Journal of Economics - Obsahy ročníkov

In 2006 the favourable development of the Slovak economy had almost universal character. Robust economic growth was combined with a breaking improvement on labour market and with preserving satisfactory macroeconomic stability. Launching the operation of new production capacities of foreign investors together with fulfilled economic reforms had decisive impact on good results in 2006 and will have a positive influence on the economic development of the Slovak economy even in 2007. Commitments connected with the expected entry into the euro area (January 1, 2009) will contribute to maintaining macroeconomic stability and to further advancement of real convergence towards the level of West European economies. Keywords: economic growth, economic policy, country study, forecast JEL Classification: D11, O52, E37

The aim of this paper is to characterize the progress of changing position of economic sectors, branches and situation on the labour market due to the influ-ence of a huge economic growth. There is an analysis of trends in GDP branch structure, labour market, production changes and foreign trade with focus on changes in its technological intensity. The concluding part of the paper analyses changes in financial position of corporations. Keywords: economic growth, production, external trade, labour market JEL Classification: E23, L60, O10, J20

As Slovakia is a small open economy, its success depends to a great extent on development of its external economic relations. In 2006, the Slovak Republic recorded balance-of-payments deficit for the second time since the split of the Czechoslovak Federation. At the beginning, this article analyses the development of the balance of payment’s main components compared with the data from the previous periods. The second part of the paper deals with foreign trade including its territorial and commodity structure, as well as openness of the Slovak economy in international comparison. The following part analyzes foreign capital movements. Particular attention is given to foreign direct investment inflows into the country, regarding both its regional structure and comparison of FDI inflows with the other new EU member states. The conclusion focuses on expected development in 2007 that indicates positive trends in the external economic relations of Slovakia. Keywords: Slovakia, balance of payments, current account, capital account, financial account, economic openness, foreign direct investment JEL Classification: F14, F32

The aim of this contribution is to analyze the financial burden of the Czech enterprises in period 1996 – 2005 and point out the factors, which influenced their structure of capital and efficiency. According to Du Pont equations financial burden is given as an interest and taxes reduction of earnings before interests and taxes. It was found out asynchronical dependence between real payments and changes of rates of interests and taxes in the analysis. Keywords: financial burden of enterprises, equity, revenues, earnings, earnings before interest and taxes, return on assets, return on equity, factors of growth JEL Classification: D21, G30, L50

The main focus of the study is to examine the existence of deindustrialization patterns as observed in the Turkish economy in late 90’s and continued to date. A common feature of such deindustrialization has been the overvaluation of the domestic currency. While the nominal GDP share of manufacturing industry is decreasing, the sector can has not been able to create sufficient employment increases, and, services sectors confronted a great deal of labor surplus to ab-sorb. After liberalizing its international economic relations in late 80s, Turkish economy frequently suffered from overvalued Turkish lira and faced both financial and balance of payments crises. Together with the overvalued Turkish lira and deindustrialization tendencies, this study analyses the interrelations of these processes. We found that developments in the real exchange rate affect the share of manufacturing in GDP and employment via interim factors such as real wages, productivity and investments. Keywords: de-industrialization, Turkish manufacturing industry, real appreciation JEL Classifications: F43, O14, J21