Electronic Library of Scientific Literature - © Academic Electronic Press
Volume 52 / No. 4 / 2004
CONTENTS
About Economic Policy of the European Union also from the Slovak View
Draft Constitution of the European Union and the Slovak republic
Formation and Behaviour of Economic and Monetary Union as an Open Theoretical Issue
The Globalisation Processes and the Market Landscape of the Group V4 Countries
Currency Options for Emerging Economies: Concepts and Arguments
O hospodárskej politike Európskej únie aj zo slovenského pohľadu
Ivan OKÁLI *
* Ing. Ivan OKÁLI, DrSc., Ústav slovenskej a svetovej ekonomiky SAV, Šancova 56, 811 05 Bratislava 1; e-mail: ivan.okali@savba.sk
Abstract: The EU economic policy interconnects some Common Policies
with a coordination of separately executed national policies. After the
acceptance of Draft Treaty Establishing a Constitution for Europe, coordination
- rather "soft" by now - will gain a tougher character. It will be
connected with a strengthening of economic and political functions of the Union,
necessary for its long-term exis-tence, which will relieve fulfilling of
convergence objectives of socio-economic development of Slova-kia. Slovakia
enters the Union in the period when its economic policy is oriented on
restriction of role of state in economy and on strengthening of market
coordination functions.
Key words: economic policy, European Union
JEL Classification: E60, F02, H77
Přistupující státy Evropské unie: regionální diferenciace1
1 Článok bol na publikovanie prijatý ešte pred vstupom desiatich štátov do Európskej únie (pozn. redakcie).
Milan VOŠTA *
* PaedDr. Milan VOŠTA, PhD., Vysoká škola ekonomická v Praze, Fakulta mezinárodních vztahů, Katedra světové ekonomiky, náměstí W. Churchilla 4, 130 67 Praha 3, Česká republika; e-mail: vosta@vse.cz
Abstract: The accession countries are characterized by a relative
homogeneity, however the transformation process, which started at the beginning
of the 90s, deepened regional disparities among the individual states.
The following passage deals with common features of regional structure such as
the double dicho-tomy of regional differentiation. It includes the dichotomy
center-periphery and the differences in re-gional development between western
and eastern parts of the accession countries.
The analysis of the sectors NUTS II provides an overall picture of the economic
situation in indi-vidual regions of the selected countries in relation to the
EU. It also evaluates the position of every country and focuses on basic
economic and social disparities in eight Central and East European countries
(Czech Republic, Estonia, Lithuania, Latvia, Hungary, Poland, Slovak Republic,
Slovenia).
Key words: region, regional disparities, regional structure, economic
disparities, social disparities, east-west dichotomy, center-periphery dichotomy
JEL Classification: O18, R11, R23, R58
Návrh ústavy Európskej únie a Slovenská republika
Beáta ŠAKOVÁ - Drahoš ŠÍBL *
* prof. Ing. Drahoš ŠÍBL, DrSc. - doc. Ing. Beáta ŠAKOVÁ, PhD., Ekonomická univerzita v Bratislave, Obchodná fakulta, Katedra medzinárodného obchodu, Dolnozemská cesta 1, 852 35 Bratislava 5; e-mail: sakova@dec.euba.sk
Abstract: Article analyses Draft Constitutional Treaty that was
submitted by Convention established by the decision of the European Council in
Laeken summit in 2001. It is devided into two parts: the first one - Draft
Constitutional Treaty - analyses main changes proposed by the Convention and the
second one concentrates on the draft from the point of view of Slovakia. Authors
analyse certain parts of Draft Constitution and position of current and new EU
members and deal with "pros" and "cons" arguments. They
concentrate on main changes in the European Parliament, European Council,
Coun-cil of Ministers and European Commission. The final part describes the
position of the Slovak republic within the Convention and points out at main
critical issues.
Key words: convention, draft constitutional treaty, EU institutions,
Slovak position
JEL Classification: F, F0, F02
Formovanie a fungovanie európskej menovej únie ako otvorený teoretický problém
Ján LISÝ - Eva MUCHOVÁ *
* prof. Ing. Ján LISÝ, PhD. - doc. Ing. Eva MUCHOVÁ, PhD., Ekonomická univerzita v Bra-tislave, Národohospodárska fakulta, Katedra ekonomickej teórie, Dolnozemská cesta 1, 852 19 Bratislava 5; e-mail: lisy@dec.euba.sk, muchova@dec.euba.sk
Abstract: Economic and Monetary Union is consider as a great turning
point which brings new challenges, tasks and problems. The theory of optimum
currency area as a theoretical basis of EMU focuses on the definition of
criteria which identify the optimal currency area. There are many contradictory
opin-ions relating to formation of EMU, which on the one side refuse or dispute
a meaning of creation EMU (Hayek, Feldstein) and on the other side there are
views aimed at comparison of costs and bene-fits of single European currency
(Krugman, Dorn-busch) up to thoughts who unanimously refuse euro (Rothbard,
Friedman). Robert Mundell, Nobel laureate in Economics, belongs to the most
important supporters of EMU.
