Aktuálne Otázky Ekonomickej Teórie A Praxe V Medzinárodnom Podnikaní 2012

MEDZINRODN VEDECK KONFERENCIA
AKTULNE OTZKY EKONOMICKEJ TERIE A PRAXE

V MEDZINRODNOM PODNIKAN 2012
27. SEPTEMBRA 2012 V BRATISLAVE
INTERNATIONAL SCIENTIFIC CONFERENCE
CURRENT TOPICS OF ECONOMIC THEORY AND PRACTICE

IN INTERNATIONAL BUSINESS 2012
27TH SEPTEMBER 2012 IN BRATISLAVA
ZBORNK PRSPEVKOV Z MEDZINRODNEJ VEDECKEJ KONFERENCIE

THE PROCEEDINGS OF THE INTERNATIONAL SCIENTIFIC CONFERENCE
BRATISLAVA, 2012
Zostavil (editor): Hontyov, Kajetana; Sipko, Juraj (eds.)
Zbornk prspevkov z medzinrodnej vedeckej konferencie

-Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012
The Proceedings of the International Scientific Conference - Current Topics of

Economic Theory and Practice in International Business 2012
Bratislava: Paneurpska vysok kola, Fakulta ekonmie a podnikania, 2012. 218 s.
ISBN 978-80-89453-02-3
Za obsahov strnku prspevkov zodpovedaj jednotliv autori.
Rukopis nepreiel jazykovou pravou.
MEDZINRODN VEDECK KONFERENCIA
AKTULNE OTZKY EKONOMICKEJ TERIE A PRAXE

V MEDZINRODNOM PODNIKAN 2012
27. SEPTEMBRA 2012 V BRATISLAVE
INTERNATIONAL SCIENTIFIC CONFERENCE
CURRENT TOPICS OF ECONOMIC THEORY AND PRACTICE

IN INTERNATIONAL BUSINESS 2012
27TH SEPTEMBER 2012 IN BRATISLAVA
ZBORNK PRSPEVKOV Z MEDZINRODNEJ VEDECKEJ KONFERENCIE

THE PROCEEDINGS OF THE INTERNATIONAL SCIENTIFIC CONFERENCE
BRATISLAVA, 2012
Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Current Topics of Economic Theory and Practice in International Business 2012
Fakulta ekonmie a podnikania, Paneurpska vysok kola, Bratislava 2012
Faculty of Economics and Business, Pan European University, Bratislava 2012
Paneurpska vysok kola

Fakulta ekonmie a podnikania
organizuj
medzinrodn vedeck konferenciu
Aktulne otzky ekonomickej terie a praxe

v medzinrodnom podnikan 2012
Pan European University

Faculty of Economics and Business
organize
An International Scientific Conference
Current Topics of Economic Theory and Practice

in International Business 2012
Bratislava, 2012
4

Medzinrodn programov vbor konferencie / International Program

Committee
prof. Stefan Bojnec, Universita Primorska, Koper, Slovinsko
prof. Ruslan Grinberg, RAV, Moskva, Rusko
prof. Kajetana Hontyov, dekanka FEP PEV, Bratislava, SR
prof. Jlius Horvth, CEU, Budapest, HU
prof. Ladislav Kabt, FEP PEV, Bratislava, SR
prof. Frantiek Ochrana, Karlova univerzita, Praha, R
prof. Alexander Rubintejn, RAV, Moskva, Rusko
prof. Jana Stvkov, Mendelova univerzita, Brno, R
Organizan vbor konferencie / Organizing Committee

doc. Juraj Sipko, FEP PEV - predseda
Ing. Jana Bednrikov
Ing. Ondrej Beu
Ing. Zuzana Godrov
Marta Heribanov
Ing. Hana Jankov
Ing. Monika Kurtov
Recenzenti / Articles reviewed by

doc. Ing. Tom Dud, PhD.
prof. Ing. Kajetana Hontyov, CSc.
doc. Ing. Milan Horniaek, CSc.
Dr.h.c. prof. Ing. Ladislav Kabt, CSc.
doc. Ing. Pavol Molnr, CSc.
prof. RNDr. Frantiek Ochrana, DrSc.
doc. Ing. Jan Pavel, PhD.
doc. Ing. Juraj Sipko, PhD., MBA
prof. RNDr. Beata Stehlkov, CSc.
prof. Ing. Eduard Urban, PhD.
doc. Ing. Leo Vtek, PhD.
doc. Ing. Mria Zbkov, CSc.
Plenrne zasadnutie / Plenary session / Invited speakers

RNDr. Frantiek Hajnovi vskumn pracovnk NBS / Researcher NBS
prof. Ing. Peter Stank, CSc. Ekonomick stav SAV / Institute of Economic Research SAS
prof. Ing. Milan ikula, DrSc.- riadite Ekonomickho stavu SAV / Director of the Institute
of Economic Research SAS

Sekcie / Sections
Sekcia A: Ekonomick krza a podnikanie v priestore E (rokovac jazyk anglick /
slovensk)
Section A: Economic Crisis and Business in the EU Area (conference language English /
Slovak)
Vedci sekcie:
doc. Ing. Juraj Sipko, PhD. MBA
Rapporteuri:
Ing. Monika Sobekov Majkov, PhD.
Sekcia B: Doktorandsk sekcia (rokovac jazyk anglick)
Section B: Doctoral Students Section (conference language English)
Vedci sekcie:
prof. Ing. Eduard Urban, PhD.
Rapporteuri:
Ing. Monika Kurtov
Ing. Jana Bednrikov
Kontakty / Contacts
e-mail: konferenciafep@uninova.sk
telefn: +421 2 682 036 16, +421 2 682 036 06
adresa:
Refert pre vedeck innos a zahranin vzahy
Ing. Zuzana Godrov
Tematnska 10
851 05 Bratislava
Miesto konania konferencie / Conference Location

Tematnska 10
851 05 Bratislava
aula a posluchrne / Aula and lecture rooms
Termn konania konferencie: 27. septembra 2012 / Conference date: 27th September 2012

Program konferencie / Conference Program

Pan European University in Bratislava
Faculty of Economics and Business
Paneurpska vysok kola v Bratislave
Program and timing of the international scientific conference/Program a asov rozpis
medzinrodnej vedeckej konferencie
Current Topics of Economic Theory and Practice
in International Business 2012/ Aktulne otzky ekonomickej terie a praxe v
medzinrodnom podnikan 2012
September 27th 2012/ 27. september 2012
9:30 - 10:00
10:00 - 11:50
10:00 - 10:30
10:30 -11:00
11:00 - 11:20
11:20 - 11:50
Registration/ Registrcia
The plenary session/ Rokovanie v plne
Small Aula - Ground Floor/ Mal Aula - Przemie
ikula Milan
The Need of Contentual and Methodological Innovation of Economic
Science
Potreba obsahovej a metodologickej inovcie ekonomickej vedy
Stank Peter
Globalisation and its Implications
Globalizcia a jej dsledky
Coffee Break/ Prestvka
Hajnovi Frantiek
The Current Problems of Eurozone Debt Crisis: Critical Indebtedness and
Limits of its Solutions
Sasn problmy zadenia eurozny: kritick zadenie a limity jeho
rieenia
Conclusion of plenary session/ Ukonenie rokovania v plne
12:00 - 13:00
LUNCH BREAK/ OBEDAJIA PRESTVKA
13:30 - 16:20
A - Session/ Sekcia A
Ekonomick krza a podnikanie v priestore E/ Economic Crisis and
Business in the EU Area
Aula Maxima - Ground floor/ Vek Aula - przemie
Conference language English/Slovak /
Rokovac jazyk anglick/slovensk

Chairman/ Vedci sekcie - doc. Ing. Pavol Molnr, CSc.
Rapporteur/ Reportr - Ing. Monika Sobekov Majkov, PhD.
13:30-13:45
13:45-14:00
14:00-14:15
14:15-14:30
14:30-14:45
14:45-15:00
15:00 - 15:20
15:20-15:35
15:35-15:50
15:50-16:05
16:05-16:20
Bartes Frantiek
Competitive Intelligence and International Business
Competitive Intelligence a mezinrodn podnikn
Dud Tom
The Impact of the Global Economic Crisis on the Public Finances of Central
and Eastern European Countries
Vplyv globlnej hospodrskej krzy na verejn financie ttov v regine
strednej a vchodnej Eurpy
Kubtov Kvta
Changes in the Tax Mix of the Slovak Republic and the Czech Republic in
the Period of Crisis
Zmny daovho mixu Slovenska a R v obdob krize
Lakov Anna - Remiov Anna
Patterns of Effective Leadership Behaviour from the Perspective of
Managerial Ethics
Vzory efektvneho vedenia ud z perspektvy manarskej etiky
Molnr Pavol - Dolinsk Martin
Environmental Issues as a Space for the Total Impact Applications
Environmentlna problematika ako priestor pre komplexn uplatnenie novej
(navrhovanej) metriky
Pavel Jan
How does the Participation of Foreign Companies Affect the Results of
Public Contracts in the Slovak Republic?
Jak ovlivuje ast zahraninch firem vsledky veejnch zakzek na
Slovensku?
Sobekov Majkov Monika
The Analysis of the Access of Small and Medium Sized Enterprises to
Finance in European Union
Analza prstupu malch a strednch podnikov EU k finannm zdrojom
Vtek Leo
State Aid Measurement and Development in the Developed Countries
Men a vvoj veejn podpory podnik ve vysplch zemch
Zbkov Mria
Crisis In the Construction Industry and the Perspective of Social Housing in
Market-Oriented Economy
Krza v odvetv stavebnctva a perspektvy socilneho bvania v trhovo
orientovanej ekonomike
Stehlkov Beta
Education through the Prism of Statistics
Vzdelvanie cez prizmu tatistiky

13:30 - 16:05
B - Session/ Sekcia B
Doktorandsk sekcia/ Doctoral Student's Section
Room no. 4 - 1st Floor/ Posluchre . 4 - 1.poschodie
Conference language English/ Rokovac jazyk anglick
Chairman/ Vedci sekcie - prof. Ing. Eduard Urban, PhD.
Rapporteur/Reportr - Ing. Jana Bednrikov
Ing. Monika Kurtov
13:30 - 13:45
Kittler Maria Sofia

Fraud Prevention Strategy for Hospitality Management
Stratgia prevencie podvodov pre manament cestovnho ruchu
13:45 - 14:00
Bednrikov Jana
The Inter-Regional Migration Flows
Medzireginlne migran toky
Beu Ondrej
Regional Disparities and their Impact on Incomes in Slovakia
Regionlne disparity a ich dopad na regionlne prjmy na Slovensku
Cr Tom
Performance of Mutual Funds
O vkonnosti podielovch fondov
Hudkov Jarmila
The analysis of impact of European institutional provisions
Analza vplyvu eurpskych intitucionlnych opatren
Kurtov Monika
The Debt Crisis in Eurozone Countries and Influence to Enterprise Sector
14:00 - 14:15
14:30 - 14:45
14:45 - 15:00
15:00 - 15:20
15:20-15:35
15:35-15:50
15:50-16:05
Dlhov krza ttov eurozny a vplyv na podnikatesk sektor

Maurer Walter
Global Economy and its Influence to International Mergers and
Acquisitions Activities
Globlna ekonomika a jej vplyv na aktivity medzinrodnch zlen a
akvizci
Stupkov Angelika, Ing.
Reform of the Global Financial Architecture
Reforma svetovej finannej architektry

Obsah / Contents
Program konferencie/ Conference Program ..........................................................................7
vodn slovo/ Editorial ..........................................................................................................12
Zvery z rokovan sekci/ Section Summary .......................................................................14
Plenrne zasadnutie/ Plenary Session ................................................................................... 17
Frantiek Hajnovi
The Current Problems of Eurozone Debt Crisis: Critical Indebtednes and Limits of its Solutions ...................... 18
Sasn problmy dlhovej krzy eurozny: kritick zadenos a limity jej rieenia
Peter Stank
The Global Crisis and Society ................................................................................................................................ 28
Globlna krza a kriminalizcia ekonomiky a spolonosti
Milan ikula
Systmov charakter globlnej krzy a potreba obsahovej a metodologickej inovcie ekonomickej vedy .......... 33
Sekcia A: Ekonomick krza a podnikanie v priestore E

Section A: Economic Crisis and Business in the EU Area
Frantiek Bartes
Competitive Intelligence and International Business............................................................................................. 45
Tom Dud
The Impact of the Global Economic Crisis on the Public Finances of Central and Eastern European
Countries ................................................................................................................................................................ 52
Vplyv globlnej hospodrskej krzy na verejn financie ttov v regine strednej a vchodnej eurpy
Kvta Kubtov
Changes in the Tax Mix of the Slovak Republic and the Czech Republic in the Period of Crisis ......................... 59
Zmny daovho mixu Slovenska a R v obdob krize
Pavol Molnr, Martin Dolinsk
Environmental Issues as a Space for the Total Impact Applications ..................................................................... 64
Environmentlna problematika ako priestor pre komplexn uplatnenie novej (navrhovanej) metriky
Frantiek Ochrana
Impact of the Financial Crisis on Public Finances Czech Republik. Growth Risk Aversion of Investors to
Increase Interest Rates on Government Bonds ...................................................................................................... 73
Dopady finann krize na veejn finance R a na rst rizikov averze investor k nrstu rokov sazby
z vldnch dluhopis
10

Jan Pavel
How Does the Participation of Foreign Companies Affect the Results of Public Contracts in the Slovak
Republic?........................................................................................................................................................... ....83
Jak ovlivuje ast zahraninch firem vsledky veejnch zakzek na Slovensku?
Anna Remiov, Anna Lakov
Patterns of Effective Leadership Behaviour from the Perspective of Managerial Ethics ..................................... 89
Vzory efektvneho vedenia ud z perspektvy manarskej etiky
Juraj Sipko
Why greece is a victim of the debt crisis ................................................................................................................ 99
Preo je grcko obeou dlhovej krzy
Monika Sobekov Majkov
The Analysis of the Small and Medium Sized Enterprises Access to Finance in European Union ..................... 106
Analza prstupu malch a strednch podnikov eu k finannm zdrojom
Beta Stehlkov
Education Through the Prism of Statistics............................................................................................................115
Vzdelvanie cez prizmu statistiky
Leo Vtek
State Aid Measurement and Development in the Developed Countries............................................................. 122
Men a vvoj veejn podpory podnik ve vysplch zemch
Mria Zbkov
Crisis in the Construction Industry and the Perspective of Social Housing in Market- Oriented Economy..... 131
Krza v odvetv stavebnctva a perspektvy socilneho bvania v trhovo orientovanej ekonomike
Sekcia B: Doktorandsk sekcia

Section B: Doctoral Students Section
Jana Bednrikov
The Inter- Regional Migration Flows................................................................................................................. 138
Medziregionlne migran toky
Ondrej Beu
Regional Disparities and Their Impact on Regional Incomes in Slovakia .......................................................... 145
Regionlne disparity a ich dopad na regionlne prjmy na Slovensku
Tom Cr
Performance of Mutual Funds ............................................................................................................................. 152
O vkonnosti podielovch fondov
11

Jarmila Hudkov
The Analysis of Impact of Europe Institutional Provisions ................................................................................ 159
Analza vplyvu eurpskych intitucionlnych opatren
Hana Jankov
Hedge Funds Regulation ...................................................................................................................................... 167
Regulcia hedovch fondov
Maria Sofia Kittler
Internal control: a fraud prevention strategy........................................................................................................175
Peter Kuba
Customer Satisfaction Survey Connection with the Present European Situation in Automotive Industry...........178
Prieskum spokojnosti zkaznka v svislosti so sasnou situciou v eurpskom automobilovom priemysle
Monika Kurtov
The Debt Crisis in Eurozone Countries and Influence to Enterprise Sector.........................................................194
Dlhov krza ttov eurozny a vplyv na podnikatesk sektor
Juraj Lazov
Convergence and Divergence in Gloval Economic Development........................................................................202
Konvergencie a divergencie v svetovom ekonomickom vvoji
Walter Maurer
Global Economy And Its Influence On International Mergers And Acquisitions Activities ................................ 209
Angelika Stupkov
Reform of the Global Financial Architecture........................................................................................................213
Reforma svetovej finannej architektry
12

Ven dmy a pni,
Ven kolegyne, kolegovia, mil tudenti a hostia,
stretvame sa na alom ronku vedeckej konferencie Fakulty ekonmie a podnikania PEV
venovanej aktulnym otzkam ekonomickej terie a praxe v medzinrodnom podnikan.
Doterajie ronky konferencie ukzali, e akademick komunita, ktor reprezentuje nau
fakultu a jej spolupracovnkov, cti nielen potrebu, ale takmer povinnos vyjadri sa
k teoretickm i praktickm problmom, ktor so sebou nesie globalizujce sa podnikatesk
prostredie.
Takmer denne sme svedkami toho, ako sa stretvaj a vzjomne speria podnikatesk
zujmy krajn, podnikateskch skupn i jednotlivcov, oficilne i neoficilne, v zmysle
pravidiel, ale aj na hrane zkona a ako a snaia sa zska pre svoje psobenia maximlny
produkne, marketingovo i finanne najvhodnej priestor. Tieto snahy v mnohch situcich
pripomnaj antagonistick hru, v ktorej vaz nemus by ten, kto ponka spoloensky
najviac oceovan efekty, ale ani ten, kto prichdza s najlepmi alternatvami vroby
a exploatcie zdrojov v najirom slova zmysle.
Snahy o hranin vyuvanie prrodnch i udskch zdrojov ved astnkov tohto boja
o podnikatesk prostredie k postupom, ktor nie s vdy konzistentn s ciemi a zmermi
strategickho, dlhodobo udratenho rozvoja spolonosti a so zujmami a oakvaniami jej
obanov.
Feti ekonomickho rastu asto prekrva jeho zkladn lohy a to zvyovanie ivotnej
rovne obyvatestva. Mme dostatok tatistickch dajov na to, aby sme dokumentovali
skutonos, e ekonomick rast, asto aj mimoriadne vrazn, nepriniesol do spolonosti to,
o sa od neho oakvalo jeho dopady na ivotn rove obyvatestva, resp. na kvalitu ich
ivota nie s vdy presvediv.
Aj preto vznikla sprva Stiglitz-Sen-Fittousi komisie, aj preto sa viacer medzinrodn
organizcie a intitcie, nevynmajc ani Eurpsku niu, ale hlavne cel rad akademickch
pracovsk venuj skmaniu dopadov ekonomickho rastu na kvalitu ivota spolonosti.
Aj preto vznikla a psob iniciatva Za lep ivot na pde OECD, aj preto sa organizuj
diskusn platformy na pde E, i v rmci OSN. Snahy o meranie dopadov ekonomickho
rastu na kvalitu ivota obyvatestva toti nie s iba akademickm zhumienkom, ale s aj
nstrojom spolonosti na usmerovanie tohto vvoja v slade so zmermi jej dlhodobho
rozvoja.
Aj preto sa astejie stretvame s odkazovanm na architektov merania vsledkov
ekonomickho rastu, osobitne na prof. Kuznetsa a na jeho varovanie, e ukazovate HDP nie
je irokospektrlne aplikovatenm nstrojom merania spenosti ekonomickho rastu
z pohadu kvality ivota a e tieto funkcie mu ani neprinleia.
Aj preto sa oraz astejie stretvame s problmami a otznikmi, ktor nastouje
medzinrodn, globalizovan podnikatesk prostredie a tvrd formy jeho trhovej sae.
Aj preto sa vak na druhej strane stretvame s odkazmi na princpy a alternatvy spoloensky
zodpovednho podnikania s poukazovanm na ich dobr vsledky v rznych krajinch sveta.
Problmy a otzniky v oblasti medzinrodnho podnikania, ktor aia Slovensko a jeho
obyvateov maj popri veobecne znmych problmoch aj svoje pecifik a preto je potrebn
im venova patrin pozornos. Legislatvna istota tohto prostredia, rovnos v prstupe
k informcim pre malch i vekch podnikateov, pre podnikateov domcich
i zahraninch by nemala unikn naej spolonej pozornosti.
Verm, e aj dnen konferencia ponka vhodn priestor na to, aby sa v tomto prostred
prezentovali nzory a podnety, ktor pomu tieto a mnoh alie problmov oblasti lepie
pochopi a sn aj pomc pri ich rieen.
13

Ven prtomn, mil priatelia, kolegyne a kolegovia, dmy a pni, v mene vedenia Fakulty
ekonmie a podnikania a organiztorov dnenej konferencie vs vetkch, vtame na pde
naej fakulty.
Vau as si vysoko vime a akujeme, e spoluvytvrate program i histriu naej
konferencie.
Rokovaniu konferencie elme pln pracovn i spoloensk spech.
Dr.h.c. prof. Ing. Ladislav Kabt, CSc.
14

Zvery z rokovania sekci / Section summary

Tohtoron Medzinrodn vedeck konferencia organizovan Paneurpskou vysokou
kolou, Fakultou ekonmie a podnikania bola orientovan na analzu sasnch aktulnych
otzok vvoja, pre ktor je charakteristick nerovnomern ekonomick rast vo svetovej
ekonomike spojen s prehlbujcou sa dlhovou krzou v priemyselne vyspelch ttoch, ale
tie v ttoch eurozny a neukonenou retrukturalizciou bankovho sektora hlavne
v niektorch priemyselne vyspelch ttoch, ale tie socilnymi nepokojmi v niektorch
reginoch. astnci konferencie prezentovali vsledky svojej vedecko-vskumnej innosti
od poslednej, minuloronej konferencie. Konferencia bola rozdelen na dve asti: plenrne
zasadnutie a rokovanie v sekcich.
Poas plenrneho zasadnutia referujci poukzali na cel rad novch teoretickometodologickch prstupov k sasnej ekonomickej teri ako vednej disciplne. astnci
konferencie sa vyjadrili tie kriticky alebo oponovali, e prevldali nzory v ekonomickej
terii, ktor upozorovali na mon rizik ekonomickho vvoja pred vznikom svetovej
finannej krzy. Poas plenrneho zasadnutia referujci poukzali na cel rad problmov
a monch rizk sasnho ekonomickho, socilneho a politickho vvoja, ktor s
vsledkom dlhodobo nerieench problmov a ktor viedli k sasnej finannej
a hospodrskej krze. V plne bol
komplexne zhodnoten a analyzovan jeden
z najdleitejch problmov sasnho vvoja v ttoch eurozny t.j. rieenie fiklnej
udratenosti. Na zklade kvantitatvnej analzy referujci zhodnotil vvoj rozpotovej
politiky eurozny v minulosti, poukzal na hranice vldneho zadlenia v tomto regine
a zhodnotil tie opatrenia, ktor prijala Eurpska nia na odvrtenie rozpotovch a dlhovch
problmov.
Po vystpeniach v plne pokraovali rokovania v dvoch sekcich, z toho jedna sekcia
bola pre mladch vedeckch pracovnkov - doktorandov. Vystpenie mono rozdeli na tie,
ktor mali makroekonomick charakter a vystpenia, ktor boli orientovan na medzinrodn
podnikanie. V oblasti venovanej makroekonomike sa referujci sstredili hlavne na
nepriazniv vvoj v oblasti verejnch financi a poukzali na neukonen proces
retrukturalizcie bankovho sektora a jej reformu v rmci prijatej koncepcie Basel III.
Referujci sa venovali aktulnemu vvoju v oblasti verejnch financi a jej
udratenosti. Analyzovali vplyv svetovej finannej krzy a nsledne svetovej recesie na
zhorujci sa vvoj v oblasti verejnch financi, hlavne v narastajcom verejnom dlhu.
Referujci na zkladne empirickch dajov dospeli k zverom, e s prehlbujcou sa dlhovou
krzou v ttoch eurozny mono oakva aj pokles relneho rastu HDP a to me vraznou
mierou ovplyvni aj medzinrodn podnikanie.
Niektor prspevky boli zameran aj na porovnanie daovho systmu v SR a v R
poas svetovej finannej krzy a recesie. Na zklade komplexnej analzy referujca dospela
k zveru, e sa znili daov kvty v oboch ttoch a e dolo k istmu zbleniu v rmci
dvoch skmanch ttov. V tejto oblasti boli prezentovan aj najvie rozdiely v daovom
systme medzi obidvoma ttmi, hlavne v oblasti DPH.
Pri analze verejnch zkaziek autor prspevku poukzal na fakt, e na Slovensku
v sasnosti vyhrvaj verejn zkazky zahranin subjekty iba v 3 % prpadov. Priom vo
svojej analze dospel k zveru, e as zahraninch firiem nem vplyv na poet
predloench ponk, priom zahranin firmy sa vo vej miere hlsia do verejnch sa,
o ktor maj slovensk firmy iba limitovan zujem. V oblasti poskytovania ttnej pomoci
referujci na zklade novej metodiky Eurostatu dospel k zveru, e nie je mon tvrdi, e na
verejn podporu podnikov doplcaj daov poplatnci, kee dnes nie je mon odhadn
straty/vnosy z retrukturalizcie podnikov.
15

V oblasti medzinrodnho podnikania astnci konferencie vzhadom na zloit
vonkajie ekonomick prostredie poukzali na vznam strategickch rozhodovan
v medzinrodnom podnikan. V tejto svislosti zdraznili vznam vasnch informcii a ich
vplyv na strategick rozhodovanie. V svislosti so svetovou finannou krzou bol
prezentovan aj sasnosti narastajci trend v realizci fzi a skupovania podnikov a firiem.
Na konferencii boli tie prezentovan vzory efektvneho vedenia ud z perspektvy
manarskej etiky. Autorka na zklade realizovanho dotaznkovho prieskumu dospela
k zveru, e pri skman kovch povahovch t ldrov z radov slovenskch tudentov
vysokch kl, tudenti v dotaznku najviac uprednostnili charizmatick tl vedenia ud,
priom hlb vskum odhalil kov vlastnosti ako zmysel pre diplomaciu, vizionrstvo,
inpiratvnos, obetavos, rozhodnos, alebo schopnos organizova.
Na konferencii bola prezentovan problematika ochrany ivotnho prostredia pre mal
a stredn podniky. Autori predstavili vlastn model aplikovaten v konkrtnom podniku.
Zverom mono kontatova, e prezentovan vsledky na medzinrodnej vedeckej
konferenci mu by cennm nmetom pre aliu vedeck a odborn diskusiu a mu tie
sli v niektorch prpadoch ako podklad pri koncipovan hospodrskej politiky
v podmienkach Slovenska.
Fakulta ekonmie a podnikania Paneurpskej vysokej koly m zmer aj naalej
pokraova v organizovan medzinrodnch vedeckch konferenci s cieom prezentcie
vsledkov vedecko-vskumnej innosti. Taktie m zujem poskytn priestor pri rieen
a analze aktulnych otzok sasnho teoretickho poznania v konfrontci s poiadavkami
hospodrskej praxe, ktor svisia so sasnm zloitm hospodrskym vvojom v oblasti
makro- a mikroekonomickej a ich vplyvu na medzinrodn podnikanie.
doc. Ing. Juraj Sipko, PhD. MBA
16

Plenrne zasadnutie
Plenary session
17

SASN PROBLMY DLHOVEJ KRZY EUROZNY:

KRITICK ZADENOS A LIMITY JEJ RIEENIA
THE CURRENT PROBLEMS OF EUROZONE DEBT CRISIS: CRITICAL
INDEBTEDNESS AND LIMITS OF ITS SOLUTIONS
Frantiek Hajnovi
Abstract:
Paper is devoted to the particular problems of the current Eurozone debt crisis. First, we
explain the dynamics of the Eurozone debt and its componnets: the snow-ball effect and the
primary balance. Then, based on the empirical analysis suported by the panel estimation of
the simultaneous model, we describe and asses the budget policy of Eurozone countries.
Subsequent empirical analysis then helps us to derive limit for the Eurozone debt and
respective space for financing debt in the eurozone. Policy recomendations for strenghten
SGP are provided.
Keywords: Governemnt budget, deficit, debt, Eurozone, critical (level of) debt, Stability and
growth pact
JEL klasifikcia: H61, H63, H63
vod
Sasn dlhov krza postavila vldy eurozny a a euroznu ako celok pred vne problmy.
Je nevyhnutn, aby v procese hadania rieen a vchodsk z nej a ako predpoklad budceho
stabilnejieho vvoja nala eurozna spsob, ako v budcnosti preds situcii, ke vysok
zadlenie niektorch krajn eurozny ohrozuje nielen finann stabilitu tchto krajn, ale
stabilitu eurozny ako celku. Bude pritom nevyhnutn njs odpove na viacer otzky.
V prspevku sa budeme venova dvom z nich:
Ak boli reakcie rozpotov jednotlivch krajn eurozny (a eurozny ako celku) na
deficit a dlh? Boli tieto reakcie dostaton, aby garantovali smerovanie rozpotov
k vyrovnanmu rozpotu? Boli tieto reakcie dostaton, aby dlhy nerstli a aby dlhy
vysoko zadlench krajn smerovali pod hranicu 60% HDP?
Ako reagovali vldy eurozny na samotn zadlenie? Boli tieto reakcie dostaton,
aby ben hospodrenie primrna bilancia kompenzovala nabaovanie dlhu? Pri
akej rovni dlhu je snaha o brzdenie dlhu lepm hospodrenm rozpotu u neinn
v dsledku negatvnych inkov samotnch spor v benom hospodren rozpotu na
agregtny dopyt a ekonomick rast?
Na zver prspevku zhodnotme doterajie silie vld eurozny pri rieen sasnej dlhovej
krzy a vyjadrme sa vo veobecnej rovine tie ku krokom ECB, ktor zohrva vznamn
lohu v stabilizcii situcie, asto za cenu krokov, ktor s v stabilizovanch podmienkach
hodnoten ako menej obvykl, alebo netandardn. V plnom zvere sa vyjadrme tie
k opatreniam v oblasti fiklenj politiky, ktor maj sprsni podmienky rozpotovho
hospodrenia krajn eurozny tak, aby sa naplnili jeho ciele: nasmerova rozpoty
k vyrovanmu hospodreniu a nasmerova dlhy pod hranicu 60% HDP.
Literatra, ktor sa vyjadruje k sasnej dlhovej krze je vemi rozsiahla. Vzhadom na
limitovan rozsah tohto prspevku vak odkeme itatea na prce autora (Hajnovi, 2010)
18

a (Hajnovi et all., 2012), kde je mon njs ir zoznam prc, vzahujci sa k predmetu
tohoto prspevku. Charakteristiku krokov ECB potom robme najm na zklade kalendra
krzy, ktor je dostupn na strnke ECB a NBS. Vyjadrenie k opatreniam, ktor sprsuj
pravidl pre rozpotov hospodrenie vld v E a v eurozne potom opierame o veobecne
dostupn informcie o tchto krokoch na strnkach E a o vsledky hore uvedench prc
autora.
1. Vvoj dlhu v eurozne dynamika dlhu a jej zloky
Dynamika zadlenia sa riadi vzahom, ktor umouje rozloi zmeny zadlenia na zloku,
ktor sa vzahuje na rokov nklady dlhu a zloku, ktor vyjadruje vsledok benho
hospodrnia:
dt= (it gt) * dt-1 PBt - at
pb
i
g
d
a
(1)
Primrna bilancia, % nominlneho HDP

implicitn priemern rok na dlh
tempo rastu nominlneho HDP
dlh, % nominlneho HDP
Priame, jednorazov zmeny dlhu (revalucie, odpustenie dlhu,
jednorazov spltky)
Vraz (it gt) * dt-1 predstavuje upraven rokov nklad dlhu. Vyjadruje tzv. efekt snehovej
gule (snow-ball effect). Ke rok na dlh je vy ako tempo rastu (nominlneho) HDP, dlh m
tendenciu sa nabaova a na jeho stabilizciu je potrebn dosahova prebytky v benom
hospodren rozpotu (primrnej bilancii). Ke je rok ni ako tempo rastu nominlneho
HDP dochdza k tzv. vyrastaniu z dlhu a dlh je mon stabilizova aj vtedy, ke je ben
hospodrenie deficitn. Pribline plat, e vyspel ekonomiky rast (relne aj nominlne)
pomaly a preto aj pri nzkych rokovch sadzbch mlokedy z dlhu vyrastaj, skr ho
nabauj. V benom hospodren preto musia asto vytvra prebytky. Rozvjajce sa,
dobiehajce ekonomiky rast obvykle relne a nominlne rchlejie z dlhu vyrastaj
a v benom hospodren pravidla vytvraj deficit. Naprklad Slovensko rstlo pred krzou
nominlne tempami a 10-12% rone. To mu, po znen rokov, ktormi financovalo svoje
vldne dlhy, umonilo nielen rchlo vyrasta z dlhu, ale napriek deficitu v benom
hospodren zniova vldnu zadlenos.
Nasledujce grafy dokumentuj vvoj zadlenia v eurozne a zloky jeho dynamiky.
Predovetkm je zrejm, e eurozna zadlenie dlhodobo zniovala. Dialo sa tak najm pred
vznikom eurozny a nsledne v obdob konjunktry pred sasnou krzou. V obdob
cyklickho spomalenia po vzniku eurozny rove dlhu vzrstla a explodovala v obdob
hlbokej recesie poas sasnej krzy.
19

Obr. 1 Vvoj zadlenia eurozny, 1996-2011, % HDP
Zadlenie eurozny, % HDP
88
84
80
76
72
68
64
96
97
98
99
00
01
02
03
04
05
06
07
08
09
10
11
Zdroj: Eurostat
Vvoj dlhu vysvetuje nasledujci graf. Z neho vyplva, e rokov nklady na financovanie
dlhu sa v uvedenom obdob prevane zniovali sved o tom zmenujca sa medzera medzi
celkovou a primrnou bilanciou hospodrenia rozpotov eurozny. Prjmy (ich podiel na
HDP) sa zniovali, priom kolsanie zodpoved benmu oakvaniu podiel sa zvyoval
v obdob konjunktry a znioval v obdob spomalenia alebo recesie. Skuton problm pre
vsledok hospodrenia predstavuj vdavky tie nie je mon okamite prispsobi
cyklickm alebo krzovm vkyvom ekonomiky a preto sa (ich podiel) v obdob spomalenia
a v recesii ich podiel na HDP vznamne zvyuje, o roztvra nonice medzi prjmami
a vdavkami a zvyuje zadlenie (podiel dlhu HDP). Prve to sa stalo v sasnej krze.
Uveden vvoj m ekonomick a socilnu logiku vdavky (ich objem) psobia ako
stabiliztor socilnej situcie a tie proticyklicky ako (automatick) stabiliztor ekonomickej
aktivity. Sasne sa tm ale destabilizuje rozpotov situcia a najm narast zadlenie.
Ekonomick politika je teda vystaven dileme stabilita ekonomiky, alebo stabilita rozpotu?
Obr. 2 Vvoj hospodrenia rozpotov eurozny, 1996-2011, % HDP.
52
51
50
49
48
-2
47
-4
46
-6
45
-8
44
-10
1996
1998
2000
2002
2004
2006
Prjmy, % HDP
Vdavky, % HDP
ist piky, % HDP
Primrna bilancia, % HDP
Zdroj: Eurostat
20
2008
2010

Obr. 3 Zloky dynamika zadlenia eurozny
rok, Y/Y, %
Tempo rastu HDP, Y/Y, %
-2
-4
1996
1998
2000
2002
2004
2006
2008
2010
1996
1998
Nabaovanie dlhu, Y/Y, %
2000
2002
2004
2006
2008
2010
2008
2010
Primrna bilancia, %
5
2
4
3
0
2
1
-2
0
-1
-4
1996
1998
2000
2002
2004
2006
2008
2010
1996
1998
2000
2002
2004
2006
Zdroj: Eurostat
Ako sme uviedli, dynamiku dlhu je mon analyzova poda vzahu (1). Z priebehu
jednotlivch zloiek dynamiky dlhu vyplva, e implicitn rokov sadzby na vldne dlhy
v eurozne prudko klesali a v priebehu sledovanho obdobia sa znili viac ako dvojnsobne
z viac ako 7% na pribline 3,5%. A na obdobie sasnej krzy bol pomerne stabilizovan rast
nominlneho HDP 4-5%. To umonilo, aby sa, ako vyplva z prslunho grafu,
nabaovanie dlhu zniovalo z 3% HDP na nulu, ba dokonca aby eurozna z dlhu zaala
vyrasta. Bohuia, tto prleitos na zniovanie zadlenia nebola krajinami eurozny
celkom vyuit, kee potrebn prebytky primrnej bilancie sa, nielen poas krzy, nedarilo
udra.
2. Smerovali rozpoty v eurozne k plneniu Maastrichtskch kritri?
Od prepuknutia globlnej krzy na jese v roku 2008 a jej prenesenia do rozpotov a zadlenia
v niektorch krajinch eurozny uplynul relatvne krtky as. Reakcia na krzu si vyiadala
cel rad opatren a krza samotn mala na rozpoty devastujce dopady. Dnes je predasn,
vzhadom na krtke obdobie od prepuknutia krzy, hodnoti inky krzy a najm prijat
opatrenia. Je ale mon posdi reakcie rozpotov na deficity a dlhy v minulosti (do roku
2008). V citovanej prci (Hajnovi, 2012) boli tieto reakcie analyzovan pre 27 krajn E.
V predloenom prspevku budeme tieto reakcie hodnoti na zklade analzy za krajiny
eurozny (EU 161) v obdob od roku 1995 do roku 2008.
V analze sme si poloili jednoduch otzky:
Reagovali prjmy a vdavky benho roku v rozpotoch krajn eurozny na vsledky
hospodrenia (bilanciu, deficit) v minulom roku?
Reagovali prjmy a vdavky benho roku v rozpotoch krajn eurozny na rove
dlhu na konci minulho roku?
Ak alie faktory ovplyvovali prjmy a vdavky v benom roku?
1
Zahrnuli sme aj Slovensko, ktor sa lenom eurozny stalo od 1. 1. 2009, ale do eurozny smerovalo viac
rokov predtm.
21

Ako sa d interpretova zisten reakcia rozpotov z hadiska smerovania

k vyrovnanmu rozpotu?
Ako sa d interpretova zisten rekcia rozpotov z hadiska dosiahnutia
Maastrichtskho kritria pre dlh (60% HDP)?
Ako sa daj interpretova alie analzou zisten skutonosti?
Analza sa opierala o simultnny model pre prjmy a vdavky rozpotu, ktor vysvetuje
rove prjmov (% prjmov na nominlnom HDP) a rove vdavkov (% HDP) v zvislosti
na bilancii rozpotu (% HDP) a rovni dlhu (% HDP) v predolom obdob. rove prjmov
a vdavkov v modeli je ovplyvnen ekonomickm cyklom (odchlkou skutonho relneho
HDP od potencilu, tzv. output gapom). Prjmy benho obdobia vplvaj (s pouit) na
vdavky benho obdobia a vdavky benho obdobia sa premietaj do prjmov benho
obdobia (bliie: Hajnovi, 2010).
Nasledujci Obrzok 4 schematicky dokumentuje zkladn vsledok odhadu modelu. Strune
budeme interpretova jeho zkladn prvky:
Prjmy rozpotu reaguj na zisten deficit v slade s benm oakvanm. Vy
deficit zvyuje silie vldy o zlepenie vsledku hospodrenia zvenm prjmov
prjmy sa zvia o 0,204% HDP s kadm p.b. o ktor je deficit vy ako
Maastrichtsk hranica -3% HDP1.
Podobne v slade s oakvanm, avak opane a silnejie, reaguj vdavky. Vy
deficit spsobuje, e vdavky sa v nasledujcom roku znia a to tak, e s kadm p.b.
o ktor je deficit vy ako Maastrichtsk hranica -3% HDP sa vdavky
v nasledujcom roku znia o 0,428 p.b.
Vemi slab je reakcia prjmov na dlh. rove dlhu vyia od Maastrichtskej hranice o
10 p.b., sa v nasledujcom roku prejav na prjmoch len nepatrne tie sa zvia len
o 0,1 p.b.
Vrazne silnejia je reakcia vdavkov na dlh. Tie sa v nasledujcom roku zvia o 0,9
p.b. za kadch 10 p.b. o ktor je dlh vy ako 60% HDP
Naopak, ke je deficit men ako -3% HDP, prjmy sa v nasledujcom roku zniuj.
22

Obr. 4 Krtkodob reakcie prjmov a vdavkov rozpotu na deficit a dlh
Ae=
+0,214
(Prjmy)
%HDP
0,165
0,099
0,204
Dlh (t-1),
%HDP
0,010
-0,079
Cyklus
0,306
-0,231
(Vdavky)
%HDP
Deficit (t-1)
%HDP
-0,428
Ax= -0,747
Zdroj: Na zklade modelu, Hajnovi 2010
Vyie prjmy maj spsobia, e ete v danom roku sa zvia aj vdavky a to tak, e
zvenie prjmov o 1 p.b. spsob zvenie vdavkov o 0,306 p.b. Dvody mu by
rzne od jednoduchho vyuitia prleitosti na zvenie vdavkov, naprklad pred
vobami, a po zloitejie naprklad v prpade, ke prjmy s vyie v dsledku
vyej inflcie a vdavky alebo ich as (mzdy, dchodky...) sa valorizuj poda
inflcie.
Podobne, vyie vdavky spsobia, e ete v danom roku sa zvia aj prjmy a to tak,
e zvenie vdavkov o 1 p.b. spsob ete v danom roku zvenie prjmov rozpotu
o 0,165 p.b. Je to spsoben najm tm, e vyie vdavky sa ete v danom roku
premietnu do prjmov a spotreby v domcej ekonomike1 a do vych dan a odvodov.
Zmeny prjmov a vdavkov s spsoben aj cyklickm vvojom ekonomiky. Km
prjmy, najm z dan a odvodov, poas konjunktry zvyuj svoj podiel na HDP,
podiel vdavkov kles rast ich objemu zaostva za rastom dchodkov (HDP)
v ekonomike. Funguje tzv. automatick stabilizcia. Podiel prjmov na HDP je vy
o 0,099 p.b. ke je produkn medzera (konjunktra) vyia o 1 p.b. Naopak, podiel
vdavkov na HDP je vtedy o 0,231 p.b. ni. V konjunktre sa teda vytvra prebytok
alebo sa zmenuje deficit (o brzd dopyt a zmenuje prehrievanie) a, naopak,
v recesnej fze cyklu (vo fze spomalenia) sa deficit zvyuje, o brzd spomalenie.
Celkovo sa tak zmieruje ekonomick cyklus.
V reakcii prjmov a vdavkov sa prejavuje aj autonmny prvok. Ten je vyjadren
koeficientmi Ax a Ae, ktorch zjednoduen interpretcia je nasledovn. Bez ohadu
na deficit a dlh, ekonomick cyklus a skuton zmeny prjmov a vdavkov sa
v zmench prjmov prejavuje tendencia k ich zniovaniu (o 0,747 p.b. rone)
a v zmench vdavkov tendencia k ich zvyovaniu (o 0,214 p.b. rone). Celkovo tak
m v sebe rozpotov proces eurozny tendenciu k trukturlnemu zvyovaniu
deficitu o takmer 1 p.b. rone (0,961 p.b.)
Vyie vdavky sa v otvorenej ekonomike premietnu aj do zahraniia
23

Schma na Obrzku 4 ilustruje bezprostredn krtkodob reakcie za euroznu ako celok.
Konsolidan reakcia rozpotu spolu na strane prjmov aj vdavkov poda uvedench
odhadov je:
na deficit:
0,632 p.b. pri deficite vyom o 1 p.b.
na dlh:
0,8 p.b. pri dlhu vyom o 10 p.b.
na cyklus:
0,33 p.b. pri konjunktre (produknej medzere) 1 p.b.
Vzhadom na vzjomn zvislos zmien rozpotu na strane prjmov a vdavkov je posdenie
dlhodobej reakcie zloitejie.1 Nebudeme sa mu na tomto mieste venova. Namiesto toho
chceme poukza na dva problmy, ktor vyplvaj z odhadov.
Uveden tendencia k trukturlnemu zniovaniu deficitu je vak, ako vyplva z odhadov,
priebene tlmen reakciou rozpotu na deficit a dlh. Tto reakcia toti ochabuje, ke je deficit
alebo dlh ni ako zodpovedajce Maastrichtsk limity. To spsobuje, e fiklne ciele,
vyten sasnmi sprsnenmi pravidla pre Pakt stability a rastu by nemuseli by pri
nezmenench reakcich rozpotu dosiahnut. Konkrtne, ak by dlh dosahoval 60% HDP (a
rozpoet by na dlh nereagoval vbec), ekonomika by bola na potencili, potom by tendencia
k trukturlnemu zniovaniu deficitu nestaila na to, aby deficit klesol pod hranicu pribline
1% HDP, lebo takto lep deficit by spsobil sasne ochabnutie konsolidanho silia
vldy (vld eurozny celkom). Na smerovanie k vyrovnanmu hospodreniu by bolo potrebn
zlepi trukturlne zlepovanie rozpotu, alebo zmeni reakciu na lep vsledok
hospodrenia ako je Maastrichtom predpsan hranica -3% HDP.
trukturlna zloka hospodrenia je pre kad krajinu v eurozne in. Tak naprklad Grcko
m hospodrenie trukturlne nastaven na rast deficitu o viac ako 6% rone2 . Napriek
brzdeniu vdavkov a napriek zvyovaniu prjmov v reakcii na deficit a na vysok dlh Grcko
nie je celkovo schopn dostatone brzdi deficit a najm dlh. Naopak, Slovensko m vaka
silnmu brzdeniu vdavkov, napriek pomerne laxnmu prstupu k prjmom (ich podiel na
HDP sa dlhodobo znioval) celkovo len nepatrne horiu autonmnu konsolidan reakciu ako
eurozna. Problm vak predstavuje skutonos, e nzka rove dlhu implicitne (poda
modelu) zmieruje snahu o zniovanie deficitu. Pokraovanie takejto rozpotovej politiky
me vak v budcnosti narazi na prli nzku rove prjmov (a vdavkov) a teda na aksi
doln hranicu pre zniovanie vdavkov.
Z odhadov reakcie rozpotov na dlh vyplva, e tto reakcia je pomerne siln. Prjmy na dlh
nereaguj v krtkom obdob takmer vbec3, vdavky vak reaguj pomerne silno. Sprsnen
Pakt predpoklad, e krajiny, ktor maj dlh vy ako 60% HDP bud zniova zadlenie
o 1/20, teda 5% z rovne, presahujcej 60%. Poda nho odhadu vak celkov reakcia na dlh
bola silnejia, predstavovala a 8% z tejto dlhovej medzery.
Jeden z problmov, ktor m uveden sprvanie reakcia na dlh a deficit spova v tom, e
v sprvan krajn nad a pod Maastrichtskmi kritriami je symetria. Asymetriu sa nm
nepodarilo potvrdi. T je ale iastone vyjadren v sprsnenom Pakte tm, e bez ohadu
na dosiahnut vsledok by mala krajina dosahova sstavn zlepovanie v hospodren
verejnch financi (o 0,5% HDP rone). Podobne by bolo treba zabezpei aj asymetriu
v dynamike dlhu tak, e okrem povinnho zniovania dlhu v krajinch s vysokm dlhom by
1
D sa ukza, e celkov dlhodob konsolidan reakcia je silnejia

Tieto poznatky umouj odhady tzv. fixnch efektov pre krajiny eurozny, ktor tu neuvdzame. Tie odliuj
(krtkodob) reakcie prjmov a vdavkov jednotlivch krajn od eurozny ako celku.
3
Prslun parameter je nielen mal, ale jeho odhad nie je ani tatisticky vznamn
2
24

bolo potrebn zakotvi v sprsnenom pakte aj nezvyovanie dlhu, alebo limit ni ako 60%
v krajinch s dlhom nim ako 60%. To by celkovo posilnilo oddlovanie vldnych
rozpotov eurozny.
3. M eurozna priestor na financovanie vldnych dlhov?
Sasn napt situcia pri financovan vldnych dlhov niektorch krajn eurozny printila
vldy eurozny spoji sily pri financovan vldnych dlhov tak, aby sa vysoko zadlen krajiny
vyhli pri (re)financovan dlhov vysokm, asto pekulatvnym trhovm rokovm sadzbm,
ktor by spsobili neudratene rchle nabaovanie ich dlhu. Viacer krajiny (rsko,
Portugalsko, Taliansko a najm Grcko) preto vyuili (re)financovanie dlhu za zvhodnench
netrhovch podmienok, o im umonilo spomali nabaovanie dlhu a zska as na prijatie
potrebnch opatren na zlepenie benho hospodrenia ich vldnych rozpotov. Takto
politika spolu s uvonenm menovej politiky a almi krokmi ECB predstavuje v sasnosti
nstroj na upokojenie situcie. Vyuva silu a dveru, ktor m eurozna ako celok a jej
priestor na financovanie zadlenia, tzv. fiklny priestor. Ak vek je tento priestor?
Zodpovedanie tejto otzky je mon po uren hornej hranice zadlenia, akhosi limitnho
dlhu, ktor me erpa eurozna. V prci (Ostry a i., 2010) bol navrhnut prstup, ktor
umouje takto limit uri. Jeho podstatou je nasledujca vaha:
Vldy reaguj na zadlenie tm, e vsledkom benho hospodrenia primrnou
bilanciou - kompenzuj nabaovanie dlhu, tak ako to charakterizuje vzah (1) hore. Na
to, aby dlh nerstol spravidla treba, aby sa primrna bilancia zlepovala s rastcim
dlhom.
Uveden autori predpokladali, e primrna bilancia, reakcia na dlh je nelinernou
funkciou rovne dlhu, priom tto reakcia v nejakom bode (pri uritej rovni dlhu
dosahuje svoj vrchol a nsledne slabne. To vyjadruje pozorovan skutonos, e
hospodrenie nie je mon zlepova donekonena, lebo za uritou hranicou takto
snaha spsobuje tak oslabenie dopytu v ekonomike, ktor ju spomal, alebo uvrhne
dokonca do recesie 1 . Vyjadruje to vak tie fakt, e zlepenie alebo prebytok
hospodrenia rozpotu m politick nklady a tak za uritou hranicou slabne politick
va, schopnos a zmysluplnos takhoto silia.
Za normlnych okolnost je mon oakva, e nabaovanie dlhu bude narasta
s rastcim dlhom pribline linerne. Len pri vysokch rovniach dlhu sa me sta, e
veritelia zan posudzova alie financovanie dlhu ako rizikov a nabaovanie dlhu
prudko vzrastie.
Pribline linerna iara nabaovania dlhu a konkvna krivka reakcie na dlh sa obvykle
pretn v dvoch bodoch. V prvom bode (tzv. bod udratenho zadlenia) vlda
stupuje svoju snahu nedovoli alie narastanie dlhu, km v druhom bode, naopak,
svoje silie vzdva a vysiela tak signl, e je ochotn pripusti nesplcanie dlhu.
Tento (druh) bod nazvame kritickm zadlenm, limitom pre dlh.
Rozdiel medzi aktulnym zadlenm a kritickm zadlenm nazvame fiklny
priestor. Vyjadruje (teoretick) priestor na alie financovanie vldneho dlhu.
V (Hajnovi a i., 2012) bol uveden prstup modifikovan a aplikovan na podmienky
eurozny.
Ako sme uviedli, reakcia na dlh je nedostaton, ke
1
Formlne nie je naprklad mon dosiahnu prebytok vy ako 100% HDP.
25

(it gt) * dt-1 > Pb,
teda, ke primrna bilancia nekompenzuje nabaovanie dlhu. Nasledujci Obrzok 5 ukazuje
situciu, ktor bola identifikovan pre euroznu.
Obr. 5 Reakcia na dlh a nabaovanie dlhu v eurozne, 1995-2008
14
12
10
8
6
4
2
0
-2
-4
0
20
40
60
80
100
120
140
160
180
Dlh, % HDP
Reakn funkcia, % HDP
Nabaovanie dlhu, % HDP
Zdroj: Odhad na zklade (Hajnovi a i., 2012)
Z vsledkov odhadu vyplva, e udraten rove dlhu pre euroznu, ako vyplva
z dlhodobej reakcie na dlh, z rokovch nkladov a z tempa rastu eurozny (odhad bol
uroben na dajoch z obdobia 1995-2008) je pribline 70% HDP. Je to viac ako
Maastrichtsk limit a sved to o tom, e reakcia a modifikovan nkladov pomery
v eurozne v minulosti (pred krzou) nezabezpeovali plnenie Maastrichtskho kritria pre
dlh. D sa vak ukza, e v uvedenom obdob rokov sadzby (a nklady) klesali a pri
zohadnen nich rokovch sadzieb na konci obdobia by sa iara nabaovania dlhu otoila
smerom nadol a udraten rove dlhu by sa dostala dokonca pod hranicu 60% (pribline
do intervalu medzi 50-55%).
Graf tie ukazuje, e v intervale od 120 do 130% HDP dochdza v reakcii na dlh k obratu
a zadlenie pribline 155% HDP predstavuje (teoretick) kritick hranicu dlhu eurozny.
Teoretick preto, lebo v skutonosti u pri priblen sa k vrcholu v reakcii veritelia
pravdepodobne zvia rizikov mare (otoia iaru nabaovania dlhu prudko smerom nahor),
o spsob, e kritick rove dlhu sa posunie vrazne smerom k nim rovniam dlhu. Tto
reakcia veriteov, niekedy prestrelen, me dokonca spsobi, e sasn reakcia na dlh
(modr krivka) nemus postaova (!) a vldy eurozny bud musie prikroi k urchlenej
konsolidcii rozpotovej situcie, k prijatiu trukturlnych opatren, ktor posun reakn
funkciu smerom nahor a vytvoria (obnovia) priestor na alie financovanie dlhu.
Sasn rove dlhu v eurozne, pribline 87% HDP, preto, napriek hypotetickmu priestoru
na financovanie neme zvdza k uspokojeniu. Identifikovan pribline 30-40%-n priestor
na rast dlhu (cca 3-4 triliny EUR), ktor vychdza z ekonomickch podmienok pred krzou
je okrem inho zneisten okolnosami, ktor nastali po prepuknut krzy:
26

Znen vhad pre rast ekonomiky eurozny (ni rast potencilneho produktu). To
spsobuje otoenie iary nabaovania dlhu smerom nahor a sasne posun reaknej
funkcie smerom nadol.
Neistota pri rozhodovan o spolonom financovan dlhov (eurobondy, eurovaly,
financovanie ECB...). To spsobuje, e reakn funkcia sa posva smerom nadol.
Ak realisticky posudzujeme priestor na alie zadlovanie eurozny s prihliadnutm na

uveden zmeny a neistoty, dospejeme pravdepodobne k menej optimistickmu
honoteniu monost eurozny vyriei sasn krzu spolonm financovanm dlhov
eurozny. Tento priestor odhadujeme na pribline 20-25% HDP eurozny, teda
pribline 2-2,5 trilinov EUR. Vek as tohto priestoru sa u vyuila.
Zver
V prspevku sme ukzali, e dlhov problm eurozny m svoj pvod v tom, ako reagovali
rozpoty jednotlivch krajn eurozny na deficit a dlh. Na zklade identifikcie tejto reakcie
pomocou modelu kontatujeme, e sprsnen Pakt rastu a stability predstavuje sprvnu
reakciu na deficit a dlhov problmy. Sasne vak upozorujeme, e je potrebn, aby pri
obmedzovan deficitu aj dlhu Pakt zdraznil potrebu asymetrie v konsolidcii:
krajiny, ktor maj deficit vysok ho musia zniova, ale aj krajiny, ktor ho maj
ni ako 3% HDP musia smerova k vyrovnanmu rozpotu,
krajiny, ktor maj dlh vy ako je limit (60% HDP) ho musia zniova tempom
najmenej 5% z dlhovej medzery za rok. Sasne vak aj krajiny, ktor maj dlh pod
hranicou 60% musia dlh zniova, alebo ich dlh nesmie prekroi nejak hranicu
niiu ako 60% HDP.
V alej asti prspevku sme ukzali, e reakcia eurozny na dlh vytvra priestor (fiklny
priestor) na alie financovanie dlhov aj problmovch krajn v eurozne. Sasne vak
upozorujeme, e tento priestor je ohranien sasnmi krzovmi problmami, priom jeho
vekos odhadujeme na 20-25% HDP eurozny (2-2,5 trilina EUR). Znan as tohto
priestoru bola u vyuit, alebo m by vyuit na stabilizciu dlhovej situcie tzv. eurovalom
a operciami ECB.
Literatra
HAJNOVI F. (2010): Deficit and debt in the EU27 fiscal policies. Financial Stability report
for the 1st half 2010, NBS, 2010
HAJNOVI, F. a i. (2012): Konsolidan silie vldy a kritick hranica vldneho zadlenia
v E a na Slovensku. (Metda odhadu, analza a interpretcia). WP, NBS, 2012
OSTRY, J. D. et all. (2010): Fiscal space. IMF, Staff position note, Sep. 2010
OSTRY, J.D. et all. (2011) : Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced
Economies. NBER, WP 16782, Feb. 2011
27

GLOBLNA KRZA A KRIMINALIZCIA EKONOMIKY

A SPOLONOSTI 1
THE GLOBAL CRISIS AND ECONOMY AND SOCIETY
Peter Stank*
V sasnosti sme konfrontovan s prlevom informci, ktor hovoria o v podstate
kriminlnom charaktere mnohch sektorov nrodnch ekonomk, ale, bohuia, ide aj
o nadnrodn problm. Formlne, z hadiska rozsahu informci, ako keby sa koncentrovali
na problmy finannho sektora:
Ide naprklad o ovplyvovanie kovch, diskontnch a rokovch sadzieb centrlnych
bnk (prpad LIBOR London Interbank Offered Rate).
Ide o obchodovanie na komoditnch trhoch, predovetkm pekulatvne obchodovanie vo
vzbe na bankov sektor a investorsk skupiny.
Je to obrovsk nrast morlneho hazardu pri poskytovan verov, nielen hypotekrnych,
ale znova aj pri veroch v podnikovej sfre.
Zisuje sa, e stle v poet bnk v skutonosti prepiera pinav drogov peniaze alebo
peniaze z kriminlnej ekonomiky, priom ide o miliardov sumy.
Ukazuje sa, e bankov sektor mnohokrt siaha ku kartelovm dohodm, ktor vytvraj
nekorektn podmienky (napr. pri verovan obyvatestva alebo podnikovej sfry), priom
tt s tichm shlasom toleruje tieto kartelov dohody. Pokia bankov sektor kupuje
ttne dlhopisy.
Musme si poloi otzku, i tento vvoj vo finannom sektore je reakciou na finann
a bankov krzu v rokoch 2008 2011, alebo je len odkrytm skutonch procesov, ktor vo
finannom a bankovom sektore existovali dvno. Dnes, ke sa ukazuje, e dochdzalo
k prave LIBOR-u dohodou medzi Anglickou centrlnou bankou a komernmi bankami,
dochdzalo nielen k navyovaniu rokovch sadzieb (napr. vo vzbe na poskytovan
hypotekrne very alebo very podnikovej sfry), ale aj k neoprvnenmu navyovaniu
verovch podmienok pre vetky subjekty v ekonomike, kee od diskontnch sadzieb
kovej centrlnej banky sa odvjaj aj diskontn sadzby a rokov podmienky ostatnch
komernch bnk. Pokia vak tieto komern banky spolupracovali s centrlnou bankou,
vznik otzka, nakoko mono relne veri bankovmu dohadu nad bankovm sektorom,
ktor vykonva centrlna banka, po druh, nakoko s korektn skuton vsledovky
v bankovom sektore. Z tohto hadiska potom otzka vykazovanch strt vzbudzuje
pochybnosti. Ak sa toti v roku 2008 pri rozbehu finannej krzy hovorilo o nutnosti
zasanova bankov sektor, pretoe jeho kolaps by mal nepredstaviten dsledky, dolo
k vraznmu erpaniu finannch prostriedkov zo ttnych rozpotov na sanovanie
bankovho sektora.
Odhaduje sa, e celkov rozsah sananch opatren v Eurpskej nii a v Spojench
ttoch americkch v rokoch 2008 a 2012 presiahol hodnotu 12,5 bil. USD. Pokia je tto
cifra sprvna, znamen to, e toto znamenalo navenie zadlenosti jednotlivch krajn, ktor
sanovali bankov sektor. Dnes, vo vzbe na dlhov krzu, vak vznik oprvnene otzka, i to
* Tento prspevok je sasou rieenia projektu VEGA . 2/0004/12 Paradigmy budcich zmien v 21. storo
(geopolitick, ekonomick a kultrne aspekty).
1
prof. Ing. Peter Stank, CSc., Ekonomick stav SAV, ancov 56, 811 05 Bratislava;
e-mail: peter.stanek@savba.sk
28

bol skuton rozmer potreby, a i bankov sektor prostriedky, ktor dostal na sanciu, pouil
naozaj v zmysle opatren, ktor mal realizova.
Pochybnosti vzbudzuje skutonos, e naprklad vek as americkch bnk, ale tka
sa to aj asti eurpskych bnk, ktor boli sanovan, dokzala v priebehu jednho roka vrti
poian peniaze. Bu teda objem katastrofy nebol tak rozsiahly a banky ho nadsadili, alebo
sa znova vrtili k pekulatvnym obchodom, k tm, ktor realizovali u pred krzou a na
zklade pekulatvnych obchodov boli schopn v relatvne krtkom ase vrti poian
finann prostriedky.
Otzka, ktor znie: i bolo treba sanova bankov sektor je prv relevantn. Druh
ak boli schopn v takom obrovskom rozsahu vrti poian finann zdroje v priebehu
jednho roku, ak je skuton sila finannch tokov, ktor prebiehaj cez bankov sektor.
Ukazuje sa, e prepojenos finannho bankovho sektora, komoditnch trhov, investorskch
skupn, hedovch fondov, daovch rajov je obrovsk. Svis to aj s tm, e stle viac finannch operci je uskutoovanch cez daov raje alebo oblasti so zvltnym reimom.
Ak dnes odhadujeme celkov rozsah daovch (vznamnch) rajov na vye 860,
znamen to, e nepredstavuj len oblasti, kde je jednopercentn zdanenie, ale znamenaj
oblasti, ktor vyhovuj mnohm ekonomickm subjektom z hadiska uskutoovania finannch transferov.
Dnes sme svedkami aj narastajceho rozsahu kriminlnych krokov, ktor
uskutouje aj podnikov sfra. Ide o niekoko stratgi, ktor vznamnm spsobom menia
vzah medzi podnikovou sfrou, jej domicilom a rozsahom daovch odvodov, ktor musia
tieto subjekty v materskej krajine realizova. Aj v Eurpskej nii zana doslova regata
presunu finannch a podnikovch centier do daovch rajov. Ide nielen o to, e sa presvaj
centr, naprklad z tradinej E 15, do novch lenskch ttov E, ktor maj niie
korportne dane, ale dochdza aj k presunu z tchto novch lenskch ttov E do daovch
rajov Cyprus, Maldivy, Bahamy, Belize a podobne.
V skutonosti to meme ukza na samotnej Slovenskej republike. Pred piatimi
rokmi prenieslo zdaovacie miesto a teda hedge office do daovch rajov asi 800 subjektov,
pred troma rokmi u to bolo 2 600 subjektov a minul rok (2011) u to bolo 3 800 subjektov.
Dnes (2012) je to vye 4 200 subjektov, ktor preniesli zdaovacie miesto zo Slovenskej
republiky do oblasti so zvltnym daovm reimom a tm celkovo pripravili Slovensk
republiku z hadiska vberu dan o viac ako 1,5 mld. eur. Nieo podobn sa deje aj v alch
krajinch.
Dochdza teda k obrovskmu transferovaniu v zmysle zkona, zdaovacch miest
mimo jurisdikcie materskch krajn. Vsledkom tejto situcie je potom narastajci objem
finannch tokov, ktor s realizovan do daovch rajov.
Vznik vraznejia diera v rozpotovch prjmoch a vsledkom je prehlbovanie
rozpotovho deficitu, pretoe rozsah vdavkov nie je mon redukova takm rchlym
spsobom ako narast poet subjektov, ktor unikaj do daovch rajov. Samozrejme, tento
vvoj je odlin v jednotlivch lenskch ttoch E. Avak, bada obecn trend k tomuto
smerovaniu. Ak teda doteraz, a mono poveda v 60., 70. a sasti 80. rokoch hlavnm
zdrojom prjmu nrodnch rozpotov bola da z prjmov fyzickch a prvnickch osb,
v sasnosti vznam dane z prjmov fyzickch osb stagnuje a z prjmov prvnickch osb
vrazne kles.
Preto dochdza k posilovaniu vberu dane z pridanej hodnoty a alch nepriamych
alebo majetkovch dan. Ako keby nrodn vldy rezignovali na zastavenie tohto niku
a zrove rezignovali na monos relne vymha daov prjmy od podnikateskch
subjektov. Samozrejme, nehovorme o malch a strednch podnikoch. Hovorme o kovch
gigantoch, ktor rozhodujcim spsobom ovplyvuj nrodn ekonomiku. Tu vak
upozorujeme na zsadn fenomn. Veobecne sa v ekonomickej terii v 80. a 90. rokoch
29

minulho storoia tvrdilo, e vek transnacionlne giganty s dinosaury, ktor vymr,
vznikn von sieov podniky a v podstate rozhodujcimi bud iba mal a stredn podniky.
V skutonosti vak vvoj prebehol plne in.
Vek transnacionlne korporcie sa sprunili vyuitm outsourcingu a offshoringu
a vraznm spsobom znili rozsah na ne viazanej zamestnanosti. Rozvinuli
subkontraktorsk systm, vraznm spsobom zvili ziskov mare a o je najdleitejie,
preniesli problm konkurencieschopnosti na subkontraktorsk systmy. Vek korporcie
nielen nezanikli, ale ich ziskov mara rone rstla o 10 12 15 %; stali sa kovmi
faktormi urujcimi spenos alebo nespenos nrodnej ekonomiky, a to sa tka aj takch
ekonomk ako je Nemecko, Franczsko, Vek Britnia a podobne. Zrove s to subjekty,
ktor sa plne vymkli akejkovek daovej kontrole. V tomto slova zmysle teda vznikla
paradoxn situcia, e kov hri, ktor uruj spenos ekonomiky, rozsah jej exportu
a zapojenia do globlnej ekonomiky, s zrove tmi, ktor zsadnm spsobom
neprispievaj k napaniu prjmov ttneho rozpotu, ale o to viacej iadaj investin
stimuly pod heslom udrania alebo tvorby pracovnch miest.
Vznik teda historick paradox, kde na jednej strane t, ktor maj napa ttny
rozpoet prevedenm kreatvneho spsobu zdaovania, odviedli prostriedky mimo nrodnej
ekonomiky, ale na druhej strane zrove od nrodnej ekonomiky poaduj investin stimuly,
prspevky na pracovn miesta, kolenie pracovnkov, a mnohokrt, a to treba poveda
otvorene, aj urit ubovu v oblasti ekologickch noriem, pracovnch predpisov a podobne.
Nrodn vldy pod tlakom tvorby alebo udrania pracovnch miest ustupuj
transnacionlnym korporcim a tieto, celkom logicky, z toho zskavaj mocensk, ale aj
ekonomick pozcie.
Zrove prieskumy, ktor naprklad uskutonila KPMG, v spoluprci s Eurostatom
a s niektormi almi intitciami, ukzali zaujmav vvoj. Rozsah podnikovej korupcie je
vo vine krajn odhadovan zhruba na dvojnsobok korupcie vo verejnom sektore. Zrove
rozsah strt z vntropodnikovej kriminality, insiderskch informci a nekorektnho
fungovania v rmci podnikov sa len za Eurpsku niu odhaduje rone v rozsahu 1,5 bil. eur.
Optovne vznik zsadn a zaujmav paradox. Eurpske podniky vo veobecnosti
vykazuj ziskov maru na rovni niekoko percent: 2 4 %. Tto ziskov mara je poda
ich vyjadrenia prli nzka na to, aby mohli zsadnm spsobom ovplyvova rast miezd, ale
zrove je aj prli nzka na to, aby sa mohli spoluzastova naprklad na financovan
kultry, vzdelvania, zdravotnctva, regionlneho rozvoja a podobne.
Zrove vieme, e plat eurpska smernica o socilnej spoluzodpovednosti
transnacionlnych firiem, ktor hovor, e transnacionlne firmy sa maj v mieste svojej
poboky spolupodiea na financovan zdravotnch, kolskch a kultrnych systmov a
podobne. Ale tie ist firmy vytvraj situciu, v ktorej oficilne vykzan zisk sa pohybuje na
rovni niekokch percent. Vznik teda otzka, i im nevad rozsah vntropodnikovej
kriminality, pretoe nejde o kriminalitu optovne v malch a strednch firmch ale ide
predovetkm o korupn a insidersk informcie vo vekch transnacionlnych firmch.
V takomto prpade nielene neprispievaj do daovch systmov, ale zsadnm spsobom
rozvracaj podnikatesk prostredie a o je najhorie, v podstate pouvaj tolerovanie
nekorektnch finannch transferov k tomu, e vlastne ich ziskov mara neumouje
napa eurpske smernice OECD o socilnej spoluzodpovednosti vekch firiem.
Eurpska nia prijma urit opatrenia (napr. v energetike je to unbundling), ktor
maj obmedzi moc vekch nrodnch alebo nadnrodnch hrov. V skutonosti tto hri
doku perfektne obs vetky dopady, ktor vyplvaj naprklad z unbundlingu a naopak,
liberalizcia energotrhu vystila do ete vej koncentrcie. Pokia dochdza k takmu
vekmu rozsahu vntropodnikovej kriminality a vedenia podnikov sa s tm vysporadvaj
vemi mierne, vznik teda zsadn otzka, komu nzka miera ziskovosti vyhovuje.
30

