Journal of Economics - Obsahy ročníkov

The paper investigates the access of small and medium-sized enterprises to external financing during the recent financial crisis via non-parametric density estimation. The kernel density estimation is applied on a firm-level measure of financing constraints and evaluates its distribution on a balanced panel of SMEs. For application and cross-country comparison we use panel data on Limited Liability enterprises in the Czech Republic, Poland, Slovakia and Hungary. Our results reveal asymmetric impact of the financial crisis on the ability of SMEs to secure external financing. We identify that there is no sizeable difference in access to credit of SMEs in Hungary and Poland before and during the crisis. In Slovakia and the Czech Republic our results suggest that firms were more constrained during the crisis and their financing constraints did not largely improve after the end of financial crisis. We argue that economic recession was the driving factor of financing constraints in Slovakia and the Czech Republic. Keywords: financing constraints, KZ index, credit crunch, financial accelerator, non-parametric estimation, kernel density JEL Classification: C14, D22, E51

This article identifies developmental trajectory of changes which were undergone by the China economy during its transformation. Particular attention is paid to the impact of inflows and outflows of foreign direct investment (FDI) since their importance during this process was essential. It presents the views of leading experts on the economic direction of the country and points out the influence of the expansion of China on the international positions of other countries. Based on the theory of Flying Geese Pattern, presents a philosophy of strategic government actions aimed at strengthening the international position of Chinese economy as well as its ability to successfully adapt to external and internal consequences, including of undervalued domestic currency (CNY), resulting from the long-term financial crisis. The result of a rapid growth will deepen the general dependence of world economy on China. In a basal manner it will determine strategic intentions and development space of all world centers which will have to adapt to the new situation. Keywords: economic theory, flying gees pattern´ theory, foreign direct investment, China´ economy JEL Classification: B22, F14, F21, F23, F49

The goal of this article is to identify and to quantify the determinants of the China's outward foreign direct investments (OFDI). The most important relevant outcomes of the authors dealing with this topic are analysed. In the analysis, 11 indicators are used. There are 2 approaches to detect influence on OFDI applied in the article. The first one uses the factor analysis, cluster analysis and analysis of variances on the sample of 69 countries. The second approach works with the cluster analysis, which is applied on the basis of data of 85 countries. The first approach did not prove the statistically significant difference among the China's FDI in different clusters. The second approach demonstrated the statistical significance in the FDI outflows only in case of one cluster. Keywords: foreign direct investments, China, FDI flows, FDI outflows, determinants, sovereign wealth funds JEL Classification: E22, E61, F21, F23, G10, G11, G15, G18, G23, G28, N25

The discussion about the possible taxation of the financial sector has started in the European Union as a result of the financial crisis. Taxes on financial transactions could be used as regulatory tools and also as the new own resource of public revenue. Nevertheless, it is a question, whether the financial transaction tax (hereinafter as FTT) can represent sufficient resource in order to fully replace GNI (Gross National Income) contribution of EU Member States into the EU budget. The aim of the paper is to estimate the value of FTT revenues as a new possible own resource of EU budget. The empirical results represent that the FTT revenues could be range between EUR 24.9 – 28.3 bn. for EU-11 per year. Keywords: EU budget, financial transaction tax, FTT revenues, GNI contribution JEL Classification: G1, H1, H2

The article is focused on selected problems of manufacturing firms’ efficiency. One of the factors increasing efficiency should be utilization of advanced manufacturing technologies. The article deals with the hypothesis that technologies are utilized in sophisticated groups which can be named clusters of technologies. The content of the second hypothesis is an idea that the companies using clusters of technologies can have higher level of efficiency and better ability to response the economic depression than the other ones. The both hypotheses were verified on the base of results of the survey conducted among Czech manufacturing companies and the analysis of their financial reports during the period 2007 to 2011. Financial business indicators describing various aspects of firm efficiency are analysed and presented with the aim to verify the second hypothesis. Keywords: efficiency of firm, clusters of advanced technologies, financial indicators, advanced manufacturing technology JEL Classification: M21

A characteristic feature of any excise tax is that it represents a significant component of price-settings. Expectations of the government, related to the change of the tax rate for this type of tax, consists in a presumption of the increased revenues to the state budget, even though it could bring so called lateral shift of the tax. Its impact would be a decrease in a consumption of the other commodities. The aim of article is to highlight some macroeconomic consequences of the Spirit market development in Slovakia, with an emphasis on increasing excise taxes on alcohol, its consumption, production and foreign trade balance. The attention of the authors is drawn to the fact that in addition to the high rate of tax affecting the amount of revenue collected by the state, other factors such as consumer saving, lifestyle change, counter advertising and the introduction of more stringent measures in relation to road traffic as well as pressure on imports of identical commodities from abroad, can equally affect state revenue. Keywords: excise duty on alcohol, revenues to the state budget, consumption, production, trade balance JEL Classification: E23, F15, G01, G18, H20, H26