Key words: Economic and Monetary Union, the theory of optimum currency
area, euro
JEL Classification: F 33
Vplyv globalizácie na vnútroobchodnú politiku krajín Vyšehradskej skupiny1
1 Téma článku vychádza zo zamerania nášho vedeckého výskumu predchádzajúcich troch rokov - projektu Ministerstva školstva SR s názvom Teória vnútroobchodnej politiky a možnosti jej aplikácie/tvorby v podmienkach transformatívnych ekonomík (VEGA 5047, 1/7179/20).
Kristína VIESTOVÁ - Jana ŠTOFILOVÁ - Milan ORESKÝ *
* prof. Ing. Kristína VIESTOVÁ, CSc. - doc. Ing. Jana ŠTOFILOVÁ, CSc. - Ing. Milan ORESKÝ, Ekonomická univerzita v Bratislave, Obchodná fakulta, Katedra marketingu, Dol-nozemská cesta 1, 852 35 Bratislava 5; e-mail: viestova@dec.euba.sk, jstofil@post.sk, oresky@dec.euba.sk
Abstract: The home trade development in transitive countries as
Poland, Czech Republic, Hungary and Slo-vakia is in spite of different initial
positions very analogical. The home market in these countries is covered by the
national companies and also by the big strong foreign companies with global
marketing. These companies are obtaining strong position they mould the
structure of national internal market.
Law and order form principal frame of business. Legislation, acts and
regulations form space for business decisions about product, price, contracting,
distribution and communication policy. Home trade development is needed be
influenced in line of the targets of the economy policy and according the goals
of the home trade policy.
Key words: globalisation processes, domestic trade policy, domestic/home
trade, transitive economy, home trade internationalisation
JEL Classification: P11
Vivek H. DEHEJIA *
* Vivek H. DEHEJIA, Ph.D., Associate Professor of Economics, Supervisor of M.A. Studies, and Director, Carleton Applied Economics Research Unit, in the Department of Economics, Carleton University, Ottawa, Canada, and is Research Fellow of CESifo, Munich, Germany. His research interests centre on globalization and currency regimes; E-mail: vivek_dehejia@carleton.ca
Abstract: This paper frames policy debates around the appropriate
choice of currency regimes for develop-ing and transition economies, by
clarifying and articulating arguments drawn from the scientific and applied
economics literatures. In parti-cular, arguments for, and against,
"fixed" vs. "flexible" ex-change rate regimes are elaborated
and evaluated, including the celebrated "insulation" hypothesis of
Friedman and "optimum currency area" concept of Mundell. Political
econo-my arguments are also considered, including in the context of (actual)
European and (putative) North American cur-rency unions. The paper concludes
with some policy-relevant reflections on currency options for emerging
economies, and alternative visions for the future of the international monetary
architecture.
Key words: currency regime; dollarization; Euroization; fixed vs.
flexible exchange rates; impossible trinity; monetary/exchange rate policy
JEL Classification: F3, F4
Acknowledgements: This paper is based upon a talk given at the Department of Economic and Financial Models, Comenius University, Bratislava, Slovakia, October 31, 2003. I am very grateful to Pavel Brunovsky and Jarko Fidrmuc for their kindness and hospitality during my visit and for many valuable comments and suggestions. In addition, earlier versions of this talk were given at: the World Bank GDLN videoconference on exchange rate regimes in Latin America, Carleton Uni-versity, Ottawa, ON, March 2003; the symposium Current Issues in International Economics, Western Washington Univer-sity, Bellingham, WA, September 2003; and the Vienna Institute for International Economic Studies (WIIW), Vienna, Aus-tria, October 2003. Participants at all of these events made valuable comments that have improved this paper. But, in particu-lar, I wish to thank, for many stimulating conversations on this and related subjects, Robert A. Mundell, James W. Dean, Hans-Werner Sinn, J. Stephen Ferris, Charles Freedman, Archibald R.M. Ritter, Nicholas Rowe, and Katerina Tarasova. I would also like to thank Steve Hanke for our enlightening correspondence on the Argentine currency board. Finally, I thank a perceptive referee for very useful comments. But none of these individuals are responsible for any errors or omissions in this paper, which are solely my responsibility.
Maastrichtské cielenie - modelový prístup
František GACHULINEC *
* RNDr. František GACHULINEC, PhD., Rozkvet 2032/64-6, 01701 Považská Bystrica; e-mail: fga@psgnetpx.sk
Abstract: The target of this article is to present and subject to
criticism a model which could after further stages of development advise the
Slovak monetary and fiscal authorities how to adjust their instru-ments in the
near future so that the nominal Maastricht criteria for the chosen time horizon
can be fulfilled. This model which works on the basis of quarterly data is a
dynamic stochastic forward-looking non-linear model with endogenous monetary and
fiscal reaction function. By suitable adjust-ment of parameters of these
reaction functions it would be possible to achieve both internal and exter-nal
equilibrium of the Slovak economic system. To achieve nominal Maastricht
criteria with respect to the Slovak monetary authority a strategy of explicit
inflation targeting is proposed aimed at the over-all consumer price index.
Key words: Maastricht criteria, monetary policy, inflation targeting,
fiscal policy, forward-looking model
JEL Classification: E61, E58, E52, E17
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