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1

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

100%
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.
2
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Stylized Facts of Macroeconomics: the Polish Experience

100%
Rosiak-Lada K.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2008
|
issue 20
51-67
EN
The aim of this paper is to provide detailed analysis of quarterly frequency dynamics in macroeconomic aggregates in Poland. The following areas of concern have been included: the balanced growth theory, the comparison of empirical performance of the New Classical, New Keynesian and Hybrid Philips curve specifications and the changes of macroeconomic stylized facts across the monetary regimes. Thorough analysis of those, as well as other facts, may contribute significantly to the development of macromodelling of Poland. Analysis of other facts has also been conducted, however due to limited space is not provided. The main result of the presented analysis is to give overwhelming evidence that the standard textbook stylized facts of macroeconomics present a reasonably good approximation to the behaviour of Polish economy, providing that this analysis takes into account that the Polish time series are contaminated with outliers.
3
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Evaluation of GDP growth in Poland in 1996-2005 and in a longer-term perspective by use of discounting methods

100%
Kotynski J.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2004
|
issue 14
23-42
EN
The paper explains how some discounting cash flows (DCF) methods can be adapted to analyses of macroeconomic trends, related e.g. to long-term changes in GDP. Average annual growth rate in GDP in Poland in 1996-2005 has been evaluated by use of the method analogous to that used for calculation of the Internal Rate of Return (IRR) in microeconomic analyses. Contrary to the generally used geometric mean, the proposed average growth rate (equivalent to that proposed earlier by I. Timofiejuk) takes into account the accumulated volume of the GDP generated over the whole analysed period, and not merely the ratio of the GDP volume in the last year to that of the base one. This prevents the bias favouring a potential choice of the 'delayed growth' trajectory, yielding identical growth index for the last year of the period as some other (uniform or accelerated) growth patterns, but characterised by a lower volume of the GDP accrued over that period. Calculation of current value of GDP flows for past or future multi-year periods has a sound economic meaning and can be a valuable tool of macroeconomic analyses and studies of growth policy options, adding new arguments for possible 'growth now' trajectories. It has been found out that the 'internal growth rate' of GDP in Poland amounted to 4.8% annually in 1996-2003, as compared to 4.0% geometric average rate for that period. The corresponding IRR rate for the years 1996-2005 has been estimated at 4.5-4.6%, against 4.2%-4.3% geometric average. Final section deals with comparative trends in GDP in Poland and other EU member states. Strong economic upturn in Poland in 2003-2004 has been a surprise to many experts. The growth has been faster than forecast by the European Commission and OECD. It is supposed to continue after the accession.
4
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The Role of Exchange Rate and Price Factors in Profitability Improving in Ukraine

100%
Goncharuk A. G.
Ekonomia. Rynek, Gospodarka, Społeczeństwo
|
2007
|
issue 19
150-155
EN
The influences of nominal effective exchange rate of hryvnya and wholesale price index changes to value of profitability of the economy is defined by application of correlation-regression analysis. The recommendations about optimization of currency and price policy for improvement of economic efficiency of the economy of Ukraine are framed
5

Innovativeness of Poland's Economy and the National Strategy of Development

100%
Plowiec U.
Ekonomista
|
2008
|
issue 6
707-727
EN
If Poland is to successfully face the challenges of globalization she should set out to build the society and the economy based on knowledge. The yardstick that measures advances in this field is constituted by the summary innovativeness index. Poland, however, among economies of UE occupies distant 23rd place. Poland's Development Strategy and related to it Operational Programs for 2007 -2013 stress the importance of the knowledge triangle (R&D, education, innovation). Appropriations directed towards R&D and human capital are to grow significantly, alas the effects in innovativeness are not expected to be impressive. Weaknesses in the supply of technology development supporting factors, meager demand on the part of small firms for innovation, attended by inefficient institutional infrastructure are the main causes of this situation. It seems indispensable to initiate work on long term development strategy that would focus on the national innovativeness system and on the activation of country's capital groups.
6

ECONOMIC GROWTH AND THE DEVELOPMENT LEVEL OF FINANCIAL MARKETS (A STUDY OF SELECTED ECONOMIES OF CENTRAL EUROPE AND THE EU)

100%
Lubecki P.
Ekonomista
|
2004
|
issue 5
665-674
EN
The problem of the way in which the development of financial markets influences economic growth constitutes one of the unresolved issues in the growth theory. This article addresses the question to what extent the results of research conducted on large samples of countries are corroborated by the study of economies of Central Europe (CEFTA), the developed and the remaining countries of EU during 1990–2000. The results obtained confirm the positive correlation between financial markets' development level and growth. In this respect the countries of CEFTA are similar to the remaining countries of EU, while they markedly differ from the highly developed countries of EU. It is concluded that the strength of influence of financial markets' development on growth depends on the level of economic development.
7

