,GHQWLfiNDFH NOtţRYęFK IDNWRU ~VS FKX

TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
$%&'()*+,-&!+./0123-4!5,+(167!89:;-4<!)'(&6',-)1',.)=,-&!>,.3-4!,!9(?&%'/-4!
*6&>!:1%')+,@/-/-4!2!1A16<!9(61@/6&'9(2/
$%&'()*-,()1'!15!(4&!+&B!9<--&99!5,-(169!15!(4&!)'(&6',()1',.)=,()1'!15!CDE9F!
1:&6,()'G!)'!(4&!*&.%!15!&'G)'&&6)'G
H&,!I<A/0+12JK!LJ6+,!D,6+12J
MA9(6,-(
N<6:19&!15!(4&!,6()-.& !"# $%&'' &() %#)*+% #(,#-.-*$#$ /012$3 &-# 4#-5 *%.6-,&(, .&-, 67 ,"# 89#:"
#:6(6%5; ,"# $*,+&,*6( 67 012$ *$ :+--#(,'5 %6-# )*7<:+', =#:&+$# 67 ,"# #:6(6%*:&' :-*$*$; ,"#-#76-#
,"# *(:-#&$#) &,,#(,*6( *$ )-&>( ,6 ,"#%? !"# .&.#- *$ 76:+$#) 6( ,"# *(,#-(&,*6(&'*9&,*6( 67 012$;
#$.#:*&''5 6( *)#(,*75*(@ A#5 $+::#$$ 7&:,6-$ 67 $%&'' &() %#)*+%B$*9#) :6%.&(*#$ ,"&, )6 =+$*(#$$ *(
#(@*(##-*(@ *()+$,-5?
C-)&'()*-!,)> !"# &+,"6-$ 76:+$#) 6( ,"# $.#:*<:&,*6( 67 ,"# %6$, *%.6-,&(, &$.#:,$ 67 ,"# *(,#-(&,*6B
(&'*9&,*6( 67 89#:" #(@*(##-*(@ $%&'' &() %#)*+% #(,#-.-*$#$?
D&(41%1.1GBO>&(41%9 C+,"6-$ -#&'*9#) )+# ,6 $#4#-&' 5#&-$ $+-4#5 &%6(@ 4&-*6+$ $%&'' &() %#)*+%
$*9#) #(,#-.-*$#$; ,"&, ,"# *(,#-(&,*6(&'*9&,*6( .-6:#$$ 67 012$ *( )*77#-#(, <#')$ "&4# )*77#-#(, :"&B
-&:,#-*$,*:$; ,"#-#76-#; &,,#(,*6( >&$ .&-,*:+'&-'5 $,*77 *( #(@*(##-*(@? D&$#) 6( & $+-4#5 67 #(@*(##-*(@
012$ 6.#-&,*(@ *( 76-#*@( %&-A#,$ ,"# &+,"6-$ ,-*#) ,6 )#,#-%*(# >"&, *$ ,5.*:&' 76- & $+::#$$7+' :6%B
.&(5; >"&, &-# ,"#*- :6%%6( 7#&,+-#$ &() >"&, :6+') =# @#(#-&'*9#) &() -#:6%%#() ,6 6,"#- $%&'' &()
%#)*+%B$*9#) #(,#-.-*$#$?
P)'%)'G9!E, >&$ 76+() ,"&, ,"# %6$, $+::#$$7+' 012$ :"6$# & )*-#:, #F.6-, &$ &( *)#&' 76-% 67 #(,-5 *(,6
76-#*@( %&-A#,$? G+-,"#-%6-#; *, >&$ 76+() ,"&, 6(# 67 ,"# A#5 $+::#$$ 7&:,6-$ 67 012$ *( ,"# 76-#*@(
%&-A#, *$ ,"# &=*'*,5 ,6 &)&., ,6 76-#*@( %&-A#,; #$.#:*&''5 6( .-*:# &() .-6)+:,? G-6% '6(@B,#-% .#-B
$.#:,*4# &-# ,"# %6$, $+::#$$7+' $%&'' &() %#)*+% #(@*(##-*(@ =+$*(#$$#$; >"*:" %&*(,&*( *,$ %&-A#,
$"&-# ,"-6+@" .-*:*(@ .6'*:5 ,66'$?
Q1'-.<9)1'9!D&$#) 6( & $+-4#5 &%6(@ 012$; >"*:" 6.#-&,# *( 76-#*@( %&-A#,$; ,"# <()$ #F&%*(#)
>"#,"#- <-%$ ,"&, &-# $+::#$$7+' 6( 76-#*@( %&-A#,$; "&4# $6%# :6%%6( 7#&,+-#$ ,"&, :6+') =# @#(#-&B
'*9#) &$ )#,#-%*(&(,$ 67 $+::#$$ 67 ,"# *(,#-(&,*6(&'*9&,*6( .-6:#$$ *( ,"# #(@*(##-*(@ *()+$,-5? 16$,
67 ,"# 012$; >"*:" *( 76-#*@( %&-A#,$ $+::#$$7+''5 6.#-&,*(@; ,"#-# &-# & '*%*,#) '*&=*'*,5 :6%.&(5;
>"*:" &$ & 76-% 67 #(,-5 *(,6 76-#*@( %&-A#,$ "&4# :"6$#( )*-#:, #F.6-,$? H#$#&-:" *()*:&,#$ ,"&, 76$+::#$$ 6( 76-#*@( %&-A#,$ *$ (6, &77#:,#) =5 ,"# +$# 67 &*)$ &() $+=$*)*#$; >"*'# 6(# 67 ,"# A#5 $+::#$$
7&:,6-$ &..#&- :&.&='# 67 &)&.,*(@ ,6 76-#*@( %&-A#,? !"# %6$, $+::#$$7+' &-# ,"6$# 6( 76-#*@( %&-A#,$
#(@*(##-*(@ 012$ ,"&, %&*(,&*( 6- *(:-#&$# *,$ %&-A#, $"&-# ,"-6+@" .-*:*(@ .6'*:5 ,66'$? E( ,"# '6(@
-+( *$ *%.6-,&(, 76- 012$; ,"# 7&:, ,"&, %&(+7&:,+-*(@ <-%$ *( #(@*(##-*(@ .+, *(:-#&$*(@ #%."&$*$ 6(
-#$#&-:" &() )#4#'6.%#(,; >"*:" =#:6%#$ & :6%.#,*,*4# &)4&(,&@#?
I&B!R16%9S!012$; *(,#-(&,*6(&'*9&,*6( .-6:#$$; #(@*(##-*(@ *()+$,-5; A#5 $+::#$$ 7&:,6-$
TEH!Q.,99)*-,()1'S 1IJK
!"#!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
V21%
N$6+ 6=$&"64P 4#'%* ='S9AO; N#N*:" *(,#-.-#,&:#
$# + %(6"M:" &+,6-U )# 7&:,6 .-6'S(R?
X6N#% @'6=&'*9&:# .&,QS 4 $6+L&$(O )6=P
%#9* 4#'%* L&$,6 +TS4&(R $'64& & 6=$&" ,6"6,6
.6N%+ N# 6=#:(P 9(R%; &LA6'*4 $# N#)(6,'*4O
)#<(*:# 4 .6)R(S -U9(M:" &+,6-U '*WS? b)# 6 ,#-B
%S( .6+TS4&(M A .6.*$+ 9%P( 4# $.6'#L(6$,*
& 4# $4P,64O #A6(6%*:#; A,#-O N$6+ )U$'#)A#%
)-&%&,*:AO"6 (R-U$,+ %#9*(R-6)(S"6 6=:"6)+
& $='*T64R(S A+',+-?
E(,#-(&:*6(&'*9&:S <-#% $# 6=#:(P -69+%S
N#N*:" 9&.6N64R(S $# )6 %#9*(R-6)(S"6 .-6$,Q#)S?
X-6:#$ *(,#-(&:*6(&'*9&:# N# %6T(O .6.$&, N&A6
c.-6:#$ 94MW#(S [L&$,* 4 %#9*(R-6)(S:" 6.#-&B
:S:"d /e#':" & f+6$,&-*(#(; Iggh3?
X6N#,S *(,#-(&:*6(&'*9&:# N# + -U9(M:" &+,6-U
4 6)=6-(O '*,#-&,+Q# 4#'*:# -69)S'(O; (&.Q? D#&%B
*$" /IggK3 :"R.# *(,#-(&:*6(&'*9&:* N&A6 .-6:#$;
A,#-M% <-%5 945W+NS $4O .64P)6%S 6 .QS%O%
& (#.QS%O% 4'*4+ %#9*(R-6)(S:" ,-&($&A:S (&
N#N*:" =+)6+:(6$, & 45,4RQS & QS)S ,-&($&A:# $ 6$B
,&,(S%* 9#%P%*?
X-6 .6)(*A5 $&%6,(O (#(S &T ,&A )U'#T*,R
N#)(69(&L(R )#<(*:# *(,#-(&:*6(&'*9&:#; &'#
%(6"#% )U'#T*,PNWS N# .-6 (P (&'O9, 9.U$6=;
A,#-M% N# %6T(6 A4&(,*<A64&, %S-+ 9&.6N#(S
<-%5 )6 *(,#-(&:*6(&'*9&L(S"6 .-6:#$+ & (#%O(P
)U'#T*,O N# ,&AO )#<(64&,; A,#-O 7&A,6-5 )#,#-B
%*(+NS [$.P:" .6)(*AU 4 *(,#-(&:*6(&'*9&L(S%
.-6:#$+?
