Journal of Economics - Obsahy ročníkov

In this paper, we employ the Bayesian method together with the calibration approach to parameterise a medium-scale two-country dynamic stochastic general equilibrium model of Slovakia and the eurozone. Parameters controlling the stea¬dy state of the model are calibrated to match the ratios of a few selected variables to their empirical counterparts. The remaining parameters are estimated via the Bayesian method. Since Slovakia has been a Euro area member for only two years, we need the model to operate under two different monetary regimes – autonomous monetary policy regime and monetary union regime. This feature enables us to estimate the model parameters in the case of independent monetary policy and subsequently simulate impacts of various structural shocks on the Slovak economy as a part of the monetary union. At the end of the paper, we present the impulse-response functions of the model to selected structural shocks. Keywords: DSGE; two-country model; Bayesian methods; monetary union JEL Classification: C11, C51, D10, D58

Due to a socio-economic transformation in Slovakian society we can ob-serve changes in the spatial distribution of entrepreneurial activities. Along with the residential suburbanization we can identify processes leading to the redistribution of entrepreneurial activities in the hinterland of Bratislava. The aim of this paper is the analysis of commercial suburbanization in the Bratislava Functional Urban Region with special attention to retail and logistics. The results indicate that the Bratislava undergo initial phase of the decentralization of entrepreneurial activities. Keywords: commercial suburbanization, entrepreneurial activities, retail, shopping centres, logistic areas, economic decentralization, hinterland of Bratislava JEL Classification: O18, R11, R12, Y91

Article deals with the existence and functioning of automatic balance mechanism (ABM) in the PAYG pension systems. By uncovering theoretical knowledge on ABM, we focus on its ability to overcome political risks and to stabilize the PAYG system in short and long run without drastic shock interventions, which are politically unstable. Further, we created and applied the ABM model into specific conditions of Slovak PAYG system and found its ability to balance PAYG system on cash and accrual basis. At the same time, we propose inevitable steps and changes in order to implement the model into practice and legislation. Keywords: PAYG system, balance sheet, automatic balance mechanism, political risk JEL Classification: H55, E62

Changes of the global conditions of entrepreneurship logically resulted from the mass development and utilization of information and communication technologies, mutual pervasion of market and enterprise. Competition dynamics thus generates pressure on innovation and shortening of the company strategy life-cycle. Innovation strategy then integrates this effort by means of innovation core business project and conjoint projects. Thereby projects have become tools of the implementation of this strategy. Preference for innovative initiatives through projects and optimalization of routine activities leads to flattening of company’s hierarchy and new approaches inside the company. The borders with market are wiped off and an enterprise develops various forms of cooperation with external environment. Successful companies using these new approaches are becoming models for many companies in the world and also for Slovak companies. In order to gather relevant data, a survey in this field was carried out in Slovak companies. Keywords: strategic process, innovations, innovation strategies, project mana¬gement, internal entrepreneurship JEL Classification: M21, O21

Article determines the transfer rate of tax burden to the buyers of agricultural products and food consumer in the most recent major change in reduced rates of value added tax in the Czech Republic in late 2007 and 2008 and Slovakia since May 2004. At the same time it identifies the size of portion of increased tax burden which agricultural producers and sellers of food carry, after the increase in the reduced rate of value added tax in the Czech Republic and Slovakia. Possible future changes in this field are considered on the basis of determining the values of the distribution of increased tax burden. It also includes determination of indicator of change in the selling prices of agricultural products and food in the increase in the reduced rate of value added tax in the Czech Republic and Slovakia. Keywords: tax burden, value added tax, agricultural products, food JEL Classification: H22

This paper uses a simple econometric model to test a hypothesis of the de-pendency of the level of property rights protection in autocratic regimes on a probability that the ruling power group stays in power. The model also tests if there is a significant relationship between a communist ideological orientation of a ruling group and property rights protection. The model is based on cross-sectional data over the period of 1984 – 2007, and its results indicate that the relationship between the level of property rights protection and the probability that a ruling power group stays in power is systematically significant only in 1980s; therefore the hypothesis does not seem to be generally valid. The outcomes of the model do not even support the significance of a communist ideological orientation for the level of property rights protection. Keywords: autocracies, property rights protection, institutional environment JEL Classification: O10