Journal of Economics - Obsahy ročníkov

The emerging welfare states in Central Europe have generated diverse views on their nature. They have been frequently described as a peculiar mixture of (Western) welfare state models, or as an outcome of path dependency (communist legacy). The aim of this paper is to contribute to current debate, focusing on institutional development in the selected sectoral policies in Slovakia. Authors also examine the impact of „activation” discourse in the EU social policy debate on shaping ideological currents underlining recent social reforms in the country. Despite obvious limitations of mainstream welfare state classifications to capture changing nature of welfare state regimes in Central Europe, authors describe the emerging welfare state in Slovakia as diverging from universalism and leaning towards basic security with salient features of targeted welfare state model. Main idea of this exercise is, however, to pinpoint possible (negative) consequences of such development for social cohesion. Keywords: welfare state, activation policies, transition JEL Classification: I13, I38

The relationship between real and nominal variables is a fundamental problem in macroeconomics. This study examines correlations of nominal monetary aggregates (the monetary base, M1, and M2) and real output in a broad sample of countries in the 1975 – 2000 period. On average we typically observe small but statistically significantly positive correlations. For the monetary base and M1, there is a tendency of money changes to precede output changes since the half lag in money is more strongly correlated with output than the half lead in money; M1 and M2 are more strongly associated with real output than the monetary base. In high-inflation countries, the given correlations are typically negative, which indicates a possibility that very high money growth is harmful for the growth of real output. Keywords: correlation coefficients, half-lag and half-lead growth rates, nominal monetary aggregates, real output JEL Classification: E32, E51, E52, N10

The article is dealing with the development of Slovak agricultural credit during the period of economic transition. The article describes and evaluates the forms and methods of government support of this credit. Both the development of credit and the forms of government support used in Slovakia are compared with their corresponding counterparts in the Czech Republic. The article is dealing with the solution of the problem of old agricultural debt, with agricultural support funds, with government guarantee banks, with commercial agricultural banks and with direct government provision of agricultural loans. Keywords: agricultural credit, support funds, agricultural banks JEL Classification: P25, Q14

The articles analyses the development and current capacity utilization factors of production in Slovak agrarian sector and its competitiveness after entry of Slovak Republic to European Union. The analysis of the group of firms, operating in the best climate and agricultural conditions, showed the great differentiation in performance and utilization of factors of production, especially amplifying factors. In 2003 almost the half of the firms was in loss, and many are threatened to destruction after entry to European Union. Agrarian sector needs new strategic solution as modernization of production capacities, conformity of production structure and demands, integration to multinational production sale verticals, development of ecological production and alteranative activities. Keywords: amplification, efficiency, performance, mutual agricultural policy JEL Classification: Q12, Q17, Q18, E23, E65

In this article we review credibility regression models. The theory of credibility is a summary of methods used for a calculation and a systematic correction of net premiums. The credibility models are designed for situations where the average claim amount evolves in time or depends on other measurable factors. Methods of regression analysis were first time used in the theory of credibility by Hachemeister. His model (model HM) was adjusted by De Vylder for the purpose of the practical application. Even though the Hachemeister’s model does not result in a compromise premium, which is the basic requirement expected from credibility models, it provided important information for De Vylder’s model created in 1985. The objective of this article is to show alternatives of an application of DV85 model in the accident automobile insurance, i.e. in the mandatory contractual insurance. Keywords: motor hull insurance, credibility model, regression model, credibility formula, Hachemeister model, De Vylder model, individual premium, collective premium JEL Classification: C51, C52, C53, G22

The paper surveys the current situation of implementation of Public Finance Management System – reform in Slovakia, with the existing Belgian System. Based on the comparison of the main elements in the institutional arrangement and budgetary process the paper defines some interesting insights for further improvements in the budgetary process, fiscal policy and debt management in both countries. The main conclusion of the paper is that the both countries could learn a few lessons from each other in comparison existing Belgian respectively Slovak reformed public management system. The paper indicates some of the key different elements in the both public finance management systems. Keywords: public finance management system, budgeting, institutional arrangement, program budgeting, multi-annual budgeting JEL Classification: H00, H63