Journal of Economics - Obsahy ročníkov

This study is devoted to analysis of different aspects of world oil market devel-opment and its role in growth of national economies. This study shows individual aspects and parts of oil market, be it production and consumption of crude oil and its territorial dislocation. It analyses the connections with the growth of competition ability of companies and the establishment of crude oil price and to the most important aspects on which depends it. The study comes to a conclusion that the biggest obstacle in using the crude oil will not be its availability, at least in the short run, but the ever fast increasing price. This high price will enable the use it only to such subjects that will be able to implement the oil in the production process with high efficiency. Such conditions satisfy only products and services that are based on unique technical and scientific know-how, with high added value, etc. Keywords: competitiveness, economic theory, consumption of energy, globali-zation, industrial policy, oil market, pricing and production JEL Classification: B31, D24, E29, E58, F13

This paper empirically investigates the impact of international tourism receipts on the long-run economic growth of Turkey. For this purpose, tourismled growth hypothesis is tested by using cointegration and Granger causality testing. The causal relationship between international tourism receipts and GDP is ex-amined for the period 1980Q1 – 2004Q2. Johansen technique is used and vector error correction modeling (VECM) is incorporated into the Granger causality tests. The empirical results suggest that there are bidirectional causal relationships between the two variables in both the short and the long-run. In other words, it can be said that economic growth contributes to the sectoral development of tourism while tourism contributes to the economic growth. Keywords: tourism-led growth hypothesis, cointegration, granger causality, Turkey JEL Classification: L83, O40, O53, C32

The aim of this paper is to investigate issues of long-run neutrality and long-run superneutrality of money using data of high inflation countries (Argentina, Brazil, Ecuador, Mexico, Uruguay and Turkey). It is found that money is long-run neutral but not superneutral with respect to real output for Argentina and Uruguay indicating that money growth has a negative effect on real output. The long-run superneutrality holds for Brazil, Mexico and Turkey. The long-run neutrality is rejected for Ecuador. Keywords: long-run neutrality, inflation JEL Classifications: E31, E51

The authors first define the reasons for outsourcing with the emphasis on business logistics. They analyze the specific issues of logistics service's perceived value in outsourcing logistics activities on the basis of the survey carried out in Slovenia, Croatian, Bosnian-Herzegovina and Serbian-Montenegro companies. The purpose of the survey was to measure the customers' perception of different characteristics of logistics provider which can be decisive when manufacturing firms are trying to make a decision whether to outsource and which logistics provider to select. The paper creates a framework for selection of the important and perceived characteristics of logistics provider relevant to customer in the process of the logistics supplier selection. Keywords: third-party logistics, logistical services, outsourcing, perceived value JEL Classification: M31, M37, L84

In Turkey, the effectiveness of the agricultural support policies is a constantly discussed matter. The purpose of this study is to analyse and compare the effects of the „MPS“ and „DPS“ on the welfare of the producer and the consumer, and on the net society losses and gains. In the study, „wheat“ has been taken into account, which is generally accepted as the key product. In line with the purpose of the study, Partial Equilibrium Model(PEM) has been used when analysing the data.In accordance with the results of the study, it has been established that „DPS“ is the preferred alternative as far as net social revenues are concerned, and „MPS“ is the preferred alternative as far as reducing the budget burden is concerned. Keywords: Difference Payment System (DPS), Market Price Support (MPS), Partial Equilibrium Model (PEM), Turkey, Wheat JEL Classification: Q14, Q18

Facing new challenges of the Slovak economy with regard to European Union, lagging regions will need ideas from regional science. An input-output model is considered a good way for strategy making. In this paper we deal with the two-regional input-output model. We consider that systems of national accounts and input-output models are more than just the source of data. They are means of specifying the categories under which data are to be organized. For policy purposes we decided to use and modify a common input-output table for the two-regional model construction. There are two distinct regions In Slovakia. Keywords: two-regional model, input-output table, economic analysis, final de-mand, intermediate output, systematic analysis of the economic impacts JEL Classification: C67