X-6 %PQ#(S $,+.(P *(,#-(&:*6(&'*9&:# <-#%
%6"6+ =M, .6+T*,5 ,Q* 9RA'&)(S +A&9&,#'#i
j 4#'*A6$, 9&"-&(*L(S:" &A,*4 A+ :#'A64M%
&A,*4U%;
j 6=N#% .-6)#NU %*%6 %&,#Q$A6+ 9#%* A+
:#'A64O%+ 6=N#%+ .-6)#NU
j .6L#, 9&"-&(*L(S:" 9&%P$,(&(:U A+ :#'A6B
4O%+ .6L,+ 9&%P$,(&(:U?
X6A+) N# 45.6L,#( .-U%P- ,P:",6 ,QS
.6%P-(M:" 4#'*L*(; N# %6T(6 "646Q*, 6 ,94? *(B
)#F+ ,-&($(&:*6(&'*,5?
a $6+4*$'6$,* $ .6'#%*A&%* 6 $,+.(* *(,#-B
(&:*6(&'*9&:# <-%5 N# %6T(6 )*$A+,64&, ,&AO
6 $,+.(* @'6=&'*9&:# <-%5? CLA6'*4 (##F*$,+N#
N#)(6,(O 45%#9#(S ,P:",6 .6N%U; (&.Q? f+6$,&-*B
(#( & k&=-*#'$6( /lKKm3 :"R.6+ ,5,6 )4& .6N%5
(R$'#)64(Pi
I?,94? n*(,#-(&,*6(&'*9&,*6( )#@-##c B $,+.#_
*(,#-(&:*6(&'*9&:# B $6+4*$S $ .6%P-#% #FB
.6-,+ $'#)64&(O <-%5? YS% 45WWS #F.6-,(S
.6%P-; ,S% 45WWS $,+.#_ *(,#-(&:*6(&'*9&:#?
l?,94? n@'6=&'*9&,*6( )#@-##c B $,+.#_ @'6=&'*B
9&:# B $6+4*$S $ .6L,#% A6(,*(#(,U; (& A,#-O
.6)(*A $4O .-6)+A,5 454RTS? YS% 45WWS
0:"6.(6$, *(,#-(&:*6(&'*9&:# L#$AM:" <-#%
N# 4 $6+L&$(O )6=P 4 6)=6-(O '*,#-&,+Q# * 4 -#R'(O
.6)(*A64O .-&F* .6%P-(P L&$,6 -69#=S-&(M% ,OB
%&,#%; .Q*L#%T N# 4 ,P:",6 )*$A+$S:" .6+A&964RB
(6 %*%6 N*(O * (& $.#:*<A& *(,#-(&:*6(&'*9&L(S"6
.-6:#$+ %&'M:" & $,Q#)(S:" .6)(*AU; .-6,6T#
.-R4P %&'O & $,Q#)(S .6)(*A5 %&NS 4 ,6%,6 .-6B
:#$+ 6.-6,* .6)(*AU% 4#'AM% $.#:*<:AO .6B
$,&4#(S V N#N*:" (#$.6-(6+ 4M"6)6+ N# -5:"'6$,
& .-+T(6$, -#&A:S (& 9%P(5 (& ,-"+; (#4M"6)6+
N# L&$,6 (#)6$,&,#A A&.*,R'+ & 6=,ST(PNWS .QS$,+.
A :*9S% 9)-6NU%?
1&'O & $,Q#)(S .6)(*A5 /)R'# ,&AO N#( 10X3
N$6+ 4 YH; $,#N(P N&A6 4 6$,&,(S:" 9#%S:" 2Z;
)U'#T*,M% L*(*,#'#% 9&"-&(*L(S"6 6=:"6)+; .-6
%(6"6 9 ,P:",6 <-#% N# 4W&A .6%P-(P 6=,ST(O
*)#(,*<A64&, A'SL64O 7&A,6-5 [$.P:"+ 4 .-6:#$+
*(,#-(&:*6(&'*9&:#; $,#N(P ,&A; N&A6 $,&(64*,; 4
N&AM:" 6='&$,#:"; N#T [$.P:" (& 9&"-&(*L(S:"
,-9S:" )#,#-%*(+NS; %&NS $4O $*'(O L* $'&=O $,-R(A5?
X-6:#$ @'6=&'*9&:# 4#)# A $*'(O *(,#-(&:*6(&'*B
9&:* $4P,64O #A6(6%*A5; N#NS%T )U$'#)A#% N#
-6946N %#9*(R-6)(S:" #A6(6%*:AM:" 49,&"U
& 49RN#%(O 9R4*$'6$,* 9#%S? \6(A+-#(:# 9#
9&"-&(*LS $,R'# $S'S; &=5 %&'O & $,Q#)(S .6)(*A5
4 ,6%,6 $*'(O% A6(A+-#(L(S% =6N* 6=$,R'5; %+$S
$# 6,R9A6+ *(,#-(&:*6(&'*9&:# 9&=M4&,; (#=6]
.-R4P *(,#-(&:*6(&'*9&:# N# N#)(6+ 9 %6T(6$,S;
N&A (&-U$,&NS:S A6(A+-#(:* L#'*,? ^ ,6"6,6 )U46)+
N$6+ $,R'# L&$,PN* 10X .6)-6=64R(5 9A6+%R(S 4#
$(&9# *)#(,*<A64&, 7&A,6-5; 64'*4_+NS:S [$.PW(6$,
N#N*:" %#9*(R-6)(S:" &A,*4*,?
^N*W,P(S A'SL64M:" 7&A,6-U; 64'*4_+NS:S:"
[$.PW(6$, 10X (& 9&"-&(*L(S:" ,-9S:"; %UT#
.69*,*4(P 64'*4(*, )&'WS %&'O & $,Q#)(S <-%5
4 .'R(#:" 9&.6N*, $# )6 %#9*(R-6)(S"6 6=:"6)+?
`# 4W#:"(5 <-%5 4W&A %&NS .-6 4$,+. (& %#B
9*(R-6)(S .6'# $,#N(O .6)%S(A5? a (PA,#-M:"
6)4P,4S:" N$6+ .-6 %&'O & $,Q#)(S .6)(*A5 9&B
4#)#(5 .6).6-5 4M469+; :6T N# .-6 .6)(*A5;
A,#-O (#)*$.6(+NS )6$,&,#L(M% A&.*,R'#%; )6=-M
6)-&964M %U$,#A? `PA,#-R 6)4P,4S .&A; N*T )SA5
.64&9# $4O .-6)+A:#; %&NS :#$,+ (& 9&"-&(*L(S
,-"5 $(&)(PNWS (#T N*(R?
!#(,6 .QS$.P4#A .-#9#(,+N# 4M$'#)A5
.-U9A+%+ 9&%PQ#(O"6 (& *)#(,*<A&:* A'SL64M:"
7&A,6-U *(,#-(&:*6(&'*9&L(S"6 .-6:#$+ L#$AM:"
%&'M:" & $,Q#)(S:" .6)(*AU .U$6=S:S:" 4 6='&$,*
$,-6NS-#($AO"6 .-U%5$'+?
W&16&()-+J!23-41%)9+,
!#-%S(5 @'6=&'*9&:# & *(,#-(&:*6(&'*9&:#
!"U!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
.6L#, A6(,*(#(,U )6 A,#-M:" <-%& #F.6-B
,+N#; ,S% 45WWS $,+.#_ @'6=&'*9&:#?
8#'A64P N# [$.P:" .6)(*AU 4 *(,#-(&:*6(&B
'*9&L(S% .-6:#$+ 64'*4(P( :#'6+ Q&)6+ 7&A,6-U;
(&'#9#(S% ,P:",6 7&A,6-U $# 9&=M4R :#'R Q&)&
&+,6-U? `&.Q? o&--*$6(; p&'A*-&( & 2'$#5 /lKKK3
,4-)S; T# .6A+) %R =M, <-%& (& %#9*(R-6)(S%
.6'* [$.PW(R; %P' =5 .-6:#$ *(,#-(&:*6(&'*9&:#
6=$&"64&, ,P:",6 .P, 9RA'&)(S:" 9R$&)i
I?X6)(*A =5 %P' %S, )6=Q# -694*(+,O & N&$(P
)#<(64&(O .6$'R(S; A,#-O 6)-RTS $A+,#L(O
6)"6)'R(S A %#9*(R-6)(S%+ .6)(*AR(S?
l?X6)(*A =5 %P' %S, $:"6.(6$, -69.69(&,
& -5:"'# $# .Q*9.U$6=*, $.6,Q#=*,#'$AM%
.-#7#-#(:S% & .QS'#T*,6$,#% (& %#9*(R-6)B
(S% ,-"+ & 45+TS, ,5 .-6)+A,5; A,#-O 6)-RTS
A6(A+-#(L(S 4M"6)+ <-%5?
h?X6)(*A =5 %P' .6-69+%P, :"64R(S $.6,Q#B
=*,#'U -U9(M:" A+',+- & 45"6)(6,*, .64&"+
.QS$'+W(M:" 6)'*W(6$,S?
m?X6)(*A =5 $# %P' 9)6A6(&'64&, & %P' =5
)-T#, 45$6A6+ A4&'*,+ .-6)+A,U; A,#-O %6B
"6+ 6=$,R, 4 A6(A+-#(L(S% =6N* N&A (&
)6%R:S%; ,&A (& 9&"-&(*L(S% ,-"+?
q?X6)(*A =5 %P' .-64R)P, #7#A,*4(S .-U9A+%5
,-"U & N#N*:" .6T&)&4AU?