Na jednej strane s to akcionri, ktor poaduj dividendy a na druhej strane je to
pikov manament, ktor tieto dividendy akcionrom zabezpe. Akcionri sa neptaj,
akm spsobom sa zskaj zdroje, z ktorch s vyplaten dividendy, i naprklad vznikli tm,
e pikov manament obchodoval s majetkom podniku a as z tchto ziskov transferoval
do dividend, akcionri sa neptaj na zodpovednos systmu vrcholovch manamentov.
A pokia dochdza k situcii, ktor je naprklad dnes odhaovan vo finannom
sektore, znamen to, e pikov manari, pokia zabezpeia akcionrom dividendy, mu
dlhodobo uskutoova nekorektn finann transfery a opercie naprklad aj po dohode s
centrlnou bankou. V takomto prpade sa lovek neubrni dojmu, e finann sektor sm
generuje kov rizikov faktory, ktor sa skr i neskr spravidla prejavia v globlnej krze.
Podnikov sektor, ktor by mal sm stri svoje vntorn know-how, svoju ziskov
maru, svoje financie, takisto toleruje urit mieru nekorektnho jednania. Zoberme, e 1,5
bil. eur pri celkovom rozsahu HDP eurozny, na rovni zhruba 7,5 bil. znamen obrovsk
rozsah strt. Problm je nielen v tom, e podniky vyku tento rozsah strt, ale na zklade
nzkej mare a rozsahu strt argumentuj, e nemu zvyova mzdy, e sa nemu
spolupodiea na alch aktivitch ako je financovanie vskumu a podobne. To nech riei
tt. A takto vznik zsadn diskrepancia a je jedno, i hovorme o stave ttneho rozpotu
alebo o stave rozpotu verejnho sektora. Tie subjekty, ktor by mali napa prjmov
strnku, podnikaj vetky dostupn opercie na hrane zkona s tm, aby do ttneho rozpotu
neprispievali. T, ktor maj najmenie prjmy, musia do ttneho rozpotu prispieva najviac,
a to bu priamo (odvodom z prjmov fyzickch osb) alebo nepriamo (cez vvoj dane
z pridanej hodnoty, spotrebnch dan a pod.).
Je pritom paradoxn, e vlastne transfer z korportnych dan na nepriame dane (ako s
dane z pridanej hodnoty, spotrebn dane a pod.) mal by argumentom pre tzv. spravodliv
zdaovanie spotreby teda kto vea spotrebva nech plat vysok da. V skutonosti vak
dochdza, paradoxne, k inej situcii, pretoe miera spotreby je diferencovan, a o je vemi
dleit, spolonos zaloen na spotrebe me generova prjmy ttneho rozpotu
vyplvajce zo zdaovania spotreby. Avak, pokia tto spotreba sa realizuje mimo teritria
materskej krajiny, o v prpade transnacionlov je viac ako je obvykl, dochdza
k paradoxnmu javu, e spotreba neprispieva k napaniu ttneho rozpotu, hoci zavedenie
nepriamych dan bolo motivovan prve istotou zdanenia spotreby.
Spotreba obyvatestva je stle viac limitovan stagnciou miezd. Dnes sa sce hovor,
e stagncia miezd je produktom krzy a etrenia v podnikovej sfre, avak vznik paradoxn
otzka: ak etria na pracovnkoch, preo neetria a neeliminuj vntropodnikov
kriminalitu.1Kde tieto finann zdroje mizn, pokia ziskov mara je na rovni 2,5 3 %?
Ako to, e sa dostvaj mimo dohadu nrodnch daovch a poisovacch systmov?
V takomto prpade to potom znamen, e vvoj ziskovosti v podnikovej sfre nem iadnu
relevantn vzbu na vvoj prjmov ttneho rozpotu. Ak vvoj prjmov m zvisie od dane
z pridanej hodnoty a od spotrebnch dan, vek as podvodov v oblasti dan sa odohrva
prve u dane z pridanej hodnoty (neoprvnen vrtky a pod.).
Avak tu vznik aj al vntorn paradox. tt m 30 a 60 dn na vrtenie
zlohovch platieb dane z pridanej hodnoty, avak, spravidla ich vracia a v posledn de
zkonnej lehoty. To ale znamen, e vlastne podnikatelia de facto i de iure veruj tt, ktor
po dobu 30 alebo 60 dn me pouva prostriedky, ktor zaplatila podnikov sfra. Pokia
djde k daovm pravm, ktor naprklad navrhuje aj slovensk vlda, znamen to pri
zlohovch platbch u dane z pridanej hodnoty, e tt mono zska mono miliardu eur
mesane na to, aby financoval svoje potreby, ale pritom, dodranm zkona o 30 doch vrtil
prostriedky podnikovej sfre. Nieo podobnho, ako ke tt sa rozhodne a plat za svojich
1
A to nehovorme o alej skutonosti, na ktor prilo nemeck ministerstvo financi, e nemeck prvne
subjekty operciami na hrane zkona, bez jeho plnho poruenia, rone zskavaj viac ako 400 mld. eur.
31

poistencov iba 60 50 40 % z poistnej sumy odvodov. Pokia sa tt, ako vrcholn
kontrolr prvneho subjektu rozhodol nedodriava vlastn zkony, ako me vymha
dodriavanie zkonov v podnikovej sfre. A v takomto prpade spravidla je vek rozdiel pri
tlaku na dodriavanie zkonov u malch firiem, ivnostnkov a podobne a u vekch
transnacionlnych firiem, ktor predsa s kovmi faktormi pre rozvoj nrodnej
ekonomiky. Znova sa dostvame k paradoxnmu javu. Nrodn vldy sa dostvaj pod tlak
transnacionlnych korporci, ktor vmenou za tvorbu pracovnch miest zskaj mimoriadne
bonusy. Aj ke existuje smernica E o tom, e shrn efektov poskytnutch v rmci
investinch stimulov nesmie prekroi 15 % hodnoty z projektu, analzy, ktor uskutonila
Eurpska komisia ukazuj, e v priemere sa poskytuj viac ako 21 % z hodnoty projektu. Na o
je legislatva, ktor sa pravidelne poruuje? Kto bude kontrolova dodriavanie tejto legislatvy?
A je naozaj mon konfrontova dodriavanie legislatvy so ziskom pracovnch miest, ktor
vytvraj transnacionlne korporcie?
Pokia teda neplat rovnos pred zkonom a pokia dochdza neustle k asymetrii
z hadiska zodpovednosti, vznik potom principilna otzka ako chceme v krzovch
situcich ako je dlhov krza riei problm dlhu, ak t, ktor maj dostatok finannch
prostriedkov na skuton vyrieenie dlhu s zbaven zodpovednosti, a t, ktor maj
minimlne finann prostriedky (aj ke tvoria vinu spolonosti) sa maj uskromni a maj
prispie k rieeniu zadlenosti svojej krajiny. Z tohto hadiska musme kontatova, e teria
informanch asymetri by mala by doplnen aj o teriu prvnych asymetri. ako toti
mono kontatova, e vetky prvne subjekty od obyvatea po podnikatesk subjekt
podliehaj rovnakmu prvu, pokia vidme desiatky prpadov, poda ktorch je odline
posudzovan situcia toho ktorho prvneho subjektu. A samozrejme, v celom rade prpadov,
ke sa hovor o udran pracovnch miest, je to nielen zleitos prvna a ekonomick, ale je
to aj zleitos spoloensk, a v takomto prpade potom snaha udra investora je nadraden
vetkm ostatnm skutonostiam. Bohuia, tto prvna asymetria potom kladie otzku: i
naprklad aj zmena stavnch princpov me vyriei tto prvnu asymetriu, alebo mono
dosiahnu vemi odlin dopad prvneho systmu, aj kovch prvnych noriem vo vzbe
na to, o je tz. spoloensky vznamnejie udranie desiatok alebo stoviek pracovnch miest
alebo pocit prvnej istoty, prvneho purizmu, ktor m vysti do toho, e pred zkonom s
vetky subjekty rovn. Chceli sme upozorni a poukza na niektor zsadn javy, ktor sa
objavuj u dlhodobo. Avak, vo vzbe na rieenie dlhovej krzy sa zviditeuje ich rozsah,
ako aj ich mon detrukn psobenie. A to znamen v konenom dsledku jedin, pokia sa
spolonos neodhodl prejs k systmu rovnosti pred zkonom a pokia sa spolonos
neodhodl relne riei skuton priny dnenej krzy, je mon definova zver, e krza
bude pokraova, bude prechdza rznymi metamorfzami, bude to krza spotreby, krza
produknch kapact, krza nezamestnanosti, znova krza ttneho rozpotu a bude ma
zniujci dosah na truktru spolonosti. Mme obavu, e pokia by takto vvoj pokraoval,
bude sa rozrasta prvny nihilizmus, snaha obchdza prvne zkony a predpisy
a v konenom dsledku v takejto klme ani novela alebo pln prepracovanie stavy
jednotlivch krajn nepovedie k vyrieeniu tchto problmov, a naopak me vies
k aliemu nrastu vntornch nepokojov a pnut, ktor mu roztrha spolonos v dnenej
podobe ako ju vidme. Problm je, e tieto procesy s viac alebo menej rovnakou intenzitou
odhadnuten vo vetkch krajinch na plante. Vznik teda otzka: i tento mechanizmus
a tieto procesy s implicitne obsiahnut, bez ohadu na spoloensk formciu, a i teda
znamenaj urit obecn jav v udskej spolonosti v tejto etape vvoja. Pokia by tomu tak
bolo, znamenalo by to vznamn varovanie pre preitie udskej civilizcie v jej dnenej
rovine.
32

SYSTMOV CHARAKTER GLOBLNEJ KRZY A POTREBA

OBSAHOVEJ A METODOLOGICKEJ INOVCIE EKONOMICKEJ
VEDY1
Milan ikula
Doterajie formovania integranho procesu v E, jeho asymetrick intitucionlne
usporiadanie, vrazn rozdiely v rovni ekonomickho rozvoja, narastajce nerovnovhy
medzi vyspelou a perifrnou asou, roztvrajce sa nonice konkurencieschopnosti, spsob
vymedzenia integranch pravidiel a ich neplnenia a celkovo prevldajci politick prstup
a podcenenie vytvorenej silnej previazanosti a zvislosti ekonomk lenskch ttov malo
svoju vntorn logiku prinnch svislost, no zrove bol a je vvoj v E oraz silnejie
ovplyvovan zintenzvujcou sa globalizciou svetovej ekonomiky. V asoch relatvne
priaznivho vvoja sa nazrievajcim problmom fungovania E i eurozny nevenovala
dostaton pozornos. Explzia globlnej krzy vak zrazu naplno odhalila hbku systmovej
krzy EU predovetkm eurozny. Ukazuje sa, e krza v rmci E a EMU nie je izolovan
jav, ale e je sasou mnohorozmernosti globlnej systmovej civilizanej krzy.
okujci nstup globlnej krzy, gradovanie jej detruktvneho charakteru a neinnos
a bezmocnos protikrzovch adaptanch procesov prirodzene spochybnili aj neoliberlne
koncepty hospodrskej politiky, vaka ktorm sa vyspelm kapitalistickm ttom pomocou
rastceho zadlovania a pekulcie do uritej miery darilo unika hlbokmu hospodrskemu
poklesu. To inpirovalo aj viacerch ekonmov k prli sebavedomm vyhlseniam. 2
Globlna krza, ktorej prinn svislosti svedia o tom, e ide o kvalitatvne nov
viacrozmern krzov proces 3 nastolila nekompromisn zrkadlo kritickmu stavu
ekonomickej terie, predovetkm neudratenosti prevldajceho neoliberlneho prdu
a s nm spojenho trhovho fundamentalizmu, zaloenho na splotenej absolutizcii
neviditenej ruky trhu ako jedinho spolahlivho korektvu ekonomickej rovnovhy a na
axine homoeconomicus, ktorho rozhodovanie prebieha v rmci podmienok a
predpokladov dokonalej konkurencie.4 Globlna krza a jej systmov civilizan charakter
krzy ukzal, e vek postindustrilna transformcia nadobudla nebezpene rozporn
podobu, spochybnila koncepcie poda ktorch by malo sasne s technologickmi prevratmi
viac menej automaticky prebieha humnne kultivovanie socilno-ekonomickch vzahov,
resp. e ich podoba, ktor sa sformovala v procese sasnej hyperglobalizcie predstavuje t
najlepiu adaptciu pre vetkch. Globlna krza predstavuje kvalitatvne novch typ
1
Tto prca bola podporovan Agentrou na podporu vskumu a vvoja na zklade zmluvy . APVV-0599-07.
Pripomenul im to P. Krugman (2009, s. 15; 20). R. Lucasovi jeho mylienku, e z praktickho hadiska bol u
stredn problm prevencie depresie vyrieen. Cyklus bol skroten do tej miery, e vhody alieho
usmerovania boli zanedbaten. R. Lucasovi a Ben Bernakemu ich stanovisko, e svetov ekonomika me z
asu na as utrpie men pokles, ale dni skutone vekej recesie, nieto, celosvetovej krzy, s u definitvne za
nami.
3
Dokumentuj to prvlastky, ktor sa prebiehajcej krze postupne priraovali najprv ako hypotekrna,
finann, ekonomick, potom politick, socilna, dlhov a nakoniec morlna, systmov a civilizan.
4
U o desaroia pred vypuknutm globlnej krzy sa v rmci ekonomickej vedy ako reakcia postupne formovali
teoretick prdy usilujce v konkrtnych oblastiach prekonva jednostrann deformovanos oficilnej
ekonmie hlbm rozvjanm tch aspektov, ktor oividne v rozpore s realitou ignorovala. Sformovalo sa irok
spektrum koncepnch prstupov argumentujcich mnohorozmernos ekonomickch javov a procesov. Prejavilo
sa to vznikom relatvne samostatnch ekonomickch teri s takmi prvlastkami socilna, etick,
intitucionlna, politick, behaviorlna, eviromentlna, krzov, experimentlna, udov, heterodoxn, kultrna,
syntropick, evolun at.
2
33

krzovho procesu, ktor preukazatene odhauje zsadn systmov zlyhanie sasnej
podoby kapitalizmu, tm zrove spochybuje aj jeho viacer nosn teoretick koncepcie
a nastouje poiadavku obsahovej a metodologickej inovcie ekonomickej vedy. Cieom
tohto prspevku je preto nartn mon smerovanie inovatvneho prstupu v ekonomickej
vede, na ktor bude musie reagova aj skmanie vvojovej adaptcie hospodrskej
a menovej nie, ako aj charakteru fiklnej, socilnej a alch politk E.
Kov lnie obsahovej a metodologickej inovcie ekonomickej vedy
Na zklade uritho zoveobecnenia retrospektvneho pohadu na formovanie
niektorch ekonomickch teri od polovice 20. storoia a viacerch najnovch prstupov k
parcilnym i systmovm aspektom rozvjania ekonomickho myslenia mono pracovne
vymedzi nasledovn lnie obsahovej a metodologickej inovcie ekonomickej vedy.
Prv lniu predstavuje adekvtnejia reflexia kvalitatvne novch ekonomickch javov
a procesov a prehodnocovania rznych jednostrannch zjednoduench prstupov v
organickej celistvosti so socilnymi a civilizanmi aspektami fungovania rozporuplne sa
formujcej postindustrilnej znalostnej ekonomiky a spolonosti.
Druh lnia spova v selektvnom nvrate, i uritej rehabilitcii niektorch starch
spoloensko ekonomickch teri, ktor boli vytesovan, znevaovan, i jednoducho
ignorovan prevldajcimi dobovmi prdmi a ideolgiami.
Tretiu lniu tvor odhaovanie skrytch, i zjavnch cielene zujmovo deformovanch
teri a pseudokoncepnch prstupov, ktor odvdzaj pozornos od podstaty socilnoekonomickch problmov zahmlievaj ich skuton priny, podporuj morlny hazard,
zdvoduj odkodovanie hlavnch aktrov krzy a socializciu jej dsledkov, resp.
prefarbuj skutonch aktrov krzy na obete, i zchrancov systmu.
Potreba reflexie novch ekonomickch javov a prehodnocovania jednostrannch
zjednoduench prstupov
Na zklade komparcie prstupov viacerch vznamnch autorov1 i mojej vlastnej
analzy som dospel k zveru, e objektvna identifikcia prin globlnej krzy a jej relneho
charakteru ako kvalitatvne novho javu vyaduje komplexn, no vntorne truktrovan
a viacaspektov prstup. Len tak je mon odhali vzjomn podmienenos a sptos medzi
jednotlivmi vrstvami a aspektami prinnch svislost, pochopi genzu hybnch sl
a zujmov aktrov, ktor ich uvdzaj do pohybu. To je zrove relny zklad, z ktorho sa
odvjaj vzvy pre formovanie novej paradigmy ekonomickej vedy. Mimoriadne podnetnm
prnosom k obsahovej a metodologickej inovci je prca Roy E. Allena (2009), v ktorej
zdvoduje nevyhnutnos novho myslenia pri vysvetovan globlnej krzy a pri hadan
odpovede, preo sa neurobil v pokrok v tom, aby sa zabrnilo jej vzniku. K tomu je poda
jeho nzoru potrebn nov politick ekonmia finannej krzy, pre ktor s kov irie
vzahy medzi finannou krzou a tvorbou a distribciou bohatstva a moci a ktor by mala v
budcnosti napomha nielen vskumu, ale aj tvorbe politiky (Allen, 2010, s. XII; 136).
Skmanie sasnej krzy obohatil o viacer zaujmav pohady, ktor elne dopaj a
podporuj nae poatie ako kvalitatvne novho krzovho procesu, ktor m globlny
civilizan charakter.
Na zklade ekonometrickej analzy historickch dt za posledn tri dekdy vyrieil
niektor hlavolamy ponuky a dopytu po peniazoch, identifikoval kov truktrne zmeny vo
1
Ide predovetkm o prce Fostera a Magdofa, P. Krugmana, G. Srsa, S. Stiglitza, R. E. Allena a

D. Rodrika, ktor nielen argumentovali kvalitatvne nov aspekty globlnej krzy, ale aj nartvali potrebu
metodologickej inovcie a prstupy a vchodisk novej paradigmy.
34

finannch trendoch a odhalil nov rty vyuvania peaz, veru, kapitlu a bohatstva.
Presvedivo argumentoval vplyv globalizcie, deregulcie a aplikcie IKT na separciu procesov
na finannch trhoch od procesov tvorby a pouitia HDP. Pripja sa k nzoru P. Druckera (1985
1986), e od zaiatku 80. rokov sa finann trhy dali na cestu vyhadvania vlastnho zisku,
celkom nezvisle od trhov s tovarmi a nefinannmi slubami. Prehlbuje tto argumentciu a
ukazuje ako truktrne zmeny vo vvoji finannho sektoru, ktor maj asto chaotick
charakter, vytvraj dleit zdroj pecilneho dopytu po peniazoch, ktor potom absorbuje
pean likviditu aleko od pozorovatenho pouvania peaz v procesoch relnej ekonomiky.
Mimoriadne dleit je jeho zver o tom, ako novo sa formulujca globlna
ekonomika zsadne men vzah finannho sektora a relnej ekonomiky. Neviditen
finann procesy mu v rastcej miere autonmne vyvolva zmeny v hmotnch vzahoch
produkcie. Centrlne banky a al aktri na finannch trhoch mu v niektorch prpadoch
hazardne zvova alebo zmenova pean bohatstvo nezvisle od akchkovek
pvodnch zmien v tvorbe HDP, alebo v inch relnych ekonomickch procesoch (tamtie, s.
130). Allen sa tak rad medzi tch ekonmov, ktor opodstatnene poukazuj na to, e jednm
z vznamnch aspektov globalizcie je rastca moc financi nad vrobou.
Originlnym prnosom R. E. Allena je vaha o dlhodobejom super finannom cykle
a najm zver, e sasn globlna ekonomick krza vznikla z dlhho boomu, ktor zaal
zaiatkom 80. rokov, vyvrcholil v roku 2006 a jeho fza krachu (bust phase), ktor zaala v
roku 2007 sa bude preto aj dlhie odvja (Allen, 2010, s. XIII). Tm prispel k prehbeniu
argumentcie o vej dke trvania globlnej ekonomickej krzy a k vyvrteniu nzorov,
ktor ju interpretovali len ako meniu bublinu po prechdzajcom krtkom boome. Na rozdiel
od neoklasickho modelu veobecnej rovnovhy a alch prstupov hlavnho prdu navrhuje
evolun a komplexn systmov prstup k pochopeniu sasnej krzy ako novo ponmanej
vekorozmernej krzy. Dlh boom od zaiatku 80. rokov zaloen na pkovom efekte
finannch transakci bol tak fzou posunu v komplexnom adaptanom systme prechodom k
novej mezotruktre v zmysle evolunej ekonmie. Empirick vskum truktrnych zmien
vo vzahoch peanej ponuky a dopytu spojench s finannou globalizciou odhalil, e
finann trhy absorbovali novovytvoren silu peaz aleko nad rovou predikci modelov
rovnovhy, to zrove obratom viedlo k nafknutiu cien aktv a stimulcii vroby a spotreby
aleko nad predikciami. Potom poas fzy krachu nastal opan pohyb premennch, tie
silnej oproti oakvaniam, vrtane prepadu cien akci a nehnutenost a detrukcie
peanho bohatstva.
Tto expanzia a globalizcia finannch trhov akcelerujca od 80. rokov, ktor zaala
dramaticky i vlastnm ivotom akoby oddelene od procesov spojench s HDP, nadobudla
poda Allena charakter znalostnch a znalostne interaktvnych procesov a je ju mon
modelova pomocou prstupov tretieho a tvrtho rdu komplexity. Existujci zvierac duch
iracionlneho nadbytku, alebo strachu, transcendentlne zkony zloench zujmov a
vytvranie peanej likvidity nevyadujcej rezervy a pod. ako aj interaktvne mylienkov
modely priviedli finann cyklus a procesy tvorby a nienia peanho bohatstva aleko za
hranice veobecnej rovnovhy na rove, ktor spsobuje zrtenie zrovnovujcich
procesov. Boom fza a jej sprievodn mezotruktra boli u neudraten (od 2006) a teraz je
v adaptanom procese nov mezotruktra (Allen, 2009, s. 130).
Novm, komplexnejm metodologickm prstupom Allen vznamne prehbil
poznanie zmenench vntornch mechanizmov oraz autonmnejieho fungovania
finannch trhov a ich znerovnovujceho vplyvu na vvoj relnej ekonomiky. Tm
podstatne prispel k potrebnmu prehbeniu identifikcie prin globlnej ekonomickej krzy a
tak aj k adekvtnejiemu chpaniu nevyhnutnch vchodsk relne innch krzovch a
pokrzovch adaptanch procesov.
35

alm prkladom ako si transforman civilizan charakter globlnej krzy vynucuje
zsadn obsahov a metodologick inovciu je problematika postavenia a fungovania ttu
v ekonomike a spolonosti, v ktorej dolo pod vplyvom neoliberlneho trhovho
fundamentlizmu k hrubm teoretickm dezinterpretcim a praktickm deformcim.
Nimi sa vemone argumentovalo praktick presadzovanie takej podoby
globalizanch procesov, ktor D. Rodrik (2011) vstine nazval hyperglobalizciou
a presvedivo ukzal, e neme koexistova s nrodnm ttom a demokraciou.
Globalizcia viedla k postupnej inverzii lohy nrodnch ttov a transnacionlnych
korporci. tty postupne prestvaj by organiztormi hospodrskej sae podnikov,
urujcimi jej pravidl, a stvaj sa astnkmi sae o priaze podnikateskch subjektov
a ich prilkanie na svoje zemie. Transnacionlne korporcie postupne prestvaj by
astnkmi hospodrskej sae usporadvanej nrodnmi ttmi a stvaj sa
usporiadatemi sae pre nrodn tty o dosahovanie najvyej konkurencieschopnosti,
ktor sa najprv chpala ako najpriaznivejie podmienky pre zahraninch a domcich
podnikateov. Trhy, na ktorch o svoju konkurencieschopnos bojuj nrodn tty,
s virtulne trhy podnikateskho prostredia, trhy podnikateskho pohodlia (Klvaov,
2008).
Uveden procesy postavili pred ekonomick vedu dvojak vzvu. Na jednej strane
preskma alekosiahle dsledky na zmeny v postaven a funkcich ttu veobecne
a deformujci anticivilizan dopad neoliberlnych konceptov minimalizcie ttu osobitne.
Na druhej strane skma a hada monosti modernizanej adaptcie ttu, ktor by
umoovala civilizan posun v plnen jeho loh v 21. storo.
Jeden z ndejnch prstupov prekonvajcich zjednoduen ahistorick interpretciu
ttu a jeho minimalizcie predstavuje rozpracvanie aspektov diverzity v chpan ttu, ktor
rozvja intitucionlna ekonmia, ktor sa u od svojich zaiatkov zameriavala na lohu ttu
pri torbe a realizcii nrodnej ekonomickej politiky.
Intitucionalizmus prekonva neschopnos neoklasickej ekonmie vysvetli
kvalitatvne zmeny vo vvoji ekonomiky vzhadom k jej drazu na statick poatie
rovnovhy a k tomu, e abstrahuje od intitucionlnej formy, v ktorej relny vvoj ekonomiky
prebieha. Holistick prstup intitucionalizmu namiesto nerelneho ekonomickho loveka
skma a interpretuje ekonomick javy ako integrovan vslednicu mnostva kultrnych,
sociologickch, politickch, psychologickch a inch faktorov. Vaka tomu, e vvoj
ekonomiky a spolonosti vysvetuje v historickom ase je vrazne realistickej
v komplexnom chpan socilno-ekonomickch javov a procesov a evolcie lohy ttu
v nich. Namiesto abstraktne dokonalho konkurennho trhu ako spsobu optimlnej alokcie
zdrojov, intitucionalisti chpu trh ako spoloensk intitciu, ktorej efektvnos je
podmienen konkrtnym intitucionlnym usporiadanm spolonosti a ekonomiky, teda aj
konkrtnej podoby ttu.
Zaujmav prstup k modernizcii ttu v podmienkach globalizcie a prechodu k
znalostnej ekonomike a spolonosti prina teria variet kapitalizmu, ktor pri analze
truktrnych zvislost nrodnho inovanho systmu kladie draz na relne chpanie
intitci z hadiska pecifickch podmienok rznych krajn. (Casper Hollingsworth
Whiley, 2005). Tto teria orientuje analytick pozornos na svislosti medzi ekonomickm
rastom a truktrou intitci regulujcich trhy prce, kapitlu a poznatkov. Zdrazuje, e
v kadej krajine sa tieto intitcie v dsledku osobitosti vzorov historickho vvoja
kombinuj pecificky odlinm spsobom. Zrove upozoruje, e na ekonomick
a inovan vkonnos vplva nielen vyspelos jednotlivch intitci, ale aj kvalita ich
vzjomnej komplementrnosti.
Uitonos nvratu, i rehabilitcia niektorch starch teri
36

V rmci tejto lnie obsahovej a metodologickej inovcie ekonomickej vedy povaujem
v kontexte globlnej krzy za dleit upozorni na aktulnos terie konvergencie.
Historick retrospektvny pohad ukazuje, e pvodn vzah kapitalizmu a
komunizmu ako absoltnych vzjomne sa vyluujcich protikladov sa sce ideologicky
formlne dlhodobo reprodukoval a sasti ete reprodukuje, no relne sa od zaiatku v rastcej
miere zaali vzjomne ovplyvova a ich systmotvorn prvky aj zbliova a prelna. Na
strane kapitalizmu to boli napr. rzne podoby makroekonomickej regulcie, indikatvneho
plnovania, socilneho ttu a pod. Na strane komunizmu, resp. socializmu, to bolo
predovetkm teoretick i praktick utvranie priestoru pre viac i menej limitovan, resp.
deformovan fungovanie trhovho mechanizmu. Nartnut prstup budem argumentova na
prklade terie konvergencie zo 60. rokov minulho storoia a na niektorch
najvznamnejch poznatkoch reflektujcich prebiehajcu globlnu ekonomick a civilizan
krzu.
V 60. rokoch 20. storoia, ke sa zaali rozvja terie koncepcie postindustrilneho
rozvoja ako ich sas vznikla teria konvergencie spoloenskch systmov kapitalizmu
a socializmu. V ucelenej podobe ju sformuloval J. K. Galbrait, ktorho dielo syntetizuje
americk intitucionalizmus, reprezentovan T. Vebleom a keynesovsk makroekonmiu.
V Galbraitovch prcach hral zsadn lohu technick pokrok. Vedu a jej praktick aplikcie
povaoval za rozhodujci faktor sasnej ekonomiky a spolonosti, o povaoval za
podstatn rtu prechodu k postindustrilnej spolonosti na rozdiel od industrilnej
spolonosti, v ktorej bol rozhodujcim faktorom kapitl. Trend ku konvergencii primrne
odvodzuje z vntornch transformanch premien samotnho kapitalizmu a sprostredkovane
z relnej existencie socialistickch ttov. V rmci vyspelch kapitalistickch ttov sa pod
vplyvom technickho pokroku sformovala technotruktra zosobovan profesionlnymi
manarmi, vedcami a odbornkmi, ktor utvraj strategick rozhodnutia vo vekch
korporcich. Rastci podiel sektoru vekch korporci poda Galbraita zmenuje poet
predvajcich a kupujcich, ktor sa stle viac u poznaj, vedie k tomu, e na trhoch kde
prevldaj modern korporcie, platia dohodnut relatvne stle ceny. Aby korporcia mohla
rs, aby si zabezpeovala pozciu na trhu sna sa nezvyova v krtkom obdob ceny
a nepodriaova vvoj cien krtkodobej maximalizcie zisku. Relatvne nzke a stle ceny ju
robia odolnejou voi konkurencii, prpadne aj voi politickm tlakom Za innejiu metdu
zvyovania podielu na trhu korporcie poda Galbraita povauj necenov konkurenciu.
Sektor korporci sa stva plnovitm sektorom, ktor postupne vytesuje konkurenn trh.
Tto tendenciu povaoval za nezvratn a naviac ete podporovan rastcou lohou ttu
v modernej ekonomike. Fungovanie vekch korporci men mechanizmus alokcie zdrojov
a vytvranie rovnovhy v ekonomike, o chpal ako urit alternatvu trhovej samoregulcie.
Proti vekm korporcim vo vrobe postupne vznikaj in siln korporcie v obchode,
slubch, siln odbory i in organizcie ako napr. na ochranu spotrebitea. Tento proces,
v ktorom sa sila jednch korporci vyvauje silou inch korporci a organizci, ktor
svojm vznikom a innosou reaguj na tendenciu k nerovnovhe [Galbrait, 1952]. Galbrait
vade poukazuje na to, e tieto vyvaujce sily vytvraj tendenciu k rovnovhe len v zko
ekonomickom zmysle, no nie s schopn zabezpeova rovnovhu na rovni spolonosti. Na
prklade USA ukzal, e modern americk spolonos je hlboko nerovnovnou v zmysle
rozporu medzi spsobom uspokojovania skromnch individulnych potrieb a spsobom
zabezpeovania verejnch potrieb. Pri uspokojovan skromnch potrieb skromn sektor
masvne nasadzuje obmedzen zdroje a produktvne technolgie na tak ponuku tovarov
a sluieb, v ktorch oraz v podiel zaberaj postrdaten produkty umelo vyvolan
a spotrebiteom nanucovan agresvnou reklamou. V dsledku toho namiesto suverenity
spotrebitea sa presadzuje skr suverenita vrobcu. Naproti tomu je celkom nedostaton
uspokojovanie verejnch potrieb, o Galbrait dokumentuje na prklade americkho kolstva,
37

verejnej dopravy, istoty miest, ivotnho prostredia. V tomto kontexte silie korporci
aktvne vyvolva a vytvra dopyt poda Galbraita problematizuje snahy o o najvyiu
efektvnos vroby a stavia otzku, i by takto chpan efektvnos nemala presta by
primrnym kritriom ekonmie [Galbrait, 1967a]. Rieenie uvedenho rozporu hadal
v zaveden innej spoloenskej regulcie ekonomiky, ktor by zabezpeovala realokciu
zdrojov zo skromnho do verejnho sektoru. Vyspel kapitalistick ekonomiku povauje
za zmiean ekonomiku, ktor sa sklad z plnovitho sektoru vekch korporci
a trhovho sektoru malch a strednch podnikov. Pritom zdrazuje, e plnovit sektor m
tendenciu presadzova sa v celej ekonomike zvl ke sa kombinuje s aktvnou lohou
ttu, ktor by sa mala koncentrova najm na anticyklick a rastov politiku
zabezpeujcu iadcu rove agregtneho dopytu, rovnovhu medzi sporami
a investciami a zrove vytvra vhodn podmienky pre spen plnovanie na rovni
korporci [Galbrait, 1967b; 1973]. Galbrait si uvedomoval, e tt je v podru vekch
korporci preto zdraznil, e ak m tt inne presadzova spoloensk zujem mus sa
vymani z pod ich vplyvu. Splnenie tohto predpokladu by viedlo poda neho k systmu,
ktor nazval nov socializmus [Galbrait, 1967a].
Aktulnos Galbraitovch mylienok vystpila do popredia, ke aj tty najviac
proklamujce liberlne dokrny, na ele s USA boli vvojom udalost v rmci protikrzovch
opatren printen k bezprecedentnej ekonomickej angaovanosti ttu. Tento vvoj zrove
nastolil kategorick poiadavku rozpracova nov prstupy k poatiu charakteru a funkci
ttu v dynamicky sa meniacom a zneistenom prostred globalizovanej svetovej ekonomiky.
Hbkov politekonomick analzy krzy a krzov a pokrzov adaptan procesy nastolili
neoddiskutovaten poiadavku akceptova v rmci systmovej konvergencie aj systmov
diverzitu. Presvedivo to dokumentuj prce S. Stiglitza [2010] a D. Rodrika [2011].
Fundamentlnu kritiku zlyhania systmu kapitalizmu prezentuje S. Stiglitz v jeho najnovej
knihe s prznanm nzvom Vo vonom pde a podtitulom Od zlyhania trhov k novmu
usporiadaniu svetovej ekonomiky, prina zhrnutie jeho nekompromisnej kritickej analzy
teoretickch vchodsk i hospodrsko-politickej praxe konceptu trhovho fundamentalizmu.
Zdrazuje, e sasn krza vyvrtila ilzie, e von a neobmedzen trhy s efektvne, e
vlastn zlyhanie rchlo samy koriguj a e tt sa m obmedzi len na nevyhnutn lohy, lebo
regulcia brzd inovan silu ekonomiky. Nadvzne formuluje mimoriadne zvan zver, e
kapitalizmus a komunizmus s asi pre, ale existuj rzne druhy trhovho hospodrstva
a sa medzi nimi pokrauje [Stiglitza, 2010, s. 10]. Upozoruje na aktulnos Keynesovho
prstupu, v ktorom je trh v centre spenej ekonomiky, no sm o sebe neme sprvne
fungova. tt mus hra dleit lohu nielen ke treba ekonomiku zachraova, ke trhy
zlyhaj, ale regulciou trhov ich zlyhaniam aj zabraova. Sasn modern ekonomika
vyaduje rovnovhu trhu a ttu s podporou netrhovch a nettnych intitci. Stiglitz
odhauje falon argumenty tch, o profitovali z trhovho fundamentalizmu, e sasn
krza je len nehoda ak sa obas stvaj a preto sa treba o najskr vrti do predkrzovej
situcie v roku 2008, lebo aj kvli autonehode, neprestaneme jazdi autom. Stiglitzova
analza globlnej ekonomickej krzy deifrovala viacrovovos jej systmovch prin.
Zlyhanie nho finannho systmu je odrazom veobecnho zlyhania nho hospodrskeho
systmu a zlyhanie hospodrskeho systmu zase odzrkaduje hlbie problmy naej spolonosti
Stiglitz [tamtie, s. 368].
Zlyhanie a rozpad konkrtne-historickej podoby socializmu na prelome 80. a 90. rokov
minulho storoia a systmov zlyhanie konkrtne historickej podoby globlneho kapitalizmu
v prvej dekde tohto storoia mono interpretova ako kritick fzu konvergencie. Dejinn
test ivotom odhalil, ktor systmotvorn prvky sa v rmci oboch spoloenskch systmov
stali neudratenmi a ktor by sa mali rozvja a synergick adaptova do novch
systmovch truktr schopnch prinies pozitvny civilizan posun.
38

K terim, ktor v sasnch turbulentnch podmienkach E a EM je potrebn
znovu da do pozornosti politikom, ale aj mnohm ekonmom, nesporne patr Mundellova
teria optimlnej menovej oblasti zo zaiatku 60. rokov minulho storoia. Bolo to v ase,
ke zpadn Eurpa mala (od roku 1957) intitucionlnu podobu ako Eurpske hospodrske
spoloenstvo a Euratom, s cieom zabezpeova spoluprcu v rmci colnej nie, spolonho
trhu s vonm pohybom tovaru, osb, sluieb a kapitlu. Postupne sa vytvrali pravidl
hospodrskej sae, spolonej ponohospodrskej politiky, opatrenia pre regionlny rozvoj
at. Problematika hospodrskej a menovej nie bola programovo nastolen a Mastrichtskou
zmluvou v roku 1993. Pravda cel dovtedaj povojnov vvoj od prvho oficilneho kroku
vyhlsenm Schumanovej deklarcie navrhujcej vytvorenie organizovanej Eurpy s tesnmi
ekonomickmi spojeniami a s perspektvou udrania mierovch vzahov medzi eurpskymi
krajinami mali primrne politicky motivovan charakter. Z tejto pozcie sa zsadne
pristupovalo k rieeniu intitucionlnych a ekonomickch otzok, ktor postupne nastooval
relny vvoj. Na jednej strane sa sce postupne roziroval a prehlboval integran proces, no
na druhej strane zrove narastal rozpor medzi nrokmi vyplvajcimi z vntornej logiky
nadvzujcich tdi integrcie a neplnosou, poloviatosou a politickou nepripravenosou,
i zdranlivosou pri vytvran nevyhnutnch intitucionlnych podmienok. Dlhodob
neudratenos tohto narastajceho rozporu nekompromisne odhalila globlna ekonomick
krza, ktor tty E postavila pred dilemu bu zaa vytvra relne podmienky fungovania
hospodrskej a menovej nie, alebo sa zmieri s jej rozpadom. V tomto kontexte je potrebn
vrti sa k Mundellovej terii optimlnej menovej oblasti, znova si pripomen jej
predpoklady, resp. podmienky a preskma preo sa v doterajom vvoji E a EM
nevytvrali a i a ako by bolo v sasnosti mon napravi tento handicap.
K neuralgickm aspektom patria vrazn rozdiely v rovni ekonomickho a
socilneho rozvoja a absencia innho mechanizmu ich prekonvania medzi vyspelmi
a menej vyspelmi lenskmi ttmi. V dsledku toho sa oraz vraznejie generovali
makroekonomick, osobitne fiklne nerovnovhy, ktor prve pod vplyvom dlhovej
dimenzie globlnej krzy dosiahli kritick mieru. Absencia spolonej fiklnej politiky ako
nevyhnutn pandant spolonej menovej politiky neumonila potrebn fiklnu pomoc slabm
lenom EMU v rozsahu obvyklom vo fungujcich federatvnych ttoch.1 A to je prve jedna
z kovch podmienok optimlnej menovej oblasti, ktor doterajia rove fiklnych
transferov v rmci eurozny zaleka nedosahuje. Za tchto okolnost nenosne narastaj
nklady spojen so stratou nezvislej menovej politiky, t.j. monosti nezvisle poda potrieb
vlastnej ekonomiky stanovova rokov sadzby a prispsobova menov kurz. Stanovenie
rovnakch rokovch a kurzovch parametrov odvodench z najvyspelejej ekonomiky
objektvne znemouje konvergenn adaptciu ekonomk menej vyspelch lenskch ttov.
Zsadne odchlky s evidentn aj voi ostatnm podmienkam terie optimlnej menovej
oblasti. Je to nedostaton rove mobility pracovnch sl medzi ttmi menovej nie
a znan rove rigidity, miezd v rmci jednotlivch ttov. Taktie pomerne vrazn
rozdiely vo vybavenosti prrodnmi zdrojmi a siln asymetrie exognnych pozitvnych a
negatvnych okov. Tento podstatn odklon od podmienok optimlnej menovej oblasti pod
vplyvom prebiehajcej globlnej krzy spsobil, e primrne politicky presadzovan projekt
integrcie narazil na svoje hranice, ktorch prekroenie vyaduje kvalitatvnu systmov
transformciu na vyie tdium integranho procesu, alebo jeho ochromenie, sptn chod,
vyostrovanie zujmovch konfliktov at. Je pravdepodobn, e tento nepriazniv scenr sa
bud politici snai eliminova opatreniami, ktor ete nedvno neboli mysliten, no nebud
dostaton a prijat vas, aby relne smerovali k ucelenmu funknmu zavrovaniu
integranho procesu.
1
Zatia o vo fungujcich federcich (USA, Nemecko) je charakteristick siln federlny rozpoet, tak
spolon rozpoet E tvor len 1 % HDP.
39

Odhaovanie cielene deformovanch teoretickch konceptov vo vzbe na hospodrskopolitick prax
Tto lnia obsahovej a metodologickej inovcie m najbezprostrednejiu interakciu na
zujmy urujcich globlnych hrov a intitci ako aj aktrov hospodrskych politk
jednotlivch ttov. Kovou sasou prinnch svislost, ktor vystili do globlnej
krzy bol od 80. rokov stupujci tlak systmov okpovanie socilneho ttu, ktormu
vedeck fundciu mali dodva najm rzne odtiene koncepcie trhovho fundamentalizmu.
Tento proces bol ete zosilovan politickm tlakom takch intitci ako MMF, SB
a OECD. Proti socilnemu ttu sa sformovala ucelen doktrna Parsky konsenzus 1 (
Aiginger, 2005). V rmci nej sa presadzovali najm dve argumentan lnie. Prv ignorovala
objektvny rast nkladov na nov civilizan vzvy a ako hlavn problm akost
financovania verejnch sluieb zveliene zdrazovala pltvavos a zneuvanie socilnych
systmov. Rieenm by malo by ich obmedzenie a prevedenie na trhov reim cestou
privatizcie. Druh lnia sa sstredila na zdvodovanie zniovania dan ako hlavnho
spsobu urchovania hospodrskeho rastu. K ich zsadnej relativizcii a spochybneniu
vznamne prispeli empirickmi analzami M. Pick (2006; 2011 a K. Aiginger, 2005). Z nich
vyplynulo, e pltvavos relne predstavuje len mal as mono jednu desatinu zvyovania
vdajov.2 Taktie spochybnili vhodnos skromnch socilnych sluieb pred solidrnymi,
ke z vsledkov analz vyplynulo, e v skromnch systmoch s vie rizik, s
nkladnejie a menej dostupn. 3 Pravda za odporom voi solidrnemu systmu
v dchodkovej, zdravotnej, vzdelvacej sfre treba vidie vek zujem skromnho sektora
o tento lukratvny dynamick segment ekonomiky. Ako vrazne zvelien a idealizovan sa
ukzal vplyv zniovania dan ako najvznamnejieho faktora urchovania rastu. Analzy
ukzali, e je to vysoko nkladn a mlo inn spsob. Zniovanie celkovej miery zdanenia
prispieva k hospodrskemu rastu prevane extenzvne a mnohonsobne menej ako je prnos
znalostnch faktorov rastu produktivity.4 Analzy na jednej strane presvedivo spochybnili
zvelien vplyv plytvanosti socilneho systmu a stimulujceho zniovania dan na rast
ekonomiky, no na druhej strane tie potvrdili spomalenie rastu produktivity, hospodrskeho
Vedeck zdvodnenie mala poskytova nov politicko-ekonomick paradigma, ktorou sa odvrhol keynesovsk
koncept, v ktorom bol v centre pozornosti agregtny dopyt, priom hrali dleit lohu vldne vdaje a na
miesto urujceho teoretickho konceptu nastpil monetarizmus M. Friedmana a ekonmia strany ponuky, v
ktorch hlavn lohu hrali peniaze, inflcia a agregtna ponuka. loha ttu sa zredukovala len na odstraovanie
prekok efektvnej alokcie kapitlu a prce, teda na ruiv innos odborov, na minimalizciu zkonov
socilnej ochrany, na zniovanie demotivujcich dan a na to, aby sa v zujme prekonvania nahromadench
problmov a obnovy rastu prostrednctvom dslednej deregulcie a liberalizcie vzdal ekonomickej moci
v prospech globlnych trhovch sl.
2
Prieskumy ukzali, e dobrovon nezamestnanos sa podieala na celkovej nezamestnanosti asi jednou
ptinou a s ou spojen socilne dvky predstavovali len asi 0,2 % HDP. Podobne okolo 0,2 % HDP
predstavovalo plytvanie liekmi poistencami zdravotnho poistenia (Pick, 2011, s. 111).
3
Skromn penzijn systmy maj neist budcu kpnu silu penzi, reijn nklady pohltia okolo
30 % poistnho oproti 3-5 % v solidrnych systmoch a s pre chudobnch pridrah. Skromn zdravotnctvo je
podstatne nkladnejie ako solidrne (v USA napr. zhruba dvojnsobne). Aj sebedmyselnejie systmy verov
na tdium pri spoplatnen vysokokolskho tdia nevyhnutne ved k uritej prjmovej selekcii prstupu
k vzdelaniu a teda k diskrimincii (Pick, 2011, s. 111)
4
Z vsledkov analz vyplynulo, e znenie miery zdanenia o jedno percento v pomere k HDP me prispie
k jeho zveniu o menej ako 0,1 %. Podstatne viac takmer pnsobne vak prispieva k zvyovaniu chudoby.
Znenie celkovej miery prerozdeovania HDP (set zdanenia a schodku verejnho rozpotu) o jedno percento
spsobuje zvenie miery chudoby o viac ne 0,4 % (Pick, 2011, s. 136).
40

rastu a oslabovanie relatvnej konkurencieschopnosti E, ohrozujce dlhodob zklady jej
socilneho modelu.1
V rmci frontlneho toku proti socilnemu ttu sa ignoroval znalostne socilny
model vyvinut v Dnsku, Fnsku a vdsku, ktor bol a je spenej ako znalostne liberlny
model USA. kandinvske tty krzu socilneho modelu vplvajcu z predbiehania vdavkov
pred vkonnosou prekonali aktvne zvyovanm vkonnosti znalostnou cestou. Jadro spechu
spovalo v politike drahej prce a retrukturalizcii vdavkov verejnch rozpotov vraznm
zvenm vdavkov na znalosti (vskum a vzdelanie), ktor v roku 2001 dosiahli 11 % HDP
a boli o 4 5 percentulnych bodov vyie ako v ostatnch modeloch. Zrove sa vzdali svojho
socilneho nadtandardu. Najvraznejiu retrikciu medzi porovnvanmi modelmi vak
nepouili len na pasvne prekonvanie deficitu, ale hlavne na modernizan retrukturalizciu
ekonomiky. Zachoval sa siln socilny tt s vysokou mierou prerozdeovania HDP, ktor je
vak vysoko funkn. Znalostne-socilny model je tak zaloen v znanej miere na solidarite,
bez socilnych barir a ku komparatvnym vhodm socilneho modelu, k motivanej innosti
trhu a socilnej sdrnosti pridal ete komparatvnu vhodu zaloen na intelektualizovanej
relatvne drahej prci. Predstihuje ostatn eurpske modely, ako aj neoliberlne znalostn
model USA nielen v produktivite prce, ale aj v integrlnej produktivite vrobnch faktorov, o
je rozhodujce pre dlhodobo udraten vkonnos a konkurencieschopnos. Novie analzy
ukzali, e tento vvoj pokrauje aj po roku 2000 a e znalostne-socilny model spene obstl
v teste relnym ivotom.2
Doslova revolun spochybnenie neoliberlnej paradigmy a jej zujmovo
podmienenho zneuvania nastoluj zvery uniktneho vskumu Univerzity Zrich
uverejnen v New Scientist. Na zklade analzy gigantickej databzy a pomocou
najmodernejej informanej a vpotovej techniky preskmali vlastncke, kooperan,
organizan a rznymi formami zosieovan prepojenie 37 milinov firiem a investorov.
Viackrokovou aproximciou postupne identifikovali mieru vplyvu na svetov ekonomiku.
V prvom priblen 43 060 TNK, ktor maj spolon aktva me na zklade vzjomnho
prepojenia u kontrolova svetov ekonmiku. al krok ukzal, e 1318 TNK u vzhadom
na mimoriadne tesn prepojenia vytvra jadro, ktor u predstavuje model rozdeovania
ekonomickho vplyvu zahrujci viac ako 20 % svetovho zisku, no umouje relne ovlda
vinu svetovch spolonost a a 60% svetovch prjmov. Na vrchole tejto globlnej
pyramdy je 147 TNK, ktor autori nazvali super jadrom. Ich aktva s tak vzjomne
prepojen, e tento neoficilny finann konglomert fakticky kontroluje vye 40 %
celosvetovho bohatstva korporci a priamo i sprostredkovane zsadne ovplyvuje chod
svetovej ekonomiky. Tento pohad na ekonomick procesy sasnho sveta bra mtick
predpoklady, na ktorch stoj vina ekonomickch teri. okujcu prekvapivos zverov
uvedenej
analzy
komentoval
jeden
z jej
autorov
J. Glattfelder slovami: Realita je natoko komplikovan, e sme museli upusti od dogiem

ako napr. teria sprisahania, alebo teria vonho obchodu.
Ak od zaiatku 70. rokov do polovice 90. rokov sa dlhodobo zvyovala miera prerozdeovania HDP z 41 % na
46 % a bola naviac dofinancovan zvenm schodkov rozpotov z 3 % na 5 %, m sa prjmy z oboch zdrojov
pre potreby solidrneho financovania celkovo zvili o 7 % v pomere k HDP. Od polovice 90. rokov nastal
zvrat. Zvyovanie zloenej daovej kvty sa zastavilo a schodky sa do roku 2000 krtmi znili o 4 % (Pick,
2006, s. 698).
2
Aj po roku 2000 kandinvske krajiny pokraovali v uplatovan znalostne-socilneho modelu. Poda dajov
Eurostatu v roku 2004 mali naalej vrazne o 3 4 percentulne body vy podiel vdavkov na znalostn
faktory (vzdelanie, vskum a vvoj a IKT) ako priemer E 15 a dlhodobo si udruj pozcie na poprednch
miestach globlnej konkurencieschopnosti. Potvrdil to aj IMD World Competitiveness Yearbook 2008.
41

Zaujmav zhoda okolnost spsobila, e v ase ke boli zverejnen okujce zvery
vskumu Univerzity Zrich, vyla aj kniha Michaela Morrisa Co nesmte vdt.1 Mimoriadne
zaujmavo a podnetne dopa zvery o globlnej superkorporci, lebo prina konkrtne
historick deskripciu tohto, ako sa vygenerovali mocensk truktry oraz viac ovldajce
vvoj sveta usilujce o nov ekonomick poriadok. Na historickch faktoch doklad ako sa
postupne formulovala mal skupinka rodinnch klanov, ktor prostrednctvom peaz a bnk
priamo i nepriamo ovlda nielen svetov hospodrstvo, ale aj nadnrodn organizcie ako
OSN, SB, MMF, znan as mdi, vedy, kolstva a alie sfry spolonosti a tvor aksi
neviditen globlnu vldu. Autor prina pecifick hbkov analzu peanctva
s osobitnm zreteom na to, ako sa z pvodnej funkcie zmenilo na prostriedok vytvrania moci
i tlaku, na boj kryt a nekryt peniaze, v ktorom sa bezprecedentne presadzuj nekryt
virtulne peniaze. Sprstupuje aj prekvapiv informcie zo zkulisia vzniku Fedu
i o zvltnych okolnostiach uzatvrania Bretton-Woodskych dohd a ich rozpadu a po podiel
a vplyv globlnych financh aktrov na vygenerovan sasnej dlhovej krzy.
Neakan komplementarita zverov analzy Univerzity Zrich a knihy M. Morrisa
me evokova rad otzok, i pochybnost, no miera ich vzjomne sa podporujcej
argumentcie nesporne predstavuje aj vek vzvu, pre ekonomick vedu a stavia do novch
sradnc aj skmanie turbulentnho vvoja E a EM v kontexte globlnej krzy.
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ALLEN, R. E. (2009): Financial Crises and Resion in the Global Economy.
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CASPER, S. HOLLINGSWORTH, J. R. WHILEY, R. (2005): Varieties of
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DRUCKER, P. F. (1985-1986): The Changed World Economy. Foreign Affairs.
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FOSTER J. B. MAGDOFF F. (2009): The Great Financial Crisis Causes and
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Piiny a nsledky. Praha: Grimmus..
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GALBRAIT, J. K. (1967a): Spolenost hojnosti. Praha: Svoboda.
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GALBRAIT, J. K. (1967b): The New Industrial State. Boston: Houghton Mifflin.
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GALBRAIT, J. K. (1973): Economics and the Public Purpose. Boston: Houghton
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HUNTINGTON, S. (1968): Political Order in Changing Societas, Harvard, USA.
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MORRIS, M.: (2011) Was Sie nich wissen sollen! Amadeus. esk preklad Co
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MUNDELL, R.: A Theory of Optimum Currency Areas. American Ecoomic Reviex,
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PICK, M. (2011): Stt blahobytu, nebo kapitalismus? My a svt v e neoliberalismu
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vydalo v Bratislave ANCH BOOKS v roku 2012.
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sttu v soutei s USA. Politick ekonomie, LIV, . 5, s. 680 691.
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Weltwirtschaft. Mnchen: Siegler Verlag.
43

Sekcia A: Ekonomick krza a podnikanie

v priestore E
Section A: Economic Crisis and Bu siness in the

EU Area
44


COMPETITIVE INTELLIGENCE AND INTERNATIONAL BUSINESS
Frantiek Bartes
Abstrakt:
Pspvek pojednv o problematice Competitive Intelligence a jeho novm vvoji v oblasti
mezinrodnho podnikn. Autor v vodu popisuje svj vztah ke krizi, kterou povauje za
pleitost a ne za hrozbu. Autor popisuje souasn pojet Competitive Intelligence ve svt a
nsledn se vnuje mezinrodnm aspektm Competitive Intelligence. Tyto mezinrodn
aspekty povauje za velmi dleit pro innost Competitive Intelligence na mezinrodnm
trhu. Autor se zabv vlivem globalizace na rozvoj Competitive Intelligence a upozoruje na
pechod zahraninch firem k vce strukturovanm a sofistikovanm pracovnm postupm.
Autor vysvtluje v dal sti svho pspvku sv pojet Competitive Intelligence, kter chpe
jako systmovou aplikan disciplnu. Tato skutenost se odr v nov vypracovanm
metodickm postupu realizace zpravodajskho cyklu pomoc Pracovnho plnu Competitive
Intelligence. Autor v zvru podv informaci o vuce pedmtu Competitive Intelligence na
podnikatelsk fakult VUT v Brn.
Klov slova: competitive intelligence, mezinrodn podnikn, krize, konkurenn vhoda.
Abstract:
The article deals with the issue of Competitive Intelligence and its new development in an
international entrepreneurship. In the introduction, the author describes his relationship to the
crisis, which is understood as an opportunity and not as a threat. The author describes current
concept of Competitive Intelligence in the world and after that deals with international aspects
of Competitive Intelligence. These international aspects are considered very important for
functioning of Competitive Intelligence on an international market. The author discusses the
influence of globalization on the development of Competitive Intelligence and points to
transition of foreign firms to more structured and sophisticated workflows. In the next part of
the paper, the author explains his concept of Competitive Intelligence, which is understood as
a system application discipline. This fact is reflected in the newly developed method of the
realization of intelligence cycle with Work Plan of Competitive Intelligence. In conclusion,
the author gives information on teaching the subject Competitive Intelligence on the Faculty
of Business and Management of BUT.
Key words: competitive intelligence, international business, crisis, competitive advantage.
JEL klasifikace: D83, M15
vod
Nahldneme-li do historie, vidme, e vvoj spolenosti nikdy nebyl plynul a prost
konflikt. Konflikty, kter vvoj doprovzely, pinely krom negativnch dopad tak
pozitivn zmny. V poslednch stoletch, zejmna ve stolet dvactm, dochz k velkmu
rozvoji techniky a s tm tak k velkmu rozvoji organizovanho podnikn. Tento vvoj
zpsobil v ekonomice rozvoj dvou systm:
45

- bankovnictv, kter vytv ucelen finann systmy,
- podnik, kter vytv produkty (artefakty) nebo poskytuj sluby.
Oba uveden systmy maj sv vlastn vvojov fze, ve kterch se vyskytuj pro n
nkter nepjemn jevy, zvan krize.
V krizi dochz k bolestnmu procesu odstraovn veho starho a pekonanho,
tedy toho, co v novm obdob ji stait nebude!
Je velmi poun sledovat pstup k tomuto odvkmu problmu v nsk vlen
filosofii, viz obr. 1, kdy krize (disharmonie, rozpor, atd.) je oznaena dvma znaky, z nich
kad m svj samostatn vznam jeden znamen tragdii, druh novou pleitost.
Bohuel tato nov pleitost nen vtinou na prvn pohled zejm. Je tzv. ukryta pod
povrchem danho problmu a je na tvrch schopnostech podniku, zda ji objev.
V takovm ppad podnik zaznamenv spch ve svm dalm vvoji. To znamen, e
z kad krize vedou dv cesty, jedna do pekel, druh k novm ztkm!
KRIZE
TRAGDIE
Obr. 1: nsk znak pro krizi
SKRYT
PLEITOST
Zdroj: vlastn
Z podnikatelsk praxe je znmou skutenost, e z kad krize odelo mnoho podnik

poraench, ale vdy se objevila i ada podnik, kter z krize vyli mnohem silnj, tedy
vtzn.
Jedn se o podniky, kter na zklad sprvn vytvoenho zpravodajstv vas
pipravily sv nov podnikatelsk zmry, vtinou zaloen na hodnotovch, ppadn
disruptivnch inovacch, bleji viz Molnr [11], a sprvnou konkurenn strategi je dokzaly
na danm trhu vas spn realizovat.
Zde si musme uvdomit, e dnen vborn vsledky konkrtnho podniku jsou
vsledkem sprvnho rozhodnut veden podniku v minulosti. Pokud budeme chtt, aby tento
podnik ml vborn vsledky i v budoucnosti, je zapoteb pro jejich zajitn opt sprvn
rozhodnout, a to ji dnes, viz obr. 2. A na tuto nutnost sprvnho strategickho rozhodnut
pro vytvoen pznivch podmnek zajiujc budouc spch podniku v jet
nronjm podnikatelskm prosted, dnes v dob krize, vtina naich podnik
zapomn, nebo e pouze sv dnen, by velmi dleit a ve sv podstat existenn
problmy. Domnvme se, e prv tato schopnost podniku je jednou z tch, kter odliuj
spn podnik od nespnho.
46

Sprvn strategick
rozhodnut
v minulosti
Dnen spch
podniku
asov osa
Sprvn strategick
rozhodnut
dnes
Budouc spch
podniku
asov osa
Obr. 2: asov poadavek nastrategick rozhodnut firmy
Zdroj: vlastn
A toto poznn je zkladnm vchodiskem naeho pohledu na krizi a poadavky na

postoje managementu podniku. Krizi je teba povaovat za pleitost, tedy za vzvu a ne
za hrozbu! Podniky se budou muset nauit zmny, a to i ty zpsoben kriz, vyuvat. Pro
sprvn zabezpeen tchto poadavk na veden podnik v jejich podnikatelsk praxi je, ale
zapoteb vytvoit vhodn podmnky. K tmto novm podmnkm dle M. Hammera [7] pat:
- vytvoen systmu vasnho varovn,
- schopnost rychl reakce na extern zmny,
- vytvoen podnikov infrastruktury podporujc oba ve uveden poadavky.
Jak ji bylo dve uvedeno, nosnm eenm pro zdokonalen kadho podnikn jsou
inovace. Prv pi pprav nov inovace sehrv velmi dleitou a doposud mlo
oceovanou lohu Competitive Intelligence. Kvalita tchto podklad nsledn rozhoduje o
peit i nepeit podniku. To znamen, e Competitive Intelligence mus byt schopno nejen
informace zskat, ale jejich sprvnou analzou k nim dodat pidanou hodnotu. S pomoc tto
pidan hodnoty me podnik doshnout originln konkurenn vhody vi sv konkurenci.
Dvojnsob to plat v mezinrodnm obchod, kde je vysok rivalita konkurennch stet.
Metody
Clem pedloenho lnku je poukzat na nov trendy Competitive Intelligence
v mezinrodnm podnikn, kter zanaj sehrvat dleitou roli pi tvorb podklad pro
strategick rozhodovn vrcholovho veden podnik a nsledn pomhaj vytvet jejich
konkurenn vhodu. Zachycen tchto novch trend je velmi dleit pro realizaci zmn
vuky tto problematiky na naich vysokch kolch. Pi zpracovn lnku byly pouity
metody: pozorovn, analza, syntza a komparace.
47

Diskuze
Pevaujc rove souasnho zabezpeovn Competitive Intelligence
U vtiny zahraninch podnik zskvn informac o konkurenci funguje uritm
neformlnm zpsobem ji dlouh lta. V sedmdestch letech 20. stolet D. Montgomery a
Ch. Weinberg [12] vydvaj klovou publikaci Towards Strategic Intelligence Systems. V r.
1986 je v USA zaloena Society of Competitive Intelligence Professionals. Jednm z impuls,
pro se tak stalo, bylo vydn knih autora M. E. Portera Competitive Strategy [14] a
Competitive Advantage [13], ve kterch bylo prokzno, e strategick analza je dleitou a
nedlnou soust pro tvorbu strategie vlastnho podniku ve vazb na konkurenn obchodn
spolenosti.
Z analzy dostupn literatury tkajc se npln prce a pouvanch postup
pracovnk Competitive Intelligence v oblasti zpravodajsk analzy vyplv, e krom
vymezen zkladnch innost v jednotlivch fzch zpravodajskho cyklu, dn ustlen,
nebo standardizovan metodika neexistuje. Viz nap. publikace autor Fulda [5], Kahanera
[8], Liebowitze [9], Halla & Bensoussana [6]. Zvlt pak publikace autorky Carr [4],
popisujc zpsob prce 15 pednch odbornk na Competitive Intelligence v USA.
Studium ve uvedench publikac i praktick zkuenost z naeho podnikatelskho
prosted pineslo vsledek, e mnoho vedoucch pracovnk firmy nen schopno toto
zpravodajstv ve sv dc prci aktivn vyuvat! Na zklad ve uvedenho se domnvme,
e je teba zsadnm zpsobem zmnit pstup k provdn Competitive Intelligence v naich
podnicch, a to i s ohledem k dnenm trendm v mezinrodnm obchod.
Mezinrodn aspekty Competitive Intelligence
Mezinrodn aspekty Competitive Intelligence je mono shrnout do dvou zkladnch
skupin, a to na aspekty vnitn a aspekty vnj.
Vnitn aspekty se tkaj podstaty tto metody a jejho vlastnho rozvoje. K
nejdleitjmu z vnitnch aspekt Competitive Intelligence, tedy k jejmu vnitnmu vvoji
jako metody, je mono uvst nsledujc:
V souasn dob jsou dostupn publikace, kter referuj o monch postupech een
problm metodikou Competitive Intelligence, vce mn nekomplexn. Autoi tchto
publikac byli vtinou pracovnci specilnch sttnch slueb a pklady z tto politick i
vojensk kuchyn nemaj zjem ucelen publikovat. Vvoj tto metodiky pro poteby
prmyslu je i pes znan poet publikac o Competitive Intelligence teprve v zatcch.
Podobnm vvojem proly i nkter jin, dnes mezinrodn rozen metody. Takto zanala
i hodnotov analza (Value Analysis), kter vznikla za 2. svtov vlky v USA v General
Electric. Po vlce se rozila do Evropy, kde si v kad zemi tuto metodiku upravili dle svch
zvyklost a teprve dal vvoj pinesl disciplny, jako jsou Hodnotov Inenrstv (Value
Engineering) a Hodnotov management (Value Management). Vzhledem k velkmu rozen
se stala tato metoda pedmtem normalizace v jednotlivch zemch a poslze byla vydna i
evropsk norma EN 12 973 standardizujc tuto innost.
Co se tk Competitive Intelligence v naich zemch, tak jsme zatm v tto prvn fzi.
Proto se na fakult podnikatelsk VUT v Brn sname o vhodnou formalizaci metodiky
Competitive Intelligence pro prmyslov vyuit. Pklady een, kter ji byly vypracovny,
jsou pochopiteln jet pli aktuln a tud nevhodn k publikovn. I v oblasti hodnotov
analzy byly publikovan pklady minimln 10 rok star.
K vnjm aspektm Competitive Intelligence nle: jazyk, kultura, sociln
prosted, politick prosted, nboensk prosted. Tyto vnj aspekty v mezinrodnm
48

obchod vytv urit bariry, kter mohou podstatnou mrou ovlivnit vsledek prce tvaru
Competitive Intelligence, nebo vsledek zpravodajsk analzy zaloen na zskanch a
sprvn vyhodnocench dajch a informac, je zanalyzovan informace zasazen do
kontextu, co umouje analytikovi vytvet onu pidanou hodnotu, kter teprve ve svm
souhrnu vytv ono zpravodajstv. Z tohoto vyplv, e vsledek tto pidan hodnoty je do
znan mry zvisl nejen na schopnostech, znalostech, zkuenosti a intuici analytika, ale i na
jeho schopnosti interpretace analyzovanch daj, kter byly zskny z danho zahraninho
prosted.
Na zklad praktickch zkuenost je mono konstatovat, e odlinosti, s ktermi je
mono se setkat v jednotlivch zemch, vrazn ovlivuj innosti ve vech fzch
zpravodajskho cyklu.
Modern pojet Competitive Intelligence ve svt
Jednm z klovch faktor psobcch na rozvoj Competitive Intelligence je
globalizace a s n spojen vvoj budoucho konkurennho prosted. To ve vyaduje
kvalitativn odlin pstup k zskn a nslednmu zpracovn potebnch informac.
Hammer [7] tvrd, e globalizace pedstavuje zsadn zmny v oblasti mezinrodnho
obchodu. Tmto zmnm odpovd i rst rivality konkurennch stet. Rst konkurence na
svtovch trzch zvyuje poadavky na informan poteby vrcholovho veden obchodn
spolenosti, co si vynucuje nsledn zven rovn Competitive Intelligence.
Pro modern pojet Competitive Intelligence je tedy charakteristick, e se ustupuje od
experimentlnch postup popsanch nap. Carr [4] a pechz se k postupm vce
strukturovanm a vysoce sofistikovanm.
Na zklad vzkum provdnch Bensoussanem & Denshamem [3] je mono
konstatovat, e Competitive Intelligence je v souasn dob jednm z nejrychleji se
rozvjejcm se oborem v oblasti mezinrodnho podnikn. Potvrzuj to vsledky jeho
vzkum nejen ve vysplch zemch, ale i v Austrlii, Jin Africe, atd.
Ke svtovm ldrm v oblasti Competitive Intelligence pat Japonsko, vdsko, Izrael
a USA. V tchto zemch Competitive Intelligence zskala prvoplatn msto jako uznvan
obchodn disciplna i jako vznamn zdroj dosaen konkurenn vhody. Z tohoto dvodu se
krom bnch krtkodobch kurz se zamenm na zkladn principy Competitive
Intelligence, se zanaj objevovat nabdky s tmatikou Competitive Intelligence jak ve vuce
MBA, tak i ve studijnch programech prestinch univerzit. Nap. v USA jsou Johnem
Prescottem v Katz Graduate School pi University of Pittsburgh podny kurzy Competitive
Intelligence, ve kterch je zskvn informac zaloeno na etickch pravidlech - kodexech.
Obdobn bychom se mohli vyjdit i o obchodn spolenosti Fuld & Compeny, Inc. [5].
Mnoh obchodn spolenosti psobc na mezinrodnm trhu si dokonce buduj sv vlastn
kolic stediska. Motorola m dle Liebowitze [9] svoje vlastn kolc centrum Competitive
Intelligence. Tchto spolenost je ale mnohem vce, nap. japonsk Toyota atd.
Nae pojet Competitive Intelligence
Zkladnm vchodiskem naeho pojet Competitive Intelligence je skutenost, e
Competitive Intelligence chpeme jako systmovou aplikan disciplnu. dn ze
zahraninch, ani tuzemskch autor, tento zpsob chpn Competitive Intelligence dosud
neuvd. Pojem Competitive Intelligence definujeme nsledovn [1]: Competitive Intelligence
je systematick tvr a etick aplikace zpravodajsk metodologie a klovch metodik, kter
s vyuitm tmov prce:
- zjiuje, identifikuje symptomy i data a informan zdroje,
49

- analyzuje zskan symptomy, data a informace a dopluje je, hodnot jejich vznam a tvo
z nich dkazy jev,
- tvo z informac ucelen hypotzy (pedpovdi budoucho stavu) pro zmny a vyhodnocuje
jejich pnos pes dkazy a nklady zmnami vyvolan, jako efektivnost tchto zmn,
- provd vypracovn zpravodajskch zprv pro rozhodovn managementu firmy.
Z ve uvedenho pro ns vyplv, e ve sv podstat sprvn pochopen a
v podnikatelsk praxi realizovan Competitive Intelligence podniku, znamen schopnost
vytvet pedpov budoucnosti.
A v tomto a jen v tomto pojet, m Competitive Intelligence svj vznam pro podnik!
Obecn klademe na Competitive Intelligence nsledujc poadavky:
a) vas odhalit klov problmy firmy plynouc z firemnho okol,
b) zpravodajsky zabezpeit mon zpsoby een tchto problm.
JE POTEBA SI UVDOMOVAT, E V DSLEDKU PROBHAJCCH
ZMN PARADIGMATU DNEN DOBY, NEZNAMEN SOUPEEN O
BUDOUCNOST JI SNAHU O ZVYOVN TRNHO PODLU, ALE ZNAMEN
SOUTEN O PODL NA PLEITOSTECH, NEBO NEM SMYSLU MLUVIT
O TRNM PODLU NA TRZCH, KTER JET NEEXISTUJ. CHCE-LI PODNIK
ROZPRACOVAT BUDOUC PLEITOSTI, MUS SI OSVOJIT SCHOPNOST
PRAKTICK REALIZACE TVORBY TCHTO NOVCH TRH, TJ. MUS BT
SCHOPEN VYTVET POPTVKU S JEJM NSLEDNM USPOKOJENM.
Vzhledem ke specifiku problematiky een pomoc Competitive Intelligence, nebude
vdy mon najt okamitou odpov na konkrtn clenou otzku, nebo tyto odpovdi jsou
z pochopitelnch dvod konkurennmi firmami peliv utajovny. Proto je nutno tyto
informace zskvat z leglnch zdroj vysoce sofistikovanmi postupy.
V tto souvislosti je teba si uvdomit, e informace se pro toho, kdo rozhoduje,
stvaj vhodou (zbran) a v okamiku, kdy je schopen z nich vytvoit zpravodajstv. To
znamen, e pochop jejich vznam v kontextu pleitosti zskat i vytvoit konkurenn
vhodu pro svj podnik. Vtinou se tmto zpsobem zskv znalost o budoucch zmrech
konkurence. Proto byl vypracovn metodick postup realizace zpravodajskho cyklu pomoc
Pracovnho plnu jako jednoho ze zkladnch princip innosti systmov aplikan
disciplny. Tato prce byla publikovna ve vdeckm asopise, viz Bartes [2]. Na
podnikatelsk fakult VUT v Brn je ve studijnm oboru Informan management a oboru
MSc in Business and Informatics zaazen pedmt Competitive Intelligence. Pro poteby
cvien je vybudovna laborato CI s pslunm softwarovm vybavenm.
Zvr
Competitive Intelligence je stle vce zaleovna do bnho pojet mezinrodnho
podnikn a stv se tak jeho bnou soust!
Competitive Intelligence koncipovan jako systmov aplikan disciplna vyuvajc
standardizovan a vysoce sofistikovan postupy se stv velmi dleitm nstrojem k tvorb
podklad pro strategick rozhodnut vrcholovho veden podniku zaloen na vytven jeho
konkurennch vhod.
Manaer by se jist ml vyvjet spolu s tm, jak se rozvj trn prosted. Dokonce ti
pikov manaei, by se na rozvoji tohoto prosted mli pmo podlet, a to ve prospch sv
firmy, ve prospch sv zem! Se zmnami prosted se objevuj nov metody, formy, strategie
i cle a vchova manaer se mus pizpsobit novm podmnkm. Efekty z tradinch kolen
platn vera u nebudou stait v budoucnosti. V tchto ppadech obzvl plat ono
Darwinovsk: Pi zmn ivotnch podmnek m dan druh pouze dv monosti, a to
bu se pizpsobit, nebo zahynout.
50

