Ekonomická fakulta UMB

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A bidimensional model of central banking under deflationary pressures: evidence from Japan, Germany and Slovakia
(Vysoká škola ekonomická : Praha, 2025) Boďa, Martin; Zimka, Rudolf; Zimková, Emília
The contribution presents results of an application of a model of central banking in deflationary conditions based on the ideas defended by Asada (2011, Central banking and deflationary depression, a Japanese perspective) and Asada et al. (2016, The stability of normal equilibrium point and the existence of limit cycles in a simple Keynesian macrodynamic model of monetary policy). The model describes the equilibrium of nominal interest rates and expected price inflation. A correspoding approximate discrete analog is derived for the continuous-time model, and is estimated by using data for the Japanese, German and Slovak economy to describe the actual conditions in which these economies operate. Mathematical properties of the estimated model for each economy separately are studied with an emphasis for their use in economic policy planning and making.
A method for the gender disaggregation of Okun's law
(Springer Nature : Heidelberg, 2026) Boďa, Martin; Tichá, Michaela
For the case of a slowly time-varying Okun’s law, the paper proposes a method to identify male and female Okun coefficients based upon the trajectory of the economy-wide Okun coefficient. The method rests upon a disaggregation principle that requires that gender-specific Okun coefficients be in “accounting” agreement with economy-wide Okun coefficients, which is not recognized in conventional applications. Albeit equally applicable also for the difference version of Okun’s law, the method is demonstrated with the more general gap version for the Group of Seven (G7) economies over a period 1991–2022. The demonstration reveals that the conventional approach often leads to implausible trajectories of Okun coefficients and that the unemployment-output nexus for the past three decades did not have constant features. Furthermore, male unemployment need not be universally more exposed to the business cycle, but gender sensitivity may alternate over time with a little difference between males and females.
(A)synchronicity in Okun coefficients amongst 38 OECD countries
(Palgrave Macmillan : London, 2026) Boďa, Martin; Považanová, Mariana; Tichá Michaela
For 38 OECD countries during the period 1991–2022, the paper estimates time-varying trajectories of unemployment-based and employment-based Okun coefficients and studies their synchronicity. Schlicht’s VC method is utilized to estimate Okun coefficients and time-series clustering is applied to identify groups of economies with synchronous business cycle characteristics. The findings defy two prevalent beliefs of Okun’s law since many countries display constant or almost constant trajectories of the (un)employment-output sensitivity, and for many countries Okun’s law need not be stronger in a downturn. Furthermore, countries do not synchronize in their business cycle dynamics as shown in disparate trajectories of Okun coefficients, which argues against a single one-size-fits-all stabilization policy, certainly in less homogeneous economic blocks. Finally, there is strong evidence for labour market flows into and outside the labour force that are associated with informal sector size and translated into lesser sensitivity of official labour market variables across the business cycle.
Accommodation tax as a tool of financial management of destination: Insights from selected European countries
(Multidisciplinary Digital Publishing Institute : Basel, 2025) Maráková, Vanda; Wszendybył-Skulska, Ewa; Dzúriková, Lenka
Accommodation tax represents an increasingly important fiscal instrument for financing tourism development and destination management organizations (DMOs). This paper examines the structure, distribution, and utilization of accommodation tax revenues in Slovakia, with comparative insights from Switzerland. Drawing on financial data from 905 Slovak municipalities (2017–2023), the study investigates the relationship between taxation, public–private funding, and sustainability-oriented expenditures. The results highlight that accommodation taxes serve as both a stable and flexible revenue source for DMOs but remain geographically uneven, reflecting disparities in tourism density and local administrative capacity. The study contributes to tourism economics and governance literature by illustrating how destination funding evolves in emerging European economies. Theoretical and practical implications for equitable and sustainable DMO financing are discussed.
Age management implementation in the workplace: Trends, contributing factors, and implications for organizational performance
(Technická univerzita v Liberci, 2026) Seberíni, Andrea; Kaščáková, Alena; Tokovská, Miroslava; Šolcová, Jana
This study investigates age management implementation and its impact on employment patterns in Slovak organizations between 2021–2024. The research examines organizational responses to workforce aging challenges in a post-transition economy through a mixed-methods approach. Quantitative workforce analysis of Statistical Office data (n = 2,503) was combined with qualitative organizational assessment through key informant interviews (n = 6) to analyze employment trends across age cohorts and evaluate organizational responses. Findings reveal significant increases in older worker participation, with the 50–64 age group showing a 5.8% increase in employment rates (66.8% to 72.6%). Qualitative analysis identified six critical dimensions of successful age management implementation: technology adaptation, workplace flexibility, bidirectional knowledge transfer, professional development, health-conscious adaptations, and career continuation support. Organizations implementing comprehensive age management strategies demonstrated improved workforce retention among older employees. The findings provide empirical evidence supporting Slovakia’s active aging initiatives while highlighting challenges in gender equity and technology adaptation. This work aligns with the journal’s focus on contemporary workforce development challenges in transitional economies and contributes valuable insights for both practitioners and policy makers seeking to address the demographic shift in labor markets.