C=5 =5' .6"'#) (& *(,#-(&:*6(&'*9&L(S
.-6:#$ A6%.'#F(S; N# (+,(O (&'O9, 6).64Pr
(& 6,R9A+; .-6L $# (PA,#-O <-%5 9&.6N+NS )6
:#'6$4P,64O"6 6=:"6)64R(S .6946'(&; N*(O
-5:"'#N* & .-6L $# (PA,#-O <-%5 .QS%6 n9-6)Sc .-6
@'6=R'(S ,-"? !6+,6 .-6='#%&,*A6+ $# 4 $6+L&$(O
)6=P 9&=M4R $.6+$,& ,#6-*S; 4P(64&'* $# NS (&.Q?
k&(A#%&; 0(+*, & ^>&-, /lKKK3s ,*,6 45:"R9#'*
9 )46+ (R96-64P 6)'*W(M:" ,#6-*S 9&=M4&NS:S:"
$# *(,#-(&:*6(&'*9&:S & ,6 ,94? Z..$&'& %6)#'#%
/b6"&($6(; a&"'(; Igtt3 & ,94? EB%6)#'#% /nE(B
64&,*6(BH#'&,#) E(,#-(&,*6(&'*9&,*6( 16)#'c3
/8&4+$@*'; IguK3? `#N9(R%PNWS & (#N$,&-WS Z..B
$&'& %6)#' 45$4P,'+N# )4& 9.U$6=5 /%6)#'53
*(,#-(&:*6(&'*9&L(S"6 .-6:#$+ <-%5?
X6)'# .-4(S"6 %6)#'+ $# .-646964R(S 6.B
#-&:S (& A6(A-O,(S% 9&"-&(*L(S% ,-"+ 454SNS
.6$,+.(P? !6 9(&%#(R; T# <-%& 945W+N# $46N#
9&.6N#(S )6 %#9*(R-6)(S"6 6=:"6)+ .6$,+.(P;
4 N#)(6,'*4M:" #,&.R:"? a -6:# Igtq b6"&($$6(
& e*#)#-$"#*%BX&+' .6.$&'* m -U9(O #,&.5 ,6B
"6,6 .-6:#$+; A,#-O :"&-&A,#-*964&'* (R$'#)64(Pi
I?#,&.&i TR)(O .-&4*)#'(O #F.6-,(S &A,*4*,5
l?#,&.&i #F.6-, $A-9# (#9R4*$'O &@#(,5
h?#,&.&i 4 9&"-&(*LS 9QS9#(S ):#Q*(O $.6'#LB
(6$,* 9&%PQ#(O (& .-6)#N
m?#,&.&i 9&"-&(*L(S .-6)+A:#v9QS9#(S 4M-6=(S
N#)(6,A5?
X6)'# )-+"O"6 %6)#'+ .&A <-%& .6$,+.(P
$%PQ+N# A# 4$,+.64R(S (& (64O ,-"5 $ 45WWS ,94?
n.$5:"6'6@*:A6+ 49)R'#(6$,Sc /&(@'? .$5:"*:
)*$,&(:#3; :6T 9(&%#(R (& ,-"5 <-%P (#9(R%O;
6)'*W(O; n:*9Sc; 49)R'#(PNWS A+',+-(P L* (& ,-"5;
6 A,#-M:" (#%R %(6"6 *(76-%&:S; & 4# 4P,W*(P
.QS.&)U ,&AO $ 45WWS @#6@-&<:A6+ 49)R'#(6$,S?
X$5:"6'6@*:AR 49)R'#(6$, /n.$5:"*: )*$,&(:#c3
N# .&A )#<(64R(& N&A6 %(6T$,4S 7&A,6-U; A,#-O
=-R(S ,6A+ *(76-%&:S 9 ,-"+ & (& ,-" /b6"&($6(;
a&"'(#; Igtt3?
`R$'#)A#% ,6"6 %O(P <-#% )6ART# ,P%,6
,-"U% .6-69+%P, & 4*)S 4 (*:" "-69=+ (#N*$,6,5?
X-6,6 <-%5 4$,+.+NS (#N)QS4# (& ,-"5; 6 A,#-M:"
%&NS )6$,&,#A *(76-%&:S; A)# )6ART6+ -69.69(&,
.QS'#T*,6$,* & .-&4)P.6)6=(6$, (#[$.P:"+ N# ,&A
%*(*%&'*964R(&?
`#N'#.WS 9.U$6= N&A %*(*%&'*964&, 4(SB
%&(6+ (#N*$,6,+ & -69.69(&, .QS'#T*,6$,* N# .6B
%6:S #%.*-*:AM:" 4P)6%6$,S; ,9(? .6%6:S
4P)6%6$,S 9&'6T#(M:" (& 9A+W#(6$,#:"? !5,6
4P)6%6$,* <-%5 9S$AR4&NS "'&4(P )SA5 6$6=B
(S% 9A+W#(6$,#% (& A6(A-O,(S:" ,-9S:"? X-6,6
$# <-%5 9&.6N+NS )6 9&"-&(*L(S"6 6=:"6)+
.6$,+.(P; &T 94'R)(6+ N#)#( A-6A; .Q#N)6+ 4MW#?
w=45A'# ,#)5 <-%& 9&LS(R *(4#$,64&, (& N#)(6%
(#=6 (PA6'*A& $6+$#)(S:" ,-9S:"?
Z..$&'& %6)#' N# 6=#:(P 9&'6T#( (& L,5Q
NR)-64O% /76+- :6-#3 A6(:#.,+; A)5 N$6+ =-R(5
4 .6,&9 m A'SL64O 7&A,6-5i
j &(@&T64&(6$, (& ,-"+ /%&-A#, :6%%*,B
%#(,3
j 9(&'6$,* 6 ,-"+ /%&-A#, A(6>'#)@#3
j $6+L&$(O &A,*4*,5 /:+--#(, &:,*4*,*#$3
j 9R$&)(S -69"6)(+,S /:6%%*,%#(, )#:*$*6(3?
!5,6 m 7&A,6-5 N$6+ )R'# -69)P'#(5 )6 )46+
$A+.*( & ,6 (&i
j 7&A,6-5 ,MA&NS:S $# $,&4+ <-%5 /$,&,# &$B
.#:,$3
j 7&A,6-5 64'*4_+NS:S 9%P(5 4# <-%P /:"&(@#
&$.#:,$3?
p6 7&A,6-U $,&4+ <-%5 /$,&,# &$.#:,$3 .&,QS
&(@&T64&(6$, (& ,-"+ /%&-A#, :6%%*,%#(,3s
A6(A-O,(P N# ,Q#=& +-L*,; A,#-O 9)-6N# N$6+ 9&.6B
N#(5 (& 9&"-&(*L(S ,-"5 & 9(&'6$,* 6 ,-"+ /%&-B
A#, A(6>'#)@#3 V 9)# N# ,Q#=& *)#(,*<A64&,;
N&AO %R <-%& *(76-%&:# 6 9&"-&(*L(S:" ,-9S:"?
p6 7&A,6-U; N#T $# ,MA&NS 9%P( 4# <-%P <-%5
/:"&(@# &$.#:,$3; .&,QS $6+L&$(O &A,*4*,5 /:+-B
-#(, &:,*4*,*#$3 & 9R$&)(S -69"6)(+,S /:6%%*,B
%#(, )#:*$*6(3? Y,5Q NR)-64M A6(:#., N# .-6.6B
N#(M & 64'*4_+N# $# (&49RN#% /4*9 w=-R9#A
I3? Z..$&'& %6)#'+ N# 4P(64R(& 4 6)=6-(O
'*,#-&,+Q# $,R'# 4#'AR .696-(6$,; (&.Q? b6"&($6(;
!"X!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
^)-6Ni +.-&4#(6 .6)'# b6"&($6(; a&"'(# /IggK3
ZA6J=&+![ Y,5Q NR)-64M A6(:#., Z..$&'& %6)#'+
a&"'(# /lKKg3 ,#(,6 %6)#' +.-&4+NS 49"'#)#% A
,6%+; &T 6) N#"6 49(*A+ N*T +.'5(+'& Q&)& '#, &
9&A6%.6(64R4&NS )6 (PN 9%P(5 4 #A6(6%*:AO%
.-6$,Q#)S * (64O ,#6-#,*:AO .QS$,+.5?
Z.$&'& %6)#' N# 4W&A 4 $6+L&$(O )6=P
L&$,6 A-*,*964R(; A-*,*:* .6+A&9+NS (& ,6; T# (#B
.'&,S 9#N%O(& + 4#'%* 4#'AM:" %+',*(&:*6(&'B
(S:" .6)(*AU; <-#% $ -69$R"'M%* %#9*(R-6)(S%*
9A+W#(6$,%* L* + <-#% $ "*@"B,#:"(6'6@*#%*?
DN6-A%&( & G6-$@-#( /lKKK3 ,4-)S; T# 9R$&)(S
.-6='O% ,6"6,6 %6)#'+ N# 4 )U-&9+; A,#-M A'&)#
(& 6-@&(*9&L(S +L#(S N&A6 "(&:S $S'+ <-#%(S
*(,#-(&:*6(&'*9&:# & T# (#96"'#)_+N#; N&A #%B
.*-*:AO 9(&'6$,* 64'*4_+NS 6-@&(*9&L(S :"64R(S?
b*(M 6).U-:# %6)#'+; `6-)$,-x% /IggI3 ,4-)S;
T# $6+L&$(O 4M46N64O ,#()#(:# (&.-6$,6 45B
4-&:S 9RA'&)(S .Q#).6A'&)5 Z..$&'& %6)#'+?
