Journal of Economics - Obsahy ročníkov

In this paper we examine the degree of attractiveness of 134 national economies from the point of view of multinational producers – foreign investors – during the period 2011 – 2012. Our theoretical framework is determined by the so-called varieties of capitalism theory that enables us to describe the examined economies in terms of their institutional setup. We use factor analysis to identify latent factors that characterize the institutions of capital markets, labour markets, and government interventions in the field of fiscal policy and redistribution. Our results imply that labour market institutions and characteristics represent the decisive factor in determining the degree of attractiveness of these economies. According to our results, Slovak economy belongs to the group of the most attractive countries; however, the sustainability of this position critically depends on labour market developments – notably on maintaining the flexibility of employing workers, and the relatively high level of labour force qualifications and skills. Keywords: foreign investment, institutional economics, globalization, varieties of capitalism, factor analysis JEL Classification: F60, F63, C38

Poverty is a multi-dimensional phenomenon, with a complicated nature, roots and multiple impacts. Although generally missing in the mainstream definitions, access to energy has become an increasingly important aspect of this poverty. In modern societies access to energy is a basic condition for full participation. In this context, even short-term deprivation results in serious difficulties for the people affected. In the article we discuss the concept of energy poverty (its origin and problems with definitions), and analyse empirical data indicating the scope and impacts of the problem in the Slovak Republic. We suggest possible approach to defining energy poverty and offer first empirical findings. In conclusion we discuss methodological problems with the conceptualization of energy poverty and possible definitions, and outline challenges and further research needs. Keywords: energy/fuel poverty, housing costs, ability to pay for energy, financial burdens JEL Classification: D63, I32

This paper explores factors that drive government yield spreads of EU countries’ bonds issued between 2000 and 2012. Using panel regression, it identifies three factors: a country specific factor related to country’s default risk, a common factor related to general risk aversion premium, and a liquidity factor. It compares bond pricing before and after the collapse of Lehman Brothers in October 2008, bond pricing of the euro area member states with countries outside of the monetary union and in particular contrasts pricing of these two groups of countries before and after the crisis. Keywords: interest rates, fiscal policy, risk premium, crisis JEL Classification: E43, E62, H63

Globalization as an economic process progresses further and its negative effects are manifested in excessive profit shifting from their countries of origin do tax havens. Recently on this problem notes OECD and in the world economy a noted authority, who in his address effectively see also a key factor in the overall recovery and stabilization of the world economy and the elimination of macroeconomic imbalances. Transfer pricing appear to be an appropriate solution to this global economic problem. In the article we analyze transfer pricing methods for depending transactions from the perspective of economic theory as well as in terms of the legislative framework and methodological procedures applied on transfer pricing in selected OECD countries. We propose a generally applicable decision-making model for selecting the optimal transfer pricing method for each type of dependent transactions, which we verified in terms of selected economic aspects of optimization within a multinational enterprise. Keywords: globalization, dependent transaction, independent transaction, multinational corporations, tax, transfer pricing, transfer pricing methods JEL Classification: M41, F23, F68

Submitted article brings evidence from administrative data on registered unemployed in Slovakia. This data is explored to evaluate a training programme which is a part of the portfolio of active labour market measures provided by Slovak governmental bodies. To evaluate the programme, we look at individuals’ chances of getting a job, during the period of 15 months after undertaking the programme. Performance on this indicator is compared between participants and a control group, which is selected ex post using the propensity scores matching approach. The results reveal evidence on negative average treatment effects on the treated, when examined for Slovakia and Bratislava district, where over the half of the trainings is provided. Since the results are contradictory when compared across regions, negative effect of the training measure on employability of participants can be assigned to mistakes in its implementation. Keywords: policy evaluation, employability, propensity scores matching JEL Classification: C21, J68, J64

The report presents the results of the verification of the original methodology MESI – Measuring Social Intelligence and its validation study. The data for verification of the factor structure of the MESI methodology were gained from 2135 respondents and the validation study with the TSIS methodology (Tromso Social Intelligence Scale) was carried out on the sample of 1130 respondents. Subsequently, the data which were based on the usage of the MESI and TSIS methodologies were analyzed in relation to the selected characteristics of male and female managers. The acquired results confirm the fact that the managers evaluated themselves more positively in the factors of empathy, manipulation, social information processing, social skills and social awareness. Keywords: manager, managerial work, social intelligence JEL Classification: M12, M54, D23, Z13