Journal of Economics - Obsahy ročníkov

Analysis of the empirical relationship between investment in information technology (IT) and growth rate of real GDP per capita in a panel of selected European countries for the period 1999 – 2001 seems to suggest that a 10% increase in the level of investment into IT (as % of GDP) would increase real GDP per capita by 1.2%, controlling for other variables. Switching to a decom-position approach (creating an interaction term), a 10% increase in the level of software and services (as % of GDP) would increase real GDP per capita by roughly 1%, controlling for other variables. Nevertheless, as has been shown in this study using correlation analysis and previous other studies, information technology on its own may not lead to accelerated economic growth unless accompanied by investment into human capital accumulation, research and development and other IT infrastructure. In this respect, the results of this paper seem to be consistent with previous other empirical findings. Keywords: information technology, IT infrastructure, economic growth, panel data JEL Classification: C31, C33

This paper analyses impacts of the Structural Funds implementation on fostering RTDI in Slovakia. It explores absorption of the Research. Technological Development. Innovation (RTDI) investments from Structural Funds in different types of Slovak regions and analyses it via in-depth interviews with the experts on RTDI policies and professionals involved in implementation of the Structural Funds in Slovakia. Concluding section summarises findings from statistical data and interviews, and discusses policy options for implementation of the Structural Funds in planning period of 2007 – 2013. Keywords: Structural Funds; knowledge-based economy, innovation policy JEL Classification: O31, O32, O38

The paper focuses on corporate groups (CGs), which have emerged in the Czech Republic and Slovakia since 1993. While investment companies and industrial groups dominated in early 1990s, later huge pyramid-like structures occurred. Nowadays, financial CGs are among the most powerful domestic actors. We analyze the ownership concentration forms and the CGs´ impact on patterns of corporate restructuring. Moreover, a typology of CGs is presented. The results indicate that group-related process of ownership concentration exists during the transition; forms of concentration used by CGs change over time; and CGs can sometimes keep concentrated ownership structure of firms unchanged. Keywords: corporate ownership, ownership concentration, corporate restructuring, corporate groups JEL Classification: G32, G34, G39, L29

This article deals with a rarely discussed topic of globalization on the insurance market of the Slovak Republic. The scope of our interests includes the insurance market based on market principles. We followed two particular lines of changes caused by globalization. One of them includes changes in the legislative framework where we also highlight situations, which are by mistake considered to be forced by globalization. Here we included currently prepared or intended legislation changes (Solvency II). The second line of changes includes concentration on the insurance market of the Slovak Republic, mutual cooperation of banks with insurance companies, cooperation of the private and public insurance and also a new way of sale of insurance products (e-business). None of the above-mentioned changes could be considered as completed. We expect further developments, which will be enforced by different ratios of damages vs. underwritten premiums and also changes in life expectancy. Keywords: changes in the legislation relating to insurance business in the SR, integrated supervision over financial market, cooperation of private and public insurance, electronic sale of insurance products JEL Classification: G22, O16

Facing the globalised and increasingly competitive environment is the manufacturing sector of each economy forced to its own continual competitiveness growth. Along with intensifying competitiveness is more attention given to industrial policy measures assigned to enhance the performance of domestic firms. The raising attention to European industrial policy could be connected with the problems linked to de-industrialisation and fears about delocalisation (the European Union's manufacturing base moving out of Europe) as well. The first part of the presented article analyses the relationship between industrial policy and competitiveness. The following two parts are focusing on EU industrial policy, its development and latest trends. Keywords: competitiveness, industrial policy, manufacturing, globalisation, efficiency, European Union JEL Classification: L52, L60, O14

In contrast to predominant behaviour of financial series of developed markets (no or very short serial correlations), financial series of emerging markets exhibit different behaviour. We investigate financial series of index returns for ten European transition economies. The results suggest the presence of long-range correlations. Additionally, all series seem to be asymmetrically distributed and exhibit magni-tude long-range correlations, as commonly found for developed markets. We model these properties with a process, which is presented in Section II. To support some of these model findings, we employ wavelet estimates of the Hurst exponent, the Geweke and Porter-Hudak method, and detrended fluctuation analysis. Keywords: efficient-market hypothesis, fractionally integrated process, power-law correlations, phase-randomization procedure, nonlinearity JEL Classification: C13, C22, G14, G15

Existing empirical research fails to provide robust support concerning the impact of financial development on economic growth, in the presence of substantial variations across different time periods and country groups. It is suggested that the variations in question are to be accounted for by a threshold effect, in support of which, it seems to have been found modest empirical evidence. Panel-data analysis for a set of 32 developing and developed countries for the period of 1990 – 2001 indicates a threshold level of financial development, with the implication that positive effects fail to materialize at relatively lower stages of financial development. Moreover, financial development has actually got a nega-tive impact on GDP per capita, unless it exceeds the threshold level. Keywords: financial markets, economic growth, threshold effect, panel data JEL Classification: C23, E44, G20, O16