Journal of Economics - Obsahy ročníkov

Demand for foreign investment can create a financial gap characterising a lack of home resources. Harrod-Domar model gives a benchmark but the gap can be smaller what can be tested under an assumption of non-zero elasticity of substitution of domestic for foreign capital. New capital is characterised by capital mobility. A more open capital account implies a higher productive performance but for strong economies only. An approach based on a Feldstein-Harioka hypothesis is used to quantify a measure of capital mobility by econometric models. Technique of panel data regressions is briefly mentioned as a tool which helps to solve the problem of not sufficiently long individual time – series. Analysis of twelve European transition economies is performed. Keywords: foreign capital demand, capital mobility, transition economies, panel data JEL Classification: C23, F43, G31

New member countries, including the Slovak Republic, were given a status of the member state with derogation of accepting the euro. Term of the Euro zone entry will depend on the fulfilment of the Maastricht criteria, including the criterion on exchange rate. This assumes at least two years in the ERM II system. The article explains the basis and rules of functioning the exchange rate mechanism ERM II, requirements for fulfilment of the Maastricht criterion on exchange rate, effects of staying in the ERM II system and the strategy of the entry of new EU-member states into this mechanism. At the end, author discusses the time of the Slovak accession to the ERM II and adoption of the euro. Keywords: exchange rate mechanism – ERM, ERM II, Maastricht criteria, Euro zone, Euro, central parity, Slovakia, National Bank of Slovakia (NBS) JEL Classification: F33

Exchange rate stability was defined as one of the prerequisites for monetary integration in Europe. In this paper, we analyze recent developments in the volatility of exchange rates of the Central European countries (the Visegrad Group) and a selected group of European Union countries (the Snake) participating in the former European Monetary System. We compare volatilities in the currencies of both groups under specific exchange rate regimes using two different ap-proaches to modelling exchange rate volatility: squared returns parametric model and GARCH. Both methods provide identical results for the currencies of the Visegrad group: an increase in volatility after a floating exchange rate regime was introduced. The case of the Snake countries exhibits mixed results for two currencies and a concurring result for the others: a decrease in volatility. In one case we are left with an insignificant coefficient. Keywords: exchange rate, exchange rate regime, volatility, transition, integration, European Union, nonlinearity, interest rate parity JEL Classification: C14, C22, C51, F31, F33, F36

An innovation in this paper is the introduction of inventories into the market sector of the Real Business Cycle model with household production. My main finding is that the controversy between procyclicity of hours spent to produce consumption good versus correlation between business and household investment, which has been prevailing in all business cycles models so far, is resolved. Keywords: home production, inventory, business cycle, investment JEL Classification: C61, E22, E32

Process of economic globalisation and international integration result in significant changes in quantity and quality of economic and social processes as well as fundamental principles of market economy. Economy has become a system or a network with increasing competitiveness in vertical and horizontal direction. There are a lot of approaches that explain globalisation and its relations, influence and impacts. We have dealt with impact of globalisation on social phenomenons as employment, labour costs, social cohesion and global changes in corporate strategy. Keywords: globalization, globalization and employment, labour market, labour productivity, labour time, flexibility, social cohesion JEL Classification: F02, J23

Harmonisation of the accounting in all over the world, with a view to provide transparent and comparable information in the financial statements is one of the leading paradigm of contemporary accounting. In all countries, it does require a rigid application of the true and fair vies principle. However, this aim could be achieved only if the assumption the same theoretical basis will proven to be true. This article is focused on an analysis of theoretical basis of accounting theory (e.g. underlying assumptions of accounting, qualitative characteristics of the Financial Statements, generally accepted accounting principles). Finally, we present our conclusions on what is necessary to be made in the Slovak Republic, in order to achieve the same basis of accounting with that already used in countries with advanced market economy. Keywords: accounting, financial statements, accounting assumptions, qualitative characteristics of financial statements, generally accepted accounting principles JEL Classification: M40, M41

The approval of the 431/2002 Accounting Act, particularly § 27, which introduced the term fair value, increased the interest in the topics related to financial securities evaluation among the broad specialized public in Slovak Republic. Besides the above-mentioned 431/2002 Accounting Act, the securities evaluation is treated by another legal norm – Ministry of Justice Statement No. 492 from august 23, 2002 concerning the setting of the general asset value, which is compulsory for the judge experts and others legal norms. The above-mentioned legal norms use different categories concerning securities evaluation issues that moreover differ from the one used by the theory. Besides, the categories are inaccurate, not positive and in some cases even incorrect. Therefore the professional discussion (by my mind) is very important. Keywords: securities, price, value, valuation, face value, book value, market value, intrinsic value, real value JEL Classification: C52, E44, G12

This article is oriented on securities’s sale, which except accounting aspects has also taxes aspects, adjusted in legislation. Adjusting loss from sale of securities is different in securities’s sales and the others subjects. Is necessary distinguish losses from sale of securities with which is handling at market of dimensioned securities and others securities. On the base practical analyses the impact of these aspects on taxing of securities we can state, that the accounting problems and taxing of securities is vary serious. Vary important is also accounting evidence, on which base is possible lead and adjudicate securities for tax purposes. Is necessary to know, that average course of securities dimensioned on the market is crucial at loss asserting from sale of securities and on this purposes is necessary average course of securities also monitor. Keywords: securities, accounting aspects, taxes aspects, course of securities JEL Classification: H2

Sustainable reduction of inflation remains, even after more than a decade of economic transition, one of the key tasks for the majority of central and east European countries. In the present paper we employ an iterative multisectoral model underpinned by estimates of sectoral price functions to simulate six disinflation scenarios for the case of Slovenia. The model simulations show that substantial progress in disinflation can be made already in 2004. However, instead of relying on a single antiinflationary tool, stabilization of the inflation rate at around 3 – 4 % per annum demands highly harmonized implementation of at least three instruments: moderate deindexation of wages, rigorous price policy in those segments of the Slovenian economy where lack of competition does not assure price stability, and a prudent monetary policy. Keywords: disinflation, disinflation factors, economic policy JEL Classification: E31, E37, E64