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Guest Editor’s Notes 
 

The current volume of Economic Analysis provides a collection of 
original scientific papers and scientific reviews covering a wide range of topics 
from small and medium enterprises (SME) research to price stability and 
employment research, business logistics and business valuation.  

The most of articles were originated through the international co-
operation in education and science of Visegrad Group countries and Serbia in 
the field of the Investment, Banking and Business, especially oriented on the 
small and medium enterprises. This scientific collaboration is currently co-
financed by Visegrad Strategic Program project “Strengthening the educational 

and scientific collaboration among Faculties of Economics within V4 and countries of South Eastern 
Europe” of International Visegrad Fund. 

Within the frame of this project we have slowly but surely established international educational 
and scientific network of teachers and researchers from Czech Republic, Hungary, Poland, Serbia and 
Slovakia (see www.ekf.tuke.sk/ivf to recognize all eight project partners involved). The network 
coordinates the mobility of faculties´ project personnel; prepares workshops and meetings on best 
practices in educational and scientific areas within topics like Investment, Banking and Business. 

We are also pleased to present the most of here published papers personally during the 
International Scientific Conference “Economic Prospect in the Second Decade of the 21st Century” 
(14. – 15. April 2010) organized by Belgrade Banking Academy and Institute of Economic Science in 
Belgrade.  

This current volume of Economic Analysis journal covers wide range of economic topics, there 
you are 

Erős’s paper focuses on the growth theory and discusses the question whether or not 
government policies can be used to influence the long run growth rate of the economy. The author 
summarize the theoretical and empirical literature of the relationship between fiscal policy and long 
run economic growth shortly on the one hand, and on the other hand used the parameter estimates of a 
third generation study of developed countries to evaluate the fiscal policy actions taken in Hungary 
and in Ireland. She also mapped the explanation for the differences in these two countries’ reactions to 
some of the similar fiscal policy changes. 

The next three contributions are aimed at theory of investment and business valuation, 
especially applied in the financial sector. First one by Horvátová proceeded with bank and financial 
institution valuation enlarging the last contributions in Theory of Investment Value by R. C. Merton 
using the risk-neutral valuation model and its variants. Very close to this topic is the contribution 
focuses on the bank mergers in the Central-East Europe region. In the second one the author Tej 
examined and analyzed differences in financial results in the Central and Eastern Europe region in 
comparison with developed markets. Finally, in more theoretical oriented paper by Glova the author 
attempts to address key issue in designing algorithm for estimating of yield curve. The author 
proposed the application of matrix theory in yield curve points estimation. 

In her scientific review Kotlebová discusses the future stance of currencies in the International 
Monetary System. She mentioned the higher creation of savings in emerging economies compared to 
developed countries; higher investments of developed economies in comparison with developing 



   Economic Analysis (2010, Vol. 43, No. 1-2, 7-8)
 

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countries; the current account deficit of the balance of payments in developed countries as opposed to 
the current account surplus of the balance of payments in emerging economies create new conditions 
for future stance of currencies in the international monetary system. She also highlighted the main 
trends in the future development the IMF. 

Milecová’s article analyzes the differences between the harmonized indices of consumer prices 
and the national consumer price indices on the theoretical as well as on the practical levels. Author 
deals with defining the differences between the indices not only in the euro area and in V4-countries, 
but also in Serbia. The main differences are geographic and population coverage and owner-occupied 
housing. Using statistical methods the author test hypothesis of the difference between different the 
indices measuring price stability.  

Vokorokosová in her paper addresses the influence and dependency between minimum wage 
increase and the amount of employed people. This article picks out minimum wage as an important 
part of employment research investigating two files; the number of working people aged 15 – 64 and 
all working labours.   

Kościelniak reviews and analyzes information resources for financial monitoring in 
enterprises. 

Grabara’s article focused on business realations in reverse logistics outsourcing, as key aspect 
of the cost reduction used in companies during fighting for survival, keeping or increases in sales 
levels and profits. More and more often observed tendencies to concentrate commercial and production 
companies lead to rise of demand for outsourcing in a reverse logistics chain. 

Gubik’s paper intends to introduce the reader to the characteristics of supplier-purchaser 
relationships of small- and medium sized enterprises, based on an empirical research’s experiences 
using the questionnaire and its statistical evaluation. According to author’s opinion, we can draw 
conclusions on the intention to cooperate concerning the nature of the buyer-supplier relationships of 
companies, so a wide range of information can be concluded on small- and medium sized enterprises’ 
partnerships. 

Please allow me to express my sincere appreciation to Prof. dr Mirjana Radović Marković for 
confidence. Last but not least I want to thank all contributors and reviewers for their excellent work 
that they have done. 
 
 
Jozef Glova