Electronic Library of Scientific Literature - © Academic Electronic Press
Volume 52 / No. 1 / 2004
CONTENTS
Daniel BYTČÁNEK – Juraj RENČKO: State Debt and its Management from the Medium – Term Perspective (in Slovak) 3
Jozef DANČO: Macro-economics in Political Arithmetic of J. M. Lang (in Slovak) 29
Book Reviews
MANDEL, Martin – TOMŠÍK, Vladimír: Monetary Economics in Small Open Economy – Vladimír Gonda 115
Štátny dlh a jeho riadenie v strednodobom časovom horizonte
Daniel BYTČÁNEK* – Juraj RENČKO**
*
Ing. Daniel BYTČÁNEK, Agentúra pre riadenie dlhu a likvidity, Radlinského 1, 811 07 Bratislava 1; e-mail: daniel.bytcanek@pokladnica.skAbstract: The key aspiration of the submitted paper is
to suggest such a new debt mana-gement strategy, which will increase the
credibility of debt management and decrease at the same time debt pressure on
public finance through savings in debt service expenditure. Introductory part of
the paper deals with development of the debt during the last decade, i. e. since
Slovak Republic was established in 1993. Following part of the paper describes
recent structure and relevant for debt management parameters of the debt. Next
one deals with risks related to existing structure of the debt. In this part of
the paper main risks are tried to be identified and quantified – refinancing,
credit, liquidity, exchange rate and operational risk. This part of the paper is
crucial for basic strategic statements presented in the four part of the paper.
Key words: public finance, public debt, public debt structure, public
debt mana-gement, risk management, public debt development
JEL Classification: H63
Makroekonómia v politickej aritmetike J. M. Langa
Jozef DANČO*
* doc. Ing. Jozef DANČO, CSc., Bratislava, e-mail jozefd@family.sk
Abstrakt: Theoretical concept of physiocrats with
political arithmetics were the early evolution of classical political economy.
Political arithmetics, first formulated by philomath J. Collins (1625 – 1683)
and Sir W. Petty (1628 – 1687), who gave the name, was a very small part in
the general history of thought. Political arithmetics searched for the general
relations of interdependence among some economic quantities and policy of
wealth. J. M. Lang (1775 – 1819) who devoted his whole life to study and
developed the system, macroeconomic model, for analysis of intersectoral flow of
products, opened the new stage for political arithmetics. He renewed its former
principles but in the time of existence of political economy and more complex
elaboration of principles of economy. He is a founder odd macroeconomic
intersectoral analysis, flow of funds analysis and also mathematical economics.
His work is entirely unknown and in 1958 has been after a very long time first
published the substance of his political arithmetics.
Key words: wealth, physiocrats, early development in economic science,
philo-maths, classical political economy, economic policy, liberalism, political
arith-metics, intersectoral flow of funds, national product, intrasectoral flow
of funds
JEL Classification: B11
Anticipace vlivu exogenních šoků v*měnovém mechanizmu1
1 Příspěvěk vznikl za podpory Grantové agentury ČR jako součást grantového projektu č. 402/03/1299.
Roman HUŠEK – Tomáš FORMÁNEK*
*
prof. Ing. Roman HUŠEK, CSc. – Ing. Tomáš FORMÁNEK, Vysoká škola ekonomická v Praze, Fakulta informatiky a statistiky, Katedra ekonometrie, nám. W. Churchilla 4, 130 67 Praha 3, Česká republika; e-mail: husek@vse.czAbstract: During the transformation period, policy
of the Czech Central Bank (ČNB) has been focused mostly on controlling the
inflation and less on promoting economic growth. The expected benefit of such
policy is a long-term economic stability and an increased long-term trend of GDP
growth. Nevertheless, notable costs of the adopted policy exist, consisting
mostly of short-term negative output fluctuations. In this article, we aim to
anticipate the impact of single (non-repetitious) structural shocks on the level
of inflation, real interest rates and GDP. We do so by applying impulse response
(IR) analysis to an estimated econometric VAR model of the Czech economy, built
on quarterly data for the period 1994 to 2002.