I kdy v reln praxi bude proces zaleovn tchto pstup jet njakou chvli
trvat, viz zavdc doba novch znalost, je teba na tuto novou skutenost na pd vysokch
kol ji nyn reagovat a pipravovat podklady pro vuku, kolen i trnink vrcholovho
managementu naich podnik.
Matthew [10] zastv nzor, e 97% korporac nlecch do Fortune 500 m
aspo jednoho analytika CI
Pspvek je vstupem projektu specifickho vzkumu Efektivn ekonomick zen podniku
s ohledem na vvoj globlnch trh Intern grantov agentury Vysokho uen technickho
v Brn s registranm slem FP-S-12-1.
Literatura
[1] BARTES, F. : Competitive intelligence tool obtaining specific basic for strategic
decision making TOP management fi rm. Acta univ. agric. et silvic. Mendel. Brun., 2010,
LVIII, No. 6, pp. 4350. ISSN 1211-8516
[2] BARTES, F. : Intelligence Analysis - the Royal Discipline of Competitive Intelligence.
Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 2011, LIX, No. 7,
pp. 39-56. ISSN 1211-8516
[3] BENSOUSSAN, B., DENSHAM, E. Australian CI Practices: A Comparison with the
U.S. Journal of Competitive Intelligence and Management. 2004. Volume 2, No. 3, pp. 1-9.
[4] CARR, M. M. : Super Searchers on Competitive Intelligence. New Jersy : Reva Basch,
2003. ISBN 0-910965-64-1
[5] FULD, L. M. : The New Competitor Intelligence. New York : John Wiley & Sons, Inc.,
1995. ISBN 0-471-58509-2
[6] HALL, Ch., BENSOUSSAN, B. : Staying Ahead of the Competition. New Jersy : World
Scientific, 2007
[7] HAMMER, M. : Agenda 21. Co mus kad podnik udlat pro spch v 21. stolet.
Praha : Management Press, 2002. ISBN 80-7261-074-0
[8] KAHANER, L. : Competitive Intelligence. New York : Simon & Schuster, 1997. ISBN
978-0-684-84404-6
[9] LIEBOWITZ, J. : Strategic Intelligence. New York : Taylor & Francis Group, 2006.
ISBN 0-8493-9868-1
[10] MATTHEW, B. : The Prying Game: A little knowledge is a dangerous...weapon. No
wonder competitive intelligence schools are on the rise. Fortune Magazine, Advisor/Careers,
17
September
2001,
Vol.
144,
(5),
p.
235
[11] MOLNR, P. : Innovation Management. Ekonomick univerzita v Bratislav. Fakulta
podnikovho
manamentu.
Bratislava
:
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[12] MONTGOMERY, D., WEINBERG, C. : Toward Strategic Intelligence Systems.
McKinsey
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[13] PORTER, M. : Competitive Advantage. New York : Free Press, 1985. ISBN 0-74326087-2
[14] PORTER, M. : Competitive Strategy. New York : Free Press, 1980. ISBN 0-7432-60880
Kontakt na autora: doc. Ing. Frantiek Bartes, CSc., stav ekonomiky, Vysok uen
technick v Brn, Kolejn 2906/4, 612 00 Brno, esk republika, e-mail: bartes@fbm.vutbr.cz
51

VPLYV GLOBLNEJ HOSPODRSKEJ KRZY NA VEREJN

FINANCIE TTOV V REGINE STREDNEJ A VCHODNEJ
EURPY
THE IMPACT OF THE GLOBAL ECONOMIC CRISIS ON THE PUBLIC FINANCES
OF CENTRAL AND EASTERN EUROPEAN COUNTRIES
Tom Dud
Abstrakt
Cieom prspevku je preskma vplyv globlnej hospodrskej krzy na verejn financie
v ttoch strednej a vchodnej Eurpy. Prv as prspevku hodnot trendy vvoja verejnch
financi tchto ttov v predkrzovom obdob v rokoch 2000-2008, priom sa sname
identifikova tty, ktor boli pred vypuknutm globlnej finannej krzy najzranitenejie.
Druh as prspevku sa venuje vvoju verejnch financi v krzovom a pokrzovom obdob,
priom aj v tomto prpade sa sname o identifikciu najproblmovejch a najmenej
problmovch ttov. Posledn as prspevku sa poka prognzova budci vvoj
verejnch financi ttov v regine strednej a vchodnej Eurpy v nasledujcich rokoch.
Kov slov: globlna hospodrska krza, stredn a vchodn Eurpa, verejn dlh
Abstract
The aim of this paper is to examine the impact of the global economic crisis on public
finances in Central and Eastern Europe. The first part of the paper examines the major trends
in public finances in these countries in the pre-crisis period in 2000-2008 In this part we try to
identify those states that were the most vulnerable before the global financial crisis. The
second part of the paper is dedicated to the development of public finances in crisis and postcrisis period and we are trying again to identify the most problematic and least problematic
states on the level of the region. The last part of the paper tries to forecast the future
development of the public finances in Central and Eastern Europe in the coming years.
Key words: global economic crisis, Central and Eastern Europe, public debt
JEL klasifikcia: F01, H62, H63
vod
Riadenie verejnch financi patr medzi najdleitejie lohy hospodrskej politiky
kadho suvernneho ttu. Dlhodobo deficitn verejn rozpoty toti neprosne ved k ich
dlhovmu financovaniu a k nslednmu nrastu verejnho dlhu. Po istom bode sa vak ochota
skromnch investorov financova verejn dlh vrazne zniuje, o najastejie vedie
k ttnemu bankrotu. Historicky sa takho problmy tkali najm rozvojovch ttov
v Latinskej Amerike a v Afrike, v sasnosti s vak krzou verejnho dlhu ohrozen aj
hospodrsky vyspel tty, ktor s lenmi prestneho hospodrskeho zdruenia OECD.
Situcia nie je odlin ani v regine strednej a vchodnej Eurpy, kde u viacer tty museli
poiada medzinrodn organizcie o pomoc s rieenm svojej dlhovej sluby.
52

Globlna finann krza a nsledn globlna hospodrska krza znamenala najvie
turbulencie vo svetovom hospodrstve od ropnch okov v 70. rokoch minulho storoia.
V roku 2008 dolo k vnemu ohrozeniu globlneho finannho sektoru, na jese 2008 boli
finann trhy blzko totlnemu kolapsu. Situciu zachrnili najm hospodrsky vyspel tty,
ktor prevzali dlhy svojich skromnch bnk a nsledne sa snaili revitalizova svoje
ekonomiky pomocou vekch finannch stimulov. Vsledkom tohto vvoja bolo vrazn
zhorenie deficitov verejnch financi v tchto ttoch a nsledn nrast verejnch dlhov.
V sasnosti sa priemern verejn dlh ttov OECD nachdza na rovni 100 % HDP (odhad
na konci roku 2011), o je najvyia miera verejnho dlhu v dejinch v mierovom obdob [1].
tty v regine strednej Eurpy sce mali menie problmy s bankovm sektorom, ale asto sa
v nich zauvalo deficitn zostavovanie ttnych rozpotov. Tak postupne vznikol vo
viacerch ttoch reginu problm udratenosti verejnho dlhu, priom globlna finann
krza tento problm nsledne vyhrotila [5].
Cieom tohto prspevku je preskma vplyv globlnej hospodrskej krzy na verejn
financie v ttoch strednej a vchodnej Eurpy. Prv as prspevku hodnot trendy vvoja
verejnch financi tchto ttov v predkrzovom obdob v rokoch 2000-2008, priom sa
sname identifikova tty, ktor boli pred vypuknutm globlnej finannej krzy
najzranitenejie. Druh as prspevku sa venuje vvoju verejnch financi v krzovom
a pokrzovom obdob, priom aj v tomto prpade sa sname o identifikciu
najproblmovejch a najmenej problmovch ttov. Posledn as prspevku sa poka
prognzova budci vvoj verejnch financi v regine strednej a vchodnej Eurpy
v nasledujcich rokoch.
Pre potreby tohto prspevku sme do reginu strednej a vchodnej Eurpy zahrnuli 23
ttov, ktor spja spolon minulos centrlne plnovan ekonomick systm, ktor v nich
fungoval do roku 1989. Regin je vak u v sasnosti truktrovan, preto sme pre potreby
naej analzy vytvorili niekoko skupn. Prv skupinu tvor desa lenskch ttov E
v tomto regine, ktor predstavuj t najvyspelejiu as reginu. V roku 2004 do E vstpili
esk republika, Maarsko, Posko, Slovensko, Slovinsko, Litva, Lotysko a Estnsko,
priom v roku 2007 ich nasledovali Bulharsko a Rumunsko. Druh skupinu tvoria tty
zpadnho Balknu, ktor vznikli po rozpadu Juhoslvie (Chorvtsko, Srbsko, ierna Hora,
Macednsko a Bosna a Hercegovina) a Albnsko. Ide o pomerne heterognnu skupinu, ktor
vak tie s vekou pravdepodobnosou smeruje do E. Posledn skupinu tvoria bval
sasti Sovietskeho zvzu, ktor sa po jeho rozpade osamostatnili. V rmci tohto lnku sme
do tejto skupiny zahrnuli Rusk federciu, Ukrajinu, Bielorusko, Moldavsko, Gruznsko,
Armnsko a Azerbajdan. Ide pritom o vemi rznorod skupinu, ktor zaha tak
najvieho exportra ropy a zemnho plynu na svete (Rusk federcia) ako aj posledn
centrlne plnovan ekonomiku v Eurpe (Bielorusko). Dta pouit v prspevku pochdzaj
z databzy Medzinrodnho menovho fondu, najm z on-line databzy poslednho vydania
IMF World Economic Outlook z aprla 2012 [8].
Vvoj verejnch financi v regine strednej a vchodnej Eurpy v rokoch 2000 2007
Verejn financie boli neuralgickm bodom ttov strednej a vchodnej Eurpy u pred
rokom 1989, o vo vraznej miere viedlo aj k pde centrlne plnovanch ekonomk. Viacer
tty zaali ekonomick transformciu s vraznm zadlenm (napr. Maarsko alebo Posko)
a nevyrovnan verejn rozpoty zostali zvanm problmom aj v 90. rokoch minulho
storoia. Dobrm prkladom je v tejto oblasti aj Slovensko, ktor od svojho vzniku v roku
1993 nikdy nemalo vyrovnan alebo prebytkov ttny rozpoet. Niektor tty reginu sa
pritom nevyhli ani finannho kolapsu, ke najlepm prkladom je finann kolaps Ruskej
federcie v roku 1998 [7].
53

Na zaiatku novho tiscroia vak mala vina ttov v regine najhorie roky
hospodrskej transformcie u za sebou, o sa odzrkadlilo aj v postupnom zlepovan
verejnch financi v tchto ttoch. Napriek tomu, ak hodnotme obdobie pred globlnou
hospodrskou krzou (roky 2000 2007), treba poznamena, e u rozhodujcej viny ttov
v regine stle prevaovali deficitn ttne rozpoty. Situciu v tomto obdob napokon
vborne odzrkaduje Obr. 1, ktor obsahuje daje o priemernom salde ttnych rozpotov 23
skmanch ttov v tomto regine v rokoch 2000 a 2007. Zo skmanej vzorky len es
ttov vykazovalo stabilne vyrovnan alebo prebytkov ttne rozpoty, vo zvynch 17
ttoch naopak prevaovali deficity.
Najvie prebytky v skmanom obdob zaznamenala Rusk federcia, ktor vak
aila zo svojho silnho exportu nerastnch surovn. Ich vysok ceny na svetovch trhoch
zabezpeili siln prjmy do ttneho rozpotu, ktorho priemern prebytok v tomto obdob
predstavoval 4,6 % HDP. Vrazne pozitvnym prkladom zodpovednej rozpotovej politiky je
vak Estnsko, ktor v skmanom obdob zaznamenalo priemern prebytok ttneho rozpotu
vo vke 1,5 % HDP. Estnske vldy boli v tomto obdob stelesnenm rozpotovej
zodpovednosti, ktor me by prkladom pre vinu ttov v regine. Dobr vsledky
v skmanom obdob dosiahli aj Gruznsko, Bielorusko a Azerbajdan, v ich prpade vak
treba ttne vkazy verejnch financi bra s istou rezervou.
Obr. 1: Priemern saldo ttnych rozpotov v ttoch strednej a vchodnej Eurpy v rokoch
2000-2007 (% HDP)
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Prame: On-line tatistick databza IMF World Economic Outlook Aprl 2012
Naopak, najhor vsledok v danom obdob dosiahlo Maarsko, kde nezodpovedn
rozpotov politika niekokch po sebe idcich vld doviedla krajinu do vemi zranitenho
stavu. Vnos maarskej situcie sa potvrdila u v roku 2008, kedy zanajce turbulencie
na finannch trhoch spsobili takmer finann kolaps krajiny, ktor bola nten poiada o
54

pomoc MMF. Treba vak doda, e ani situcia Slovenska nebola v rokoch 2000 a 2007
bezproblmov. Krajina sce v danom obdob zaznamenala najvy rast HDP medzi
lenskmi ttmi OECD [5], vnym problmom vak boli vysok rozpotov deficity .
Meme skontatova, e v tomto obdob Slovensko premrnilo ancu vraznejie
konsolidova verejn financie, priom takto obdobie vysokho hospodrskeho rastu v
krtkodobom horizonte nemono oakva. Mementom me by rok 2007, ke ani rekordn
hospodrsky rast vo vke 10,2 % nestail na vytvorenie vyrovnanho ttneho rozpotu
(deficit vo vke 1,8 % HDP).
Pozitvnou sprvou vak je, e napriek deficitnmu financovaniu ttnych rozpotov,
v rokoch 2000 2007 dolo k poklesu priemernej rovne verejnho dlhu ttov strednej
a vchodnej Eurpy. Km v roku 2000 dosahovala priemern rove verejnho dlhu
v regine poda dt MMF [8] ete 52,9 % HDP, v roku 2007 to u bolo iba 24,7 %.
K podobnmu zlepeniu dolo aj v uej skupine novch lenskch ttov E, kde priemern
verejn dlh poklesol z 33,6 % HDP na 25,2 % HDP. Hlavnm faktorom za tmto pozitvnym
vvojom je obdobie vysokho hospodrskeho rastu, ktor umonilo vekmu potu ttov
v regine vrazne zni podiel svojho verejnho dlhu. Vraznm pozitvnym prkladom
me by naprklad Bulharsko, ktor v tomto obdob znilo svoj verejn dlh z 75,3 % HDP
na 18,6 % HDP. Bulharsko vemi dobre vyuilo obdobie vysokho hospodrskeho rastu,
ktor skbilo s rozumnou rozpotovou politikou. Podobne pozitvny vsledok dosiahlo aj
Slovensko, kde vysok hospodrsky rast previl aj mlo ambiciznu rozpotov politiku.
Toto viedlo k zneniu verejnho dlhu z 50,3 % HDP v roku 2000 na 29,6 % HDP v roku
2007. Najpozitvnejm prkladom tohto obdobia je vak bez pochb Estnsko, ktor
dlhodobo udrovalo vemi nzku mieru verejnho dlhu. Jeho rove v roku 2007 dosahoval
len 3,7 % HDP. Estnsko pritom v kadom skmanom roku dosahovalo najmeniu mieru
verejnho dlhu v celom regine strednej a vchodnej Eurpy.
Samozrejme, nie vetky krajiny manaovali svoj verejn dlh rovnako spene ako
Estnsko, Bulharsko alebo Slovensko. Najviu mieru verejnho dlhu v pomere k HDP
v roku 2007 vykazovalo Maarsko, ktor v rokoch 2000 2007 navilo svoj verejn dlh
o viac ne 10 percentulnych bodov. Ilo o vsledok neudratenej fiklnej politiky vldy
Viktora Orbna, v ktorej pokraovala aj alie vldy pod vedenm Ptera Medgyessyho
a Ferenca Gyurcsnya. U v roku 2008 sa pritom ukzalo, e verejn dlh je vraznou slabinou
maarskej ekonomiky, o potvrdila aj nutnos prijatia pomoci od E, MMF a Svetovej
banky. V skmanom obdob svoj verejn dlh navili aj esk republika a Posko, ich vka
vak bola aj v roku 2007 na trvalo udratenej rovni.
Vvoj verejnch financi ttov strednej a vchodnej Eurpy v rokoch 2008 2011
Aj ke korene globlnej finannej a hospodrskej krzy v rokoch 2008 a 2009 siahaj
do USA, jej nsledky sa vemi rchlo rozrili v celom svetovom hospodrstve. Kee
vina ttov v regine strednej a vchodnej Eurpy patr medzi menie ekonomiky zvisl
od exportu, krza sa ich dotkla u na konci roku 2008. Prepad exportu viedol k prepadu
priemyselnej vroby a HDP, o nsledne viedlo k rastu nezamestnanosti a z toho
vyplvajcich socilnych vdavkov. Najhorm rokom v regine bol rok 2009, kedy vetky
tty okrem Poska sa prepadli do hospodrskej recesie [3].
Prepad HDP sa v kadom tte reginu premietol aj do poklesu daovch prjmov
a do nrastu socilnych vdavkov. Vsledkom bolo zhorenie stavu verejnch financi vo
vetkch skmanch ttoch reginu strednej a vchodnej Eurpy. daje na Obr. 2. jasne
ukazuj, e km v roku 2008 predstavovalo priemern saldo skmanch 23 ttov -0,9 %
HDP, v roku 2009 sa to vrazne zhorilo na rove -5 % HDP. Nepriazniv vvoj verejnch
financi pokraoval nsledne aj v rokoch 2010 a 2011, aj ke zanajce oivenie svetovho
55

hospodrstva prinieslo urit zlepenie aj v tejto oblasti. Treba vak doda, e v roku 2011
bolo priemern saldo verejnch financi v regine stle horie ako na zaiatku krzu v roku
2008 (-2 % HDP).
pecifickm prpadom boli vek exportri nerastnch surovn v regine, ktorm
kolaps ceny ropy na svetovch trhoch v druhej polovici roku 2008 spsobil vny vpadok
rozpotovch prjmov. Kolaps cien ropy na svetovch trhoch vemi vne poctila naprklad
aj Rusk federcia, kde sa prebytok verejnch financi vo vke 4,9 % HDP v roku 2008
v roku 2009 premenil na ich deficit vo vke 6,3 % HDP. Podobnm prpadom bol aj
Azerbajdan, ktor je tie vrazne zvisl od exportu ropy. V roku 2008 azerbajdansk vlda
hospodrila ete s prebytkom vo vke 20 % HDP, v roku 2009 sa vak tento prebytok
scvrkol len na 6,8 % HDP.
Obr. 2: Vvoj priemernho salda ttnych rozpotov a verejnho dlhu v ttoch strednej
a vchodnej Eurpy v rokoch 2008 2011 (% HDP)
Prame: On-line tatistick databza IMF World Economic Outlook Aprl 2012
Priemer celho reginu samozrejme skrva vrazn rozdiely v hospodren
jednotlivch skmanch ttov. Vetky tty s vnimkou Azerbajdanu vykzali v zlomovom
roku 2009 deficit verejnch financi, jeho vka vak oscilovala od 0,4 % HDP a po 9,2 %
HDP. Pobaltsk tty patrili medzi tty najviac zasiahnut globlnou hospodrskou krzou,
nie je preto prekvapenm, e najvy deficit v celom regine zaznamenala Litva (u
spomnanch 9,2 % HDP) a vraznejie nezaostvalo ani Lotysko (7,8 %). Estnsko malo vo
roku 2009 sce iba men deficit (2,3 % HDP), ale u samotne negatvne saldo ttneho
rozpotu naznauje vnos hospodrskych problmov krajiny v danom roku.
Situcia nebola pritom v rokoch 2009 a 2010 dobr ani na Slovensku, kde vlda
Rberta Fica umonila nrast rozpotovho deficitu medzirone o takmer 6 percentulnych
bodov na rove 8,0 % HDP. Situcia sa pritom nezlepila ani v nasledujcom roku 2010,
kedy deficit ttneho rozpotu op dosiahol rovnak rove (7,9 % HDP). Situcia v
ostatnch ttoch v priestore strednej Eurpy vak tie nebola lepia. Deficit ttneho
rozpotu v Posku bol v roku 2009 takmer na rovni Slovenska (7,3 % HDP) a aj esk
republika (5,8 % HDP) a Maarsko (4,5 % HDP) atakovali hranicu 5 % HDP.
Negatvny vvoj verejnch financi v ttoch strednej a vchodnej Eurpy so sebou
priniesol aj nrast ich verejnho dlhu. Priemern rove verejnho dlhu stpla v regine z
25,5 % HDP v roku 2008 na 33,6 % HDP v roku 2009 (vi Obr. 2), o znamenal skokov
nrast verejnho dlhu o 8,1 percentulnych bodov. Nrast verejnho dlhu pritom pokraoval
aj v rokoch 2010 a 2011, aj ke jeho tempo sa vrazne zmiernilo. Priemern verejn dlh
skmanch 23 ttov narstol v roku 2010 o 2,9 percentulnych bodov a v roku 2011 u iba
1,2 percentulnych bodov. Pohad na 23 skmanch ttov pritom prezrdza, e v rokoch
2008 2010 vo vetkch skmanch ttoch dolo k nrastu verejnho dlhu.
Nrast verejnho dlhu v regine je pritom sce znepokojujci, ale v porovnan
s vysoko zadlenmi ttmi ako Grcko, Taliansko alebo Portugalsko je jeho rove stle na
56

zvldnutenej rovni. Neznamen to vak, e v budcnosti me verejn dlh bez problmov
rs alej, kee finann trhy v sasnosti reaguj na takto vvoj rchlym zvenm
rokovch mier na ttne dlhopisy. Pozitvne je, e tento fakt pochopila u vina vld
v regine a viacero ttov u implementovalo nejak formu dlhovej brzdy limitujcu vku
verejnho dlhu v pomere k HDP.
Samozrejme, aj v oblasti verejnho dlhu sa skrvaj v regine strednej a vchodnej
Eurpy vrazn rozdiely. Najvm verejnm dlhom v pomere k HDP v sasnosti v regine
disponuje jednoznane Maarsko. U spomnan roky nezodpovednej rozpotovej politiky
viedli k tomu, e rove verejnho dlhu krajiny v roku 2010 dosiahol a 81,7 % HDP. Tto
rove verejnho dlhu pritom u nie je dlhodobo udraten pre mal ekonomiku, akou
Maarsko nepochybne je. Sved o tom aj nutnos prijatia spolonej pomoci E, MMF
a Svetovej banky v roku 2008, ktor priniesla Maarsku finann zdroje vo vke 25,1 mld.
USD [4]. Bez tejto pomoci by maarsk verejn financie s vekou pravdepodobnosou
skolabovali a krajina by musela vyhlsi ttny bankrot. V sasnosti s pritom maarsk
verejn financie stle v zranitenom stave, o om svedia aj rokovania maarskej vldy
s MMF a E o alej finannej pomoci.
Pre zhodnotenie vvoja verejnch dlhov v strednej a vchodnej Eurpe je zaujmav
aj celkov dynamika jej rastu v skmanch ttov v rokoch 2008 2010. Najvy rast
verejnho dlhu v tomto obdob zaznamenali dva pobaltsk tty Litva a Lotysko. Oba tty
boli vemi silno zasiahnut globlnou hospodrskou krzou, priom v tchto ttoch sa
vytvorila aj pomerne vek bublina na trhu s nehnutenosami. Vsledkom hospodrskych
problmov bol raketov rast deficitov verejnch financi, o viedlo k rastu verejnho dlhu
v Litve o 22,5 percentulnych bodov a v Lotysku o 22,7 percentulnych bodov v pomere k
HDP. Vrazn nrast verejnho dlhu v tchto rokoch zaznamenala aj Ukrajina (19,5
percentulnych bodov) a Bielorusko (19,3 percentulnych bodov). Problmy s udratenosou
financovania verejnho dlhu m pritom najm Bielorusko, ktor muselo v roku 2011 prija
finann pomoc od Ruskej federcie vo vke 3 mld. USD [2]. Tieto zdroje vak evidentne
neboli postaujce, kee na jar roku 2012 Bielorusko iadalo ver od MMF [6].
o sa tka Slovensk, t patrila na zaiatku globlnej finannej krzy medzi relatvne
mlo zadlen tty v regine strednej a vchodnej Eurpy (27,9 % HDP na konci 2008). U
spomenut vysok deficity ttneho vak rozpotu prispeli k dynamickmu rastu verejnho
dlhu, ktor na konci roku 2009 dosahoval 35,6 % HDP a na konci roku 2010 41,1 % HDP [8].
Na budce alie zdlovanie krajiny vak bude ma vny vplyv stavn zkon o dlhovej
brzde platn od marca roku 2012, ktor limituje vku slovenskho verejnho dlhu na 60 %
HDP. Ministerstvo financi pritom mus pripravova korekn opatrenia v momente, ke
vka verejnho dlhu dosiahne 50 % HDP. To mono oakva na jar 2013, bude preto vemi
zaujmav sledova al vvoj verejnho dlhu a nsledn reakcie slovenskej vldy. Na
druhej strane vak treba doda, e na konci roku 2011 bolo Slovensko v skupine V4 spolu
s eskou republikou najmenej zadlen v pomere k HDP.
Zver
V sasnosti si u vina ttov v regine strednej a vchodnej Eurpy uvedomuje
vnos situcie v oblasti verejnch financi, a preto takmer vetky tty ohlsili postupn
okresanie svojich rozpotovch deficitov. Tento trend naznauj aj posledn dostupn
prognzy MMF, ktor oakvaj postupn zniovanie deficitov na rovni reginu a do roku
2016. V tomto horizonte by sa priemern rozpotov deficit ttov v regine mal zni a na
rove 1,6 % HDP. Pozitvne smerovanie verejnch financi v regine podporuje aj dohoda
z o fiklnom pakte v rmci E, kee a desa ttov v regine je lenom tohto
integranho zoskupenia. Jednm z najdleitejch bodov dohody je de facto zkaz
57

trukturlnych deficitov, ktor mu dosiahnu maximlne vku 0,5 % HDP. To znamen,
e v ase hospodrskeho rastu bud musie signatri tejto dohody ma minimlne vyrovnan
ttne rozpoty.
Celkov zlepenie rozpotovej disciplny povedie v nasledujcich rokoch aj k
postupnmu zneniu verejnch dlhov ttov v regine. V prvom kroku je cieom zastavenie
tvorby novch dlhov a nsledne znenie rovne dlhu u existujceho. Vysok rove
verejnho dlhu toti postupne zdrauje jej obsluhu, o zniuje mnostvo finannch zdrojov
na plnenie zkladnch loh ttu. Vo viacerch ttoch strednej a vchodnej Eurpy je
verejn dlh u teraz na dlhodobo neudratenej rovni a jej nvrat na rove udraten me
trva aj viac ne jedno desaroie.
Zverom mono poveda, e globlna finann a hospodrska krza vo vraznej miere
zhorila hospodrenie viny ttov v regine strednej a vchodnej Eurpy a niektor tty
posunula do pozcie, ktor nie je dlhodobo udraten (napr. Maarsko alebo Bielorusko).
Pozitvom je, e v sasnosti u si vetky tty uvedomuj vnos situcie a aktvne sa
snaia o zlepenie svojej rozpotovej politiky. Na druhej strane, akkovek oslabenie
globlneho rastu alebo prpadn globlna recesia me vrazne narui snahy ttov
o manament verejnch financi a me niekoko alch ttov reginu posun do stavu
fiklnej neudratenosti.
Pouit literatra
[1] ABBAS, A., BELHOCINE, N., ELGANAINY, A., HORTON, M.: A Historical Public
Debt Database. IMF Working Paper WP/10/245, 2010.
[2] Belarus to Receive $3 Billion Russian-Led Loan, Kudrin Says. [online]. [cit. 2012-06-08].
Dostupn na internete: < http://www.businessweek.com/news/2011-06-04/belarus-toreceive-3-billion-russian-led-loan-kudrin-says.html>.
[3] Global Finance: Public Debt by Country. [online]. [cit. 2012-06-08]. Dostupn na
internete:
<http://www.gfmag.com/tools/global-database/economic-data/10394-publicdebt-by-country.html#axzz1ezv6m1vK>.
[4] IMF, EU, and World Bank Line Up $25 Billion for Hungary. [online]. [cit. 2012-07-02].
Dostupn
na
internete:
<http://www.imf.org/external/pubs/ft/survey/so/2008/car102808b.htm>.
[5] OECD: Government at a Glance 2011. OECD, 2011. ISBN 978-92-64-09657-8.
[6] Russian Subsidies Are Not Enough: Belarus Seeks A New IMF Loan. [online]. [cit. 201206-08]. Dostupn na internete: <http://belarusdigest.com/story/russian-subsidies-are-notenough-belarus-seeks-new-imf-loan-7670>.
[7] TANZI, V. a SCHUKNECHT, L: Public Spending in the 20th century A global
Perspective. Cambridge : Cambridge University Press, 2000. ISBN 0-521-66410-1.
[8] World Economic Outlook Database . [online]. [cit. 2012-06-15]. Dostupn na internete: <
http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/index.aspx>.
Kontakt: doc. Ing. Tom Dud, PhD., Fakulta ekonmie a podnikania, Paneurpska vysok
kola, Tematnska 10, 851 05 Bratislava, e-mail: tomas.dudas@uninova.sk
58

ZMNY DAOVHO MIXU SLOVENSKA A R V OBDOB KRIZE1

CHANGES IN THE TAX MIX OF THE SLOVAK REPUBLIC AND THE CZECH
REPUBLIC IN THE PERIOD OF CRISIS
Kvta Kubtov
Abstrakt
Clem pspvku je provst komparativn analzu vvoje daov kvty Slovenska a esk
republiky v obdob krize, resp. porovnat rozdly v celkov daov kvt a dlch kvtch
v roce 2010 a 2007 podle hlavnch druh dan ve lenn podle Eurostatu. Pouitou metodou
je metoda rozkladu index na sloky znm z ekonomick statistiky. Bylo zjitno, e
v dosavadnm prbhu krize se daov kvty sblily. Avak zatmco osobn dchodov da,
da korporac a pspvky na sociln zabezpeen rozdl mezi kvtami obou stt
zmenovaly, DPH a ostatn nepm dan psobily opanm smrem.
Klov slova: daov kvta, struktura daov kvty, daov mix
Abstract:
The aim of the paper is to perform a comparative analysis of developments in the tax quota of
Slovakia and the Czech Republic in times of crisis, respectively to compare differences in the
overall tax quota and sub- quotas in 2010 and 2007 by major types of taxes in the breakdown
according to Eurostat. The method used is a method of decomposition indices into
components known from the economic statistics. It was found that in the current fiscal crisis
is over quota converged. However, while personal income tax, corporate and social security
contributions diminished the difference between the two countries quotas, VAT and other
indirect taxes acted in the opposite direction.
Key words: tax quota, structure of the tax quota, tax mix
JEL klasifikace: H2
vod
Finann, ekonomick a nsledn fiskln krize, kter zaala v z roku 2008 ve
Spojench sttech, zashla postupn tak zem Evropsk unie. Na Slovensku a v esku se
prvn pznaky krize zaaly projevovat koncem roku 2008 a trvaj dosud, stejn jako ve vech
dalch sttech zasaench kriz. Souasn krize vykazuje ponkud odlin atributy oproti
pedchozm, a to zejmna v rozsahu dopad, amplitud a dlce hospodskho cyklu a tak
reakce vld ke zmrnn jejch dopad jsou vce sledovny. Novm prvkem je pak globln
charakter krize v podmnkch Eurozny a Schengenskho prostoru (k podobnostem a
rozdlm mezi souasnou kriz a kriz 30. let se zabv nap. Eichengreen, 2011 nebo Bordo,
2008).
1
Tento pspvek vznikl jako jeden z vstup vzkumnho projektu VEGA . 1/0908/12 Fiklna a menov
politika a ich vplyv na medzinrodn podnikanie v ttoch E eenho na Paneurpske vysok kole v
Bratislav
59

V roce 2007 inila daov kvta esk republiky 35,9 % a kvta Slovenska byla 29,3
%. Rozdl mezi daovmi kvtami SR a R byl tud 6,6%nho bodu. V roce 2010 ob kvty
poklesly, a to u Slovenska na 28,1 % a u eska na 33,9 % a rozdl mezi nimi klesl na
5,8%nho bodu. To znamen, e rozdl mezi kvtami klesl o 0,8%nho bodu.
1. Pouit data a metoda vpotu
Data pro esko a Slovensko o daovch vnosech v jejich struktue v letech 2010 a
2007 byla vzata z publikace European Commission (2012), kter poskytuje daje o vnosech
dan pro vechny zem EU a pro Island a Norsko. Jednotn metodika dat, vetn metody
akruln pro zskn nejen HDP, ale i daovch vnos, zajiuje konzistenci. Daov kvta
celkem byla rozdlena na sloky podle jednotlivch druh dan podle tdn Evropsk
komise, a pro nae ely vzniklo 5 druh dan plus skupina ostatn dan v nsledujc
podob:
Osobn dchodov da
Da ze zisku korporac
Pspvky na sociln zabezpeen (zahrnuje i povinn zdravotn pojistn)
DPH
Ostatn nepm dan
Ostatn dan.
Popisn statistiky uvd Tabulka 1:
Tabulka 1: Daov mix SR a R v letech 2007 a 2010*
SR
PIT
CIT
SSC
ODT
VAT
IT
celkem
2007
2,6
3
11,7
0,6
6,7
4,7
29,3
Rozdl
2010 2010 - 2007
2,3
-0,3
2,5
-0,5
12,3
0,6
0,6
0
6,3
-0,4
4,1
-0,6
28,1
-1,2
R
PIT
CIT
SSC
ODT
VAT
OIT
celkem
4,3
4,7
15,7
0,1
6,3
4,8
35,9
3,6
3,4
15,3
0,1
7
4,5
33,9
-0,7
-1,3
-0,4
0
0,7
-0,3
-2
*podly daovch vnos na HDP

Pramen dat: European Commission (2012), vlastn vpoty
Vpoty byly provedeny programem Excel 2010. Vychz se z vahy, e poloka
zmny rozdlu mezi daovmi kvtami SR a R mezi lety 2007 a 2010 (ve zmnnch 0,8
bodu), se me rozdlit na 6 sloek, stanc, podle esti druh dan, piem nkter sloky
budou kladn, jin zporn.
60

Rozklad je proveden podle odvozenho vzorce (identity)1.
Daov kvta (TQ) je podl celkovch daovch vnos (TTR) na hrubm domcm
produktu (GDP):
TQ =
TTR
(1)
GDP
Rozdl mezi TQ esk republiky a TQ Slovensk republiky (QD) je:
QD = TQ SR TQ R
(2)
Rozdl mezi QD v roce 2010 (QD2010) a 2007 (QD2007) se d rozloit na stance,
z nich kad vyjaduje pnos jednoho druhu dan k celkovmu rozdlu (vraz v zvorce pro
rzn i):
6
QD 2010 QD 2007 = (QDi
2010
QD i
2007
(3)
i =1
i = 1, 2,...., 6
QDi2010 resp. QDi2007 je rozdl mezi daovou kvtou SR a R v roce 2010 resp. 2007 pro da
i.
2. Vsledky analzy
Rst rozdlu mezi daovou kvtou SR a R mezi roky 2007 a 2010 rozloen na
pnos jednotlivch dan podle vzorce (3) ukazuje Graf . 1:
Graf 1: Vliv jednotlivch skupin dan na vvoj rozdlu mezi daovmi kvtami SR a R
v letech 2007 - 2010
Pramen dat: European Commission (2012), vlastn vpoty

Vka sloupeku pro kadou da v grafu zvis mj. na podlu t kter dan na HDP,
take vt dan maj vznamnj pnos k celkovmu pibliovn daovch kvt SR a R
i jejich oddalovn. Celkov (posledn sloupeek v grafu) se, jak ji bylo zmnno ob kvty
1
Metodu autorka pouila ji v dvjch pracch, nap. Kubtov (2007), Kubtov (2008).
61

piblily o 0,8 procentnho bodu. Z grafu je vidt, e nejvt podl na sblen obou kvt v
letech 2007 a 2010 mly pspvky na sociln zabezpeen, dle dan korporac a osobn
dchodov dan. K rstu rozdl v kvtch obou zem pak pispvaly dan nepm, zejmna
DPH.
Na Slovensku v obdob 2007 2010 klesly kvty vech zkoumanch skupin dan
(krom ostatnch pmch dan, jejich nepatrn kvta se zachovala). V esku klesly kvty
tak u vech skupin, krom DPH (a opt krom ostatnch pmch dan, jejich nepatrn
kvta se zachovala). Pouze u jedn skupiny dan ostatn pm dan (jde zejmna o
majetkov dan) je v roce 2010 kvta vy na Slovensku, jinak jsou i dl kvty vdy na
Slovensku ni ne v R.
Zjitn vsledky odrej daovou politiku obou zem v dob krize. V tomto obdob
dolo v esk republice k vraznmu rstu sazeb nepmch dan prv v reakci na pokles
vnos v dsledku krize. esk vlda se snaila zejmna u DPH zabrnit poklesu vnos, a
proto zvila jak zkladn, tak snenou sazbu dan. V roce 2010 je v esku zkladn sazba
vy o 1%n bod oproti roku 2007 (rst z 19 na 20 %), zatmco na Slovensku zstv po cel
obdob sazba na rovni 19 %. Co se tk snen sazby, ta je v esku zvena z 5 dokonce na
10 %, zatmco na Slovensku je sazba 10 % beze zmny a navc je u vybranch poloek
snena na 6 %.
V obdob krize zhruba polovina zem EU zvila bu zkladn nebo snenou sazbu
DPH (European Commission (2010), European Commission (2011a) a u druh poloviny
zstaly sazby beze zmny. esko se tedy zaadilo do prvn a Slovensko do druh skupiny.
Kvty pmch dan, a to jak osobn dchodov, tak da korporac se v obdob 2007 a
2010 u obou zem sniovaly a piblily vzjemn. U dan korporac to lze pist podobn
expanzivn vldn politice sniovn dan v obou zemch (Jak uvd European Commission,
2010, v esku dolo ke snen sazby a na Slovensku k en zkladu dan). U dan osobn
dchodov dolo podle European Commission (op. cit.) u zmny na Slovensku, a to ke
zen daovho zkladu.
U socilnho pojistnho se kvty obou zem sblily, co ale nelze jednoznan pist
protikrizov politice, nebo zmny byly pouze v esku, ale pi malm poklesu sazby se
ponkud rozil zklad.
Shrnut a zvr
Komparativn analza vvoje daov kvty a daovho mixu Slovenska a esk
republiky v obdob krize v letech 2007 a 2010 ukzala, e celkov se ob kvty piblily o
0,8 procentnho bodu. Nejvt podl na sblen obou kvt v letech 2007 a 2010 mly
pspvky na sociln zabezpeen, dle dan korporac a osobn dchodov dan. K rstu
rozdl v kvtch obou zem pak pispvaly dan nepm, zejmna DPH.
Tyto vsledky, akoliv je nelze peceovat, nebo dopady na daov kvty jsou
v dech procent i desetin procent, odrej u obou stt expanzivn fiskln politiku u dan
pmch, zejmna dan korporac a protitendenci u dan nepmch, u nich je snaha o
zven vldnch pjm (je to tedy politika restriktivn). V esk republice se pesun
bemene dan z pmch na nepm uskutenil clen a s pozitivnm vsledkem.
Pouit literatura:
[1] Bordo, M. (2008). An historical perspective on the crisis of 2007-2008, Working paper
14569, National Bureau of Economic Research
62

[2] Eichengreen, B. (2011). Crisis and growth in the advanced economies: What we know,
what we do not, and what we can learn from the 1930s. Comparative Economic Studies,
53(3), pp. 383-406
[3] EUROPEAN COMMISSION (2010). Monitoring tax revenues and tax reforms in EU
Member States 2010 Tax policy after the crisis. ISBN 978-92-79-26925-0.
[4] EUROPEAN COMMISSION (2011). Tax Reforms in EU Member States 2011. 137 s.
ISBN 978-92-79-19316-3.
[5] EUROPEAN COMMISSION (2012). Taxation trends in the European Union. ISBN 97892-79-21209-3.
[online]
[cit.
2012-06-02].
Retrieved
from
http://ec.europa.eu/taxation_customs/taxation/gen_info/economic_analysis/tax_structures/ind
ex_en.htm
[6] Kubtov, Kvta. Odraz daov politiky esk republiky a Slovenska v daov kvt a
jej struktue In: Ekonmia a podnikanie : vedeck asopis Fakulty ekonmie a podnikania
BVP. - ISSN 1337-4990. - Ro. 1, . 1 (2007), s. 45-48.
[7] Kubtov, Kvta. Vvoj daov kvty a daovho mixu eska a Slovenska v letech 20002005. Bratislava 03.04.2008 04.04.2008. In: Aktulne problmy v ekonmii a v
podnikateskej innosti v kontexte Eurpskej nie [CD-ROM]. Bratislava : Bratislavsk
vysok kola prva, 2008. 7 s. ISBN 978-80-969320-3-0.
Kontakt: Kubtov Kvta, prof., Ing., CSc., Fakulta ekonmie a podnikania, Paneurpska
vysok kola, Tematnska 10, 851 05 Bratislava , e-mail: k.kubatova@seznam.cz
63

ENVIRONMENTLNA PROBLEMATIKA AKO PRIESTOR PRE

KOMPLEXN UPLATNENIE NOVEJ (NAVRHOVANEJ) METRIKY
ENVIRONMENTAL ISSUES AS A SPACE FOR THE TOTAL IMPACT
APPLICATIONS
Pavol Molnr, Martin Dolinsk

Abstrakt
Vyerpvanie prrodnch zdrojov je dnes u alarmujcim faktom. Vedci na tento problm
kontinulne upozoruj u viac ako tridsa rokov. Nov tudijn programy, ako aj profesijn
orientcie sa vyvinuli aby dkladnejie preskmavali problematiku trvalej udratenosti
(environmentlni ekonmovia, environmentlni psycholgovia, at.), ale hlavn krok ete
stle nebol uroben. Podniky a pecilne kategria malch a strednch podnikov, povaovan
za najvieho zneisovatea, ete stle neprechdzaj systematickm vzdelvanm vo
vzahu k novm environmentlnym metrikm. Hlavnou barirou je nedostatok udskch
a asovch kapact v malch a strednch podnikoch a takisto presvedenie ich manamentov,
e zavedenie politiky spoloenskej zodpovednosti je prli nkladn. Vskumn aktivity
Katedry podnikovej ekonomiky a manamentu Fakulty ekonmie a podnikania Paneurpskej
vysokej koly v Bratislave sa snaia dopomc k zmene momentlneho statusu quo, a to
vypracovanm metodiky s konkrtnou metrikou, a najnovie systematickou spoluprcou
s malmi a strednmi podnikmi.
Kov slov: Spoloensk zodpovednos, environmentlna metrika, environmentlna
efektivita, dizajn
Abstract
Depletion of global natural resources is todays alarming fact. Scientists were continually
pointing out these issues for more than 30 years. New study curriculums and professional
orientations were developed in order to better investigate these issues (environmental
economists, environmental psychologists, etc.), but the main step was still not done.
Companies, and especially the biggest polluter Small and Middle Sized enterprises, were
still not systematically educated in terms of new environmental metrics. The main barrier is
lack of human and time capacities from the side of Small and Middle Sized businesses and
their belief that Corporate Social Responsibility policy implementation is too costly. Research
at the Department of Economy and Management Faculty of Economy and Business Pan
European University in Bratislava tend to change this status quo via design of methodology
with the particular metrics, and last but not at least with systemic cooperation with Small and
Middle Sized enterprises.
Keywords: Corporate Social Responsibility, environmental metrics, environmental
effectivity, design
JEL klasifikcia: Q51
64

1. Introduction
Research activities at the Faculty of Economy and Business, Department of Economy
and Management, Pan European University in Bratislava, oriented towards solving selected
issues within the field of environmental economics, are of a very high importance. Based on
the study program orientation, small and medium sized enterprises space has been
identified as our main concentration. Our selected research orientation was firstly explained in
2011 in Portugal: In order to succeed with environmental metrics implementation, thinkingtank, international and governmental initiatives cannot stand alone. In order to reach synergy
effect, business units must be willing to cooperate[2]. Today, our research contains
programmed activities devoted for persuading businesses to cooperate in environmental
metrics implementation. One of the more recent particular research outcomes was presented at
the International Conference on Environmental Systems Science and Engineering (ICESSE
2012), Tokyo, Japan in May, 2012 under the title Environmental Performance Assessment
Model as s Sustainability Decision Tool for Small and Middle Sized Enterprises (SME-s).
Authors (Molnr, Dolinsk) paper has been devoted to the description of a way how to
exactly and universally measure current environmental impact of companys processes. One
of the expected outcomes of upper-mentioned research activities is a completion of PhD thesis
of a doctoral student Martin Dolinsky. Integral part of research is a field work already done in
Italian region called Lombardia. The remaining parts of field work are programmed to be
realized in Slovakia and Austria.
2. Theoretical outcomes
One of the very important activities within our research is to uncover the fake
environmental improvements, i.e. positive environmental solutions having negative side
effects. For this reason, environmental specialists and environmental economists are using
terminus technicus life cycle approach. Taking into consideration phases of life cycle, it is
possible to account character of fuels and materials used in particular production. Our model,
respecting life cycle approach, is able to track origin of fuels used in company processes by
involving preceding stages of processes and their impact. In figure no.1, we can see projection
of entire impact assessment. At the beginning, we are oriented on calculation of IMPACT of
identical machines/appliances (3 - the third tier), then we calculate IMPACT of all
machines/appliances within one department (2 the second tier), and finally, we calculate
IMPACT of entire company (1 the first tier).
Total IMPACT of whole production
I0 Own
II0 Partners
production plant
X0
Y0
(1)
Total IMPACT0 = I0 + II0++ m0
(2)
I0 = X0+Y0+Z0++n0;
II0 = X0+Y0+Z0++n0
production plant
Z0
X0
Y0
Z0
(3)
X0 = a0*b0*c0*d0; Y0 = a0*b0*c0*d0;
Z0 = a0*b0*c0*d0
Total IMPACT of identical product

made by one machine
Figure no. 1: Total IMPACT philosophy presentation.
Source: Own calculations
Going deeper into the model into the third tier, we are able to measure success of a
concrete environmental innovation (product, process or organizational). In third tier, we are
65

having multiplicative elements, which predefine calculation method used. Calculation
contains e.g. width of a steel tape (a), thickness (b) and standard move of a production line
(c). We are using software solution calculating integral method based on integrating the
differential (4) according to formula (5).
(4)
(5)
The right side of equation represents desired calculation of partial changes. Third tier
calculations in our model are based on principles expressed in equations (4,5). Thanks to
these principles, we are able to graphically project changes in elements a,b,c (see figure no.2).
c
Figure no.2: Graphical projection of changes in
elements. Source: Own design
b
a
3. Scientific research in Italy - outcomes

Above mentioned model was in the time period June 2012 August 2012 tested
within the departments of Italian Small and Middle Sized Enterprise PintInox, S.p.a. Our stay
with the company management and their employees has confirmed our presumptions:
66
Management of this Small and Middle Sized enterprise didnt possess know-how
related to the sustainability and Corporate Social Responsibility issues. The reason
behind was time limitation and lack of available manpower both limitations are
typical for Small and Middle Sized enterprise.
PintInox, S.p.a. is realizing environmental innovations on a regular basis without

being conscious of it. This recently standard situation was caused by missing
environmental know-how. However, the delivery of new environmental metrics
perfectly identified hidden environmental strengths of PintInox, S.p.a. Our main
assumption was confirmed in this case PintInox, S.p.a. is supporting local
community by distributing proportionally bigger economic value into the region
and is capable of dynamic Corporate Social Responsibility policy.

4.
Dynamic Corporate Social Responsibility policy
Applied environmental metrics discovered enough environmental innovations to be

able to create functional and long-lasting Corporate Social Responsibility policy (some
authors may call it Environmental Management System). According to authors opinion, it
is possible to incorporate Corporate Social Responsibility concept into existing companys
systems of control and management while preserving key competences and key business
goals, Corporate Social Responsibility policy cannot be in a contradictory position with
business intentions of a company [4]. Our model labeled technical office and its director as an
environmental center, because as uncovered, strategic moves made by him were having the
best environmental efficiency his decisions in design phase were giving back the biggest
environmental gains (see figure no.3).
Model of fork - SIRIO
Width of a steel tape (b) contribution to an overall

environmental performance improvement = 68.35%
(b)
9m2 of Earth rescued per one fork produced
Thickness (c) contribution to an overall

environmental performance improvement = 0% (c)
Standard move of a production line (a) contribution to an

overall environmental performance improvement = 31.65%
(a)
Figure no. 3: Environmental innovation achieved. Source: Own
design
IMPACT calculation of all three tiers in the company identified Technical office
(Ufficio tecnico) as the best environmental performer among all departments with the
highest contribution into improved environmental performance of a company. Integral method
defined a contribution of every change into the overall improvement of environmental
performance. The highest contribution was caused by the change in a width of a stainless-steel
(AISI 304) tape used for cutting process (see figure no.4). Our model identified a concrete
managerial decision which can be labeled as the best environmental innovation in the
company design changes.
Figure no. 4: AISI 304 stainless steel tape.
Source: Own design

67

The success of our model automatically creates potential to set up dynamic Corporate
Social Responsibility policy. Dynamic in this case means that company management was
shown a way how to proceed with additional most effective environmental innovations on
their own. Our model identified, where the central point of environmental actions and
sustainability in a company lies.
5.
Corporate Social Responsibility policy creation
Fully functional Corporate Social Responsibility policy cannot be set up with one
department only. It requires inter-organizational cooperation of more relevant units. Figure
no. 5 shows social network created in PintInox, S.p.a., representing the information flow
among selected departments. Certain portfolio of tasks together with instructions was given to
each of these departments to be responsible for maintenance of its own indicator. PintInox,
S.p.a. didnt possess specific databases required for indicator development. Our team has
created the necessary ones and department leaders were given a short training how to
maintain them. In this case, we used standards developed by Global Reporting Initiative [5].
Figure no. 5: Corporate Social Responsibility policy in PintInox, S.p.a.. Source: Own design
Corporate Social Responsibility policy creation starts with data-mining, information is being
collected from three departments (Materiali di Consumo Department of Material
Consumption, Materie Prime Raw Materials Department and Amministrazione Financial
Department). Then there are four departments responsible for creation of concrete indicators
(Risorse Humane HR, Ufficio Tecnico Technical office, Marketing and Acquisti - Buyers).
Marketing is then responsible for presentation of Corporate Social Responsibility policy to
third parties. Following table no. 1 adjusts concrete department to an environmental indicator.
Department
Technical office
Human Relations
Buyers
Marketing
Table no. 1. Source: Own design
68
Indicator
m2 of earth surface consumed
Procedures for local hiring (EC7 Indicator)
Origin of suppliers (EC6 indicator)
Distribution of wealth into the community
(EC1 indicator)

6.
Additional indicators
Our team was not authorized yet to publish results comparing local minimum wage
with the average wage for new employees within the company. However, remaining
indicators from the table no. 1 are part of section 6.
6.1. Additional indicators Economic Value Generated (EC1)
Chart no.1 is a projection of companys economic value retained and generated into
the society. As we can see a proportion between generated value and distributed value is
narrowing every year from the year 2008 (when PintInox, S.p.a. was negatively affected by
the financial crisis). We can conclude that every year, PintInox, S.p.a. is distributing
proportionally bigger value into the community.
6.2.
Additional indicators Origin of suppliers (EC6)
To answer a question how the local community is being defined, Global Reporting
Initiative has developed a standardized indicator EC6 stating a geographical concentration of
those business partners offering services to PintInox, S.p.a. (see chart no.2). EC6 indicator
valuates financial outflow from the company into the community - more local suppliers are
being financed by a company, the bigger commitment towards local community it is. Going
through the whole document describing Global Reporting Standard indicators, we can spot
systemic effort to set up a definition of being responsible at a local level being responsible
locally. This kind of effort has an economic dimension which is aimed at a money flow
investigation paying to local suppliers (EC6 indicator), to employees and to employees
having family lives located in the region (EC7 indicator). The effort to come up with
definition of corporate social responsibility investigating economic dimensions is in our
opinion very logical. Companies, during their productive life, are utilizing manpower and
resources available in the region of their daily operations. Measuring, how they are
69

repaying utilization of these services is therefore very logical step toward identification of
their level of corporate social responsibility.
7. Eco-Management and Audit Scheme

Core indicators (in correspondence with the EMAS - Eco-Management and Audit
Scheme) according to regulation (EC) No 1221/2009 of the European Parliament and of the
council from November 25, 2009, stated key environmental areas as follows:
I.
II.
III.
IV.
V.
VI.
Energy efficiency
Material efficiency,
Water;
Waste,
Biodiversity; and
Emissions.
Each core indicator is composed of:

1. figure A indicating the total annual input/impact in the given field;
2. figure B indicating the overall annual output of the organization; and
3. figure R indicating the ratio A/B.
Each organization shall report on all 3 elements for each indicator. The indication of the total
annual input/impact in the given field, figure A, shall be reported as follows:
I.
-
70
on Energy efficiency:
concerning the total direct energy use, the total annual energy consumption,
expressed in MWh or GJ,

-
II.
III.
IV.
V.
VI.
-
concerning the total renewable energy use, the percentage of total annual
consumption of energy (electricity and heat) produced by the organization from
renewable energy sources,
on Material efficiency
concerning the annual mass-flow of different materials used (excluding energy
carriers and water), expressed in tones,
on Water
concerning the total annual water consumption, expressed in m3,
on Waste
concerning the total annual generation of waste, broken down by type, expressed in
tones,
concerning the total annual generation of hazardous waste expressed in kilograms or
tones,
on Biodiversity
concerning the use of land, expressed in m2 of built-up area
on Emissions
concerning the total annual emission of greenhouse gases, including at least
emissions of CO2, CH4, N2O, HFCs, PFCs and SF6, expressed in tones of CO2
equivalent,
concerning the total annual air emission, including at least emissions of SO2, NOx
and PM, expressed in kilograms or tones,
Presented indicators represent the potential space for the Total Impact Applications, which
will be the future area of authors research activities. In some areas, our assessment model
goes far beyond the current objectives expressed by Eco-Management and Audit Scheme. Our
model, in addition, involves also:
Search for environmental centre in assessed company. This includes also assigning a
responsibility for managerial decisions with the highest environmental efficiency to a
concrete employee.
Social indicators indicators measuring the welfare provided by a company to its

employees and local communities.
Corporate Social Responsibility policy formulation and presentation.
71

Conclusion
Our current research orientation is Small and Middle Sized Enterprises. According to
annual report on SMEs prepared for European Commission, SMEs represent 99.8%
enterprises operating in European Union (EU) and employ 66.9% of European labor force,
58.4% of the total Gross-Value Added produced by private business in the EU in 2010 was
accounted for by SMEs [4]. ISO 14001 and EMAS certifications are valuable initiatives
towards greener and sustainable future, but the primary intention should be incentive to
persuade SMEs that new environmental metrics is a viable business concept. Our cooperation
is the very first step. After two months of our presence on site of PintInox, S.p.a., we were
able to demonstrate, that environmental innovations were already done in a particular
company. In addition, discovery of environmentally-friendly managerial decisions was a
costless activity. We have changed the initial viewpoint of management of PintInox, S.p.a.,
because they initially presupposed that any kind of environmental innovation realization
causes additional costs. After two months, we accomplished our main goal to formulate
Corporate Social Responsibility policy based on existing innovations. Company management
was then shown a way, how to continue with environmentally-friendly decisions. During
second period, our team will act as an advisor in the future implementation and maintenance
of dynamic Corporate Social Responsibility policy.
Literature
[1] DOLINSKY, M. MOLNAR, P. Environmental Performance Assessment Model as s
Sustainability Decision Tool for Small and Middle Sized Enterprises. In: International Journal
of World Academy of Science, Engineering and Technology. Tokyo : WASET, Issue 67, July
2012. pp. 252 260. pISSN 2010376X
[2] DOLINSKY, M. Corporate Social Responsibility as a Viable Business Concept. In: 1st
INTERNATIONAL
CONFERENCE
ON
SUSTAINABLE
INTELLIGENT
MANUFACTURING. Lisboa : Instituto Superior Tecnico, 2011, pp. 423 - 431. ISBN 978989-8481-03-0
[3] DOLINSKY, M. How To Measure Success of Environmental Innovations. In: 2nd Annual
European Postgraduate Sustainable Development Symposium. Graz : Technische Universitat
Graz, 2012, p. 13. ISBN 978-3-85125-207-1
[4] WYMENGA, P. DERBYSHIRE, J.: Are EU SMEs recovering? Annual Report on EU
SMEs for European Commission. Rotterdam, Cambridge, ECORYS Nederland BV, p.58
2011
[5] www.globalreporting.org
Kontakt: Pavol Molnr, doc. Ing. CSc., Head of department, Department of Economics and
Management, Faculty of Economics and Business, e-mail: pavol.molnar@uninova.sk
Martin Dolinsk, Ing., doctoral student, Department of Economics and Management
Faculty of Economics and Business. e-mail: dolinsky7@gmail.com
72

DOPADY FINANN KRIZE NA VEEJN FINANCE R A NA RST

RIZIKOV AVERZE INVESTOR K NRSTU ROKOV SAZBY
Z VLDNCH DLUHOPIS
IMPACT OF THE FINANCIAL CRISIS ON PUBLIC FINANCES CR. GROWTH
RISK AVERSION OF INVESTORS TO INCREASE INTEREST RATES ON
GOVERNMENT BONDS
Frantiek Ochrana
Abstrakt
Studie analyzuje dopady souasn finann krize na rozpotovou bilanci a veejn dluh R
z pohledu plnn maastrichtskch konvergennch kritri a Paktu stability a rstu. Analyzuje
zmny strukturlnho salda ve vztahu k HDP v pedchozch letech a podv jeho stedndob
vhled potebn ke splnn fisklnch cl. Zkoum vztah finann krize, zadluen vldnho
sektoru z pohledu plnn konvergennch kritri. Zaml se nad vlivem finann krize a
zvenm rizikov averze investor k nrstu rokov sazby z eskch vldnch dluhopis a
formuluje doporuen pro eliminaci investorskho rizika tzv. nkazy nedvry.
Klov slova: Finann krize veejn finance riziko v podnikn
Abstrakt
The study analyzes the impact of the current financial crisis on the fiscal balance and public
debt CR for fulfillment of the Maastricht convergence criteria and the Stability and Growth
Pact. The article analyzes changes in the structural balance relative to GDP in previous years
and served his term outlook necessary to meet fiscal targets. It examines the relationship of
the financial crisis, government debt in terms of fulfillment of the convergence criteria. It
ponders on the influence of financial crisis and increasing risk aversion of investors to
increase interest rates on Czech government bonds and formulates recommendations to
eliminate the risk of infection investor confidence.
Key words: Finance crisis Public finance Risk in Business
JEL klasifikace: G 01, H 21, H 22, H 23
1. Vchodiska problmu
Fenomn finann krize je jednm z aktulnch vzkumnch problm souasnosti1. Soudob teorie reflektuje
otzku ekonomick a finann krize z rznch pohled. Jak ukazuj vznamn autoi zkoumajc problm
finann krize (Krugman,2001; Mishkin,1992; Roubini Mihm, 2010; Soros, 2008; Taylor, 2009), soudob
ekonomick teorie z hlediska intenze a extenze pojmu finann krize rozliuje mnovou krizi (currency or
exchange rate cisis), bankovn krizi (banking cisis), dluhovou i vrovou krizi (credit or debt cisis).
Zobecnnm problm ze souasn krize se zabvaj nap. Pressacco a Horvth (2011). Nov pojet pedstavuje
systmov krize (systemic crisis), co zmiuj Roubini i v esk literatue nap. Dvok (2008).
Pojmem systmov finann krize se oznauje takov krize, kter z hlediska extenze pojmu finann krize
denotuje vechny (nebo vtinu) ve uvedench druh kriz. Systmov krize je takovou krizi, kdy jej
1
Refert je vstupem z vzkumnho kolu VEGA 1/0908/12 2012-2014 Fiklna a menov politika a ich
vplyv na medzinrodn podnikanie v ttoch E.
73

piny a symptomy jsou hledny v systmov
nefunknosti finannho
systmu (Mishkin, 2001),
v komplexnosti dopadu na ekonomick systm (Krugman, 2001), i v komplexnosti pin (Roubini, Mihm,
2001).
Zobecnnm zvr ze zkoumn finann krize se rovn zabv ada vdeckch konferenc. Z eskch a
slovenskch lze zmnit napklad konferenci podanou katedrou veejnch financ na Vysok kole ekonomick
v Praze (vstupy publikovny ve sbornku prac Kubtov eds.,2011) a konference podan Fakultou ekonmie
a podnikania PEV v Bratislav, z nich byly vydny sbornky refert (Kabt Sipko eds. 2010;2011).
Vystoupen na zmnnch vdeckch konferencch dokldaj, e finann krize zashla vechny stty EU. Ty na
krizi poslze zareagovaly vldnmi protikrizovmi zsahy vetn pouit fisklnch nstroj, jakou jsou opaten
na oiven ekonomiky prostednictvm sniovn dan i zvyovn veejnch vdaj. Takov zsahy maj
dopady na veejn rozpoty, a to jak na rozpotov saldo tak i na veejn dluh. Dsledky tchto zsah ve form
generovn schodk veejnch rozpot ukazuje tabulka 1.
Tabulka 1: Saldo veejnch rozpot v zemch EU, % HDP

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Eurozna
-2,2 -1,3 0,1
-1,8 -2,5 -3,1 -2,9 -2,5 -1,3 -0,6 -2,0 -6,3
EU (27 zem)
-1,9 -1,0 0,6
-1,4 -2,5 -3,1 -2,9 -2,5 -1,4 -0,8 -2,3 -6,8
esk republika
-5,0 -3,7 -3,7 -5,6 -6,8 -6,6 -3,0 -3,6 -2,6 -0,7 -2,7 -5,9
Irsko
2,4
2,7
4,8
ecko
-3,7 -4,5 -4,8 -5,6 -7,5 -5,2 -3,6 -5,1 -7,7 -13,6
panlsko
-3,2 -1,4 -1,0 -0,6 -0,5 -0,2 -0,3 1,0
Slovensko
-5,3 -7,4 -12,3 -6,5 -8,2 -2,8 -2,4 -2,8 -3,5 -1,9 -2,3 -6,8
0,9
-0,3 0,4
1,4
1,6
3,0
2,0
0,1
1,9
-7,3 -14,3
-4,1 -11,2
Pozn.: Saldo veejnch rozpot = rozdl mezi pjmy a vdaji veejnho sektoru. Vykazuje se jako % HDP.
Zdroj: Eurostat
Jak je z daj v tabulce 1 zejm, dluhov financovn veejnch rozpot bylo

problmem ji ped vypuknutm finann krize. Vtina evropskch zem toti dlouhodob
vykazuje deficitn veejn rozpoty. Nkter stty eurozny dokonce vrazn pesahuj 3%
maastrichtsk kritrium rozpotovho deficitu1.
Negativnm dsledkem deficitnho rozpotovho financovn je, e deficity veejnch
rozpot se postupn nataj do veejnho dluhu (tabulka 2) 2 . Veejn dluh je souhrn
pohledvek ostatnch ekonomickch subjekt vi sttu a vtinou se vykazuje jako % HDP.
V obdob hospodsk krize tak dochz k jeho prudk akceleraci, nebo roste jak jeho
nominln velikost tak i zrove kles HDP.
Tabulka 2: Veejn dluh jako % HDP
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Aktulnj statistick daje za stty EU sice nejsou k dispozici, avak podle internetovch strnek MMF
(www.imf.org) zstv situace v nkterch sttech eurozny nadle kritick. Tak napklad Irsko dosahuje
8,3%, ecko 7,3%, panlsko 6,4% rozpotov deficit men k HDP.
2
Veejn dluh je souhrn pohledvek ostatnch ekonomickch subjekt vi sttu a obvykle se vykazuje jako %
HDP. Maastrichtsk konvergenn kritrium udv za hranici udritelnosti 60% veejn dluh men k HDP.
Veejn dluh vtinou vznik z rozpotovho deficitu. Vjimkou bylo eskoslovensko po politickm pevratu
v listopadu 1989 (resp. pot v R), kde veejn dluh pvodn vznikl mimorozpotov, a to nepovedenou
privatizac a jej sanac (viz tzv. privatizace bank) z veejnho rozpotu.
74

