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THE GERMAN STOCK MARKET IN WORLD ECONOMY

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German stock exchange markets, namely 'Deutsche Börse' and regional bourses are institutional manifestations of the so-called Alpine or Rhineland model of capitalism. Although established as state institutions, they not only readily adapted to the transformations in world economy, but are also becoming more and more instrumental in implementing them. This is especially true of the 'Deutsche Börse', formerly the Frankfurt Stock Exchange, which in 2003 issued its own 'IPO' (Initial Public Offering). At the end of the 1990s this institution, along with the Swiss Options and Financial Futures Exchange created the 'EUREX' exchange. This resulted in the emergence of the biggest market of exchange-traded derivatives in the world. Following two unsuccessful attempts (in 2001 and 2005) at uniting with the 'London Stock Exchange', the 'Deutsche Börse' decided to stick to organic development and cooperation with other smaller stock exchange markets. The currently ongoing cooperation with the capital markets of China and India seems to be especially promising.
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The article recreates and verifies the basic theses of the centre-periphery theory. 1. The profitability of the leading products decreases over time and their production is transferred to the peripheries - confirmed thesis. 2. This brings profits not only to investors but also to the societies of the central states; it counteracts the fall of the standard of living of groups affected by unemployment or reduction of real wages and is indirectly conducive to political stabilization of the centre states - confirmed thesis. 3. Capitalism in the centre is of a financial nature - based on speculation - confirmed thesis. 4. Financial capitalism does not finance the real sphere and contributes to economic stagnation of the centre - unconfirmed thesis. 5. The world financial market serves the exploitation of the periphery - unconfirmed thesis. 6. Financial speculations in the centre contribute to the political destabilization of the periphery - confirmed thesis. 7. The higher the levels of participation of a peripheral state in the international economic system, the greater the losses of the state - unconfirmed thesis. 8. The greater the profits of the central state - unconfirmed thesis. 9. The superior productivity of the hitherto economic hegemonist of the centre - the USA - diminishes successively to the advantage of Western Europe and Japan - unconfirmed thesis.
EN
This paper is aimed at critically summarizing the recent performance of the world economy. The global figures seem to suggest that, by historical context, the past four years on average may be considered as the most successful for the world economy since the 1960s. The good news about the world's recent economic performance is attributed not only to the success of the traditionally high performers but also the enormous growth that was recorded in wide-ranging group of the industrialized, transition and developing economies. Nevertheless, despite the high average global growth, this growth rate has not been evenly distributed among countries; rather, there has been a substantial disparity both across countries in the same regions as well as across the regional economies. However, the growth prospect of the world economy in 2008 is a bit gloomy in response to policy tightening and the Euro's appreciation against the US dollar, and skyrocketing oil prices, which might slowdown global growth.
EN
One can find multiple reasons, why companies, regions or nations group together into entities or networks, but there exists several key reasons. Among them: the phenomena of globalization, technological progress, new global opportunities and risks, higher customer requirements and higher value of information and know-how. Globalization is the dynamic complex of processes that has opened; linked and unified the globe since the end of the 19th century. Such unification has not had an occurrence before, even in the time of the Roman Empire. But it is obvious that globalization has never led to the rapid economic rise all over the world, but it has led to the bigger differences between rich and poor. This work concerns on the identification of the economic globalization in terms of its evolution in the first part of this article and on the actual development of globalization and related trends and risks in the second part.
EN
An analysis of the process of globalization enables an estimation of the benefits and losses that can affect the stability of the world economic order. The basic influences on the system of world economy include a variety of socio-economic and civilizational-cultural issues. Among them of special importance in recent years is the asymmetry in the development of particular countries and consequences of the world crisis for financial globalization. The presented considerations show that it is difficult to trace a clear boundary between the benefits and hazards that result from globalization. The building of harmony in world economy is hampered by the fact that globalization is as yet incomplete and unfinished. Moreover, numerous political, social and economic problems emerge, the overriding one being the improvement of the fate of two billion people who live in poverty. Unfortunately, there is at present no one universal mechanism that would eventually eliminate the hazards entailed by globalization and stabilize the world's economic system.
EN
The globalization process has a crucial impact on the world economy and national states position. Developing the international division of labour the states strengthen globalization on one hand while they may slow it on the other. Along with hyper-globalization the national state role becomes weaker and various forms of transnational governance arise. According to D. Rodrik, the state submits to the global governance non-adequately. Nevertheless, globalization cannot be stopped; the forms of global governance can be only modified. The EU and its institutions oscillate between the transnational governance and the member states sovereignty observance. However, in spite of the transnational intervention limits, the economic crisis forces progress to a higher degree of integration. Thus, global governance is supported to the detriment of the national state.
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Submitted article presents the micro- and macroeconomic analysis of the impacts of a new economy on the globalization of the international environment. The authors focus on the selected issues related to the competitiveness of the national economies and the main economic indicators. They point out to the role of the research, technology, innovations and the ability of the national economies to benefit from the exploiting of these developing factors of the Information Society on the commercial basis. As an appropriate example and 'showroom' of the new economy, they use the economy of the USA in the 90s. However, as the authors don't forget to mention, there is plenty of opinions and they are looking for certain consistency and correlation among them.
EN
This paper examines the causes and conditions which led to the rising oil prices in the international markets. Oil prices are influenced by many factors like supply and demand, political stability, particularly in the oil producing countries, the value of US dollar against famous world currencies and the factor of psychology in the oil market etc. The special attention is paid to the weakness of US Dollar against the world currencies and particular against the Slovak and Czech Crowns and its effect on alleviation the impact of high oil prices on consumers of fuels and on economies of both countries at all. By the statistical calculation it was proved, that the appreciation of the Slovak and Czech Crowns against the US Dollar have absorbed substantially the high prices of crude oil in both Slovak and Czech countries.
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