Journal of Economics - Obsahy ročníkov

This research aims to investigate inclusive growth in six selected Central European countries (Austria, Germany, and the V4 countries) during the years 2006 – 2012. We have relied on the assumption that pro-poor growth, according to its absolute definition, is in line with the definition of inclusive growth (World Bank, 2009). To investigate pro-poor growth, the poverty equivalent growth rate methodology proposed by Kakwani et al. (2004 and 2008) has been applied. Pro-poor growth has been analyzed according to its absolute, relative and poverty reducing definitions. The results show that the selected countries experienced positive economic growth accompanied by absolute pro-poor growth throughout the time range analyzed, but in only few time periods, and not for all of the poverty measures applied. Keywords: inclusive growth in Central Europe, poverty, pro-poor growth, PEGR JEL Classification: I32, O47

The low wage share has been one the traditional problems of the Slovak economy. This article deals with the change in the structure of income: the prevailing low share of wages in value added began to grow significantly in recent years. The functional structure of income in the years 2013 – 2015 developed in such a way as in the Slovak economy has not previously been recorded. The reversal was linked to a new phenomenon in the labor market: employment and labor income parameters were improving despite only weak economic growth (it was previously not conceivable). Change of trends in the structure of income (together with the improvement of labor market indicators) was enabled by changed structure of aggregate demand increases, employment growth in the state-influenced branches, changes in the sectoral composition of GDP growth and also by changes in the forms of employment. Keywords: compensation of employees, value added, employment, aggregate demand JEL Classification: E24, J30, J31

Divergence is the basic trend of regional development in Slovakia. In-creasing regional disparities multiply the adverse situation of margined and economically weaker regions. The aim of the article is to delimit marginal regions on the level of districts in terms of selected relevant indicators of socio-economic marginality, which reflect the level of economic development, living conditions of population and social climate of regional societies. The contribution of the article is in capturing of changes in their development, which took place in the years 2001 and 2011. From the point of view of Slovakia, these were very important periods in many aspects because it was when Slovakia became member of the EU (2004) and of Eurozone (2009) and, along with the rest of the world, suffered the con-sequences of the economic crisis (2008). The quoted and other events significantly affected regions and their changes. Increase of margined districts, deepening of their marginality and changes in spatial distribution were observed. Keywords: regional differences, marginal regions, identification, deve-lopment, Slovakia JEL Classification: O18, R11, R12

The paper explores the asymmetric relation between public debt and economic growth in 13 EU countries in the period 1993 – 2013. A panel data model uncovers a linear relation between debt-to-GDP decrease and GDP growth, while the relation between the debt-to-GDP increase and GDP growth is defined by an inverted U-shaped curve (parabola) with the peak at a 64% debt-to-GDP ratio. We identified two main patterns in relations between debt-to-GDP and GDP growth: (i) hysteresis loop – country data trace the closed circle defined within the debt interval [53%, 113%] (Austria, Finland, Denmark) and (ii) debt trap – country debt-to-GDP ratio breaks the 113% level and indebtedness increase followed by the GDP fall is tracing the diverging tail of parabola (debt trap in Greece, Italy, Portugal). Keywords: public debt, economic growth, debt trap, dynamic panel data model, non-linear relation, asymmetric relation JEL Classification: E62, H63

This paper first examines the causal relationship between the current account and financial account then the current account and the main components of financial account and finally the financial account, saving, and investment in Croatia, Hungary, Poland, Romania and Slovenia. In this context we employ Toda-Yamamoto approach to Granger causality test by using the quarterly data. We find a causal relation running from the financial (current) account to the current (financial) account in Croatia (Poland) and Slovenia (Romania) while a bi-directional causality exists in the case of Hungary. We conclude that at least one component of financial account balance Granger causes current account in Croatia, Poland, Romania and Slovenia while the causality running from the current account to at least one component of financial account in Poland, Romania and Hungary. It seems that the financial account Granger causes the saving in Hungary and investment in Croatia while the causality running from the saving in Romania and investment in both Croatia and Poland to the financial account. Keywords: current account, financial account balance, saving and investment, causality JEL Classification: E60, F32, F40