Key words: exogenous shocks, impulse-response functions, monetary
transition mechanism
JEL Classification: C320, C530, E520
Teoretické aspekty priamych zahraničných investícií
Judita TÁNCOŠOVÁ* – Antoním SLANÝ**
*
doc. Ing. Judita TÁNCOŠOVÁ, CSc. Ekonomická univerzita v Bratislave, Národohospodárska fakulta, Katedra ekonomickej teórie, Dolnozemská cesta 1, 852 35 Bratislava; e-mail: tancosov@euba.skAbstract: Among
the most often applied forms of the implementation of foreign capital include
portfolio investments, loans, long-term credits and foreign direct investment.
Since the definition of foreign direct investment is ambiguous, therefore there
is a number of criteria and ways to approach it. An important role in the
process of solving problems, which arise during investment, is played by
va-rious theories as the theory of market imperfection, the monopolistic
advantage theory, the theory of mutual dependence of oligopolies, the product
life cycle theory, the theory of internalisation, the eclectic theory and other.
Key words: direct investment,
foreing direct investment, portfolio investment, joint ventures
JEL Classifiacation: F21, F23, F12, G34
Niektoré problémy vplyvu inovácií na zamestnanosť
Štefan ZAJAC*
* Ing. Štefan ZAJAC, CSc., Prognostický ústav SAV, Šancová 56, 811 05 Bratislava 1; e-mail: progszaj@savba.sk
Abstract: The paper examines
methodological problems and tendencies in employment effect of innovation in
three directions:
1. Methodological problems of the relationship between innovation and
em-ployment,
2. Innovation and employment in advanced countries in the 1990s,
3. Future innovation impacts on employment.
Key words: globalisation,
innovation, employment
JEL Classification: J23, O31, O33
Influential Factors of Employee Careers in Slovenia
Marko FERJAN – Goran VUKOVIČ – Tomaž KERN*
* Dr. Marko FERJAN, associate professor – Dr. Goran VUKOVIČ, assistant professor – Dr. Tomaž KERN, assistant professor, University of Maribor, Faculty of Organisational Sciences, Kidričeva cesta 55a, 4000 Kranj, Slovenia; e-mail: Marko.Ferjan@fov.uni-mb.si
Abstract: This paper deals with
employee promotion in Slovenia. Some factors of promo-tion that are most
frequently mentioned are presented in the first part of the paper. In the second
part of the paper, the authors present the results of a questionnaire that
included 1075 randomly selected people across Slovenia. They discovered that the
completion of a formal education and education in general influence em-ployee
promotion the most. They established that those who are most frequently promoted
are from the ages of 30 to 55. The authors also studied the influence of the
methods on acquiring human resources for later promotion. It was established
that most people in Slovenia make contact with an employer through personal
contacts. The recruiting method as a means of promotion is not linked. There are
also some economic viewpoints of employee promotion in the paper.
Key words: human
resource activities, recruiting, promotion, career, occupational choice
JEL Classification: J50, J64, J24
Durácia kupónovej obligácie ako kritérium cenovej citlivosti obligácie vzhľadom na zmenu úrokových sadzieb
Vincent ŠOLTÉS*
* prof. RNDr. Vincent ŠOLTÉS, CSc., Technická univerzita v Košiciach, Ekonomická fakulta Katedra financií, B. Němcovej 32, 040 01 Košice; e-mail: vincent.soltes@tuke.sk
Abstract: Duration of bonds can
be used multiplexly. There is formula found from which follows that duration of
bonds is a measure of price sensitivity of bonds on change of market
interest rate. Furthermore new formula which makes the calculation of duration
much casier is derived. Advantage of this new formula is that it does not carry
the sum in the aspect of time to maturity.
Key words: duration, coupon bonds, price
sensibility, interest rate
JEL Classification: C41, G31
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