Journal of Economics - Obsahy ročníkov

This paper examines “revealed” comparative advantage (RCA) and international trade specialisation in the EU and USA as comparative analysis between the mentioned trade partners. In the midst of preparations for the potential Transatlantic Trade and Investment Partnership (TTIP) it is necessary to examine the sectoral competitiveness of EU in relation with its trade partner – the USA. For this aim, in our analysis we have used Balassa´s index of RCA and other alternative measures of comparative advantage as well as empirical analysis for identifying the comparative advantage trend. According to our empirical analyses we found that, while, based on Balassa’s RCA index, the EU-28 has reached a comparative advantage in smaller group of 2-digits SITC commodities (32 out of 66) than the USA (40 out of 66), based on the other alternative measures and econometric analyses, the EU has not only reached a comparative advantage in more industries, but also a more stable trend of international specialisation than the USA during the examined period. Keywords: comparative advantage, competitive advantage, competitiveness, EU, USA JEL Classification: F10, F11, F14

Assumptions and relations of the Balassa-Samuelson model permit under-stand the development of real convergence in Central European countries. Quantification of the Balassa-Samuelson effect (BSE) found its intensive formation in the years 1996 – 2008 and the cessation of its in the crisis period 2009 – 2013. It was confirmed the BSE size depends on productivity increasing in the segment of economy producing negotiable goods. The economic crisis weakened market mechanism, which in times of economic prosperity give rise to BSE. Therefore are seeking both industrial policy capable of supporting the creation of BSE and parts of economy suitables for its use. While continuing to promote foreign investment it is advised to encourage innovative activity and employment widening in the domestic business sector, especially in its SMEs. Keywords: wages and prices level – its intergovernmental differentials, cross-country output convergence, industrial policy for cross-country convergence, Balassa-Samuelson model JEL Classification: E31, J31, O41, O47

Fixed versus flexible exchange rate dilemma has become a subject of rigor-ous academic discussions for decades. Advantages of exchange rates flexibility contrasted benefits of exchange rate stability though a phenomenon known as the fear of floating favoured exchange rate variability and its positive effects on economies. Relative diversity in the exchange rate regimes in EU-11 countries motivated authors to investigate the sources of their real exchange rate volatility. However, fixed exchange rate perspective associated with Euro Area membership may induce changed patterns in the real exchange rate determination in countries that benefit from nominal exchange rate flexibility prior to Euro adoption. In the paper we analyse sources of real exchange rates fluctuations in EU-11 countries by employing SVAR methodology and computation of impulse-response functions. Our results indicate an increased responsiveness of real exchange rates in Euro Area non-member states to demand and supply shocks, particularly due to the effects of the crisis period. At the same time, real exchange rates in Euro Area member states from EU-11 group became more responsive to nominal shocks. Keywords: real exchange rates, exogenous shocks, economic crisis, structural vector autoregression, impulse-response function JEL Classification: C32, E52

More than 10 years have passed since the 2004 accession round to the European Union. The tenth anniversary provides a good opportunity for stocktaking and assessing the agricultural developments of the New Member States (NMS) in light of the latest data available. The aim of this paper is to assess agricultural performances of NMS and to identify the winners and losers of accession in this regard. By ranking individual country performances using Parallel Factor Analysis (PARAFAC), our results suggest that Poland and the Baltic countries can be treated as the winners of EU accession in agriculture, while Romania and Bulgaria proved to have used their potentials to the least. Results also suggest that focusing on high value added agri-food products proved to be a good strategy to reach development in the agriculture sector, while those countries concentrating on the production of agri-food raw materials turned out to be lagged behind. Keywords: 10 years, New Member States, agriculture, performance JEL Classification: Q18, C38

This paper seeks to examine the effect of ownership concentration on corporate financial performance in the Czech Republic. The study uses linear regression models and analyses data gathered from medium and large businesses in order to test the aforementioned relation. Using data from a sample of over 5,000 Czech businesses between 2010 and 2012, the study finds that ownership concentration expressed as the Herfindahl index has a weak, but statistically significant negative effect on corporate performance represented by return on assets. However, the data do not conclusively reveal whether the effect is monotonic or inverted U-shaped. Keywords: ownership structure, ownership concentration, corporate financial performance, Czech Republic JEL Classification: G32