused on the impact arising from the conclusion of the Comprehensive Economic and Trade Agreement (CETA) between the European Union and Canada on the Slovak economy, with an emphasis on the automotive industry, machinery industry and electronics industry. Its aim is to estimate the direct as well as indirect effects generated by changes in international trade on Slovakia’s value added, exports and employment, using the multi-regional input-output model. Based on different variants of development, it is expected that the average impact of CETA on the Slovak economy, as a result of the removal of the tariff barriers, will amount to 0.013% GDP, while the impact on job creation was estimated at 0.012% of the total employment. Removing the tariff barriers should lead to an increase in exports to Canada on average by 8%, in the event of a strong reaction to a price drop even by 18%.
16

VERTIKÁLNA ŠPECIALIZÁCIA SLOVENSKÉHO EXPORTU

75%
Habrman M.
Ekonomický časopis (Journal of Economics)
|
2014
|
vol. 62
|
issue 10
1017 – 1030
EN
The paper studies the position of the Slovak economy in global value chains. It focuses on the implications arising from vertical specialisation for value added and employment, especially for the three main exporting industries – motor vehicles, electrical and optical equipment, steel and steel products. For the analysis a multi-region input-output model and data from World input-output database (WIOD) are applied, covering the period 1995 – 2009. The results show that Slovak economy has one of the highest vertical specialisations around the globe, especially in the motor vehicles production. We show that in the given period this industry was less significant in terms of value added and employment for the Slovak economy when comparing to the electrical and optical equipment and the steel industry.
17

SLOVAK ECONOMY IN A PERIOD OF RECESSION: NONLINEAR DSGE MODEL WITH TIME-VARYING PARAMETERS

75%
Tvrz S., Vašíček O.
Ekonomický časopis (Journal of Economics)
|
2015
|
vol. 63
|
issue 1
34 – 50
EN
In this paper, we study the dramatic changes in the structure and behaviour of the Slovak economy in a period of the accession to the Euro area and the Great Recession and subsequent return to the long-run growth equilibrium. This small and very open economy is represented by nonlinear dynamic stochastic model of a general equilibrium with financial accelerator. The development of time-varying structural parameters is identified using the second order approximation of a nonlinear DSGE model. The model is estimated with the use of nonlinear particle filter. Analogous model was estimated for the economy of the Euro area. It is our goal to identify the most important changes in behaviour and underlying structure of the Slovak economy. In order to distinguish the country specific changes from broader Europe-wide trends we also compare the time-varying estimates of the Slovak economy and the Euro area.
18

MIKROEKONOMICKÁ ADAPTÁCIA A JEJ SÚVISLOSTI S ROZVOJOM FINANČNÉHO SEKTORA V KONTEXTE TRANSFORMAČNÉHO PROCESU SLOVENSKA

75%
Kárász P., Renčko J.
Ekonomický časopis (Journal of Economics)
|
2009
|
vol. 57
|
issue 1
21-40
EN
The aim of the article is a characterization of interplay between macroeconomic policy and structural reforms in linkage to microeconomic adaptation in several periods of up to now development of the Slovak economy. Realization starts from macroeconomic analysis of consequences of microeconomic adaptation's practice started by transition process and problems induced by influence of insufficient progress of this adaptation on financial sector. Subject of analysis are also macroeconomic issues of slow development of financial sector. Attention is paid to basic specifics of development in connection with progress of economic transition which to the end of nineties resulted to insufficient financial serving of real economy representing main barrier of Slovakia's further development.
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