Journal of Economics - Obsahy ročníkov

Intention of this article is to contribute to overcoming the simplifications about the character of ongoing global crisis. We are arguing the consideration, that it is qualitatively new process, which main causes are derived mainly from the fact, that two crucial discrepancies of civilization came into critical magnitude. It is the contradiction between the economy and humans, let us say between society and economy and natural environment, which are causing increasingly dire polarization of earnings and wealth, limiting global demand, building up abundant production capacities and constraining investments to the real economy. Growing surplus of capital can not find adequate space for gains in the real economy. On the example of data evaluation for US Economy we document long-term indefensibility of real demand substitution for virtual demand, generated by extreme expansion of financial sector and growing ruinous indebtedness. Logic of these processes had inevitably ended in crisis, solution of which requires systemic character. Keywords: global economic crisis, global demand, financial globalization, financialization, indebtedness, crisis and post crisis adaptation JEL Classification: F30, F34, F51, G01, G24

Since January 2005, pensions in Slovakia are operated by a three-pillar system. This paper concentrates on the mandatory, fully funded second pillar. In our analysis we follow the dynamic stochastic accumulation model proposed by the authors in (Kilianová et al., 2006). Recently pension asset managers tend to be very cautious and they hold low stock to bond proportions in the pension funds. We discuss the sensitivity of the level of savings with respect to the proportion of stocks in the portfolios. Furthermore, we perform the sensitivity analysis with respect to correlation between stock and bond returns and risk aversion. Finally, we prove linearity of the level of savings with respect to the contribution rate. Keywords: dynamic stochastic programming, funded pillar, utility function, Bellman equation, Slovak pension system, correlation, risk aversion, pension portfolio simulations JEL Classification: C15, E27, G11, G23

The paper is concerned with pension systems in Western Europe. It discusses pension systems in Germany, France, Sweden and the United Kingdom. All these countries are welfare states, but their concrete parameters differ. Although the European Union does not recommend any concrete model of pension system, some tendencies are similar. All countries seek to save money. Most of them strengthen the principle of equivalence. Keywords: pension system, European Union, social system JEL Classification: H55, H53, H72

This paper explores three possible motives for the establishment of the American Federal Reserve System. At the beginning, there is a short description of the Na-tional Banking Era. I argue that while (i) the professional community quite truthfully recognized the problems with National Banking, motives of (ii) politi-cal leaders and (iii) interest groups for the establishment of the FED were stronger. The historical situation characterized by the deepening capital concentration and globalization brought politicians to enforce interventionist public policy followed by imperialism. These reasons significantly contributed to a tighter centralized political control of money supply by Federal Reserve System. Keywords: Federal Reserve System, institutions, interest groups, monetary policy, politicians JEL Classification: G18, L41, N21

Financialisation may be defined as: the increasing dominance of the finance industry in the sum total of economic activity. Financialisation is the employment of money capital in the financial markets and in speculation Financial crises 2009 is crises of neoliberalismus, crises of ethics and crises of global economic. An American mortgage is manifested in expansion of classified debts, which arose to financial institutions in USA as a result of underestimating of risks in the area of from of retails’ clients financing. Mortgages provided to American households with low financial standing served as ground assets of security obligations of which investors are investment and insurance companies all over the world. The main reason of crisis was improvident business activities of banks and special purpose company as well as bank ethics breaking and unfair practices of domestic funds institutions. Keywords: financialisation, global crises, ethics, profits, inflation JEL Classification: B22, D13, E44, G10, H60