Journal of Economics - Obsahy ročníkov

The paper analyses the internationalization of the economies in ten new member states (NMS-10) of the European Union (EU) using panel data for the period 2000 – 2008 in a regression framework analysis. The degree of internationalization is measured by foreign direct investment (FDI) and trade openness. The focus is on the association between FDI and economic growth. We have confirmed moderate positive effect of inward FDI on growth of gross domestic product (GDP), but not for outward FDI and trade openness. Investment to GDP ratio and employment growth are positively associated with economic growth, and vice versa rate of inflation and government final consumption expenditure as a percentage of GDP. Keywords: economic growth, economic internationalization, foreign direct investment, new member states, trade JEL Classification: F43, F21, C23, O5

This article brings figures on the development of private returns to education in Slovakia from 1984 to 2009. We use EU-SILC micro data referring to the period 2004 – 2009 to count the returns to education, using Mincerian regression methodology. The standard formulation of the equation was used to allow comparisons with earlier studies. The development of returns to education is put into the context of recent tertiary education expansion in Slovakia. The results show an initial increase in returns to education between 1984 and 1995, which can be linked to the transition mechanisms. After 1995 the private returns to education in Slovakia remained stable, what means that the tertiary education expansion is not visible when looking at the overall private returns to education in Slovakia. Keywords: returns to education, Mincerian regression, earnings, level of education JEL Classification: J24, J31, P23, P36, I21, I23

In 2004, European Union underwent the largest single expansion, both in terms territory, number of states and population. After that, economic effects of accession for new member states have been studied with different aspects in European Union integration literature. This paper focus on labour market aspect and it is aimed to investigate the existence of catch-up process for eight EU new member states’ relative wages. The relative wages are measured by a ratio of new member states to old member with Germany as a representative country and the convergence analysis is applied to testify the process of wage disparities. The results show the existence of convergence and that the wages in new member states have been closer to high-wage level countries’ after joining EU. Keywords: wages, labour market, integration, convergence JEL Classification: F15, F16, J30, J40

This paper outlines the approach to competitiveness analysis of economy on the level of individual catching-up countries. Simultaneously, this approach is verified by application for 6 new EU member states. Nine macroeconomic and six commodity-structural, both qualitative-oriented indicators, create the relevant criteria set for competitiveness assessment. Analysis quantified considerable although differentiated competitiveness gaps in all selected countries. These gaps can serve a starting point for formulating strategic directions in catching-up process, also on the field of competitiveness of given economy. Keywords: multicriterial competitiveness analysis, macroeconomic and commodity-structural dimensions of competitiveness assessment, competitiveness gaps, catching-up process. JEL Classification: F10, F20, F34, F36, F43, H60, H62, J31, O10, O11, O12, O30

Presented paper deals with the implementation of multidimensional statistical methods used to compare the financial health of selected global steel producers. We show the evolution of the steel industry in years 2003 – 2007 using factor analysis, multidimensional scaling and cluster analysis. Results of implemented multidimensional statistical methods are transparently and clearly presented with simple two-dimensional graphical output. The methodology for implementation of various analyses allows us to give satisfactory answers to many questions related to the identification of financial health, but also a business failure or bankruptcy prediction. The above method can be also used for other industries based on available data. Keywords: steel industry, principal component analysis, factor analysis, multidimensional scaling, cluster analysis, hierarchical cluster analysis, dendrogram JEL Classification: B17, C63, G33, L61

The goal of the paper is to analyze impacts of the North Atlantic air transport liberalization on passenger flows, using regression analysis. The Open Skies agreement between USA and the EU, in effect since 2008, is currently the highest existing form of intercontinental air transport liberalization and is widely considered to be a vital breakthrough in the 60-year old fight to normalize the industry and subject it to the competitive powers of the market. Positive impacts of the Agreement have been largely outbalanced by the adverse effects of the global economic crisis – the number of North Atlantic passengers decreased by 1,8 million (7.3 per cent) from 2007 to 2009. Using linear regression models we come to the conclusion that had the Open Skies agreement not been signed, the decrease would have been by 3 million annual passengers more dramatic. As a result we claim that liberalization of air transportation has positive impact on the volume of traffic even in the times of crisis. Keywords: air transportation, North Atlantic market, open skies, liberalization, crisis JEL Classification: L93