Eurozna
72,8 71,5 68,8 68,4 68,2 69,4 69,8 70,4 68,7 66,2 69,7 78,7
EU (27 zem)
66,4 65,8 61,9 61,0 60,4 61,9 62,2 62,8 61,4 58,8 61,6 73,6
esk republika
15,0 16,4 18,5 24,9 28,2 29,8 30,1 29,7 29,4 29,0 30,0 35,4
Irsko
53,6 48,5 37,8 35,6 32,2 31,0 29,7 27,4 24,9 25,0 43,9 64,0
ecko
94,5 94,0 103,4 103,7 101,7 97,4 98,6 100,0 97,8 95,7 99,2 115,1
panlsko
64,1 62,3 59,3 55,5 52,5 48,7 46,2 43,0 39,6 36,2 39,7 53,2
Slovensko
34,5 47,9 50,3 48,9 43,4 42,4 41,5 34,2 30,5 29,3 27,7 35,7
Zdroj: Eurostat
Jak je z daj tabulky 2 zejm, prmrn evropsk zem dlu tm 80 % svho

ronho vkonu ekonomiky, piem v dsledku hospodsk krize dolo ke zven tohoto
ukazatele o vce ne 10 p.b. Existuj vak i zem, kde je veejn dluh vt ne 100 % HDP1.
Vysok veejn dluh zatuje stt, nebo z nj mus bt placeny roky. Nap. v esk
republice placen rok spotebovv ji 2 % ronho vkonu ekonomiky.
Soudob finann krize m adu negativnch dopad, kter se rovn tkaj veejnch
financ. Nkterm z nich se vnuje tento refert. Clem refertu je na zklad teoretick
reflexe problmu finann krize a sekundrn analzy dat tkajcch se stavu veejnch
financ v R prozkoumat dopady finann krize na rozpotovou bilanci centrln vldy a na
veejn dluh R a upozornit na problm rstu rizikov averze investor k nrstu rokov
sazby z vldnch dluhopis.
2. Analza dopad finann krize na deficit vldnho sektoru R
Pro analzu rozpotovho deficitu a hodnocen innosti vldy je dleit odhalit,
jakm zpsobem rozpotov deficit vznikl2. Pro eskou republiku je charakteristick, e
deficit je zpsobovn zejmna innost vldy. To znamen, e dominantn slokou
rozpotovho deficitu je strukturln deficit. Pokud tento problm zformulujeme ve form
doporuen, jak problm eit, pak se meme tzat, zda jsou v esk republice pli vysok
veejn vdaje, nebo pli nzk dan? Ob odpovdi tedy sniovn veejnch vdaj a
zvyovn dan (ppadn jejich kombinace) - jsou monmi cestami, jak sniovat rozpotov
deficit. Z pohledu voli jsou vak ob opaten nepopulrn.
Na zklad sekundrn empirick analzy dat je mon konstatovat, e esk
republice se nkolik let ped vypuknutm krize dailo udrovat vldn deficit pod hranic 3 %
HDP, kter stanovuj maastrichtsk konvergenn kritria. Finann krize zashla eskou
republiku se zpodnm, a to a koncem roku 2008. Pinou byl zejmna globln poklesu
Podle daj MMF z roku 2012 (viz (www.imf.org) ada zem eurozny tuto povolenou hranici vysoko
pekrauje. ecko dosahuje 153,2%, Itlie 132%, Irsko 113,1% Belgie 113% hranici HDP. Tak dal stty
pesahuj stanovenou 60% hranici udritelnosti. Podle uvedenho zdroje MMF panlsko m 79,4%, Francie
89% veejn dluh men k HDP. Slovensko
2
Teorie rozliuje tzv. strukturln deficit a tzv. cyklick deficit. Strukturln (cyklicky oitn) deficit je
celkov deficit oitn o vliv hospodskho cyklu. Je to deficit pi souasn struktue vdaj a daovch sazeb
za pedpokladu, e ekonomika funguje na rovni potencilnho produktu. Cyklick deficit je deficit generovan
v dsledku hospodskho propadu; pi poklesu ekonomiky obvykle klesaj daov vnosy a rostou nkter
sociln vdaje (nap. dvky na podporu v nezamstnanosti).
75

poptvky po vvozu1. Za tchto podmnek, kdy klesly daov pjmy, musela esk republika
elit nejistot, zda bude schopn udret a financovat sttn a vldn dluh.
V roce 2009 vak ji prochzela esk ekonomika i zahranin ekonomiky obdobm
nejvtch pokles z dvodu kolapsu svtovho obchodu, kriz a krach na finannch trzch a
vysokch nklad na podporu velkch bank. V roce 2009 dolo v R k 4,3% poklesu HDP.
Pokles ekonomickho rstu indukoval nzk daov pjmy. To se bezprostedn projevilo v
deficitn rozpotov bilanci sttnho rozpotu.
Podle daj MF R rok 2009 pinesl snen pjm sttnho rozpotu meziron o
89,96 miliardy K (viz Upesnn vsledky pokladnho plnn sttnho rozpotu R za rok
2009). Byl to prvn pokles pjm od roku 2003 zpsoben snenm vech daovch vnos
(viz Pokladn plnn sttnho rozpotu R leden-prosinec 2009). Nejvt propad
zaznamenala da z pjmu prvnickch osob, kter meziron do sttnho rozpotu pinesla o 43,8
miliardy K mn ne v roce 2008. V roce 2010 dolo k mrnmu oiven pjm z DPH,
spotebn dan a pspvk na sociln zabezpeen. Meziron nrst celkovch pjm
sttnho rozpotu v roce 2010 inil 25,8 miliardy K. Nedaov, kapitlov pjmy a pijat
transfery v roce 2010 poklesly ve srovnn s rokem 2009 o 3,4 %. (Celkov nedaov,
kapitlov pjmy a pijat transfery byly v roce 2010 ve vi 136,9 miliardy K).
Finann a ekonomick krize akcelerovala deficit vldnho sektoru R. Ve vldnho
deficitu je jednm z ukazatel kondice veejnch financ , kter je sledovna v ukazateli
maastrichtskch konvergennch kritri2. Pokud bude chtt R vstoupit do Evropsk mnov
unie a pijmout euro, mus splnit maastrichtsk konvergenn kritria a tak naplnit podmnky
Paktu stability a rstu. Na vvoj salda vldnho sektoru v lenn jednotlivch subsektor
ukazuje tabulka 3.
Tabulka . 3 Celkov saldo vldnho sektoru v lenn dle jednotlivch subsektor
Rok
2005 2006 2007 2008 2009 2010 2011
Celkov saldo vldnho sektoru
-3,2 -2,4 -0,7 -2,2 -5,8 -4,8 -3,1
Saldo stednch vldnch instituc -3,2 -2,4 -1,5 -2,4 -5,0 -4,1 -2,6
Saldo mstnch vldnch instituc
0,0 -0,3 0,4 -0,1 -0,6 -0,5 -0,3
Saldo fond socilnho zabezpeen 0,0 0,4 0,4 0,3 -0,3 -0,2 -0,2
Zdroj: Fiskln vhled 2011 a Konvergenn program duben 2012
Protoe R mla ji v roce 2005 pote s plnnm a dlouhodobou udritelnost

stanovenho 3% kritria podlu deficitu vldnho sektoru na HDP, byla s R zahjena
procedura pi nadmrnm schodku. Jak ukazuje tabulka 3, dolo v roce 2007 k dosaen
pzniv hodnoty salda vldnho sektoru, a proto byla v ervnu 2008 procedura pi
nadmrnm schodku ukonena. Rada EU dospla k zvru, se R podailo udritelnm a
dvryhodnm zpsobem nit podl schodku vldnho sektoru pod stanoven cl ve vi 3 %
HDP.3
Jak ji bylo zmnno, eskou republiku (by se zpodnm) rovn zashla finann a
ekonomick krize. Proto byla v prosinci 2009 opt zahjena procedura pi nadmrnm
1
Tehdej pedseda vldy Topolnek a ministr financ Kalousek vystoupili v dob propuknut finann krize
s prohlenm, e R je osamocenm ostrvkem v moi finann krize, kter eskou republiku nezashne.
2
Pro hodnocen plnn maastrichtskch kritri tkajc se udritelnosti veejnch financ sttu se uv saldo
sektoru vldnch instituc a dluh sektoru vldnch instituc, kam se ad stedn vldn instituce (nejvznamnj
podl m saldo sttnho rozpotu a sttn dluh), mstn vldn instituce a fondy socilnho zabezpeen (viz
metodika ESA 95).
3
http://www.mfcr.cz/cps/rde/xbcr/mfcr/FiskalniVyhled_2008Q2_komplet_pdf.pdf
76

schodku. Jak ukazuje tabulka 3, na zhoren stavu salda vldnho sektoru mla nejvt
negativn vliv pedevm bilance hospodaen stedn vldy, kter je nejvznamnj
sousti subsektoru stednch vldnch instituc majc nejvt podl na celkovm saldu
vldnho sektoru. Propad bilance na 5,8 % HDP v roce 2009, kter znamenal tet nejhor
vsledek v historii R, byl tentokrte dsledkem globln a ekonomick krize.1 Schodek
sttnho rozpotu inil v roce 2009 rekordn vi 192,4 mld. K, co je ve srovnn s rokem
2008, kdy schodek byl 19,4 mld. K, tm stonsobek. To se samozejm promtlo i do
hodnoty vykzanho salda vldnho sektoru dle ESA 95 za rok 2009 (-185,616 mld.). V roce
2010 doshl schodek stedn vldy ve 156,4 mld. K (vykzan saldo vldnho sektoru 153,65 mld.), za rok 2011 ve 142,77 mld. K (vykzan saldo vldnho sektoru - 100,2
mld.). V roce 2011 ji meme sledovat zlepen podlu salda vldnho sektoru na HDP, kdy
se deficit ji bl referenn 3% hranici HDP. Vsledku bylo dosaeno v dsledku
konsolidanch vldnch opaten.
Pokud abstrahujeme od lenn salda na subsektory, a budeme zkoumat strukturln a
cyklickou sloku deficitu, meme provst dekompozici salda vldnho sektoru, jak ukazuje
graf 1. To umouje oddlit velikost vlivu hospodskho cyklu a vliv zmrnch opaten
(diskren innosti) vldy.
Graf 1 Dekompozice salda vldnho sektoru/HDP v letech 2005 2015
Zdroj: Konvergenn program duben 2012
Cyklick sloka salda je pasivn slokou deficitu. Je ovlivovna hospodskm

cyklem prostednictvm psoben vestavnch stabiliztor. V letech 2006 2008, v dob
nejvyho tempa ekonomickho rstu a kladn produkn mezery, pozitivn ovlivovala
celkov saldo vldnho sektoru i pesto, e v druh polovin roku 2008 dolo k postupnmu
uzavrn kladn produkn mezery a esk ekonomika se ocitla za vrcholem hospodskho
rstu a v dsledku dopad globln ekonomick a finann krize zaala vstupovat do recese.
Pesto vak jet v roce 2008 R plnila maastrichtsk konvergenn kritrium tkajc se
deficitu. Na podlu salda vldnho sektoru na HDP se vznamnou mrou podlel pomrn
znan meziron nrst primrnho strukturlnho salda.2
Nejhor vsledek pin rok 2009, kdy v dsledku stimulan rozpotov politiky
dolo k vraznmu propadu primrnho strukturlnho salda na hodnotu tm 4 % HDP.
1
V letech 2002-2003 byl propad zpsoben poskytnutmi rizikovmi sttnmi zrukami do vldnho sektoru.
Vykzan hodnota salda vldnho sektoru za rok 2008 dle metodiky ESA 95 ve vi 90,51 mld (notifikace
vldnho dluhu S).
2
77

K zhorenmu stavu pisplo i negativn psoben cyklick sloky deficitu ve vi cca 1,1 %.
To spolu s rostoucm podlem dluhov sluby vedlo k deficitu ve vi 5,8 % HDP.
Nsledujc roky 2010 a 2011 pinesly mrn zlepovn situace, kdy inicianm
initelem bylo postupn oivovn ekonomiky a sniovn negativnho vlivu cyklick sloky
deficitu v kombinaci s konsolidanmi opatenmi vldy za elem postupnho snen
strukturlnch deficit. Vsledkem bylo dosaen hodnoty 4,2 % HDP (2010) a 2,6 % HDP
(2011). Zmnilo se i strukturln saldo, kter doshlo hodnoty 0,9 % (2010) a 1,6 % pro rok
2011. Celkov saldo vldnho sektoru se tak dostalo na hodnoty 4,8 a cca 3,1 % HDP.
Plnovan perspektiva je takov (viz tabulka 4), e dal konsolidace by v letech 2012
2015 mla smovat k postupnmu sniovn strukturlnho salda tak, aby v roce 2015,
bylo dosaeno vyrovnan, resp. pebytkov primrn strukturln sloky salda.
Tab. 4 Reln a plnovan procentueln zmna strukturlnho salda/HDP v letech 2009
2015 se zetelem na plnn fisklnch cl
Rok
2009
2010
2011
2012
2013
2014
2015
Velikost strukturlnho salda
-5,1
-4,2
-2,6
-2,1
-2,2
-1,4
-0,8
Zmny strukturlnho salda
x
+0,9
+1,6
+0,5
-0,1
+0,8
+0,6
Zdroj: Konvergenn program duben 2011, Konvergenn program duben 2012
Deficitn cle jsou stanoveny tak, aby se postupn smovalo k vyrovnan strukturln
bilanci vldnho sektoru. T by mlo bt dosaeno v roce 2016 s clem plnit Pakt stability a
rstu.1
3. Analza dopad finann krize na zadluen vldnho sektoru R
V ukazateli zadluen vldnho sektoru R prozatm pln maastrichtsk konvergenn
kritrium stanoven na maximln hranici 60 % HDP. V roce 2011 byl podl zadluen
vldnho sektoru na HDP 41,2 %. Z hlediska del perspektivy vak existuje nebezpe
pekroen referenn hranice 60 % HDP. To signalizuje i vvoj po vzniku krize. Porovnme
li rok 2008 (kdy se krize v R jet neprojevila) s rokem 2011, pak se podl vldnho dluhu
na HDP zvil o tetinu. Podrobnosti ukazuje tabulka 5.
Tabulka . 5 Celkov dluh vldnho sektoru/HDP v lenn dle jednotlivch
subsektor
Rok
Celkov dluh vldnho sektoru/HDP
Meziron zmna podl
Dluh stednch vldnch instituc
Dluh mstnch vldnch instituc
Dluh fond socilnho zabezpeen
2005 2006 2007 2008 2009 2010 2011

28,4 28,3 28,0 28,7 34,3 38,1 41,2
-0,5 -0,1 -0,3 0,8 5,6 3,8 3,1
26,1 25,9 25,6 26,4 31,7 35,6 38,6
2,5 2,6 2,4 2,4 2,6 2,6 2,6
0,0 0,0 0,0 0,0 0,0 0,0 0,0
Podl centrln vldy na celkovm dluhu 0,92 0,92 0,91 0,92 0,92 0,93 0,94
Zdroj: Fiskln vhled listopad 2011, Konvergenn program duben 2012
Pouijeme li makroekonomick data S a budeme li uvaovat nominln HDP

roku 2008 jako zklad pro srovnn, tak produkt v letech 2009, 2010 a 2011 nedosahuje sta
procent hodnoty roku 2008, kdy se ekonomika ocitla za vrcholem hospodskho cyklu. To
v ppad rostoucho veejnho zadluen v absolutnm vyjden pispv k rstu
1
http://www.mfcr.cz/cps/rde/xbcr/mfcr/FiskalniVyhled_2011-11_pdf.pdf
78

pomrovho ukazatele. V absolutnm vyjden dolo mezi lety 2008 a 2011 k nrstu
veejnho zadluen o 463,5 mld. K (z 1104,3 na 1567,8 mld.), co je 29,56 % celkovho
dluhu vldnho sektoru.
Je mon konstatovat, e R byla ped kriz v relativn dobr vchoz pozici, kdy se
podl celkovho dluhu vldnho sektoru na HDP pohyboval po nkolik let stabiln okolo 28
%. K tomu zejm pispla vysok tempa rstu nominlnho HDP. Avak v letech 2005
2007 jsou ji vykzny meziron zporn zmny podlu dluhu na HDP, co me evokovat
zdn relativn dobr kondice veejnch financ. Optimismus se ale rozplyne, jestlie se na
veejn dluh podvme prostednictvm absolutnho vyjden dluhu vldnho sektoru, jak
ukazuje graf 2. Z nho je zejm, e veejn dluh i v obdob vysokho tempa rstu HDP, kdy
lze dosahovat vy veejn pjmy, dluh vldnho sektoru v absolutn hodnot neklesal, ani
nestagnoval, le rostl.
Graf 2 Dluh vldnho sektoru v absolutnm vyjden (mld. K) a jako podl na HDP (v
%)
Zdroj: S, Konvergenn program duben 2012
Podle vldnho oekvn by dluh vldnho sektoru ml kulminovat v roce 2013, kdy
by ml doshnout rove 45,1 % HDP 1 . Ke zhoren ukazatele dolo v dsledku
pedikovanho poklesu dynamiky ekonomickho vkonu ve vtin zem EU, ke ktermu
dolo v druh polovin roku 2011 z dvodu evropsk dluhov krize, kdy dolo k
pehodnocen vyhldek ekonomickho rstu2. Jak je z grafu 2 zejm, pomrov ukazatel by
ml od roku 2014 klesat, avak velikost veejnho zadluen v absolutnm vyjden bude
nadle rst. V souvislosti s vldnm konsolidanm clem o dosaen vyrovnan rozpotov
bilance v roce 2015 by mlo dojt i zastaven rstu vldnho dluhu v absolutn vi.
4. Veejn dluh a nebezpe rstu rizikov averze k nrstu rokov sazby
v vldnch dluhopis
1
Pvodn plnovan hodnota v Konvergennm programu duben 2011 odkazovala na 42,8 %.

Dle makroekonomick predikce zveejnn v Konvergennm programu z dubna 2012 se oekvaj tempa rstu
relnho HDP v roce 2012 na rovni 0,2 %, 2013 na 1,3 %, 2014 na 2,2 % a 2015 na 2,8 %. Co se te tempa
rstu nominlnho HDP, je je uvn pi vpotu ukazatel plnn konvergennch kritri, se v roce 2012
oekv tempo rstu na rovni 2,1 %, 2013 na 2,7 %, 2014 na 3,7 %, 2015 na 4,4 %.
2
79

Veejn zadluovn m dopady i na chovn investor ukldajcch voln zdroje do
sttnch dluhopis. Investoi reaguj na zmny v zadluovn sttu. Protoe R pak k zemm
s dynamicky rostoucm podlem veejnho dluhu na HDP, vznikaj v ppad zvratu v
oekvanm pozitivnm vvoji salda sektoru vldnch instituc, vpjn poteby vldy a
veejnho zadluen rizika spojen s velikost rokov sazby z eskch vldnch dluhopis.
Jak ukazuje graf 3, po propuknut globln finann a ekonomick krize dolo v dsledku
zven rizikov averze investor k nrstu rokov sazby z eskch vldnch dluhopis ve
vech ne uvedench splatnostech. To se okamit promtlo do dynamiky rstu nklad
dluhov sluby, co zptn negativn ovlivuje rozpotov saldo centrln vldy.
Graf . 3 Vvoj vnos sttnch dluhopis (v %) za obdob leden 2006 prosinec 2011
Zdroj: http://www.cnb.cz/cnb/STAT.ARADY_PKG.PARAMETRY_SESTAVY?p_sestuid=450&p_strid=EBA&p_lang=CS
V podmnkch nestability jsou zem s vy rovn vldn zadluenosti vystaveny

riziku tzv. nkazy nedvry, co me v dsledku zvench rokovch sazeb vst
k destabilizaci ekonomiky i v takov relativn stabiln zemi, jakou je R. Jak uvd Zprva o
finann stabilit 2009/2010, nrst poadovan rizikov kreditn prmie a dynamick rst
nklad dluhov sluby by znamenaly dal eskalaci fiskln napjatosti, protoe by bylo teba
zvit pjmy nebo stlait ostatn vdaje. esk republika vak nem k takovm operacm
plin prostor, protoe podstatn st vdaj sttnho rozpotu je mandatorn a
kvazimandatorn povahy a bez legislativnch zmn nen plin prostor pro inn operace.
R je sice prozatm v och investor dvryhodnm partnerem, avak rostouc nabdka
veejnho dluhu ve form sttnch dluhopis me narazit jak na zvenou rizikovou averzi
investor, tak i na jejich omezenou absorpn schopnost. To se me negativn projevit
v rstu ceny dluhu. Vsledkem toho me bt zven riziko tlaku na rst rokovch sazeb,
protoe rokov sazba ze sttnch dluhopis nastavuje tzv. podlahu nklad financovn pro
ostatn ekonomick subjekty. Dalm monm negativnm dsledkem je negativn dopad ve
form vytlaovn vrovn privtnho sektoru. vsledkem je pak tzv. crowding-out efekt,
kdy banky radji pj sttu ne privtnm subjektm. Toto vytlaovn soukromch investic
me vst ke zpomalen dynamiky ekonomickho rstu a nsledn krizi.
80

Zvr
Finann krize m negativn dopad na veejn finance. Nezdrav veejn finance toti
destabilizuj ekonomick systm a mohou vst k ekonomick a spoleensk krizi. Proto je
douc init konsolidan opaten. Z proveden analzy vyplvaj tyto zvry a doporuen:
1. Teorie obecn je uritou reflex relnho problmu. Pro vdeckou teorii je
charakteristick, e tato se usiluje o co nejvrnj explanan i vkladov obraz
zkoumanho problmu (Ochrana, 2012), protoe ten podv relativn komplexn
pohled na zkoumanou problematiku. Nejinak je tomu i v ppad fenomnu finann
krize. V soudob teorii je mon zachytit nov pstup ke zkoumn finann krize.
Ten je v teorii rozvjen jako systmov pojet finann krize. Toto pojet krize
umouje zachytit roli jednotlivch faktor (vetn nahodilosti) pi vzniku a vvoji
finann krize. V rmci dalho vzkumu je mon doporuit dal rozvjen
systmovho pojet finann krize s vyuitm teorie bifurkac a disipativnch struktur.
Takovm pstupem je mon vysvtlit adu dosud neosvtlench problm, na n
jsou klasick pojet finann krize explanan nedokonal. Takov vzkum je
mon rozvjet i v rmci vdecko-vzkumn innosti FEP PEV.
2. V obdob hospodsk krize dochz k prudk akceleraci veejnho dluhu, nebo roste
jak jeho nominln velikost tak i zrove kles HDP. Empirick analza sekundrnch
zdroj tkajcch se problmu dluhovho financovn ukazuje, e dluhov financovn
veejnch rozpot bylo v zemch EU problmem ji ped vypuknutm finann krize.
Zem EU na tento problm dostaten nereagovaly. Bylo by potebn teoreticky
podrobn vysvtlit, zda piny finann krize spovaj ve sfe byt (tedy krizi
samotnho systmu), i tkv ve sfe epistemologick (zejmna v rovin regulanch
pravidel). Takov odhalen problmu umon relativn hodnovrn zjistit diagnzu
problmu a stanovit odpovdajc terapii k vylen se z krize. een tohoto
problmu me bt i vzvou pro vdecko-vzkumnou innost na FEP PEV.
3. Analza stavu veejnch financ v zemch EU ukazuje, e problm deficitu a zejmna
veejnho dluhu byl prakticky odkldanm problmem. Globln finann a
ekonomick krize vak otzku een dluhovho financovn natolik obnaila a
vyostila, e v souasn dob jsou sice inna rzn opaten ke stabilizaci ekonomiky,
avak jejich innost se nkdy ukazuje jako problematick. Zd se, e finann krize
bude vlekl. V pesimistickm scni me vst a k takov destabilizaci ekonomiky
zem EU, e dojde k roztpen EU, resp. rozpadu eurzny.
4. Problm dluhovho financovn se tk i esk republiky. V refertu je podrobn
ukzn stav veejnch financ v oblasti vldnho rozpotovho deficitu a veejnho
dluhu. R sice nepat k zemm, kter by mly problmy se stabilizac veejnch
financ jako jin kdlo EU. Pesto je vak znepokojiv trend vvoje veejnho
dluhu, kter me v pesimistickm scni ve stedndobm obdob peshnout
hranici 60 % HDP. V souasn dob ani nejde o to, zda R spln maastrichtsk
kritria s ohledem na pijet eura, ale spe o to, aby se veejn finance staly
udriteln. V opanm ppad k emu je mon pout explanan slu
zmiovan teorie bifurkac a disipativnch struktur, kter zakomponovv do
explananho modelu roli nhody hroz destabilizace ekonomiky a cel spolenosti.
5. Analza proveden v refertu ukazuje, e vlda R sice in potebn opaten
k udren veejnch financ, avak ta jsou z pohledu prmrnho, resp.
medinovho volie znan nepopulrn. Medinov voli R je nzorov
postojovm schizofrenikem. Slovn se hls k liberalismu, avak prakticky vyaduje
silnou podporu sttu ve smyslu redistribuc. To samozejm velmi znesnaduje
nepopulrn reformy. Pipoteme li k tomu faktor morlnho rozvratu esk
81

spolenosti a mravn marasmus zkorumpovan esk spolenosti (vetn
vrcholovch politik a soud), vznik v pesimistickm pohledu nebezpe sociln
revolty. Ta vak me bt fenomnem, kter zashne i jin zem EU, kter e
analogick problmy jako R.
Literatura
[1] DVOK, P. (2008). Veejn finance, fiskln nerovnovha a finann krize. Praha: C.H.
Beck.
[2] KABT, L.- SIPKO, J. (2010) Ekonomick krza nov podnty pre ekonomick teliu a
prax. Bratislava: Paneurpsk vysok kola.
[3] KRUGMAN, P. (2001). Crises: The Next Generation? Draft prepared for konference in
Tel Aviv, March 2001.
[4] KUBTOV, K. (ed.) (2011). loha veejnch financ v een problm a dopad
souasn krize. Praha: Wolters Kluwer.
[5] MISHKIN, F. S. (1992). Anatomy of financial crisis. In: Journal of Evolutionary
Economics.
[6] MISHKIN, F.S. (2001). Financial Policie and the Prevention of Financial Crises in
Emerging Market Economies. Washington: World Bank, October 2001.
[7] PRESSACCO, F. HORVTH,J. (2011). Lessons from the Recent Crisis. In Ekonmia a
podnikanie. Economics and Business. 1/2011, pp. 7 - 12.
[8] OCHRANA,F. (2012). Methodology of Science. Praha: Karolinum
[9] ROUBINI, N. - MIHM, ST. (2010). Crisis Economics a crash course in the future of
finance. Penguin Books Ltd.
[10] SOROS, G. (2008). The new paradigm for financial markets, The credit crisis of 2008
and what it means. Public Affairs.
[11]TAYLOR, J. B. The financial crisis and the policy responses: An imperical analysis of
what went wrong, Working Paper 14631, National Bureau of Economic Research, January
2009.
Kontakt: Frantiek Ochrana, Prof. PhDr. DrSc., Fakulta ekonmie a podnikania PEV,
Tematnska 10, 851 05 Bratislava, Katedra financi, e-mail: frantisek.ochrana@uninova.sk
82

JAK OVLIVUJE AST ZAHRANINCH FIREM VSLEDKY

VEEJNCH ZAKZEK NA SLOVENSKU?
HOW DOES THE PARTICIPATION OF FOREIGN COMPANIES AFFECT THE
RESULTS OF PUBLIC CONTRACTS IN THE SLOVAK REPUBLIC?
Jan Pavel
Abstrakt
Trh veejnch zakzek v evropskch zemch je oteven mezinrodn konkurenci. Poet
zakzek, kter zskaly zahranin subjekty, je vak stle omezen. V dsledku pokraujc
ekonomick stagnace lze oekvat, e bude mra mezinrodn konkurence narstat. Pspvek
analyzuje vliv zahraninch subjekt na ceny a mru konkurence u veejnch zakzek na
Slovensku. Vsledky regresnch analz ukazuj, e participace zahraninch subjekt na trhu
veejnch zakzek na Slovensku se odlin projevuje v zvislosti na typu pedmtu plnn. U
stavebnch prac byl identifikovn pm vliv na cenu, naproti tomu u dodvek a slueb se
cenov vliv neprokzal.
Klov slova: Evropsk unie, konkurenn efekt, Slovensk republika, veejn zakzky,
Abstract
Public procurement market in the EU countries is open to international competition. However,
number of contracts awarded foreign entities is still limited. As a result of continuing
economic stagnation can be expected the increase of the international competition. The paper
analyses the impact of foreign entities on prices and level of competition for public contracts
in the Slovak Republic. Results of regression analyses indicate that the participation of
foreign entities in the public procurement market manifests itself differently depending on the
type of contract. We have identified just direct effect on the price in the case of construction
work. Different result we can see in the case of supplies and services, where foreign bodies
entering the tenders with small number of bids.
Key words: European Union, Competition Effect, Public Procurement, Slovak Republic
JEL: H57, F13
vod
Ekonomick recese a stagnace spojen s dluhovou kriz trp Evropu ji od roku 2008.
Vzhledem k tomu, e ekonomick rst je stle velmi mal a v nkterch sttech i zporn,
potk se cel ada odvtv s odbytovmi problmy. Proto se firmy sna hledat nov
odbytov monosti, piem jednou z monch cest je expanze na zahranin trhy veejnch
zakzek.
I pes dlouhodobou snahu Evropsk komise o propojovn nrodnch trh [1], zstv
objem prostedk alokovanch prostednictvm veejnch zakzek zahraninm subjektm
velmi mal. V letech 2007-2009 se jednalo pouze o 3,5 % objemu nadlimitnch zakzek [2].
Otzkou vak je, do jak mry se tato sla od roku 2009 zmnila a to prv v dsledku
ekonomick stagnace.
V souvislosti s participac podnikatelskch subjekt na zahraninch trzch veejnch zakzek
se nabz otzka, jak jsou dsledky (dopady na ceny, mru konkurence na nabdkov stran
83

atd.) pro veejn sektor. Analza ve uvedenho problmu je pedmtem tohoto pspvku,
kter na dajch o veejnch zakzkch zadanch na Slovensku v obdob prosinec 2008 listopad 2011 s vyuitm ekonometrickho apartu zkoum dopady participace zahraninch
subjekt na vysouten ceny a mru konkurence. Vsledky pspvku je mon porovnat s
[5], kde byla obdobn analza provedena na datech z esk republiky.
Podmnky asti zahraninch subjekt na trhu veejnch zakzek
Evropsk unie se sna o propojovn vech nrodnch trh a to vetn jejich st
alokovanch prostednictvm institutu veejnch zakzek. Prostedkem je existence tzv.
zadvacch smrnic1, kter uruj podobu domcch zkon oetujcch proces zadvn
veejnch zakzek. Jdrem tchto smrnic jsou principy transparentnosti, nediskriminace a
rovnho zachzen. Z hlediska ppadn asti zahraninch subjekt jsou klov posledn
dva, kter ve sv podstat kaj, e zadavatel neme omezovat ast zahraninch subjekt
pmo (nap. nesm dt do podmnek asti zemi, ve kter je subjekt registrovn, konkrtn
prvn formu, nrodnost len statutrnho orgnu atd.) ani nepmo (nap. odlinm
pstupem k informovanosti).
Piputn zahraninch subjekt na domc trh veejnch zakzek s sebou pin
zven konkurence na nabdkov stran, co by mlo vst k nim cenm pro veejn sektor
a tedy ke zven efektivnosti veejnch vdaj. Dalm dleitm aspektem je urit kontrola
cen, kter veejn sektor v rmci zadvn veejnch zakzek vyplc, co je velmi dleit,
aby bylo zabrnno jejich zneuit pro nepmou veejnou podporu2.
Vzkumn hypotzy
Na zklad ve uveden diskuse argument ve prospch otevrn nrodnch trh
veejnch zakzek je mon zformulovat nsledujc dv hypotzy. Jejich podoba zohleduje
fakt, e dostupn data umouj identifikovat pouze ty zakzky, kter zahranin subjekt
vyhrl, a nikoliv vechny, kde se soute zastnil.
HP1: Veejn zakzky, ve kterch zvtzil zahranin subjekt, vykazuj v prmru ni ceny
ne zakzky ostatn.
HP2: Veejn zakzky, ve kterch zvtzil zahranin subjekt, vykazuj v prmru vy poet
podanch nabdek.
Hypotza sla 1 vychz z pedpokladu, e zahranin subjekty pin veejnmu
sektoru sporu, nebo zostuj konkurenci a tla ceny dol. Hypotza slo 2 potom reaguje
na pedpoklad o pozitivnm dopadu zahraninch subjekt na poet podanch nabdek.
Pouit data
Datov soubor, kter byl pouit pro ely testovn ve uvedench hypotz, byl
vytvoen z dat dostupnch v Elektronickm Vestnku verejnho obstarvania3. Jedn se o
vechny veejn zakzky zadan v obdob prosinec 2008 - listopad 2011. Tento datov soubor
byl oitn o nepln data a odlehl pozorovn a dle rozdlen na dva samostatn soubory.
1
Smrnice Evropskho parlamentu a Rady . 2004/17/ES ze dne 31. bezna 2004, o koordinaci postup pi
zadvn zakzek subjekty psobcmi v odvtv vodnho hospodstv, energetiky, dopravy a potovnch slueb,
ve znn pozdjch pedpis; Smrnice Evropskho parlamentu a Rady . 2004/18/ES ze dne 31. bezna 2004, o
koordinaci postup pi zadvn veejnch zakzek na stavebn prce, dodvky a sluby, ve znn pozdjch
pedpis.
2
Podrobnji k tto problematice viz [3], [4].
3
http://www.uvo.gov.sk/vestnik/eVestnik.html
84

Prvn obsahuje informace o 1338 veejnch zakzkch na stavebn prce a druh o 3337
veejnch zakzkch na dodvky a sluby. Dvodem pro toto rozdlen je fakt, e veejn
zakzky na stavebn prce jsou podstatn vce konkurenn a je u nich specifick zpsob
stanovovn pedpokldan ceny. Navc rozdlen na dva soubory zvilo vypovdac
schopnost odhadnutch model.
V modelech byly pouity nsledujc promnn:
vysouten cena jako procento ceny pedpokldan,
poet podanch nabdek a tverec potu podanch nabdek,
logaritmus pedpokldan ceny veejn zakzky,
typ zadvacho zen: oteven, u; jednalo se o dv uml promnn, tetm
typem zadvacho zen bez samostatn promnn je jednac zen bez uveejnn,
hodnotc kritrium cena: jednalo se o umlou promnnou nabvajc hodnoty 1,
pokud je za rozhodovac kritrium pouita nejni nabdkov cena,
zahranin dodavatel: jednalo se o umlou promnnou nabvajc hodnoty 1,
pokud veejnou zakzku zskal zahranin dodavatel,
veejn zakzka na sluby (pouze v modelu veejnch zakzek na dodvky a
sluby): jednalo se o umlou promnnou.
Zkladn popisn statistiky nebinrnch promnnch pin nsledujc tabulka.
Tabulka 1: Zkladn popisn statistiky nebinrnch promnnch
Promnn
Stavebn prce
Vysouten
cena jako % ceny
pedpokldan
Poet nabdek
Log (cena)
Dodvky a sluby
Vysouten
cena jako % ceny
pedpokldan
Poet nabdek
Log (cena)
Prmr
Medin
Minimum
Maximum
Smrodatn
odchylka
96,7
99,5
45,1
140,5
15,1
3,1
5,9
2,0
5,9
1,0
3,7
22
6,8
2,5
0,3
97,6
100
44,2
132,4
10,1
1,7
5,2
1,0
5,1
1,0
3,3
15,0
8,4
1,4
0,8
Zdroj: Elektronick Vestnk verejnho obstarvania, vlastn zpracovn

Uritou slabinou datovho vzorku je obecn velmi mal vskyt veejnch zakzek
zadanch zahraninmu dodavateli. V ppad stavebnch prac to bylo ve sledovanm obdob
pouze 9 zakzek (tj. 0,7 % vech pozorovn) a u zakzek na dodvky a sluby 118 (tj. 3,5
%). Takto nzk sla ukazuj, e prostupnost trhu veejnch zakzek na Slovensku je stle
velmi omezen. Pi interpretaci dle prezentovanch model je tak (zejmna v ppad
stavebnch prac) nutn tento fakt brt v potaz.
Vsledky testovn hypotz
Za elem testovn prvn hypotzy byly odhadnuty dva modely (jeden pro stavebn
prce a druh pro dodvky a sluby), ve kterch byla vysvtlovanou promnou vysouten
cena jako % ceny pedpokldan. Vzhledem k tomu, e relevantn statistick testy (Whitev
test) indikovaly problm heteroskedasticity, byla k odhadu pouita metoda vench
nejmench tverc, kdy vahou byl poet podanch nabdek. Vsledky provedench odhad
prezentuje nsledujc tabulka.
85

Tabulka 2: Regresn model, vysvtlovan promnn vysouten cena jako % ceny
pedpokldan
Konstanta
Poet nabdek
Poet nabdek2
Log (cena)
Sluby
Oteven zen
Kritrium ceny
Zahranin dodavatel
F test (p-value)
Adj R2
Poet pozorovn
Stavebn prce
166,571***
(7,35788)
-3,45698***
(0,28625)
0,0700799***
(0,0158911)
-9,62668***
(1,23547)
x
-6,50717***
(0,813066)
x
-13,5557***
(3,82018)
4,7e-150
0,41
1338
Dodvky a sluby
109,815***
(1,3823)
-2,75013***
(0,221066)
0,0705946***
(0,0192665)
-0,839684***
(0,243187)
-1,07474***
(0,413505)
-5,65782***
(0,440788)
-2,01404***
(0,525554)
x
3,0e-196
0,24
3337
Poznmky: x promnn nebyla identifikovna jako statisticky vznamn, *** 1% hladina

vznamnosti, ** 5% hladina vznamnosti, * 10% hladina vznamnosti, robustn (HAC)
standardn odchylky v zvorkch.
Odhad proveden prostednictvm WLS; Data vena pomoc promnn poet nabdek.
Zdroj: vlastn vpoty
Vypoten regresn koeficienty v obou ppadech ukazuj na existenci tzv.
konkurennho efektu, tedy nepmo-mrnho vztahu mezi potem podanch nabdek a
vysoutenou cenou1. Opan znamnko u regresnho koeficientu u promnn tverec potu
podanch nabdek zrove ukazuje, e tento efekt m tendenci se postupn vyerpvat. Dle
se potvrzuj pozitivn dopady (ve smyslu redukce ceny) u pouit veejn soute. Takt u
vtch zakzek je mon identifikovat ni vysouten ceny.
Z hlediska testovan hypotzy 1 se jev jako podstatn, jakch hodnot nabv regresn
koeficient u promnn zahranin dodavatel. V ppad dodvek a slueb vak odhad
neprokzal jeho statistickou vznamnost, a proto lze konstatovat, e zakzky, kter zskal
zahranin dodavatel, nejsou levnj ani dra ne zakzky realizovan tuzemskmi
dodavateli. Naproti tomu u stavebnch prac je koeficient vznamn a dosahuje relativn
vysok zporn hodnoty. Stavebn zakzky realizovan zahraninmi subjekty jsou v prmru
o 13,6 % levnj ne zakzky realizovan subjekty domcmi. Hypotzu 1 tak meme
potvrdit pouze pro stavebn prce.
Druh regresn model se zamil na faktory ovlivujc poet podanch nabdek a tedy
na testovn hypotzy 2. Promnn zahranin dodavatel je statisticky vznamn pouze u
dodvek a slueb, piem m zporn regresn koeficient. Ukazuje se tak, e zakzky, kter
vyhrvaj zahranin subjekty, jsou zakzky spe s nim potem podanch nabdek. Tento
poznatek lze demonstrovat na grafu 1, kter porovnv relativn frekvenci veejnch zakzek
podle potu podanch nabdek a to jednak u vech zakzek a jednak u zakzek zadanch
zahraninmu subjektu. Hypotzu 2 tak meme v obou ppadech zamtnout.
K problematice konkurennho efektu a metodm pro odhadovn jeho rozsahu viz nap. [3].
86

Tabulka 3: Regresn model, vysvtlovan promnn poet nabdek
Konstanta
Log (cena)
Sluby
Oteven zen
U zen
Kritrium ceny
Stavebn prce
3,22816***
(1,15286)
-0,355636*
(0,189867)
x
2,01165***
(0,206382)
0,727286***
(0,187659)
0,733017***
(0,163652)
Zahranin dodavatel
F test (p-value)
Adj R2
Poet pozorovn
3,75e-30
0,10
1338
Dodvky a sluby
0,727381***
(0,137069)
0,124171***
(0,0272764)
0,125081***
(0,0467287)
0,597887***
(0,0615064)
0,210959*
(0,126174)
0,11682**
(0,0498347)
-0,321587***
(0,0769442)
8,71e-30
0,04
3337
Poznmky: x promnn nebyla identifikovna jako statisticky vznamn, *** 1% hladina

vznamnosti, ** 5% hladina vznamnosti, * 10% hladina vznamnosti, robustn (HAC)
standardn odchylky v zvorkch.
Odhad proveden prostednictvm HC.
Zdroj: vlastn vpoty
Graf 1: Relativn etnost veejnch zakzek na dodvky a sluby podle potu podanch
nabdek
Zdroj: Elektronick Vestnk verejnho obstarvania, vlastn zpracovn

Zvr
Prezentovan vsledky regresnch analz ukazuj, e participace zahraninch subjekt
na trhu veejnch zakzek na Slovensku se odlin projevuje v zvislosti na typu pedmtu
plnn. U stavebnch prac byl identifikovn pm vliv na cenu, naproti tomu u dodvek a
slueb se cenov vliv neprokzal; spe se zd, e zahranin subjekty vstupuj do tch tendr,
kde je mal poet podanch nabdek. Jedn se tedy pravdpodobn o takov zakzky, jejich
pedmt plnn je na Slovensku schopno realizovat velmi mal mnostv firem.
87

Ohledn monch dopad zvyujc se snahy zahraninch subjekt vstupovat na
slovensk trh lze konstatovat, e pedpokldan efekty budou pro daovho poplatnka
pozitivn. Dvodem je to, e zahranin subjekty zv poty podvanch nabdek a
prostednictvm prokzan existence konkurennho efektu nsledn sraz vysoutenou cenu.
Pm dopad na cenu lze snad oekvat pouze u stavebnch prac (zde je vak nutn
pihldnout k nutnmu omezen vypovdac schopnosti modelu v dsledku nzkho zastoupen
zakzek zadanch zahraninm subjektm ve vzorku). Obecn vak lze doporuit, aby
jednotliv zadavatel nevytveli zbyten bariry pro vstup zahraninch subjekt.
lnek vznik v rmci een projektu VEGA MVVa SR 1/0908/12 Fiklna a menov
politika a ich vplyv na medzinrodn podnikanie v ttoch E.
Literatura
[1]
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[3]
[4]
[5]
[6]
EC: A report on the functioning of public procurement markets in the EU: benefits from
the application of EU directives and challenges for the future. 2004. [online]. [cit. 201106-25]. http://ec.europa.eu/internal_market/publicprocurement/docs/public-proc-marketfinal-report_en.pdf
EC: Final Report Cross-Border Procurement above EU Thresholds. 2011. [online]. [cit.
2011-06-25].
http://ec.europa.eu/internal_market/publicprocurement/docs/modernising_rules/crossborder-procurement_en.pdf
Iimi, A.: Auction Reforms for Effective Official Development Assistance. Review of
Industrial Organization. 2006, 28: 109128.
OECD: Policy Roundtables: Public Procurement. 2007. [online]. [cit. 2009-08-24]. from
http://www.oecd.org/dataoecd/25/48/39891049.pdf
Pavel, J.: Jak ovlivuje monost vstupu zahraninch subjekt cenu veejnch zakzek?
In: Ekonomick krza : nov podnety pre ekonomick teriu a prax : zbornk z
medzinrodnej vedeckej konferencie. Bratislava : Eurokdex, 2010, s. 137-143. ISBN
9788089453016
Pavel, J., Ochrana, F.: The Importance of Public Procurement Market in the Czech
Republic for Businesses in the Slovak Republic. Pspvek pednesen na konferenci
Current Topics of Economic Theory and Praktice in International Business 2011,
Bratislava 22.9.2011.
Kontakt: Pavel Jan, doc, Ing., PhD., Fakulta ekonmie a podnikania, Paneurpska vysok
kola, Tematnska 10, 851 05 Bratislava, e-mail: pavel-ja@seznam.cz
88

VZORY EFEKTVNEHO VEDENIA UD Z PERSPEKTVY

MANARSKEJ ETIKY
PATTERNS OF EFFECTIVE LEADERSHIP BEHAVIOUR FROM THE
PERSPECTIVE OF MANAGERIAL ETHICS
Anna Remiov, Anna Lakov

Abstrakt
Kultrnu diverzitu na pracoviskch mono povaova za jednu z najvch vziev pre
podnikanie v eurpskom priestore. Z tohto hadiska je dleit, aby sa vo vskume venovala
zven pozornos prve tm kultrnym vplyvom, ktor maj najvraznej dosah na
efektvne fungovanie organizci. Projekt GLOBE Student, ktorho parcilne vsledky
prezentuje tento lnok, predstavuje medzinrodn komparatvny vskum orientovan na
odhaovanie interkultrnych diferenci v ponman nasledovaniahodnch a efektvnych
osobnostnch vlastnost a tlov vedenia. V naom lnku konkretizujeme charakteristiky
nasledovaniahodnho ldra z perspektvy slovenskch respondentov so zreteom na etick
vlastnosti ldra. Vsledky, ktor prezentujeme mu sli zahraninm nanarom ako
vodidlo pre minimalizciu negatvnych dopadov kultrnych odlinost na proces vedenia ud
v slovenskej kultre.
Kov slov: vodcovsk vlastnosti, tly vedenia ud, manarska etika, Slovensko.
Abstract
Cultural diversity at workplace is considered as one of the major challenges for
entrepreneurship in European business environment. From this perspective it is important to
focus research efforts on cultural influences with the most significant impact on effective
organizational operations. GLOBE Student project, whose partial results will be presented in
this paper, represents an international comparative research regarding intercultural differences
centred on worthy to follow and effective leadership attributes and styles. In this article, we
concretize characteristics of a worthy to follow leader from the viewpoint of Slovak
respondents with ethical leadership attributes in the centre of our attention. Presented research
results might be helpful for foreign managers for minimizing negative influences of
intercultural differences within the process of leadership in Slovak cultural environment.
Key words: leadership attributes, leadership styles, managerial ethics, Slovakia.
JEL classification: M14, M16.
Introduction
Due to the process of globalization and intensive internationalization an extraordinary
ethnical differentiation of work force raises. Modes and forms of reaching organizational
goals differ depending on the societal culture, in which an organization operates. Therefore
intercultural similarities and differences and their genuine potential to influence the style of
leadership, effective functioning of work teams and groups, interpersonal relations and
communication have been extensively studied for the last two decades.
89

At the level of international organizations, or global corporations, cultural diversity is
one of the basic issues that influence organizational effectiveness representing a fundamental
pitfall of internationalized business. Therefore, in the contemporary global world there is a
serious request for systematic research and study of intercultural differences. The knowledge
of culturally determined behaviour patterns is now becoming a prerequisite for successful
management of contemporary culturally plural organizations.
Researching interconnectedness of societal culture and patterns of effective leadership,
the Global Leadership and Organizational Behaviour Effectiveness project (GLOBE Research
project) is one of the most popular and important international research projects nowadays
[5]. Simultaneously with the GLOBE Research project, another project was started the
GLOBE Student project, in which the former GLOBE Research project methodology, only
with slight differences, is being applied (on the methodology of the GLOBE project see [1],
[3]). The GLOBE Student project was initiated in the year 2008. It is organized as rather
permanent project, which attracted researchers from seven Central European countries:
Austria, Czech Republic, Germany (as former Eastern Germany), Poland, Romania, Slovakia
and Slovenia at the beginning. Researchers from the stated countries have already produced
first research results. At this point we would like to express our gratitude to the GLOBE
community, which provided us with the theoretical background, questionnaire items and
many empirical insights, but especially to all research participants in the GLOBE Student
project under the tutorship of professor Lang from Chemnitz University of Technology who
coordinates the project.
The respondent population in the GLOBE Student project consists of university
students of managerial and engineering study programs, which are supposed to form the
future managerial generation. Hence the predictive power of the project results has to be taken
into account, too. GLOBE Student is focused on the research of societal culture, leadership
attributes and preferences of students in the field of managerial decision-making. Factors
influencing value preferences of students are also a part of the GLOBE Student questionnaire.
Our paper follows the GLOBE student research results. However, due to the aims of this
paper, we will reflect only results regarding leadership preferences. The focus of this paper is
centred on the usability of understanding patterns of effective leadership behaviour through
the lens of Managerial ethics.
The objective of this paper is to present links between effective leadership attributes,
as surveyed in the GLOBE Student research, and abilities and competencies which define an
ethical manager. Regarding the research questions, our paper relates to two issues:
1. What leadership styles are perceived by Slovak respondents as being effective and
worthy to follow? And vice versa, is there any leadership style, which is seen as
straightforwardly ineffective?
2. What are the most preferred specific behavioural traits within the Slovak culture?
3. Which specific personality traits and behaviours of leaders are perceived by Slovaks
as moral as well as immoral? What is the level of effectiveness of these both moral and
immoral traits and behaviours?
Paper is organized according to the logic of the respective research questions; after
this short introduction methodological issue is briefly discussed, followed by research results
and closed with summarizing conclusion in the final part of the paper.
1 Brief methodological considerations
The GLOBE Student research was conducted in Slovakia on the pool of 339
respondents. Our respondents were students from Slovak Technical University and Comenius
University in Bratislava. Almost 97,1 % of respondents belong to the age category 18-25
90

years. Women stand for 48,1 % of respondents; respondents with the Slovak nationality were
represented by 94,4 %, and Hungarian nationality with 5,3 %. Interests in manager career
after graduation reported 79,6 % of our respondents and interested in founding a business
venture after graduation expressed 66,4 % of them.
As already mentioned, the pool of respondents represent the future managerial
generation. Although we are aware of some serious limitation of this approach, we believe
that the core of the managerial population will be formed by managerial and technicallyoriented university graduates. We have to take into account also the fact, that the GLOBE
Student research is an international project producing results which have to be comparable.
Therefore the focus was set on two differing streams of student population, which are
substantially representative in student population in all participating countries.
In the GLOBE Student questionnaire the effectiveness of leadership styles is assessed
within 21 leadership dimensions which were consecutively grouped to six second-ordered
leadership dimensions. These dimensions were composed by 112 single leadership items
representing concrete behaviours and traits of a leader. Respondents had to assess their level
of effectiveness on a seven-point Likert-type scale, where 1 means that this behaviour or
characteristics greatly inhibits a person from being an outstanding leader and 7 means that this
behaviour or characteristics contributes greatly to a person being an outstanding leader (for
methodology of the GLOBE project see [5]).
For the calculation of the scales (leadership dimensions) first the original GLOBE
Syntax was followed. Then Cronbachs Alpha for each scale to prove if the scales were
reliable was calculated. In some cases it was found that Cronbachs Alpha could be increased
if certain items were excluded or different items were used. By doing so, new scales were
created. Hence, in this paper we follow the new syntax which guarantees higher level of
reliability for the scales used in the GLOBE Student project.
The GLOBE leadership model is based on the assumption, that leadership is a social
label given to individuals if either a) their personality, attributes, and behaviours sufficiently
match the observers beliefs about leader or b) the observer attributes group success or failure
to the activities of perceived leaders (Lord&Mahler, 1991 according to [2], p. 670). This
assumption derives from in leadership theory known as the Implicit Leadership Theory, which
the GLOBE conceptual model extended to so-called Culturally Endorsed Leadership Theory.
The GLOBE conceptual model works on the assumption, that culture plays an important role
in influencing perceptions of the members of a given culture about what leadership attributes
and behaviours are desirable and effective ([2], p. 671).
After this concise methodology-related information research results will be presented
in the next chapter.
2 Research results
This part of article is structured into three subchapters relating to the three research
questions stated in the introductory part.
2. 1 Who is an effective leader?
The results of our research indicate what personal and professional attributes an
effective leader should have. Respectively, the results specify whom our respondents will
honour as an effective leader and whom they will likely to follow (for more information on
the GLOBE Student leadership results within the Slovak culture see [10]).
Research results show (see picture 1) that Slovak students of managerial and technical
oriented universities perceive as the most effective leader the type of team-oriented leader
91

(with mean value 5,65). Other leadership types which are rated by Slovak respondents as
effective leaders are the charismatic leader (mean value 5,57) and the participative type of
leader (mean value 5,16). The autonomous leader (3,82) as well as the humane oriented leader
(4,77) are viewed as less effective. The self-protective type of leader is perceived as
ineffective (3,04).
Picture 1: Six leadership styles in Slovak culture. (With mean values, on the scale 1 = this behaviour or
characteristics greatly inhibits a person from being an outstanding leader and 7 = this behaviour or characteristics
contributes greatly to a person being an outstanding leader.)
Source: Research (for further details see [9]).

The research results proved that young Slovaks respect a leader, who is a team player
and is able to clarify meanings and goals of team work to subordinates. Team leader has an
ability to integrate people on the basis of one unifying vision. His dominant personality
characteristics are diplomacy, tactfulness, kind-heartiness, administrative competency and
endeavour to contribute to team efforts.
The second most effective type of leader is the charismatic leader. Although the notion
charisma is hard to define, prevailing features of this type of leader are inspiring others,
motivating to high performance, continuously stressing key values which are important for the
whole group. Charismatic leader is visionary and able to make self-sacrifices in favour of
others. He/she is decisive and performance oriented. Integrity of his/her personality lies in that
subordinates assume that what their leader says is aligned with what he/she thinks and does.
The participative type of leader is in the Slovak culture rated little bit less effective
than the charismatic and team-oriented leader. Participative leader involves others into the
decision-making process, delegates competencies and cares for equal treatment of all
employees. He/she is not autocratic and does not try to dominate and dictate others.
The humane-oriented leader has a calm and even-tempered personality. According to
Slovak respondents it is less effective. Prevailing personality characteristics for the humaneoriented leader are generosity, modesty, patience, sympathy and being not aggressively
assertive. This type of leader does not care for being in the middle of the attention of others.
The autonomous leader is seen by Slovak respondents as less effective. His/her typical
personality trait is independency. This leader is an autonomous individuality harder to
communicate with. Hence, the values of individuality and uniqueness are not significant for
an effective leadership in the Slovak culture.
The least preferred type of leader is the self-protective leader. People will not freely
follow him/her. Attributes which are tied with this type of leader are coyness, being not direct
92

and conflicting. He/she cares only for him/herself, ignites restlessness and insecurity in others.
He/she does not speak out directly, is very careful, relying on bureaucratic procedures.
2. 2 Specific traits of an effective leader within the Slovak environment
In all six leadership styles mentioned above some sub-types can be differentiated.
These sub-types are in the GLOBE Student research referred to as leadership variables [4].
Picture 2 depicts 21 leadership variables, mean values representing the degree of relative
effectiveness of assessed variables on the scale 1 to 7 (for more information on the GLOBE
Student leadership results within the Slovak culture see [10]).
Picture 2: Mean values of 21 primary leadership variables within Slovak culture. (With mean
values, on the scale 1 = this behaviour or characteristics greatly inhibits a person from being an outstanding
leader and 7 = this behaviour or characteristics contributes greatly to a person being an outstanding leader.)
Source: Research.
In the leadership variables framework the answers of Slovak students showed that the
most effective and worthy to follow is a leader whose characteristics are kindness toward
others, the ability to unify people, diplomacy. The effective leader is visionary, inspirational,
administratively competent and has personal integrity. According to young Slovaks it is
important for a leader to be performance oriented and decisive. Leadership attributes which
scored according to the research around middle mean value of four are less characteristic for
an effective leader. These attributes are for example being status conscious, modest, humane
oriented and autonomous. It is clear that majority of our respondents will work as employees
and managers in Slovak as well as international organizations. They will probably less respect
93

and not voluntarily follow a leader who is self-centred, face saver, bureaucratic and conflict
inducer. Such leadership behaviour is perceived as ineffective and incompetent.
Leaders attributes and behaviour described above are what our respondents prefer to
be effective. However, effectiveness of a leader can be analyzed in more concrete details.
Next subchapter presents links between the concept of an effective leader and the concept of
an ethical leader from the Slovak students point of view.
2. 3 Effectiveness of ethical leadership: Research results seen through the lens of
managerial ethics
An effective manager should have certain personality that would guarantee him/her to
be willingly followed by followers. These attributes could eventually influence extend to
which followers would respect, follow him/her by reaching organizational vision, mission and
goals. Valuable information was gained from analysis of concrete attributes and behaviour
patterns which our respondents perceive as worthy to follow. According to research results,
most highly scoring characteristics (with mean values of six and above) all belong to the two
most preferred leadership styles, the team-oriented and charismatic leadership style. An ideal
leader according to Slovak respondents should be intelligent, able to inspire others, very well
informed, improvement oriented, effective bargainer, trustworthy, a win/win problem solver,
diplomatic, communicative, and administratively skilled. Leadership attributes and behaviours
depicted in the picture 3 are accepted in the Slovak culture as the most effective. Together
they form the concept of effective leadership from the future managers point of view.
Picture 3: Top 10 most effective leadership attributes/behaviours (within Slovak culture).
(With mean values, on the scale 1 = this behaviour or characteristics greatly inhibits a person from being an
outstanding leader and 7 = this behaviour or characteristics contributes greatly to a person being an outstanding
leader.)
Source: Research.
According to this concept, leader should be intelligent, fast learning and apprehending.
At the same time, he/she should diplomatic. Leader shouldnt despotically dictate and
tyrannize subordinates. Leader shouldnt lack grasp of knowledge concerning his/her area of
interest and should arouse impression that he/she is very well informed. Leaders actions
should inspire and motivate others to hard work. An effective leader should be able to cowork with others and continually search for possibilities how to improve performance.
However, communication abilities are important, too. Leader should be kind, friendly. He/she
shouldnt behave arrogantly and showing refusal toward different opinions. People should
trust him under any circumstances. They should believe him/her to fulfil promises and recon
94

on him/her. An outstanding leader should be able to manage small as well as large groups of
people and should be able to settle the best conditions in negotiations.
These research results support results of an earlier research, which was pursued at the
end of nineties of 20th century at the University of Economics in Bratislava [6]. The main
result was that an ideal ethical profile of a manager integrates three distinct categories
encompassing professional, communication and ethical personality attributes ([7], p. 84-88).
Although in the theory of Management it is established that the term manager is not
synonymous to the term leader, regarding the objectives of this paper we suppose to use
these two terms as interchangeable.
According to the above mentioned survey among students of the University of
Economics in Bratislava, Remiov described a model of the managerial ethical profile. Three
ethical dimensions of that model were drawn (see table 1).
Table 1: Model of the managerial ethical profile.
Relationship of manager towards
him/herself
self-esteem
self-critique
self-consciousness
self-reflection
self-control
personal integrity
self-possession
Interpersonal relationships
tolerance
honesty
trustworthiness
humanity
empathy
tactfulness
courtesy
friendliness
justice
being not arrogant
Ethical characteristics regarding

professional performance
responsibility
decisiveness
countenance
flexibility
to be able to motivate
punctuality
open-mindedness
strong-mindedness
conscious of being a role model
consistence
Source: [7], p. 85.

The results from the GLOBE Student research on the top ten most effective leadership
attributes are to some extend congruent with the leaders ethical profile and the model
described above. Although different methodologies were used in both studies, researched
variables (personality traits and behaviours) have the same connotation in both studies.
Therefore in this paper we draw on the earlier research by Remiov ([6], [7]), considering
her results as a springboard for identifying ethical leadership traits within the GLOBE
Student variables.
From the top ten traits trustworthiness, diplomacy (being tactful when discussing
things with others), and inspirational (meaning to be able to motivate others through being a
role model) were proved to be a part of managerial ethical profile by the earlier research (see
[7], [8]). Hence, the three mentioned characteristics can be labelled as the most effective
ethical traits of a leader.
If we take into account also other personality traits from the top ten list, it might be
concluded that leader who is a professional in his/her field but behaves unethically cannot be
a positive role model for the future managerial generation. Further, students wouldnt
acknowledge as a role model leader who is highly ethical but is not an expert
(administratively skilled, effective bargainer, intelligent, etc.).
Beside ethical leadership attributes our questionnaire involved also some strictly
immoral leadership attributes and behaviours. According to the results, all immoral
characteristics scored in effectiveness significantly lower than the ethical traits. Hence it can
be assumed that our respondents assess them as ineffective in leadership behaviour (see table
2).
95

Table 2: Immoral leadership attributes together with their level of effectiveness in leadership
behaviour. (With mean values, on the scale 1 = this behaviour or characteristics greatly inhibits a person from
being an outstanding leader and 7 = this behaviour or characteristics contributes greatly to a person being an
outstanding leader.)
Source: Research.
Regarding these results we may consider, that from the perspective of future Slovak
managerial generation what is ethical is highly effective (this interpretation was proven
through different methodology also in [11]). According to Remiov the ethical profile cannot
be based on the enumeration of externalities, particularly mechanistic and objectivistic
techniques of communication, but on leaders own identity and integrity [7]. A professional
manager as a leader should be aware of principles of managerial ethics and should follow the
ethical minimum of economist that consists of following principles ([7], p. 84): leader should
be morally responsible toward all stakeholders and he/she should be able to differentiate the
good and the bad moral behaviour against immoral behaviour. Further, a leader should act
honestly, should not harm other people, and should not use people as an instrument for
achieving goals. Finally, according to principles of the ethical minimum of economist, a
leader should be responsible toward environment, and should be true to him/her self and be
able to self-reflection.
3 Conclusion
We believe that presented research results are valuable mainly in two areas, namely in
the academic education, training and preparation of students as future managers and in the
area of training and development of current managers.
In Slovakia generations of managers didnt undergo an ethical education during their
studies. Current education in managerial ethics should lead to building new ethical
competencies, especially the ethical self-reflection competency. Further, it is inevitable to
recognize the patterns of effective leadership within the framework of managerial ethics.
Therefore it is important to implement findings of the GLOBE Student research into the
formal education of future managers.
Current situation in Slovak organizational environment is indisposed towards ethical
behaviour. It is widely believed that a manager cannot be ethical if he/she wants to be
effective and successful. Ethical competencies are still viewed as insignificant for a short-term
success. Notions of long-term effectiveness, sustainability and corporate responsibility are
just slowly becoming a part of managerial vocabulary. We assume that to support these
positive tendencies, students of Management should be actively trained to adopt ethical
competencies and knowledge within Managerial ethics and Business ethics, both being a
substantial part of university education curricula.
96

Statements regarding importance of ethics in education of future managers, which are
presented in this paper, can be further supported by research results of the American
Management Association [12]. According to this research 462 executives were asked, what
characteristics are needed to be an effective leader today? 56 percent of respondents ranked
ethical behaviour as an important characteristic. Ethical behaviour was followed by sound
judgment with 51% and being adaptable and flexible with 47%.
Our research proved by the means of analysis of attributes and behaviours, which were
ranked by Slovak respondents as the most effective in relation to leadership, that leaders
ethical behaviour is inseparable from understanding the overall picture of an effective leader.
According to the GLOBE project definition, the successful and effective leader is able
to influence, motivate and enable others to contribute towards the effectiveness and success
of the organizations of which they are members ([4], p. 5). We assume that this process
cannot be successfully fulfilled without ethical principles externalized in leaders behaviour.
According to the results of the Slovak GLOBE Student research as well as according to the
earlier survey among students of the University of Economics in Bratislava, Slovakia, the
effective behaviour of a leader cannot be detached from his/her ethical behaviour [7].
Although we are aware that research results, which were presented in this paper are
valid only for the Slovak culture, and our research approach is due to focusing on specific
student population somehow risky, it can be assumed that the inseparability of ethical
attributes from leadership effectiveness might be valid across many cultures. However, further
empirical evidence is needed to either verify or disconfirm this hypothesis.
Bibliography
[1] Bakacsi, G., Takcs, S., Karcsonyi, A., Imrek, V.: Eastern European Cluster: Tradition
and Transition. In: Journal of World Business, 37/2002, p. 69-80.
[2] Dorfman, P. W., Hanges, P. J., Brodbeck. F. C.: Leadership and Cultural Variation. In:
House, R. J., Hanges, P. J., Javidan, M., Dorfman, P. W., Gupta, V. (eds.): Culture,
Leadership and Organizations. The GLOBE Study of 62 Societies. Thousand Oaks : Sage
Publications, 2004, p. 669-719.
[3] Hanges, P. J.: Societal-level Correlations among GLOBE Societal Culture Scales. In:
House, R. J., Hanges, P. J., Javidan, M., Dorfman, P. W., Gupta, V. (eds.): Culture,
Publications, 2004, p. 733-736.
[4] House, R. J., Javidan, M., Hanges, P., M., Dorfman, P.: Understanding Cultures and
Implicit Leadership Theories Across the Globe. In: Journal of World Business, 37/2002, p. 310.
[5] House, R. J., Hanges, P. J., Javidan, M., Dorfman, P. W. & Gupta, V. (eds.): Culture,
Publications, 2004, 818 p. ISBN 0-7619-2401-9
[6] Remiov, A.: Podnikatesk etika: vod do problematiky. Bratislava : Ekonm, 1997,
240 p. ISBN 80-225-0831-4
[7] Remiov, A.: Etika a ekonomika. Bratislava : Ekonm, 2004, 238 p. ISBN 80-225-18204
97

[8] Remiov, A.: Etika a ekonomika. Tretie prepracovan a doplnen vydanie. Bratislava :
Kalligram, 2011, 495 p. ISBN 978-80-810-1402-4
[9] Remiov, A., Lakov, A.: GLOBE Student Research Project in Slovakia: Preliminary
findings. In: Values and Leadership Expectations of Future Managers from Transforming
Societies. Chemnitz : Technische Universitt, 2011, p. 32-49.
[10] Remiov, A., Lakov, A.: Vznam poznania vzorov efektvneho vedenia ud v
marketingovej prax: Na zklade vsledkov vskumu GLOBE Student. In: Psychologick,
sociologick a etick aspekty marketingovej komunikcie. Trnava : Fakulta masmedilnej
komunikcie UCM, 2009, p. 203-214. ISBN 978-80-8105-093-0
[11] Remiov, A., Lakov, A.: Ethical Leadership and Effective Leadership: An Analysis
Based on the Results of the GLOBE Student Research in Slovakia. In: Building Capabilities
for Sustainable Global Business: Balancing Corporate Success and Social Good. Vol. II.
Montclair : Montclair State University, 2011, p. 810-820. ISBN 978-0-9837898-2-6
[12] Effective Leaders. American Management Association, New York. [cited 2012/6/5]
available at http://home.att.net/~coachthee/Archives/BusinessEthics.html
prof. PhDr. Anna Remiov, CSc.