NICHOLAS KALDOR A POSTKEYNESOVSTVO: TEORETICKÁ A HOSPODÁRSKOPOLITICKÁ ALTERNATÍVA NEOKLASICKEJ EKONÓMIE

80%
Iša J.
Ekonomický časopis (Journal of Economics)
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2006
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vol. 54
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issue 9
853-869
EN
In the first part of the paper we describe the origin and the substance of the Post-Keynesian economics, which in the last decades became a distinctive, dissident stream of the contemporary economic thought. To its forerunners and founders belonged a group of the Cambridge economists. One of the most prominent 'proto-Post-Keynesians' was Nicholas Kaldor, whose work is appreciated in the second part of the article. There is described Kaldor's 'neoclassical' period, his transition to the Keynesian economics and his main contributions - particularly the theory of income distribution and economic growth as well as his critique of the theory of the economic equilibrium and monetarism.
8

GLOBÁLNY POHĽAD NA DYNAMIKU SVETOVEJ EKONOMIKY V ROKU 2006 A 2007 A PERSPEKTÍVY NA ROK 2008

80%
Workie Tiruneh M.
Ekonomický časopis (Journal of Economics)
|
2007
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vol. 55
|
issue 10
956-975
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.
9

THE ANALYSIS OF PERIODIC PROCESSES OF ECONOMIC GROWTH ON THE BASIS OF MODEL OF SENSITIVITY (Analiz periodychnykh protsesiv ekonomichnoho zrostannia na osnovi modeli chutlyvosti)

80%
Bilyi L. A., Dutka H. Y.
Rehionalna ekonomika
|
2009
|
issue 1(51)
201-207
EN
The publication is devoted to the analysis of the Harrod-Domar nonlinear model of economic growth, based on the model of sensitivity to initial conditions. This model is based on assumptions on the nonlinearity of the production function and periodic character of the volume of consumption. Instead of the traditional solution of the Cauchy problem and the definition of economic growth as the end of the transition process it is proposed to seek T-periodic solution. Equation of the model with initial conditions at the edges of the period has the form of two-point boundary value problem. Numerical integration of differential equation in the interval of time equal to the period T and the found solution for t=T is specified by the iterative formula of Newton. The condition for determining periodic solutions is equal to zero objective function.
10

REGIONS BASED ON KNOWLEDGE IN POLAND

80%
Sokolowska-Wozniak J.
Studia Ekonomiczne (Economic Studies)
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2008
|
issue 1-2
101-120
EN
One of the most important policy issues in many parts of the world is the transformation of economies to knowledge driven economies. This results from the factors of development and competitiveness of the modern economies analysis, where knowledge is seen as the key one. Although in the era of advanced telecommunication and information technologies the transfer of information and knowledge regardless of location is facilitated, the economic development is still very uneven and geography is a very important issue in economic studies. The concept of knowledge economy is given the highest priority in the European Union's socio-economic agenda (the Lisbon Strategy launched in 2000) and the necessity of supporting the creation of the regions of knowledge is also stressed (The 'Regions of knowledge' pilot action, first introduced in 2003 by the European Parliament). The aim of this paper is to explain the idea of knowledge economy, identify its indicators and apply them to measure the development of the knowledge economy in Polish voivodeships (NUTS II units). In the first section the review of the definitions of knowledge economy is presented. The second section comprises the measurement of the performance of Polish voivodeships on three Knowledge Economy pillars: 1.Education and human capital (high level of education and skills enables creating, adoption and effective usage of knowledge), 2. Innovation system (innovativeness of firms is supported by the cooperation between firms, research centres, universities and the government), 3. Information and communication technologies (ICT infrastructure facilities the effective communication and dissemination of information). The purpose of analysing all of the indicators is to show the strengths and weaknesses of voivodeships in building the knowledge economy. The overall synthetic index is created in order to benchmark one voivodeship in comparison with others.
11

DO REMITTANCES MATTER FOR ECONOMIC GROWTH?