Aktívne starnutie v regiónoch Slovenska
(Bratislava : Štatistický úrad Slovenskej republiky, 2025) Kaščáková, Alena; Rigová, Zuzana; Ivančíková, Ľudmila
Na začiatku 21. storočia čelia krajiny po celom svete výrazným zmenám vo vývoji počtu a hlavne štruktúry obyvateľstva, pričom najvýraznejším trendom je starnutie populácie. Tento fenomén, ktorý je obzvlášť zreteľný vo vyspelých krajinách, vedie k nárastu sociálnych a zdravotných nákladov, čím sa zvyšuje tlak na verejné systémy. Koncept aktívneho starnutia, ktorý podporuje neustálu angažovanosť starších ľudí v rôznych oblastiach života – sociálnej, ekonomickej, kultúrnej a občianskej – bol navrhnutý ako riešenie na zmiernenie tejto záťaže a zvýšenie kvality života seniorov. Koncept má za cieľ udržať starších ľudí aktívnych a participujúcich na spoločenskom dianí, čím sa zlepšuje ich kvalita života a znižujú sa verejné výdavky. Na meranie aktívneho starnutia v európskych krajinách bol vytvorený Index aktívneho starnutia (AAI), pričom Slovensko sa zapojilo do tohto medzinárodného hodnotenia. AAI kombinuje údaje zo štyroch kľúčových oblastí: zamestnanie, spoločenská účasť, nezávislé bývanie a podporné prostredie, pričom využíva 22 ukazovateľov z európskych prieskumov. AAI bol hodnotený na národnej úrovni v rokoch 2010 až 2018, ale nebola vypracovaná jednotná metodika na nižšej ako národnej úrovni a regionálne výsledky nie sú známe. Tento článok hodnotí aktívne starnutie v regiónoch Slovenskej republiky, opisuje použitú metodiku a porovnáva ju s metodikami iných európskych krajín, ktoré sa doposiaľ venovali analýze regionálnych rozdielov v úrovni aktívneho starnutia.
Aktuálne faktory vplývajúce na cenu Bitcoinu a jeho investičné využitie
(Slovenská asociácia podnikových finančníkov : Bratislava, 2024) Huňady, Ján; Sedliačik, Ivan
Rýchly rozvoj digitálnych technológií súvisiacich s kryptomenami a výrazný rast ceny Bitcoinu počas ostatnej dekády si získal veľkú pozornosť investorov aj výskumníkov Bitcoin a ostatné kryptomeny založené na technológií blockchain sú stále považované za relatívne nový typ finančného aktíva, avšak začínajú byť čoraz viac akceptované rôznymi typmi investorov Bitcoin sa vzhľadom na svoje niektoré charakteristiky začal dokonca považovať za tzv digitálne zlato V tomto článku sa pokúsime vysvetliť význam vybraných aktuálnych udalostí pre možnosti investovania do Bitcoinu a preskúmame tri faktory, ktoré môžu výrazne vplývať na zmenu jeho ceny v krátkodobom aj dlhodobom horizonte Medzi zásadné rozhodnutia ovplyvňujúce investičné možnosti patrilo schválenie spotových Bitcoinových ETF v USA Táto zmena má potenciál priviesť na trh nových investorov a formovať ďalej náladu na kryptomenových trhoch Ďalšou významnou blížiacou sa udalosťou je tzv halving Bitcoinu, ktorý má tiež potenciál ovplyvniť jeho cenu Posledným faktorom, ktorý sme sa rozhodli bližšie preskúmať je aktuálna menová politika v USA a jej prípadne zmeny v budúcnosti Postupne sa budeme venovať všetkých trom uvedeným problémom a naznačíme možné dôsledky na vývoj ceny Bitcoinu.
