Journal of Economics - Obsahy ročníkov

This paper examines the long-run (cointegrating) relationship between real consumption, real disposable income, real net financial wealth, real housing wealth, and uncertainties in future income (income uncertainty) and the rate of return on accumulated financial wealth (capital uncertainty) for a panel of 12 euro area countries. Using proxies for the unobservable housing wealth and income and capital uncertainty, we show that such a relationship does exist, but it is not homogenous for the euro area as a whole. Real disposable income and real net financial wealth are the main determinants of real consumption for the PIIGS (Portugal, Italy, Ireland, Greece, and Spain) and non-PIIGS (Austria, Belgium, Finland, France, Germany, Netherlands, and Slovenia) euro areas. Income and capital uncertainties are negatively associated with real consumption, but only in the PIIGS euro area. Keywords: consumption, disposable income, wealth, uncertainty, euro area; JEL Classification: C51, E20, E21, E24

The triple helix collaboration among universities, industries and governments resulting in the efficient creation of innovation has gained lofty scholarly attention in recent times. This institutional interdependence creates win-win outcomes leading to improved firms competitiveness, human capital development and general economic development. The rapid implementation of knowledge and outcomes of academic research emanating from universities and other public research organizations are crucial for firm’s competitiveness so firms are increasingly getting closer to the sources of knowledge and innovation. We examined the factors that influence firm’s cooperation with universities and government research entities in the Czech Republic and Slovakia by using data from the 2010 – 2012 Community Innovation Survey and the logistic regression models. The results of our analysis have demonstrated that both Czech and Slovak firms perceive their cooperation with universities as essential and beneficial for their innovative performance. Additionally, Slovak and Czech firms are self-sufficient and can provide basic input factors and capital goods necessary for their production hence they do not cooperate in this regard. Keywords: Triple helix, innovation, knowledge, collaboration, competitiveness; JEL Classification: R58, J88, I23

This paper investigates the drivers of cross-currency basis spreads, which were historically close to zero but have widened significantly since the start of the financial crisis. Credit and liquidity risk, as well as supply and demand have often been cited as general factors driving cross-currency basis spreads, however, these spreads may widen beyond what is normally explained by such variables. We suggest market proxies for EUR/USD basis swap spread drivers and build a multiple regression and a cointegration model to explain their significance during three different historical periods of basis widening. The most important drivers of the cross-currency basis spreads appear to be short- and long-term EU financial sector credit risk indicators, and to a slightly lesser extent, short- and long-term US financial sector credit risk indicators. Another important driver is the market volatility for the short-end basis spread, and the EUR/USD exchange rate for the long-term basis spread, and to a lesser extent, the Fed/ECB balance sheet ratio. Keywords: cross-currency swap, basis spread, overnight indexed swap, cointegration, arbitrage; JEL Classification: D53, G01, C31

The study presents an empirical view on changes in educational pathways in the Slovak Republic, in relation to the changes in the economic activity of the population. The study is based on data from the three most recent population censuses carried out in 1991, 2001 and 2011. They represent a suitable data base for exploring the development of educational pathways. The study also provides a spatial view of regional differentiation at the level of administrative units LAU-I, districts. From the viewpoint of theory, the study is based on certain demographic and sociological theories, including the second demographic transition. The study tries to explain the changes in the phases of economic activity in relation to the changing educational pathways, which are primarily determined by altered reproduction pathways, i.e. by the timing of demographic processes. It originally combines labour market participation of various categories of economically active and inactive population, both in terms of age and at the level of the last three censuses. Keywords: education, educational pathways, demography of education, economic activity rates; JEL Classification: I25, J21, J24

Health is a constituent part of an individual’s human capital. Health is interrelated with other constituent parts of human capital including education and experience determining this capital’s efficiency that is an individual’s income. This study of interrelation between health and future income of an individual resulted in a posteriori estimate of the economic consequences borne by changes in the health of an individual. We paid special attention to building variable-based health indices as their objectivity is crucial to obtaining correct simulation results. The results obtained reveal that good health positively influences future income of an individual. Keywords: health standard, influence of health upon income, human capital, RLMS, evaluation of health, endogeneity; JEL Classification: C52, I14