Electronic Library of Scientific Literature - © Academic Electronic Press


Volume 52 / No. 1 / 2004



Book Reviews

State Debt and its Management from the Medium – Term Perspective

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.sk
Ing. Juraj RENČKO, PhD., Prognostický ústav SAV, Šancová 56, 811 05 Bratislava 1; e-mail: progrenj@savba.sk

Abstract: 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

Macro-economics in Political Arithmetic of J. M. Lang

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

Anticipation of the Effects of Exogenous Shocks in the Monetary Mechanism

Anticipace vlivu exogenních šoků v*měnovém mechanizmu1

1 Příspěvěk vznikl za podpory Grantové agentury ČR jako součást grantového projektu č. 402/03/1299.


* 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.cz

Abstract: 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

Theoretical Aspects of Foreign Direct Investments

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.sk
** doc. Ing. Antoním SLANÝ, CSc. Masarykova univerzita v Brně, Ekonomicko-správni fakulta, Katedra ekonomie, Lipová 41a, Brno, Česká republika; e-mail: slany@muni.cz

Abstract: 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

Some Problems of Employment Effect of Innovation

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

Duration of Coupon Bonds as a Criterion of the Price Sensibility of Bonds with Regards to the Change of Interest Rates

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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