Jacek Binda
Models of the distribution of products and banking facilities

New technologies created new possibilities of distribution of banking products. The
article analyses basic distribution models: electronic banking, stationary distribution,
multi-channel distribution a purely electronic distribution. Each of these models presents
strong features of bank competitiveness, but this does not guarantee a success on the market.

Eva Horvátová, Božena Chovancová, Dana Tkáčová
Securitization of assets of financial subjects and banks as a new way of obtaining
assets on financial markets.

In this article the main emphasis is on the substance of assets securitization in banks and
financial institutions. The process of securitization exists in two basic forms as the
balance and outside-balance securitization. The paper is particularly focused on the
outside-balance securitization. Modern forms of financial resources market mobilisation
refer to the basis of processes, subjects of securitization, technical and economical
context, conditions, advantages and practical implementation. Asset securitisation was
first used in the USA. Pass-through and CMO- obligations were among the first
products. Main features of securitization are the credit risk and cash flow, which is very
important e.g. for the secondary mortgage market. Some of bank active securitization
was used in restructuring of bank credit portfolio in the Slovak Republic which has also
been dealt with in the paper.

Karel Charvát
„Globalization, growth and poverty“ or what brought the World Bank’s report.

On the 5th December 2001 World Bank research report called Globalization, Growth and
Poverty: Building an Inclusive World Economy was published. This report examines the
relationship between globalization, economic growth and poverty reduction in the
developing countries. The World Bank tries to advocate globalization as a process,
which can increase economic growth of developing countries and reduce world poverty.
In this paper I try to summarize the main ideas, assets and findings included in the report
and to analyze World Bank’s attitudes towards the researched global problems.

Benita Juriková, Štefan Slávik

A complex view of competitive advantage
Competitive advantage is multi-component, multi-layer, dynamic and complementary
phenomenon. Our research goal was to analyse the internal structure of competitive
advantage according to VRIO method (value, rareness, imitability, organisation). It
seems that commonplace and simply imitable components are the principal problem of
the competitive advantage of Slovak enterprises. On penetration of international markets
an average Slovak enterprise still are at a competitive disadvantage in central European
business environment.

František Kosorín
Concept and role of public administration in state organization (part 2.)

In analyzing relations of public administration it is necessary to stem from the position
of state. The reason is that public administration is a form of realization of executive
power of a state.
In a democratic state the executive power is allocated to individual state bodies and other
local, regional and corporative bodies. In this process the category of public power
appears. State power is transformed into public power. Basic expression of state power is
decision making about ways of laws incorporation into rights and duties of citizens. This
relation is valid also vice versa. Citizens demand that state laws and consequently norms
are formulated in such a way that they could support and guarantee the realization of
their private interests and execution of private administration according to the latest
development of scientific knowledge.
It is possible to understand and use with success the existence of this feedback for
development of a state and its public administration only if we admit the existence of
three institutional pillars, on which the public administration must be built up. It is the
political pillar, legal pillar and the pillar of economic rationality. We have been led to
this conclusion by analysis of internal content elements of public administration as well
as elements of the pillars themselves, which constitute attributes, criteria and principles.
These interconnections must be respected in each conception of public administration as
a whole as well in individual power units belonging to public or state selfadministration.

Petr Musil
Transformation of Czech energetics – and what’s next?

The paper “Transformation of the Czech electric power industry – and what next?”
focuses on the development of the electricity market in the Czech Republic. The author
describes shortly the history of the electricity since the end of the 19th century, and talks
about the basic reform steps since 1990. He tries to submit an analysis of the current
structure of the electricity market. Then he discusses the two versions of so-called
“Energy act”. Especially the analysis of the 2000 Energy act links up to the study of the
electricity market deregulation released by the Liberal Institute in 1998, and contrasts the
“ideal target stage” with reality. The last part of the paper focuses on the question of the
alternate resources usage. He criticizes the present system of state budget subsidies, and
prefers tax concessions in this area. He also submits some recommendations for further
steps on the way to the free competition on the electricity market.

Vladimír Šefčík
Economic Warfare – illusion or reality

Wars are fought not only by force of weapons but also by means of economic
interventions. Economic warfare is integral part of any kind international conflict
because it is linked with an effort to prevent the opponent’s access to needed goods and
services while campaigns are waged against military oriented industry of enemy. The
value of such operations remains a subject of serious discussions but it is probable that
economic warfare still survives in the aftermath of the cold war not only as a part of
politico-military strategy to win a victory over enemy.