80%
Dujava D., Kálovec M.
Ekonomický časopis (Journal of Economics)
|
2020
|
vol. 68
|
issue 9
869 – 894
EN
Remittances represent one of the most important money flows into the developing world comparable to, and often exceeding, earnings from exports of goods and services and foreign direct investments. Even though importance of remittances in poverty reduction has been documented, impact of remittances on economic growth remains under-investigated mainly due to a strong endogeneity of remittances with respect to both level and growth rates of GDP. We provide detailed look into this endogenous relationship and discuss possible instruments which can help to remedy this problem in IV-estimation. In order to establish a link between economic growth and remittances we use range of instrumental variables encompassing geographical, microeconomic-based and internal instruments. By interacting remittances with other determinants of economic growth we provide evidence that remittances are especially important source of growth in poor countries not because of low level of development per se, but because the effect of remittances on growth is stronger providing level of human capital and savings rate are low and financial markets are underdeveloped.
12

Otsenka vliyaniya nauchno-tehnicheskoy i innovatsionnoy deyatelnosti na razvitie ekonomiki: empiricheskie modeli i rezultatyi

80%
Gryga V. Y.
Mekhanizm Rehuluvannya Economiky
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2015
|
vol. 3 (69)
34-46
EN
This paper highlights the main economic models used to assess the impact of science, technology and innovation on economic development, as well as the main empirical results of the econometric models. They proved that among important factors in promoting economic growth are the capacity for inventions and the competition. The relationship between science, technology and innovation and some economic indicators, in particular – the volume of foreign direct investment and the level of the cash deficit are analysed on the base of cross-sectional data. The findings contradict stereotypes about the need to reduce spending on research and development in crises as well as shed light on the impact of FDI on R&D development of the country.
13

INVESTIČNÁ STRÁNKA HOSPODÁRSKEHO RASTU NA SLOVENSKU

80%
Okáli I.
Ekonomický časopis (Journal of Economics)
|
2008
|
vol. 56
|
issue 7
633-648
EN
The article analyzes the importance of the capital creating process and trends in several of its structural cross-sections in Slovakia. The course of investment process in the Slovak Republic is being compared with its development in the EU-15. The investment structure in the Slovak economy is characterized by the lower share of investment into human capital (and higher investment share into capital stock) than in the EU-15. Within the structure of tangible investment in the SR in 2005 investment in the industry dominated over investment into services. In the tangible investment into manufacturing over the years 2005 and 2006 more than a half share of investment was directed into industries with high and higher medium technologies. High investment intensity of economic growth in the Slovak Republic will be retained even in the future years. It will rest on the shoulders of foreign investors.
14

NA OBRANU DOBÝVÁNÍ RENTY

80%
Otáhal T.
Ekonomický časopis (Journal of Economics)
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2008
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vol. 56
|
issue 10
1019-1032
EN
Why is rent-seeking highly relevant for recent economic theory? In this paper, the author argues that recent criticism of rent seeking theory is not new and relevant. First, he explains the basis of rent seeking and the main contributions to this theory. Then he explains the criticism of this approach, which attacks the static grounds of this theory stemming out of the perfect competition equilibrium model and the normative concretizing of rent-seeking actions. He argues that rent-seeking theory had already abandoned the static perfect competition model in the eighties and that arguments using dynamic rent-seeking theory remain normative until they explain the institutional causes of economic development, which has been the centre of the economic profession for centuries.
15

MILITARY EXPENDITURES AND ECONOMIC GROWTH: THE CASE OF EU COUNTRIES

80%
Daněk T.
Ekonomický časopis (Journal of Economics)
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2015
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vol. 63
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issue 8
853 – 868
EN
This contribution examines the relationship between military expenditures and economic growth in 28 EU countries between 1993 and 2014. The paper aims to verify the first pioneering hypothesis which claims that there is a negative relationship between military expenditures and economic growth in relatively poorer countries and a positive relationship in relatively richer countries. A cluster analysis is used to divide the nations into individual groups. The Feder-Ram model and multiple regression analysis with modified variables are than estimated for all groups based on the cluster analysis. The findings of the regression analysis mainly verified the hypothesis and showed a significant positive relationship between defence spending and economic growth in the case of more resource- abundant countries and a significant negative relationship in the case of more resource-constrained countries. However, the Feder-Ram model showed statistically in significant effects of military expenditures on economic growth.
16

GENEZE NEOKLASICKÝCH MODELŮ RŮSTU

80%
Duczynski P.
Ekonomický časopis (Journal of Economics)
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2008
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vol. 56
|
issue 3
261-273
EN
The paper provides a Central European reader with some information concerning the knowledge in the field of economic growth. Information on neoclassical growth models (the 'Solow-Swan model' and the 'Ramsey model') is given. We present the production functions, the dynamic equations of the models, the steady state, and transitional dynamics. We discuss three variants of the introduction of the technological advance to the 'Solow-Swan model' and possible extensions of this model. The problematic behaviour of the neoclassical models in an open-economy setup is mentioned. The paper selects the 'AK model', which does not exhibit transitional dynamics, and the 'Uzawa-Lucas model', which on the contrary exhibits transitional dynamics, as examples of endogenous models. We discuss the modelling of the technological change and technological diffusion.
17