!6,6 +.Q#$_+N# ,4-9#(S%*; T# $4P, $# .6$+(+'
$%P-#% A "6%6@#(*9&:* 6=:"6)(S A6%+(*,5
& ,6 9#N%O(& )SA5 .6A-6A+ 4 A6%+(*A&:* & 4
.Q#.-&4P; A,#-M 4#)# $4P, $%P-#% A# $='*T64R(S
& 45,4RQS $# @'6=R'(S ,-"5? p-+"M% &-@+%#(,#%
N# 7&A,; T# <-%5 %&NS N#)(6)+WWS .QS$,+. A *(B
76-%&:S% 6 ,-9S:"? !Q#,S% 7&A,#% N#; T# %(6"6
<-#% $,R'# 4S:# 6.#-+N# (& @'6=R'(S [-64(*; 4(SB
%&NS: $4P, N&A6 "6%6@#((S ,-" =#9 "-&(*:? 1#9*
,#6-*# 4P(+NS:S $# *(,#-(&:*6(&'*9&L(S%+ .-6B
:#$+; N# %6T(O A-6%P Z..$&'& %6)#'+ 9&Q&)*,
(&.Q? n!#6-** +LS:S $# <-%5c; A,#-R N# .6%P-(P
L&$,6 4 '*,#-&,+Q# 9%*_64&(R; A)5 N#)(6,'*4O
<-%5 9&LS(&NS .-&A,*:A5 4 (#9(&'6$,* & .6$,+.(P
945W+NS $46N# 9(&'6$,* 6 )&(M:" ,-9S:"; .6$,+.(P
$# $(*T+N# N#N*:" &4#-9# A -*9*A+ & ,S% $# L&$,PN*
9&.6N+NS )6 *(,#-(&:*6(&'*9&:#? w=)6=(P (& .-6B
:#$ *(,#-(&:*6(&'*9&:# (&"'STS )&'WS ,#6-*# /b6"&(B
$6(; 1&,,$6(; Iguu3; A,#-R QSAR; T# $,+.#_ *(,#-B
(&:*6(&'*9&:# ,-"+ %R 4'*4 (& *(,#-(&:*6(&'*9&L(S
.-6:#$ N#)(6,'*4M:" <-#%; ,&AT# <-%5 .U$6=S:S
(& 45$6:# *(,#-(&:*6(&'*964&(M:" ,-9S:" %6"6+
.Q#$A6L*, (PA6'*A .6LR,#L(S:" $,+._U?
a $6+4*$'6$,* $ 6,R9A6+ .-6L $# (PA,#-O
<-%5 9&.6N+NS )6 :#'6$4P,64O"6 6=:"6)64R(S
.6946'(&; N*(O -5:"'#N* & .-6L $# (PA,#-O <-%5
.QS%6 n9-6)Sc .-6 @'6=R'(S ,-"; $# 6=N#4*'5 6)B
=6-(O .+='*A&:# /(&.Q? w4*&,,; 1:p6+@&'' Iggts
\(*@",; 8&4+$@*'; IggJ3; 4# A,#-M:" &+,6Q*
.Q#)'6T*'* )UA&95 #F*$,#(:* )&'WS"6; $.#:*<:AO"6
,5.+ #F.6-,O-U? !5,6 <-%5 (&94&'* N&A6 nD6-(
k'6=&'$c? b#)(R $# 6 .6)(*A5; A,#-O $# 9&%PQ+NS
(& *(,#-(&:*6(R'(S ,-"5 & )6A6(:# * .QS%6 (& ,-"
@'6=R'(S & ,6 6A&%T*,P .6 $4O% 9&'6T#(S; :6T
9(&%#(R; T# ,5,6 <-%5 (#.-6W'5 TR)(M%* #,&B
.&%* 4M46N#; &'# -64(6+ 4W#:"(5 .Q#$A6L*'5?
`& ,6%,6 %S$,P N# (+,(6 9%S(*,; T# (PA,#-O
<-%5; (&.Q? N*T 9%S(P(S nD6-( k'6=&'$c; L&$,6
9&LS(&NS $46N# &A,*4*,5 (& (PA6'*A& ,-9S:"
9R-64#_; )R'# N# N#N*:" .-6)+A, 454SN#( .QS%6 .-6
%#9*(R-6)(S /-#$.#A,*4# @'6=R'(S3 ,-"?
^%*_+N#%#B'* ,94? D6-( k'6=&'$ /)R'# ,&AO
Dky$3; N# ,Q#=& )6)&,; T# 6)=6-(R '*,#-&,+-& N# 4#
45%#9#(S ,6"6,6 .6N%+ (#N#)(6,(R; 4 (PA,#-M:"
'*,#-R-(S:" 9)-6NS:" /(&.Q? \(*@",; 8&4+$@*';
lKKms o&-4#$,6(; \#)*&; p&4*$; lKKK3 N# %6T(6
(&'O9, )#<(*:*; T# Dky$ N$6+ <-%5; :"&-&A,#-*96B
4&(O N&A6 .6)(*A5 $ #F.6-,(S% .6%P-#% 45WWS%
(#T lqz; A,#-M =5' +$A+,#L(P( =P"#% h '#, 6)
)&,& 9&'6T#(S? !&,6 )#<(*:# $# 4W&A 4 $6+L&$(O
)6=P %UT# N#4*, .6(PA+) 6=#:(R & (#.Q#$(R;
(#=6] .6A+) (&.Q? (6-$AR %&'R <-%& #F.6-B
,+N# hKz $4M:" .-6)+A,U )6 {4O)$A& & pR(B
$A& /=P"#% h '#, 6) 9&'6T#(S3; $,PTS N* %UT#%#
(&9M4&, N&A6 @'6=R'(S? b# ,#)5 ,Q#=& N&$(P )#B
<(64&, (& N&AM ,5. ,-"+; (& A6'*A ,-"U & A6'*A
.-6)+A:# =5 %P' .6)(*A #F.6-,64&,; &=5 %6"'
=M, (&9M4R( nD6-( k'6=&'c? a )(#W(S )6=P %R
4P,W*(& * %&'M:" & $,Q#)(S:" .6)(*AU 6=45A'#
.-6:#(,6 #F.6-,+ .Q#45W+NS:S lq z? X-6,6 N*(S
&+,6Q*; (&.Q? N*T 9%S(P(S f+6$,&-*(#( & k&=-*#'$B
$6( /lKKm3 ; D6-( k'6=&'$ )#<(64&'* N&A6 .6)B
(*A5; N#N*:"T #F.6-, )6$&"+N# %*( qK z =P"#% h
!"Y!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
'#, 6) 9&'6T#(S? f+6$,&-*(#( & k&=-*#'$$6( ,&AO
9&4R)S )&'WS A&,#@6-** .6)(*AU; ,94? n!-+# D6-(
k'6=&'$c; .Q*L#%T ,&A,6 .6N%#(64R4&NS .6)(*A5;
A,#-O %RNS )6 ,QS '#, 6) 9&'6T#(S #F.6-, 45WWS (#T
qK z & #F.6-,+NS $6+L&$(P (& 4S:# A6(,*(#(,U?
p'# \6-R=&; 8"&'+.$AO"6 & p46QRA& /lKKK3
N# %6T(6 *(,#-(&:*6(&'*9&:* .6)(*A+ .6.$&,
4# )46+ )*%#(9S:"? C+,6Q* -69'*W+NS )*%#(9*
$%PQ+NS:S )64(*,Q .6)(*A+ /4 ,O,6 )*%#(9* %+$S
.6)(*A *(,#-(&:*6(&'*964&, $4O 4#WA#-O .-6$,Q#)S;
,N? .Q#)#4WS% $4O 4M-6=A5; 9&%P$,(&(:# & QS9#(S
.6)(*A+3 & )R'# )*%#(9* $%P-+NS:S $%P-#% 4#(
9 .6)(*A+ /,&,6 )*%#(9# .#-$.#A,*4(P 9&L'#_+N#
)6 4P)6%S <-%5 .-6$,Q#)S A6(A+-#(:# (& %#9*B
(R-6)(S:" ,-9S:"? !*,6 &+,6Q* 9%*_+NS ,&AO $.#:*B
<A&; N#T 4 6=6+ )*%#(9S:" *(,#-(&:*6(&'*9&:#
%+$S =-R, 4 .6,&9 %&'O & $,Q#)(S .6)(*A5; (#=6]
%&'R <-%& $# %+$S $(&T*, 6 %*(*%&'*9&:* $'&B
=6$,S; A,#-O .'5(6+ 9 N#NS 4#'*A6$,* & 6 %&F*%&'*B
9&:* $S'5 <-%5; A,#-R .'5(# 9 6)'*W(6$,* /)*7#-#(B
:*&:#3?
X-R4P
*(,#-(&:*6(&'*9&L(S%+
.-6:#$+
%&'M:" & $,Q#)(S:" .6)(*AU N# 4P(64&(R 4 .6$B
'#)(S )6=P .6%P-(P 9(&L(R .696-(6$, %(6"&
&+,6-U; * .Q#$,6 N# 4W&A ,Q#=& $6+"'&$*, (&.Q?
