Journal of Economics - Obsahy ročníkov

The paper deals with development strategies as tool of structural changes in the economy. The first part discusses the experience gained in creation development strategies of the Slovak economy after 2000. In the next section it devoted attention not only to differences between strategies, visions and forecasts, but also to their connections. There are considered rules of strategies – their relationship to economic research, combining analytical and synthetical viewpoints, interdisciplinary approach, variability of solutions, etc. A part of the article is an explanation of cognitive and practical functions of strategies studies. The conclusions look at strategies in the regulation of market economy and justify the need of their continuous innovation. Keywords: economic growth, structural changes, strategies, visions, forecasts, economic policy JEL Classification: E17, E61, O11

Perceived and actual financial literacy in Slovakia was examined via stand-ard questions used in international surveys. Levels of perceived competence were well-related to actual knowledge of basic financial concepts, such as inflation, compound interest, time value of money and investment costs and socio-demographic variables (education, gender). Psychological variables (risk tolerance levels) impacted perceived financial knowledge indirectly, via willingness to invest in risky classes of financial products. Keywords: financial literacy, financial knowledge, strategic financial deci-sions JEL Classification: D14, D81, G02

This paper focuses on modeling the real operational data of an anonymous Central European bank. We have applied the Extreme Value Theory, in which we have used two estimation methods – the standard maximum likelihood estimation method and the probability weighted moments (PWM). Our results proved a heavy-tailed pattern of operational risk data as documented by many researchers. Additionally, we showed that the PWM is quite consistent when the data is limited as it was able to provide reasonable and consistent capital estimates. Our findings show that when using the Advanced Measurement Approach rather than the Basic Indicator Approach used in Basel II, the researched bank might save approx. 6 – 8% of its capital requirement on operational risk. Keywords: operational risk, economic capital, bank, extreme value theory, probability weighted method JEL Classification: G18, G21, G32

In management literature top managers are often mentioned as key factor of successful change management. In practice, we often find them more hindering than helpful. This article has a closer look at the competencies of top managers to answer the question of their positive or negative influx on change management processes. Based on a cluster analysis according to Tanimoto, the data of 275 German speaking and 100 managers from Slovakia show that top management in Austria and upper managers in Slovakia are completely unwilling to change their behavior. So, they can never be seen as role models for change managers. Also the upper management does not foster change according to theoretical approaches. Only the middle and operative management behaves according to literature. Thus, we definitely have to question the different hierarchical roles of managers within the change process and rethink current change management concepts. If top and upper managers don’t seem to be interested in initiating change, we will have to have a closer look at bottom up processes – as it is already known from the IT perspective. Keywords: change management, competency management, hierarchy, implicit leadership theories JEL Classification: M12, M19

Public procurement is one of the forms of provision of public goods and services. Empirical studies analyzing public procurement show, that one of the weaknesses of public procurement in the Czech Republic is its low transparency and resulting insufficient resistance to corruption. This study defines base for establishment of transparent and corruption free system of public procurement. It specifies conditions for creation of competitive environment, basis for demand driven system of public procurement and gives proposals for interconnection of transparent decision making procedures and the principles of economy, efficiency and effectiveness. Keywords: public procurement, transparency, corruption JEL Classification: H 44, H 57

Russia plays once again a significant role in a current redistribution of political and economic power structures that affect formation of multipolar world economy. Strong interest of Slovakia is promotion of bilateral cooperation with Russia in future. Slovak and Russian companies search for new possibilities and effective ways of economic partnership. Special priority has participation of Slovak Republic on the perspective energy partnership between European Union and Russian Federation, especially on providing of raw materials and development of already existing transit infrastructure. There are three possible scenarios for trade and economic cooperation between Slovakia and Russia in next decade, which is a crucial indicator of the level of bilateral political relations. Keywords: Russia, European Union, Slovakia, foreign trade, trade relations, comparative advantageous, competitiveness, international economic relations, partnership JEL Classification: F10, F14, F20, F21, F34, H62, O10