Alfred Marshall a jeho prínos pre ekonómiu
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2024) Kuráková, Ivana; Šagúl, Timotej
Alfred Marshall bol najvýraznejší a najznámejší ekonóm svojich čias. Jeho dielo ovplyvňovalo a stále ovplyvňuje ekonómiu ešte desaťročia po jeho smrti. Ako spoluzakladateľ cambridgeskej školy neoklasickej ekonómie zosystematizoval ekonomické teórie klasikov a následne ich ďalej rozvíjal a dopĺňal najmä o teóriu hraničnej užitočnosti. Tento rok (13.7.) uplynulo presne 100 rokov od jeho smrti v Cambridge, čo predstavuje významnú príležitosť pripomenúť si jeho dielo a vybrané myšlienky.
An approach for setting a safe harbour for the loans based on freely available data: A reasonable way or just virtue out of necessity
(Vysoká škola báňská Technická univerzita Ostrava, 2024) Solilová, Veronika; Brychta, Karel; Ištok, Michal
With regards to strict laws outlined in the Income Tax Act and the lack of specific methodology/guidelines in the OECD Transfer Pricing Guidelines, taxpayers are experiencing significant legal ambiguity and high compliance costs when determining the transfer price of intercompany loans (i.e. transactions between associated persons). For this reason, a number of states have implemented simplified measures, known as “safe harbours“, which offer substantial advantages both for taxpayers and tax authorities. The purpose of this paper is to introduce a potential safe harbour strategy by assessing the predictive capabilities of the Bloomberg and Czech National Bank (CNB) databases in order to establish a safe harbour considering the conditions of the Czech Republic.
Analysing interregional disparities in the EU. An application of beta and sigma convergence
(Cluj University Press : Kluž, 2025) Kožiak, Radoslav; Hvolková, Lenka; Klement, Ladislav; Klementová, Vladimíra; Elexa, Ľuboš
Implementation of regional policy has a long tradition in the European economic space. Since the beginning of European integration in the mid-20th century, a common regional policy based on cohesion, solidarity, and redistribution began to take shape. This paper is focused on the examination of the development of regional disparities in EU27 (27 European Union member states). This phenomenon is characterized by its ‘inertial’ nature, despite the implementation of a relatively generous system of instruments, particularly financial ones, in less developed countries and regions. However, it cannot be unequivocally proven that this is caused by inefficient, inappropriate, or misdirected redistribution within the EU27. The neoclassical concept of β-convergence and σ-convergence enables the identification of the RD’s (Regional Disparities) tendency within more than 20 years. To prove the results as accurately as possible and compare the development of interregional disparities, the analysis was conducted on the crucial macroeconomic indicator “GDP” (Gross Domestic Product) expressed in PPP (Purchasing Power Parity), not only at the level of EU (European Union) member states, but also at the regional levels. The results of this research reveal that despite the long-term implementation of the common cohesion policy there is a continuous deepening of interregional disparities at all examined NUTS (Nomenclature of territorial units for statistics) levels.
Analysis of life insurance contract cancellations using the accelerated failure time model
(Český statistický úřad : Praha, 2026) Mucha, Vladimír; Ďuďák Teplanová, Patrícia; Gogola, Ján; Špirková, Jana
The aim of this paper is to analyse the cancellation of life insurance contracts on death using an accelerated failure time (AFT) model. The study focuses on identifying risk factors that influence the time to cancellation, with the objective of determining which to identify those insureds who cancel their policies the fastest. The analysis revealed several notable findings regarding the impact of premium payment frequency on contract cancellation. Specifically, yearly premium payments were found to extend the time to cancellation by 27% compared with monthly payments, holding all other factors constant. For contracts with monthly premiums, 10% of clients cancel within approximately 376 days, whereas for yearly premiums, the corresponding period is 476 days. Additionally, the results indicate that clients who did not conclude their contracts through the tied agent distribution channel tend to cancel their policies sooner. The AFT model was constructed using established R packages for survival analysis.
Analyzing the complexities of export: a heterogeneous analysis of BRICS economies and product types
(Springer : New York, 2026) Kafeel, Kafeel; Hronec, Martin; Hroncová Vicianová, Jana; Khan, Sher; Šuplata, Marian
This study examines the determinants of export sophistication across BRICS countries (Brazil, Russia, India, China, and South Africa) from 2000 to 2022. It focuses on the heterogeneous effects of macroeconomic variables economic growth (GDP), foreign direct investment (FDI), human capital, and research and development (R&D) as well as the impact of the COVID-19 pandemic on export sophistication. The study employs the cross-sectionally augmented autoregressive distributed lag (CS-ARDL) approach, which effectively captures cross-sectional dependence and slope heterogeneity, improving upon traditional panel estimation techniques. The empirical findings indicate that GDP growth, FDI inflows, human capital, and R&D expenditures positively influence export sophistication in BRICS economies, while the COVID-19 pandemic exerts a negative effect. These insights offer important policy implications for enhancing export quality and economic resilience in emerging markets.