Paneuropean University, Faculty of Media, Tematnska 10, 851 05 Bratislava, Slovakia
tel. n.: 00421 2 68203 643
e-mail: anna.remisova@uninova.sk
Mgr. Anna Lakov, PhD.
Comenius University in Bratislava, Faculty of Management, Odbojrov 10, 820 05 Bratislava,
Slovakia
tel. n.: 00421 2 50117 472
e-mail: anna.lasakova@fm.uniba.sk
98

PREO JE GRCKO OBEOU DLHOVEJ KRZY

WHY GREECE IS A VICTIM OF THE DEBT CRISIS
Juraj Sipko
Abstrakt
Svetov finann a hospodrska krza vraznou mierou ovplyvnila ekonomick vvoj
v Grcku. lnok analyzuje hlavn faktory, ktor viedli v sasnosti k neudratenosti
verejnho dlhu Grcka. Na zklade historickch dajov Grcko nebolo schopn splni
kritria lenskho ttu eurozny od vzniku Eurpskej menovej nie Nezodpovedn riadenie
verejnch financi, slab pokrok v trukturlnych reformch, strata konkurencieschopnosti,
vrtane poskytovania skresujcich tatistickch dajov o vvoji grckej ekonomiky s
faktory, ktor vznamne prispeli rovni neudratenosti verejnch financi. lnok na zklade
analzy stabilizanch programov dospel k zveru, e nedostaton politick zvzok
k prvmu stabilizanmu programu, vrtane zlyhania pri plnen performance criteria aj
benchmarkov s hlavnmi faktormi prvho nespenho stabilizanho programu Standby-Arrangement medzi Grckom a Eurpskou Komisiou, Eurpskou centrlnou bankou
a Medzinrodnm menovm fondom.
Kuov slova: fiklny deficit, verejn dlh, udratenos verejnho dlhu
Abstract
The global financial crisis and global recession have remarkably influenced the overall
economic development in Greece. The paper analyzes the main factors which contributed to
the present unsustainable level of public debt in Greece. Based on historical data since the
creation of the European Monetary Union Greece was not able to fullfill all necessary
requirements to be a member of euroarea. Poor management of public finance, slown
progress in structural reforms, loss of competitiveness, including the misreporting of the main
statistical data on economic development, are the main factors which significantly contributed
to the present level of fiscal unsustainability. In line with analysis of the adjustment programs,
the paper came to the conclusion that poor political commitment to the first stabilization
program, including the failure of implementation of both the performance criteria and the
benchmarks are the main factors behind the failure of the first Stand-by-Arrangement
provided by Troika e.g. European Commission, European Central Bank and the
International Monetary Fund.
Key words: fiscal deficit, public debt, sustainability of public debt
JEL Klasifikcia: H61, H63, H63
Introduction
The creation of the European Monetary union was an unprecendented step in
finalizing the main ideas in reaching the final stage of the European Community (EC). The
Rome Treaty set up the very ambitious goal focusing on liberalizing trade and services, free
movement of labor and capital, including the creation of the single European market in the old
99

continent. The latest and most difficult step in finalizing the main goal of the Roma Treaty
was to establish a common currency for the member countries of the European Community.
Greece joined the EC in the early 80s and became the tenth member in this
community. According to modern economic history, Greece did not belong to the core
countries, which created the EC. However, at the beginning of the entrance to the EC, Greece
had a relatively stable economy. Nevertheless, later Greece, as a member country of
European Union (EU), did not reach all the necessary nominal convergence criteria for the
euro adoption. Therefore, the strategy for euro adoption in Greece was postponed due to not
fulfilling all the requirements. Despite this discouraging economic performance of the Greek
economy, the EC opened the door to adoption of the single currency.
Since the beginning of euro adoption, the Greek authorities were not able to fulfill
nominal convergence criteria, mainly in the area of fiscal policy. Greece permanently
breached the main principles in terms of Stability and Growth Pact (SGP)1. In line with the
outbreak, the global financial crisis and the recession, the Greek economy was fully hit by
these real external shocks. The Greek authorities did not save an appropriate amount of
money during the good years, as is mentioned in the SGP. This led to fiscal unsustainability.
Therefore, the Greek authorities applied for the stabilization program with the Troika2. The
first stabilization program between the Greek authorities and Troika was approved in May
2010. However, this program was only marginally successful. Therefore, the Greek
authorities applied for an additional stabilization program with Troika in 2012.
Historical overview of the Greek fiscal deficit
Greeces authorities did no follow the basic rules in the SGP. The fiscal stance since
the creation of the EMU was less encouraging. As Table 1 clearly shows, the Greek
authorities were not able to fulfill the main nominal convergence criteria for fiscal deficit.
The only exemption was year 2006 when the general public deficit was below 3 percent. The
table demonstrates that the Greek authorities permanently have broken the main rules for
fiscal deficit set up in the SGP3.
Table 1 Actual fiscal deficit
Actual fiscal deficit from 1999 to 2009 (in % of GDP)
Year
Eurozone
Greece
1998
-2.3
n/a
1999
-1.4
-4.5
2000
0
-3.7
2001
-1.9
-4.5
2002
-2.6
-4.8
2003
-3.1
-5.7
2004
-2.9
-7.5
2005
-2.5
-5.2
2006
-1.3
-2.9
2007
-0.6
-3.7
2008
-2
-7.7
2009
-6.3
-14
Source: Table set by the author by using data from the second Stabilization program
Fiscal deficit was more than twice higher, e.g. in 2004. This is one of the main factors that
remarkably contributed to the present stage of fiscal unsustainability
Greeces first Stabilization program with Troika
At the end of 2009 and at the beginning of 2010, overall economic situation in Greece
significantly deteriorated. Risk premium (spread) on the government bond reached an
unprecendently high level. Greece lost access to the international capital markets. Therefore,
1
lnok je sasou vskumnho programu VEGA Fiklna a menov politika a jej vplyv na podnikatesk
prostredie.
2
The first stabilization program between the Greek authorities and Troika was approved in May 2010.
3
For the relatively very poor performance on the fiscal side were responsible both the Greek authorities and
competent officials in the European Commission who did not adopt appropriate measures in line with the main
principles as set out in SGP.
100

the Greek authorities asked Troika for a stabilization program. The program prepared by
Troika was based on a standard approach of the IMF conditionality1.
The main goal of program was to stabilize the Greek economy, to reduce the threats of fiscal
unsustainability and to create conditions for stable economic growth.
Increasing economic growth
The comprehensive stabilization was focused on stabilization of public finance and
creation of conditions for recovering competitiveness of the Greek economy. One of the key
elements of the program was economic performance (see Graph 1).
Graph 1 GDP growth
8
5.9
4.5
4.6
4.5
3.4
2
2.7
2.1
2.2
1.1
0
-2
-2
-4
2.1
-2.6
-4
-6
2002 2003 2004
2005 2006 2007 2008 2009 2010
2011 2012 2013 2014 2015
Source: Graph set up by the author based on data from the first Stabilization program
Based on results of the adjustment program, its performance was disappointing.
According to the program, it was expected that Greek economic growth will be positive at 1.1
percent in 2012. However, due to poor political committment and poor leadership of the
Greek authories, the program was not successful.
Current account position
Stabilization program concentrated also on the external position. Therefore, Troika
figured out that in order to put the economy on a sustainable path, an increase in the
competitiveness of the Greek economy was critical. In line with this strategy, the stabilization
Under the IMF conditionality, it means that the applied country should fulfill all necessary criteria. Under the
stabilization program between the Greek authorities and Troika were set out both performance criteria and
benchmarks.
101

program focused on export side of the economy (see Graph 2). The main idea was that
economic growth will be driven by export performance.
Graph 2 Current account and trade balance
4
1.3
1.9
2.4
0.6
-0.2
0
2009
2010
2011
2012
2013
2014
2015
-2
-2.8
-4
-3.5
-4
-6
-8
-1.9
-5.6
-7.1
-7.7
-8.4
-10
-11.2
-12
Current account deficit (in % of GDP)
Trade balance (in % of GDP)
Based on this program, it was expected that the external position (current account) in
2012 would be positive at 0.6% of GDP. The negative trade balance which reached a peak
during the global recession in 2009 (-11.2% of GDP) was expected to reduce to 7.6% of GDP
in 2011. In preparing the stabilzation program, Troyka emphasized that reducing public debt
was essential. In line with this, a very comprehesive plan was prepared for reducing public
debt and gradually maintaining sustainability of public finance. Therefore, Troyka prepared
three scenarios: optimistic, real and pesimistic until 2020.
The first scenario (optimistic) was based on assumption that the annual economic
economic growth within the whole dacade will be 1%. Under this scenario, it was expected
that the public debt would reduce to 80% of GDP in 20201.
The second scenario was based on the assumption that economic growth until 2020
will not change in this time schedule. Based on this expectation, the public debt will reach
approximately 120% of GDP in 2020.
The third scenario was a pessimistic 2 one. This assumption was based on the
expectation that the economic growth will continue stagnation for the whole decade. Based
on this pessimistic expectation, public debt was expected to reach 166% of GDP in 2020.
Based on this very ambitious assumption, Greece will not reach nominal convergence criterion of 60% of GDP
that was set up for public debt under the Maastricht Treaty.
2
Altghough this scenario was pessimistic, it is now the more realistic one.
102

Graph 3 Three scenarios of GDP growth and public debt

180
156
160
150
120
133
131
115
149
145
135
140
149
160
141
159
158
160
161
163
166
145
139
142
159
139
131
135
131
122
127
124
114
115
115
120
106
97
100
89
80
80
60
2009
2010
2011
Public debt
2012
2013
2014
2015
Annual GDP growth by 1%
2016
2017
2018
2019
2020
Annual GDP decline by 1%
Greeces second Stabilization program with Troika
Despite the fact that between the Greek authorities and Troika a very comprehensive
adjustment program was adopted for putting the economy on sustainable path, the
performance of the program was not encouraging. Therefore, the Greek authorities made a
request for the second stabilization program with Troika1.
The second program followed the poor economic performance and lag of political
committment of the first program. Instead of preparing a Standby Arrangement that was
adopted as a first stabilization program, the second stabilization program was adopted under
the very complicated environment in the global economy, but in particular, in the economy of
eurozone2. Table 1 clearly demonstrates that instead of improving the fiscal sustainability,
public debt significantly deteriorated during the first stabilization program. There was also an
expectation that for improving of the revenue side, privatization receipts would be helpful.
However, this criterion was not reached. In addition, it is clear from the table that public
sector debt to revenue ratio was significantly growing. The most critical for assessing the
solvency of the Greek economy is the big financing need during the presented period in this
table.
The second stabilization program between the Greek authorities and Troika was approved in March 2012.
Negotiations for the second stabilization program between the Greek authorities and the Troika was at the same
time as the debt crisis in the eurozone started to become the main problem in the world economy. This problem
was also connected with the stability of the financial sector as a whole.
2
103

Table 1 Actual baseline projection for public debt (2007-2011)
2007
107.4
0.1
0
263.3
6.8
Baseline: Public sector debt

Change in public sector debt
Privatization receipts (negative)
Public sector debt-to-revenue ratio
Gross financing need
Actual
2009
129
16.3
0
339.2
15.8
2008
112.6
5.2
0
276.8
9.9
2010
144.5
15.6
0
366.1
19.4
2011
165.3
20.7
-0.5
403.1
26.6
Source: Table set by the author by using data from the second Stabilization program
In line with the second stabilization program between the Greek authorities and Troika, the
baseline scenario for public debt was prepared (see Table 2). According to this scenario, the
public debt will grow until 2014, when it will reach 171.2% of GDP. From this projection, it
is expected that public debt will gradually reduce to 110% of GDP in 2030. Based on this
projection, there is an expectation that the privatization receipts will be very important for
stabilization of public debt. There is also a positive sign in terms of a gradually reducing ratio
of revenue to public debt, which is still very high in 2030.
Table 3 Baseline projection for public debt (2012-2030)
Projections
2012
2013
2014
2015
2016
2017
2018
2019
2020
2030
Baseline: Public sector debt
161.7
169.4
171.2
170.5
168
162.8
157.5
151.7
145.7
110
Change in public sector debt
-3.6
7.7
1.8
-0.7
-2.5
-5.2
-5.2
-5.8
-6
-1.7
Privatization receipts (negative)
-0.5
-1
-1
-1.6
-1.7
-1.7
-1.2
-1.3
-1.3
386.6
403.5
405.7
417.9
411.8
399.1
386.3
371.9
357.3
269.7
34
12.9
14.8
11
9.7
8.3
4.9
6.6
6.9
12.9
Public sector debt-to-revenue ratio

Gross financing need
Source: Table set by the author by using data from the Second Stabilization program
Since public debt to GDP will be relatively very high in 2030, the additional financial sources
will be needed for covering the financing needs.
Conclusion
The outbreak of the global financial crisis and recession signicantly deteriorated the
overall economic indicators of the Greek economy. Based on historical overview, since the
preparation of euro adoption, the Greek authorities were not able to stabilize public finance.
Due to poor political commitment to the structural reform agenda and loss of competiveness
in the past, the Greek economy was hit strongly by external real shocks.
Therefore, the Greek authorities requested a stabilization program with the European
Commission, European Central Bank and International Monetary Fund. The adopted
program based on conditionality was not successful. The main reason for the failure of the
adjustment program between the Greek authorities and Troika was poor political commitment
to the program itself. Therefore, the Greek authorities requested for th second stabilization
program with the Troyka.
At this stage of development, it is very difficult to predict the outcome of the second
stabilization program. However, one thing is clear reducing public debt in order to get the
nominal convergence criterion under 60% of GDP is a long-term challenge for the Greek
104

authorities. The question is whether the Greek authorities will be able to do it without strong
support of citizens of Greece.
The lesson as to what might be learned is clear. If there are good years, it is necessary
to save for bad years. Do do this, a comprehensive structural reform strategy, including the
authorities committment should be put in place.
References:
First Stabilization program between the Greek authories and Troyka (EC, ECB and IMF)
Second Stabilization program between the Greek authories and Troyka (EC, ECB and IMF).
Kontakt:. Juraj Sipko, doc. Ing PhD. MBA, Fakulta ekonmie a podnikania, Paneurpska
vysok kola, Tematnska 10, 851 05 Bratislava, e-mail: jurajsipko@gmail.com
105

ANALZA PRSTUPU MALCH A STREDNCH PODNIKOV EU K

FINANNM ZDROJOM
THE ANALYSIS OF THE SMALL AND MEDIUM SIZED ENTERPRISES ACCESS
TO FINANCE IN EUROPEAN UNION
Monika Sobekov Majkov
Abstrakt
Finann zdroje s nevyhnutnm predpokladom pre preitie kadho podniku. Rozhodli sme
sa v naom prspevku poukza na problematiku zskavania finannch zdrojov malch a
strednch podnikov v Eurpskej nii. Budeme porovnva rozdiely medzi jednotlivmi
krajinami v tom, odkia plnuj zskava vlastn i cudzie zdroje kapitlu a zisova, na ak
el ich plnuj poui. Vaka komparcii zskame ucelenej pohad o pozcii naej krajiny
v porovnan s ostatnmi lenmi EU.
Kov slov: financovanie, mal a stredn podniky, prstup k financim, vlastn imanie,
very
Abstract
For each company finance is one of the most important sources of survival, we decided to
show the situation about access to finance in European Union. This article shows the theme of
small and medium sized companies financing in European Union and presents envisaged
finance sources used by small and medium sized enterprises. It compares finance types which
companies plan to use the most in future years, factors that limit the business growth and
potential purpose of the finance. Our aim is to show where is the position of our country in
the comparison with other EU members, it will help us to presents the background for to make
obtaining capital more effective in Slovakia.
Key words: financing, small and medium size enterprises, access to finance, equity, loans
JEL classification: G11, G32, G39
1. Theoretical of small and medium sized (SME) enterprises financing
In the introduction of the article we presents theoretical background of SME definition
in European Union, it is an important for our article aim, because the results that we present
are from the research made on this size of companies. In second part of this chapter we
compare different views of researchers on access to finance and obtaining financial resources
of SME.
According to European Commission is the definition of SME following: they are often
referred to as the backbone of the European economy, providing a potential source for jobs
and economic growth. They are defined as having less than 250 persons employed. They
should also have an annual turnover of up to EUR 50 million, or a balance sheet total of no
more than EUR 43 million (Commission Recommendation of 6 May 2003).
European Commission policy in relation to SMEs is mainly concentrated in five priority
areas, covering:
106

the promotion of entrepreneurship and skills;
the improvement of SMEs' access to markets;
the improvement of SMEs' growth potential,
Next table 1 shows the number of enterprises in each size group, counts they employee
persons, their added value and apparent labour productivity. The segment of the small and
medium-size enterprises makes 50% of added value and 70% of employment in Slovakia.
SME in Slovakia are often indebted, credit burdened and illiquid (Hudkov, Fabu and col.,
2011)
We see a lot of differences between small and big companies in their capital structure.
Small or medium companies have different structure of assets and also different their ratio
between fixed and short-term assets. The ratio of their fixed assets on total is usually smaller
than in bigger companies, on the other side ratio of current liabilities to assets is higher it
means their bigger financial vulnerability (Cressy, Olofsson, 1997).
Table 1 Basic information about companies in European Union
Source: Eurostat
Obligatory problem of SME in financing is that small companies have often small
capital power, they dont have enough property for bank guarantee. Except of this, they have
usually (and especially young entrepreneurs) short history. When they have short history, they
107

pay higher interests and banks demand higher guarantee (Berger, Udell, 1995). These are the
same main problems of SME in Slovakia with obtaining financial resources. History and
capital power make bank loans for them unavailable.
In study Financing small and medium size enterprises (Fraser, 2010) made in UK is
written that in each size group company used the most credit card it was more than 55 %,
after was overdraft account more than 50 %. Long-term loans were only 20 % and equity
financing in 3 % was in 14,3 millions pounds. When we compare it with Slovak SME we can
say that credit cards are not so used as in UK because of it short history, but overdraft account
is quite popular.
There is interesting fact, when we compare Slovak and German companies we can say
that German small entrepreneurs dont have problems with obtaining financial resources
because they make a profit also used as internal financial resources. For example French
entrepreneurs are somewhere on the board between Slovak and German companies. Problem
is that during the crises is their situation worse and their support is so small. Business
conditions in Slovakia increasing VAT, decreasing flat expenses, etc have bad impact on
their financial situation (Euractiv, 2011).
We think that it is very important that state has to create positive condition for making
business also for young entrepreneurs so state support is one of the key factors for their
successful survival. During the crises also another countries support their small companies.
For example in France the young entrepreneurs can applicate tax credit. Business Angels can
75 % of their health and social insurance contributions invest to SME in this way companies
in France obtained one million euro in 2010.
Business Alliance of Slovakia studies and valuates business conditions in Slovakia in
its research (PAS, 2008) which was updated in (PAS, 2009). In 2008 55 % of respondents
(entrepreneurs) said that they feel worse availability of financial resources. In 2009 it was
worse than in 2008, the % of these companies was up to 2 %. In 2008 8 % of entrepreneurs
said that financial resources are for them unavailable, in 2009 was count of them higher to 12
%.
Another research made Slovak Chamber of Commerce (SOPK, 2009). In study 40 %
companies said that their finance obtaining costs are higher than in past and for 8 %
companies loans became unavailable. More than 15 % said that the reason of decreasing
financial resources is more difficult bank loan obtaining.
Small companies usually use own finance and loans and leasing. These three
financial resources they good know and the most use. But we have to say it is quite limited
view on obtaining finance. For example a lot of them dont know about private equity,
venture capital or mezzanine financing. However they know bank loans a lot of micro
companies 45 % think that condition for obtaining bank loan are very difficult (Majkov,
2010).
2. Aim, methods of scientific works
The aim of article is to show what is the situation in obtaining financial resources
among EU countries. Exactly, we want to present:
-
108
which finance types are needed by EU countries

which countries plans with bank loan as one of the financial resources
which are envisaged finance sources by EU countries
factors likely limiting business growth
potential purpose of finance

In this part of article we give the information about research of Eurostat in the area of
access to finance member states. We have the information from annual structural business
statistics with a breakdown by size-class are the main source of data for an analysis of SMEs.
A limited set of the standard SBS variables (number of enterprises, turnover, persons
employed, value added, etc.) is available mostly down to the 3-digit (group) level of the
activity classification (NACE), based on criteria that relate to the number of persons
employed in each enterprise. The number of size-classes available varies according to the
activity under consideration.
However, the main classes used for presenting the results are: micro enterprises with
less than 10 persons employed, small enterprises with 10-49 persons employed and mediumsized enterprises with 50-249 persons employed.
The survey was made in 2010. It does not collect any quantitative data and
confidentiality or disclosure is likely to be less of an issue than in other business
surveys. Nevertheless, member states and Eurostat still have a duty not to reveal the results
for individual respondents. That means that any figure that is based on the results from a
single contributor should not be published, even if the grossed total may be appreciably
greater than one.
3. The discussion and results
We will compare finance types which companies plant to use the most in next years,
factors that limit the business growth and potential purpose of the finance. Our aim is to show
where is position of our country in the comparison with other EU members, it will help us to
presents the background for to make obtaining capital more effective in Slovakia.
Graph 1 Finance types, likely needed in % in years 2011 - 2013, 2010
90,0
80,0
70,0
60,0
Equity finance
50,0
Loan finance
40,0
Other type of finance
30,0
20,0
10,0
ed
en
Ki
ng
do
m
ni
te
d
ak
ia
nl
an
d
Sw
Fi
Sl
ov
Po
la
nd
M
al
ta
et
he
rla
nd
s
N
ua
ni
a
m
bo
ur
g
Lu
xe
La
tv
ia
Li
th
ly
I ta
yp
ru
s
C
an
ce
Fr
Sp
ai
n
G
re
ec
I re
la
nd
Bu
lg
ar
ia
D
en
m
ar
k
G
er
m
an
y
Be
lg
iu
m
0,0
Countries
Source: Data from Eurostat, own processing

Graph 1 shows the types of finance which SME in EU in 2010 indentified that they
will need in 2011 - 2013. Slovakia is highlighted by bold arrow. In each country the first
column is equity finance, the second is loan financing and the third are other type of finance.
On the first view we see that in each country dominates loan financing majority in Italy and
109

Cyprus. Equity finance from own resources is the most used in France, UK, and also in
Slovakia.
When we compare the position in needed loan financing in future we can say:
1. Cyprus 85,1 %
2. Italy 83,4 %
3. Sweden 76,4 %
When we compare the position of Slovakia with this chart in our country more than
63 % companies plan to use loan financing in future. We could create two groups one that
assume to use loan or debt financing and one that assume to use equity financing. But why
the companies assume to use loan financing? Because it is cheaper and they use leverage
effect or they dont have enough equity so their profit is insufficient and so they are forced
to use this financial source.
To the first group we include countries in which companies have an interest of loans.
In table 2 there are presented countries from which 2/3 and more companies plan to use loan
financing in 2001 2013. The most preferred loans are in Cyprus, Italy and Sweden. From
these eleven countries 4 have big problems with state debt.
Table 2 Countries, they will need a loan in a future in %
Cyprus
85,1
Italy
Sweden
83,4
76,4
Ireland
Lithuania
Germany
73,2
72,9
71,9
Netherlands
Finland
70,5
69,1
Belgium
Greece
69,0
66,5
Latvia
66,1

Second group is more cautious, in this group companies plan to use equity finance.
There is a question, why they need this type of finance? It is because they had great profit and
so their equity is sufficient, so they dont need the loan or they have weak capital power or
short company history so they dont get a bank loan.
Table 3 compares envisaged finance sources among majority EU members. We noticed
companies in Latvia plan with finance of owners 26,4 % - for comparison in Bulgaria it is
only 4,1 %. Finance of employees plan to use the most 2,8 % companies in Denmark and 2,6
% in Latvia. There is an interesting fact the finance of other businesses plan to use up to
19,9 % of Swedish companies. Bank loans are the most preferred by companies from Cyprus
and Malta it is in each country more than 60 %. New type of financing venture capital plan
to use companies the most in Denmark 3,6 % - for comparison it is only 0,5 % in Slovakia.
110

Also business angels are the most preferred in Denmark 3,1 % of all companies, but it is only
0,3 % in Slovakia. It is a shame, because venture capital and business angles are suitable
finance for small and start up innovative companies, but in our country a lot of them dont
know about this financing possibilities.
Table 3 Envisaged finance sources

But, our country is the leader in leasing, probably it is because of less stringent
conditions get by leasing companies as banks. In Slovakia, there plan to use leasing more than
25 %, also in Germany there is a great percentage 24,1 %. For comparison, in Malta only
0,9% of companies plan to use this finance. Abb. FO and IO means foreign governments and
international organizations, the finance of these institutions will use the most companies in
Poland 2,9 % and Bulgaria 2,8 %. Mezzanine capital is also new type of finance it is
called also hybrid finance. From the research results it looks that in Slovakia no company use
it, the mezzanine capital is the most used in Belgium 1,0 % and in Denmark 0,7 %.
When we compare these countries, we could tell, that Denmark is a leader in new
financing venture capital, business angles and also mezzanine capital conversely traditional
financial resources as bank loans, leasing are used by countries as Cyprus, Malta, Latvia,
Bulgaria and Slovakia.
Table 4 presents factors which limit the business growth. In our country companies
identify as the most frequently factors general economic outlook and demand in the domestic
markets. When we compare opinions with other countries Slovak companies have the most
problems with investment to the equipment for example in our country 10,2 % of companies
think it, but in others countries it is form 2 5 %.
111

Table 4 Factors, likely limiting business growth

Problems with lack of new personnel have the biggest in Sweden 11,0% and in
Germany 10,3 %, they as developed countries have also problems with losses of existing
personnel. Economic outlook is the most sensed as a limit of business growth in Lithuania,
France, Greece and Denmark. Companies in Poland, Belgium and Italy the most identify that
problem is with a high cost of labour. It seems that problems with the investment to the
equipment have only Slovak companies. And Italian and Lithuanian companies think that they
dont have a lack of fiscal incentives.
Table 5 Potential purpose of the finance

We investigated on which purpose companies plan to use financial resources. In our
country was identify as a majority purpose grow the business at domestic market and then
finance innovation and research and development. In comparison with all these countries
Slovakia is a state with one of the biggest planned research and development expenditure with
11.8 %. We are not sure about it, because our country has the smallest public and company
research and development expenditure as a % of GDP. Denmark and Malta want to finance
their export activities around 11 % and Denmark has a quite high % for mergers and
acquisitions 11.5 %.
112

Conclusion
The question was where is the place of our country in comparison of access to
finance in European Union?
In our country more than 63 % plan to use in next two years bank loan, but in research
in Eurostat there are missing reasons why. We dont have if it is because of they dont have
enough profit or they decide to use debt financing because of leveraged effect.
We found that in our country companies prefer bank loans, more that 50 % will use it.
But there is a great deficit of venture capital and business angels financing. It is a negative
factor, because these two finance are typical for innovative companies financing a so it is a
mark that we dont have enough this type of companies. Our SME dont use mezzanine
financing, nobody from respondent plan to use it. We think the reason is they dont know
about it. Hybrid financing is quite a new expression in Slovakia. When we make a chart,
which type of finance Slovak companies use, it looks follow:
1. bank loans around 50 %
2. leasing is very popular 25 %
3. owners finance around 12 %
4. foreign government and international organization very rarely 0,7 %
5. venture capital very rarely 0,5 %
6. business angels very rarely 0,3 %
7. mezzanine capital 0,0 % - absolutely unknown
Our companies prefer standard financial resources bank loans and leasing and
sometimes they use owner s finance, but new alternative finance they use very rarely.
Slovak SME identify that the most factors likely limiting business growth will be
demand on domestic market, economic outlook, high cost of labour and investment of
equipment. Our country sees investment of equipment as a quite big barrier in comparison
with others countries.
Innovation is an integral part of knowledge economy and they bring to any national
economy to ensure prosperity and sustainable economic growth (Hjnik, 2009). In global
evaluating we can tell problems of Slovak SME is that when we want to be competitiveness
we have to invest to innovative companies, but using of venture capital, business angels and
mezzanine capital typical finance for innovative start-up companies are quite unknown in
our country and used very rarely.
But look what is the situation in finance obtaining in Slovakia real? In Slovakia the
small and medium sized enterprises have still weak capital power, they usually dont have
enough property for bank guarantee, and so they have often problems with bank loan
obtaining. Increasing bureaucracy and administration activities obstruct them to expand.
Usually we talk, that SME are building stone for each market economy, so we think that state
should help them to alive. Government gives usually to big companies investment incentive
and SME get only a crumb, even if they are up to 99 % of all companies and create 2/3 of
employment.
Literature
[1]ANDRASOVA, A., STACHO, Z., HAJNIK, B.: Inovcie - nevyhnutnos pre trvalo
udraten partnerstvo. In: Interakcia masmedilnej a marketingovej komunikcie : Zbornk z
medzinrodnej vedeckej konferencie Nov trendy v marketingu - loha marketingu v ase
hospodrskej krzy. Smolenice, 3.-4.11.2009. - Trnava : Univerzita sv. Cyrila a Metoda v
Trnave, 2010. - ISBN 978-80-8105-161-6. - S. 29-33
113

[2]BERGER, A., UDELL. G. Relationship Lending and Lines of Credit in Small Firm
Finance. In: Journal fo Business, Vol. 68, 1995, no. 3, s 351-381. ISSN 0021-9398.
[3]CRESSY, R., OLOFSSON, CH. European SME Financing. An Overwiev. In: Small
Business Economics. Vol. 9, 1997, no. 2, s 87-96. ISSN 0921-898X.
[4]ECONOMIC COMMISION FOR EUROPE. Trade Finance for SME in CIS countries.
United
Nations,
Geneva/New
York,
2003.
ISBN
92-1-116831-7
[5]EURACTIV.http://www.Euractiv.sk/podnikanie-v-E/clanok/brusel-chce-podnikompomoct-pri-ziskavani-financovania-016574
[6]EUROTSTAT
database
[7]FETISOVOV, E., NAGY, L.: Politika malch a strednch podnikov Eurpskej nie pre
rast a zamestnanos. In Ekonomika, financie a manament pod-niku : zbornk prspevkov z
medzinrodnej vedeckej konferencie Fakulty podniko-vho manamentu Ekonomickej
univerzity v Bratislave [CD-ROM]. Svit : Fakulta podnikovho manamentu Ekonomickej
univerzity v Bratislave, 27. 28. septem-ber 2007. ISBN 978-80-225-2382-0
[8]FRASER, S. Finance for Small and Medium-sized Enterprises. Center for SME, University
of
Warwick.
On
line:
http://www.bis.gov.uk/files/file39407.pdf
[9]HUDKOV, M., FABU, M. a kol.: Regionlne disparity v malom a strednom
podnikan. 4 kapitola. Vysok kola ekonmie a manamentu verejnej sprvy. Bratislava,
Merkury,
2011.
ISBN
978-80-89458-17-2.
[10]MAJKOV, M. 2008. Monosti financovania malch a strednch podnikov v SR.
Tribune:
Brno,
2008.
ISBN
978-80-7399-590-4.
[11]PAS, SME. 2008. Prieskum o dopadoch finannej krzy na podnikanie v SR. Bratislava,
2008.
[12]PAS, SME. 2009. Prieskum o dopadoch finannej krzy na podnikanie v SR. Bratislava,
2009.
Kontakt: Sobekov Majkov Monika, Ing., PhD., Fakulta ekonmie a podnikania,

Paneurpska vysok kola, Tematnska 10, 851 05 Bratislava, e-mail:
monika.majkova_sobekova@uninova.sk
114

VZDELVANIE CEZ PRIZMU STATISTIKY

EDUCATION THROUGH THE PRISM OF STATISTICS
Beta Stehlkov
Abstrakt:
Existuje vea vec, ktor Eurpa me svetu ponknu. Jednm z nich je jeho vzdelvanie.
Edukcia sa stva rozhodujcim faktorom nadobdania a formovania udskho kapitlu. Z
dlhodobho hadiska sa vsledky vzdelvacieho procesu premietaj do rovne vzdelania
obyvatestva. lohou lenskch ttov E v ase ekonomickej krzy bolo aj naalej venova
pribline p percent svojho HDP na vzdelanie. Podiel celkovch verejnch vdavkov na
vzdelvanie ako percentulny podiel HDP zostal stabiln, vdavky na iaka/tudenta vzrstli
v rozpt rokov 2001 a 2009. tatistick analza nepotvrdila beta konveregenciu verejnch
vdavkov na vzdelvanie - percentulny podiel HDP v PKS. Naopak potvrdila sa beta
konveregencia skromnch vdavkov na vzdelvanie - percentulny podiel HDP v PKS ako
aj beta konvergencia celkovch vdavkov jednho iaka/tudenta.
Kov slov: vzdelvanie, beta konvergencia, E
Abstract:
There are a lot of things which Europe can offer the world. One of it is its education.
Education is becoming crucial acquisition and human capital formation. In the long term
learning outcomes reflected in the level of education among the population. The role of the
EU member states in times of economic crisis was to continue to pay about five percent of its
GDP on education. The public expenditure on education (percentage of GDP (PPP))
remained stable. Annual expenditure on public and private educational institutions per
pupil/student increased between the years 2001 to 2009. Statistical analysis not confirmed
beta convergence public expenditure on education (percentage of GDP (PPP)). On the other
hand, confirmed the beta convergence private expenditure on education as well as beta
convergence of the total expenditure per pupil / student.
Key words: education, beta convergence, E
JEL klasifikcia: I20, I23
vod
Vzdelvanie je proces vestrannej humanizcie loveka, je to pretvranie a
zdokonaovanie vetkch jeho schopnost. V histrii udstva pln vzdelvanie niekoko
zkladnch socilno-rozvojovch funkci. Napomha vvoju osobnosti nielen jedinca, ale aj
ttu a generanmu vvoju udstva, rozvoju civilizcie, prenosu kultrnych hodnt a novch
mylienok.
Rozhodujce pre fungovanie informanej spolonosti je vzdelanie. Vzdelvanie m
zabezpei, aby sa udia vedeli orientova v prvale informci, rozumeli im, vedeli ich
pouva a najm ich vytvra. Je potrebn rozvja schopnosti, vyhadva relevantn
informcie, naui sa pracova s nstrojmi informanch a komunikanch technolgi. Preto
je potrebn rozvja zujem o edukciu, schopnos ui sa po cel ivot a tak sa prune
115

prispsobova rchle sa meniacim podmienkam ivota. Fige [8] kontatuje, e vzdelanie m
obrovsk mnohostrann vznam. V ekonomike je dleitm faktorom zamestnanosti i
zamestnatenosti. Vzdelanie zohrva dleit lohu pri socilnej integrcii loveka, aby nebol
izolovan, aby sa vedel zi so spolonosou. Dnes, ke sa zvyuje migrcia na kontinente, je
to vemi vznamn faktor pre socilnu inklziu. Vzdelanie m vznam politick. Vzdelan
udia inak reaguj na politiku, demokraciu, globlne otzky, maj in rozhad, in poznanie,
s odolnej proti demaggii a populizmu, polopravdm, proti manipulcii, nacionalizmu,
xenofbii a fanatizmu. A to je vemi dleit pre kad slobodn spolonos a jej budcnos.
Vzdelanie je najinnejm nstrojom na dosiahnutie lepej kvality ivota. Vzdelvaniu, jeho
vznamu, sa venovali autori predovetkm v devdesiatych rokoch dvadsiateho storoia.
Mankiw, Romer a Weil [15] pouvaj ako mieru udskho kapitlu nvtevnos kl. Treba
vak vedie, e ak sa hodnota indiktora nvtevnos kl, ako percento prslunej vekovej
skupiny v krajine bli ku 100 percentm, vaka legislatve alebo vzdelanostnm tandardom
v krajine, strca pouvanie takhoto indiktora v analze vznam. Barro a Lee [2] pouvaj
ako mieru dku vzdelvania. Romer [18] povauje za jednu z mier udskho kapitlu
gramotnos. Mnoh autori zaoberajci sa vzahom udskho kapitlu a ekonomickho rastu
stotouj udsk kapitl so kolskm vzdelvanm - Benhabib, Spiegel [3]. Barro [1] vo
svojej tdii uvdza pozitvny vzah ekonomickho rastu HDP a priemernej dky nvtevy
koly na strednch kolch. Vplyvom udskho kapitlu na ekonomick rast sa zaoberali tie
Goetz, Hu [9] a Gundlach [10]. Levin a Raut [11] uvdzaj, e udsk kapitl nedeterminuje
HDP priamo, ale tak, e vplva na jednu z jeho zloiek export. Prve export je poda
autorov tou oblasou, kde sa v najvej miere uplatuj nov technolgie a to prina i
najvyiu mieru zhodnotenia udskho kapitlu. Dobe [4] sledoval vzah mier udskho
kapitlu a spotreby domcnost. Na medzinrodnch dtach zistil, e vyia rove udskho
kapitlu v krajine implikuje niiu rove spotreby domcnost vzhadom na HDP.
Domcnosti potom viac prostriedkov sporia, o alokuje viac prostriedkov na investcie v
krajine, ktor mu vplva na dlhodob ekonomick rast. udsk kapitl teda pozitvne
psob na vytvranie novch technolgi prostrednctvom inovcie a zrove pomha
adaptova sa spolonosti na vyuvanie novch technolgi. Inovcia je spojivo medzi
udskm kapitlom a vkonnosou ekonomiky.
Prspevok sleduje dva ciele. Prvm je poukza na ukazovatele pouvan v tatistikch
za vzdelvacie aktivity, medzinrodne platn klasifikciu vzdelania a nsledne
charakterizova krajiny E z tohto hadiska. Tm druhm je skma, i skutone existuje
konvergenn proces v oblasti financovania kolstva.
1. Materil a metdy
Informcie o tatistikch vzdelvacch aktivt sa v rmci tatistiky uvdzaj v kapitole
sluby pre kolektvnu spotrebu. Z hadiska tatistiky sa za vzdelvacie aktivity povauje
systematick vyuovanie, ktor vedie k pecifickm znalostiam alebo pecifickm
schopnostiam. tatistick zisovania sa tkaj troch typov vzdelvania. Formlne vzdelvanie
vedie k udeleniu oficilne uznvanch dokladov a nadobudnutiu kvalifikcie. Neformlne
vzdelvanie zvyajne nie je ukonen vydanm oficilnych dokladov. Neformlne
vzdelvanie me by umoovan na pracovisku a v rmci aktivt obianskych zdruen a
organizci, ktor boli vytvoren na doplnenie formlnych systmov vzdelvania. Informlne
vzdelvanie je prirodzenou sasou kadodennho ivota. Na rozdiel od formlneho a
neformlneho vzdelvania nemus by zmern. Dokonca si ho vzdelvajci sa ani nemusia
uvedomova a nemusia ani rozpozna, ako prispieva k ich vedomostiam a zrunostiam.
V sasnosti je platn medzinrodn klasifikcia vzdelania ISCED 97, ktor
klasifikuje vzdelvacie programy poda rovne: ISCED 0 predkoln vzdelvanie, ISCED1
116

primrne vzdelvanie, prv stupe zkladnho vzdelania, ISCED2 niie stredn
vzdelanie, zkladn vzdelanie druhho stupa, ISCED3 vyie stredn vzdelanie, ISCED4
postredokolsk vzdelanie netercilneho typu, ISCED5 prv stupe tercilneho vzdelania
(priamo nevedce k zskaniu vysokej odbornej klasifikcie) ISCED6 druh stupe
tercilneho vzdelania (vedce k zskaniu vysokej odbornej klasifikcie).
tatistika vzdelvacch kapact informuje o predpokladoch vzdelania. Zkladn
ukazovatele s poet kl, poet uebn, poet uiteov. Sleduj sa tie zmeny kapact v ase
absoltne aj relatvne. tatistika vzdelvacch procesov vyjadruje rozsah, kvalitu a vsledky
vzdelvacch procesov. Zkladn ukazovatele s poet tried, poet iakov, poet absolventov,
priemern poet iakov v triede, priemern poet iakov pripadajcich na jednho uitea,
podiel iakov vyuovanch v druhej zmene. Sleduje sa tie podiel iakov/tudentov v
cirkevnch a skromnch kolch, podiel absolventov strednch a vysokch kl na
prslunej vekovej skupine obyvatestva, podiel absolventov strednch kl, ktor pokrauj v
tdiu na vysokch kolch, pomer potu iakov zkladnch kl k celkovmu potu
zapsanch na vetkch kolch, podiel obyvatestva tudujceho na jednotlivch stupoch z
celkovho potu obyvatestva v uritom veku.
Z dlhodobho hadiska sa vsledky vzdelvacieho procesu premietaj do rovne
vzdelania obyvatestva. Hodnot sa poda najvyieho dosiahnutho stupa vzdelania. Z
hadiska medzinrodnej komparcie sa pouva poda najvyieho dosiahnutho stupa
vzdelania u obyvatestva starieho ako 24 rokov. Ukazovatele poet obyvatestva
opajcich formlne vzdelvanie v lenen poda veku, podiel obyvatestva opajcich
formlne vzdelvanie a celkov poet obyvateov v danom veku, priemern vek pri opusten
vzdelvacieho systmu a priemern poet rokov strvench vo vzdelvacom systme
charakterizuj zmeny v rovni vzdelvania obyvatestva. Dleitm ukazovateom s tie
vdaje na vzdelanie.
daje boli erpan z databz Eurostatu [5].
Pre posdenie beta konvergencie financovania kolstva v krajinch E 27 bol pouit
regresn model tvaru
1 Yi, t
ln
= a + b ln Yi ,0 + i,
t Yi,0
kde Yi, t je hodnota skmanej veliiny v i-tom tte v ase t, Yi ,0 je poiaton hodnota
skmanej veliiny v i-tom tte, i je nhodn chyba. Historicky bol model beta
konvergencie pouit pre hrub domci produkt HDP. Nakoko nevyuva pecilne iadnu
vlastnos ukazovatea HDP, d sa aplikova na ubovon jav skman v ase. Ak existuje
beta konvergencia, hodnota koeficienta b je negatvna. Ak sa regresn koeficient b rovn
hodnote 1, znamen to, e ide o perfektn konvergenciu. Ak sa regresn koeficienta b rovn
nule, potom konvergencia neexistuje. Regresn koeficient b vyjadruje, ak vek as
rozdielu k rovnovnemu stavu sa ttom v priemere podarilo eliminova. Pre testy vhodnosti
modelu, ako aj testy signifikantnosti regresnch koeficientov bola pouit obvykl hodnota
hladiny vznamnosti (0,05).
2. Vsledky a diskusia
Pod gramotnosou rozumieme schopnos ta a psa vo veku 15 rokov a vyom.
Priemern gramotnos dospelch vo svete je 82 percent (mui 87 percent a eny 77 percent).
Medzi jednotlivmi krajinami vak existuj podstatn rozdiely. V krajinch E 27 bola
zabezpeen dostaton rove vzdelania z hadiska gramotnosti u pred tridsiatimi rokmi.
V ttoch E 27 sa priemern podiel iakov a tudentov v rmci formlneho
vzdelvania na celkovej populcii znil z 22,7 % v roku 2000 na 21,5% v roku 2009, o
117

predstavuje pokles o 1,2 percenta, priom ale poet mladch ud vo veku 0-29 na celkovom
pote obyvateov sa znil o 3 percentulne body (Obr.1).
Obr. 1 Podiel iakov a tudentov v rmci formlneho vzdelvania na celkovej populcii
Zdroj: Eurostat [5], UOE poda [7]

Kombinovan ukazovate kolskej dochdzky vyjadruje celkov mieru dochdzky
mladch ud do kl prvho a tretieho stupa ISCED 1-3 (obr. 2). alm z ukazovateov
vzdelanostnej truktry ttov je percentulny podiel ud vo veku 24-64 rokov s aspo
vym vzdelanm druhho stupa (ISCED 3-6). Situcia v prpade Slovenska v oblasti
vzdelania obyvatestva je priazniv len po rove strednho vzdelania. Dlhodobo
pretrvvajci nzky podiel populcie v post-sekundrnom vzdelvan me by dvodom pre
budce zaostvanie krajiny pri rastcich nrokoch na vzdelanostn rove. Pri zotrvan
Slovenska na sasnej vzdelanostnej truktre hroz, e zahranin investori bud naalej
vidie v SR predovetkm pracovn silu na rovni ISCED 3, a e bud svoje investcie
zameriava na takto rove vzdelania.
Obr. 2 Podiel populcie vo veku 20-24 rokov s ukonenm vzdelanm aspo stupa ISCED3

Vysok koly a univerzity vzhadom na ich prepojenie s vskumom a ich lohu
v prenose technolgi s nosnmi piliermi procesu budovania ekonomiky zaloenej na
vedomostiach a informanej spolonosti. Podiel osb s tercirnym vzdelanm sa v roku 2009
(posledn dostupn daj) oproti roku 2000 zvil pre kad vekov skupinu. Najvy nrast
je u vekovej skupiny 35-39, so zvenm a o takmer 7 percent. Vznamn s rozdiely medzi
jednotlivmi krajinami. V niektorch severskch krajinch je podiel 30 - a 34-ronch s
tercirnym stupom vzdelania vy ako 45 percent, v inch ako Taliansko, Malta, Rumunsko
je ni ako 20%. Podiel obyvatestva s tercirnym vzdelanm sa s vekom zniuje. Najv
rozdiel medzi generciami je v tchto krajinch: rsko, Luxembursko a Posko.
Obr. 3. Podiel obyvatestva v roku 2010 s tercirnym vzdelanm (ISCED 5 a ISCED 6) vo
veku 24 a 64 rokov
118


Hlavnou lohou lenskch ttov E v ase ekonomickej krzy bolo aj naalej venova
pribline 5% svojho HDP na vzdelanie. Podiel celkovch verejnch vdavkov na vzdelvanie
ako percentulny podiel HDP zostal stabiln, vdavky na tudenta vzrstli v rozpt rokov
2001 a 2009. Vdavky na iaka sa zvyuj s rovou vzdelania. V E s priemern ron
nklady na iaka strednej koly (ISCED 2 a 4) 6 129 EUR, na iaka zkladnej koly (ISCED
1) je to 5316 EUR. Priemern nklady na jednho tudenta v tercirnom vzdelvan v E boli
takmer dvakrt vyie, ako u zkladnej koly 9424 EUR. Skromn financovanie
vzdelvania zostva naalej marginlne. Vzrstol poet ttov, ktor za poslednch desa
rokov zaviedli rzne druhy poplatkov pre vysokokolskch tudentov. tipendi a piky
tudentom na tercirnom stupni predstavuj viac ako 16,7 percent verejnch vdavkov na
vzdelanie, kontatuje sa v sprve Eurostatu [7]. Vdavky na vzdelvanie, ako percentulny
podiel HDP, s najniie v novoasociovanch ttoch. Iba Maarsko a Posko maj vdavky
na rovni ttov E15. V ttoch E15 s vdavky tm vyie, m s tty severnejie.
Raksko, Belgicko, Holandsko, Luxembursko maj vdavky na rovni severskch ttov.
Obr. 4. Verejn a skromn vdavky na financovanie kolstva ako podiel HDP v PKS v roku
2009
Zdroj: Eurostat, [6]

Model beta konvergencie verejnch vdavkov na financovanie kolstva ako podiel
HDP v PKS (VVS) pre roky 2009 a 2001 je
119

1 VVS i , 2009
ln
= -1,2998 0,1889 ln VVS i , 2001 .
8 VVS i , 2001
Uveden regresn model, ako tatistick model nie je vhodn, lebo P hodnota testu
vhodnosti modelu, ako celku, je 0,1352, o je hodnota vyia ako hladina vznamnosti 0,05.
Pre plnos - koeficient determincie je extrmne nzky (9,86 percent). Nevhodnos modelu
beta konvergencie znamen, e hodnoten obdobie smich rokov, v dsledku krzy, ale
v neposlednom rade aj v dsledku disharmnie politk krajn E tkajcich sa financovania
kolstva. O politike vzdelvania rozhoduj vetky lensk tty samostatne, na rovni E si
vak stanovuj spolon ciele a vymieaj osveden postupy vzdelvania, ale nie
financovania. Financovanie kolstva je viac-menej politickou zleitosou. alou monou
prinou me by skutonos, e systm financovania kolstva je nastaven v niektorch
krajinch neefektvne, o m za nsledok nevhodnos regresnho modelu ako celku.
Model beta konvergencie skromnch vdavkov na financovanie kolstva ako podiel
HDP v PKS (SVS) pre roky 2009 a 2001 je nasledovn
SVS i , 2009
1
ln
= -1,8757 0,4872 ln SVS i , 2001 .
8
SVS i , 2001
Model je ako tatistick model vhodn, nakoko P hodnota testu vhodnosti modelu
ako celku (0,0011) je menia ako hladina vznamnosti 0,05. Koeficient determincie je 38,88
percent, je sce pomerne nzky, ale signifikantn. Vzhadom na to, e koeficient b je zporn
(-0,4872) meme hovori o beta konvergencii skromnch vdavkov na financovanie
kolstva ako podiel HDP v PKS.
as rozdielov vo financovan kolstva pri porovnvan vdavkov na kolstvo ako ich
podiel z HDP me by spsoben rznym potom iakov a tudentov na jednotlivch
rovniach vzdelvania v jednotlivch ttoch. Z tohoto dvodu je potrebn skma aj celkov
vdavky na jednho iaka/tudenta. Potvrdila sa beta konvergencia celkovch, t.j.
skromnch aj verejnch vdavkov na jednho iaka/tudenta (CV1Z). Model beta
konvergencie v tomto prpade pre roky 2009 a 2001 je
1 CV 1Z i , 2009
ln
= 0,8476 0,2611 ln CV 1Z i , 2001 .
8 CV 1Z i , 2001
Regresn model je ako tatistick model vhodn, nakoko P hodnota testu vhodnosti
modelu ako celku (0,0001) je menia ako hladina vznamnosti 0,05. Koeficient determincie
je 49,18 percent. Vzhadom na to, e koeficient b je zporn (-0,2611) meme op hovori
o beta konvergencii celkovch vdavkov na jednho iaka/tudenta.
Zver
Vzdelanie a vedecko-vskumn potencil maj strategick vznam. S zdrojom nielen
rozvoja krajiny, ale aj celho globalizujceho sa sveta. Ovplyvuj cel hospodrsky aj
spoloensk ivot. Vzdelvanie m kov vznam pre uahenie prstupu mladch ud na
trh prce a pre podporu ich mobility a rovnakch prleitost. Mnoh tty Eurpskej nie,
medzi nimi aj Slovensko, maj nzke vdavky na vzdelanie. Me to ohrozi kvalitu
vzdelvacieho procesu a rovnos prstupu k vzdelaniu. Analzou sa potvrdila konvergencia
skromnch vdavkov na vzdelanie ako aj celkovch vdavkov vzdelvacch intitci na
iaka/tudenta. Preo tomu tak nie je v prpade verejnch vdavkov, kde nielene nedochdza
ku konvergencii, ale regresn model ako celok je nevhodn si vyaduje hlbiu analzu.
120

Literatra
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1998 Harvard University, Cambridge.
[2] Barro, R. J., Lee, J. W.: International data on educational attainment updates and
implications. Working paper, 2000. National Bureau of Economic Research, Cambridge
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Evidence from aggregate cross-country data. Journal of Monetary Economics, 34, 1994, s.
143-173.
[4] Dobe, M. : Vzah medzi udskm kapitlom a spotrebou domcnost. In: Lieskovsk, V.,
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vedu a marketingov rozhodovanie. CD, Ekonm, 2000, Bratislava.
[5] Eurostat databzy. [cit. 2012-07-01]. Dostupn na internete:
http://epp.eurostat.ec.europa.eu/portal/page/portal/education/data/database
[6] Eurostat mapy tsdsc510 a tps00068 [cit. 2012-07-01]. Dostupn na internete:
http://epp.eurostat.ec.europa.eu/tgm/mapToolClosed
[7] Key Data on Education in Europe 2012, Education, Audiovisual and Culture Executive
Agency, 2012, 212 s. ISBN 978-92-9201-242-7
[8] Fige, J.: Vzdelanie k k budcnosti (prednka). [cit. 2012-07-01]. Dostupn na
internete: www.kas.de/wf/doc/kas_8548-544-1-30.pdf
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economic growth: Evidence from the semi-industrialized countries. Economic Development
and Cultural Change, 46, 1, 1997, s. 155-174.
[15] Mankiw, N. G., Romer, D., Weil, D. N. : A contribution to the empirics of economic
growth. Quarterly Journal of Economics, 107, 1992, s. 407-437
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1, 1994, s. 3-22
Kontakt: Beta Stehlkov, prof. RNDr. CSc., Fakulta ekonmie a podnikania, Paneurpska
vysok kola, Tematnska 10, 851 05 Bratislava, e-mail: stehlikovab@gmail.com
121

MEN A VVOJ VEEJN PODPORY PODNIK VE

VYSPLCH ZEMCH
STATE AID MEASUREMENT AND DEVELOPMENT IN THE DEVELOPED
COUNTRIES
Leo Vtek
Abstrakt
Pspvek je zamen na veejnou podporu podnikm v EU. V prvn sti je po vodnm
pehledu vymezen rmec veejn podpory a vjimky ze zkazu jejho poskytovn. V dal
jsou prezentovny statistiky rozsahu a vvoje celkov veejn podpory firmm v EU. V dal
sti je analyzovn vvoj veejn podpory ze sektorovho pohledu. Vsledky ukazuj, e
k nrstu veejn podpory je men, ne se oekvalo.
Klov slova: veejn podpora, EU,
Abstract
The article focused on state aid to enterprises in the EU. In the first part after introduction we
described state aid and exceptions to its provision. The following part presents descriptive
statistics on the extent and development of European state aid. In the next section we analyze
the development of state aid from the sectoral point of view. The results show that the
increase in state aid has been lower than has been expected.
Keywords: state aid, EU
JEL Classification: H25, G01, G38
1. vod
S ohledem na voln trh a voln pohyb zbo, osob a kapitlu vyspl zem volnji
(skrze Svtovou obchodn organizaci) a velmi striktn (skrze Evropskou komisi) reguluj
poskytovn veejn podpory podnikm. Veejn podpora me mt velmi rznorodou povahu
podle manulu Eurostatu resp. Evropsk komise me mt veejn podpora tuto podobu:
dotace a daov levy, kter se skldaj z dotac a dotac rok obdrench pmo
podnikem, daovch lev (non watable a wastable), lev na pojistnm na sociln
zabezpeen, poskytnut majetku za ni ne trn ceny,
ast na jmn podniku, kter m podobu veejn podpory (nejde o bn podnikn
vldy),
pjky s nimi roky (soft loans; od soukromho i veejnho sektoru vetn pjek se
spoluast a vratnch vkonnostnch zloh) a odklady placen dan v rzn podob,
zruk, kter se zahrnou do konenho objemu veejn podpory pouze v ppad vyerpn
cel zruky.
Z nejnovj literatury se Kenneth (2012) pro EU zamuje na mezinrodn komparaci
veejn podpory. Pro postranzitivn evropsk ekonomiky veejnou podporu analyzuje
Blauberger (2009). Vzkum v oblasti veejn podpory nen pro R ani Slovensko pli
rozshl - Sobekov-Majkov a Vincrov (2011) se zamuj na analzu veejn podpory na
122

Slovensku a ukazuj, e v letech 2008-2010 narst. Pavel a Vtek (2010) ukazuj, e pi
analze vztah promnnch jako je podl veejnch vdaj k HDP, objem exportu k HDP a
index ekonomick svobody lze v roce 2002 najt jen velmi slabou zvislost mezi mrou
otevenosti ekonomiky a velikost veejn podpory. Ve stejn analze pro rok 2008 autoi
nalezli statistiky vznamnou zvislosti mezi indexem ekonomick svobody a velikost veejn
podpory. Vtek (2010) popisuje reakci zem EU na nastupujc ekonomickou krizi z pohledu
vvoje veejn podpory. Pro obdob transformace se Zemplinerov (2006) zamila na to, e
veejn podpora probhala mimo standardn vkaznictv veejnch financ. Jej prce navazuje
na Polkovou-Brixi (2000) a Bezdka et al. (2003).
Clem tohoto pspvku je po vodnm pehledu literatury a shrnut pravidel veejn
podpory v EU analyzovat vvojov trendy veejn podpory v letech 1995-2010 s akcentem na
roky 2008-2010. Clem je rovn porovnat objemy schvlen a skuten erpan veejn
podpory finannmu sektoru v letech 2008-2011. Analza bude zaloena na prvn prav a
datech tkajcch se nadnrodn rovn (EU) a nezahrnuje podpory na rovni lenskch stt,
kter nespadaj do pravomoci Komise nebo Rady.
2. Rmec veejn podpory v Evropsk unii
V Evropsk unii podlh podpora poskytovan vldami nebo ze sttnch prostedk
regulaci. Regulace se odehrv jak na nrodn rovni, tak s ohledem na obchod mezi
lenskmi stty na rovni EU. Regulaci podpory obecn nepodlh poskytovn podpory
jednotlivcm nebo poskytovn podpory dostupn vem subjektm. Podle Lisabonsk
smlouvy (EC, 2010) mus jt o podporu, podpora mus bt poskytovna sttem nebo ze
sttnch prostedk, podpora mus naruovat sout nebo mue hrozit naruenm soute,
naruen soute mus spovat ve zvhodnn podnik nebo odvtv a podpora mus mt
alespo potenciln vliv na obchod mezi lenskmi stty. Pokud jsou splnny ve uveden
podmnky, je takov podpora nesluiteln se spolenm trhem ES a nesm bt lenskmi stty
poskytovna.
Z obecnch pravidel poskytovn podpory ale existuj vjimky. Jedn se zejmna o:
podniky poven poskytovnm slueb obecnho hospod. zjmu a fisk. monopoly,
podpory sociln povahy poskytovan jednotlivcm,
podpory uren k nhrad kod,
podpory poskytovan zemm vchodnho Nmecka,
se souhlasem Rady/Komise podpory pro rozvoj oblast s mimodn nzkou ivotn
rovn nebo s vysokou nezamstnanost,
se souhlasem Rady/Komise podpory pro uskutenn vznamnho projektu
evropskho zjmu,
se souhlasem Rady/Komise podpory napravujc vnou poruchu v hospodstv
lenskho sttu,
se souhlasem Rady/Komise podpory usnadujc rozvoj uritch hospodskch
innost nebo oblast,
se souhlasem Rady/Komise podpory uren na pomoc kultue,
jin kategorie podpor, kter ur Rada na nvrh Komise,
kategorie tzv. horizontln veejn podpory, pro kter Komise stanov tzv. blokov
vjimky v oblasti veejn podpory viz EC (2008) a EC (1998),
podpora nevznamnho rozsahu (pravidlo de minimis) - nyn 200 tis. za ti roky,
jakkoli podpora, pokud toto rozhodnut odvoduj mimodn okolnosti a
odsouhlas vechny lensk stty.
123

V dlouhodobm prmru objem veejn podpory ve vysplch evropskch zemch
kles. Nicmn protikrizov podpora 2008-2010 zvila objem veejn podpory, kter vldy
podnikm poskytly.
3.
3.
Vvoj celkov veejn podpory v Evropsk unii
Nejpouvanjm mtkem rozsahu veejn podpory je index celkov veejn
podpory (EC Eurostat 2012), kter pomuje souet vech veejnch podpor podnikm k
HDP. Jak uvd Ochrana et al. (2009), jde o jednorzovou podporu firmm (sektorov
podpora, cca 20 % objemu podpory v obvyklch letech, tj. bez vlivu krize; vtinu tto
podpory erpaj odvtv tby uhl a finann sluby) a tak o podporu tzv. horizontlnch cl
(cca 80 % celkovho objemu podpory). U horizontln podpory jde o podporu vdy a
vzkumu, spory energi a zlepen ivotnho prosted, malch a stednch firem, vzniku
novch pracovnch mst, vzdlvn apod.
Celkov objem veejn podpory jako procento HDP v zemch EU v poslednch dvaceti letech
nenarst (viz nsledujc tabulka) a pohybuje se mezi 0,5 a 1 % HDP. Od roku 2008 ale
dolo k nrstu veejn podpory finannmu sektoru. Oproti pedpokladm (viz nap. Vtek
2010) ale nedolo k prudkmu nrstu veejn podpory v EU.
Tabulka 1: Podl celkov veejn podpory na HDP ve vybranch zemch EU a jako
prmr EU
EU
Belgium
Bulgaria
CR
Denmark
Germany (incl. GDR)
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom
1995
0,97
0,59
:
:
0,66
1,38
:
0,78
0,65
1,41
1,05
1,23
:
:
:
0,50
:
:
0,37
1,06
:
0,88
:
:
:
2,85
0,53
0,37
2000
0,65
0,47
:
2,40
0,98
0,80
0,10
0,61
1,08
0,63
0,92
0,48
2,64
0,69
0,33
0,34
1,10
3,39
0,50
0,69
0,95
0,82
:
1,00
0,40
1,37
0,45
0,22
Zdroj: EC Eurostat (2012).

124
2005
0,57
0,37
0,11
0,64
0,80
0,75
0,32
0,49
0,38
0,47
0,59
0,43
1,43
1,09
0,52
0,25
3,20
3,55
0,41
0,47
0,77
0,90
0,55
0,72
0,60
1,34
0,97
0,24
2006
0,76
0,40
0,12
0,76
0,77
0,77
0,26
0,54
0,40
0,49
1,75
0,45
0,59
1,30
0,53
0,23
2,26
2,81
0,38
0,78
0,85
0,89
0,65
0,73
0,49
1,28
1,00
0,21
2007
0,53
0,43
0,64
0,78
0,80
0,60
0,23
0,67
0,51
0,46
0,54
0,36
0,72
2,16
0,61
0,19
1,86
2,36
0,38
0,44
0,61
1,27
1,18
0,56
0,45
1,15
0,95
0,26
2008
0,58
0,45
0,59
0,99
0,81
0,62
0,27
1,19
0,68
0,51
0,69
0,37
0,64
0,57
0,44
0,18
2,44
1,94
0,40
0,66
0,92
0,92
0,62
0,66
0,55
1,12
0,91
0,25
2009
0,63
0,61
0,53
0,71
1,02
0,67
0,29
0,94
0,85
0,53
0,77
0,38
1,02
0,72
0,63
0,30
1,84
1,88
0,46
0,90
0,95
0,98
0,66
1,00
0,51
1,23
0,92
0,29
2010
0,60
0,61
0,15
0,82
0,91
0,64
0,29
1,02
0,80
0,47
0,80
0,29
0,67
0,94
0,58
0,23
2,28
1,42
0,53
0,79
0,91
0,91
0,25
1,10
0,46
1,14
0,83
0,29

Podrobnj pohled na strukturu veejn podpory ukazuje pro rok 2010 nsledujc graf.
Z grafu je patrn, e:
sektorov a jednorzov podpora je dominantn jen v zemch, kter v letech 20082010 proly zvanmi strukturlnmi problmy, a to zejmna ve finannm sektoru
(Irsko, Kypr, Malta, Maarsko) nebo trply silnm poklesem ekonomiky i
strukturlnmi problmy (Francie, Litva, Portugalsko),
ve vtin zem stle pevaovala horizontln veejn podpora nad sektorovou a ad
hoc podporou.
Graf 1: Struktura veejn podpory v EU v roce 2010 (sektorov a jednorzov podpora
a ostatn podpora, % HDP)
Zdroj: vlastn vpoty, data EC Eurostat (2012).

Z dlouhodobjho pohledu je v nsledujc tabulce vidt, e sektorov a jednorzov podpora
v prmru v Evropsk unii nijak podstatn nevzrostla (naopak mrn klesla). Vysvtlen
tohoto jevu nen z dostupnch dat zejm; intuitivn zvr by smoval k opanmu vsledku.
Pro vysvtlen bude teba provst podrobnj analzu.
Tabulka 2: Vvoj veejn podpory a jej struktury v EU (% HDP)
Veejn podpora celkem
z toho:
Sektorov a jednorzov podpora
Ostatn podpora
1995 2000 2005 2006 2007 2008 2009 2010

0,97 0,65 0,57 0,76 0,53 0,58 0,63 0,60
0,23 0,39 0,20 0,20 0,20 0,19
0,34 0,37 0,33 0,38 0,43 0,41
Zdroj: vlastn vpoty, data EC Eurostat (2012).

Jak uvd Vtek (2010), sektorov a ad hoc podpora se v delm asovm horizontu a v
EU pohybovala kolem 40 50 % celkov podpory (v letech 1991-1999 inil aritmetick
prmr podlu sektorov a ad hoc podpory 56 % a v letech 2000-2007 klesl na 46 %; roce
2008 ale stoupl na 64 %).
Forem veejn podpory existuje mnoho a zle, jak kritria jsou zvolena pro jejich
tdn. Nap. lze podporu rozdlit na pmou (dotace) a nepmou (osvobozen od dan a
poplatk), notifikovanou a schvalovanou podporu oproti podpoe neschvalovan, horizontln
oproti podpoe vertikln.
125

Podle BIS (2007) lze mezi nejastj nstroje podpory zahrnout nap. sttn dotace,
snen roky z vr, daov levy (nap. zrychlen odpisy) a slevy na dani a levy na
pojistnm, odloenou splatnost dan a pojistnho, sttn garance, sttn poskytovn zbo a
slueb ve zvhodnnm reimu (ni ceny), preferenn nkup zbo a slueb sttem za vy
ne trn ceny, poskytovn (prodej, pronjem) pdy nebo budov za zvhodnnch podmnek,
nhrady provoznch ztrt, nhrady nklad, pm a nepm sttn garance vedouc
k preferennm vrm, zvhodnn veejn zakzky, podpora financovan specilnmi
poplatky a dvkami, kapitlov transfery apod.
Mezi mn obvykl nstroje veejn podpory pat podle tho zdroje preferenn
konzultan sluby, vhody plynouc z innosti orgn zemnho plnovn a obnovy, pomoc
pi investicch firem do ekologickch projekt, pomoc veejnm podnikm s ppravou na
privatizaci, legislativa ochraujc trn podl firmy a partnerstv veejnho a soukromho
sektoru (PPP), kter nejsou pstupn otevenm soutm. Mezi nstroje veejn podpory lze
tak zaadit bezplatnou reklamu ve sttnch sdlovacch prostedcch a podporu ve form
zvhodnnho pstupu k infrastruktue.
4. Sektorov objemy veejn podpory v EU a podpora finannmu sektoru
V Evropsk unii jsou veejn podpory rozdleny podle rznch kritri. Statistiky
zamen na tento druh vldnch aktivit dl veejnou podporu podle sektor a podle
vybranch cl podpor na nsledujc oblasti:
Zemdlstv a rybstv
Zpracovatelsk prmysl/Sluby
o Horizontln cle (Vzkum, vvoj a inovace, ivotn prosted, Mal a stedn
podniky, Zamstnanost, Trnink, Regionln podpora nezahrnut v jinch
oblastech a clech, Ostatn cle)
Dl sektory (Zpracovatelsk prmysl, Sluby, Tba uhl, Ostatn mimo
zpracovatelsk prmysl, Doprava)
Nsledujc tabulka ukazuje, e hlavnm pjemcem veejn podpory je v roce 2010
sektor prmyslu a slueb nsledovan sektorem zemdlstv. Tyto vsledky pro rok 2010 a
poet ppad odpovdaj dlouhodobmu trendu.
Tabulka 3: Poet registrovanch ppad veejn podpory podle sektor, rok 2010
Sektor
Zemdlstv
Prmysl a sluby
Rybstv
Doprava a tba uhl
Celkem
Zdroj: EC (2012).
126
Poet oznmench
Neoznmen
(notifikovanch) ppad
ppady
146
18
379
40
20
5
50
7
595
70
Existujc
ppady
Celkem
0
1
1
2
164
420
26
57
667

Graf 2: Poet notifikovanch veejnch podpor pro vechna odvtv, 2000 - 2009
Zdroj: EC (2012).
Z grafu je patrn, e v ase vrazn kles poet notifikac zamench na zemdlstv
a roste relativn vznam notifikovanch podpor pro prmysl a sluby. Zrove lze sledovat
pozvoln pokles notifikovanch podpor, ktermu odpovd i pozvoln pokles objemu podpor.
Posledn dv tabulky ukazuj, jak se vyvj objem veejn podpory finannmu sektoru.
Maximln objem opaten schvlench Komis, kter zahrnuj reimy a intervence ad hoc
uskutenn lenskmi stty v dsledku finann krize, in 5 064 miliard EUR. Zcela
dominantn jsou systmy zruk nsledovan ad hoc opatenmi.
127

Tabulka 4: Objemy schvlen veejn podpory finnnmu sektoru v EU v souvislosti
s kriz mezi 2008 a 2011
Schvlen podpora celkem 2008 - 30/09/2011
Rekapitalizace
mld.
Belgium
Bulgaria
CR
Denmark
Germany
Estonia
20,4
0,0
0,0
14,0
111,0
0,0
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom
EU27
90,1
15,5
101,1
26,7
20,0
0,0
0,8
0,4
2,5
1,1
0,0
37,6
15,7
4,6
12,0
0,0
0,3
0,7
4,0
5,0
114,6
598,0
Garance
Podpora aktiv
Podpora likvidity a
ostatn garance
Celkem
% HDP v r.
% HDP v r.
% HDP v r.
% HDP v r.
% HDP v r.
mld.
mld.
mld.
mld.
2010
2010
2010
2010
2010
276,8
28,2
0,0
325,4
5,8%
78,4%
8,0%
0,0%
92,2%
0,0
0,0
0,0
0,0
0,0%
0,0%
0,0%
0,0%
0,0%
0,0
0,0
0,0
0,0
0,0%
0,0%
0,0%
0,0%
0,0%
580,0
0,0
6,1
600,1
6,0%
247,4%
0,0%
2,6%
256,0%
450,3
59,1
0,0
620,3
4,4%
18,0%
2,4%
0,0%
24,8%
0,0%
0,0
0,0%
0,0
0,0%
0,0
0,0%
0,0
0,0%
58,5%
6,7%
9,5%
1,4%
1,3%
0,0%
4,6%
1,6%
6,0%
1,1%
0,0%
6,4%
5,5%
1,3%
6,9%
0,0%
0,7%
1,0%
2,2%
1,5%
6,8%
4,87%
386,0
85,0
201,2
319,8
0,0
3,0
5,2
0,9
4,5
5,4
0,0
200,0
75,2
4,6
35,5
0,0
12,0
2,8
50,0
156,0
435,7
3289,6
250,7%
36,9%
18,9%
16,5%
0,0%
17,2%
28,7%
3,2%
10,8%
5,4%
0,0%
33,8%
26,4%
1,3%
20,5%
0,0%
33,4%
4,2%
27,7%
45,0%
25,7%
26,81%
54,0
0,0
2,9
4,7
0,0
0,0
0,5
0,4
0,0
0,0
0,0
22,8
0,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
248,1
421,1
35,1%
0,0%
0,3%
0,2%
0,0%
0,0%
3,0%
1,6%
0,0%
0,0%
0,0%
3,9%
0,1%
0,0%
0,0%
0,0%
0,0%
0,0%
0,0%
0,0%
14,6%
3,43%
40,0
8,0
31,9
0,0
0,0
0,0
2,3
0,0
0,3
3,9
0,0
52,9
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,5
51,9
197,7
26,0%
3,5%
3,0%
0,0%
0,0%
0,0%
12,6%
0,0%
0,8%
3,9%
0,0%
8,9%
0,0%
0,0%
0,0%
0,0%
0,0%
0,0%
0,0%
0,2%
3,1%
1,61%
570,1
108,5
337,0
351,1
20,0
3,0
8,8
1,7
7,3
10,3
0,0
313,3
91,3
9,2
47,5
0,0
12,3
3,5
54,0
161,6
850,3
4506,5
370,3%
47,1%
31,7%
18,2%
1,3%
17,2%
48,9%
6,3%
17,6%
10,5%
0,0%
53,0%
32,1%
2,6%
27,5%
0,0%
34,1%
5,3%
30,0%
46,6%
50,1%
36,73%
Zdroj: EC (2012)
I kdy z hlediska asovho nesouladu nelze zcela srovnvat objemy schvlen a
erpan podpory (ji schvlen podpora me bt erpna a v budoucnu, co se tk
zejmna garanc finannm institucm, kdy v dsledku dlouhodobj stagnace ekonomiky
v Evrop 2008-2012 me jet dojt k dalmu kolu erpn veejn pomoci finannmu
sektoru nap. panlsko, ecko, Portugalsko), daje pedchoz a nsledujc tabulky
ukazuj, e dosud bylo erpno piblin 35 % objemu podpory schvlen finannm
institucm. Pi linernm protaen dosavadnho trendu je tedy mono oekvat, e erpn
podpory by celkov v Evropsk unii nemlo peshnout cca 50 % jejho schvlenho objemu.
128

Tabulka 5: Objemy vyuit veejn podpory finnnmu sektoru v EU v souvislosti s kriz
mezi 2008 a 2010
Vyuit podpora celkem 2008 - 2010
Rekapitalizace
mld.
Belgium
Bulgaria
CR
Denmark
Germany
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom
EU27
20,4
0,0
0,0
10,4
56,6
0,0
46,3
3,8
10,8
22,5
4,1
0,0
0,4
0,0
2,6
0,1
0,0
18,9
7,4
0,0
0,0
0,0
0,0
0,0
0,0
0,8
82,9
287,8
Garance
Podpora aktiv
Podpora likvidity a
ostatn garance
Celkem
% HDP v r.
% HDP v r.
% HDP v r.
% HDP v r.
% HDP v r.
mld.
mld.
mld.
mld.
2010
2010
2010
2010
2010
44,2
7,7
0,0
72,4
5,78%
12,53%
2,19%
0,00%
20,5%
0,0
0,0
0,0
0,0
0,00%
0,00%
0,00%
0,00%
0,0%
0,0
0,0
0,0
0,0
0,00%
0,00%
0,00%
0,00%
0,0%
145,0
0,0
2,0
157,4
4,45%
61,86%
0,00%
0,84%
67,2%
135,0
4,7
252,6
2,26%
5,40% 56,2
2,25%
0,19%
10,1%
0,00%
0,0
0,00%
0,0
0,00%
0,0
0,00%
0,0
0,0%
30,06%
1,64%
1,02%
1,16%
0,26%
0,00%
2,27%
0,00%
6,25%
0,11%
0,00%
3,19%
2,59%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
0,22%
4,89%
2,35%
360,0
27,5
55,8
92,7
0,0
2,8
0,5
0,0
2,2
0,0
0,0
40,9
19,3
0,0
5,2
0,0
2,2
0,0
0,1
19,9
158,4
1111,8
233,86%
7,0
11,94%
0,0
5,25%
2,9
4,80%
1,2
0,00%
0,0
16,13%
0,0
3,01%
0,4
0,00%
0,0
5,18%
0,0
0,00%
0,0
0,00%
0,0
6,91%
5,0
6,80%
0,4
0,00%
0,0
3,03%
0,0
0,00%
0,0
5,98%
0,0
0,00%
0,0
0,06%
0,0
5,75%
0,0
9,33% 40,4
9,06% 121,2
4,55%
0,00%
0,27%
0,06%
0,00%
0,00%
2,27%
0,00%
0,00%
0,00%
0,00%
0,85%
0,14%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
2,38%
0,99%
0,0
7,6
19,3
0,0
0,0
0,0
1,0
0,0
0,2
2,1
0,0
30,4
0,0
0,0
0,0
0,0
0,0
0,0
0,0
0,0
19,8
87,1
0,00%
3,30%
1,82%
0,00%
0,00%
0,00%
5,43%
0,00%
0,45%
2,17%
0,00%
5,14%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
0,00%
1,17%
0,71%
413,3
38,8
88,8
116,4
4,1
2,8
2,3
0,0
4,9
2,2
0,0
95,2
27,1
0,0
5,2
0,0
2,2
0,0
0,1
20,7
301,5
1608,0
268,5%
16,9%
8,4%
6,0%
0,3%
16,1%
13,0%
0,0%
11,9%
2,3%
0,0%
16,1%
9,5%
0,0%
3,0%
0,0%
6,0%
0,0%
0,1%
6,0%
17,8%
13,11%
Zdroj: EC (2012)
5. Zvr
V pspvku byl popsn rmce veejn podpory v EU a na trendy jejho vvoje
v poslednch letech. Hodnoty veejn podpory v poslednch dvou dekdch mrn klesaly, co
souviselo s postupujc liberalizac volnho trhu v Evrop a dominanc hospodskch politik
zaloench na volnm obchodu. Zrove dochzelo k pesunu veejnch podpor ze
zemdlstv do prmyslu a slueb (meno potem podpor). Po reform systmu blokovch
vjimek v roce 2008 dolo k jejich nrstu, co me ovlivovat celkov vsledky objemu
veejn podpory. I kdy v roce 2008 a dalch dolo v dsledku krize k nrstu etnosti i
objemu veejn podpory (dvodem byly mimodn zruky poskytovan piblin 40
finannm institucm a zavdn 40 garannch systmu v zemch nejvce postiench finann
kriz), celkov objem veejn podpory se k pomalmu a ne 100% erpn tchto garanc nijak
podstatn v prmru EU nezvil. Zrove koncem roku 2009 a potkem roku 2010 dolo
k poklesu etnosti notifikovanch a schvalovanch zruk a k jejich postupnmu ruen a
vracen doasn poskytovanch podpor finannmu sektoru. Dosavadn data rovn ukazuj,
e erpn podpory finannm institucm by celkov v Evropsk unii nemlo peshnout cca
50 % jejho schvlenho objemu.
129

Pspvek vznik v rmci een projektu VEGA MVVa SR 1/0908/12 Fiklna a menov
politika a ich vplyv na medzinrodn podnikanie v ttoch E.
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130

