Michael Augustín and Peter Daubner
This chapter provides a detailed analysis of Slovakia's economic transformation since the end of the socialist era and its transition toward a market-based economy. The country…
Abstract
This chapter provides a detailed analysis of Slovakia's economic transformation since the end of the socialist era and its transition toward a market-based economy. The country had a slower start than Poland, Czechia, and Hungary in embracing capitalism, which earned it the nickname of the “Tatra Tiger” only after Dzurinda's administration. The chapter examines the crucial economic reforms, political decisions, and contextual factors that have shaped Slovakia's economic trajectory, particularly emphasizing the interplay between politics and economic policy. Additionally, it highlights the challenges posed by the legacy of previous governments, including oligarchic influence and socioeconomic disparities. Despite some periods of economic growth, Slovakia is currently facing a crisis of political and socioeconomic discontent, primarily due to overdependence on the automotive sector and a lack of investment in innovation and infrastructure. The chapter concludes by stating the need for more visionary leadership and a national dialog on Slovakia's future direction, indicating a concerning inertia in the face of pressing economic challenges.
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Lubor Lacina and Dunja Spasojević
Chapter concentrates on similarities and dissimilarities of both Czech and Slovak economy since start of the economic transformation at the begin of 90s. Authors closer look on…
Abstract
Chapter concentrates on similarities and dissimilarities of both Czech and Slovak economy since start of the economic transformation at the begin of 90s. Authors closer look on economic development before both countries joining the European Union (EU) May 1st, 2004 and before Slovakia joining Eurozone by January 1st, 2009. Both impact of membership in EU and Slovak membership in Eurozone provides ground for identification of economic trajectories of both economies during economic transformation and after joining EU and in case of Slovakia Eurozone. Authors try to solve the puzzle if both economies behave rather as a twins or unique cases.
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Rosemarie Stibbe and Michael Voigtländer
– The aim of the study is to investigate the implementation of corporate sustainability (CS) in the German real estate sector.
Abstract
Purpose
The aim of the study is to investigate the implementation of corporate sustainability (CS) in the German real estate sector.
Design/methodology/approach
The authors begin by outlining the framework set by the European Union and the German Federal Government for companies wanting to be classified as sustainable. After this, the relevance of sustainability for German real estate companies is discussed. Their empirical section contains an international comparison. Finally, they present an analysis checking the implementation of CS for the main 135 German real estate companies.
Findings
The present analysis shows that German real estate companies compare well with their international counterparts, in 2012 representing 15 per cent of all real estate firms reporting on the basis of the Global Reporting Initiative. However, of the 135 companies in Germany surveyed, only a small proportion classify themselves as CS and CSR (corporate social responsibility) enterprises. This number could be rapidly increased by better documentation of companies’ commitment to sustainability.
Practical implications
The study’s importance lies in the overview it provides of CS activities in the German real estate industry. In addition, it provides hints on how companies can improve their documentation to classify as CSR enterprises. Although the analysis concentrates on Germany, the results are also relevant for companies in other European countries.
Originality/value
This is the first study to offer a comprehensive overview of the CS activities of the German real estate industry.
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After 1989, the Czechoslovak economy faced very many challenges related to the transition process from centrally planned system to the market economy. The main goal of the…
Abstract
After 1989, the Czechoslovak economy faced very many challenges related to the transition process from centrally planned system to the market economy. The main goal of the transformation was the liberalization of prices and foreign trade. After the price and trade liberalization has been introduced a critical part of transformation, including the small and large scale of privatization. The price and foreign trade liberalization, including the small and large privatization, had very negative impact on the economic activities. After relatively successful transformation, the authorities from both the Czech and the Slovak Republic decided on a peaceful division on separate of two republics, the Czech and Slovak republics since January 1st, 1993. Historically, the main institutions during the Czechoslovak republic were located in the Czech Republic, in particular, central banks and other federal institutions. In addition, the structure of the Slovak economy was relatively less developed in comparison with the Czech economy. The Slovak authorities were able to build the institutional and legal frameworks for the Slovak economy. During 1993, the Slovak economy was under many pressures due to the relatively low level of the foreign exchange assets, deep external imbalances, and high level in inflation. Furthermore, it was needed the restructuring of the enterprises, dealing with bad debt in the banking sector etc. Despite all obstacles related to the overall transformation process, including the creation of new institutions for a new country, the Slovak economy started to adjust to new market economic conditions relatively well.
