Journal of Economics - Obsahy ročníkov

The paper presents a new perspective on the issue of evaluating developmental disparities. The created methodology of the microeconomic evaluation consists of three main components: business environment quality, use of human resources, and innovation potential of companies. Further, the paper provides information on the results of the methodology being applied to the Czech Republic. Its information relevance was also tested using comparison with the results of macroeconomic analysis based on standard statistical data, carried out within a geographically larger scope of 10 selected new EU member states. Finally, recommendations helpful for the needs of regional policy were formulated. Keywords: disparities, business environment, competitiveness, regional policy JEL Classification: O18, R11, R12

The paper focuses on frequently omitted mathematical and statistical intricacies related to risk quantification in the process of measuring the value of public projects and policies especially within the most prevalent context of cost-benefit analysis (CBA). First it deals with the appropriateness of inputs into cost-benefit analysis usually expressed in terms of expected values rather than option prices. After the discussion of theoretical findings and practical relevance it hastens to conclude that expected values are well-acceptable if all limited restrictions are properly taken into any considerations. Then it shows the practical problems in quantifying expected values of net social benefits based just upon point estimates and suggests applying Monte Carlo simulation to derive them instead. Keywords: social cost-benefit analysis, risk analysis, option price JEL Classification: H30, H43

The aim of the article is an identification of macroeconomic specifics connected to long term development of the Slovak labor market. Its realization starts from analysis of Slovak business cycles’ reflection in formation of the labor market. In continuation on this analysis relationships between growth of economic performance and employment rate investigated, including description of functionalities between them. In the framework of investigation of relationships between inflation and unemployment development are identified periods and degrees of similarities with causality represented by the Phillips curve. In the structure of unemployment are determined specifics of long term unemployment with special regard to development of the economy after the global economic crisis. Keywords: labor market, Slovak business cycles, transition, consolidation and reforms, global economic crisis, Phillips curve, inflation, unemployment, long term unemployment, structural unemployment. JEL Classification: E20, E30, J20, J40, J60, C20, O10

The objective of the article is to identify similarities and differences between the Great Depression and global financial and economic crises in period 2007 – 2010. The analysis examines a hypothesis that the main causes of financial and economic crises include unbalanced developments of the macroeconomic sphere as well as existing weaknesses of banking systems, which often do not evolve in line with the development of economy fundamentals. The article is going to inspect three areas: (i) What economic policies and trends were registered in the pre-crisis period in order to identify the main causes of economic fluctuations; (ii) How economic policies responded to the course of the financial and eco-nomic crisis; (iii) What was the effect of financial crisis on the real economy development. The main task for after-crisis periods is to improve stabilization of macroeconomic policy, bank risk management system and also system for monitoring and analyzing the business cycle. Keywords: financial crises, economic crises, business cycle, credit cycle, gross domestic product, macroeconomic imbalance, unemployment, monetary policy, national debt, demand shock, supply shock, interest rate, financial stability, asset prices JEL Classification: O11, O16, O23

Although banking was not initially considered as essential, the planned implementation of selected elements of market economy and rehabilitation of money functions forced founding of an appropriate institutional environment. Besides the role of money and banks in socialist economy, the paper analyses the proposed modifications in the banking system and management of foreign currencies. During reorganization of the State Bank of Czechoslovakia the concept of separate emission and commercial banking was promoted. Changes in constitutional arrangements were to be initially reflected in the organization of monetary policy. After August 1968 reform proposals were gradually left. Finally, de facto no major changes were made. Despite this, changes in the banking sector endured to a certain extent, and they became a basis for attempts at activation of money in the following twenty years. Keywords: Czechoslovakia, economic reform, centrally planned economy, banking JEL Classification: E58, G28, N24, P34