$ k&'$#% /lKKI3; T# N# $,R'# (#)6$,&,#A #%.*-*:B
AM:" )UA&9U; 9# A,#-M:" =5 =5'6 %6T(6 .Q* .6B
$+964R(S $.#:*<A *(,#-(&:*6(&'*9&L(S:" .-6:#$U
%&'M:" & $,Q#)(S:" .6)(*AU 45:"R9#,?
p&'WS% 7&A,6-#% [$.P:" (& %#9*(R-6)(S%
,-"+ N$6+ 9A+W#(6$,* 9&A'&)&,#'U /L* %&(&T#-U3
<-%5? 1#9*(R-6)(S 9A+W#(6$,* =M4&NS )#<(64R(5
N&A6 .6-69+%P(S & -#&'*$,*:AO 4(S%&(S 6.#-&:S;
-*9*A& & 4M(6$U (& 9&"-&(*L(S:" ,-9S:"? 0 45WWS%*
9A+W#(6$,%* <-%5 A'#$R &4#-9# 4UL* -*9*A+ $.6B
N#(O"6 $ *(4#$,64R(S% 4P,WS"6 %(6T$,4S A&.*B
,R'+? 1#9*(R-6)(S 9A+W#(6$,* <-%5 N$6+ %PQ#(5
-U9(M%* +A&9&,#'*; (&.Q? 2-&%*''* /IggI3 +4R)S
(R$'#)+NS:S :"&-&A,#-*$,*A5i
I?@#6@-&<:AO .6'# .U$6=(6$,*; A,#-O )#<(+N#
WSQ* <-#%(S:" 9A+W#(6$,S /,N? .6L#, -U9(M:"
9#%S; A)# <-%& .-64R)S $46N# &A,*4*,53
l?)O'A& 9A+W#(6$,S /.6L#, '#,; .6 A,#-O N# <-B
%& &A,*4(S 4 %#9*(R-6)(S 6='&$,*3?
a ,O,6 $6+4*$'6$,* =5 $# 4W&A %6"'6 9)R,;
T# Dk N$6+ .6)'# ,6"6,6 .QS$,+.+ .64&T64R(5
9& (#9A+W#(O; (#=6] :"&-&A,#-*$,*A& n)O'A&
9A+W#(6$,*c 45:"R9S ,P%,6 .6)(*AU%; :6 =5'5
9&'6T#(5 & "(#) 6.#-+NS (& 9&"-&(*L(S:" ,-9S:";
N&A6 4#'%* (S9AR? C4W&A #%.*-*:AO $,+)*# /(&.Q?
w4*&,,; 1:p6+@&''; Iggms H#+=#-; G*$:"#-; Iggts
2''*$; lKKK3 +A&9+NS; T# A'SL64S 9&%P$,(&(:*
Dky$ %&NS 4#'*:# L&$,6 -69$R"'O 9A+W#(6$,* $ %#B
9*(R-6)(S%* &A,*4*,&%* .6)(*AU 9 .Q#):"69S:"
9&%P$,(R(S; LS%T $# n"&()*:&.c (S9AO )O'A5
9A+W#(6$,S <-%5 45-64(R? p&'WS $,+)*# .6+A&B
9+NS (& %6T(6$, $.6'+.-R:# /.&-,(#-$,4S3 $#
9&"-&(*L(S%* .&-,(#-5? !6,6 .&-,(#-$,4S %UT#
.6$A5,64&, A6(A-O,(S )U'#T*,O 9)-6N#; N&A6 (&.Q?
$.#:*<:AO )64#)(6$,* (#=6 <(&(L(S 9)-6N#? !5,6
9)-6N# N$6+ 94'RW,P )U'#T*,O; A)5T $# (64R & %'&)R
<-%& $ (#)6$,&,A#% $4M:" 9)-6NU .6A+$S 94MW*,
9&"-&(*L(S .-6)#N? 0.6'+.-R:# +%6T(S ,O,6 <-%P
4$,6+.*, (& (64M ,-" %(6"#% -5:"'#N*; :6T #%B
.*-*:A5 )6A&9+N# (&.Q? 2''*$ /2''*$; lKKK3? H69)SB
'5 4 -5:"'6$,* .Q#%P(5 ,-&)*L(S:" %#9*(R-6)(S:"
$.6'#L(6$,S & Dk$ (& *(,#-(&:*6(R'(P L* @'6=R'(P
.U$6=S:S <-%5 %6"6+ =M, 4#'AO $ 6"'#)#% (&
-69)S'(O .6)%S(A5 .-6$,Q#)S; 4# A,#-O% <-%5
.6)(*A&NS? X6A+) $# .6)%S(A5 .-6$,Q#)S %P(S
-5:"'# & N# %6T(6 "646Q*, 6 ,94? -6$,6+:S @'6=&'*B
9&:*; .-6:#$ *(,#-(&:*6(&'*9&:# .-&4)P.6)6=(P
9-5:"'S ,&A,OT? !6,6 ,4-9#(S )6A&9+NS (&.Q? \(*@",
& 8&4+$@*' /IggJ3?
pR'# N# )U'#T*,O $* +4P)6%*,; T# A6(A+-#(L(S
.69*:# 4 -R%:* 6)4P,4S 4 N#)(O 9#%* 4M9(&%(P
64'*4_+N# .69*:* <-%5 4 9#%* )-+"O & (&6.&A?
a )6=P -6$,6+:S @'6=&'*9&:# N# 4$,+. (&
9&"-&(*L(S ,-"5 .-6 <-%5 %(6"#% N#)(6)+WWS
(#T )QS4#; &'# (& )-+"6+ $,-&(+; $ -6$,6+:S @'6B
=&'*9&:S -6$,# ,&AO A6(A+-#(:# (& %#9*(R-6)(S:"
,-9S:"?
b&A N# 4*)(6; 4 $6+L&$(O )6=P #F*$B
C:&-)*+,! )'(&6',-)1',.)=,-&! >,.3-4! ,! 9(?&%
'/-4!*6&>
a 6)=6-(O '*,#-&,+Q# N$6+ 4 $6+4*$'6$,* $ *(B
,#-(&:*6(&'*9&L(S% .-6:#$#% L&$,6 )*$A+,64R(5
-69)S'(O %6T(6$,* 4#'AM:" $.6'#L(6$,S & (&
)-+"O $,-&(P %&'M:" & $,Q#)(S:" .6)(*AU?
0,-&,#@*S; N&A %UT# %&'M & $,Q#)(S .6)B
(*A +$*'64&, 6 *(,#-(&:*6(&'*9&:* %UT# =M,
(PA6'*A? b#)(6+ 9 %6T(6$,S N# 9%PQ#(S $# (&
,5. .-6)+A,+; A,#-M )&(R <-%& 45-R=S; (#=6]
.-R4P ,5. .-6)+A,+ %UT# =M, A'SL64M% 7&A,6-#%
64'*4_+NS:S% *(,#-(&:*6(&'*9&L(S .-6:#$ <-%5?
^45W+NS:S $# A6(A+-#(:# (& @'6=R'(S:" ,-9S:"
4#)# A# 9A-&:64R(S T*46,(S"6 :5A'+ 4M-6=A+;
9#N%O(& A 45WWS *(,#(9*,P *(64&:#? \-&,WS T*46,(S
:5A'+$ 4M-6=A+ A'&)# )U-&9 (& "'#)R(S (64M:"
.QS'#T*,6$,S & "'&4(P (& N#N*:" $.-R4(O (&L&$64&(S
& -5:"'O 45+T*,S? \-&,WS T*46,(S :5A'+$ 4M-6=A+
9(&%#(R * A-&,WS L&$; 4# A,#-O% $# 4-R,S (&9.P,
*(4#$,*:# 4'6T#(O )6 4M46N# .-6)+A,+? X-6,6 $#
<-%5; & ,6 9#N%O(& ,5 $ %&'M% )6%R:S% ,-"#%;
.6,Q#=+NS +.'&,(*, (& @'6=R'(S:" ,-9S:"; &=5 $(R9#
-69%P'(*'5 $4O (RA'&)5; (&.Q? (RA'&)5 (& 4M9B
A+% & 4M46N 4M-6=A+?
!"\!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
,+N# :#'R Q&)& ,#6-*S & .QS$,+.U 4P(+NS:S $#
*(,#-(&:*6(&'*9&L(S%+ .-6:#$+ <-#% & .6+B
9# (PA,#-O 9 (*:" $# 9&=M4&NS $.#:*<A5 *(,#-B
(&:*6(&'*9&L(S"6 .-6:#$+ %&'M:" & $,Q#)(S:"
<-#%; N#N*:"T .69*:# N# .6(PA+) 6)'*W(R?
b# 4W&A .6(PA+) .-6='#%&,*:AO (&'O9, +:#B
'#(6+ $,+)**; A,#-R =5 $# .6)-6=(PN* 9&=M4&'&
.-6:#$#% *(,#-(&:*6(&'*9&:# L#$AM:" %&'M:"
& $,Q#)(S:" <-#%? ^ ,6"6,6 )U46)+ $# &+,6-A&
L'R(A+ 4 -6:# lKKJ -69"6)'&; *($.*-+NS: $# <(B
$AM%* &+,6-5 \N#''%&(#%; 0+()(&$646+; C-%B
$,-6(@#% & 2'6+ /lKKm3; T# $.6'+ $ A6'#@5 9&"RNS
-69$R"'O W#,Q#(S %#9* L#$AM%* 10X & .6A+$S
$# 64PQ*, N#)(6,'*4O *(,#-(&:*6(&'*9&L(S %6)#'5
4 .-&F*? b#)(S% 9 4M$,+.U ,6"6,6 W#,Q#(S N# $,&(6B
4#(S A'SL64M:" A-*,O-*S /7&A,6-U3; A,#-O 64'*4_+NS
*(,#-(&:*6(&'*9&L(S .-6:#$ L#$AM:" 10X? ^ .-RB
:# <($AM:" 4M9A+%(SAU 45.'5(+'& 9&NS%&4R
9N*W,P(S; T# (&.Q? N&A [$.PW(O %#9*(R-6)(S <-%5;
&'# ,&AO * ,5 %O(P [$.PW(O; N$6+ 9&%PQ#(O (&
9RA&9(SA&? ^ .-U9A+%+ 4# G*($A+ 45.'5(+'6;
T# %&(&T#Q* <($AM:" <-#% $# )6%(S4&NS; T#
A6(A+-#(L(S 4M"6)& <-%5 N# 45,46Q#(& .Q#$
$.6A6N#(O 9RA&9(SA5? 1#9* (#NL&$,PN* +4R)P(O
7&A,6-5 [$.P:"+ (& %#9*(R-6)(S% .6'* N$6+
,4-9#(Si
j n`&W# $,-&,#@*# 4M"6)5 (&) A6(A+-#(:S N#
9&'6T#(& (& .6-69+%P(S .6,Q#= 9RA&9(SAU?c
j n|$.P:" (& A'SL64M:" ,-9S:" 4 9&"-&(*LS
N# "(&(M .6,Q#=6+ $.6A6N#(M:" & 4P-(M:"
9RA&9(SAU?c
j nb# ,Q#=& -5:"'O -#&A:# <-%5 (& (#@&,*4(S
*(76-%&:# 9RA&9(SAU?c
`& 9RA'&)P *($.*-&:# <($AM%* A6'#@5
=5'6 )6$+) .-64#)#(6 (PA6'*A .-U9A+%U %#9*
L#$AM%* %&'M%* & $,Q#)(S%* .6)(*A5; A,#-O $#
)6 *(,#-(&:*6(&'*9&L(S"6 .-6:#$+ 9&.6N+NS; & ,6 4
-U9(M:" 6=6-#:" .6)(*AR(S /$,&4#=(*:,4S; $,-6NSB
-#($,4S; 4*(&Q$,4S3? aM$,+.5 W#,Q#(S .Q*(#$'5 9&NSB
%&4O *(76-%&:#; .Q*L#%T =5'6 9N*W,P(6; T# %&'O
& $,Q#)(S .6)(*A5 .U$6=S:S 4 -U9(M:" 6='&$,#:"
.6)(*AR(S $# 4 *(,#-(&:*6(&'*9&L(S .-6:#$+
.6,MA&NS $ .6)6=(M%* .-6='O%5; A'SL64O 7&AB
,6-5; N#T )#,#-%*(+NS [$.P:" L#$AM:" %&'M:"
& $,Q#)(S:" .6)(*AU 4 *(,#-(&:*6(&'*9&L(S% .-6B
:#$+; N$6+ 4 -69)S'(M:" 6)4P,4S:" .-U%5$'+ .6B
)6=(O; (*:%O(P )&(O A6(A-O,(S 6)4P,4S 4#'A6+
%P-6+ 64'*4_+N# %6T(6$, & 6:"6,+ 10X $# )6
*(,#-(&:*6(&'*9&L(S"6 .-6:#$+ 9&.6N*,? `&.Q?