KRZA V ODVETV STAVEBNCTVA A PERSPEKTVY

SOCILNEHO BVANIA V TRHOVO ORIENTOVANEJ
EKONOMIKE
CRISIS IN THE CONSTRUCTION INDUSTRY AND THE PERSPECTIVE OF
SOCIAL HOUSING IN MARKET-ORIENTED ECONOMY
Mria Zbkov
Abstrakt
Ambciou prspevku je ukza vzah ekonomickej krzy a vznamnho odvetvia NH
stavebnctva, ktor je indiktorom rastu, i poklesu ekonomiky krajiny. V ase poklesu, ke
skromn sektor reaguje na vplyvy krzy, kles dvera investorov, kles objem stavebnej
produkcie, je dobr uvaova o projektoch, ktor s financovan z verejnch resp. zdruench
finannch zdrojov a mu prispie k rastu odvetvia stavebnctva. Takmi s napr. projekty
vstavby socilnych bytov. Z analz vyspelch ekonomk, ako s Franczsko, Raksko
a pod., je zrejm, e cyklus vstavby socilnych bytov m stpajcu tendenciu prve v ase
ekonomickej recesie a naopak, v ase hospodrskeho rastu stpa vstavba v rmci
skromnho sektora.
Kov slov: krza, stavebnctvo, finann prostriedky, verejn zdroje, socilne bvanie
Abstract
The ambition of this paper is to outline the relationship of the economic crisis and an
important sector of the economy - construction industry that is an indicator of growth or
decline in the country's economy. At the time of recession, when private sector responds to
the effects of the crisis, declining investor confidence, decreasing the volume of construction
output, it is good to think about projects that are funded by public or pooling financial
resources and may contribute to the growth of the construction industry. Such are eg. social
housing projects. The analyzes developed economies such as France, Austria and so on., it is
evident that the cycle of construction of social housing is growing at a time of economic
recession and vice versa, when economic growth this is the private sector, which is involved
in the growth of construction sector.
Key words: crisis, construction, financing, public resources, social housing
Jel klasifikcia: A12, H53, L74, L85
VOD
Deklarovanie bvania ako jednho zo zkladnch udskch prv vytvra zvzok pre
verejn subjekty (tt, obce), aby sa v tejto oblasti angaovali. Znamen to intervencie na trhu
s bytmi prostrednctvom ekonomickch, legislatvnych prpadne administratvnych nstrojov,
ktor zabezpeia nevyhnutn mieru socilnej spravodlivosti a rovnovhy. Samotn nstroje
nechpeme len ako pasvne prostriedky dodatone odstraujce vzniknut socilne problmy.
Naopak je nevyhnutn ich funkne spja s nstrojmi, ktor s uplatovan v oblasti ponuky,
a tak aktvne ovplyvova situciu na trhu s bytmi, a tm dostupnos bvania pre ud.
131

Situciu v sektore bvania ovplyvnila ekonomick krza vemi vrazne. Dokonca to
bola hypotekrna krza, ktor spustila lavnu a krza sa rozrila aj na Eurpsky kontinent
a vrazne zasiahla odvetvie nrodnho hospodrstva akm je stavebnctvo.
1. Krza v stavebnctve
Zaiatky hospodrskej krzy sa v Eurpe a na Slovensku zaali prejavova u v roku
2008. Stavebnctvo krza zasiahla o rok neskr. Rok 2009 znamenal pokles v objeme
stavebnej produkcie na 5,8 mld. Eur (v b.c.) oproti predchdzajcemu roku. Medziron
prepad bol a o 10,5%. Rok 2010 bol charakterizovan ako rok etrenia. Bolo pozastaven
vek mnostvo projektov a iadne nov projekty v tom roku neboli na plne. Zastavenie
projektov a znen dopyt po tvorbe stavebnej produkcie zasiahlo vetky typy firiem [2], [3].
Vek verejn zkazky s domnou vekch podnikov. Mal podniky a ivnostnci
zastvaj v tejto hierarchii aj funkciu pecializovanch podnikov na urit druh prce.
Stagncia a padok trhu s realitami patr medzi alie faktory, ktor ovplyvnili bytok
stavebnej produkcie na Slovensku. Rovnako sprsnenie kritri pre poskytovanie piiek od
bnk malo za nsledok znenie investci do stavebnctva. Prstup firiem k splcaniu svojich
zvzkov bol nedisciplinovan. Krzov stav v stavebnctve zaprinilo slab erpanie
eurofondov. Tak v Eurpe ako aj na Slovensku klesla kpyschopnos obyvatestva. Spolu
s ou aj dopyt po realitch.
Krza sa prejavila aj na investcich do stavebnctva. Investcie s hlavn motor
ekonomickho rastu. Je teda v zujme ttu aj obanov aby bolo investovanie do
hospodrskych aktivt podporovan. Nedostatok finannch zdrojov spomalil tvorbu hrubho
fixnho kapitlu (THFK) a tento fakt neodvrtili ani investcie ttu do vstavby dianic,
elezninej infratruktry a in finann impulzy z verejnho rozpotu. Najsilnejie odvetvia
v THFK boli strojrsky priemysel a stavebnctvo. Pohybovali sa takmer na rovnakej rovni.
Zamestnanos odjakiva patr medzi najvznamnejie ukazovatele zdravej ekonomiky.
Podiel stavebnctva na celkovej zamestnanosti v nrodnom hospodrstve patr medzi
najvznamnejie ukazovatele vvoja stavebnctva. V roku 2010 sa odvetvie stavebnctva
podiealo na zamestnanosti 7,75 %. Mobilita PS je vraznm faktorom prispievajcim k rastu
nielen zamestnanosti, ale aj ivotnej rovne a rovne HDP [1].
Vo vyspelch krajinch, ako je naprklad Franczsko je zrejm, e ke sa utlmuj
investcie v oblasti skromnho bytovho sektoru, narastaj investcie do verejnho bytovho
sektoru. Realizuje sa vstavba a obnova socilneho bytovho fondu.
2. Trendy v bytovej politike
Bvanie vplva na socilny a hospodrsky blahobyt domcnost rznymi spsobmi.
V najzkladnejom zmysle je prstrem pred vonkajmi prrodnmi vplyvmi, je bezpem
a skromm v okolitom vonkajom svete, je priestorom kde sa d uvoni, ui, i, je
prstupom k viemu alebo meniemu pohodliu. Ale byt umiestuje domcnos aj do
uritho irieho kontextu, ktor me ovplyvni dostupnos prbuznch a priateov,
verejnch sluieb , ale najm prce.
Kee sa bvanie dotka kvality a dosiahnutenosti takhoto mnostva aktivt
domcnost, neprekvapuje, e bvanie je pomerne drah a pohlcuje 15-20% priemernch
eurpskych prjmov a v prpade absencie dotci sa tento rozdiel pre domcnosti s najnimi
prjmami dokonca zdvojnsobuje. Ke sa vezme do vahy dleitos bvania, neprekvapuje
ani to, e vina eurpskych krajn u dlho podporuje aktvnu bytov politiku, asto
pohlcujcu od jednho do tyroch percent HDP.
132

3. Chpanie socilneho bvania a svisiace aspekty
Nazeranie na socilne bvanie nie je jednotn a neexistuje presn defincia, o je vak
spolon pri chpan socilneho bvania je, e k vstavbe i drbe takhoto typu bvania
boli pouit prostriedky z verejnch zdrojov.
Rzne chpanie socilneho bvania sa odliuje zvl v nasledujcich svisiacich
aspektoch: [7]
1) pre ak irok vrstvy obyvatestva je socilne bvanie uren,
2) ak je rozsah a vznam socilneho bvania vzhadom k ostatnm typom bvania na trhu
s bytmi,
3) ak je charakter socilneho bvania z hadiska typu uvateskho vzahu a vlastnctva,
4) akm spsobom je socilne bvanie financovan,
5) ak je podoba socilneho bvania z hadiska typu vstavby,
6) ak je kvalita socilneho bvania,
7) poda akch kritri s vyberan uvatelia socilneho bvania,
8) zmen sa nrok na uvanie socilneho bvania so zmenou socilneho postavenia uvatea.
Veobecne plat, e pomoc vo forme socilneho bvania je orientovan na tie skupiny,

ktorch saen ekonomick situcia (doasn i trval) je spojen s niektormi fzami
ivotnho alebo rodinnho cyklu alebo so zdravotnmi akosami.
Z charakteru a zmyslu socilneho bvania, t.j. poskytn uvateom finanne menej
nron bvanie vyplva, e pjde o njomn sektor, kde uvate nepotrebuje finann
iastku nevyhnutn na nadobudnutie nehnutenosti. Pre socilne bvanie je charakteristick,
e njomn tu nem trhov charakter, ale odvodzuje sa predovetkm z vky prevdzkovch
nkladov a z vky prjmov uvateov. Takto njomn, resp. takto urovan njomn
neprina majiteovi iaden zisk.
Vlastnci a prevdzkovatelia socilneho bvania s preto najastejie subjekty, ktor si
mu dovoli podnika na trhu neziskovo, ktor chpu svoju innos skr ako socilnu slubu
ne podnikanie v pravom slova zmysle.
Vznamn lohu tu zohrvaj obce, neziskov organizcie, ktorch cieom je
poskytova bvanie a rovnovnym spsobom hospodri so svojm majetkom.
4. Podpora verejnho njomnho sektora v SR
V Slovenskej republike je podpora ttu orientovan len na njomn byty, ktor s
uren pre niie prjmov skupiny. Vstavbu verejnho njomnho sektora v sasnosti tt
podporuje predovetkm dvoma spsobmi:
-dotciami Ministerstva dopravy, vstavby a regionlneho rozvoja SR,
- vermi zo ttneho fondu rozvoja bvania [5].
Dotcie ministerstva dopravy a vstavby a regionlneho rozvoja SR s upravovan
zkonom . 443/2010 Z.z. o dotcich na rozvoj bvania a o socilnom bvan. Zkon hovor
o rozsahu, podmienkach a spsobe poskytovania finannch prostriedkov formou dotci na
rozvoj bvania a tie vymedzuje pojem socilne bvanie. Zkon alej vymedzuje, kto me
by iadateom o dotciu. Me to by predovetkm obec. Vka dotcie zvis od
tandardu a vekosti bytov. Rozliujeme ben tandard a ni tandard. Vka dotcie sa
pohybuje od 20 do 30 % oprvnench nkladov, v zvislosti od podlahovej plochy bytu a od
oprvnenho nkladu na 1 m podlahovej plochy bytu. V prpade bytov niieho tandardu je
mon zska dotciu a do vky od 70 do 75% oprvnench nkladov. Vka monej
dotcie je uveden v tabuke . 1.
Tabuka . 1 Vka dotcie v zvislosti od tandardu a vekosti njomnch bytov
133

Njomn byty
Vka dotcie (% z
oprvnench nkladov)
Benho tandardu
30%
Priemern podlahov
plocha bytov S [m]
S 50 m
Oprvnen nklad on na
1m podlahoveh plochy
[]
on 900
25%
Niieho tandardu
20%
50 m < S 56 m 56 m < S 60 m
on 890
on 880
75%
70%
S 45 m
45 m < S 55 m
on 525
on 510
Zdroj: Nrodn rada SR, 2010

K podmienkam na poskytnutie dotcie na obstaranie njomnho bytu patr, e
priemern podlahov plocha njomnch bytov pri benom tandarde nepresiahne 65 m a pri
niom nepresiahne 60 m a iadate je tie zaviazan uritmi podmienkami, ktor mus
splni [5].
V sasnosti je socilne bvanie v SR rozvjan kompetentnmi orgnmi jednotlivch
samosprv. Na zabezpeovanie tohto typu bvania vyuvaj samosprvy podporn finann
nstroje ttu. Predmetom podpory je poskytnutie dotci, prostrednctvom Programu rozvoja
bvania (v kompetencii MDVRR SR) alebo ttneho fondu rozvoja bvania.
Tabuka . 2 ilustruje podiel dokonench njomnch bytov v SR za ostatnch desa
rokov.
Tabuka . 2 Podiel obecnch njomnch bytov na celkovom pote dokonench bytov
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
10,40% 16,90% 28,40% 12,10% 13,70% 14,80% 19,10% 15,30% 12,20% 14,50%
Zdroj: Ministerstvo dopravy, vstavby a regionlneho rozvoja SR
Tabuka . 3 Vdavky ttneho rozpotu SR na bvanie
Poskytnut podpora
2006
2007
2008
Program rozvoja bvania
mil. Eur 54,83
50,22
61,44
FRB
mil. Eur 156,03 141,55 159,64
Program bankovch zruk mil. Eur
9,3
7,83
3,46
ttny prspevok k
hypotekrnym verom
mil. Eur 19,61
18,94
19,5
ttna prmia k
stavebnmu sporeniu
mil. Eur 31,74
39,16
38,58
Spolu
mil. Eur 271,51 257,7 282,62
Zdroj: Ministerstvo financi SR
2009
56,93
210,67
0,65
2010
40,36
136,11
0,47
21,73
23,47
43,62
333,6
41,61
242,02
daje uveden v tabuke . 3 dvaj obraz o verejnch zdrojoch, ktor boli poskytnut
do oblasti socilneho bvania, ale aj vlastnckej formy bvania.
Poskytnut podpora zo ttneho rozpotu vrazne poklesla v roku 2010. Tento pokles
sa tkal najm verejnho njomnho sektoru. Pokles finannch prostriedkov z verejnch
zdrojov do bytovej politiky sa prejavil v intenzite bytovej vstavby. V roku 2010 sa poet
zaatch bytov medzirone znil viac ako o 20%. V porovnan s rokom 2008 tento prepad
predstavuje a 43% zaatch bytov, o je dsledok ekonomickej krzy.
134

ZVER
Na zver uvdzame poiadavky, ktor s v krajinch E v sasnosti kladen na
socilne bvanie.
Podpora slabch socilnych vrstiev pri zskavan bvania mus by trvalou sasou politiky
bvania.
Podpora ekonomiky slabch domcnost mus by adresn a efektvna, sprevdzan dslednou
kontrolou potreby podpory.
Pomoc znevhodnenm domcnostiam mus by chpan ako podpora, nie ako socilna
sluba, o znamen, e kad uvate mus na svoje bvanie prispieva primeranm
spsobom.
Socilne bvanie by nemalo by chpan ako izolovan bytov fond, ale skr ako lacnejie
bvanie, ktor je mon kombinciou finannch podpr a legislatvnymi nstrojmi realizova
v rznych astiach trhu s bytmi.
Prstup k socilnemu bvaniu a k pomoci socilne slabm astiam spolonosti by mal by
vytvran vo vzbe na ostatn asti bytovej politiky, predovetkm na podporu bytovej
vstavby.
Takto chpan socilne bvanie by malo umoni, aby aj ekonomicky slabie

domcnosti bvali v slunch bytoch a neboli vystaven dsledkom koncentrcie i
segregcie.
Domnievame sa, e poiadavky meme ponecha ako odporania pre diskusiu
odbornej verejnosti a zakomponovanie do bytovej politiky SR pre obdobie rokov 2015-2020.
Cieom prspevku bolo pribli situciu v oblasti socilneho bvania, uvies tento
sektor ako mon potencil rozvoja aj v obdob krzy. Navye ovplyvni nazeranie na
socilne bvanie nie ako na bvanie pre marginalizovan skupiny obyvatestva, ale ako
verejn njomn sektor, umoujci viu mobilitu pracovnej sily.
POUIT LITERATRA
[1] Roenka slovenskho stavebnctva 2012, MDVRR SR, jn 2012 [online] Dostupn na
internete: citovan 2012.07.03
<http://www.telecom.gov.sk/index/index.php?ids=84674>
[2] Roenka slovenskho stavebnctva 2011, MDVRR SR , jn 2011 [online] Dostupn na
[3] Roenka slovenskho stavebnctva 2010, MDVRR SR , jn 2010 [online] Dostupn na
[4] Roenka slovenskho stavebnctva 2009, MDVRR SR , august 2009 [online] Dostupn
na internete: citovan 2012.07.03
[5] Zkon .443/2010 o dotcich a o socilnom bvan, [online] Dostupn na internete :
citovan 2012.07.04
<http://www.zbierka.sk/sk/vyhladavanie?filter_sent=1&_filter_predpis_aspi_id=443%2F2010
+Z.z.&q=dot%C3%A1cie+na+rozvoj+b%C3%BDvania >
[6] Economic crisis. Bussines dictionary, [online] Dostupn na internete : citovan
2012.06.04
<http://www.businessdictionary.com/search-terms.php?q=crisis+definition>
[7] Zbkov, M. 1999. Socilne bvanie v trhovo orientovanej ekonomike, Habilitan prca,
SvF STU, Bratislava , 1999
135

[8] Zbkov, M., Brzdoviov, S. 2008. Chpanie socilneho bvania a jeho praktick
vyuitie vo vybranej krajine E. [online] Dostupn na internete : citovan 2012.07.04
<http://www.rozvojbyvania.sk/>
Kontakt: Zbkov Mria, Ing., PhD., Fakulta ekonmie a podnikania, Paneurpska vysok
kola, Tematnska 10, 851 05 Bratislava, e-mail: maria.zubkova@uninova.sk
136

Sekcia B: Doktorandsk sekcia
Section B : Doctoral Students Section
137

MEDZIREGIONLNE MIGRAN TOKY

THE INTER-REGIONAL MIGRATION FLOWS
Jana Bednrikov
Abstrakt
Cieom prce je analza medziregionlna migrcie medzi iestimi vybranmi reginmi.
Vsledkom prce bude model a prognza medziregionlnej migrcie na roky 2007-2015.
Modelovanie medziregionlnej migrcie uskutonme pomocou sstavy diferennch rovnc.
Vpoty prognz bud vykonan v programe Microsoft Excel.
Kov slov: medziregionlna migrcia, migran toky, prognza, sstava diferennch
rovnc
Abstract
The main aim of the paper is analysis of the inter-regional migration among six selected
regions. The result of the paper will be model and forecast of inter-regional migration for
years 2007-2015. The forecasting of inter-regional migration will be realized through the
system of differential equations and calculations will be made in Microsoft Excel.
Key words: inter-regional migration, migration flows, forecast, system of differential
equations
JEL classification: R23
Introduction
The international and also inter-regional migration is phenomenon which is influenced
by a lot of different push and pull factors which were characterised by a lot of different
authors as tefank (2010) who underline that the economic variables as more important
motivation factors for persons to migrate in his theoretical work. The others factors like age,
the state in the family cycle, or socioeconomic factors, like education, current job, social
networks and affinities stay at the second place in importance.[1] Williams (2010) explores
four aspects of the underdeveloped conceptualization of the role of international migration in
uneven regional development and polarization in cities. These aspects are: human mobility
transfers, influence of mobility on regional development, concept of enfolded mobilities and
governance. [2] Haas (2012) deals in his article with the potential of migration and
remittances to stimulate development in poor countries and states that immigrant-receiving
countries can increase the development potential of migration by creating legal channels for
high- and lower-skilled migration and integration policies that favour socio-economic
mobility of migrants and avoid their marginalization. [3]
138

1
Materials and methods
We have obtained entry data for our modelling and forecast from Human development
report [4] and from Population reference bureau [5]. The forecasting of inter-regional
migration will be realized through the system of differential equations and calculations will be
made in Microsoft Excel.
The forecasting period is 2007-2015. The period is shorter as the transition matrix
does not count with changes in the world, which could influence the migration flows and
therefore longer forecasts will be distorted and unreal.
2
Results and discussion
The first result of our analysis is a model of inter-regional migration among 6 regions:
Europe, Asia, Oceania, Africa, Latin America and Caribbean and North America is illustrate
in Picture 1, below.
Fig. 1: The inter-regional migration among six regions
Source: own processing.

From the picture obvious that when we would like to analyse the inter-regional
migration flows, we ought to analyse also the intra-regional migration flows.
To simplify the calculations, we have rewritten the model of international migration
into the matrix form, which can be expressed as follows:
(1)
where:
j=1, 2, 3, , 6
This in mathematical term is:
K(t+1) = AK(t)
(2)
139

Then the prediction for the next year is:
K(t+2) = AK(t+1) = AAK(t) = A2K(t)
(3)
From what can be inferred that the prediction in time T is:

K(t+T) = ATK(t)
(4)
The second result of our analysis was the transition matrix which is presented in table
1, below.
Tab. 1: Transition matrix
EU
AS
OC
AF
LA&CA
NA
EU
0,5915 0,1601 0,0458 0,0251 0,0233 0,1543
AS
0,2465 0,5577 0,0203 0,0168 0,0055 0,1532
OC
0,2000 0,0903 0,4645 0,0129 0,0065 0,2258
AF
0,2894 0,1238 0,0088 0,5261 0,0024 0,0495
LA&CA 0,1095 0,0577 0,0087 0,0105 0,1238 0,6898
NA
0,2314 0,1460 0,0358 0,0220 0,2066 0,3581
Using formulas (2) to (4) we obtain results, which will be presented in graphic form in
figures 2 8.
From figure 2, where is presented the total migration flows from each region, is
obvious that the number of migrants will grow until year 2013 in each region expect Asia
where the number of migrants will decrease from 2, 49 mil. persons in 2007 to 1, 38 mil.
persons in 2015. We can observe a small decrease in the number of migrants in two regions:
in Europe and in Africa between years 2014 and 2015. On the other hand, the number of
migrants in Oceania, Latin America and Caribbean and in North America will increase during
years 2014 and 2015.
Fig. 2: Total migration flows from each region (in thousands persons)

Although the number of migrants will decrease in three regions, we can state that the
migration in each region is high and people tend to migrate into the different destination
countries. Figure 3 presents migration flows from Europe into other regions. From the chart is
obvious that the biggest share on the migration flows has the intra-European migration.
140

Fig. 3: Migration flows from Europe to each region (in thousands persons)

While in year 2007 migrate within Europe 689, 5 thousand p., in year 2012 it will be
816, 9 thousand persons. The second region where inhabitants of European countries tend to
migrate is Asia. In 2007 migrate to this region 186, 6 thousand p. and this number have to
increase and reach 221, 0 thousand p. in 2015. The third most favourite region is North
America. While migration flows into these three regions have to grow, situation in Oceania,
Africa and Latin America and Caribbean (LA&C) will be different, although the number of
migrants will increase until year 2012, we can see that the number of migrants from Europe
will very slowly decrease from 2013 in these regions.
Figure 4 illustrate situation from the point of view of Asia. As we can see, also in this
case has the main share on the migration flows the intra-regional migration, however this
migration will decline from 1, 4 mil. persons in 2007 to 770, 9 thousand in 2015. Europe and
North America are second and third region where Asian migrants tend to migrate, although
the decreasing number of migrants is apparent also in this case. Development of the number
of migrants from Asia to Oceania, Africa and LA&C will have a similar character. The
number of Asian migrants in these regions would be: 28, 0 thousand in Oceania, 23, 2
thousand in Africa and 7, 6 thousand in LA&C in 2015.
Fig. 4: Migration flows from Asia to each region (in thousands persons)
141

Migration flows from Oceania to other regions is illustrate in figure 5.
Fig. 5: Migration flows from Oceania to each region (in thousands persons)

Migration from Oceania will increase in each region. Besides the intra-regional
migration are very important destination regions North America and Europe. The numbers of
migrants from Oceania who migrate to North America will increase from 139, 2 thousand in
2007 to 311, 1 thousand in 2015 and the numbers of migrants from Oceania who migrate to
Europe will increase from 123, 3 thousand in 2007 to 275, 5 thousand in 2015. The third
important region is Asia. Africa and LA&C are not such interesting regions for migrants from
Oceania.
Figure 6 presents migration flows from Africa. It is apparent that beside intra-regional
migration have big share on migration from Africa two regions Europe and Asia. North
America is the third region with high number of migrants from Africa and Oceania and
LA&C have just small share on migration from Africa. The number of migrants from Africa
will increase in each region but just until year 2010, resp. 2011. The number of migrants will
decrease in each region between years 2011 2015. In Europe will increase the number of
migrants from 354, 1 thousand in 2007 to 405, 3 thousand in 2010 and decrease to 400, 5
thousand in 2015.
Fig. 6: Migration flows from Africa to each region (in thousands persons)

142

In the case of Latin America and Caribbean the highest share on migration does not
have intra-regional migration. The most favourite region from the view of the inter-regional
migration is North America, which is not, on the other hand, very surprising. The number of
migrants in North America will reach 950, 8 thousand in 2015, which is about 121% more
than in 2007. The increase of migrants from LA&C will increase during the whole predicted
period also in other regions, but this increase will not be such intensive as in North America
(see fig. 7).
Fig. 7: Migration flows from LA&C to each region (in thousands persons)

From the figure 8 is apparent that the difference among regions from the view of
number of migrants is smaller, than in the previous cases. It is true that the intra-regional
migration has the biggest share on the whole migration, but there are just two regions
Oceania and Africa with number of migrants below the 50 thousand. From the other three
regions are the most important Europe, then LA&C and Asia.
Fig. 8: Migration flows from North America to each region (in thousands persons)
143

Conclusion
The international and also inter-regional migration is phenomenon which is influenced
by a lot of different push and pull factors which were characterised by a lot of different
authors as tefank, Williams, Haas and by a lot of others. It is still very actual topic as the
people tend to migrate to countries or regions where they hope for better life. From the results
of our prediction is apparent that in each region expect Oceania has the biggest share on the
migration the intra-regional migration. This effect is easily explainable as people tend to
migrate from rural to urban areas which are more developed and there are also better job
opportunities.
The biggest number of persons will migrate from Asia, Africa and Europe. This
movement is also explainable as Asian region is the most populous region and on the other
hand, Africa is region where is the most share of the least developed countries (LDC) and
therefore it is not surprising that people migrate into the more developed regions.
In general we can state that inter-regional migration will slowly increase during next
years, although migration from some regions as from Europe will decrease from 2013.
When we compare all selected regions, we find that the number of migrants decrease
just in Asia. This could be caused by the increasing difference between economic growth in
Asia and in the rest of the world; however also GDP growth of Asia, due to the sovereign debt
crisis in Europe and the economic situation in America, has slowed considerably. Unpleasant
economic growth in European Union, situation in southern EU countries and high level of
government debt could influence migration trend and intensity in next few years.
References
[1] tefank, R. 2010. Ekonomick a socilne priny medzinrodnej migrcie v teoretickej
praxi.[online]. In: Slovensk politologick revue. Bratislava: 2010. No. 4, vol. X., 2010, p. 51
72.[cit. 2012.06.28].
Available on the internet: <http://www.ucm.sk/revue/2010/4/stefancik.pdf> ISSN 1335-9096
[2] Williams, A. M. 2009. International Migration, Uneven Regional Development and
Polarization. [online]. In: European Urban and Regional Studies. UK: 2009. Issue 3, vol. 16,
2009, p. 309-322. [cit. 2012.06.28]. Available on the internet:
<http://eur.sagepub.com/content/16/3/309.abstract>
[3] Haas, H. 2012. The Migration and Development Pendulum: A Critical View on Research
and Policy. [online]. In: International migration. Special Issue: Migration and development
buzz? Rethinking the migration development nexus and policies. Issue 3, vol. 50, 2012, p. 825. [cit. 2012.06.28]. Available on the internet:
<http://onlinelibrary.wiley.com/doi/10.1111/j.1468-2435.2012.00755.x/abstract>
[4] HDR.UNDP.ORG. 2009. Human development report 2009. Overcoming barierrs: Human
mobility and develompent. 229 p. [online]. 2009. [cit.2012.06.28]. Available on the
internet: < http://hdr.undp.org/en/media/HDR_2009_EN_Complete.pdf>
[5] Population Reference Bureau. 2007. 2007 World population data sheet. 16 p. [online].
2007. [cit. 2012.06.28]. Available on the internet:
<http://www.prb.org/pdf07/07wpds_eng.pdf
Kontakt: Jana Bednrikov, Ing., Fakulta ekonmie a podnikania, Paneurpska vysok kola
Tematnska 10, 851 05 Bratislava, e-mail: janka.bednarikova@gmail.com
144

REGIONLNE DISPARITY A ICH DOPAD NA REGIONLNE

PRJMY NA SLOVENSKU
REGIONAL DISPARITIES AND THEIR IMPACT ON REGIONAL INCOMES IN
SLOVAKIA
Ondrej Beu
Abstrakt
Eurpska nia pozostva z 27 krajn. Tieto krajiny maj rzne ekonomick, historick,
socilne a geografick pozadie. Z tohto pohadu je jasn, e by sme mali nachdza rozdiely
medzi tmito krajinami. Nenachdzame tu vak len disparity na nrodnej rovni, ale aj
disparity regionlne v kadej krajiny. V tomto lnku sa budeme venova regionlnym
disapritm v oblasti HDP per capita a HPH1 na zamestnanca. Nsledne porovnme tieto
trendy v regionlnej ekonomiky s regionlnymi prjmami.
Kuov slov: Regionlne disparity, hrub domci product, hrub pridan hodnota, ist
prjem, disperzia regionlneho hrubho produktu.
Abstract
The European union consists of 27 countries. These countries have different economic,
historical, social and geographical backgrounds. From this point of view is clear that there
should be evident differences in all areas between countries. But there are not just national
disparities but also regional disparities within every country. In this paper we will investigate
these regional disparities in GDP per capita and GVA per employee area. Then we will
compare these trends in regional economy with regional incomes.
Key words: Regional disparities, gross domestic product, gross value added, net income,
dispersion of regional gross domestic product.
JEL classification: D31, E24, J31, R11, R19
Economic regional disparities in Slovakia (economic disparities)
Regional disparities can be divided into three sections (Vrostov, 2010):

Economic disparities,
Social disparities,
Territorial disparities.
Economic disparities can be measured by GDP and offer clear data of production in
regions.
Social disparities use as data source incomes in regions. Growing differences in this
field are widely connected with economic disparities in regions.
HPH= hrub pridan hodnota
145

Territorial disparities show differences between regions in natural sources, climate and
other factors.
Economic regional disparities can be measured by dispersion of the regional GDP.
Dispersion (D) shows the difference between regional GDP per capita (in PPS) and average
GDP at national level. This model can be written as
D X 100
where
= regional GDP per capita

= national GDP per capita
= number of citizens in region
= number of citizens in country
= number of regions
Dispersion of regional GDP can be measured at various NUTS1 levels in countries.

Eurostat uses this model at level NUTS 2 and NUTS 3 since 2007.
D= 0 means that all regions in country have the same level of GDP. Statistical data
provided by Eurostat (Table 1) show that countries with largest dispersion of GDP in 2009
were Hungary (39,8%), Bulgaria (39,6%) and Slovakia (33,2%). Available data show that
countries in central Europe have highest dispersion of regional GDP. In fact, all V42 countries
have reached values from 20%. Hungary has the highest dispersion in this group and in the
whole European union.
We are going to investigate dispersion in Slovakia. Country reached dispersion of
26,3% in 1995. During nearly 10 years there wasnt significant change in this field. Year after
year the numbers changed instantly but in intervals between 25,9% (1999) and 28,1% (2003).
Highest change measured on yearly change was reached in 2004. In this year dispersion of
regional GDP rose 3,9%. This is the most significant change between years 1995-2009. This
value was reached when country joined the European union. This could be a negative signal
but in the next year there was the largest downgrade (-2,1%). Second largest yearly growth
was reached in year 2009. This was anticipated because of problems in the world economy.
Nomenclature of territorial units for statistics (NUTS) divides countries into smaller areas. This classification
widely used by European union. Statistics for regions at level NUTS 2 are used for structural funding.
2
V4 -Visegrad group represent Central Europe countries (Czech republic, Slovakia, Poland and Hungary)
146

Graph no. 1: Dispersion of regional GDP in Slovakia at NUTS 2 level (%)
Source: Eurostat
Graph no. 1 offers visualization of GDP dispersion in Slovakia during years 19952009. We have shown that regional disparities in GDP production per capita are rising. In
thirteen years there is an change of nearly 8%.
But GDP per capita is not without some weaknesses. To be more accurate we are
going to investigate gross value added1 (GVA) per employee in NUTS 2 regions. This way
we can compare added value per one employee in each region. In modern economy we face
international trade that brings some problems. Comparing gross value added will help us to
compare productivity in regions.
Graph no. 2: Gross value added per employee (EUR)
Source: Eurostat
1
Gross value added (GVA) = GDP intermediate consuption
147

In the case of gross value added per employee we are witnesses of the same scenario.
Differences between the best region and all other regions are rising. Only region Bratislavsky
kraj is outperforming national trend. So in this case we cant speak about many differences to
dispersion of regional GDP per capita.
Now we know that differences in production have a rising trend in Slovakia. Changes
are moderate between years in most cases. In some years we can find positive changes in the
way of decreasing disparities. But the trend during longer period is clear.
Income in Slovakia regions (social disparities)
Now we can testify impacts of these changes on citizens in region. Economic regional
disparities are helpful to clarify competitiveness of regions. But rising changes cause
problems in many different areas. Is worth to look how these rising changes (in the case of
GDP) affect regional incomes. This is very important question. With same (or nearly same)
incomes there would be no migration and no social instability. But in real economy this field
is affected by supply and demand curves like anything else in market economy.
Disposable income (EUR per inhabitant)
Source: Eurostat
Graph no. 2 refers to net income per inhabitant in regions at level NUTS 2. In all
regions we can see exponential curves. Highest growth was reached after year 2004. This is
the year when country joined the European union. But like in the GDP and GVA case we will
find some different trends between regions again. Region Bratislavsky kraj shows best
numbers in this field, too. At this moment. we could refer this rising differences to better
GDP growth rates. But this is the most important element. Is the rising trend in income area
adequate to GDP growth? If we are able to compare these indicators, we will be able to
identify trends in regional disparities in wider sense.
Relation between macroeconomic indicators and income in Slovak regions (economic
disparities vs. social disparities)
We will compare GDP per capita, GVA per employee and net income per inhabitant
between the best performing region Bratislavsky kraj and the worst performing region
Vchodn Slovensko.
148

Difference between GDP per capita can be measured as
where
= GDP per capita in Bratislavsky kraj
=GDP per capita in Vychodn Slovensko
Difference between GVA per employee can be measured as
where
= GVA per employee in Bratislavsky kraj
=GVA per employee in Vychodn Slovensko
Difference between GDP per capita can be measured as
where
= Net income per inhabitant in Bratislavsky kraj
=Net income per inhabitant in Vychodn Slovensko
These three simple models will provide a clear view on regional disparities in
Slovakia.
Graph no. 3: Difference between Bratislavsky kraj and Vchodn Slovensko in disposable
salary, GVA per employee, GDP per capita
Source: Eurostat
From Graph no. 3 we can make important notes. In the GDP per capita we see that
difference between two regions is relative stable from year 2004. Difference between salaries
in regions was decreasing to 2004. From 2004 we are on rising course. From these three
149

curves in this graph is more evident that connection between GDP trend and income change
isnt identical. Between GVA per employee and net income we can find more similarities
between years 2000-2008.
Conclusion
Available data show that regional disparities were rising during years 2000-2008 in
Slovakia. GDP per capita provides clear information about trends in regional economies at
NUTS 2 level. The weakest region produces just 30% of GDP per capita compared to the
region with best GDP per capita. This difference isnt changing after Slovakia joined the
European union.
Differences between regions in net incomes are significant. There was rising trend
between years 2000-2004 in our investigation period. In 2004 difference between the best
and the worst performing region in net income per inhabitant was nearly 50%. After 2004
numbers are showing good trend in net income differences. But we still speak about 52%55%.
Comparing these indicators we can make conclusion that regional disparities in
regions are significant in Slovakia. There is still a trend of building stronger disparities
between regions. Significant disparities between net income due the economic differences
between regions can be dangerous factor in next years.
Contact: ondrejbenus@gmail.com
Literature
1. Armstrong,H. Taylor,J. 2003. Regional economics and policy, 3. Vyd. Oxford,
Blackwell Publishing 2003, 473p. ISBN: 0-631-21713-4
2. Buek, M. A kol.: Regionlny rozvoj novie teoretick koncepcie, Ekonm,
Bratislava, 2008, 270p. ISBN:978-80-225-2542-8
3. Hoover M. E.: Introduction in regional economics, Mcgraw-Hill College, 1984, 464
p., ISBN: 978-0075544401
4. Maier, G. Tdling, F. : Regionlna a urbanistick ekonomika, Elita, Bratislava,
1997,240p. ISBN: 80-8044-049-2
5. Maier, G. Tdling, F. : Regionlna a urbanistick ekonomika 2, Elita, Bratislava,
1998, 320p. ISBN: 80-8044-049-2
6. Stimson R. J., Stough R. R., Roberts B. H.: Regional economic development,
Springer, 2006, 452p. ISBN: 978-3-540-3426-9
7. Vrostov E.: Regionlna ekonomika a rozvoj, Iura edition, Bratislava, 2010, 352p.
ISBN:978-80-8078-361-7
8. www.statistics.sk
9. www.eurostat.sk
150

Appendix
Table no.1:
2009
Belgium
Bulgaria
Czech Republic
Denmark
Germany (including former GDR from 1991)
Estonia
Ireland
Greece
Spain
France
Italy
Cyprus
Latvia
Lithuania
Luxembourg
Hungary
Malta
Netherlands
Austria
Poland
Portugal
Romania
Slovenia
Slovakia
Finland
Sweden
United Kingdom
Croatia
24,2
39,6
26,9
15,2
16,1
No data
16,5
23,9
18,5
23,1
22,3
No data
No data
No data
No data
39,8
No data
10,6
15,1
20,7
23,6
30,4
18,7
33,2
15,6
19,0
24,9
19,3
Source: Eurostat
Kontakt: Beu Ondrej, Ing., Fakulta ekonmie a podnikania, Paneurpska vysok kola,
Tematnska 10, 851 05 Bratislava, e-mail: ondrejbenus@gmail.com
151

O VKONNOSTI PODIELOVCH FONDOV

PERFORMANCE OF MUTUAL FUNDS
Tom Cr
Abstrakt
Predol vskum na tmu vkonnosti podielovch fondov popsan v tomto lnku
poukazuje na lepie vsledky pasvne riadench podielovch fondov v porovnan s aktvne
riadenmi fondmi. Tento vsledok je v slade s teriou efektvnych trhov, poda ktorej
aktvne riaden podielov fondy zvykn zaostva za svojimi benchmarkami prve o poplatky
za sprvu a riadenie fondov. alie uiton pohady na tmy rozliovania nhody a astia
od relnych investorskch schopnost manara, stlosti vkonnosti podielovho fondu alebo
rznych alch motvov pre zmenu skladby portflia ponkaj zaujmav vysvetlenia
v rmci tmy vkonnosti podielovch fondov.
Kov slov: vkonnos podielovch fondov, stlos vkonnosti, aktvne verzus pasvne
riadenie fondov, astie a nhoda verzus schopnosti manara
Abstract
Theoretical research on mutual funds performance1 covered in this article points at preferring
passively managed to actively managed mutual funds, which is in line with the efficient
market theory, when often times the actively managed mutual funds are found to be
underperforming their benchmarks by their expense ratios. Other interesting insights into
mutual fund performance such as ability to differentiate luck from managers skill, persistence
in mutual fund performance or various incentives of portfolio managers to trade and adapt
their portfolios offer useful explanations in the topic of mutual fund performance.
Key words: mutual fund performance, persistence in performance, active vs. passive
management style, random luck vs. managers skill
JEL: G20, G23
Introduction to mutual funds
The history of mutual fund industry begins in the year 1774, when a Dutch broker
named Abraham van Ketwich invited various individual investors to participate at an
investment opportunity called Eendragt Maakt Magt2, something what we would call today a
closed-end investment trust. The main purpose of this fund was to raise bigger capital via
offering it to many small investors that were supposed to get diversification of their
investments in return. This idea of collective investing caught on gradually across Europe and
Seminal work in this field was written by M. Jensen in 1968. Jensen, M.C. 1968. The
Performance of Mutual Funds in the Period 1945-1964. In: The Journal of Finance, 23 (May
1968), p. 389-416.
2
Rouwenhorst (2004)
152

eventually arrived in America as well. Today it represents one of the key investment vehicles
for small and individual investors, who for example would like to get exposure to
international financial markets.
Mutual funds, together with other financial institutions and vehicles, represent
financial intermediaries in the system of financial markets. As I pointed out in my previous
article1, the primary role of these asset managers is to connect borrowers with lenders and
channel funds from individuals and groups with surplus to those who need them. This idea of
connecting lenders with borrowers has proven to be very important, especially, in the recent
development of globalising and interconnected world, as asset management companies with
their readily available investments represent a vital source of liquidity for governments and
other financial players. The asset management companies (mutual funds included) have an
important role in financing economies and, therefore, their proper functioning, controlling and
performing are necessary.
What are actually the advantages and disadvantages of investing in mutual funds?
Why did it become so popular with individual investors to rather invest in a mutual fund than
to hold a portfolio of several financial instruments? First of all, investing in mutual funds
offers diversification as correctly pointed out in late 18th century by Abraham van Ketwich.
Current mutual funds invest in many securities in order to eliminate the so-called unsystemic
or diversifiable risk. Modern textbooks of finance teach us that in order to do it, investing in at
least thirty financial instruments needs to be done (under circumstances that the instruments
are not perfectly correlated). Then, investors spread their investments among many financial
instruments and their investment cannot be significantly harmed even if one or two financial
securities go for example bankrupt. This theory of a well diversified portfolio, however, might
face some serious caveats in coming period, as correlation among various financial assets
strengthens substantially. Second, liquidity of an investment in an open-end mutual fund is an
important asset compared to other types of investing. An asset management company is
obliged to buy or sell shares of a fund at any time (price is set on a daily basis at the end of a
day). This can be, especially, during these days when uncertainty rules above anything else a
reason why small investors could prefer investing in mutual funds. Again, this works only
under assumption that not all investors decide to liquidate their positions in a mutual fund at
the same time. Asset management companies might face then some problems converting all
financial instruments under their management into cash. Third, professional management of
investments that is provided by asset management companies can be perceived as an
important advantage. This way, even uninformed and uneducated investor is supposed to get a
professional and proper management of his or her assets (in return for a management fee of
course). Another important asset of investing in mutual funds is its relatively cheap access to
otherwise expensive financial instruments. This is secured by a pool of many small investors,
whose cost of access to for example a government bond on a primary or secondary markets is
split equally among all those individual investors. On the other hand, there are also
disadvantages connected with investing in mutual funds. Probably the biggest one is
embedded in the mutual fund fees. Not only mutual funds charge a management fee (that
could be justified for a professional management of investors assets), but they also charge
front-end or back-end load fees that investors pay when they enter or exit a fund. Also,
individual investors have no discretion or power over the way how their investments are
managed, therefore, it is crucial to pick the right mutual fund in other words a mutual fund
that best fits investors risk and return profile with other (liquidity, tax, specific...)
1
Car, T. 2012. Asset management and asset allocation techniques. Article presented at 11th
International Conference of doctoral students and young scholars. Faculty of International
Relations, Economic University in Bratislava, May 2012.
153

circumstances taken into consideration. Probably the most obvious, but often times neglected
and overlooked is an investment risk that is connected with investing in a mutual fund, where
there are no guarantees that investors money is going to be returned to the investor back.
Mutual funds can be divided into two basis categories based on the investment
strategy and style they follow actively and passively managed mutual funds. Whereas the
actively managed mutual funds try to outperform the market by identifying mispriced
opportunities or suitable buying/selling moments, passively managed funds track index
(market) portfolios. Previous research on active vs. passive management has been done
suggesting mixed results. Cumby and Glen (1990) found no significant support for actively
managed mutual funds in their research. On the other hand, existence of skilful active
managers that are able to beat benchmark portfolios cannot be ruled out, but as we will later
see they probably represent only a fraction in the universe of (in general below average
performing) investment professionals. Barry (2010) suggests combination of active and
passive approaches, whereas for a long-term investment periods he favors the active approach
over the passive one.
Performance of mutual funds
We already shortly introduced mutual funds and now would like to discuss about what
has previous literature found on the topic of mutual fund performance. Sharpe (1996) notes
that sound management of mutual funds consists of three main parts effective
diversification, identification of mispriced securities and selection of portfolios within a risk
class. If all mutual funds keep these three assumptions intact we probably would not have
considerable differences among performances of various mutual funds (within the same risk
class of course). On the other hand, if some mutual funds diversify incorrectly or do not
identify mispriced securities properly they will achieve inferior performance results compared
to other relevant mutual funds or passive index funds. Sharpe in his paper tries to answer
question whether differences in mutual fund performances can be explained my various
management skill. He suggests that all mutual funds diversify rather well, so that the only
source of differences among mutual fund performances is a skill to identify mispriced
securities. He adds that if we believe that markets are efficient, then no securities can be
mispriced and, hence, those mutual funds that spend the least on research and analysis of
securities will show the best results. His empirical results support this idea where expense
ratio explains performance differences in mutual fund performances. It needs to be noted that
expense ratios of mutual funds do not necessarily have to cover all expenses (e.g. broker
fees...), hence the results need to be taken with caution. Sharpe concludes that good managers
focus on diversification and risk evaluation instead of spending too much time and resources
on identification of incorrectly priced securities. He also admits, however, that other variables
as fund size, past performance...etc. deserve further attention, as they might as well play
important role in explaining mutual fund performance.
Measuring mutual fund performance has also evolved throughout time. Academic
researchers and practitioners came up with apparent absolute and relative measures (relative
to peers or a benchmark). Risk adjusted performance measures seem to capture two most
important characteristics of every investment expected return and its variation over specific
time. But it is not only important to choose correct performance metric, it is also important to
account for biases in a performance dataset of mutual funds. For example two most common
biases that are likely to affect any research on mutual fund performance are survivorship and
incubation biases. The first one is prevalent especially when longer historical periods are
evaluated, as it occurs when badly performing mutual funds cease to exist or are merged with
other and better performing funds. By doing this underperformers are being concealed in the
154

dataset, which becomes unrepresentative because of a twist to the positive side. On the other
hand, incubation bias happens at the beginning of a life of a mutual fund, when only
previously good performing funds are released to public (so-called window dressing), again
twisting the examined dataset to the positive side. To prevent including funds susceptible to
these kinds of biases, higher attention needs to be paid to thorough examination and filtering
of mutual funds. Naturally, other biases pose threat to relevance and significance of academic
research, therefore, all these biases need to be seriously taken into consideration when dealing
with the topic of mutual fund performance.
Luck vs. Skill
As Waring and Siegel (2003) point out more than 90 percent of a portfolios returns
can be explained by strategic asset allocation whereas the rest is attributable to the active
management. Sharpe (1991) puts it very concisely and strongly in his arithmetic of active
management that all market participants together hold a market portfolio and achieve market
returns before fees and costs (a zero-sum game) and below the market when costs are
accounted for (negative sum game). It follows that if mutual fund managers want to achieve
better than market returns they need to be smarter than other participants in the market
(remember the zero-sum game). When some actively managed mutual funds show superior
performance, it is correct to ask what might be the reason for it. Was it a superior investing
skill or just a random luck? The real challenge, not only for researchers, but also for
individual investors, is to be able to differentiate between lucky and skilful outperformers.
Fama and French (2010) examine mutual funds for existence of positive alpha
(superior performance) among actively managers. From the above mentioned zero sum game
it follows that active mutual funds delivering positive alpha have to be balanced with negative
alpha funds. Differentiating between skill and luck could be done through searching for
persistent outperforming benchmarks by actively managed funds. Contrary to some other
papers Fama and French found that almost all examined actively managed funds delivered
negative alpha during the observed long-term performance period. However, a few from the
top performing active managers were able cover their expenses and deliver a positive net
alpha. But their general conclusion is that active managers underperform market benchmark
by about their expenses. Then a question why active financial intermediaries are often so high
rewarded for their inability to beat passive benchmarks remains unanswered.
We get to a point, where effective identification of an active manager with superior
investment ability is very important to an investor. Note that a selection of a proper portfolio
manager is a duty for an investor. Small investors look most at past performance of mutual
funds as a guide for their future performance. One of the most repeated sentences in the field
of finance says that the past performance of a financial instrument does not guarantee its
future performance. Investors seem to be deaf to this piece of advice. However, the next
section shows that past performance of mutual funds can be of some sign for its future
performance.
Persistence in performance
In their research Grinblatt and Titman (1992) found positive persistence in mutual
fund performance suggesting that past performance of mutual funds can signal some useful
information to investors. The authors further discuss sources of this possible persistence in
performance of mutual funds suggesting that persistent differences in fees and transaction
costs might be the reason.
155

Carhart (1997) goes even further in explanation and states that persistence in mutual
fund performance does not reveal fund managers superior stock picking skill, but, in line
with the abovementioned research, rather fund expenses and transaction fees. His results are
in line with the efficient market and negative zero sum game theories, as most of the actively
managed mutual funds underperform their benchmarks by their expense ratios. The author,
however, remarks two interesting notes. First, he found evidence for a short-term momentum
in the observed mutual fund dataset. Second, he also found that the worst performers among
the actively managed mutual funds underperform their benchmark by several times their
expense ratios. This led him to formulate a few pieces of advice for investors. First, he
advices on not investing in persistently weakest mutual fund performers. Second, the presence
of a short-term momentum suggests that investing in the last year winners (mutual funds)
might secure winners for the next year as well.
Motivation in portfolio management
When assessing performance of mutual funds it also makes sense to analyze various
incentives of active portfolio managers with respect to their decisions about the structure of
their portfolios. Specifically, it is pertinent to look at the mutual fund market as a competition
among managers of active mutual funds, who is going to be the best, or as Brown et. all
(1996) call it, a tournament. Then, to win this tournament means to have a superior
performance compared to other mutual funds. Such a look on and comparison of mutual funds
make sense for portfolio managers, who want to be better than their peers. It also works for
investors, who, besides taking absolute past performance into consideration, also look at
relative ranking of mutual funds. With this approach in mind, the authors analyzed adapting
of investment behaviour after certain period of mutual performance. Specifically, the authors
were curious, if after the period of poor performance, active portfolio managers tend to
increase their risk levels in order to catch up with winners. Intuition suggests that size and age
of a mutual fund might have some explanatory power in this as well. In particular, changing
investment behaviour is easier for smaller funds, where less investment operations could be
required. Also, past bad performance of a mutual fund might deter investors more in the case
of a new mutual fund, which lacks confirmation from the past that it can put up with bad
performance. Brown et. all (1996) empirically analyze pool of mutual funds and they arrive at
a conclusion that, indeed, smaller funds tend to adjust their portfolios more often after
underperforming the peers in an observed period. An important takeaway from their research
suggests that active portfolio managers in order to succeed in this tournament of mutual funds
tend to tweak their managerial objectives from a long term to a short term perspective. On the
other hand, Busse (2001) found no evidence of altering portfolio decisions based on the
relative comparison with the peer mutual funds.
Alexander et. all (2007) discuss other reasons, why portfolio managers decide to buy
or sell financial instruments in their mutual funds. Chief of the reasons is (or if not, then it
should be) their valuation beliefs. However, there are many other reasons, why portfolio
managers need to alter their portfolios. For example, liquidity need or surplus is a valid reason
to buy or sell financial instruments. Also tax reasons might well explain some decisions of a
portfolio manager, who decides to sell losers before the end of a tax year. Other behavior
reasons as window-dressing of mutual funds in the reporting period are common as well. In
practice it means that mutual funds could buy recent winners and sell losers just before the
reporting period begins, when clients get to be informed about a structure of mutual funds
they invested in. The authors come to an interesting conclusion of their empirical research that
portfolio managers significantly outperform the market only if their decision to buy is based
156

on a valuation belief or if their selling decision comes from a liquidity need. Otherwise, no
significant outperformance, but rather underperformance of benchmarks occurs.
Tab. 2
Actively managed mutual funds
some skillfull outperformers found; short
+ term momentum (buy recent winners)
higher flexibility, greater choice
efficient market hypothesis and a zero sum
- game
relatively high fees
Passively managed mutual funds

efficient market hypothesis and a zero
sum game
relatively low fees
unable to time the market or pick the
winners
lower flexibility
Conclusion
As we can see the topic of mutual funds and their performance is quite big and with
rather a long history. The Table 1 above summarizes main advantages and disadvantages
connected with investing in actively and passively managed mutual funds implied from the
abovementioned research. In this article we explained the basics of mutual funds and point at
a discussion, whether actively or passively managed funds show better performance.
Although we cannot certainly rule out one or another approach, more evidence from
theoretical research points at preferring passively managed to actively managed mutual funds,
which is in line with the efficient market theory, when often times the actively managed
mutual funds are found to be underperforming their benchmarks by their expense ratios. Other
interesting insights into mutual fund performance such as ability to differentiate luck from
managers skill, persistence in mutual fund performance or various incentives of portfolio
managers to trade and adapt their portfolios offer useful explanations in the topic of mutual
fund performance. The general outcome of this article remains in line with the majority of the
research papers covered in this article, which is that investors should be wary of actively
managed mutual funds that often times overvalue their stock picking abilities by demanding
too high management fees, which at the end of the day, could be the main reason of their
relative underperformance relative to benchmark portfolios. However, further research on
market timing abilities of active portfolio managers and empirical research for example on the
Slovak mutual fund market is desirable.
Literature
1.
2.
3.
4.
5.
Alexander, G.J, Cici, G. and Gibson, S. 2007. Does motivation matter when assessing
trade performance? An analysis of mutual funds. In: The Review of Financial Studies,
Vol. 20, No.1, January 2007, p. 125 150.
Barry, S. 2010. Re-thinking the active vs. passive debate. In: Goldman Sachs
Perspectives Insights on todays investment issues. November 2010.
Berk, J.B., Green, R.C. 2004. Mutual fund flows and performance in rational markets.
In: Journal of political economy, Vol. 112, No. 6, p. 1269 1295.
Brown, K.C., Harlow, W.V. and Starks, L.T. 1996. Of tournaments and temptations:
An analysis of managerial incentives in the mutual fund industry. In: The Journal of
Finance, Vol. LI, No. 1, March 1996, p. 85 110.
Busse, J.A. 2001. Another look at mutual fund tournaments. In: The journal of
Financial and Quantitative Analysis, Vol. 36, No. 1, March 2001, p. 53 73.
157

6.
7.
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10.
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12.
13.
Carhart, M.M. 1997. On persistence in mutual fund performance. In: The Journal of
Finance, Vol. LII, No. 1, March 1997, p. 57 82.
Cumby, R.E., Glen, J.D. 1990. Evaluating the performance of international mutual
funds. In: The Journal of Finance, Vol. XLV, No. 2, June 1990, p. 497 521.
Fama, E.F., French, K.R. 2010. Luck versus skill in the cross-section of mutual fund
returns. In: The Journal of Finance, Vol. LXV, No. 5, October 2010, p. 1915 - 1947
Grinblatt, M., Titman, S. 1992. The persistence of mutual fund performance. In: The
Journal of Finance, Vol. XLVII, No. 5, December 1992, p. 1977 1984
Rouwenhorst, G. K. 2004. The origins of mutual funds. Yale ICF Working Paper No.
04-48. Also available at http://ssrn.com/abstract=636146
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No. 1, Part 2: Supplement on Security Prices (Jan,. 1966), p. 119 138.
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Journal 47, p. 7 -9.
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of Portfolio Management. Spring 2003, p. 35 52.
Contact details: Tom Cr, Mgr. MSc. MBA, doctoral student Faculty of Economics and
Business, Pan European University, Tematnska 10, 851 05 Bratislava, e-mail:
tomascar@yahoo.com
158

ANALZA VPLYVU EURPSKYCH INTITUCIONLNYCH

OPATREN
THE ANALYSIS OF IMPACT OF EUROPEAN INSTITUTIONAL PROVISIONS
Jarmila Hudkov
Abstrakt
Hlavnm cieom tohto lnku je analza vplyvu konvergennch kritri na
makroekonomick stabilitu vybranch krajn. Za elom dosiahnutia ciea boli pouit
tatistick daje o ttnom dlhu, deficite a inflcii v obdob od roku 1995 do roku 2011
dostupn z Eurostatu. V prci boli pouit daje problmovch krajn tzv. PIIGS
Portugalsko, Taliansko, rsko, Grcko a panielsko v porovnan s najvmi ekonomikami
Franczska a Nemecka, alej Slovensko a krajiny uchdzajce sa o vstup do EMU esk
republika, Maarsko a Posko. Vsledok potvrdil pozitvny vplyv eurpskych
intitucionlnych opatren, avak na druhej strane poukzal na nedostaton sankcie pri
poruovan konvergennch kritri v danom obdob.
Kov slov: konvergenn kritri, verejn dlh, deficit, inflcia
Abstract
The main purpose of this paper is the analysis of the convergence criteria for macroeconomic
stability in selected countries. In order to achieve the objective were used statistics on the
national debt, deficit and inflation in the period from 1995 to 2011, available from Eurostat.
The author used data of group of problem countries called PIIGS Portugal, Italy, Ireland,
Greece and Spain compared with the largest economies of France and Germany, then
Slovakia and countries which aspire to the EMU accession Czech republic, Hungary and
Poland. The result confirmed the positive impact of European institutional provisions, but on
the other hand, pointed to the lack of sanctions for violations of the convergence criteria in
that period.
Key words: convergence criteria, public debt, deficit, inflation
JEL classification: F, F3, F36
Introduction
The impact of the crisis on the national fiscal policies in the EU varies between
countries. In some countries, like Great Britain, the crisis led to discontinuation of the origin
fiscal policy. In Sweden, fiscal policy has proved effective and has only been secured. The
other countries, it used the crisis as an opportunity to introduce important reforms, for
example Germany.
While the common monetary policy in the euro zone since the inception of EMU,
maintained the essential features of stabilizing and anti cyclical-oriented part of imaginary
economic policy of the EMU, fiscal policies of EU member states, this features were missing.
159

The rules for fiscal policy in addressing the country or the Constitution or any law, were
previously only generally accepted views of how government should keep its fiscal issues.
The situation of the last decade, however, still urgently calls for the introduction of formal
rules.
Fiscal rules are mainly about the sustainability of fiscal policy. It is expected from its,
allow to avoid high levels of growth deficits and debt. They should also make fiscal policy
less unstable less cyclical and more principled and coherent at the time. Fiscal rules can be
defined as a permanent constraint on fiscal policy or restriction. The specific design rules
depends on the specific objective of which is sought (the central objectives central
government, local targets local government) the implementation time frame and indicators
(budget, debt).
The problem more or less permanent fiscal budget deficits troubling the old EU
countries (France, Germany, Greece, Portugal) as well as new EU member states (Cyprus,
Hungary, Poland, Slovakia, Czech Republic). Traditional examples of the positive
developments in the management of general government are the Nordic countries (Denmark,
Finland, Norway and Sweden) and Luxemburg.
The economic crisis caused a retard of economic growth and the expected increase in
unemployment creates a negative pressure on the revenue side (reduction of tax revenues), as
well as expenses (increase transfer payments associated with an increase in unemployment) of
the national budgets. The crisis led the country in breach of the terms of the Stability and
Growth Pact. Governments of all countries strive to improve this situation by various
measures, in order to comply with the Maastricht Treaty.
1. History of the EU
On November 1, 1993, the Treaty on European Union (also known as the Maastricht
Treaty) went into effect, establishing the modern-day European Union and encompassing the
EC. The Maastricht Treaty established an EU consisting of three pillars: an expanded and
strengthened EC; a common foreign and security policy; and common internal security
measures. The Maastricht Treaty also contained provisions that resulted in the creation of an
Economic and Monetary Union (EMU), including a common European currency (the euro).
The European Union was intended as a significant step on the path toward not only greater
economic integration but also closer political cooperation.
On January 1, 1995, Austria, Finland, and Sweden joined the EU, bringing
membership to 15 member states. In June 1997, EU leaders met to review the Maastricht
Treaty and consider the future course of European integration. The resulting Amsterdam
Treaty, which took effect in 1999, enhanced the legislative powers of the European
Parliament, sought to strengthen the EUs foreign policy, and aimed to further integrate
internal security policies. In December 2000, EU leaders concluded the Nice Treaty to pave
the way for further EU enlargement, primarily to Europes east. Entering into force in 2003,
the Nice Treaty set out internal, institutional reforms to enable the Union to accept new
members and still be able to operate effectively. In particular, it extended the majority voting
system in the EUs Council of Ministers (representing the member states) to a number of
additional policy areas that had previously required unanimity, and restructured the European
Commission (the EUs executive).
Since the end of the Cold War, the EU had worked with the former communist
countries of Central and Eastern Europe to reform their political systems and economies in
order to meet the EUs membership criteria. The EU viewed enlargement to Europes east as
fulfilling a historic pledge to further the integration of the continent by peaceful means,
160

overcome decades of artificial division, and help make Europe whole and free. Cyprus and
Malta had also expressed interest in joining the EU.
In March 1998, the EU began accession negotiations with Cyprus, the Czech
Republic, Estonia, Hungary, Poland, and Slovenia. In December 1999, the EU decided to
open negotiations with six others: Bulgaria, Latvia, Lithuania, Malta, Romania, and Slovakia.
In December 2001, the EU announced that 10 of these countriesCyprus, the Czech
Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Sloveniawould
likely be able to conclude accession talks by the end of 2002. Negotiations in 2002 with these
10 candidates on remaining issues such as agriculture and regional assistance proved
challenging because they raised budgetary and burden-sharing issues. A deal was finally
reached, however, and the EU concluded accession talks with all 10 at its December 2002
summit. The accession treaty was signed with the 10 countries on April 16, 2003, and they
acceded to the EU on May 1, 2004.
In December 2004, the EU completed accession negotiations with Bulgaria and
Romania, despite some continued EU concerns about the status of judicial reforms and anticorruption efforts in both countries. Bulgaria and Romania formally joined the EU on January
1, 2007, bringing the Union to 27 member states. With the addition of these last two
countries, the Unions borders now stretch from the Baltics to the Black Sea and the EU has a
total population of almost 500 million. [1]
2. EU accession criteria
The Maastricht convergence criteria are partially based on the theory of optimum
currency areas and costs-benefits analysis of the creation of a single currency area as the
EMU foundation. Implementation of convergence criteria is an important factor of
macroeconomic stabilization and sustainable economic growth.
The theory of optimum currency areas points to the criteria which the economies of
the countries creating the monetary union should meet. Meeting these criteria is considered
indispensable to create the optimum currency area characterized by efficient functioning of
adjustment mechanisms restoring economic equilibrium in particular countries and in the
whole union as a currency area. Such criteria include: high labour and capital mobility, both
geographically and among sectors, openness of economies, diversification of production and
flexibility of markets, prices and wages.[2]
The countries creating the monetary union should be characterized by a similar level
of economic development, similar economic structures and similar tendency to inflation and
similarity of inflation rates, convergent levels of budget deficit and public debt in relation to
GDP and similar legal system. [3] The significance of the degree of economic integration and
similarity, or plainly, synchronization of the economic cycles is emphasized. [4]
The idea of the convergence criteria adopted in the European and Monetary Union is a
consequence of the postulates resulting from the theory of optimum currency areas. Nominal
convergence is expressed in attainment of specific macroeconomic indexes, close to the
required ones, as the condition of joining the Economic and Monetary Union. Real
convergence means durable structural adjustment of economy to the economies of the Union,
which results in meeting convergence criteria and maintaining them which also means longterm macroeconomic stabilization. Thus, it is not only the effect of using the monetary and
fiscal policies in order to achieve a short-term goal in the field of budget deficit, inflation and
public debt. The real convergence processes should lead to macroeconomic stabilization and
sustainable fulfillment of the nominal convergence criteria. [5]
The nominal convergence criteria which must be met by the countries joining the
Economic and Monetary Union were laid down in the European Union Treaty which is also
161

known as the Maastricht Treaty. [6] They include: price stabilization criteria, fiscal
stabilization criterion, criterion of long-term interest rates and stabilization of the national
currency exchange rate within the framework of the European Rate Mechanism II (ERM-II).
Moreover, the criterion of fiscal stabilization was defined in the 1997 Stabilization and
Growth Pact together with the sanctions for not fulfilling it by the member countries of the
EMU and member countries with a derogation.[7]
The first criterion specifies the maximum inflation rate which cannot exceed the
average inflation rate typical of three EU member countries of the lowest inflation by more
than 1.5 percentage points.
The fiscal policy criterion provides that the top value of the budget deficit to GDP
ratio cannot be higher than 3% and the public debt cannot exceed 60% of GDP.
The level of the long-term interest rate (interest on long-term bonds) in a given
country cannot exceed by more than 2 p.p. the average percentage interest rate in 3 EU
countries of the lowest inflation.
Last but not least, the country which is a candidate for the Economic and Monetary
Union must introduce its currency to the ERM II. This means concluding an appropriate
agreement with the Central Bank which puts the candidate country under the obligation to
ensure full convertibility of the currency, making the central currency rate rigid in relation to
the Euro and its stabilization within the fluctuation margin +/- in the period of at least 2 years
without implementing devaluation.
The fiscal stabilization criterion introduced fiscal discipline in individual countries. It
is well known that political objectives are not always convergent with economic ones. Some
traditional social privileges are contradiction to long-term objectives of macroeconomic
stabilization and economic growth and development. Introduction of reference values
pertaining to budget deficit and public debt and sanctions for exceeding them stopped
politicians in their plans to distribute the GDP and to some extent should make them think
about creating conditions for generating it instead of distributing something which has not
been generated yet.[5]
Fiscal policy must be efficient to be a good instrument of regulating economic
processes. Unfortunately there are a number of limitations to its efficiency. First of all, it is
poor flexibility of this policy for information-related, political and social reasons which
include:
the government does not have enough information concerning the course of economic
growth (information-related limitations)
difficulty in achieving a parliamentary consensus concerning changes in the size of the
budget deficit and budget structure (operational limitation),
a long period of preparing and discussing tax changes (time limitations),
social barriers in raising taxes or limiting budget expenditures,
specificity of government expenditures it is easier to raise them but more difficult to
reduce them,
political cycle being in contradiction to rational fiscal policy.
All these reasons may cause that the governments inability to respond to asymmetric
shocks in the specified time. Delayed fiscal actions can be inadequate to the economic
situation in which they are undertaken. [8]
3. Impact of convergence criteria
In table1 there is a group of problem countries economists called also PIIGS.
Derogatory name is indicative of the poor economic situation of these countries. PIGS began
to use early in 1990 to mark the four southern European countries: Portugal, Italy, Greece,
162

and Spain. Ireland was added in 2007 and was adopted for short PIIGS. Alarms ECB on
government debt have reported that the situation in these countries is very poor. In Italy there
is a general government gross debt during the whole period 1995-2011 under 100% of GDP.
Upon receipt of the criterion of fiscal stabilization in 1997 debt decreases from 120,9% in
1995 to 103,1% in 2007. Break occurs in all countries equally. After 2007, when the
economic crisis broke out, the debt increases again. In the case of Italy, debt increased to
120,1% in 2011. The situation in Portugal was improving after 1997 but only for tree years.
Then the debt is still going up from 59,2% in 1995 to 107,8% in 2011. Greek debt fluctuated
around 100%, but from 2007 has been growing rapidly to 165,3% in 2011. The situation in
Spain is very similar. The debt was going down from 66,1% in 1997 to 36,2% in 2007, but
then again is going up to 68,5% in 2011. Similar situation is also in the two largest
economies. We can see that after 1997 debt was going down but after crisis it is again
increases, France to 85,8% and Germany to 81,2% in 2011.
The treaty says that government debt should not exceed 60% of GDP. We can see that
the criteria were plentifully relieved when some member states faced their entrance exams in
1998. The Treaty also adds a proviso that says: if the debt ratio exceeds 60%, it should
diminish sufficiently and approach the reference value at a satisfactory pace (Art.104c(b)).
For example Italy: in 1997 debt was 117,4%, in 1998 114,2% and so on till 2004 103,4%. In
2005 and 2006 it was again increasing (except year 2007). From 1997 to 2004 debt was
decreasing. However, what is at a satisfactory pace? Extrapolation of the decline in case of
Italy leads to the conclusion that Italy needs 25 to 35 years to reach the 60% target. Debt,
however, must this rate steadily decline but it has started to increase again in 2005 and it
stopped on 120,1% in 2011 so far. Italy is already borrowing money to keep up repayments
on its debts. If it gets to the point where it cannot auction enough debt to keep this up at an
affordable rate, it would be faced with the prospect of defaulting on its debts.
The problem is that that the entrance criteria have very little to do with economics, and
very much with politics. During the 1990s, the governments of most EU-countries had made a
strong political commitment to go ahead with monetary union. As the fatidic date of 1999
approached, it became increasingly obvious that a large number of countries committed to the
monetary union would fail the entrance criteria. Only a few marginal countries would
succeed, and the whole thing would have to be shelved. So politics prevailed and the
annoying Maastricht numbers were set aside which was the right decision and conclusively
showed that the Maastricht convergence criteria are irrelevant as says professors Paul De
Grauwe.
163

Tab.1 General Government gross debt % of GDP
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
59,2
58,3
54,4
50,4
49,6
48,5
51,2
53,8
55,9
57,6
62,8
63,9
68,3
71,6
83,1
93,3
107,8
120,9
120,2
117,4
114,2
113
108,5
108,2
105,1
103,9
103,4
105,4
106,1
103,1
105,7
116
118,6
120,1
Ireland
81,2
72,7
63,7
53
48
37,5
35,2
31,9
30,7
29,4
27,2
24,7
24,8
44,2
65,1
92,5
108,2
Greece
97
99,4
96,6
94,5
94
103,4
103,7
101,7
97,4
98,6
100
106,1
107,4
113
129,4
145
165,3
Spain
63,3
67,4
66,1
64,1
62,4
59,4
55,6
52,6
48,8
46,3
43,1
39,6
36,2
40,2
53,9
61,2
68,5
France
55,5
58
59,2
59,4
58,9
57,3
56,9
58,8
62,9
64,9
66,4
63,7
64,2
68,2
79,2
82,3
85,8
Germany
55,6
58,5
59,8
60,5
61,3
60,2
59,1
60,7
64,4
66,3
68,6
68,1
65,2
66,7
74,4
83
81,2
Slovakia
22,1
31,1
33,7
34,5
47,8
50,3
48,9
43,4
42,4
41,5
34,2
30,5
29,6
27,9
35,6
41,1
43,3
Czech R.
14
11,9
12,6
14,5
15,8
17,8
23,9
27,1
28,6
28,9
28,4
28,3
27,9
28,7
34,4
38,1
41,2
Hungary
85,6
72,4
62,9
60,9
60,8
56,1
52,7
55,9
58,6
59,5
61,7
65,9
67
73
79,8
81,4
80,6
49
43,4
42,9
38,9
39,6
36,8
37,6
42,2
47,1
45,7
47,1
47,7
45
47,1
50,9
54,8
56,3
Portugal
Italy
Poland
Source:Eurostat, code: tsieb090
The government debt in Slovakia was increasing till year 2000 and stopped at 50,3%
than was going down till 2009. The crisis again change situation and debt has gone up to
43,3% in 2011. Three countries which are not part of EMU have debt cumulative. Czech
republic debt is going slowly up from 11,9% in 1996 to 41,2% in 2011. Hungary debt is going
down in first part of period from 85,6% in 1995 to 52,7% in 2001. From year 2001 debt is
going up to 80,6% in 2011. Similar situation is in Poland. The debt is decreasing from 49% in
1995 to 37,6% in 2000 and then is again raising to 56,3% in 2011.
We can see that the most countries improved debt situation after the introduction of
fiscal stabilization criteria in 1997. The problem occurred in most countries during the crisis
years. Many countries no longer respected the rules and sanctions are not sufficient.
In table 2 we can see general government deficit or surplus percentage of GDP. All
countries have an annual deficit during the whole period, with some exceptions. Ireland has
surplus in 1997-2001 and 2003-2007. Spain has surplus during the years 2005-2007, also
Germany has surplus in 2000 and 2007. All governments have been spending more than their
income.
Tab.2 General Government deficit/surplus % of GDP
Portugal
Italy
Ireland
Greece
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
-5
-4,5
-3,4
-3,5
-2,7
-2,9
-4,3
-2,9
-3
-3,4
-5,9
-4,1
-3,1
-3,6
-10,2
-9,8
-4,2
-7,4
-7
-2,7
-2,7
-1,9
-0,8
-3,1
-3,1
-3,6
-3,5
-4,4
-3,4
-1,6
-2,7
-5,4
-4,6
-3,9
-2
-0,1
1,1
2,4
2,7
4,7
0,9
-0,4
0,4
1,4
1,7
2,9
0,1
-7,3
-14
-31,2
-13,1
-3,7
-4,5
-4,8
-5,6
-7,5
-5,2
-5,7
-6,5
-9,8
-15,6
-10,3
-9,1
Spain
-7,2
-5,5
-4
-3
-1,2
-0,9
-0,5
-0,2
-0,3
-0,1
1,3
2,4
1,9
-4,5
-11,2
-9,3
-8,5
France
German
y
-5,5
-4
-3,3
-2,6
-1,8
-1,5
-1,5
-3,1
-4,1
-3,6
-2,9
-2,3
-2,7
-3,3
-7,5
-7,1
-5,2
-9,5
-3,4
-2,8
-2,3
-1,6
1,1
-3,1
-3,8
-4,2
-3,8
-3,3
-1,6
0,2
-0,1
-3,2
-4,3
-1
Slovakia
Czech
Rep.
-3,4
-9,9
-6,3
-5,3
-7,4
-12,3
-6,5
-8,2
-2,8
-2,4
-2,8
-3,2
-1,8
-2,1
-8
-7,7
-4,8
-12,8
-3,1
-3,6
-4,8
-3,6
-3,6
-5,6
-6,5
-6,7
-2,8
-3,2
-2,4
-0,7
-2,2
-5,8
-4,8
-3,1
Hungary
-8,8
-4,4
-6
-8
-5,5
-3
-4,1
-9
-7,3
-6,5
-7,9
-9,3
-5,1
-3,7
-4,6
-4,2
4,3
Poland
-4,4
-4,9
-4,6
-4,3
-2,3
-3
-5,3
-5
-6,2
-5,4
-4,1
-3,6
-1,9
-3,7
-7,4
-7,8
-5,1
Source: Eurostat, code tsieb080
164

