Journal of Economics - Obsahy ročníkov

In the article we identify factors that pose challenges for domestic financial stability in the long run, that is, after the euro adoption. These factors comprise: persistent large capital inflows, better availability of credit, speculative expecta-tions and lost of the national monetary policy as tool of macro management. To mitigate the potential negative effect of these factors on domestic financial stability we present recommendations for measures of institutional and policy nature. In the short and medium-size period we do not see any immediate threats to domestic financial stability. Keywords: credit boom, euro, good institutions, risks to financial stability, stability oriented policies, unrealistic expectations JEL Classification: G21, G28, G38, E32, E42, E44

One part of the strategical goal set on the Lisbon summit is also the increase of employment, namely by the way of creation of new jobs. It is possible to reach this goal first of all by supporting entrepreneurship, by the support of technologies and innovations and by improving the quality of human capital. In the global economy the problem of employment has gained new dimensions that are expressed first of all in the operations of transnational corporations in the area of labour market and in their efforts to reduce the labour costs. The next result of this trend is the decrease of working time and the increase of part time jobs. These trends of globalization reflect themselves also in the area of employment in the Slovak Republic. The priority of the employment policy is becoming also the creation of new jobs, education and preparing of labour force for the labour market. Keywords: globalization, transnational corporations, employment, jobs JEL Classification: E24, F15, J23

The paper aims to remind the latest main changes of scientific activities in Slovakia and at the international level too. We underline the very facto f the deepening of the backwardness in this field of the EU compared to the USA and Japan, which is an important challenge, which overcoming constitutes an important challenge for the EU and has been included in the Lisabon agenda. Despite of these facts, the share of resources of GDP devoted to R & D in Europe stagnates or decreases. Such a development leads at he EU level to a non-fulfilling of the aims of the Lisabon strategy. The situation is Slovakia is much worse. In our article we emphasize the main reasons of this situation not only in the EU, but also in Slovakia, and the necessity for us to foster much more the R & D activities and to improve the governance of our R & D system. Keywords: R & D policy, Lisabon Agenda, funding of R & D, development con-tradictions of R & D JEL Classification: O32, O38

Education is important factor human resources determining. Human capital investments enforce individual’s perspectives and profits and constitute community benefits at present. In common, studies from macroeconomic research area have a result in conclusions, that productivity is determined by education and that education development and growth are continual. In most OECD countries public funding of studies has been always the traditional possibility applied in the post obligatory education. Benefits, which go by from education enlargement, must be evaluated on the social rate of effectiveness base with taking into account social costs and benefits resulted from education investment, and thus can be very different from private costs and benefits level. Keywords: human capital, human capital investments, education benefits, education funding, education investments rate of return, public government influence JEL Classification: I20, J24

The aim of the text is to present current approach in investments evaluation based on real option theory – special focus is on network industries. Each investment has more possibilities of realization, which can be described as real options. It is possible to evaluate the price of real option by utilization of the below described model. The real option classification is not steady yet. The real option analysis does not replace the standard techniques (the net present value approach) but they are very important complement as it is shown at the end of this paper. Keywords: value, option, real option JEL Classification: D24

The aim of the article is a contribution to creation of knowledge about the growth potential of Slovakia’s regions, respect to influence of EU’s structural support on this potential. Realization starts from description of main specifics of the region’s growth potential and quantification of indicators enabling its more detailed evaluation. Special attention paid to basic characteristics of human and fixed capital and their position in the framework of insufficient utilization of the region’s growth potential in actual development of the economy. In continuation to this situation are presented main spheres of regional development’s support in the beginning years of Slovakia’s membership in the EU. These are determined, in one hand, by effort for better utilization of the region’s growth potential in the present programming period and, in other hand, by labour for creation of more favourable conditions for further development of Slovakia’s regions in the next EU programming period. Keywords: growth potential of region, human capital, fixed capital, Slovakia’s EU membership JEL Classification: R11

Presented Article „Theoretical Aspects of Grubel–Lloyd Index and its Appli-cation within SR“ aims at specifying the intensity of IIT of SR towards Czech Republic and Germany respectively. Theoretical part highlights different views as to the matter of the IIT substance and its evolution. A complex look into the theoretical matter is further finalised presenting Aquino’s index measuring IIT with the view of theoretical importing and exporting. A practical part of this article copes with measures of IIT of SR obtained by GL index based upon the commodity classification of the 1 – digit „SITC rev. 3“ Keywords: GL index, intraindustry trade, SITC commodity classification, theo-retical exporting and importing JEL Classification: F13, F14

The report concentrates its attention on economic financial-economical aspects of measuring the effectiveness of the environmental investments. It mentiones methodic basis for the quantification of the costs and effects and it also shows the borders of the witness-ability of the use of the direct and indirect methods. The matter of the suitable discont rate in the calculation of the effectiveness is taken as a difficult problem not only an economical, but also an etical one. Keywords: recoverable investments, non-recoverable investments, integrated environmental investments, analyses of the costs and benefits, measuring of the effects in the case of the market absence, direct and indirect methods JEL Classification: Q51, Q52

During the last 35 years of Nobel Prize for economics were 55 laureates from all over the world. The work of these laureates represents a broad spectrum of economic science. Our aim was to classify five categories of economic research: a) general economic theory; b) theoretical contribution to some aspects and sectors of economy; c) methodological aspects of economic analysis; d) institu-tional economics; e) global and interdisciplinatory approach. Keywords: Nobel Prize of economics JEL Classification: A10