Application of mental accounting to selected aspects of consumer behavior
(Belianum. Vydavateľstvo Univerzity Mateja Bela v Banskej Bystrici, 2024) Tančák, Marek; Krištofík, Peter
This study explores mental accounting by integrating behavioral economics and accounting principles to understand consumer decision-making. It introduces a novel framework based on double-entry accounting principles, drawing from accounting standards, to visualize mental accounting processes and mitigate heuristic-driven biases. Theoretical insights synthesize classical and modern literature, highlighting heuristics as both enablers and sources of cognitive bias. Empirical analysis demonstrates how these biases influence decision-making and validates the framework’s utility in identifying and mitigating irrationalities. By adopting an accounting perspective, consumers can rationalize financial decisions more effectively. The findings advance behavioral economics, offering practical tools to enhance decision-making under uncertainty and suggesting paths for future research.
Application of the principles of inclusion in tourism in V4 countries – theoretical definition, research, analysis, recommendations
(Praha : Panevropská univerzita, 2024) Hamarneh, Iveta (ed.); Marčeková, Radka (ed.); Kruczek, Zygmunt (ed.)
Assessing efficiency of the European banking sectors: an application of the network DEA
(Český statistický úřad : Praha, 2025) Zimková, Emília; Pintér, Ľubomír
The global financial crisis, sovereign debt crisis, Covid-19, and the invasion in Ukraine highlighted the need to optimise the production processes in banking sectors in Europe. Data Development Analysis (DEA) is a method used to evaluate the efficiency of production units and to benchmark them. It is an important part of analysing and managing the production processes. The contribution attempts to measure and compare technical efficiency scores of 26 European banking systems in 2020 and 2021 by using Network-Data Envelpment Aanalysis (N-DEA), specifically the two-stage slacked-based model (SBM) by Kaoru Tone and Miki Tsutsui (2009). The methodology of NSBM-DEA allows us to assess the efficiency scores of two sub-processes: the deposit collection process and the intermediation process that reflects the use of deposits for earning assets (loans and purchased bonds). Therefore, by NSBM-DEA the deposit collection efficiency, the intermediation proces efficiency and its overall technical efficiency can be gained. Most banking systems in Europe reveal a large inefficiency in collection of deposits and higher efficiency in intermediation of the deposits into earning assets. Our findings show that in 2020 and 2021 only 2 out of 26 European banking sectors were technically efficient in the deposit collection phase, namely Latvia and Malta. In the intermediation phase, the only France was almost technicaly efficient (99.9% in 2020 and in 2021 as well). As to the overall technical efficiency, as the best overal efficiency was reached by the banking systems of France and Germany. The result of our contribution is benefitial to policymakers, regulators, or economists that must assess the performance of the entire banking sectors. The deeper integration of the banking sectors through initiatives like the BankingUnion is inevitable.
Assessing financial stability through debt indicators in the Slovak engineering sector
(Žilinská univerzita, 2025) Kovalová, Erika; Grofčíková, Janka
Research background: In the context of increasing economic volatility and competitive pressure, the financial stability of industrial enterprises has become a critical area of analysis. The mechanical engineering sector, as a capital-intensive industry, is particularly sensitive to the structure and level of indebtedness. Financial analysis, especially debt analysis, plays a central role in identifying the financial health of enterprises. Appropriate capital structure enhances long-term sustainability, while excessive reliance on external financing may increase insolvency risk. The Slovak mechanical engineering sector, although economically significant, remains underexamined in this context. Purpose of the article: This study aims to assess the financial stability of enterprises in the Slovak mechanical engineering sector by analyzing indebtedness indicators and identifying differences based on company size and legal form. It further seeks to evaluate compliance with selected financial principles such as the golden balance and parity rules. Methods: The research is based on secondary data obtained from the Moody’s database for the period 2019–2023, covering enterprises under NACE section C25, C28, C29, C30. Descriptive statistics and non-parametric methods, specifically the Kruskal–Wallis test, were used to examine the influence of size and legal form on six key debt indicators: total indebtedness, credit indebtedness, debt-to-equity ratio, interest coverage, financial leverage, and insolvency. Findings & Value added: The average total debt remained below the 70% threshold, indicating moderate indebtedness. Statistically significant differences were found in four out of six indicators depending on company size, while legal form influenced only credit debt. The sector exhibited consistent undercapitalization and partial non-compliance with the golden balance rule, raising concerns about long-term financial sustainability. This article contributes to the existing literature by providing sector-specific evidence on indebtedness in the Slovak engineering industry. It offers practical recommendations for improving financial management practices, especially in terms of capital structure optimization, risk mitigation, and strategic planning. The findings are relevant for financial analysts, company managers, and policymakers focused on industrial development and economic resilience.