A STYLIZED SIMULATION MINIMODEL OF ECONOMIC GROWTH

80%
Welfe W.
Przegląd Statystyczny
|
2005
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vol. 52
|
issue 2
5-21
EN
The paper presents a stylized simulation mini-model of economic growth. It can be regarded a mini-replica of large (more than 200 equations) long-term macroeconometric model W8D-2002 of the Polish economy. Its parameters are calibrated being based either on results of estimation of parameters of particular equations or on statistical data from the base year 2000. The model generates, on the one hand the potential GDP. Its rate of growth is related to the gross investment in real capital/GDP share as well as to investment in knowledge capital represented by the R&D and educational expenditures /GDP shares. The latter represent the impact of TFP increase on economic growth. The education expenditures adjusted for the increase of expenditures on university education are transformed into the investment in human capital. They enter the extended Cobb-Douglas production function.The empirical counterpart shows the likely paths of growth of the potential of the Polish economy, assuming correlated changes in the above production factors. In the horizon of 20 years the investment shares are moved upwards yielding rising rates of growth of potential GDP. The mini-model generates, on the other hand, following the Harrod-Domar tradition - the effective GDP. The growth of final domestic demand depends on investment in fixed capital growth rates deducted from assumed investment/GDP shares. In extended version of the model the total investment is defined including also investment in R&D and human capital. The consumption is obtained using simple multiplier. The second important variable is exports, which rates of growth are exogenous, wheares imports are endogenously determined. Empirical part shows the results of calculations of effective GDP, given the assumed shares of investment in GDP and a spectrum of exports rates of growth. It makes it possible to show under which rates of growth of exports the rates of potential and effective GDP coincide. It allows also to find the rates of export growth that make possible to respectively decline the initial output gap.
18

FINANCE-GROWTH NEXUS: A THRESHOLD EFFECT

80%
Mihci S.
Ekonomický časopis (Journal of Economics)
|
2006
|
vol. 54
|
issue 8
830-844
EN
Existing empirical research fails to provide robust support concerning the impact of the financial development on the economic growth, in the presence of the substantial variations across different time periods and the country groups. It is suggested that the variations in question are to be accounted for by a threshold effect, in support of which, it seems to have been found the modest empirical evidence. Panel-data analysis for a set of 32 developing and developed countries for the period of 1990 - 2001 indicates a threshold level of financial development, with the implication that the positive effects fail to materialize at the relatively lower stages of financial development. Moreover, financial development has actually got a negative impact on GDP per capita, unless it exceeds the threshold level.
19

FOREIGN THE IMPACT OF GLOBALIZATION ON ECONOMIC GROWTH IN TRANSITION COUNTRIES

80%
Petković B.
Ekonomický časopis (Journal of Economics)
|
2023
|
vol. 71
|
issue 8-9
560 – 575
EN
The paper analyses the impact of economic, social, and political components of globalization on the gross domestic product of transition countries. Available data from 1995 to 2018 were analysed for two groups of European transition countries, divided according to geographical criteria into Western Transition (WT) countries and Eastern Transition (ET) countries. Based on the results of the panel ARDL approach, it was shown that economic and social globalization positively impact gross domestic product in both groups of countries in the long-run. In contrast, political globalization hurts the gross domestic product. Dumitrescu and Hurlin’s causality test showed that in WT countries, there is a significant causality from social globalization to gross domestic product and from social globalization to political globalization. In ET countries, there is significant causality from political globalization to economic and social globalization, while economic globalization causes gross domestic product.
20

The Influence of Knowledge Level on Economic Growth. The Example of Poland, Czech Republic and Hungary in 1995-2004

80%
Buszko A.
Pieniądze i Więź
|
2007
|
vol. 10
|
issue 1(34)
127-138
EN
The development of knowledge based economy implies a change in resources assessment that influence economic growth. Initially, the material resources including land and capital were all important. The economic transition, globalization, development of IT technologies, growing competition have all increased the impact of non-material resources. Especially important factors became know-how and educated working force. Nowadays a broad understanding of those factors is comprised in one term as knowledge (OECD 2001, p.4). Traditional resources are still important but the main part in creating gross national product is played by knowledge (Fortune 1993 p. 2, Begg and others 1996, p. 36 ). The civilization progress have led to the situation where most people in the developed societies do not work physically but use their intellectual skills (OECD 2001, p 7 ).
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