Journal of Economics - Obsahy ročníkov

This paper aims to contribute to the theoretical discussion of Social Market Economy concept and his compatibility with main premises of neoclassical economic goal of optimal economic efficiency. We will shortly discuss the historical and social context of Ordoliberalism and Freiburg school; subsequently apply the concepts of institutional economy and concepts of economic theory of democracy. The compatibility of normative institutional order and requirements of contemporary economic policy will be discussed in connection with topics as a social order and policy, social capital, economic policy decision making and state-market relations in modern democratic society. Keywords: social market economy, ordoliberalism, modern democracy JEL Classification: A13, B20, B25, E60, E61

Identification of growth business cycle is an important step in the process of business cycle analysis. It can affect following analytical steps such as turning points indetification or analysis of frequency and time-frequency behaviour of business cycles. The purpose of this paper is to recommend suitable methods for growth business cycle modelling in the small open economy. Therefore we investigate several models for filtering (high pass and band pass filters), deterministic and stochastic models, and nonparametric kernel estimation. The recommendation is based on the empirical analysis of the data prior to the significant global shock – economic recession in the year 2008. For the analysis we use the seasonally adjusted quarterly values of the Gross Domenstic Product and the Industrial production in 1996 – 2008. Keywords: band pass filter, high pass filter, deterministic model, stochastic model, nonparametric kernel estimate JEL Classification: C50, C13, C16, E32

This article contains the results of analysis of the highest wages of the employees in the Slovak Republic in 2010 using the methods of statistical inference. The information from the sample of the employees with wage higher than the 99th percentile of sampling data is generalized to the population using the Pareto distribution of wages. There are also identified the factors that have a significant impact on the frequency and on the level of extreme wages. These factors are gender, classification of occupations, industry, region of residence and age interval. The analysis has not confirmed a significant effect of the factor level of education on the amount of gross monthly salary of the employees in Slovakia with wage exceeds the upper percentile. According to these factors the paper identified groups of employees with the highest proportion or with the highest level of gross monthly salaries higher than 99th percentile in Slovakia in 2010. Keywords: gross wage, Pareto distribution, goodness-of-fit tests, quantiles, analysis of variance, histogram, box-plot JEL Classification: C46, C83, D14, D31, D33

The industrial clusters are now the traditional instruments of regional policy in every developed country. There are the complex tools with what the home regions can be promoted and developed. The biggest boom of clusters in Europe is recorded after the turn of the millennium. It is particularly associated with massive support from public budgets as support for new and interesting idea. Once practical experiences have shown neither this instrument (cluster) is not a guarantee of development and effectiveness. Therefore, there are many methods that help uncover the potential of the region for called cluster birth and development. This paper aims to critically assess the suitability of shift-share analysis method for the industrial clusters framework, namely to examine how the method can help determine if there are industrial sectors which are suitable for the formation of clusters. Keywords: cluster, industrial cluster, regional policy, effectiveness, potential for cluster birth, shift-share analysis JEL Classification: C83, R12, R15, R58

The article deals with financial controlling in theory and praxis of small and medium-size enterprises. The first part of the article presents results and conclusions of theoretical research of financial controlling. In the second part there are presented the results and knowledge from research to determine the level of understanding and implementation of controlling issue (focusing on the financial controlling) in the praxis of Slovak small and medium-size enterprises in wood working and furniture industry. At the end of the paper, we present the need of complexity and continuity of the financial controlling instruments implementation from the view of their effectiveness in the context of controlling-oriented concept of enterprise management. Keywords: controlling, financial controlling, tool of management, small and medium-size enterprises, wood-processing industry JEL Classification: M21