Assessing innovation efficiency: the case of post-communist EU member states
(Polskie Towarzystwo Ekonomiczne : Varšava, 2024) Kozuń-Cieślak, Grażyna Beata; Murray Svidroňová, Mária
Innovation plays a key role in driving progress and responding to the constantly changing economic, social, and technological requirements that modern economies face. This article assesses the innovative efficiency of the 11 post-communist EU member states in order to identify those that have achieved the weakest results in transforming pro-innovation inputs into innovative results. The Data Envelopment Analysis (DEA) method was used to estimate efficiency scores. The study analysed two models: Model A – covering 28 EU member states; and Model B – covering 16 EU countries and 12 countries from Europe, Asia and South America that are more similar in terms of economic development as measured by GDP per capita. The data on the input and output measures come from the 2015-2020 Global Innovation Index (GII) reports. The main findings indicate that among post-communist EU member states, Poland and Lithuania have achieved the lowest DEA-efficiency scores in transforming innovation inputs into innovations.
Assessing the accuracy of evaluations for managerial positions prone to corruption risks
(Czestochowa University of Technology : Czestochowa, 2025) Závadský, Ján; Osvaldová, Zuzana; Závadská, Zuzana; Hiadlovský, Vladimír; Bujda, Pavol
This article aims to evaluate the accuracy of two distinct methodologies—the multi-criteria (MC) approach and the process-based (PB) approach—for assessing corruption risks in managerial job positions within ISO 37001-certified organizations. Unlike prior research, this study is the first to directly compare these methods using standardized risk scales, allowing for a quantitative assessment of their accuracy. The PB approach analyzes critical decision-making activities, while the MC method uses predefined weighted criteria. The study calculated a Job Position Corruption Risk Number (JPCRN) under both methods and introduced a novel accuracy metric (ΔJPi) representing the difference between them. Although the MC method provides acceptable overall accuracy (average ΔJPi = 0.16), it becomes less reliable when organizations have very few or many high-risk positions. The findings underscore that organizations with elevated corruption risk profiles need to adopt a more precise PB method.
Bankruptcy prediction using first-order autonomous learning multi-model classifier
(Český statistický úřad : Praha, 2024) Sabek, Amine; Horák, Jakub; Musa, Hussam; da Silva, Amélia Ferreira
Research background: Bankruptcy and financial distress prediction has always been an integral part of any financial management system. It gives an indication to stakeholders to take precautionary measures in order to avoid losses. The traditional approaches for prediction, including logistic regression and discriminant analysis, are constrained by their inability to deal with complex and high-dimensional data (Odom and Sharda, 1990; Min and Lee, 2005). Recent developments in the field of machine learning, and particularly autonomous learning classifiers, present a potential proposed alternative. Purpose: The purpose of this paper is to propose a first-order autonomous learning classifier (F-O ALMM0) for predicting bankruptcy of business entities and individuals. Design/methodology/approach: The data file contained a total of 352 companies obtained from the Kaggle database and incorporating 83 financial ratios. Initially, the model's performance was assessed as a preliminary step, but the results were average, followed by the application of Principal Component Analysis (PCA) to enhance the quality of the input’s variables. Afterwards, the number of independent variables was reduced to 26. Thus, the results were improved.
Barriers to unpaid work: Conceptual frameworks of Slovak households
(Evropská výzkumná univerzita : Ostrava, 2025) Kollár, Ján; Mazúrová, Barbora; Kováčiková, Vanesa
Despite technological progress and the growing availability of digital solutions that could potentially streamline the management and execution of unpaid work, many of these tasks continue to represent a significant temporal and psychological burden. This article aims to identify the forms of unpaid work currently carried out in Slovak households and to explore the barriers that hinder their completion. Based on primary data from an ongoing survey with over 400 respondents, the paper highlights time poverty, paid employment, and stress as key obstacles to performing domestic tasks. Our findings are consistent with international research that conceptualizes time poverty as a multidimensional and systemic social issue. The article also emphasizes the need to support flexible working arrangements and a fairer distribution of household labor, combined with public policy measures that do not underestimate the importance of mental health.

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