In table 3 we have inflation rate annual average rate of change (%). High inflation has
an adverse effect on processes economic growth in the long-run period. Results of majority of
empirical studies point to a negative influence of inflation on economic growth in the long
run. And thus, R. Barro showed that the relationship between inflation and economic growth
is of non-linear nature and that inflation has an adverse effect on the rate of economic growth
in the long run.[9] R. Barro investigated relationships between inflation and economic growth
basing on statistical data from 100 countries for the period 1960-1990. The results of his
studies reveal that at the inflation rate growth of 10 p.p., the real GDP growth drops by 0.20.3 p.p. annually, and the investment to GDP ratio by 0.4-0.6 p.p.(percentage points). The
increase of average annual inflation by 10 percentage points causes that in 30 years time the
real GDP level is lower by 4-7%.[10] A negative influence of inflation on economic growth is
pointed to by results of empirical studies of such authors as: J. Andres and I. Hernando, A.
Gosh and S. Philips, and S. Fisher.
Tab.3 Inflation rate (HICP)-annual average rate of change (%)
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Portugal
1,9
2,2
2,2
2,8
4,4
3,7
3,3
2,5
2,1
2,4
2,7
-0,9
1,4
3,6
Italy
1,9
1,7
2,6
2,3
2,6
2,8
2,3
2,2
2,2
3,5
0,8
1,6
2,9
Ireland
1,3
2,1
2,5
5,3
4,7
2,3
2,2
2,7
2,9
3,1
-1,7
-1,6
1,2
Greece
5,4
4,5
2,1
2,9
3,7
3,9
3,4
3,5
3,3
4,2
1,3
4,7
3,1
Spain
1,9
1,8
2,2
3,5
2,8
3,6
3,1
3,1
3,4
3,6
2,8
4,1
-0,2
3,1
France
1,3
0,7
0,6
1,8
1,8
1,9
2,2
2,3
1,9
1,9
1,6
3,2
0,1
1,7
2,3
Germany
1,5
0,6
0,6
1,4
1,9
1,4
1,8
1,9
1,8
2,3
2,8
0,2
1,2
2,5
Slovakia
Czech
Rep.
6,7
10,4
12,2
7,2
3,5
8,4
7,5
2,8
4,3
1,9
3,9
0,9
0,7
4,1
9,7
1,8
3,9
4,5
1,4
-0,1
2,6
1,6
2,1
6,3
0,6
1,2
2,1
Hungary
18,5
14,2
10
10
9,1
5,2
4,7
6,8
3,5
7,9
4,7
3,9
15
11,8
7,2
10,1
5,3
1,9
0,7
3,6
2,2
1,3
2,6
4,2
2,7
3,9
Poland
Source: Eurostat, code tsieb060
Conclusion
Durable implementation of convergence criteria by the EMU member countries is an
important factor of the long-run macroeconomic stabilization and balanced economic growth
in the EU. Convergence criteria must be permanent in nature. Some economists declare that
the convergence criteria pose a barrier to economic growth. This is controversial. Low
economic growth rate and high unemployment in the EU countries is caused such factors as:
strong regulation of economies, rigid wages and prices, wasteful developed social policy, high
taxation and too high government budgets. Therefore, economic reforms are necessary. These
reforms should increase flexibility of markets, prices and wages, lower taxation and reduced
role of the state in economy.
The respect of convergence criteria brings fiscal discipline in individual countries.
Their implementation does not create a barrier to economic growth. It is necessary respect
these criteria continuously. In our data we can see that after the introduction of criteria in
1997 results of most countries were improved. However, it is necessary to introduce more
effective sanctions for countries that do not comply with the rules.
165

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Kontakt: Jarmila Hudkov, Mgr., MBA, . Oknika 14, 949 01 Nitra, Extern doktorand
SPU FEM, Katedra financi, Nitra, e-mail: jarmila.hudakova@gmail.com
166

REGULCIA HEDOVCH FONDOV

HEDGE FUNDS REGUALATION
Hana Jankov
Abstrakt
lnok prezentuje hedov fondy a ich postavenie vo svetovej ekonomike. Prezentovan s
charakteristiky tchto fondov. Uveden je taktie podrobn truktra a topolgia hedovch
fondov. Autor sa zaober regulanmi opatreniami, ktor boli v rznych krajinch
implementovan. Prezentovan s argumenty pre a proti aliemu rozirovaniu regulanch
opatren aplikovanch na hedov fondy. Postavenie hedovch fondov vo svetovej
ekonomike m svoje pozitvne aj negatvne prvky. Tieto s sumarizovan. Z pohadu
Eurpskej perspektvy by bolo vhodn v budcnosti bliie zisti, do akej miery prebieha v
EU retailizcia a ak lohu v tom zohrvaj hedov fondy.
Kov slov: hedov fond, ekonomick stabilita, fiklna stabilita, regulcia hedovch
fondov
Abstract
Paper deals with hedge funds description and theirs position in world economic system.
Characteristics of hedge funds are presented. Complete structure and topology of hedge funds
is presented. Regulatory restrictions implemented in different countries are described. Author
presents pros and against hedge fund regulations applied, which can be implemented in future.
Hedge funds have positive and negative impact on world economics. The indirect links
between credit institutions and hedge funds are more difficult to gauge, but may be
significant. From a European perspective, it might be worthwhile first investigating more
closely whether, and in what form, significant retailisation is indeed taking place in the EU.
Keywords: hedge fund, economic stability, fiscal stability, hedge funds regulations
JEL klasifikcia: G15, G23, G24
Introduction
A hedge fund is an investment fund open to a limited range of investors that is
permitted by regulators to undertake a wider range of investment and trading activities than
other investment funds and pays a performance fee to its investment manager. Each fund has
its own strategy which determines the type of investments and the methods of investment it
undertakes. This provides them with an exemption in many jurisdictions from regulations
governing short selling, derivative contracts, leverage, fee structures and the liquidity of
interests in the fund. According Warren Buffett first form of hedge fund had been established
in 1920 as Graham-Newman partnership. Phrase hedge fund was created by financial
journalist Alfred W. Jones [1]. In 1952, Jones altered structure of his investment vehicle
converting it from general partnership to a limited partnership and adding 20% incentive fee
as compensation for the managing partner. As the first money manager to combine short
selling, the use of leverage, shared risk through a partnership with other investors and a
compensation system based on investment performance, Jones earned his place in investing
history as the father of the hedge fund [2]. By 1968, there were some 140 hedge funds in
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operation. In an effort to maximize returns, many funds turned away from Jones' strategy,
which focused on stock picking coupled with hedging, and chose instead to engage in riskier
strategies based on long-term leverage. These tactics led to heavy losses in 1969-70, followed
by a number of hedge fund closures during the bear market of 1973-74.
1. Hedge fund characteristics
There is no legal or even generally accepted definition of a hedge fund, although the
US Presidents Working Group on Financial Markets (1999) characterized such entities as
any pooled investment vehicle that is privately organized, administered by professional
investment managers, and not widely available to the public [3]. Summary of hedge fund
characteristics is in Table 1.
Table 1: Hedge fund characteristics [4]
Return objective
Positive absolute returns under all market conditions, without regard
to a particular benchmark. Usually managers also commit their own
money; therefore, the preservation of capital is very important
Investment strategies Position-taking in a wide range of markets. Free to choose various
investment techniques, including short-selling, leverage and
derivatives
Incentive structure
Typically 1-2% management fee and 15-25% performance fee.
Quite often high watermarks apply (i.e. performance fees are paid
only if cumulative performance recovers any past shortfalls) and/or
a certain hurdle rate must be exceeded before managers may receive
any incentive allocation
Domicile
Offshore financial centers with low tax and regulatory regimes, and
some other onshore financial centers.
Legal structure
Private investment partnership that provides pass-through tax
treatment or offshore investment corporation. Master-feeder
structure may be used for investors with different tax status, where
investors choose appropriate onshore or offshore feeder funds
pooled into a master fund
Managers
May or may not be registered or regulated by financial supervisors.
Managers serve as general partners in private partnership
agreements
Investor base
High net worth individuals and institutional investors. High
minimum investment levels. Not widely available to the public.
Securities issued take the form of private placements
Regulation
Generally minimal or no regulatory oversight due to their offshore
residence or light touch approach by onshore regulators; exempt
from many investor protection and disclosure requirements
Disclosure
Voluntary or very limited disclosure requirements in comparison
with registered investment funds
Source: Tomas Garbaravicius and Frank Dierick: Hedge Funds And Their Implications For
Financial Stability, ECB Paper NO. 34
2. Hedge fund topology
The first hedge funds were predominantly engaged in market neutral or hedged
trading, trying to insulate their positions against market-wide gyrations. This is no longer the
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case as hedge funds now also pursue directional strategies. Since hedge funds do not have any
restrictions on the type of instruments they can use or on how to conduct operations, they are
usually classified by their investment style. This criterion is more important for a hedge
funds risk-return profile than its asset class selection.
Emerging markets and other directional hedge funds with a regional focus, by contrast,
favour a bottomup approach, i.e. they tend to be asset pickers in certain markets and look
for inefficiencies in developing markets. Event driven strategies lie somewhere in the middle
of the volatility spectrum with corresponding medium volatility and low to medium leverage.
Profit opportunities arise from special occasions in a companys life, such as mergers and
acquisitions, reorganizations or bankruptcies. Merger arbitrage typically involves buying the
shares of a target company and selling the shares of the acquiring company. Hedge funds
investing in distressed securities try to exploit the fact that it is difficult to value such
securities, and that many institutional investors are prohibited from investing in them. The
detailed version of the classification used in the TASS database is provided in Table 2.
Table 2: Hedge fund category definition
Group
Strategy
Description
This directional strategy involves equity-oriented investing on both the
Directional Long/Short
long and short sides of the market. The objective is not to be market
Equity Hedge
Dedicated Short
Bias
Global Macro
Emerging
Markets
Managed Futures
Event
driven
Risk (Merger)
Arbitrage
neutral. Managers have the ability to shift from value to growth, from
small to medium to large capitalization stocks, and from a net long
position to a net short position. Managers may use futures and options to
hedge. The focus may be regional, such as long/short US or European
equity, or sector-specific, such as long and short technology or
healthcare stocks. Long/short equity funds tend to build and hold
portfolios that are substantially more concentrated than those of
traditional stock funds
Dedicated short-sellers were once a robust category of hedge funds
before the long bull market of the late 1990s rendered the strategy
difficult to implement. A new category, short biased, has since
emerged. The strategy is to maintain net short as opposed to pure short
exposure. Short-biased managers take short positions in mostly equities
and derivatives. The short bias of a managers portfolio must be
constantly greater than zero to be classified in this category
Global macro managers carry long and short positions in any of the
worlds major capital or derivative markets. These positions reflect their
views on overall market direction as influenced by major economic
trends and/or events. The portfolios of these funds can include stocks,
bonds, currencies and commodities in the form of cash or derivatives
instruments. Most funds invest globally in both developed and emerging
markets.
This strategy involves equity or fixed income investing in emerging
markets around the world. Because many emerging markets do not
allow short-selling, nor offer viable futures or other derivative products
with which to hedge, emerging market investing often employs a longonly strategy
This strategy invests in listed financial and commodity futures markets
and currency markets around the world. The managers are usually
referred to as Commodity Trading Advisors, or CTAs. Trading
disciplines are generally systematic or discretionary. Systematic traders
tend to use price and market-specific information (often technical) to
make trading decisions, while discretionary managers use a judgmental
approach
Specialists invest simultaneously long and short in the companies
involved in a merger or acquisition. Risk arbitrageurs are typically long
in the stock of the company being acquired and short in the stock of the
acquirer. By shorting the stock of the acquirer, the manager hedges out
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Market
neutral
Multistrategy
market risk, and isolates his/her exposure to the outcome of the

announced deal. The principal risk is deal risk, should the deal fail to
close. Risk arbitrageurs also often invest in equity restructurings such as
spin-offs or stub trades that involve the securities of a parent and its
subsidiary companies
Fund managers invest in the debt, equity or trade claims of companies in
Distressed/
financial distress or already in default. The securities of companies in
High Yield
distressed or defaulted situations typically trade at substantial discounts
Securities
to par value due to difficulties in analyzing a proper value for such
securities, lack of street coverage, or simply an inability on behalf of
traditional investors to value accurately such claims or direct their legal
interests during restructuring proceedings. Various strategies have been
developed by which investors may take hedged or outright short
positions in such claims, although this asset class is in general a longonly strategy. Managers may also take arbitrage positions within a
companys capital structure, typically by purchasing a senior debt tier
and short-selling common stock, in the hope of realizing returns from
shifts in the spread between the two tiers.
Regulation D, or This sub-set refers to investments in micro and small capitalization
public companies that are raising money in private capital markets.
Reg. D
Investments usually take the form of a convertible security with an
exercise price that floats or is subject to a look-back provision that
insulates the investor from a decline in the price of the underlying stock
The fixed income arbitrageur aims to profit from price anomalies
Fixed Income
between related interest rate securities. Most managers trade globally
Arbitrage
with a goal of generating steady returns with low volatility. This
category includes interest rate swap arbitrage, US and non-US
government bond arbitrage, forward yield curve arbitrage, and mortgage
backed securities arbitrage. The mortgage-backed market is primarily
US-based, over-the-counter (OTC) and is particularly complex
This strategy is identified by hedged investing in the convertible
Convertible
securities of a company. A typical investment is long in the convertible
Arbitrage
bond and short in the common stock of the same company. Positions are
designed to generate profits from the fixed income security as well as
the short sale of stock, while protecting principal from market moves
This investment strategy is designed to exploit equity market
Equity Market
inefficiencies and usually involves having simultaneously long and short
Neutral
matched equity portfolios of the same size within a country. Market
neutral portfolios are designed to be either beta or currency neutral, or
both. Well-designed portfolios typically control for industry, sector,
market capitalization, and other exposures. Leverage is often applied to
enhance returns.
Multi-Strategy funds are characterized by their ability to allocate capital dynamically among
strategies that fall within several traditional hedge fund disciplines. The use of many strategies,
and the ability to reallocate capital between them in response to market opportunities, means
that such funds are not easily assigned to any traditional category. The Multi-Strategy category
also includes funds that employ unique strategies which do not fall under any of the other
descriptions
A fund will employ the services of two or more trading advisors or hedge funds who / which
will be allocated cash to trade on behalf of the fund
Fund of
Funds
Source: CSFB/Tremont Index [12]
3. Hedge fund regulations
In the USA, hedge funds usually seek exemptions from a number of SEC [5]
regulations. The Investment Company Act of 1940 contains disclosure and registration
requirements and imposes limits on the use of investment techniques, such as leverage and
diversification. The Investment Company Act was designed for mutual funds, and it exempted
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funds with fewer than 100 investors. In 1996, it was amended so that more investors could
participate, so long as each qualified purchaser was either an individual with at least $5
million in assets or an institutional investor with at least $25 million.
In the UK, the Financial Services and Markets Act 2000 (FSMA) and the Public
Offers of Securities Regulations 1995 (POS Regulations) are statutes that influence the
creation of UK-domiciled hedge funds. The FSMA specifies restrictions for the marketing of
hedge funds (collective investment scheme) that are similar to the US, such as number of
shareholders and limits on advertising. The POS Regulations makes restrictions on how a
hedge fund is structured to be a private placement.
Outside the US, UK, and tax-haven countries, the situation for hedge funds is wideranging. In Switzerland, hedge funds need to be authorized by the Federal Banking
Commission, but once authorized, hedge funds have few restrictions. Swiss hedge funds may
be advertised and sold to investors without minimum wealth thresholds. In Ireland and
Luxembourg, hedge funds and offshore investment funds are even allowed listings on the
stock exchange. On the other extreme, France has greatly restricted the establishment of
French hedge funds, and French tax authorities frown upon offshore investing.
A mid-80s revival of hedge funds is generally ascribed to the publicity surrounding
Julian Robertsons Tiger Fund (and its offshore sibling, the Jaguar Fund). The Tiger Fund was
one of several so-called global macro funds that made leveraged investments in securities and
currencies, based upon assessments of global macroeconomic and political conditions. In
1985, Robertson correctly anticipated the end of the 4-year trend of the appreciation of the US
dollar against European and Japanese currencies and speculated in non-US currency call
options. A May 1986 article in Institutional Investor noted that since its inception in 1980,
Tiger Fund had a 43% average annual return, spawning a slew of imitators.
3.1 Hedge fund regulation PROS
The main challenge in designing a regulatory structure for hedge funds is striking a
balance between leaving hedge funds as unencumbered as possible so as to deliver the
benefits they offer, while at the same time containing any possible systemic events resulting
from a hedge fund induced crash. It is important following any crisis episode that the markets
recover as quickly as possible, and that hasty or populist laws are not implemented [6].
The industrys size of hedge funds contain over $1.5 trillion and the impact of the
funds trading strategies on securities markets and on company operations has prompted
regulators around the world to investigate the industry [7].
Influence of hedge funds on world economy is too high. Hedge funds have become owners
and movers of vast pools of financial capital, with significant influence on the real economy,
employment and long-term competitiveness for companies [8]. Each crisis is also connected
with hedge funds. Theirs activities as a speculative capital cause a lot of problems for many
countries UK, Italy. While other members on stock markets are regulated, hedge funds have
advantages to do more without control. Theirs activities are not every time moral and legal.
3.2 Hedge fund regulation CONS
Hedge funds play a valuable arbitrage role in reducing or eliminating mispricing in
financial markets. They are an important source of liquidity, both in periods of calm and
stress. They add depth and breadth to our capital markets. By taking risks that would
otherwise have remained on the balance sheets of other financial institutions, they provide an
importance source of risk transfer and diversification [9].
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The irony of the hedge fund regulation movement is that financial economists have,
for over seventy years, been decrying, first, the lack of independent shareholder involvement
in the management of public firms and, second, the lack of swift capital reallocation in
American industry. Hedge funds do both perhaps more effectively than any financial
institutions in American history and we recoil in fear over the changes. Hedge funds are a
competitive advantage in the world's markets we should not act to stifle them due to our own
fears of innovation [10].
4. Hedge fund and financial stability
Hedge funds became admired for their profitability, and reviled for their seeming
destabilizing influence on world financial markets. In 1992 during the European ERM
(Exchange Rate Mechanism) crisis, George Soros Quantum Fund, another global macro
hedge fund, made over a billion dollars from shorting the British pound. During the Asian
Contagion currency crisis, the Thai Baht fell 23% in July 1997. Quantum Fund had shorted
the Baht and gained 11.4% that month. Spectacular success stories like these increased the
allure and glamour associated with hedge funds, but also established a reputation for
benefiting from and contributing to financial market chaos.
In the late 90s, hedge funds made the headlines once more, but for staggeringly large
losses. In 1998, Soros Quantum Fund lost $2 billion during the Russian debt crisis.
Robertsons Tiger Fund incorrectly bet upon the depreciation of the yen versus the dollar and
lost more than $2 billion. During the dot-com boom, Quantum lost almost $3 billion more
from first shorting high-tech stocks and then reversing its strategy and purchasing stocks near
the market top. Robertson kept his Tiger Fund long on Old Economy and short on New
Economy shares. Robertson would eventually be proved to be right, but not soon enough.
Tiger Fund sustained losses from trading as well as mass investor redemptions and was closed
down in March 2000, ironically, just before the dot-com bust which could have validated the
funds strategy.
From an investor point of view hedge fund regulations are unacceptable. From
macroeconomic analyst points of view regulations are necessary. Regulations for hedge fund
in investment into industry should remain with current regulation status, but speculation
investment in financial market with currency should be more regulated. Loses of investors are
from macroeconomic point of view (industrial investment) are partially important this can
lead to unemployment - regulation should be partially important. During the late 90s, the
largest tremor through the hedge fund industry was the collapse of the hedge fund Long-Term
Capital Management (LTCM). LTCM was the premier quantitative-strategy hedge fund, and
its managing partners came from the very top tier of Wall Street and academia.
The overall size of hedge funds is still relatively limited, but their active role in
markets makes them much more important than their size alone. Every additional market
participant provides complementary liquidity to the market. However, the input of hedge
funds is very significant, as they often take alternative market views, can leverage their
positions and change their portfolio composition much more frequently than traditional funds.
They thrive on perceived inefficiencies by arbitraging away price differences for the same risk
across markets. In this way, hedge funds contribute to the price discovery process. It might
also be argued that, in this way, hedge funds have contributed to the further integration of
financial markets.
According to the British Bankers Association, hedge funds share as sellers in the
credit derivatives market has surged from 5% in 2001 to 15% in 2003, while their share as
buyers rose in the same period from 12% to 16%.25 According to another survey by
Greenwich Associates, hedge funds account for 15-30% of the trading volume in each of the
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high yield bond, credit derivatives, collateralized debt obligations (CDO), emerging bond,
averaged loans markets and for more than 80% of trading in distressed debt take contrarian
approaches, they may also act as a counterbalance to market herding [11].
Conclusion
The LTCM proved to be only a temporary setback to the development of the global
hedge fund industry, which has since continued to grow strongly. However, the increasing
proliferation of hedge funds as an alternative investment for both institutional and retail
investors raises questions about the wider financial stability implications of this form of
financial intermediation hedge funds are very much associated with the negative events of the
LTCM period, it is important to understand that they have various positive effects on the
financial system: they contribute to market liquidity, play an important role in the price
discovery process, contribute to the elimination of market inefficiencies, and offer
diversification benefits to investors. Moreover, their activities have probably contributed to
the integration of financial markets [4].
The indirect links between credit institutions and hedge funds are more difficult to
gauge, but may be significant. Market data, show that a number of large credit institutions
(including European ones) have taken on more market risk and are engaging in hedge fundlike strategies. Under these conditions, negative market events may not only have an impact
on the direct relationship between credit institutions and hedge funds but may also
simultaneously affect the proprietary market positions of credit institutions. It is very difficult
to provide any conclusive evidence on the impact of hedge funds on financial markets, which
is at least partially due to the lack of good data. However, the available information points to a
situation which is probably more positive than before the LTCM crisis, for three main
reasons. First, banks use more sophisticated techniques to manage their exposures to hedge
funds. Second, as more players have entered the market, positions are probably much less
concentrated in one or a few funds. Third, in general it seems that the leverage levels taken on
by funds are now lower [4]. From a European perspective, it might be worthwhile first
investigating more closely whether, and in what form, significant retailisation is indeed
taking place in the EU. We have to point, that during last economic crisis Bloomberg Global
Aggregate Hedge Fund Index fall down from level 128 (June 2008) to level 96 (February
2009) and rise back to level 126 (April 2011). On April 2012 is on level 116.
References
[1] Anson, Mark J.P.: The Handbook of Alternative Assets. John Wiley & Sons. p 36. 2006,
ISBN 0-471-98020-X
[2]http://www.investopedia.com/articles/mutualfund/05/HedgeFundHist.asp#axzz1xrmRR2ov
[3] http://www.sec.gov/spotlight/hedgefunds/hedge-vaughn.htm
[4] Tomas Garbaravicius and Frank Dierick: Hedge Funds And Their Implications For
Financial Stability, ECB Paper NO. 34 / AUGUST 2005, ISSN 1607-1484
[5] US Security and Exchange Commission
[6] Danielson, J., Taylor, A., Zigrand, J.P.: Highwaymen or Heroes: Should Hedge Funds be
Regulated?, London School of Economics and FMG, 2004, Internal Discussion Paper,
[7] Dale A. Oesterle: Regulating Hedge Funds,
http://moritzlaw.osu.edu/eblj/issues/volume1/number1/oesterle.pdf
[8] http://governancewatch.blogspot.com/2007/06/tussle-over-regulation-of-hedge-funds.html
[9] http://www.ny.frb.org/newsevents/speeches/2004/gei041117.html
173

[10] http://www.legalaffairs.org/webexclusive/debateclub_hedgefunds1105.msp
[11] Klaus, B., Rzepkowski, B.: Risk spillover among hedge funds. ECB Paper 1112/2009,
ISSN 1725-2806
[12] www.hedgeindex.com
Kontakt:. Hana Jankov, Ing, Faculty of Economics and Business, aneuropean University,
Tematnska 10, 851 05 Bratislava, e-mail: hjanakova@gmail.com
174

INTERNAL CONTROL: A FRAUD PREVENTION STRATEGY

Maria Sofia Kittler
Abstract
Research has shown that up to 6% of the gross revenue are been lost by simple fraud
of employees. Not only simple steeling, as well sick leave abuses and sloppy work count to
fraud. The main way of avoiding fraud is training your Leaders, Managers and Supervisors to
see, listen and watch their employees carefully. So are: division of duties, fixed
responsibilities, limited access to assets, goods controlling and regular reporting management.
This report will show up how fraud can be created and prevented.
Key Words: Fraud, Prevention, Honesty, Rotation, Costs, Defined Responsibilities, Regular
Management Reports, Limited Access
JEL Classification: A12
Introduction
No matter which business one is working in, the thematic of fraud and fraud
prevention has always been present. By implementing internal control schemes and some
techniques it should be possible to keep honest people honest.
1 What is Internal Control
According to the American Institute of CPAs (AICPA), 1949, internal control
comprises the plan of organisational and all of the coordinate methods and measures adopted
within a business to safeguard its assets, check the accuracy and reliability of its accounting
data, promote operational efficiency, and encourage adherence to prescribe managerial
policies.
1.1.Holistic Approach
A holistic approach shows a well developed system of internal control will include
budgetary controls, standard cost, periodic operating controls, periodic operating reports
statistical analysis, training program, guest service component and an internal audit staff. In
the service industry one has to be careful as control should not get in the way of good guest
service.
1.2 Define Fraud and Abuse
The ACFE defines Occupational Fraud as the use of ones occupation for personal
enrichment through the deliberate misuse or misapplication of the organization's resources or
assets. The keys to Fraud Activity are that people do something secretly and it benefits the
employee directly as well as indirectly. Fraud is as well the violation of fiduciary
responsibility and it always at the organization expense. There has been research in the USA
which states that Fraud is worth up to 6% of the gross revenue every year. The CFEs write of
$400 billion per year. This is twice as much as the U.S. defense budget. They state further that
175

58% of employees are Fraud cases, 30% of Managers and 12% of owners. However the
Median Loss is in average $60,000 by employees, $250.000 by Management and $ 1.000.000
by the owners. Richard C. Hollinger (1983) showed in his study, where he surveyed 10.000
workers, that theft is mostly caused by job dissatisfaction and that the true costs are vastly
understated. However abuse is difficult to define, as they include as well petty crimes &
counter productive behavior. This includes a deceitful act, a corrupt practice or custom.
Examples for that could be: Borrow company equipment; use sick leave when not sick;
slow or sloppy work; surf the net at work; work under influence of drugs or alcohol ammo. If
employees are not happy at their work place, their fraud becomes the maintained sloppy work,
sick leave abuses or others. Hollinger (1983), called it the Hydraulic effect.
2 Industry Characteristics
One has to be aware of the characteristics ones organization is having. There might be
many big or small money transactions going on which have plenty of opportunity to become a
source of fraud. Sometimes the small Business Mentality gives a lot of trust to employees
which might be misused. The skill level of employees has to be taken into consideration when
thinking of fraud possibilities, as well as maybe positions of low social status. Occasionally
the use of commodities might open up windows of fraud or having high value items
accessible to many people.
2.1 Research in the Field of Fraud
It has to be explained, that fraud is not only an opportunity act of employees. Fraud
can have deep psychological reasons which can not be known by others.The sociology of an
employee might give him the right to take from the Rich and give to the
Poor.Biologists have already found out, that fraud and thieving can be in the DNO and
therefore only hard to fight. So therefore even Priests or other members of religions could be
the right source of research for fraud.
3 The Coactive Management Model by Tongren, 1997
Tongreen (1997) explains that there are three important P`s in the working world:
Power, Process, People. According to him People with appropriate POWER involved in the
PROCESS believing in the Values of the organization. The commitment to a common Vision
will give the collaboration to achieve synergy and give the employees the competence to meet
accountability which then leads to confidence in one self and the associates.
Tongren shows up that the interrelation and synergy of the 3 P`s, People, Process and
Power are very important. A Supervisor/Manager/Leader has to know how to balance these 3
P`s well to avoid fraud. The leaders have to be able to give empowerment and integration to
their team, even if the empowerment seems to be small. It might mean emotionally a lot and
this can help to avoid limitation and isolation for their team. Unfortunately nearly every
organization works for financial success, even if not, controlling has become to play a big part
in organizations. The Leaders and Managers of todays Business World have to find as well
here the right balance between controlling, over-controlling, no controlling and emotionally
difficult controlling.
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4 Components of good Internal Control
Leaders, Managers and Supervisors must walk around their organization and look
what their team is doing. Checking for counting behavior when a cash desk is selling and
receiving cash. i.e. Bar Tender has two cups with tooth picks, and puts on stick into the other
pot every time he sells his own brought in whisky.The organizational structure can or can not
be regulated the way an employee knows exactly what his/her responsibility is, when and
where they have to be and which tasks must and can be fulfilled. (Job Descriptions). All
authorization procedures must be clearly stated in WRITTEN. So that every new and old
organization member can get the same information anytime they need. The HR Department is
responsible to hire trustworthy personnel, to no bring in or create the wrong Team leaders.
As well an organization should provide adequate records in written, what might have
happened over the last years, as well as where employees come from. Sometimes physical
controls are important, not only to find the thieves but as well to proof the honest ones right.
Creating a code of conduct might help to practice good ethics. People can be informed about
adherence to the relevant laws, honesty in action as well as respect and dignity to fellow
employees and customers. It can help teams to aspire to improve constantly and refuse
conflict or the appearance of conflict. To have a supportive and tolerant environment of other
views can prevent fraud right from the first day of work. Having and Proving Manger with a
budget and internal reporting on a very, very regular basis will enable good managers to
recognize irregularities immediately. Internal as well as external audits are important to
discharge Managers and Supervisors and maybe show up irregularities nobody has thought of.
4.1 General Principles
Each employee has to be fully aware of his duties, create clear division of duties.The
responsibility must be fixed with one person.Access to assets must be limited, keep honest
people honest.Keeping cash to a limit as well assets will help to prevent fraud.Make internal
controls to be preventative not detective.Perform surprise audits, as well bond employees with
access to cash, records or assets. Vacations must be taken and rotate employees in their time
schedule as well as locations.Schedule frequent internal audits.Use cost-benefit analysis.
Summary
An organization must encourage value based leadership. The first prevention of fraud
is made by managers listening to their staff as well as watching and hearing the employees on
a regular basis. Having a code of conduct might help to practice good ethics. Refining the
regular reporting management as well as the internal and external control system, to control
business process not only people.
References:
Holinger Richard C. (1983), Theft by employees, Lexington Books, University of Michigan
Tongren, J. D.; (1997) "CoActive audit: The enhancement audit model "; Managerial Finance,
Paddington,
Links:http://www.acfe.com/uploadedFiles/ACFE_Website/Content/documents/managingbusiness-risk.pdf
Kontakt: Maria Sofia Kittler M.Sc., doctoral student Faculty of Economics and Business,
Pan European University, Tematnska 10, 851 05 Bratislava, e-mail: maria.kittler@silvrettamontafon.at
177

PRIESKUM SPOKOJNOSTI ZKAZNKA V SVISLOSTI SO

SASNOU SITUCIOU V EURPSKOM AUTOMOBILOVOM
PRIEMYSLE
CUSTOMER SATISFACTION SURVEY CONNECTION WITH THE
PRESENT EUROPEAN SITUATION IN AUTOMOTIVE INDUSTRY
Peter Kuba
Abstrakt
Tento lnok sa zaober analzou a prezentciou prieskumu spokojnosti zkaznkov pri
realizci inovanch prvkov v obchodnej sieti automobilovej znaky SEAT. Tmou tohto
lnku je oboznmi sa so spsobom akm je mon riadi a kontrolova systm kvality, aby
sa inne optimalizovali procesy pri zavdzan novch inovatvnych prvkov medzi
obchodnmi partnermi na zklade sptnej vzby od zkaznka. Cieom je analyzova
prleitosti trhu automobilovho priemyslu a implementova nov inovan produkty v
oblasti popredajnch sluieb na zklade hodnotenia vsledkov prieskumu spokojnosti
zkaznkov. Na zklade tchto vsledkov naprklad automobilov znaka SEAT predstavila
projekt "Ruka v ruke". Tento projekt zaha naprklad preden zruku, vernostn program a
nov stratgii v spoluprci predajnej a popredajnej oblasti. Tento projekt obsahuje vea
novch inovanch procesov, ktor bud v blzkej budcnosti zaveden do systmu riadenia
v predajno-obchodnej sieti.
Kov slov: nariadenie o blokovch vnimkch, projekt ruka v ruke, prieskum
spokojnosti zkaznkov.
Abstract
This paper deals with analysis and presentation of customer satisfaction survey after
implementation innovation elements for dealers network of vehicles brand SEAT. Topic of
this thesis is way and how to manage and control the quality management system in order to
efficiency optimizes processes by implementing new innovation elements by business
partners based on feedback from customers. The aim is analyzing market opportunities in the
automotive industry and implementing new innovation products in after sales area based of
assessment the results of the customer survey satisfaction. According to the results, as one
example vehicles brand SEAT has introduced project to dealers network - "HAND in
HAND". This project includes for example extended warranty, loyalty program and new
strategy in cooperation sales and after sales areas. This project contains a lot of new
innovation processes, which will be in the near future implemented to the dealer network and
submitted proposals, which should fulfil the goals.
Key words: block exemption regulation; hand in hand, customer satisfaction survey.
JEL klasifikcia: L84, O21
178

VOD
Vo veobecnosti me by prieskum spokojnosti zkaznkov chpan aj ako reakcia na
potrebu zavedenia obnovy a rozrenie kly vrobkov, sluieb, vytvorenie novch metd
vroby, dodvok a distribcie, zavedenie zmien riadenia, organizcie prce, pracovnch
podmienok a kvalifikcie pracovnej sily. Z tejto defincii vyplva, ak chceme sprvne
inovova musme sa zamera na vetky poiadavky zkaznka a vedie ich implementova
s ohadom na nkladovos a efektvnos pri ich zavdzan. V sasnej ekonomickej situcii
v Slovenskej republike a aj v Eurpskej nii, kde zkladnm predpokladom na spech
a neustly rozvoj je dodriavanie legislatvy a zalenenie sa do jednotnho eurpskeho trhu,
sa zameranie firiem na kvalitatvne kritria stva neoddelitenm sasou a podmienkou
napredovania. Nevyhnutnm predpokladom spechu dodvateskej obchodnej spolonosti sa
stva okrem kvalitnch produktov, aj sprvne zvolen zkladn marketingov stratgia
zaloen na zavdzan novch inovanch prvkov. S tm je spt budovanie kvalitnch
distribunch kanlov a kvalitnej distribunej siete. Vzhadom na aktulnos tmy zavdzania
kvalitatvnych kritri do predaja a ostatnch oblast je dleit najprv analza sasnho
stavu s cieom navrhn efektvne rieenia na zlepenie poskytovania sluieb prostrednctvom
predajno-servisnch miest ako aj na tvorbu lepej vchodiskovej pozcie silne konkurennho
prostredia jednotnho eurpskeho trhu. Zameranie sa na automobilov priemysel je z pohadu
slovenskho prostredia vhodn kvli aktulnosti napredovania tohto priemyslu u ns a vber
automobilovej znaky KODA a SEAT, ktor na Slovensku zastupuje spolonos koda
Auto Slovensko s.r.o., je z dvodu spenosti implementovania tandardizanho procesu do
svojej obchodno-predajnej siete. Zavdzanie novch nstrojov na zlepovanie kvality, novch
inovan projektov a zvyovanie ekonomickho profitu prina vhodnejiu pozciu
v konkurennom boji. Konkrtnosou a aktulnosou pouitch dajov a poznatkov,
grafickm vstupov sa snam prezentova a vytvori obraz o analyzovanej tme
a jednotlivch pecifk automobilovho trhu na Slovensku. Oboznmenie sa so spolonosou
koda Auto Slovensko s.r.o., ktor svojim postavenm na trhu vie vemi dobre pochopi
poiadavky zkaznka, prina predstavu o potrebe zavedenia inovanch procesov
v automobilovom priemysle. Kad predajno-servisn miesto KODA a SEAT a takisto aj
nov iadatelia o zaradenie do obchodnej siete KODA a SEAT musia splni kritria
stanoven vrobcom. Prostrednctvom tchto kritri by mali obchodn partneri poskytova
konenm spotrebiteom vysokokvalifikovan a profesionlne sluby. V neposlednej rade je
vemi dleit vedie analyzova prnosy tchto procesov, zavdza takto nstroje na
neustle zlepovanie kvality, aby boli dobre meraten a odzrkadovali v o najvej miere
skuton poiadavky zkaznkov. Vetky tieto innosti napomhaj k realizcii kvalitnho
a profesionlneho predaja novch vozidiel, predaja originlnych nhradnch dielov a
prsluenstva, poskytovaniu sluieb v oblasti servisu a podliehaj neustlemu tlaku zo strany
zkaznka o zlepovanie a zvyovanie kvality. Z toho dvodu s pravidelne importrom
kontrolovan prostrednctvom rznych kontrolnch programov, ich vsledky s analyzovan
a samotn obchodnk vo vlastnom zujme zachovania priazne zkaznkov realizuje konkrtne
npravn opatrenia. Ako veobecne akceptovan zruka kontinulnej kvality je vlastnctvo
a neustla obhajoba certifiktu kvality a plnenia tandardov poskytnut renomovanou
auditorsko-certifikanou organizciou, spol. TV Management Service GmbH, Mnchov,
Nemecko. Kad predajno-servisn miesto pod hlavikou povinnch tandardov m
povinnos zastni sa vetkch inovanch projektov. Zber dt o nkladov a vnosov,
ziskovos pri predaji, vytvorenie konench cien na zkaznka a mnoho alch faktorov,
ktor s s obchodom predaja novch vozidiel spojen, sa bez analzy a sptnej vzby od
obchodnkov nezaobde. Dkladn analza sptnej vzby od zkaznkov sa vykonva
pomocou programu CSS Customer satisfaction survey. Analza odpoved pomha
179

budcemu vvoju obchodu v poskytovan sluieb zkaznkovi prostrednctvom predajnoservisnch miest. Sprvne analyzovanie nkladov a vnosov u jednotlivch obchodnch
partnerov prina monosti zavies nov inovan procesy, ktor bud efektvne napomha
aliemu rozvoju obchodu. Toto vetko s aspekty, ktor je potrebn nastavi tak, aby
profitabilita obchodnka zostala v kladnch hodnotch a zrove, aby zaveden nov
inovan prvky boli akceptovaten zkaznkom a tm sa stvaj konkurencieschopn.
MATERIL A METDY
Neexistuj jednotn defincie pojmov vzahujce sa k problematike kreatvneho priemyslu.
Nie je ani definovan, o zahrn medzi kreatvne produkty. Mono dvody tchto
nedostatkov meme vidie v rznych spsoboch vnmania kultry v rznych krajinch, v
rznych spsoboch kreativity a tvorivej innosti. V skutonosti kreativita nie je vkon, ale
vstup do procesu a nem meraten parametre. Tvorivos je vznamnm zdrojom pre vrobn
faktory aj v automobilovom priemysle. Ak chceme tatisticky zachyti vstupy inovanho
odvetvia, mme doinenie s problmom, na zklade oho uri vstupy. A ak bol produkt
vytvoren z kreatvnych npadov, je vemi ak porovnva vstupy a vstupy. Avak napriek
tomu informcie pre nov inovan projekty boli realizovan na zklade tatistickho
zisovania sptnej vzby od zkaznka. tatistick etrenie v rmci tohto projektu bolo
vykonan v roku 2011. Prostrednctvom tohto projektu sme zskali vznamn daje pre
vytvorenie novch inovanch programov. Dta boli tatisticky spracovan a to umonilo
analyzova daje z rznych uhlov pohadu. Toto tatistick analyzovanie je mon vaka
zavedeniu jednotnho zoznamu povinnch skmanch premennch, realizovanch
ukazovateov a ich defincii, pouitch tandardizovanch tatistickch metd. Zkladn
informcie zhromaden poas tohto tatistickho zisovania je reprezentovan odpoveami
zkaznkov majiteov vozidiel automobilovej znaky SEAT. Celkov vsledky s
prepotavan na zklade zberu dt respektve zskanie sptnej vzby od zkaznkov
vykonvan pomocou elektronickho dotaznka. tdia sa vykonva zhlukovej analzy, sa
zaober tm, ako by mali by objekty (tatistick jednotky) zaraden do skupn tak, aby bola
o najvia podobnos v rmci skupn a o najvia rozdielnos medzi skupinami.
Zhlukov analza sa pouva pri segmentcii trhu, priom klasifikcia spotrebiteov je
zaloen na kombincii viacerch premennch. Premennmi, teda segmentanmi kritriami
mu by pohlavie, vek, vzdelanie, ivotn tl, sksenosti s produktom, vekos spotreby,
frekvencia spotreby a podobne. V prrode a spolonosti sa jednotliv javy nachdzaj vdy v
uritch vzahoch, jeden od druhho zvisia a navzjom sa podmieuj. Vo vskume rznych
vednch discipln je takmer vdy loha formulovan tak, e ns zaujma vzah medzi
uritmi meranmi veliinami. Svislosti javov s mnohotvrne. Niektor s nepodstatn, in
svislosti s podstatn. Podstatnou svislosou je prinn, kauzlna zvislos. Je to tak
zvislos, ke dan jav je za uritch podmienok vyvolan inm javom resp. inmi javmi.
Urit jav me by nsledkom a sasne aj prinou inho javu. Vtedy hovorme o
vzjomnej prinnej svislosti. K nutnm predpokladom pre skmanie zvislosti patr aj
voba vhodnch tatistickch znakov, ktor charakterizuj dan javy. Pouitie tatistiky mus
predchdza analza dt, i pracujeme s popisom jednotlivch nhodnch premennch alebo
skmame tatistick zvislos nhodnch premennch. tatistick zvislos dvoch
nhodnch premennch sa skma najskr z hadiska tesnosti vzby medzi nimi - t.j.
z hadiska korelcie a neskr z hadiska funknej zvislosti, t.j. z hadiska regresie.
180

CSS = CUSTOMER SATISFACTION SURVEY
Zber dt respektve zskanie sptnej vzby od zkaznkov sa vykonva pomocou programu
CSS Customer satisfaction survey. Analza odpoved pomha budcemu vvoju obchodu
v poskytovan sluieb zkaznkom prostrednctvom predajno-servisnch miest. Je zrejm, e
projekt CSS (prieskum spokojnosti zkaznkov) nem monos zorganizova prieskum s
celm zkladnm sborom, naprklad so vetkmi zkaznkmi automobilovej znaky koda
alebo SEAT v SR. Preto sa z nich urob urit vber. Osoby, ktor sa vyber, nazvame,
vberov sbor alebo inakie vskumn vzorka. Vberov sbor je teda vdy men ako
zkladn sbor. Najlep vberov sbor je tak, ktor by bol zmeneninou zkladnho
sboru. Takto sbor nazvame reprezentatvny, o znamen e dobre reprezentuje zkladn
sbor. Subjekty maj vetky podstatn znaky ud zkladnho sboru, len ich je menej.
Najlep spsob vberu ud do reprezentatvneho sboru je nhodn. Nhodnos ako
tatistick jav pracuje tak, e kad subjekt m rovnak ancu dosta sa do vberovho
sboru, nik nie je nijakm spsobom z vberu vyluovan. Tento spsob eliminuje vetky
neiaduce vplyvy psobiace na vber. Pri niektorch vskumoch sa vak siaha po
stratifikovanom vbere, t.j. zkladn sbor sa rozlo poda podstatnch znakov. Takto sa
typicky vyberaj respondenti do prieskumov verejnej mienky alebo politickch preferenci, o
je v podstate prpad projektu CSS. Podstatn znaky s vek, pohlavie, vzdelanie, lokalita a
podobne. Z kadej z tchto kategri sa vyberaj respondenti nhodnm spsobom. Pritom sa
db, aby proporcia vybratch subjektov v kadom znaku zodpovedala proporcii v zkladnom
sbore. Ak je v zkladom sbore 52 % ien a 48 % muov, tak aj v stratifikovanom vbere sa
mus tto proporcia zachova. Takto je to v kadom ukazovateli, ktor je dleit pre dan
vskum. Potom hovorme o propornom (kvtnom) stratifikovanom vbere. Ak vskumnk
nepozn proporn rozdelenie danho znaku v zkladnom sbore, me si zvoli neproporn
stratifikovan vber, t.j. nebude prihliada na proporcie v danom znaku, ale v kadej
podskupine si zvol rovnak poet osb. Toto je rovnomern stratifikovan vber. Aj
tatistick rad SR realizuje prieskumy u obyvateov prostrednctvom alokovanej
anketrskej sieti rozmiestnench na celom zem Slovenska, tak aby bola implicitne
zabezpeen reprezentatvnos celoslovenskch vskumov poda vekostnej skupiny obce a
kraja. Poda zadania vskumnch projektov sa pouvaj vberov vzorky o rznej vekosti,
pre rzne zkladn sbory. Hlavnm vberovou metdou je takisto von kvtov vber
alebo nhodn vber. Preferovanou metdou zberu informci je riaden tandardizovan
anketa pomocou dotaznka. Informcie sa zbieraj prostrednctvom potovch
sluieb, telefonicky alebo e-mailom. V naom prpade projektu CSS je to e-mailov zber
informcii respektve dotaznka. Vyplnen dotaznky sa po kontrole opticky snmaj, po
dkladnej kontrole dt a analze reprezentatvnosti vberovho sboru sa teda matematickotatisticky spracovvaj. Avak napriek tomu sa v dtach nachdzaj premenn, ktor s vdy
v uritch vzahoch, jeden od druhho zvisia a navzjom sa podmieuj. Podstatnou
svislosou je teda uri ich kauzlnu zvislos. Je to tak zvislos, ke dan jav je za
uritch podmienok vyvolan inm javom respektve inmi javmi. Pre skmanie tchto
zvislosti patr aj voba vhodnch tatistickch znakov, ktor charakterizuj dan javy. K
ureniu vhodnosti ich pouitia predchdza analza dt, i pracujeme s popisom jednotlivch
nhodnch premennch alebo skmame tatistick zvislos nhodnch premennch.
tatistick zvislos dvoch nhodnch premennch skmame z hadiska korelcie a neskr z
hadiska funknej zvislosti, t.j. z hadiska regresie.
181

1.1
POPIS MODELU VPOTU
Rozlin mon odpovede na kad otzku maj vdy urit hodnotu (indexciu) medzi -40 a
+120. Indexy sa zostavuj len pre tie otzky, ktor s sasou niektorej z piatich
rozhodujcich oblast :
Kvalita opravy
Starostlivos o zkaznka
as a dohodnutie vybavenia
Cena
Veobecn aspekty
Okrem toho sa otzky v dotaznku mu zoskupi aj tak, aby o najlepie vyjadrili nzor
zkaznkov v rmci kadej z piatich oblast poskytovania sluieb v navtevovanom
autorizovanom servise. To znamen, e zkaznk nevid rozdelenie otzok do oblast, vid iba
za sebou nasledujce otzky. Kad otzka me by teda v dotaznku v inom porad, ale
stle bude prislcha danej predpsanej oblasti. Tmto spsobom sa teda rozdeuj otzky do
piatich nasledujcich oblast z dotaznka:
Kvalita opravy (prklad otzok):
Prehliadalo sa vozidlo v prtomnosti zkaznka?
Ste spokojn s kvalitou vykonanej prce?
Bolo porucha odstrnen na prv pokus?
Zaobchdzanie so zkaznkom (prklad otzok):
Ponkli Vm nhradn vozidlo?
Dohodli si s Vami de a hodinu vyzdvihnutia?
Bola ochota prija zrun opravu primeran?
Bola personl dielne prvetiv?
Prejavila sa ochota a zujem personlu?
Bol as venovan zkaznkovi dostaton?
Boli ste spokojn s priebehom telefonickho kontaktu?
Termny a stretnutia (prklad otzok):
Bolo ahk objedna sa?
Bola stanoven as predbenej nvtevy?
Prednos vopred objednanm zkaznkom
Ak bola akacia doba na prme?
Naplnovali vyzdvihnutie vozidla vo vyhovujcom ase pre Vs?
Splnili dtum a hodinu pre vyzdvihnutie vozidla?
Ako ste boli spokojn s dobou akania pri vyzdvihnut?
Ste spokojn s otvracmi hodinami dielne?
Cena (prklad otzok):
Odovzdali Vm predben rozpoet?
Vysvetlili Vm vykonan prce?
Vysvetlili Vm obsah faktry?
Bola faktra poda oakvania?
Vykonali vetky zadan prce?
Veobecn hadisk (prklad otzok):
Ak bolo prostredie a zariadenie dielne?
Ak bola monos parkovania?
Ak bol vzhad personlu?
Ostatn otzky s doplujce a obsahuj len informatvny charakter. Otzky, ktor spadaj do
indexcie s indexovan poda modelu, v zvislosti od toho, koko monch odpoved
obsahuje. V spomnanch 5 oblastiach existuj tri typy otzok. Otzky s dvomi monmi
182

odpoveami (typu no / Nie) alebo otzky so klou piatich odpoved alebo otzky s tromi
monmi odpoveami. Prklad:
Bolo ahk objedna sa?
no - poet monch zskanch bodov (+120)
Nie - poet monch zskanch bodov ( 40)
Ako ste boli celkove spokojn s rezervciou termnov?
Nadmieru spokojn - poet monch zskanch bodov (+120)
Vemi spokojn - poet monch zskanch bodov (+80)
Vcelku spokojn - poet monch zskanch bodov (+40)
Nie vemi spokojn - poet monch zskanch bodov (0)
plne nespokojn - poet monch zskanch bodov (-40)
Otzky s tromi monmi odpoveami maj rozlin indexciu, v zvislosti od vznamu
monch odpoved. Tu uvdzam konkrtne indexcie vetkch otzok tohto typu:
Bol stanoven as predbenej nvtevy?
Definitvny termn - poet monch zskanch bodov (+120
Priblin termn - poet monch zskanch bodov (+60)
Nebolo potrebn (mon prs kedykovek) - poet monch zskanch bodov (+20)
Ponkli Vm nhradn vozidlo?
no - poet monch zskanch bodov (+120)
Nie - poet monch zskanch bodov (-40)
Nebolo to potrebn - poet monch zskanch bodov (+60)
Vysvetlili Vm obsah faktry?
no (+120)
Nie (-40)
Nebolo potrebn (+60)
Zodpovedala faktra Vaim oakvaniam?
no (+120)
Nie (-40)
Neviem (nehodnoten)
Boli na Vaom vozidle vykonan vetky poadovan prce?
no, vykonanie vetkch prc som poadoval (+120)
Nie, niektor prce boli vykonan bez mjho shlasu (-40)
Nie, servis niektor prce nevykonal (nehodnoten)
Indexy s vypotavan na vinu otzok tkajcich sa sluieb. Kad mon odpove na
otzku m hodnotu, ktor sa pouva na generovanie indexu. Kad otzka je spojen s
danm indexanm modelom, ktor sa li v zvislosti od potu monch odpoved.
Prklad:.
Otzka - Ako ste boli celkove spokojn s rezervciou termnov?
(A)
Extremely satisfied
28.2%
(B)
+ 120
(A) x (B)
33.8
Very satisfied
37.2%
+ 80
29.8
Fairly satisfied
20.3%
+ 40
8.1
Not very satisfied
8.1%
0.0
Not satisfied at all
6.2%
- 40
-2.5
TOTAL:
100%
69.2
183

V tomto prpade by bol index 69,2 bodov.
Pre kad hlavn oblas sa vypota samostatn ukazovate. Tento ukazovate prslunej
oblasti sa vypota formou aritmetickho priemeru najvznamnejch otzok oblasti. Celkov
index CSI index sa vypota ako aritmetick priemer indexov prvch 4 otzok dotaznka.
To znamen, e kad otzka z prvch tyroch otzok dostva nasledujcu vhu:
25% pre Spokojnos (Otzka .1)
25% pre Odporanie (Otzka .2)
25% pre Zmer vrti sa (Otzka .3)
25% pre Odliujce vhody (Otzka .4)
Rozsah indexu CSI je od 40 po +120.
Prklad vpotu jednho indexu CSI:
Otzka .1 - Spokojnos
Otzka .2 - Odporanie
Otzka .3 - Zmer vrti sa
Otzka .4 - Odliujce vhody
= 77,35 bodov.
odpove
+ 84,3
+ 77,8
+ 80,1
+ 67,2
vha
x 25%
x 25%
x 25%
x 25%
Nie vetky obchodn miesta s rovnak, nemaj tie ist vlastnosti a preto sa nedaj priamo
porovnva medzi sebou. Meme vak zostavi skupiny obchodnch miest, ktor maj
spolon urit vlastnosti, ako naprklad vekos, aby sme mohli spracova porovnania.
Takmto spsobom sa v rmci tohto vskumu vypracovali referenn skupiny, ktor
zoskupuj vetky obchodn miesta, ktor spaj urit kritri. Vo veobecnosti boli tieto
referenn skupiny uren na zklade vekosti ako Mal, Stredn a Vek. Takto
mono zska porovnaten merania a zhodnoti, i obchodn miesto je alebo nie je na
rovnakej rovni s nm vekosou porovnatenm. Na urenie silnch a slabch oblast najskr
systm automaticky zaznamenva poet bodov bez ohadu na to, i s vsledky vyie alebo
niie oproti referennej skupine. Potom sa poloky zohadnia len z pohadu vhy na dan
oblas. Ako najsilnejia alebo najslabia sa ozna t oblas, v ktorej index otzky dosiahol
najvy pozitvny alebo najni negatvny poet bodov. Podobne sa ozna ako najslabia t
oblas, ktorej index oblasti m najvy negatvny alebo najni pozitvny trend pre cel dan
oblas. Pri urovan najslabej a najsilnejej oblasti sa berie do vahy aj systm pondercie,
t.j. pri urovan najslabej oblasti sa prihliada na vybran Veobecn hadisk. Akokovek
pouijeme ponderciu, najslabou oblasou sa stane Cena, ktor mva najvy negatvny
rozdiel. Dleit je toti njs najsilnejiu alebo najslabiu oblas nielen poda ich vsledkov,
ale aj poda ich prspevku (vhy) v celkovej spokojnosti CSI indexu. Pouit systm
pondercie bol uren tatistickou analzou vsledkov tohto vskumu. Analzou sa uruje aj
dleitos kadej oblasti v celkovom indexe CSI obchodnho miesta. Dleitosou sa
rozumie prspevok kadho aspektu alebo otzky k celkovej spokojnosti zkaznka (meran
cez CSI index). Tmto spsobom bude siln zlepenie v dleitch aspektoch znamena
celkov zlepenie v CSI indexe. Ako oblas s najhorm vvojom sa oznauje teda t oblas,
v ktorej index m najvy negatvny (alebo najni pozitvny) ponderovan rozdiel voi
indexu predolej vlny pre dan oblas. V rmci oblasti s najhorm vvojom sa oznaia ako
otzky s najhorm vvojom tie dve, ktorch index m najvy negatvny (alebo najni
pozitvny) ponderovan rozdiel voi indexu predolej vlny pre dan otzky. Okrem toho sa
oznaia v rmci zvynch tyroch oblast tie tri otzky, ktorch index m najvy negatvny
(alebo najni pozitvny) ponderovan rozdiel voi indexu predolej vlny. Preto je dleit
pozna spsob porovnvania jednotlivch vn danho prieskumu. Ako u bolo vyie
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spomenut prieskum sa vyhodnocuje mesane, t.j. ron sprva zaha 12 vstupnch
mesanch sprv. V kadej vlne sa nachdzaj daje z prieskumu vykonanch za posledn
mesiac, t.j. kad mesiac m svoj vlastn prieskum.
Naprklad:
vlna 1 sa sklad z rozhovorov za poslednch 12 mesiacov okrem poslednho mesiaca, mus
obsahova minimlne 10 rozhovorov na mesiac, to znamen, e ron sprva (vlna 1) bude
ma celkovo 120 rozhovorov.
vlna 2 potom obsahuje nov rozhovory z aktulneho poslednho mesiaca a 11 poslednch
mesanch sprv z predchdzajcej vlny 1, takisto mus obsahova minimlne 10 rozhovorov
za mesiac, to znamen sprva bude ma 120 rozhovorov (11 starch mesanch sprv + 1
nov mesan sprva).
M1 M2 M3 M4 M5 M6 M7 M8 M9 M10 M11 M12 M1 spolu
vlna 1 10 10 10 10 10 10 10 10 10 10 10 10
120
vlna 2 10 10 10 10 10 10 10 10 10 10 10 10 10
120
Tmto spsobom sa vdy vytvra nov alia vlna.
CSS program pre automobilov znaky KODA a SEAT je program, ktor m na
zodpovednosti panielska agentra TNS AREA MADRID z poverenia vrobcov vozidiel.
V tomto programe sa jedn o to, e kad zkaznk je poiadan o ohodnotenie spokojnosti
s kvalitou ponkanch sluieb. Ak zkaznk shlas s tm, e bude ohodnocova kvalitu
ponkanch sluieb, je mu zaslan potou alebo e-mailom dotaznk. V zsielke je samotn
dotaznk a doplujci list, vysvetujci vznam nzoru zkaznka pre znaku. Ak sa zkaznk
rozhodne odpoveda potou, tak sasou zsielky je aj ofrankovan oblka, na zklade ktorej
zkaznk posiela list do spracovateskej agentry bezplatne.
lenenie dotaznka :
Sekcia 1 dvod nvtevy servisu
Sekcia 2 odshlasenie termnu
Sekcia 3 prjem vozidla do servisu
Sekcia 4 vykonanie poadovanch oprv
Sekcia 5 vyzdvihnutie vozidla
Sekcia 6 Starostlivos o zkaznka
Sekcia 7 Veobecn dojem a hodnotenie servisu
Predpoklady k spenej asti a tatisticky hodnovernm vsledkom je cca 300 a 330

zznamov od kadho koda alebo SEAT obchodnho partnera. daje sa vyhodnocuj
samostatne za kadho partnera a vsledky s spracovan v internetovej aplikcii. Dleit
pre kreovanie novch nvrhov je zrtanie celkovho vsledku jednotlivch obchodnkov. Na
potvrdenie sprvneho zavedenia inovanch projektov v poskytovan sluieb zkaznkom sa
porovnvaj vsledky spokojnosti zkaznkov po jednotlivch obchodnkov za jednotliv
185

vlny. Meme tm sledova efektivitu tchto inovanch nvrhov a prispsobova a neustle
meni dotaznk. Znaka KODA a SEAT vo svojom vvoji prela viacermi zmenami svojho
loga v svislosti so zmenou filozofie a stratgie znaky. V sasnosti sa znaka zameriava na
nov cieov skupiny zkaznkov. K dosiahnutiu spechu v tejto novej stratgii je potrebn
zmeni truktru a vzahy v predajno-servisnej sieti. Analyzovanie potrieb zkaznkov z
novej cieovej skupiny, transformovanie tchto zisten do novch tandardov pri certifikcii,
je vemi zloit a zdhav proces. V rmci distribunej siete sa vo vetkch exportnch
krajinch vytvra sbor inovanch poiadaviek, ktor sa potom implementuj pri realizcii
vstavby autosalnov, servisnch miest, ale hlavne do internch procesov jednotlivho
obchodnho partnera tak, aby sa sprvne prezentovala zvolen stratgia. Iba ak sa participuje
na stratgii kad obchodn partner je mon dosiahnu spech vo svojich stanovench
cieoch. Na grafe .1 uvdzam ako prklad potvrdzujci moje tvrdenia vsledky hodnotenia
CSS programu za tohtoron vlnu hodnotenia. Tento vsledok potvrdzuje pozitvny trend a
nrast v spokojnosti zkaznkov po zaveden novch inovanch prvkov.
Graf 1
CSS vsledok rok 2011
NVRHY VYPLVAJCE Z VSLEDKOV CSS

Faktory a procesy urujce spech podnikov a zaisujce ich rozvoj sa menia. Podnik je v
trhovej ekonomike pod neustlym tlakom konkurencie. Je nten neustle zdokonaova
svoje interne procesy reagova na nov situcie novmi funkciami riadenia. Vetko toto silie
by malo inpirova zamestnancov podniku k tomu, aby odhaovali nov aktivity, ktor by
priniesli ekonomick efekt. Analzy zozbieranch z dt respektve sptnej vzby od
zkaznkov vykonvajcej sa prostrednctvom programu CSS Customer satisfaction survey
napomha k odpovediam budceho vvoja obchodu v poskytovan servisnch sluieb
prostrednctvom obchodno-servisnch miest obchodnej siete. Dleit oblasti vvoja s :
186

Inovatvnos produktov a kvalita poskytovanie sluieb
Spoahlivos a bezchybnos servisnch prc a dodvok nhradnch dielov
Vo veobecnosti meme inovan proces podniku rozdeli do troch zkladnch etp :

1. Tvorba invencie (prieskum, generovanie
implementovania)
2. Tvorba inovcie (prprava, vvoj, zavedenie)
3. Difzia inovcie (komercionalizcia, vyuitie)
ide,
analzy
monost
Oblas slo 1 v naom ponman predstavuje program CSS, ktor nm dva dostatok
informci na generovanie ide. Interne sa zameriavame nad monosou ich implementovania
do praxe a nad ich predpokladanmi prnosmi. Nsledne prechdzame na oblas 2, kde zana
prprava, vvoj a zavedenie navrhovanch inovanch zmien do tandardizanho procesu vo
svojej obchodno-predajnej siete. Oblas slo 3 je u oblas marketingu, ktor m za lohy
vetky vhody vyplvajce zo zavedench inovanch zmien odkomunikova so
zkaznkom. Vedie preda dan produkt mus by zvolenou obchodnou stratgiou pre kad
podnik. Kee je slovensk trh vnimon z hadiska vrobcov automobilovch znaiek,
meme povaova tento trh za vemi saturovan. Na Slovensku sa kadorone registruje cca
160.000 vozidiel. Tto registrcia zaha nielen poet novch predanch vozidiel, ale aj
registrciu dovezench jazdench alebo novch motorovch vozidiel. Celkovo je na
Slovensku registrovanch 3,25 vozidla na jednho obana. Celkov vozidlov park
predstavuje cca 1.670.000 motorovch vozidiel. Z tohto sla predstavuje znaka SEAT
48.000 motorovch vozidiel. alie potrebn daje pre analze je poet predajnch miest a
vkonnos jednotlivch predajno-servisnch miest. SEAT obchodn predajno-servisn sie
m 24 predajnch miest a 30 servisnch partnerov. Z tohto mnostva je 33% exkluzvna, o
znamen, e na predajnom alebo servisnom mieste neposkytuje predaj alebo servis inm
automobilovm znakm. Na obrzku slo 1 je zmapovan obchodn predajno-servisn sie
SEAT.
SP
ilina
S bd.
Martin
T ren n
S enic a
S t. ubova
SP
R u om berok
S bd.
SP
P re ov
P rievidz a
S bd.
P ie any
Vranov n.T opou
S pi s k Nov Ves
B ans k B ys tric a
SP
K o ic e
(Mic halovc e)
SP
Z volen
T rnava
SP
SP
Nitra
S bd.
R im .S obota
T ornaa
B ratis lava
D.S treda
S howroom (10)
N.S .C -S m al (10)
S bd. S ubdealer (4)

K om rno
Obrzok 1
SP
S ervic e P artner (7)
N.S .C -S atellite (9)
Predajno-servisn obchodn sie SEAT rok 2011
187