4*(&Q$,4S N# 6.-6,* $,&4#=(*:,4S L* $,-6NS-#($AO%+
.-U%5$'+ $.#:*<:AO V + 4*(&Q$AM:" 10X N#
6:"6,& 9&.6N*, $# )6 *(,#-(&:*6(&'*9&L(S"6 .-6B
:#$+ 4#'%* %&'R /4*9 (&.Q? \+=SLA64R; X#.-B
(M; lKII3? b# .-6,6 ,Q#=& $# 9&%PQ*, (& A&T)O
6)4P,4S 94'RW]? a ,6%,6 .QS$.P4A+ N$6+ ,#)5
.+='*A64R(5 4M$'#)A5 .-U9A+%+ 9&%PQ#(O"6
(& *)#(,*<A&:* A'SL64M:" 7&A,6-U [$.P:"+ 4
*(,#-(&:*6(&'*9&L(S% .-6:#$+ 10X .U$6=S:S:"
4# $,-6NS-#($AO% .-U%5$'+?
^39.&%+B!23=+<><
a .-U=P"+ -6A+ lKIK & .6LR,A#% -6A+ lKII
=5' .-64#)#( -69$R"'M .-U9A+% %#9* L#$AM%*
%&'M%* & $,Q#)(S%* .6)(*A5? !#(,6 .-U9A+%
$# 9&%PQ*' (& *)#(,*<A&:* A'SL64M:" 7&A,6-U
[$.P:"+ %&'M:" & $,Q#)(S:" .6)(*AU 9&.6N+B
NS:S:" $# )6 *(,#-(&:*6(&'*9&L(S"6 .-6:#$+? \#
$=P-+ .-*%R-(S:" )&, =5'6 45+T*,6 .S$#%(O"6
)6,&964R(S .6%6:S $5$,O%+ H#f&; .Q* W#,Q#(S
%#9* $,-6NS-#($AM%* 10X =5'6 6$'64#(6 :#'B
A#% uKK %&'M:" & $,Q#)(S:" .6)(*AU .U$6=S:S:"
4# $,-6NS-#($,4S? `R4-&,(6$, )6,&9(SAU ,&A =5'&
Im;Jh z; 9 6=)-T#(M:" )6,&9(SAU (R$'#)(P =5'6
It 45Q&9#(6 .-6 (#[.'(O 45.'(P(S; (#.Q#$(O
(#=6 '6@*:A5 (#$.-R4(O 6).64P)* (#=6 A4U'*
(#$.'(P(S 9RA'&)(S:" .6)%S(#A /(#N#)(&'6
$#
6 10X3? 8#'A#% =5'6 9.-&:64R(6 IKK
)6,&9(SAU? ^S$A&(O [)&N# =5'5 9.-&:64R(5 .6B
%6:S $,&()&-)(S:" %&,#%&,*:A6B$,&,*$,*:AM:"
%#,6)?
a -R%:* 4M9A+%+ =5'5 45"6)(6:#(5 N#)B
(6,'*4O 76-%5 *(,#-(&:*6(&'*9&:# 10X; ,9(?
A,#-6+ 76-%6+ 4$,+.+NS <-%5 (& 9&"-&(*L(S
,-"5 (#NL&$,PN*s )R'# =5'6 9N*W]64R(6 (& A,#-M:"
,-9S:" & N&A )'6+"6 10X .U$6=S; 9)& N$6+ L'#(5
4M469(S:" &'*&(:S; 9)& 45+TS4&NS (PA,#-6+
9 .6).6- L* )6,&:S; N#T 10X 45+TS, %6"6+;
4 A,#-M:" 6='&$,#:" $# <-%5 .Q*9.U$6=+NS
.6,Q#=R% 9&"-&(*L(S"6 ,-"+ & )&'WS LR$, 6,R9#A
$# 9&%PQ64&'& (& 9N*W]64R(S $+=N#A,*4(S"6 (RB
96-+ .6)(*A&,#'U (& ,6; A,#-O 7&A,6-5 N$6+ .6)'#
(*:" 9R$&)(S .-6 [$.P:" .6)(*A+ 4 *(,#-(&:*6(&B
'*9&L(S% .-6:#$+?
^ .-U9A+%+ =5'6 9N*W,P(6; T# $ 4#'*A6$B
,S .6)(*A+ -6$,# * .6L#, .6)(*AU; N#T N$6+ (&
9&"-&(*L(S% ,-"+ &A,*4(S? a A&,#@6-** 10X
,#)5 %&NS 4P,WS W&(:* +$.P, (& 9&"-&(*L(S% ,-"+
$,Q#)(S .6)(*A5; (#T .6)(*A5 %&'O L* %*A-6B
.6)(*A5? X6)(*A5 4$,+.+NS (& 9&"-&(*L(S ,-"
(#NL&$,PN* )6 q,* '#, 6) $4O"6 9&'6T#(S; .Q*L#%T
4W&A ,94? n=6-( @'6=&'$c N$6+ )-+"6+ (#NL&$,PN*
9&$,6+.#(6+ $A+.*(6+ %#9* )6,R9&(M%* 10X;
LS%T $# .-R4P $,-6NS-#($AM .-U%5$' '*WS (&.Q?
6) 4*(&Q$,4S /\+=SLA64R; X#.-(M; lKII3? `#NB
4S:# .6)(*AU 4$,+.+N# (& 9&"-&(*L(S ,-"5 76-B
%6+ .QS%O"6 4M469+ /,#(,6 9.U$6= 45+TS4R
4S:# (#T .6'64*(& -#$.6()#(,U3; (#NL&$,PN*
9%*_64&(M%* 9#%P%*; A&% 10X $%PQ+NS $4O
!"]!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
9&"-&(*L(P 6=:"6)(S &A,*4*,5 N$6+ 9#%P 2Z
& %#9* (*%*; .-6 $,-6NS-#($,4S ,5.*:A5; 4O46)S
`P%#:A6? 86 $# ,ML# )6,&:S L* N*(M:" .6).6- &
$+=4#(:S; N$6+ (#NL&$,PN* 45+TS4R(5 )6,&:# 9 #4B
-6.$AM:" 76()U; (*:%O(P (#=5'6 .-6AR9R(6; T#
=5 %P'6 45+TS4R(S )6,&:S 4'*4 (& [$.P:" %&'O"6
& $,Q#)(S"6 .6)(*A+ 4 *(,#-(&:*6(&'*9&L(S% .-6B
:#$+? aS:# (#T uK z -#$.6()#(,U 4 .-U9A+%+
+4#)'6; T# $# (PN&AM% 9.U$6=#% .Q*9.U$6=+N#
9&"-&(*L(S%+ ,-"+; %#9* 6='&$,*; 4# A,#-M:" $#
<-%5 (#NL&$,PN* .Q*9.U$6=+NS 9&"-&(*L(S% ,-"U%;
.&,QS .-4A5 %&-A#,*(@64O"6 %*F+ /9#N%O(& :#(&
& .-6)+A,3? `#N45+TS4&(PNWS% 9.U$6=#% .-6.&B
@&:# (& 9&"-&(*L(S:" ,-9S:" N#; )'# 9S$A&(M:" )&,;
[L&$, (& 4#'#,-9S:" & 4M$,&4R:"? b&A6 "'&4(S :S'
$4O :#(64O .6'*,*A5 )#<(64&'& 4S:# (#T .6'64*(&
)6,R9&(M:" .6)(*AU $(&"+ +)-T64&, L* 945W64&,
$4UN .6)S' (& 9&"-&(*L(S% ,-"+?
pR'# =5'5; 4 -R%:* 9.-&:64R(S 9S$A&(M:"
)&,; .6%6:S $,&,*$,*:AO"6 ,#$,64R(S 64PQ#(5
(R$'#)+NS:S "5.6,O95i
!"#$%&'#()*#+,#-#./'0#1/2#34561#7)#8)9/)7:;7%#
5/9<#3<6=%3>#1?%0@#3@328A#
B"#$%&'#()*#B,#-#./'0##41CD6('#*/:5E/:)#1/2#
287);'7%#583A#FG2/7#HC2G)C4IA#
J"#$%&'#()*#K,#-#./'0#'L12/56('#M2#8'0%#NOA#
P"#$%&'#()*#+,#-#./'0#4'#47)=%#1?:81Q42G:5#
8)9/)7:;7%06#5/96#3#2GC)45:#1/2M6*56A
+"# $%&'# ()*# +,# -# ./'0# 123)=6('# R)*52/#
S41T&96# 1/6=7245# )# 1?:81Q42G:3245# 7)#
8)9/)7:;7%&9#5/8%&9#8)#3'C0:#MQC'=:5@A#
o5.6,O95 =5'5 $,&(64#(5 (& 9RA'&)P
.69(&,AU .'5(6+:S:" 9 .Q#):"69S:" .-U9A+%U;
N#T =5'5 -#&'*964R(5 %#9* %&'M%* & $,Q#)(S%*
.6)(*A5 &+,6-A&%* 4 N*(M:" 6)4P,4S:" .-U%5$'+?
o5.6,O9+ ,#)5 (#9&%S,R%# &(* (& N#)B
(O "'&)*(P 4M9(&%(6$,*? 1UT#%# ,#)5 $ I z
-*9*A#% ,4-)*,; T# 4S:# N&A qK z <-#% 45+TS4R
.-6 4$,+. (& 9&"-&(*L(S ,-"5 .QS%M 4M469?
