Journal of Economics - Obsahy ročníkov

The article presents an alternative method to growth accounting. It makes it possible to express the effect of change in the quantity of inputs as well as the effect of the productivity of inputs (i.e. technological changes) on the change of GDP for all possible typologies of input/output changes. Dynamic parameters of intensity and extensity could be delivered as the output of the method. The first one captures the effect of change in the summary productivity of factors, while the latter captures changes in the input quantity. The dynamic parameters were calculated for the development of GDP of the Czech Republic and the Slovak Republic in the period 1990 – 2014. The results confirm more intensive Slovak development in the given period that is manifested in reaching of Czech value of GDP per capita expressed in purchasing power parity (PPS). Keywords: GDP, economic development, total input factor, total factor productivity, dynamic parameters of intensity and extensity, economic growth, growth accounting, Czech Republic, Slovak Republic JEL Classification: C22, C43

In this article we deal with the structural interdependencies in the Slovak economy in 2010. By the means of Leontief model we identify the importance of household final consumption, government expenditures, investments and export for production, value added and employment. We compare the results from different methods applied for the identification of key industries in the Slovak economy after the crisis. The analysis is based on Chenery-Watanabe coefficients and Rasmussen multipliers in weighted and normalized form as well as on Hypothetical extraction method and Power of Pull method. Many industries that are important for the Slovak economy in terms of the effects on production generate much lower effects in terms of value added or employment. These linkages are important for the formulation of industrial policy in Slovakia. Keywords: Leontief model, key sectors, Hypothetical extraction method, Power of Pull method, Slovak economy JEL Classification: C67, D57, L16, L60

The Czech cereal market integration into the common agricultural market (EU) between 1993 – 2010 is studied using monthly price data for wheat and barley in Belgium, Germany, Austria and the Czech Republic. Stability in the law of one price (LOP) equation is studied through multiple structural breaks within the equation. Results indicate that the integration of the Czech Republic into EU cereal markets is more unstable than that of Austria (a fourth enlargement country), although there is empirical support for the LOP when structural breaks are taken into account. Structural change also occurred in the old EU LOP equation between Belgium and Germany. Keywords: law of one price, time series analysis, structural change, commodity markets, Czech Republic, common agricultural market JEL Classification: C01, C32, E30, E31, Q11, Q13

The paper focuses upon determinants of household savings in Slovakia applying quarterly data 1995 Q1 – 2015 Q1. The results contradict to the Life-Cycle Hypothesis as positive relation between saving rate and dependency ratio was identified. Applying ARDL framework we identified the following relations. In the long-run, rising property income and dependency ratio increase household saving, while higher unemployment has a negative influence. In the short-run, savings are positively impacted by property income, dependency ratio, unemployment and saving rate from previous quarter. The speed of adjustment is fast, while about 60% of disequilibrium in the previous quarter will be corrected in the current quarter. Keywords: saving rate, household, dependency ratio, ARDL framework, speed of adjustment JEL Classification: C50, D14, E24

This contribution examines the relationship between military expenditures and economic growth in 28 EU countries between 1993 and 2014. The paper aims to verify the first pioneering hypothesis which claims that there is a negative relationship between military expenditures and economic growth in relatively poorer countries and a positive relationship in relatively richer countries. A cluster analysis is used to divide the nations into individual groups. The Feder-Ram model and multiple regression analysis with modified variables are then estimated for all groups based on the cluster analysis. The findings of the regression analysis mainly verified the hypothesis and showed a significant positive relationship between defence spending and economic growth in the case of more resource-abundant countries, and a significant negative relationship in the case of more resource-constrained countries. However, the Feder-Ram model showed statistically insignificant effects of military expenditures on economic growth. Keywords: military expenditures, economic growth, security, GDP JEL Classification: C10, H56, O40