Z obrzku sa jav, e rozloenie obchodnej siete automobilovej znaky SEAT je optimlne a
e poskytuje zkaznkovi akceptovaten prstup vzhadom na vzdialenos jednotlivch
predajno-servisnch miest. Avak optimalizovanie obchodnej siete vzhadom na ekonomick
efektivitu a ziskovos jednotlivch podnikov je predmetom neustleho skmania. Ako sa
bude obchodn predajno-servisn sie SEAT vyvja uke budcnos.
SEAT SALES AND AFTERSALES HAND in HAND
V roku 2008 znaky SEAT zaala poskytova preden zruku pri predaji novch
motorovch vozidiel. Tto preden zruka poskytuje zkaznkovi okrem povinnej
dvojronej zruky uplatova si zruku na vozidle na alie dva roky. Tmto zkaznk
zskava krytie na poruchy na jeho vozidle po dobu 4 rokov. Tto sluba je zkaznkovi
poskytovan bezplatne. Dvodom pre zavedenie takhoto produktu bolo silie udra si
lojlneho zkaznka pre servisn sluby po skonen ttom garantovanej zruky a zrove
ponknu zkaznkovi pri kpe novho vozidla nieo navye, o ete konkurencia nem.
Jedinou podmienkou pre uplatnenie si predenej zruky je povinnos zkaznka navtevova
iba autorizovan servis SEAT. Z tohto dvodu vyplva koncentrcia na komunikciu a tok
informci medzi oblasou predaja a popredala. Sprvne preda tento produkt pri predaji
novho vozidla je lohou oddelenia predaja. Avak naplni oakvania zkaznkov, ktor
maj tento produkt, je lohou popredanch, respektve servisnch sluieb. Spoluprca medzi
jednotlivmi oddeleniami je vzhadom na zvyovanie poskytovanie kvality sluieb
zkaznkom prvorad. Ide o rovnak vozidl, o rovnakch zkaznkov, preto ich netreba
strati. Slogan druh auto predva servis je v tomto prpade vemi vhodn. Zska novho
zkaznka je omnoho nronejie a mono poveda aj drahie ako si udra lojlneho toho
svojho. Preto vetok inovan program, ktor znaka SEAT aktulne presadzuje, je
zameranie sa na uspokojenie potrieb u zskanho zkaznka. Preden zruka je jednm z
programov, ktor vznikli po zaveden novej inovanej stratgii v komunikcii na zkaznka.
SEAT nov stratgia zaha inovan program ako s :
Vernostn program
CLUB SEAT
Program prsluenstva
Club Service
SEAT service mobility
Program poistenia
Vetky tieto program s dkazom toho, e v sasnosti mus s predaj a popredaj ruka v
ruke. Nastavi vak sprvne kritria pre obchodn predajno-servisn sie SEAT je
komplikovanou lohou. Kad obchodn partner je samostatn prvne jednotka. Nariaova
respektve vydva prkazy alebo pokyny v oblastiach, ktor nie s zahrnut v obchodnej
zmluve je vemi ak. Akceptovatenos takchto nariaden je vemi nzka. Pokia vak nie
je podnik zainteresovan celou svojou obchodnou stratgiou so stratgiou vychdzajcej z
fabriky respektve zstupcu (importra) znaky na danom trhu, me by cel program
ohrozen. Nesprvna komunikcia a vo vea prpadoch aj nemotivovan (nten)
komunikcia so zkaznkov dopad na nerodn pdu. Tto nten komunikcie me
vyplva z nepopulrnych nariaden importra pri zavdzan inovanch programov do
obchodnej predajno-servisnej siete. Ako bolo na zaiatku povedan naviazanie sprvnych
dodvatesko-odberateskch vzahov, ich regulovanie a udriavanie je lohou kadho
importra zastupujci fabriku niektorej automobilovej znaky v danej trhovej oblasti. Celkovo
vetky tieto samostatn sbory kritri a poiadaviek slia na zabezpeenie silnej,
188

profesionlnej, efektvnej obchodnej siete znaky. Z pohadu komplexnosti tchto
jednotlivch kritri je vytvoren sbor kritri a poiadaviek SQMS service quality
management system. V rmci tchto kritri sa rozbor vstupov do rznych programov
zameriava na inovan zmeny z pohadu budovania distribunch siet. SQMS zohrva pri
budovan imadu vznamn lohu. SQMS zasahuje vrazne do modernizcie a dizajnu
servisnch miest, popisuje vetky innosti svisiace so zvyovanm kvality ponkanch
sluieb, pokraujc nevyhnutnmi vybavenm technolgiami, poiadavkami na jednotlivch
zamestnancov z pohadu ich rovne zakolenia a koniac poiadavkami na realizciu
tandardnch postupov na neustle zvyovanie a kontrolu kvality predajnch a servisnch
sluieb celho podniku. Cieom tohto systmu je implementova detailne vetky jednotliv
kritri do prostredia servisnho miesta, neustle ich dodriava a kontrolova. Vznik tchto
kritri vyplvaj predovetkm z nasledujcich potrieb:
Zabezpei tieto kritri pre vetky exportn trhy
Potreby tandardizova rzne vpoty, ktor by umoovali zjednoti tatistick

ukazovatele jednotlivch lnkov distribunej siete
Poiadavky na budovy a jednotliv oddelenia poda zamerania
Zariadenia a technologick vybavenie
Identifikcia servisnch miest (Corporate Identity)
Zamestnanci ( poiadavky na min. stav)
Organizcia jednotlivch oddelen
kolenia, vcvik, intrukt
Business manament (ekonomick ukazovatele podniku)
Kad jednotliv kritrium vymedzuje urit poiadavky na dealera z pohadu vekosti

jednotlivch priestorov, potu zamestnancov, materilnej vybavenosti a je variabiln
z pohadu trhovho potencilu tohto partnera v uritom vymedzenom regine. Tieto kritria
sa pravidelne vyhodnocuj a nesplnen oblasti s dealermi dodatone upravovan a
prehodnocovan a je zabezpeen ich nprava. V rmci distribunej siete SEAT vo vetkch
exportnch krajinch aj na domcom trhu existuje sbor poiadaviek pri realizcii vstavby
autosalnu a zrove prezentcie znaky. Takisto ako z pozcie identifikcie SEATu, tak aj
celkov dizajn predajno-servisnho miesta z pohadu zkaznka by mal deklarova
zameranie znaky a uritm spsobom zjednoti charakteristick rty vonkajej a vntornej
architektry pre znaku. Tento zmer plat aj vo vetkch krajinch zastpenia SEATu vo
svete. Zkladnou poiadavkou pri vstavbe novho predajno-servisnho miesta je vytvorenie
celistvej presklenej fasdy predajne (showroomu), vytvorenie vstupnho modulu, interirovej
architektry tzv. ostrovn systm podlahy showroomu a celistv nedelen podhad
so svetelnmi jednotkami poda poiadaviek znaky SEAT. Nroky na tandardy pre
predajn miesta boli v priebehu minulch rokov upravovan, ale od roku 2010 boli niektor
ustanoven ako povinn. Takisto pre predaj existuje check list, v ktorom s jednotliv
povinn kritria uveden, bodovo ohodnoten a ahko kontrolovaten. Takisto v tomto
prpade meme tandardy rozdeli do niekokch kategrii. S to poiadavky :
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veobecn (minimlny nkup 50 novch vozidiel rone, minimlne 2 mesiace predaja
skladovch zsob novch vozidiel, minimum 4 predvdzacie vozidl)

budovy a zariadenia (25 m netto na vozidlo pre vstavn priestory, 40 m na priestor
pre odovzdvacie miesto, 2 x 35 m pre predpredajn servis)
personl (pri 100 predajoch na rok ako cie predaja s 2 predajcovia, manar predaja povinn u vch dealerov (viac ako 400 vozidiel rone))
marketing (min. dve promo akcie za rok, internetov strnka poda CI SEAT)
organizcia (otvracie hodiny minimlne 10 hodn denne, 5 dn tdenne, sobota 4
hodiny)
tandardy pre servisn miesto, resp. pre servisnho partnera s uveden v check liste. V tomto
check liste s definovan aj poiadavky na vizulnu strnku servisu a takisto aj na vybavenie
a zariadenia. Kvalitatvne kritri definovan v rmci SQMS pre servisn miesta zahaj
poiadavky z oblast servisnch noriem a noriem pre originlne dielce. Plnenie tchto kritri
(tandardov) sa overuje kadorone SQMS auditom. Aby sa tandardizovali potrebn audity
SQMS a zabezpeila sa neobmedzen objektivita a nediskriminan zaobchdzanie so
vetkmi partnermi SEAT, ako aj so vetkmi iadatemi o zmluvy servisnho partnera
SEAT, vrobca sa rozhodol prenecha vykonvanie procedry auditu nezvislmu
poskytovateovi sluieb. Po spenom audite zska servisn partner prslun certifikt.
Hlavnm nstrojom SQMS je kontroln zoznam otzok. V tomto zozname s obsiahnut
vetky tandardy uren pre servisnho partnera SEAT a pre zjednoduenie prce s tieto
tandardy definovan formou otzky. Tento kontroln zoznam je na zklade jednotlivch
procesov, ktor s definovan pre autorizovan servis SEAT rozdelen do tchto piatich
oblast:
Budovy
Manament, procesy, organizcia a zamestnanci
Kontaktn miesto zkaznka
Nhradn diely
Diela
Toto rozdelenie znane uahuje prcu pracovnkom servisu, obzvl pri zavdzan SQMS
do praxe a pri definovan jednotlivch npravnch opatren v rmci zvyovania kvality.
Kontroln zoznam otzok je taktie samo hodnotiacim nstrojom pre servisnch partnerov,
nakoko im umouje kedykovek kontrolova plnenie poiadaviek. Systm SQMS vak
nesli len na kontrolu plnenia predpsanch tandardov, ktor s dan vrobcom, ale je
uren na zvyovanie kvality poskytovanch servisnch sluieb. Preto sasou SQMS s aj
Fantom testy, ktor s vykonvan u jednotlivch servisnch partnerov. Z dvodu
zabezpeenia objektivity aj tieto testy s vykonvan nezvislm poskytovateom sluieb.
Fantom test obsahuje kritri, ktor nie s definovan vrobcom ako tandardy, take ich
servisn partner pri audite nemus tieto kritri splni. Tieto kritria nazvame ako voliten
resp. odporuen. Neplnenm volitench kritri vak servisn partner iastone strca
konkurenn vhodu na trhu servisnch sluieb. Vetky tieto kontroln programy slia ako
podnet k zlepovaniu procesu. Zlepovanie procesov prebieha nasledovne :
Analza problmu - analza priebehu procesu - ciele zlepovania procesu
procesy s vysokmi nkladmi - procesy s dlhou dobou cyklu - rastce poiadavky
zkaznkov - nov technolgie.
Zlepovanie procesu je zaloen na tmovej prci. Zsady zlepovania s :
190

- vypracovanie plnu projektu zlepovania za asti vlastnka procesu
- pochopenie procesu a ciele zlepovania
- analza procesu a zistenie prin
- vypracovanie opatren k nprave zaloench na znalost prin
- zavedenie opatren vedcich k zlepeniu
- zadokumentovanie nov zlepen proces
Zlepovanie procesu by malo napredova k vzjomnej previazanosti rznych procesov a
musia by stotonen s hlavnou ideou dosiahnutia cieov podniku. Vetky fzy postupov s
orientovan na uspokojovanie potrieb zkaznka, priom spokojnos zkaznka je kovm
indiktorom hodnototvornch podnikovch procesov. Manarstvo procesov prina
podnikom aj urit vhody, ktor mono vidie najm v orientcii na tvorbu hodnoty,
zvyovan efektivity procesov, v novom impulze pre aktivity zlepovania, v uren prioritnch
procesov vychdzajcich z podnikovch cieov a v intenzvnejom zapojen pracovnkov
zodpovednch za procesy. Formovanie procesnej organizcie sa ned zi na definciu
procesov formou ich novho popisu a abstraktnho vymodelovania. Procesn organizcia
mus predstavova kvalitn zmenu v existencii podniku, v jeho chovan, ktor sa prejavuje
hlavne u nositeov procesov. Skutonou podstatou dosiahnutia podniku svetovej triedy je
uskutoovanie procesov zlepovania a do stavu dokonalho podnikovho procesu. Na
zklade zlepovania procesov sa dosahuj vsledky aj napr. pri spore investci, redukcii
nkladov a pod.. Samozrejme schopnos dosiahnutia lepch vsledkov mus by meraten a
mus dodriava zkladn ideolgiu a to "neustle uspokojova poiadavky zkaznka a
ponknu mu ete nieo navye". Na zklade vyhodnotenia procesov je potrebn sa
zamyslie, i bude firma napredova, ak nov zmery si stanov a akm spsobom bude v
budcnosti zlepova svoju efektvnos. Vrcholov manament mus na zklade vstupov z
vyhodnotenia preskma zmer spolonosti, mus zaisti trval vhodnos politiky,
primeranos a efektvnos novch stanovench cieov. Toto preskmanie mus zaha
hodnotenie prleitost na zlepenie a nutnos potreby inovanch zmien v systmu
manarstva kvality.
ZVER
Na zklade neustleho zavdzania inovanch potrieb vidm monosti zlepenia hlavne
v dobudovan kvalitnejch sluieb ponkanch prostrednctvom distribunej siete importra
automobilovej znaky. Tm sa zlepuje nsledn spoluprca s potencilnymi zkaznkmi, o
prispieva k poadovanm ekonomickm vsledkom a udranie si znaky na poprednch
miestach v predaji automobilov. Vina procesov predstavuje vak znan inovan
potencil, pokia ide o efektvnos a produktivitu. Identifikcia je asto zloit, nakoko
rzne procesy zapadaj do seba inak. Riadne definovan proces znamen, e s presne
identifikovan vstupy do procesu, vstupy z procesu, jeho jednotliv opercie a je znmy
vlastnk procesu. Ide tu o urenie a popis jednotlivch operci. Tto fza uruje vetky
innosti, ktor sa podieaj na procese. V rmci toho sa spoznva cel rka a vetvenie
procesu. elom je pochopenie procesu ako celku a aj jednotlivch jeho zkulis. Ak sa
sprvne zadefinuj jednotliv kroky, potom sa ahie a prehadnejie plnuje inovan
proces. al postup je analza a zaisovanie ovldatenosti procesov. Vchodiskovm
bodom pre zlepovanie s vsledky u prebiehajceho procesu. Zlepovanie je kontinulny
proces, ktor postupne a poda priort skma vetky odchlky a zlepuje vsledky. Odhalenie
nedostatkov smeruje k zavdzaniu nvrhov, ktor ved k zlepovaniu. Proces meme riadi
len prostrednctvom meratench velin. Zkladnm faktorom pre zlepenie sasnho stavu
191

je dobudovanie kvalitnej distribunej siete a tak sa pribli o najviac k zkaznkovi a
poskytn mu nov kvalitn produkty. Z tchto inovanch procesov je zrejm, preo je
nevyhnutn budova predajno-servisnch miest. lohou je skvalitnenie poskytovanch
sluieb smerom ku konenmu zkaznkovi a implementovanie inovanch zmien. Cel
proces distribcie a budovania distribunej siete je zdhav, ekonomicky nron proces a
rozsah je ovea ir, ako by sa na prv pohad zdalo. Po zaveden poadovanch zmien sa
me oakva okrem nrastu potu spokojnch zkaznkov aj nrast celkovho predaja a aj
zlepenie celkovej ekonomickej situcie v skmanej obchodnej sieti SEAT. Zmeny by vak
mali prinies hlavne spokojnos zkaznkovi ako aj v oblasti predaja, tak aj v kvalitnej
servisnej innosti. Verme, e zavdzanm novej inovanej zmeny sa me prispie ku
skvalitneniu danej oblasti a pome to k napredovaniu podnikov a k ich celkovej prosperite.
Literatra
[1] PAVLNEK, P. A successful transformation?: Restructuring of the Slovak automobile
industry. Heidelberg: Physica-Verlag, 2008, 296 s., ISBN 978-3-7908-2039-3.
[2] NEMCOV, E.. Analza vvoja automobilovho priemyslu na Slovensku. In:
Ekonomick asopis, Roc. 53, c. 10, (2005), s. 1009 1022.
[3] Zdruenie automobilovho priemyslu SR. Zdruenie automobilovho priemyslu SR.
[Online] [Dtum: 13.01.2012.] http://www.zapsr.sk/.
[4] Iura Edition. Zkon c. 725/2004 o podmienkach prevdzky vozidiel v premvke na
pozemnch komunikcich a o zmene a doplnen niektorch zkonov. Elektronick zbierka
zkonov. [Online] [Dtum: 21. 01.2012
http://www.zbierka.sk/zz/predpisy/default.aspx?PredpisID=18376&FileName=04z725&Rocnik=2004.
[5] SHEPPARD, A. G. (1996). The sequence of factor analysis and cluster analysis:
Differences in segmentation and dimensionality through the use of raw and factor scores.
Chapter 9, 237-284.
[6] LIPSCHULTZ, J. (2008). A Microeconomic Analysis of the Full-Size Automobile
Market: Economics & Business Journal: Inquiries & Perspectives, 152-162.
RESUM
Zskavanie sptnej vzby od zkaznkov pomha budcemu vvoju obchodu v poskytovan
sluieb zkaznkom. Je zrejm, e prieskum spokojnosti zkaznkov nem monos
zorganizova prieskum so vetkmi zkaznkmi, preto lnok pojednva o tom, ako sa z nich
urob vhodn vber. Vybran subjekty potom nazvame reprezentatvny sbor a maj vetky
podstatn znaky ud zkladnho sboru, len ich je menej. Najhodnej spsob vberu ud do
reprezentatvneho sboru je nhodn. Nhodnos ako tatistick jav pracuje tak, e kad
subjekt m rovnak ancu dosta sa do vberovho sboru, nik nie je nijakm spsobom
z vberu vyluovan. Tento spsob eliminuje vetky neiaduce vplyvy psobiace na vber.
Takto sa typicky vyberaj respondenti do prieskumov verejnej mienky alebo politickch
preferenci, o je v podstate prpad opisovanho projektu CSS v mojom lnku. Poda zadania
vskumnch projektov sa pouvaj vberov vzorky o rznej vekosti, pre rzne zkladn
sbory. Preferovanou metdou zberu informci je riaden tandardizovan anketa pomocou
dotaznka. Informcie sa zbieraj prostrednctvom potovch sluieb, telefonicky alebo emailom. V naom prpade projektu CSS je to e-mailov zber informcii respektve dotaznka.
192

Vyplnen dotaznky sa po kontrole opticky snmaj, po dkladnej kontrole dt a analze
reprezentatvnosti vberovho sboru sa teda matematicko-tatisticky spracovvaj. Avak
napriek tomu sa v dtach nachdzaj premenn, ktor s vdy v uritch vzahoch, jeden od
druhho zvisia a navzjom sa podmieuj. tatistick zvislos dvoch nhodnch
premennch skmame z hadiska korelcie a v prpade potreby aj z hadiska funknej
zvislosti, to znamen z hadiska regresie. Faktory a procesy urujce spech podnikov a
zaisujce ich rozvoj sa menia. Podnik je v trhovej ekonomike pod neustlym tlakom
konkurencie. Je nten neustle zdokonaova svoje intern proces a reagova na nov
neustle sa meniace poiadavky zkaznkov. Analzy zozbieranch z dt respektve sptnej
vzby od zkaznkov vykonvajcej sa prostrednctvom prieskumu spokojnosti zkaznkov
napomha k odpovediam budceho vvoja obchodu v poskytovan sluieb prostrednctvom
predajno-servisnch miest obchodnej siete. Dleit oblasti vvoja s inovatvnos
produktov, kvalita poskytovanch sluieb, taktie spoahlivos a bezchybnos servisnch
prc a dodvok nhradnch dielov. Vetky programy popisovan v tomto lnku s dkazom
toho, e v sasnosti predajom vozidla sa starostlivos o zkaznka nekon, a predaj a
popredaj by mali s ruka v ruke. Nastavi sprvne kritria pre zskanie spokojnosti
zkaznka, i u s produktom alebo s kvalitou poskytovanch sluieb, je komplikovanou
lohou pre kad obchodn zastpenie ktorejkovek automobilovej znaky v tomto
priemysle. Preto je prvoradou lohou zskavanie informcii od zkaznkov o ich aktulnych
poiadavkch na produkt, o ich potrebch v rmci ivotnho cyklu produktu a o akceptovan
rovne kvality poskytovanch sluieb. Najvhodnejou formou zskavania informci od
zkaznkov je prieskumnou metdou prostrednctvom sptnej vzby. Prieskum spokojnosti
zkaznkov je teda v sasnosti najefektvnejou a najinnejou metdou.
Kontakt: Ing. Peter Kuba, +421 248 247 815 | gsm: +421 904 701 384
Katedra medzinrodnho podnikania, Fakulta ekonmie a podnikania, Paneurpska vysok
kola, Tematnska 10, 851 05 Bratislava, Slovensko. e-mail : Peter.Kuba@seat.sk
193

DLHOV KRZA TTOV EUROZNY A VPLYV NA

PODNIKATESK SEKTOR
THE DEBT CRISIS IN EUROZONE COUNTRIES AND INFLUENCE TO
ENTERPRISE SECTOR
Monika Kurtov
Abstrakt
Naa prca sa zaober problematikou dlhovej krzy ttov eurozny a jej vplyvu na
podnikatesk sektor. V prci najprv rozoberme dvody, ktor viedli ku krze a ukazovatele,
ktor ou boli ovplyvnen. Na zver prce hodnotme vplyv dlhovej krzy na podnikatesk
sektor. V prci pracujeme s dtami z Medzinrodnho menovho fondu, Eurpskej centrlnej
banky, Eurostatu, agentry Reuters a ratingovej spolonosti Standard & Poor.
Kov slov: dlhov krza, podnikatesk sektor, verejn dlh, miera nezamestnanosti,
rokov miera, rating
Abstract
Our work deals with the debt crisis of Eurozone countries and its influence in enterprise
sector. Firstly, we analyse the reasons that lead to crisis and indicators that were affected by
crisis. Secondly, we evaluate the influence of debt crisis on enterprise sector. We work with
the data from International Monetary Fond, European Central Bank, Eurostat, agency Reuters
and rating company Standard & Poor.
Key words: debt crisis, enterprise environment, public debt, unemployment rate, interest
rates, rating
JEL klasifikcia: G01
vod
Dvody sasnej dlhovej krzy v ttoch eurozny netreba hada v
predchdzajcej hypotekrnej krze Spojench ttov americkch (tie skr pomohli sasn
problmy odhali), ale v nedostatone fungujcom menovom systme, ktor je zaloen na
jednotnej menovej nii (pouvanie jednotnej meny euro), na sedemnstich nezvislch
fiklnych politikch a finannej regulcii.
Sasn situcia v eurozne je odzrkadlenm problmov so zadenosou nielen na strane
ttov eurozny, ale taktie domcnost, podnikov a bankovho sektora.
Hlavnm cieom naej prce je na zklade analz zhodnoti vplyv dlhovej krzy ttov
eurozny na podnikatesk sektor.
1) Priny, ktor viedli k vzniku dlhovej krzy
Hlavnm prinm, ktor poda nho nzoru viedli ku krze, podrobnejie
rozoberme v nasledujcej asti.
a) Deficit verejnch financi
Kad vlda by mala prjmy v ttnom rozpote prerozdeli tak, aby pokryla vetky vdaje na
194

svoju sprvu a aj nklady vzniknut so splcanm dlhu. V sasnosti sme skr svedkami
neschopnosti vld kontrolova narastanie deficitov a tak aj zvyovanie vldnych dlhov, ktor
predstavuj kumulovan hodnotu zvzkov verejnho sektora za dlhie asov obdobie.
Najvyie deficity za rok 2012 z krajn eurozny vykazovalo rsko (-8.3% HDP), Grcko (7.3%) a panielsko (-6.4%). Na opanej strane najniie deficity mali Estnsko (1% HDP),
vdsko (0.3% HDP), Fnsko (- 0.5% HDP) a Nemecko (-0.9% HDP).
Graf 1: Deficit verejnch financi
Zdroj: Vlastn spracovanie poda dt Eurostat, 2012
b) Verejn dlh
Vrazn zvyovanie verejnho dlhu je ovplyvnen rozpotovm deficitom a je jasnm
dkazom zle nastavenej fiklnej politiky zo strany vld ttov eurozny. Od roku 2007 sa
celkov verejn dlh krajn eurozny zvil z hodnoty 66.3% HDP na rove 87.2% HDP.
Graf 2: Vvoj verejnho dlhu
Zdroj: Vlastn spracovanie poda dt MMF
Hranica fiklnej udratenosti na pde eurozny je na zklade konvergennch

kritri stanoven na 60% HDP a za jej dodriavanie je zodpovedn Komisia. Ete pred SFK
tto hranicu prekraovalo osem krajn (Raksko, Belgicko, Franczsko, Nemecko, Grcko,
195

Taliansko, Malta a Portugalsko). V roku 2011 to bolo u dvans krajn. K predchdzajcim
sa pridali ete Cyprus, rsko, Holandsko a panielsko.
Nerepektovanie pravidiel a absencia monch sankci vytvorili zklad pre nadmern
rast verejnch dlhov, ktor nsledne umocnila svetov finann krza. Vvoj dokazuje, e
spolon menov politika nie je mon bez fiklnej koordincie a koordinovanho dohadu
nad finannm trhom.
c) Relny rast HDP
Sasn dlhov krza m na rast HDP negatvny vplyv. Nevyhnutn sporn opatrenia
v mnohch krajinch maj vplyv na verejn sektor, nezamestnanos, domcu spotrebu a tm
aj vvoj HDP.
Za roky 2007 a 2011 eurozna zaznamenala najv prepad o 4.4% v roku 2009. Pre
porovnanie HDP Japonska kleslo o 5.57% a HDP USA o 3.4%. [9]
Avak jednotliv krajiny vo vntri eurozny vykazuj vek rozdiely. V roku 2011
HDP Grcka kleslo o 6.68%, HDP Nemecka rstlo o 3 % a Slovenska tie vzrstlo o 3.3%.
Graf 3: Vvoj rastu HDP
Zdroj: Vlastn spracovanie poda dt MMF
2) Ukazovatele ovplyvnen dlhovou krzou

Dlhov krza so sebou priniesla aj vrazn zvenie nezamestnanosti, v niektorch
krajinch pokles rokovch mier, v inch ich nrast. V nasledujcej asti prce si
rozoberieme ukazovatele, ktor boli ovplyvnen nelichotivou situciou v eurozne.
a) Miera nezamestnanosti
Vne oslabenie ekonomk eurozny sa prejavilo aj vo vvoji miery nezamestnanosti.
Situcia v eurozne sa zaala zhorova po roku 2009, vtedy miera nezamestnanosti
dosahovala 7.6%. V mji tohto roku sa zvila na 11.1% a dosiahla maximum od roku 1999.
V sasnej dobe najvyiu mieru nezamestnanosti vykazuje panielsko (24.2%) a
Grcko (19%). rsko spolu so Slovenskom dosahuj hodnoty okolo 14%. Najmenej
nezamestnanch je v Raksku (4.4% HDP) a v Nemecku (5.5% HDP).
196

Viac pozitvne sla dosahuje Japonsko. Miera nezamestnanosti nepresiahla 5%
(posledn daje: mj 2012- 4.5%). Miera nezamestnanosti Spojench ttov americkch sa na
euroznu dotiahla v rokoch 2009 a 2010. Zatia o, v eurozne v tomto roku op stpla,
v USA klesla na 8.1% z pvodnch 9.6% z roku 2011. [9]
Graf 4: Vvoj nezamestnanosti
Zdroj: Vlastn spracovanie poda dt MMF, Eurostat
b) Rating krajn a rokov miery

Krza v eurozne mala zsadn vplyv na vvoj rokovch mier a rating. Krajiny
s dobrm ratingom maj monos za poian peniaze plati niie roky. Naopak krajiny,
ktor dosahuj vysok verejn dlhy, poctia nedveru finannch trhov, o m za nsledok
nrast rokovch mier.
Graf 5: Vvoj rokovch mier desaronch ttnych dlhopisov
Zdroj: Vlastn spracovanie poda dt ECB
197

Najvyiu vnosnos pri rokovej miere 25.82% (jl 2012) predstavuj dlhopisy
emitovan Grckou vldou, ktor s logicky aj najrizikovejie. Hodnota rokovej miery
desaronch ttnych dlhopisov v prevanej vine ttov eurozny s v rozpt 1% - 4%.
O zlej finannej situcii v ttoch eurozny vypovedaj aj nie prli pozitvne
hodnotenia ratingovch spolonost. Niie ratingy zhoruj podmienky pre tty eurozny na
financovanie svojho dlhu, kee v oiach investorov je pravdepodobnos splatenia veru
sprvne a vas nzka. Pri krajinch, v ktorch je riziko splatenia verov vysok, sa investori
dovolvaj vych rokovch mier a nrast rizikovch prirok pri zujme krajiny si poia
na splatenie dlhu.
Graf 6: Rating ttov eurozny poda ratingovej spolonosti Standard & Poors
Belgicko
Fnsko
Franczsko
Grcko
Holandsko
rsko
Luxembursko
Nemecko
Portugalsko
Raksko
Slovensko
panielsko
Taliansko
2005
AA+
AAA
AAA
A
AAA
AAA
AAA
AAA
AAAAA
AAAA
AA-
2012
AA+
AAA
AA+
BBAAA
AAAA
AAA
BBBAA+
A+
AA
A+
rokov miera (mj '12)

2.49
1.82
2.75
25.82
1.96
2.75
1.79
1.34
11.59
2.49
4.8
6.13
5.78
AAA
AA vemi
A/A vemi
BB
B
CCC vemi
BBB mierne
minimlne
nzke
nzke
zrejm
vysok
vysoke
Zdroj: Vlastn spracovanie poda dt Standard & Poors, MMF a http://trading.etrend.sk/tradingaktuality/eurobondy-by-boli-najpodobnejsie-belgickym-dlhopisom.html
3) Podnikatesk sektor
Dlhov krza eurozny m negatvny vplyv na podnikatesk sektor v lenskch

krajinch. Vldy ttov s vysokmi verejnmi dlhmi maj viacero monost, ako sa
vysporiada s negatvnou situciou. Mu efektvne nastavi fiklnu politiku i zavies
ozdravn opatrenia v podobe reforiem. V niektorch krajinch to znamen zvenie alebo
zavedenie novch dan. Takto konanie zo strany vld m negatvny vplyv na ziskovos
a cash flow podnikov. Poda nho nzoru by sa tmto smerom vldy nemali ubera, lebo
jednoznane spomalia rast HDP, zvia nezamestnanos a schopnos splati vldne dlhy bude
ete nronejia.
rokov miery s v prevanej vine ttov eurozny v sasnosti na nule, ale
subjektov, ktor maj zujem o zadlovanie sa aj pri nzkych rokovch mierach je mlo.
Stredn trieda je zdrojom najvch spor, ale pri sasnej morlnej krze neveria
bankovmu sektoru a odmietaj sa u alej zadlova alebo na druhej strane si poiiava
a zskan financie vyui na spotrebu na domcom trhu. [3]
198

Sasn situcia v eurozne m vplyv na vku rokovch sadzieb a dostupnos
verov pre podnikatesk sektor najm v krajinch, ktor s krzou najviac zasiahnut.
V tomto prpade ide skr o mal a stredn podniky. Vek a zdrav firmy maj prstup
k bankovm zdrojom lep prstup ako pred krzou.
Graf 7: rokov miery piiek do 1 milina
Zdroj: Vlastn spracovanie poda dt Eurpskej komisie
Najvyie rokov miery piiek pre podnikatesk sektor v poslednom obdob m

Grcko (7.08%), Portugalsko (7.5%) a panielsko (5.02%). Na druhej strane podnikatelia
v Luxembursku (2.53%), Belgicku (2.52%), Raksku (2.73%) maj ah prstup ku
financim potrebnch na investin projekty.
Graf 8: Objem poskytnutch piiek (% HDP)
Zdro
j: Vlastn spracovanie poda dt Eurpskej komisie
Finann prostriedky, ktor s erpan podnikmi zko svisia s vkou rokovch

mier. Vo veobecnosti plat, m vy rok, tm menej podnikateskch subjektov si je
199

ochotnch poia. V prpade niektorch krajn eurozny vka rokovej miery neovplyvuje
objem poskytnutch piiek, o om sved graf 8.
Vo veobecnosti objem poskytnutch verov bol pomerne stabiln len s malmi
vkyvmi. Najnovie dta ukazuj, e mierne klesajci trend zaznamenan nedvno je
na konci. Celkov objem verov sa rozplynul po celej eurozne a taktie krajinch E.
Ak sa pozrieme na jednotliv krajiny, situcia v eurozne nie je jednotn. Cyprus m
jeden z najvych objemov piiek pri pomerne vysokch rokovch mierach. Opakom je
Luxembursko, kde s rokov miery podstatne niie ako na Cypre, ale poet verov je
porovnaten. panielsko, Portugalsko a Malta sa tie radia medzi krajiny, kde podnikatesk
sektor erp vek percento piiek pri priemernch rokovch mierach v porovnan
s ostatnmi lenmi eurozny. V prpade panielska a Portugalska ide o dkaz, e obrat
malch a strednch podnikov sa vrazne zhoril v porovnan s inmi malmi a strednmi
podnikmi eurozny.
Podnikatesk sektor eurozny je prepojen aj s inmi trhmi prostrednctvom
zkaznkov, dodvateov, podnikateskch funkci a outsourcingu. Je preto logick, e
negatvnou situciou s ovplyvnen aj subjekty priamo nadviazan na podniky v eurozne. To
o sa deje v eurozne vytvra neistotu, ktor vedie k neochote zkaznkov utrca, o vedie
k obmedzeniu rastu a tm sa zahraninm spolonostiam znia prjmy z predaja. [6]
sporn rieenia lenskch ttov spsobuj znenie vldnych vdavkov, tm aj
znenm spotreby domcnost a poklesom dopytu na domcom trhu. Spolonosti sa tak musia
viac orientova na export, o je jednoduchie pre vie spolonosti. Tto situcia tak najviac
postihuje SME (mal a stredn podniky).
Eurpska nia vydala pln na znenie hospodrskych nerovnovh pod nzvom Pakt
euro plus. Jedno z opatren je zameran na konkurencieschopnos, pretoe Eurpska nia si
vemi dobre uvedomuje, e ak sa mal a stredn firmy dostan do problmov, zni sa objem
daovch prjmov a zvia sa najm socilne vdavky. Dleit je zabezpei konkurenciu
schopnos malch a strednch podnikov a dostaton odbyt pre ich vyprodukovan produkty
a sluby.
Nvrh zo strany Franczska harmonizova korportne dane by op prinieslo len
prnos pre korportne spolonosti, kee zjednoten technick tandardy (zskanie 1,5%- 2%
obratu) by platili len pre spolonosti, ktor operuj z vej asti eurpskeho trhu. Tak by ale
boli v nevhode mal a stredn podnikatelia. [3] Tu sa op ukazuje narastajca disparita
medzi podporou jednotlivch podnikateskch subjektov.
Zver
Absencia dodriavania konvergennch kritri, Paktu euro plus zo strany vld ttov
eurozny spsobila prudk prepad jednotlivch ekonomk. Narastanie disparity medzi
prjmami a vdavkami ttov viedli k dlhovej krze, ktor oslabila aj globlny ekonomick
rast. Eurpska nia sa mus zamera predovetkm na znenie verejnch vdavkov a v
dostatonej miere sa venova podpore podnikateskho sektora. Mal a stredn podniky
predstavuj hlavn hnaciu silu eurpskej ekonomiky vaka nezanedbatenmu zdroju
pracovnch miest.
Podnikatesk sektor je zvisl od monosti zskavania finannch prostriedkov na
investcie a vhodnho podnikateskho prostredia, ktor ponka primerane vzdelanch ud,
spravodliv daov zaaenie a hospodrsku sa. Vldy krajn eurozny by nemali cel
situciu riei iba pomocou vytvorenia jednotnej fiklnej politiky a neefektvnych prvnych
aktov, ale taktie sa zamera na subjekty, ktor s motorom relnej ekonomiky. Spolonosti
predstavuj hlavn zdroj podnikateskch schopnost, inovci a taktie zamestnanosti.
200

Pouit literatra
[1] Bagus, P.: Dvody dlhovej krzy treba hada niekde aleko hlbie. Euro z jej vzniku
vini nememe. In FinWeb [online]. 7. jn 2012 [cit. 25.6.2012] Dostupn na internete:
<http://finweb.hnonline.sk/c1-56060620-euro-nie-je-pricinou-krizy>
[2] Boro K.: Eurobondy by boli najpodobnejie belgickm dlhopisom. In ETrend [online].
25. mj 2012 [cit. 22.6.2012] Dostupn na internete: <http://trading.etrend.sk/tradingaktuality/eurobondy-by-boli-najpodobnejsie-belgickym-dlhopisom.html>
[3] Stank, P.: Globlna krza a podnikov sfra. In Vysok kola bansk- Technick
univerzita [online].
6. september 2011 [cit.29.6.2012]. Dostupn na internete:
<http://www.ekf.vsb.cz/miranda2/export/sites-root/ekf/konference/cs/okruhy/frpfi/prispevky/
prispevky_plne_verze/Stanek.Petrupr.pdf >
[4] Global Financial Stability Report. The Quest for Lasting Stability. In Medzinrodn
menov fond [online]. Aprl 2012 [cit. 19.8.2012].
Dostupn na internete:
<http://www.imf.org/external/pubs/ft/gfsr/2012/01/pdf/text.pdf>
[5] Global impact of the Euro area crisis. In J.P. Morgan [online]. 21. jn 2012
[cit. 24.8.2012]. Dostupn na internete:
<http://www.jpmorgan.com/cm/BlobServer?blobkey=id&blobwhere=1320572539545&blobh
eader=application%2Fpdf&blobcol=urldata&blobtable=MungoBlobs>
[6] The Impact of the Eurozone Crisis on UK Business. In ICAEW [online]. Mj 2012
[cit. 22.8.2012]. Dostupn na internete: <http://www.icaew.com/~/media/Files/AboutICAEW/What-we-do/business-confidence-monitor/2012/icaew-business-opinion-reportmarch-2012-impact-of-the-eurozone-crisis-final.pdf>
[7] Eurpska centrlna banka- www.ecb.int
[8] Eurostat
[9] Medzinrodn menov fond- www.imf.org
[10] agentra Reuters- www.reuters.com
[11] ratingov spolonos Standard & Poors- www.standardandpoors.com
Kontakt:. Monika Kurtov, Ing, Fakulta ekonmie a podnikania Paneurpska vysok kola,
Tematnska 10, 851 05 Bratislava, e-mail: m.kurtova@gmail.com
201

KONVERGENCIE A DIVERGENCIE V SVETOVOM EKONOMICKOM

VVOJI
CONVERGENCE AND DIVERGENCE IN GLOBAL ECONOMIC DEVELOPMENT
Juraj Lazov
Abstrakt
Sasn ekonomick vvoj v jednotlivch krajinch meran hrubm domcim produktom
(HDP) na obyvatea vykazuje mimoriadne vek rozdiely. Medzi najbohatm
Luxemburskom a najchudobnejou Demokratickou republikou Kongo je rozdiel takmer 200
nsobn. Tieto rozdiely nie s typick len pre sasn svet. Ale ekonomick vvoj je
charakteristick nielen vekmi divergenciami, ale aj prpadmi hospodrskeho dobiehania
vyspelho sveta. V sasnosti takto spen prbeh zava naprklad na a takmer cel
vchodn zia. Existuje mnoho teri ekonomickho rastu. Tie modern vyzdvihuj vznam
vntornch faktorov, t.j. spen ekonomick rast a tm aj kvalita ivota zvis najm od
krajiny samotnej. Za kov pre spen ekonomick konvergenciu sa povauje otvorenos
ekonomiky, makroekonomick a finann stabilita, orientcia na budcnos, trhov alokcia
zdrojov a spsob vedenia a riadenia krajiny. Pre spen prechod medzi krajiny s vysokmi
prjmami je nevyhnutn poloi draz na technologick pokrok, vzdelan
a vysokokvalifikovan pracovn silu, rast sektoru sluieb a domcej spotreby. Sasn dlhov
krza nielen v eurozne spolu so svetovmi ekonomickmi nerovnovhami, demografickmi
a environmentlnymi zmenami vytvraj najvie vzvy a rizik pre al ekonomick
vvoj vrtane spench prpadov ekonomickej konvergencie.
Kov slov: konvergencie; divergencie; HDP na obyvatea; exognne vplyvy;
endognne faktory
Abstract
There exist extremely large differences in actual economic development in individual
countries measured by gross domestic product (GDP) per capita. Between the wealthiest
Luxembourg and the least developed Democratic Republic of Congo there is nearly 200-fold
difference. These differences are not typical just for present world. But economic trends are
not characterized only with big divergence, but also with successful cases of economic
catching up of advanced countries. China and nearly whole East Asia are experiencing such
a thrifty story. There are many economic growth theories. Modern ones highlight importance
of endogenous factors. Successful economic growth and hence the quality of life depends
predominantly on country itself. Economic openness, macroeconomic and financial stability,
future orientation, market allocation of sources and country leadership and governance are the
keys for successful economic convergence. For further transition from middle to high income
country accent on technological progress, educated and high qualified workforce, growth of
services and domestic consumption would be necessary. Present debt crisis not only in
eurozone together with global economic imbalances, demographic and environmental changes
are the largest risks and challenges for next economic development including successful cases
of economic convergence.
Key words:
202
convergence; divergence; GDP per capita; exogenous forces; endogenous

factors

JEL Classification: N40, O43, O47
1.
Introduction
Objection of this submission is to present historical examples of economic

convergence and divergence as well as to specify the key factors for successful economic
transition in the near past. The submission is not followed on own previous research rather is
based on processing of available professional sources and data regarding this topic.
2.
Preface
There exist large inequalities in actual economic development in individual countries

or world`s regions. Measured by gross domestic product (GDP) per capita in purchasing
power parity (PPP) there is nearly 200-fold difference between the wealthiest Luxembourg
and the least developed Democratic Republic of Congo. Similarly between OECD countries
and countries of Sub-Saharan Africa difference in this indicator is more than 30-fold [1]. But
inequalities in economic performance are not typical just for present world. Different, mostly
not large groups of countries, such Roman Empire, China, Western Europe or USA
dominated in different historical stages [2], [3]. But economic development is not
characterized only with big differences, but also with many cases of economic convergence.
This is for example the successful story of Japan after World War II or present China.
External factors such wars, political regimes, size and location of country or region and
natural resources had the crucial roles in the past. At present predominantly country
leadership, quality of human capital and technological development is what matters [4], [5],
[6]. So we can say that successful economic growth and hence the quality of life depends
mostly on country itself.
3.
Historical Development
According to Maddison [7] from historical point of view we can split economical
development to three basic phases:
1. till 1750, so called Malthusian phase, characterized with stagnation of living
standard,
2. 1750 - 1820, beginning of industrial revolution, characterized with moderate
growth of living standard, growth of fertility and drop of mortality in the most
developed countries,
3. 1820 till present, modern economic growth with more than eight-fold increase of
global GDP per capita.
According different Maddison`s [7] point of view, number of world population
increased about 15% in practically none GDP per capita growth in the first millennium. In the
second millennium there were more than 22-fold growth of the world population with 300fold growth of global GDP and more than 13-fold increase of income per capita (Figure 1).
From the point of economic growth the world divergence started after 1820 with
successive participation of individual countries or regions in industrial development. After
United Kingdom (1820) it were predominantly France (1850), later on Germany, USA (1880),
Scandinavia (1920), after World War II Japan (1950), so called Asian Tigers (1960) and
China (1980). There was also discontinual development for instance in case of Argentina
(1880-1920) and Brazil (1950-1980). After successful long-term growth long-term stagnation
followed.
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Figure 1: Global GDP per capita (PPP in USD 1990)
Source: Maddison [7]
4.
Economic Convergence and Divergence
We can see diverse economic development of sampled countries and world`s regions
on Figure 2. From the point of GDP per capita USA overtook U.K. in about 1900. From this
date the difference is continually moderately increasing. China is the only country with
economic slowdown between 1820 and 1950. Africa was richer than China or India in
colonial times from 1900 till 1950. And Latin America had similar GDP per capita like China
in 2000 and in 1820 as well.
Figure 2: Regional GDP per capita (PPP in USD 1990)
Source: Maddison [7]
In the last 50 years the largest difference in economic growth was the progress in
South-East Asia in comparison to the situation in Sub-Saharan Africa (Figure 3). But we can
see divergence trends also in Africa itself, for example Botswana comparing to Zambia
(Figure 4).
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Figure 3: GDP per capita (1960 = 100)
Source: The Growth Report [8]
Figure 4: GDP per capita (PPP in USD 1996)
Economic development is not characterized only by GDP per capita, but also by
income distribution. Particularly in emerging and low-income countries large part of
population still lives below poverty line (Figure 5 and Figure 6). At present 65% of worldwide population lives in advanced or middle-income emerging countries comparing to 20%
thirty years ago. But there are still two billion people living in countries with stagnating or
even declining income. And in addition if the situation do not change, another three billion
people will live in these countries in 2050 [8].
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Figure 5: USD 2 daily poverty line (millions)
Figure 6: USD 2 daily poverty line (%)
5.
Long-term Sustainable Economic Growth
Uneven economic development is predominantly a consequence of uneven economic

growth of individual countries or regions. There exist many growth theories. According to
Bujkov [9] basic classification is:
a) pre-classical theories - mercantilism (national protectionism), Malthusian theory
(unit product decreases with growth of population),
b) classical (Smith, Ricardo) based on business and free trade support,
c) Keynesian growth support predominantly by fiscal and monetary policy,
d) modern theories (e.g. Romer, Solow) economic growth depends mostly on
technology progress, human and financial capital.
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According to so-called Growth Report [8], which was processed by 19 leading
economic experts mostly from developing countries and two Nobel Prize winners (Solow,
Spence) successful transition from low-income to medium-income country is setup on five
principal assumptions:
a) economy openness. Country should have an opportunity to import technologies
and know-how (what is less expensive than own research and development and
also one of the reasons of high growth of successful developing countries), and to
export on global market as well. All successful countries have open economy,
b) macroeconomic and financial stability. This means predominantly price and fiscal
sustainability, appropriate developed and regulated financial sector,
c) future orientation. High savings and hence high investment to technologies,
infrastructure and human capital. Amount of savings should not exceed amount of
investments too much,
d) market allocation of sources. Functioning market system, which provides adequate
price signals, transparent decision processes and effective stimulus,
e) country leadership and governance. Successful emerging countries had or have
strategic vision with ability to respond pragmatically on changes and needs,
capable political leaders, quality and motivated government officers, good laws
and reasonable regulation, independent and effective judiciary, and low corruption
with thoroughgoing and effective suppression.
According to Growth Report [8] country, which is interested for successful
transformation and long-term growth, should not (i) to subsidize energy prices, (ii) to solve
unemployment by generating artificial jobs in public sector, (iii) to reduce fiscal deficit at the
expense of necessary infrastructural investment, (iv) to provide long-term support to nonperspective sectors and companies, (v) to reduce inflation through price control and (vi) to
keep artificial low price for local consumer at the expense of local producers.
Modern economic theories know concept of so called middle income pitfall. Many
countries were not successful in transition from extensive (commodity or goods export based
on cheap labor) to intensive (own technologies) economic growth and they stopped in middleincome stage. This is for instance case of South American countries such Argentina or Brazil.
Only future will show, how many countries from East Europe or East Asia including China
will overrun this barrier. Successful transformation to high-income country requires to put
emphasis on capital, technologies and high-qualified workforce (increase in importance of
university education, research and development), growth of services and domestic
consumption.
6.
Conclusion
Level of economic wealth in individual countries or world regions is very unequal.

Income distribution inside countries measured by for example Gini coefficient is also very
different. In some cases differences are increasing, in other ones they are narrowing.
Country`s GDP per capita depends on initial historical and culture conditions, exogenous
forces such political situation, geographical location, country size and natural resources, but
predominantly on endogenous factors such technological level, quality of workforce and
availability of the capital.
But in present globalized economy none country economic progress is isolated from
the global situation. Major risks of current economic development are global economic
imbalances and debt crisis in advanced world. Increasing income inequality inside countries,
global warming, demographic changes related to population aging and mass migration are the
207

other challenges from medium to long-term point of view. To solve these factors much more
effective global coordination and management will be required.
References
[1] World Bank: World Bank Indicators. Washington, DC: World Bank, 2012. Available at:
http://data.worldbank.org/indicator
[2] Clark Gregory: A Farewell to Alms: A Brief Economic History of the World. Princeton:
Princeton University Press, 2007. ISBN 978-0-691-12135-2.
[3] Fergusson Niall: The Ascent of Money. A Financial History of the World. London:
Penguin Books, 2009. ISBN 978-80-8101-456-7.
[4] Acemoglu, K. Daron, Simon Johnson, James A. Robinson: Institutions as a Fundamental
Cause of Long-Run Economic Growth. Amsterdam: Philippe Aghion & Steven N.
Durlauf: Handbook of Economic Growth, 2005, 385-472.
[5] Romer, Paul M.: Increasing Returns and Long-Run Growth. Chicago: Journal of Political
Economy, 1990, 94 (5): 1002-37.
[6] Solow, Robert M.: A Contribution to the Theory of Economic Growth. Oxford: Quartely
Journal of Economics, 1956, 70 (1): 65-94.
[7] Maddison, Angus.: Contours of the World Economy, 12030 AD. Essays in MacroEconomic History. Oxford: Oxford University Press, 2007, p. 382. ISBN 978-0-19922721-1
[8] Commission on Growth and Development: The Growth Report Strategies for Sustained
Growth and Inclusive Development. Washington, DC: World Bank, 2008. ISBN 978-08213-7491-7
[9] Bujkov Tatiana: udsk kapitl a technick pokrok ako kov faktory
ekonomickho rastu: Teoretick pohad. Empirick dkazy. Bratislava: Ekonomick
univerzita, dizertan prca, 2010. Available at: www.ekonom.sav.sk/doc/BujnD.pdf
Kontakt: Juraj Lazov, Ing, Fakulta ekonmie a podnikania, Paneurpska vysok kola,
Tematnska 10, 851 05 Bratislava. e-mail: juraj.lazovy@gmail.com
208

GLOBAL ECONOMY AND ITS INFLUENCE ON INTERNATIONAL

MERGERS AND ACQUISITIONS ACTIVITIES
Walter Maurer
Abstract
Our daily life is more and more linked to the companies acting worldwide. Goods from all
over the world are available in shops or we can order them via the Internet. These companies
influence the local product range, the prices and also the local labour market.
So corporations are conquering markets all over the world and global brands are getting more
and more powerful. These companies overcome economic barriers and enter markets by using
the strategic instrument called Mergers and Acquisitions. This strategic opportunity can be
done in different forms. Brands can stay on the market while the ownership changes or brands
can disappear and products are sold by a new brand.
Mergers and Acquisitions as a strategic instrument have been used all the time since the
beginning of industrialisation. But these activities are not a constant phenomenon. Looking
back at the economic history there were some peaks and some trends which were influenced
by different circumstances. The waves of Mergers and Acquisitions during the last 100 years
and the reason for the waves are described in this paper. Very important are political and
social impacts on the history of Mergers and Acquisitions. The biggest influences are wars
and economic crisis which are more and more based on stock exchange turbulences. So you
will see that the two world-wars and the financial crisis of 1929 and 2007 are the main drivers
for the Mergers and Acquisitions activities worldwide.
JEL Classification: O19
Economic growth is based on the growth of companies. Companies can only grow
when governments prepare the right circumstances. So there is a strong relationship between
government decisions and economic growth and the growth of companies within a country.
Mergers and Acquisitions are a strategic tool for companies to raise their growth. Mergers and
Acquisitions and their shortcut M&A are very popular in the scientific economy today. But
within economic businesses Mergers and Acquisitions have happened all the time.
But how was the development of Mergers and Acquisitions?

Are there some trends?
Which criteria influence the development of Mergers and Acquisitions?
Development of Mergers and Acquisitions

In a historical review of Mergers and Acquisitions it is clear that there are
developments in the Mergers and Acquisitions activities.
Looking back in history the importance of Mergers and Acquisitions rose with the
development of economy, it all started with the industrial era in the 19th century.
Human labour was exchanged by mechanical power and company owner started to regulate
production and prices by agreements between each other.
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It was the hour of the birth of the first Mergers and Acquisitions. These Mergers and
Acquisitions happened in the United States of America. In general the United States of
America was the driving market for Mergers and Acquisitions activities all over the world
and it is still the driving market today.
Fig.1: Number of Mergers and Acquisitions worldwide

ref.[1]
In the graph you can see that there are some hypes and if we look at the circumstances
at the times when these hypes happened, we can find out that there are links between the
number of Mergers and Acquisitions and political and social changes.
Trends of Mergers & Acquisitions
The next picture shows the trend of Mergers and Acquisitions. From the beginning the
number rose and the biggest Mergers & Acquisitions Project regarding the TransactionVolume happened in 2000. Vodafone Air Touch PLC bought Mannesmann AG for 202,8
Billion US-Dollar.ref.[2]
Fig.2: Trend of Mergers and Acquisitions worldwide

ref.[3]
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Which criteria influence the development of Mergers and Acquisitions?

To answer this question we have to have a closer look at the single waves which we
can see in Fig. 1 and Fig.2. including the first 10 years of the 21st century. Within the last
century we can identify 6 waves.
These waves got stronger over the time and the time between the waves got shorter. In the
scientific literature there are three different explanations for these waves. ref.[4]
The economic Disturbance Theory
Mergers and Acquisitions as a state of the art phenomenon
Mergers and Acquisitions as reaction to chances in economic circumstances
All these theories are based on the action of decision makers who buy or sell shares of
companies. The motivation for these decision makers is the possibility to get a stronger
position compared to the competitors by building a new company. ref[5]
As mentioned before it all started in the United States of America and their economy has the
greatest impact on the worldwide economy. So the Mergers and Acquisitions waves are
mainly driven by American economy and so we have to look at the political and social
circumstances at the times when the Mergers and Acquisitions waves happened.
Between 1897 and 1929 the first and the second wave took place. These waves were
driven by the fact that production companies worked together, but after passing anti-trust laws
the first wave was stopped. The second wave started with the participation of the United
States of America in World War One. In Europe nearly everything was needed and the United
States of America delivered every kind of goods to their allied partners all over the world.
After World War One the demand declined but the expectations were still high. So real
economy and economy on paper diverged from each other. The result was the big crash in
1929 and so the second wave was over.
The next two waves happened in the 1960s and in the 1980s.
The third wave from 1963 to 1969 was influenced by an antitrust law that forbid growth by
buying companies above or below the value added chain. The reaction of investors was a
diversification strategy. It was the state of the art to be safe against economy cycles by
owning companies of different industries. The interest rates were high and so the investments
were mainly financed by stock exchanges. With the decrease of the stock market and the oil
crisis the third wave stopped.
In the 1980s the antitrust law was released and so it was possible to practise mergers,
like companies did during the first wave. Later, investors realised that mergers and
acquisitions are not the only and best way to secure growth and the scenario of a possible
second Gulf war alienated investors- so the wave went down in the late 1980s.
The fifth wave happened in the late 1990s and it was the biggest wave in the economic
history. More than 11.000 transactions happened and the transaction-volume rose up to 1.268
billion US-dollars. The dotcom bubble burst in the year 2000. Also companies with
manipulated figures like Enron and WorldCom crashed and the expectation of a war in Iraq
influenced the mergers and acquisitions activities in a negative way.
The sixth wave was driven by a new form of investment. Investors wanted a different
form of investment and so private equity companies were founded. These companies
collected money of investors and invested this in different markets. In 2007 the US estate
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market collapsed and banks had to be saved by the government. The worldwide economy
crisis weakened the mergers and acquisitions activities and so the sixth wave stopped.
Regarding different business areas the biggest deals happened in the tele-communication
business followed by the financial business and the bio-tec business. ref[6]
Conclusion
Mergers and Acquisitions have a big influence on economies. The closer economies
are linked to each other the bigger the influence is. Mergers and Acquisitions are as old as
business. Even the first civilisations bought small companies or merged with competitors.
These activities happened locally and the influence was also only local. It all had a bigger
impact when European governments started to conquer the world and began dealing with their
colonies and also with their competitors in Europe. It was still a relationship between
governments and colonies. Today there are international companies that buy or sell shares.
The European Union and its political and financial strategy will be main parameters for the
next Merger and Acquisition tendency. The worldwide economy is getting closer and closer,
energy consumption is rising and the hunger for raw materials, especially oil and gas, will be
more in the focus of economies than ever and so the Opportunities and Threats of Mergers
and Acquisitions are getting higher and higher.
Bibliography
[1] Mller-Stevens, G.:Mergers & Acqusitions. Stuttgart : Schffer-Poeschel Verlag, 2010, s.
3. ISBN978-3-7910-2955-9
[2] http://www.imaa-institute.org/statistics-mergersacqusitions.html#TopMergersAcqusitions_Worldwide (from10.06.2012)
3. ISBN978-3-7910-2955-9
36. ISBN978-3-7910-2955-9
[5] Berens, W.,Brauner, H.U.,Strauch, J.: Due Diligence bei Unternehmensakquisitionen.
Schffer-Poeschel Verlag, 2008, s.39. ISBN978-3-7910-2688-6
[6] Lucks, K., Meckl, R.:Internationale Mergers&Acquisitions. Berlin : Springer Verlag,
2008. s.8. ISBN3-540-42810-0
Kontakt: Walter Maurer, Mag., doctoral student Faculty of Economics and Business, Pan
European University, Tematnska 10, 851 05 Bratislava, e-mail: wmaurer@grundfos.at
212

REFORMA SVETOVEJ FINANNEJ ARCHITEKTRY

REFORM OF THE GLOBAL FINANCIAL ARCHITECTURE
Angelika Stupkov
Abstrakt
U je to viac ako p rokov od zaiatku globlnej hospodrskej krzy. Nedostatky
predkrzovho globlneho finannho systmu boli odhalen krzou, a preto bola reforma
svetovho finannho systmu a jeho architektry nevyhnutn. Spoluprca medzi
medzinrodnmi finannmi intitciami bola prehben a rozvinut. V lnku s spomenut
dleit medzinrodn finann intitcie a ich prca pri rieen globlnych problmov.
Postavenie a vznam skupiny G20 rastie. Ich ron summity s znme a publikovan. Hlavn
oblasti reformy svetovho finannho systmu boli identifikovan. V tchto oblastiach s
zmeny svetovej finannej architektry nevyhnutn.
Kov slov: finann systm, finann architektra, finann intitcia, krza, reforma,
Basel III
Abstract
It has been more than five years since the outburst of the global financial and economic crisis.
The crisis revealed the weaknesses of the pre-crisis global financial system and triggered the
need of a reform of the global financial system and its architecture. Cooperation between
international financial institutions has deepened and developed. In the article, important
international financial institutions and their participation in resolving global problems are
mentioned. Status and importance of the G20 forum is growing. Its annual summits are
monitored and published. Crucial areas for the global financial system reform were identified.
In these areas, the changes of the global financial architecture are necessary.
Key words: financial system, financial architecture, financial institution, crisis, reform,
Basel III
JEL klasifikcia: F30, G21, G28
Introduction
Building a resilient financial system is an essential goal and the major challenges are
described in this article. The adoption of Basel III liquidity and capital framework was
necessary due to inadequacy of Basel II. This article deals with microprudential enhancement
of Basel II and macroprudential overlay. The changes in capital and liquidity requirements
will be implemented gradually. The implementation of Basel III will start next year (2013),
and as such, banks are currently preparing for the implementation by monitoring and
analyzing impacts of the Basel III adoption. Banks are reviewing business strategies and
business models and designing products that will be efficient as regards capital and
liquidity. Increased capital and liquidity requirements affect not only banks, but certainly
clients, too.
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Global financial system and Global financial architecture
The recent global financial and economic crisis which was revealed in 2007 showed
us that the reform of the global financial architecture was inevitable. First, I would like to
point out the global financial system and the supporting global financial architecture. The
global financial system consists of institutions and regulators that negotiate on an
international level. The main participants are the global institutions, such as International
Monetary Fund (IMF), Bank for International Settlements (BIS); national agencies and
government departments, e.g. finance ministries, central banks; private institutions
performing on the global scale, e.g. banks, hedge funds; and regional institutions such as the
Euro zone.
The global financial system has three components: private sector institutions, the
nations that have supervisory jurisdiction over the private institutions, and the international
institutions through which the national authorities coordinate and cooperate. The Global
financial architecture (GFA) represents the global collective governance arrangements for
safeguarding the effective functioning (or the stability) of the global financial system. The
GFA is governed first and foremost by the countries that have agreed to be part of it, for
example, through their IMF membership, their participation in other institutions and
agreements, and their adherence to various codes, standards, and understandings.
Accordingly, accountability for the successes and failures of the GFA rests squarely with its
member countries, in particular those that strongly influence it. These same countries are
accountable to their own constituencies for the performance of the GFA and any implications
its performance may have on national, regional, continental, and global economic and
financial outcomes.[1]
International financial institutions
The most prominent and crucial international institutions for global regulation are the
International Monetary fund (IMF) and Bank for International Settlements (BIS) with two
subsidiary bodies that are important actors in the global financial system Basel Committee
on Banking Supervision (BCBS) and the Financial Stability Board (FSB). Also important is
the World Bank (WB) and the World Trade Organization (WTO). In the private sector, an
important organisation is the Institute of International Finance (IIF).
The International Monetary Fund (IMF) has played a part in shaping the global
economy since the end of World War II, and was conceived in July 1944 in Bretton Woods.
At present, IMF is an organization of 188 countries, working to foster global monetary
cooperation, secure financial stability, facilitate international trade, promote high employment
and sustainable economic growth, and reduce poverty around the world. The IMFs main
business is overseeing the international monetary system by regularly reviewing national,
regional and global economic and financial developments; providing economic monitoring
and policy advice to its member countries and analyzing the impact of countries policies on
others; applying lessons from cross-country experiences to each countrys unique situation.
[2] Three main functions of IMF are: surveillance, technical assistance and training, and
lending. IMF monitors and discusses countries economic and financial policies on regular
basis, usually once a year; it is known as bilateral surveillance. IMF prepares assessments of
each member countrys economic situation. Multilateral surveillance is known as extensive
analysis of global and regional economic trends. IMF draws up three semi-annual
publications: the World Economic Outlook, the Global Financial Stability Report and the
Fiscal Monitor. Technical assistance and training is offered by IMF in the areas of fiscal and
monetary policy, exchange rate policies, banking and financial system, supervision,
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regulation, and statistics. IMF provides financing for member countries which need to correct
their balance of payments problems. IMF further provides flexible crisis prevention tools and
has doubled loan access limits and is boosting its lending to the worlds poorer countries. All
these activities are supported by IMFs economic and financial research and statistics.
The Bank for International Settlements (BIS) is the worlds oldest international
financial organisation and was established in May 1930. BIS acts as a bank for central banks
by: promoting discussion and cooperation among central banks; supporting dialogue with
other authorities that are responsible for promoting financial stability; conducting research on
policy issues confronting central banks and financial supervisory authorities; negotiating as a
prime counterparty for central banks in their financial transactions; serving as an agent in
connection with international financial operations.[3] The key objective of the BIS is
promoting monetary and financial stability. Governors of the BIS member central banks
discuss monetary and financial matters on the twomonth basis meetings. BIS standing
committees support central banks in charge of financial stability more generally, by providing
analysis, background and recommendations. The most important committees of BIS include:
Basel Committee on Banking Supervision (BCBS), the Committee on the Global Financial
System (CGFS) or Committee on Payment and Settlement Systems (CPSS). Several
independent organisations in the area of financial stability have their secretariats at the BIS:
the Financial Stability Board (FSB), the International Association of Insurance Supervisors
(IAIS) and the International Association of Deposit Insurers (IADI).
The World Bank was established in 1944, is headquartered in Washington, D.C. and
comprises two institutions managed by 188 member countries: the International Bank for
Reconstruction and Development (IBRD) and the International Development Association
(IDA). These institutions are part of a larger body known as the World Bank Group. IBRD
aims to reduce poverty in middle-income and creditworthy poorer countries, while IDA
focuses exclusively on the worlds poorest countries. [4]
The group of twenty (G20)
The most important forum for international cooperation brings together the worlds
major advanced and emerging economies. The G20 comprises 19 country members all over
the world and the European Union. Countries of G20 represent around 80% of global trade,
90% of global GDP and two-thirds of the worlds population. They solve the most important
international problems on their Leaders Summits. The main goal is to create a new
international financial architecture by promoting financial regulations, reducing risks and
preventing future crises. They manage its members to achieve sustainable growth and
economic stability. The first G20 Summit was convened by U.S. President George W. Bush
on November 2008. It was during the recent global and economic crisis which later spread
around the world. It required a very good coordinated response.
There have been seven G20 Leaders Summits [Washington (November 2008),
London (April 2009), Pittsburgh (September 2009), Toronto (June 2010), Seoul (November
2010), Cannes (November 2011), Los Cabos (June 2012)] with their key outcomes to achieve
sustainable growth and economic stability; to promote financial regulations and prevent future
crises; and finally to create a new global financial architecture.
[5]
Institutions must cooperate more closely than in the past on the performance and
reform of the global financial system.
Necessary reforms of the global financial architecture
The recent global financial and economic crisis disclosed that the pre-crisis global
financial architecture GFA was in poor condition both in its structure and implementation.
The following areas for reforms of the global financial architecture were identified [1]:
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The regulatory requirements for soundness of individual financial institutions, also
microprudential bank regulations were inadequate. Basel II regulation was flawed in
capital requirements, liquidity risks, inadequate leverage limits and ineffective
national supervisory. Basel Committee on Banking Supervision and the Financial
Stability Board met to review capital and liquidity requirements. They had reached a
broad agreement (Basel III) with increased quality, quantity and consistency of
capital, strengthened liquidity standards, prevented excessive leverage and risk taking
and with reduced procyclicality, too.
Borders of financial regulation, supervision and infrastructures should not be too
narrow to prevent systemic problems. The national frameworks of regulation have to
anticipate and prevent problems in cross-border institutions. Also, the boundaries of
financial regulation and supervision should be multidimensional.
Supervision and regulation of global financial markets, in particular over-the-counter
(OTC) derivatives markets have to be efficiently regulated. The OTC markets are
really global and systemic. Successful reform requires changes in processes, legal and
cross-border cooperation.
Greater attention is being paid to the Systemically Important Financial Institutions
(SIFI) or Too Big to Fail problem (TBTF). Market or institution is systemic if its
failure initiates widespread distress or triggers broader contamination. Some factors
could cause individual financial institution as systemically important: scope of
activities; size; risk-taking activities; opacity of risk exposures; interconnectedness
with other institutions or markets.
Rescue, resolution and crisis management - the capability to prevent next crisis should
be improved. Improvement of early warning systems is inevitable. Early detection of
financial imbalances could avoid systemic problems and reduce or mitigate the
potential threatening of financial stability. But it can be difficult to determine whether
warnings will lead to action or not.
Effective management of capital flows is important because unexpected capital flows
could cause problems in the management of macroeconomic policies and in the
protection of the stability of domestic financial systems. Management of capital flows
is crucial for financial stability. Globalization of the financial system could initiate
the capital flows to be a source of concern.
Building a resilient financial system
It is known that building a stronger system is not only the job for the public sector, but
it is a big challenge for the private sector, too. Directors and managers of banks should apply
better risk management, better incentives, governance and business models. Safer banking
will be more stable and sustainable but mean lower returns on bank equity. We could note the
remaining challenges for the financial reform:
First, consistent implementation of Basel III, which enhances the regulatory
framework Basel II at the level of individual institutions, and sets up a
macroprudential cover to limit systemic risk. As we know, Basel III is the framework
with better and more capital and liquidity that ensure effective loss absorption
capacity.
When the whole Basel III package is implemented, banks common equity will need
to be at least 7% of risk-weighted assets. This compares to a Basel II level of 2%. The
7% figure includes a 2.5% capital conservation buffer which is designed to be drawn
on in difficult times. [6]
216

Tab. 1: Implementation: from Basel II to Basel III
Source: www.bis.org, Caruana J.: Building a resilient financial system, Enhancing financial
stability issues and challenges, Manila, 7 February 2012
These risk-based capital requirements mentioned above will be supplemented by a
non-risk-based leverage ratio. That means the ratio of Tier 1 capital to the banks total
non-weighted assets plus off balance sheet exposures. As of January 2013, a Tier 1
leverage ratio of 3% will be tested and is expected to become a requirement in 2018.
Capital buffers will be phased in gradually and will be fully implemented as of 1
January 2019. As you can see in the table above, Basel III deals with systemic risk in
time dimension and with respect to the cross-section of risks.
o With respect to the time dimension, Basel III allows supervisors to impose a
countercyclical buffer on their banking system including both foreign and
domestic banks when credit growth seems to be getting out of hand
o With respect to the cross-section of risks, the key initiatives involve reducing
the probability and impact of stress or failure at systemically important
financial institutions (SIFIs). This implies higher loss absorbency for the
largest, most interconnected institutions. [7]
Liquidity ratios will complement capital requirements. A short-term Liquidity
coverage ratio (LCR) is expected to have high-quality assets to cover a stress scenario.
Net stable funding ratio (NSFR) requires banks to keep stable longer-term funding.
NSFR matches the maturity of banks assets and their liquidity needs.
Second, regulatory reform programme will be completed by: strengthening resolution
and reducing moral hazard (reliance on bail out); strengthening the derivative
instruments traded over the counter (derivatives need to be traded on an exchange and
cleared through a central counterparty); and finally by monitoring and addressing the
risks posed by the shadow banking system which provide alternative funding for the
real economy.
Finally, proactive adequate supervision, including macroprudential oversight that will
reinforce and supplement reforms at the microprudential level is necessary.
217

Conclusion
The international cooperation between the most prominent financial institutions (IMF,
BIS with BCBS, FSB, and G20) for global financial regulation was developed and continues.
Fiscal, monetary and prudential policy need to work together to provide sustainable global
growth. Public and private sectors must contribute to completing the regulatory agenda and
monitoring the implementation. New capital and liquidity framework Basel III comprises the
enhanced microprudential framework Basel II and a macroprudential framework. The
enhanced microprudential framework means: increase of capital quantity and quality, global
liquidity standards, enhanced risk management and disclosure. The macroprudential
framework focuses on stability over time (procyclicality) with capital conservation buffers,
countercyclical buffers and dynamic provisioning. The macroprudential framework deals with
a specific treatment for systemically important banks (systemic capital charges) and leverage
ratio. Also, as the table shows, the total amount of the capital requirement could reach up to
10.5% - 15.5% of risk-weighted assets. Gradual implementation of new requirements will
start in 2013 and end as of 1 January 2019. A long transition period could mitigate potential
macroeconomic impacts that might result from too quick implementation. Five years after the
beginning of the global and financial crisis the world economy is still fragile. European
financial markets are under pressure, and European countries are in recession. Due to the
potential spread of the debt crisis in the European Union, it was agreed by the European
Banking Authority (EBA) that commercial banks are required to reach the Core Tier 1 capital
ratio representing 9% of risk-weighted assets by the end of June 2012.
Literature
[1]SCHINASI, G. J., TRUMAN, E. M. 2010. Reform of the Global Financial Architecture
[online]. September 2010. Washington [cit. 2012-07-05]. Available on
internet:
<http://www.iie.com/publications/wp/wp10-14.pdf>.
[2]INTERNATIONAL MONETARY FUND [online]. Washington: International monetary
fund [cit. 2012-07-08]. Available on internet:
<http://www.imf.org/external/about/howwedo.htm>.
[3]BANK FOR INTERNATIONAL SETTLEMENT [online]. Basel: Bank for international
settlement [cit. 2012-07-08]. Available on internet:
<http://www.bis.org/about/index.htm?l=2>.
[4]WORLD BANK [online]. Washington: World bank [cit. 2012-07-09]. Available on
internet:
http://web.worldbank.org/WBSITE/EXTERNAL/EXTABOUTUS/0,,pagePK:50004410~piP
K:36602~theSitePK:29708,00.html.
[5]G20 [online]. Mexico: G20 [cit. 2012-07-10]. Available on internet:
<http://www.g20mexico.org/index.php/en/previous-leaders-summits>.
[6]CARUANA, J. 2012. Building a resilient financial system, Enhancing financial stability
issues and challenges [online]. February 2012. Manila [cit. 2012-07-10]. Available on
internet: <http://www.bis.org/speeches/sp120208.pdf>.
[7]CARUANA, J. 2012. Progress and challenges in financial reform, Banking business and
banking regulation: strategies, results, prospects [online]. June 2012. St Petersburg
[cit.
2012-07-10]. Available on internet: <http://www.bis.org/speeches/sp120612.pdf>.
Kontakt: Angelika Stupkov, Ing., Fakulta ekonmie a podnikania, Paneurpska vysok
kola, Tematnska 10, 851 05 Bratislava, e-mail: a.stupkova@gmail.com
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MEDZINRODN VEDECK KONFERENCIA

AKTULNE OTZKY EKONOMICKEJ TERIE A PRAXE

INTERNATIONAL SCIENTIFIC CONFERENCE

CURRENT TOPICS OF ECONOMIC THEORY AND PRACTICE

ZBORNK PRSPEVKOV Z MEDZINRODNEJ VEDECKEJ KONFERENCIE

Zostavil (editor): Hontyov, Kajetana; Sipko, Juraj (eds.)

Zbornk prspevkov z medzinrodnej vedeckej konferencie

The Proceedings of the International Scientific Conference - Current Topics of

Bratislava: Paneurpska vysok kola, Fakulta ekonmie a podnikania, 2012. 218 s.

Za obsahov strnku prspevkov zodpovedaj jednotliv autori.

Rukopis nepreiel jazykovou pravou.

MEDZINRODN VEDECK KONFERENCIA

AKTULNE OTZKY EKONOMICKEJ TERIE A PRAXE

INTERNATIONAL SCIENTIFIC CONFERENCE

CURRENT TOPICS OF ECONOMIC THEORY AND PRACTICE

ZBORNK PRSPEVKOV Z MEDZINRODNEJ VEDECKEJ KONFERENCIE

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Paneurpska vysok kola

Aktulne otzky ekonomickej terie a praxe

Pan European University

Current Topics of Economic Theory and Practice

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Medzinrodn programov vbor konferencie / International Program

Organizan vbor konferencie / Organizing Committee

Recenzenti / Articles reviewed by

Plenrne zasadnutie / Plenary session / Invited speakers

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Miesto konania konferencie / Conference Location

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Program konferencie / Conference Program

LUNCH BREAK/ OBEDAJIA PRESTVKA

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Kittler Maria Sofia

Dlhov krza ttov eurozny a vplyv na podnikatesk sektor

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Sekcia A: Ekonomick krza a podnikanie v priestore E

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Sekcia B: Doktorandsk sekcia

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Zvery z rokovania sekci / Section summary

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

SASN PROBLMY DLHOVEJ KRZY EUROZNY:

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Primrna bilancia, % nominlneho HDP

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Tempo rastu HDP, Y/Y, %

Nabaovanie dlhu, Y/Y, %

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Ako sa d interpretova zisten reakcia rozpotov z hadiska smerovania

Aktulne otzky ekonomickej terie a praxe v medzinrodnom podnikan 2012

Zdroj: Na zklade modelu, Hajnovi 2010