Journal of Economics - Obsahy ročníkov

In the paper we analyse the flows in and out of the unemployed together with the flows of the foreign workers into the Czech labour market. Using the statistical data we provide comparison of the number of foreign workers and the unemployment rate in the Czech Republic and analyze the skill levels of jobs that the foreigners occupy.To test the possible effects of the presence of the foreign workers we use the theory of the search models and regression analysis and check for possible effects of foreign workers on the dynamics of wages and unemployment rate. We show that there no significant effects of foreign workers and that the search model gives rather satisfactory results with respect to the other determinants of wage growth and unemployment rate. Keywords: foreign workers, regression, search model, unemployment rate, wages JEL Classification: E24, J61, J64

The efficient market theory is one of the most controversial economic theories of the last half-century. The market efficiency has been topic of various studies, but the results are mixed. Although some of the studies confirmed efficiency of a market, another studies often rejected it. As a result, the adaptive market hypothesis was formulated. It says that the ability of share prices to reflect all the available information changes over time. This paper analyses the development of weak-form market efficiency of BRIC share markets. It shows that although the BRIC share markets are weak-form inefficient in the long-term, there are some shorter time periods of weak-form efficiency that alternate with periods of weak-form inefficiency. It means that technical and fundamental analysis can be used on BRIC share markets to generate returns superior to returns of the market portfolio. Keywords: share market, BRIC, market efficiency, adaptive markets hypothesis, variance ratio test JEL Classification: G10, G14

The current developments in the NATO countries suffering from deficit in public finances intensify pressures for cutting military expenditure which is noticeable in the NATO countries as well where only a small group of countries fulfills the recommended 2% of GDP investment in military expenditure. This paper employs the Granger causality test and change point analysis to verify the theoretical relationship between the economic determinants of military expenditure and the level of military expenditure for chosen NATO member countries (France, Germany and Great Britain) over the period 1971 – 2012. Data were selected from the SIPRI and OECD databases. The findings suggest that defence spending in France, Germany and Great Britain is not determined by the economic growth. Keywords: determinants of military expenditure, ‎demand for defence, Granger causality test JEL Classification: E62, H41

Financial structure of enterprises is under constant attention of financial science. It is influenced by many factors. However, their intensity in enterprises is varying. In our paper, we focus on the analysis and assessment of the impact of internal business factors and external factors of macro-environment on the financial structure of Slovak and Czech enterprises. The aim of this study is to determine whether there are differences between the impact of these factors (i.e. different course and intensity of their impact) on enterprises across different sectors and countries. We use the multiple regression and correlation analysis as the main research method. Keywords: financial structure, internal business factors, external factors of macro- -environment, sectoral differences, comparison of Slovak and Czech enterprises JEL Classification: G30, G32

The main aim of submitted paper was to analyse liquidity risk in the banking sectors in Visegrad group countries (V4) using data at the macro level from 2006 to present. We used regression to analyse the impact of banking sector specific factors and macroeconomic variables to the Loan to Deposit ratio (LTD). The results showed that the LTD of Slovak banking sector was positively related to size and specialisation of banking sector. In case of Czech Republic factor with negative impact was interest rate of central bank; and factors with positive impact were specialisation of banking sector, 3M PRIBOR and gross domestic product in log form. LTD ratio of Poland was negatively related to 3M WIBOR, unemployment rate and gross domestic product in log form; and positively related to size and specialisation of banking sector and interest rate of central bank. In Hungarian banking sector LTD was negatively related to 3M BUBOR and positively related to size and specialisation of banking sector, capital ade-quacy, interest rate of central bank and long term interest rate. Keywords: Loan to Deposit ratio (LTD), banking sector, Czech Republic, Hungary, Poland, Slovak Republic JEL Classification: C10, G01, G21