Journal of Economics - Obsahy ročníkov

The aim of the paper is to analyse the development of efficiency and productivity in the provision of public welfare services of the Central and Eastern European countries (CEECs) over the period 1997-2006. Efficiency scores are estimated applying data envelopment analysis (DEA), which is particularly suitable for the public services. Then, Malmquist index is calculated to separate productivity and efficiency changes. In conclusion, the CEECs are found to be relatively efficient in the provision of welfare services. Nevertheless, the efficiency scores indicate the existence of potential input level saving. Keywords: welfare sector, Central and Eastern European countries (CEECs), efficiency analysis JEL Classification: C31, N34, L44

The study analyses determinants of capital structure and capital structure theories – pecking order theory and trade-off theory. The main objective is to investigate which determinants influence capital structure and subsequently which model describes financing decisions in Slovak Republic better. We used panel data of 1,100 non-financial companies from Slovakia in the period of 6 years from 2002 to 2007. Results prove the trade-off theory to be more exact in Slovak conditions. Keywords: capital structure, pecking order theory, trade-off theory, determi-nants of capital structure, leverage, panel data JEL Classification: G15, G30, G32

Choice of a proper approach to individual welfare measurement is an important element of poverty measurement process. The aim of the paper is to develop simple measures of individual welfare. Two alternative approaches to individual welfare estimation by direct method are used. The first approach is based on furnishings of households by goods of long-term consumption. The second approach is based on the structure of households’ expenses. Index of households’ furnishings and index of expenses structure are proposed. Levels of the poorest households’ welfare in Eastern Slovakia (mainly of Roma ethnic origin) are then compared. The sample consists of 170 households from Eastern Slovakia participating in microsavings program of ETP Slovakia. Values of indices are in close relation to equivalent disposable income. The proposed indices may serve as supplementary measures of individual welfare of households. Keywords: individual welfare measurement, poverty, relative deprivation, social exclusion, Roma community JEL Classification: I31, I32

The article’s main purpose is to briefly discuss the concept of performance budgeting and challenges encountered by other developed countries when seek-ing to implement performance budgeting, which might offer some helpful guidel-ines for Slovenia. The article also presents the methodological framework applied in defining goals in a society as well as the role and the interdependence of social indicators and performance indicators for specific units/programs in pub-lic administration. On this basis, we developed a theoretical concept of connections between different levels of long-term goals, implementational goals as well as efficiency and effectiveness indicators at the level of sub-programs of selected budget users. A theoretical and methodological framework constructed in this way will hopefully serve as the basis for realizing the concept of Slovenian direct performance budgeting in the near future. Keywords: performance budgeting, budget programming, indicators, methodo-logical framework, OECD, Slovenia JEL Classification: H11, H50, H61

The paper describes the specific approach of Regulation School to growth theory and models. Contemporary neoclassical research is built upon a strong substitutability between labour and capital. Regulation Theory takes into account the rough complementarity of production factors, as evidenced by econometric studies. In the Regulation Approach, the study of the long run aims at formalizing the two sided relationship between economic trends, institutions, demography and technology. Finally, studies of the long run history, and rele-vant cross national analyses, might disentangle between trends and continuities, as well as qualitative and therefore quantitative changes. In the globalization, the relations between the financial, the economic, and the social “poles” change deeply: the financial pole becomes dominates the other poles. Keywords: theory of regulation, growth theory and models, growth regime, fordism, knowledge-based capitalism JEL Classification: B52, F02, F21, J31, J53