<125E8)# B
aS:# N&A lK z <-#% $.'_+N# A-*,O-*& .-6
69(&L#(S ,94? n=6-( @'6=&'$c?
oK i }K ~ K;l
oI i }I  K;l
€ ~ K;Kq N# IB € ~ I;Jmq
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 BI;Jmqƒ "5.6,O9+ (#9&%S,R%#
€ ~ K;KI N# IB € ~ l;hlJ
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 Bl;hlJƒ "5.6,O9+ (#9&%S,R%#
o5.6,O9+ ,#)5 (#9&%S,R%# &(* (& N#)B
(O "'&)*(P 4M9(&%(6$,*? 1UT#%# ,#)5 $ I
z -*9*A#% ,4-)*,; T# 4S:# N&A lK z <-#% =+)#
69(&L#(6 N&A6 ,94? n=6-( @'6=&'$c?
<125E8)# J
aS:# N&A tK z <-#% #F.6-,+N# )6 9#%S 2Z
oK i }K ~ K;t
oI i }I  K;t
€ ~ K;Kq N# IB € ~ I;Jmq
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 BI;Jmqƒ "5.6,O9+ (#9&%S,R%#
€ ~ K;KI N# IB € ~ l;hlJ
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 Bl;hlJƒ "5.6,O9+ (#9&%S,R%#
o5.6,O9+ ,#)5 (#9&%S,R%# &(* (& N#)B
(O "'&)*(P 4M9(&%(6$,*? 1UT#%# ,#)5 $ I z
-*9*A#% ,4-)*,; T# 4S:# N&A tK z <-#% =+)# #FB
.6-,64&, )6 9#%S 2Z?
<125E8)# P
aS:# N&A qK z <-#% $# $(&TS .Q*9.U$6=*,
9&"-&(*L(S%+ ,-"+ 4 6='&$,* .-6)+A,+?
oK i }K ~ K;q
oI i }I  K;q
€ ~ K;Kq N# IB € ~ I;Jmq
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 BI;Jmqƒ "5.6,O9+ (#9&%S,R%#
€ ~ K;KI N# IB € ~ l;hlJ
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 Bl;hlJƒ "5.6,O9+ (#9&%S,R%#
o5.6,O9+ ,#)5 (#9&%S,R%# &(* (& N#)B
(O "'&)*(P 4M9(&%(6$,*? 1UT#%# ,#)5 $ I z
-*9*A#% ,4-)*,; T# 4S:# N&A qK z <-#% $# =+)#
$(&T*, .Q*9.U$6=*, 9&"-&(*L(S%+ ,-"+ 4 6='&$,*
.-6)+A,+?
<125E8)# +
aS:# N&A qK z <-#% .64&T+N# 7&A,6- [$.P:"+
.-+T(6$, & .Q*9.U$6=*46$, (& 9&"-&(*L(S:" ,-9S:"
9& 4#'%* )U'#T*,M?
oK i }K ~ K;q
Z2;?&'/!4B:1(a=!
XQ* 64PQ#(S "5.6,O9 =5'6 45+T*,6 ,#$,+
6 -#'&,*4(S L#,(6$,*; (#=6] :S'#% =5'6 +-L*,; 9)&
-#'&,*4(S L#,(6$, +-L*,O"6 9(&A+ 4 9RA'&)(S%
$6+=6-+ N# -64(& A6(A-O,(S%+; 4 .QS$'+W(O "5.6B
,O9# )#<(64&(O%+; LS$'+?
<125E8)# !
aS:# N&A qK z <-#% .-6 4$,+. (& 9&"-&(*L(S
,-"5 45+TS4R .QS%M 4M469?
D5' 45+T*, ,#$, 6 -#'&,*4(S L#,(6$,*i
oK i }K ~ K;q
oI i }I  K;q
€ ~ K;Kq N# IB € ~ I;Jmq
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 BI;Jmqƒ "5.6,O9+ (#9&%S,R%#
€ ~ K;KI N# IB € ~ l;hlJ
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 Bl;hlJƒ "5.6,O9+ (#9&%S,R%#
!_`!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
oI i }I  K;q
€ ~ K;Kq N# IB € ~ I;Jmq
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 BI;Jmqƒ "5.6,O9+ (#9&%S,R%#
€ ~ K;KI N# IB € ~ l;hlJ
\-*,*:AM 6=6- N# 45%#9#( N&A6 e € ~ ‚Zs Z
 Bl;hlJƒ "5.6,O9+ (#9&%S,R%#
b# ,#)5 %6T(O $ Iz -*9*A#% ,4-)*,; T# 4S:#
N&A qKz <-#% .64&T+N# 7&A,6- [$.P:"+ .-+T(6$,
& .Q*9.U$6=*46$, (& 9&"-&(*L(S:" ,-9S:" 9& 4#'%*
)U'#T*,M?
10X; N#T (& 9&"-&(*L(S:" ,-9S:" [$.PW(P .U$6=S;
45$A5,+NS $.6'#L(6$,* $ -+L#(S% 6%#9#(M%;
N#T N&A6 76-%+ 4$,+.+ (& 9&"-&(*L(S ,-" 946'*'5
.QS%M 4M469? ^ 4M9A+%+ 45.'M4R; T# .-6 [$.P:"
(& 9&"-&(*LS:" ,-9S:" (#(S 64'*4(P( 45+TS4R(S%
.6).6- & )6,&:S; (&6.&A N#)(S% 9 A'SL64M:"
7&A,6-U [$.P:"+ $# N#4S $:"6.(6$, .Q*9.U$6=#(S
$# 9&"-&(*L(S%+ ,-"+? `#NL&$,PN* -#$.6()#(,*
+4R)P'* .Q*9.U$6=#(S $# 4 6='&$,* :#(5 & .-6)+AB
,+; %#9* N#)(6,'*4M%* )-+"5 .6)(*AU /)'# 4#B
'*A6$,*3 (#N$6+ 4 ,O,6 6='&$,* .QS'*W 4#'AO -69)S'5?
`#N[$.PW(PNWS N$6+ (& 9&"-&(*L(S:" ,-9S:" ,5
$,-6NS-#($AO 10X; A,#-O +)-T+NS L* 945W+NS $4UN
,-T(S .6)S' .6%6:S (R$,-6NU :#(64O .6'*,*A5?
^ )'6+"6)6=O"6 "'#)*$A& N# .-6 10X )U'#T*,M
7&A,; T# 4M-6=(S .6)(*A5 4 6='&$,* $,-6NS-#($,4S
A'&)6+ LS% )R' 4P,WS )U-&9 (& 4M9A+% & 4M46N;
N#T $# $,R4R A6(A+-#(L(S 4M"6)6+ V 9)# N$6+;
.-6 %&'O & $,Q#)(S .6)(*A5; .6,#(:*R'(S "-69=6+
<(&(L(S '*%*,5 V .-6 10X N# 4 ,O,6 6='&$,* ,PTAO
A6(A+-64&, 4#'AM% $.6'#L(6$,#%; N#T (& 4M9B
A+% & 4M46N %6"6+ 45(&'6T*, (#.6%P-(P 4P,WS
LR$,A5? \6(A+-#(L(S ,'&A 9RA&9(SAU $# 9&%PQ+N#
.Q#)#4WS% (& .&-&%#,-5 A4&'*,5; )R'# (& :#(+ &
.6$A5,64R(S )6.-646)(M:" $'+T#=? 0,-6NS-#($,4S
N# .&A $.#:*<:AO .6T&)&4A#% &=$6'+,(S A4&'*,5
/(&.Q? + )6)R4#A )6 &+,6%6=*'64O"6 .-U%5$'+ N#
9%#,A64*,6$, N#)(S% 9 (#N)U'#T*,PNWS:" +A&9&,#'U
.Q* 4M=P-+ )6)&4&,#'#3?
