Journal of Economics - Obsahy ročníkov

We evaluate the extent in which the building savings subsidies, a large spending program of the Czech government, achieves one of its stated goals, i.e., to promote savings of the Czech households. Using household-level survey of investment and saving behavior, we identify households that are apparently unaffected in their level of savings by the building savings subsidies. At least 44% of the total spending on the subsidy is received by households whose savings are unaffected, and in fact 9.6% of the total spending on the subsidy effectively subsidizes borrowing instead of savings. We identify at most 19% of households whose level of savings may be increased because of the subsidy. We also evaluate the distributional impacts of the building savings subsidies. They are regressive overall, especially for the poorest quartile of the Czech households. Keywords: impact evaluation; evidence-based policy; building savings; expenditures; government subsidy; Czech Republic JEL Classification: D90, H20, H50, 016

In our paper, we focus on the credit risk quantification methodology. We demonstrate that the current regulatory standards for credit risk management are at least not perfect. Generalizing the well-known KMV model, standing behind Basel II, we build a model of a loan portfolio involving a dynamics of the common factor, influencing the borrowers’ assets, which we allow to be non-normal. We show how the parameters of our model may be estimated by means of past mortgage delinquency rates. We give statistical evidence that the non-normal model is much more suitable than the one which assumes the normal distribution of risk factors. We point out in what way the assumption that risk factors follow a normal distribution can be dangerous. Especially during volatile periods comparable to the current crisis, the normal-distribution-based methodology can underestimate the impact of changes in tail losses caused by underlying risk factors. Keywords: credit risk, mortgage, delinquency rate, generalized hyperbolic distribution, normal distribution JEL Classification: G21

This article is focused on the issue of knowledge and innovations in information-communication technology (ICT) sector. The main research problem was research of knowledge and innovation creation in the ICT sector in the selected Slovak region (Bratislava region). ICT sector in Slovakia is characterized by remarkable knowledge and innovation creation dynamics. New knowledge and innovations are playing important role in the competitiveness of ICT companies in the global world. We are looking on the knowledge and innovation creation in the ICT sector on the example of the case study of Bratislava region, which is the most important location of the ICT industry in Slovakia. Separately we are investigating the development of ICT sector in the Bratislava region, types of knowledge and expertise in the ICT sector, channels for knowledge and innovation creation, territorial aspects of knowledge and innovation creation. Keywords: knowledge, innovation, information and communication technology JEL Classification: D80, O30, O40, R00

National economies are looking for ways to stabilize their performance and ensure continuous economic growth. Innovative environment that supports innovation activity of enterprises can stimulate firms to increase efficiency and finding new business opportunities. Strategic innovation and continuous process of innovation are the determinants of sustainable competitive advantage. The authors of this paper prove on the base of the empirical study the existence of causal relationship between the implementation of the principles of knowledge management and the innovation potential of enterprises. Thus they indirectly demonstrate the existence of a causal nexus between the change towards a learning organization and the sustainable competitive advantage achievement. Knowledge management can be then designated as an important determinant of the sustainable competitiveness. Keywords: innovation, knowledge management, sustainable competitive advantage JEL Classification: D83, M21

The current global economic crisis is peculiar in many aspects. One of the key ones is the cumulating of more crisis phenomena at the same particular time (virtualization of the financial sector, polarization of wealth and poverty in society, immense increase of the moral gamble, but also unsustainable level of living standard, debt crisis, increase in arms expenses, wars, climate changes´ effects etc.). Both theory and practice talk about globalization, however, in reality, both theory and practices remain bound to the national level. The ethical dimension, inhibition of corruption, removal of inefficiency in the public sector as well as new forms of regulations all create the necessary base for solutions to these problems. Keywords: global economic crisis, economic cycle, innovation, employment, ethics, moral gamble, fiscal politics, monetary politics, economic theory, economic praxis JEL Classification: A13, G01, F00