Journal of Economics - Obsahy ročníkov

In this paper I use an open economy dynamic stochastic general equilibrium model and estimate it for Romanian economy using Bayesian techniques. I estimate then the impact of domestic and external monetary policy shocks. Domestic interest shocks produce strong effects on output and exchange rate, and moderate ones on inflation. The effects are not very persistent. The results show that monetary policy shocks from Euro Area do matter for Romanian economy, but in moderate way. Overall, monetary policy in Romania is found to be less gradual but more conservative than the ECB one. Keywords: business cycles, DSGE models, small open economy, monetary policy JEL Classification: E32, E52

This article focuses on problem of collective goods effective providing. The most important problem in achieving the effectiveness is the “free rider problem“, which leads to restraint of providing these goods. On the basis of experimental data, there is pointed out the possible failure of ambition to achieve an effective strategy for the whole group of consumers of the goods in question. Keywords: experiment, effective providing, collective goods, utility JEL Classification: D12, D70, D81

Aging should be viewed as a natural part of the life course and population aging as a transition not a crisis. First part examines population aging causes. Second part draws attention to uncertainty of demographic projections. Third part analyses dependency ratio in international perspective. Forth part is concerned with health care spending. Fifth part outlines public policy reactions. Sixth part deals with pension reform. Seventh part asks a question whether population aging is burden or blessing. According to the paper, older people are active, productive and will continue to play a valuable role in the future. Keywords: population aging, dependency ratio, health cost, pension reform JEL Classification: I10, J10

Main point of capital adequacy in Basel I, Basel II and CAD Directives is measuring of risks of credit institutions and investment firms and valuation minimal level of capital to cover them. The aim of this article is to show how the European Union legislation responds to Capital Accords Basel I and Basel II. The substance is on the Capital Adequacy Directives CAD I, CAD II and CAD III. CAD Directives were prepared on conditions of investment companies and for operations of trading book in banks. In conditions of national banking and financial systems of many countries are implemented the same capital accords with different result. The reason is in different access to application of capital adequacy rules (Basel Accords or CAD Directives) in diverse territorial parts. Keywords: capital adequacy, own funds, market risks, operational risk, minimal level of capital to cover risks, investment companies JEL Classification: G18, G28

The article analyses strong and weak sides of world insurance and reinsurance branch in present global time, qualitative changes in risk trends, limits of insurance branch to cover enormous uncertainties, especially „unknown un-knowns“, necessity of multiresources financing, problems of sectorial integration process (nevertheless bancassurance creates on the market completely a new space but it can be expected that its popularity will not be grow in the future), trends in a state regulation, deal with present regulatory projects aimed at increased stability of financial, or more precisely insurance markets. Keywords: qualitative changes in risk trends, necessity of multiresources finan-cing, tendency in integration of financial services, contemporary regulatory projects, information asymmetry JEL Classification: D74, D81, D82, G22

Small and medium enterprises (SME) are faced with the need for a strategic responce to the changes in global business environment. The aim of the article is to present the basic atributes of new businesses model determining success of SMEs in the new world of globalisation. In the first part of article the impact of globalization on businesses sector is presented. In second part of this paper we discuss the future of SME in new world of global economics. Presented are changes in character and functioning of small and medium enterprises. Special attention is devoted to 3 crutial atributes of new businesses model which will determine future success of small and medium enterprises in new world of global economics: a) implementation of new businesses types in SMEs sector, b) implementation of innovation, information and communication technologies by SMEs, c) implementation of strategic management by SMEs. Keywords: small and medium enterprises, globalisation, new businesses types, innovation, information and communication technologies, strategic management JEL Classification: F02, L20