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During the short history of Slovakia as an independent state, economic convergence has been at the center of the attention of policymakers and public figures. Even after becoming…
Abstract
During the short history of Slovakia as an independent state, economic convergence has been at the center of the attention of policymakers and public figures. Even after becoming a member of many important international organizations (e.g. European Union, OECD, NATO), Slovak discourse still focuses on comparison with the Visegrad Group countries or with so-called new EU Member States. In this chapter, based on several rankings covering relevant economic indicators, we describe the development of Slovak's position globally (Global Competitiveness Index, Ease of Doing Business, GDP p. c.) or specifically among the EU Member States (convergence to EU average in selected indicators). We also explain these changes in connection to the specific development of the Slovak economy.
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Renáta Pitoňáková and Ladislav Kabát
The globalized economic environment is a reality of our time, and the free market is an organic part of it. In the European Union, the free market is one of the key pillars of its…
Abstract
The globalized economic environment is a reality of our time, and the free market is an organic part of it. In the European Union, the free market is one of the key pillars of its functioning. The free movement of labor, capital, goods, and services contributes to long-term and stabilized economic and social development. When monitoring and analyzing the free market, the labor market deserves special attention. The information provided reflects Slovakia's labor market for 2000–2020, in which the country was undergoing significant social and economic changes. It was joining the European Union and the euro area. Many privatization projects continued, as well as modernization and building of new business capacities. However, their successful use required new sources of labor and a new labor market organization. Therefore, in this chapter, we provide information about the status of the labor market in the context of economic development. We also point out the level of unemployment in relation to the structure of the labor force. The chapter aims to provide principal information about changes in the labor market in Slovakia and its determinants from the external environment.
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Given the fact that Slovakia is a small, open, export-oriented economy strongly dependent on foreign trade and foreign direct investment (FDI) inflows, this chapter seeks to…
Abstract
Given the fact that Slovakia is a small, open, export-oriented economy strongly dependent on foreign trade and foreign direct investment (FDI) inflows, this chapter seeks to analyze the country's performance in international trade and investment flows as well as its foreign economic policy in the field of export and investment promotion. This chapter points out that Slovakia's foreign trade and inward FDI flows are highly interconnected due, inter alia, to the lion's share of foreign companies in Slovak exports. In addition, Slovakia's largest comparative advantages in exports are “acquired” through FDI inflows and include products of the automotive and electronics industries. However, the way in which Slovakia is involved in international trade and investment flows reflects its reliance on lower value-added economic activities, such as, in particular, the assembly of motor vehicles from imported intermediate products. In order to increase international competitiveness of the Slovak economy and ensure its future economic growth, it is important to improve the effectiveness of Slovakia's foreign economic policy and economic diplomacy, diversify the territorial and commodity structure of Slovak exports, support the expansion of Slovak companies abroad, as well as attract FDI with higher added value and to less developed regions.
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The residential real estate market represents the entire complex of economic and social relations at the macroeconomic and microeconomic levels. This publication aims to evaluate…
Abstract
The residential real estate market represents the entire complex of economic and social relations at the macroeconomic and microeconomic levels. This publication aims to evaluate developments in the field of financing and the development of the residential real estate market in Slovakia, with a special focus on the determinants affecting the demand, supply, and prices of residential real estate in Slovakia and Bratislava. Owner-occupied housing is the dominant type of housing and has a significant impact on the development of housing issues. Research into the issue of multiple ownership of real estate provides answers to questions about the growth of real estate prices in the conditions of Bratislava. The influence of financial indicators, especially interest rates, the availability of housing loans, and the regulation of the banking sector explain the essential connections in the area of the development of residential real estate prices and factors of their development. The analysis points to the need for the development of rental housing in Slovakia.