Journal of Economics - Obsahy ročníkov

The objective of this paper is to investigate the effect of the regulatory environment and the institutional quality on economic growth and the share of the informal economy in transition economies. We use a sample of 30 transition economies over the period 2005 – 2011 and observe the relationships within three geographic sub-groups, three regulatory sub-groups and pre- versus during the recent crisis. Results suggest that less cumbersome regulation improves growth if combined with better institutions. Both channels – the direct one working via firm creation and the indirect one working via informal economy reduction – are found to exert positive and significant effect on growth. The composite effects are the strongest for countries with less business-friendly regulations and institutional environment, for regulatory chapters potentially relevant for the entire life-cycle of the firm, such as investors’ protection, contract enforcement and trade, and during the crisis. Keywords: regulatory burden, institutional quality, transition economies JEL Classification: L51

Crude oil and natural gas, as energy carriers forming the basis of European Union countries energy mix, are nowadays at the heart of policy measurements aiming at lowering their consumption with respect to environmental and security threats associated with them. In this article we used Granger causality test in order to examine whether there exists the possibility of negative consequence related to the implementation of such policy for economic development of the EU countries. Based on results we conclude the persistence of continuing existence of environmental risks in relation to restarting economic growth. The absence of more significant influence of oil and gas consumption on economic growth can be perceived positively. Keywords: Granger causality, oil, natural gas, energy policy JEL Classification: Q43

The main goal of the article is to analyse some critical macro and microeconomic indicators between 1995 and 2012 in EU member states, but in particular, in the Euro Area. By using quantitative and comparative analysis, the paper found that there is a trend of both internal and external imbalances within the single currency area. Both regression and correlation analysis indicated statistically significant relations between the key macro and microeconomic indicators, such as the current account, market share, net international investment position, fiscal deficit and public debt, including imbalances in the TARGET2 system. Based on this, the paper came to the conclusion that put the economies on a sustainable, solid and balanced economic growth path in the eurozone countries, comprehensive structural reform agenda is needed, adopting and imple-menting the medium-term fiscal consolidation plans a the creation of banking union would be critical. Keywords: current account, fiscal balance, public debt JEL Classification: F32, H60, H63

The insurance market belongs to the dynamically developing branches of the national economy even in the period of the debt crises. Vast damages, which arise as a consequence of natural catastrophes, object risks or as a result of subject risks are stimuli for the growing interest of all economic subjects operating not only in insurance market but also in the national economy. The insurance industry performs its basic functions – accumulation, redistribution, stimulation and control functions – in complex economic conditions. The significance of the control function increases in direct proportion to a complicated economic-social situation since the level of insurance fraud also occurs in that period. This paper addresses the development of the insurance market in the Slovak Republic, Poland and Ukraine. We focused our attention on selected important indicators, namely: concentration index, written premium, penetration, insurance density, technical reserves and investment activity of commercial insurance companies. Keywords: insurance market, concentration, technical reserves and investment activity JEL Classification: G22

The aim of the paper is to analyze determinants of Chinese outward direct investment in Africa. Dominant theories of foreign direct investment suggest the main motives to invest abroad include cost savings, search for resources, search for new markets and effort to enhance market position. We expose these motives to a statistical analysis based on data on Chinese investments in 50 African countries for time period 2003 – 2011. We use descriptive statistics based on outer terciles of sorted statistical series, pooled regression and fixed effects model. We come to the conclusion that main determinants of Chinese outward direct investment in Africa are size of the domestic market, abundance in natural resources and good trade links with the country. Keywords: outward direct investment, determinants of Chinese investment, Africa, developing countries JEL Classification: F21