8#'A64P =5 $# %P'5 10X .6)(*A&NS:S 4# $,-6B
NS-#($,4S 9&%PQ*, (& A4&'*,+ .-6)+A,+; .-+T(6$,
& .Q*9.U$6=*46$, /& ,6 9#N%O(& 4 6='&$,* :#(53
& )R'# (& (&'#9#(S A6(A+-#(L(S 4M"6)5; .6A+)
4 *(,#-(&:*6(&'*9&L(S% .-6:#$+ :",PNS +$.P,?
bJ2;6
X-6 %&'O & $,Q#)(S .6)(*A5; A,#-O $# $(&TS
+$.P, 4 *(,#-(&:*6(&'*9&L(S% .-6:#$+ 4 A6(B
A+-#(:* 4#'AM:" (&)(R-6)(S:" $.6'#L(6$,S; N#
+T*,#L(R 9(&'6$, A'SL64M:" 7&A,6-U [$.P:"+ (&
9&"-&(*L(S% ,-"+? p6,&964R(S% %#9* 10X;
N#T (& 9&"-&(*L(S:" ,-9S:" .6)(*A&NS; =5'6
9N*W]64R(6; 9)& <-%5; N#T N$6+ (& 9&"-&(*L(S:"
,-9S:" [$.PW(O; %&NS (PN&AO $.6'#L(O -5$5; A,#-O
=5 $# )&'5 96=#:(*, N&A6 )#,#-%*(&(,5 [$.P:"+?
C+,6-A5 L'R(A+ $.6'+ $ 4M9A+%(M% ,M%#%
.-64#)'5 (PA6'*A#-6 W#,Q#(S %#9* L#$AM%* 10X
4 -U9(M:" 6)4P,4S:"; .Q*L#%T =5'6 9N*W,P(6;
T# &LA6'*4 $# 9N*W,P(O 7&A,6-5 [$.P:"+ .6)6B
=&NS; %(6"R 6)4P,4S %&NS $4R $.#:*<A&? X-6,6 N#
4 ,6%,6 .QS$.P4A+ .-#9#(,64R( 4M$,+. W#,Q#(S
%#9* %&'M%* & $,Q#)(S%* .6)(*A5 .U$6=S:S%*
.6+9# 4 6='&$,* $,-6NS-#($AO"6 .-U%5$'+?
a ,6%,6 6)4P,4S N$6+ (& 9&"-&(*L(S:" ,-9S:"
(#N[$.PW(PNWS %&'O & $,Q#)(S .6)(*A5; %*A-6B
.6)(*A5 .6(PA+) 9&6$,R4&NS? `#NL&$,PN* $# %#9*
H)(&6,(<6,
D#&%*$"; X? e? /IggK3? !"# E(,#-(&,*6(&'*9&,*6( X-6B
:#$$ 76- 0%&''#- w(,&-*6 G*-%$i C H#$#&-:" C@#()&;
*( H+@%&(; C?; /#)?3 H#$#&-:" *( k'6=&' D+$*(#$$
1&(&@#%#(,; a6'+%# I; k-##(>*:"; 8w; bCE X-#$$
..? ttBgl?
DNx-A%&(; E?; G6-$@-#(; 1? /lKKK3? `6-)*: E(,#-(&B
,*6(&' D+$*(#$$ H#$#&-:"? U75'/7)5:27)C# V56M:'4# 2R#
W)7)H'0'75#X#Y/H)7:8)5:27; hK /I3; JBlm
8&4+$@*'; 0? !? /IguK3? w( ,"# E(,#-(&,*6(&'*9&,*6(
X-6:#$$ 67 G*-%$; N6/21')7#Z'4')/&9; u; J; ..? lthV
luI?
2''*$; X? /lKKK3? 06:*&' ,*#$ &() 76-#*@( %&-A#, #(B
,-5? [26/7)C#2R#U75'/7)5:27)C#\64:7'44#V56M:'4; hI/h3i
mmhBmJg?
2-&%*''*; 1? \? /IggI3? !"# 2F.#-*#(:# 7&:,6- *( 76-B
#*@( %&-A#, #(,-5 =#"&4*6+- 67 $#-4*:# <-%$? [26/7)C#
2R# U75'/7)5:27)C# \64:7'44# V56M:'4 ll h /IggI3; ..?
mtgVqKI?
k&(A#%&; o? k? b?; 0(+*7; o? H?; ^>&-,; X? 0? /lKKK3?
!"# E(,#-(&,*6(&'*9&,*6( X-6:#$$ 67 0%&'' &() 1#B
)*+%B0*9#) 2(,#-.-*$#$i C( 24&'+&,*6( 67 0,&@#
!"#6-5; [26/7)C#2R#V0)CC#\64:7'44#W)7)H'0'75, pp.
IqVlt?
o&--*$6(; C? f?; p&'A*-&(; 2?; 2'$#5; 2? /lKKK3? U75'/7)5:27)C# G64:7'44"# HC2G)C# &201'5:5:27# R/20# )# N6/21')7#1'/41'&5:3'? wF76-)i Z(*4#-$*,5 X-#$$? mgI $?
o&-4#$,6(; X? p?; \#)*&; D? f?; p&4*$; X? 0? /lKKK3?
E(,#-(&,*6(&'*9&,*6( 67 =6-( @'6=&' &() @-&)+&' @'6B
=&'*9*(@ <-%$i !"# *%.&:, 67 ,"# %&(&@#-? ]M3)7&'4#
:7#^201'5:5:3'#Z'4')/&9; u/I3i glBgg?
b6"&($6(; b?; 1&,,$$6(; f? k? /Iguu3? U75'/7)5:27)C:8)5:27#:7#U7M645/:)C#V<45'04#_#]#`'5a2/*#]11/2)&9; *(
o66) &() a&"'(#; #)$?; 0,-&,#@*#$ *( k'6=&' 86%.#,*B
,*6(; `#> „6-Ai 8-66% o#'%?
b6"&($6(; b?; a&"'(#; b? 2? /Igtt3? !"# E(,#-(&,*6(&B
'*9&,*6( X-6:#$$ 67 ,"# G*-% C 16)#' 67 \(6>'#)@#
p#4#'6.%#(, &() E(:-#&$*(@ G6-#*@( 1&-A#, 86%B
%*,%#(,$? [26/7)C# 2R# U75'/7)5:27)C# \64:7'44; u;
0.-*(@v0+%%#-; ..? lhBhl?
b6"&($6(; b?; a&"'(#; b? 2? /IggK3? !"# %#:"&(*$% 67
!_[!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,
TRENDY EKONOMIKY A MANAGEMENTU / TRENDS ECONOMICS AND MANAGEMENT
\+=SLA64R f?; X#.-(M C? /lKII3? !"# *(,#-(&,*6(&'*B
9&,*6( 67 $%&'' &() %#)*+%B$*9#) #(,#-.-*$#$ *( ,"#
4*,*:+',+-#; ]H/:&A#N&27A V 89#:"; qt; hhIBhhg
f+6$,&-*(#(; H?; k&=-*#'$$6(; 1? /lKKm3? \2/7# e:7_
7:49#1'/41'&5:3'#2R#:75'/7)5:27)C#'75/'1/'7'6/49:1; *(
f? X? p&(& /#)?3; o&()=66A 67 H#$#&-:" 6( E(,#-(&B
,*6(&' 2(,#-.-#(#+-$"*.; 8"#',#("&%; Z\ &() `6-,B
"&%.,6(; 1C; Z0Ci2)>&-) 2'@&-; ..? huhBmKh?
`6-)$,-x%; \? C? /IggI3? b9'# U75'/7)5:27)C:8)5:27#
f/2&'44# 2R# 59'# e:/0"# V')/&9:7H# R2/# `'a# f)55'/74#
)7M#NL1C)7)5:274? p6A,6-&7"&()'*(@; EED; 0,6:A"6'%
0:"66' 67 2:6(6%*:$; 0,6:A"6'%
w4*&,,; D? 1?; 1:p6+@&''; X? X? /Iggm3? !6>&-)
& !"#6-5 67 E(,#-(&,*6(&' `#> a#(,+-#$; [26/7)C# 2R#
U75'/7)5:27)C#\64:7'44#V56M:'4; lq; I; ..? mqVJm?
w4*&,,; D? 1?; 1:p6+@&''; X? X? /Iggt3? 8"&''#(@#$
76- E(,#-(&,*6(&'*9&,*6( X-6:#$$ !"#6-5i !"# 8&$#
67 E(,#-(&,*6(&' `#> a#(,+-#$; W)7)H'0'75# U75'/_
7)5:27)C#Z'3:'a; 0.#:*&' E$$+#; ..? uqVgg?
H#+=#-; C? H?; G*$:"#-; 2? /Iggt3? !"# *(‡+#(:# 67
,"# %&(&@#%#(, ,#&%y$ *(,#-(&,*6(&' #F.#-*#(:# 67
,"# *(,#-(&,*6(&'*9&,*6( 67 012$? [26/7)C# 2R# U75'/_
7)5:27)C#\64:7'44#V56M:'4; lu/m3; ..? uKtBulq?
e#':"; f?; f+6$,&-*(#(; H? \? /Iggh3? E(>&-)w+,>&-)
86((#:,*6($ *( E(,#-(&,*6(&'*9&,*6(; [26/7)C#2R#U75'/7)5:27)C#W)/*'5:7H; I; I; ..? mmVmJ?
*(,#-(&,*6(&'*$&,*6(? U75'/7)5:27)C#W)/*'5:7H#Z'3:'a,
t; (6 m; ..? IIBlm?
b6"&($6(; b?; a&"'(#; b? 2? /lKKg3? !"# Z..$&'& *(,#-B
(&,*6(&'*9&,*6( .-6:#$ %6)#' -#4*$*,#)i G-6% '*&=*'*,5
67 76-#*@((#$$ ,6 '*&=*'*,5 67 76-#*@((#$$ ,6 '*&=*'*,5
67 &6+,$*)#-$"*.? [26/7)C# 2R# U75'/7)5:27)C# \64:7'44#
V56M:'4; (6 mK; ..? ImBmh?
b6"&($6(; b?; e*#)#-$"#*%BX&+'; G? /Igtq3? !"# *(B
,#-(&,*6(&'*$&,*6( 67 ,"# <-%?B G6+- 0>#)*$" :&$#$?
[26/7)C# 2R# W)7)H'0'75# V56M:'4; Il ; w:,6=#-; ..?
hKqBhll?
\N#''%&(; C?; 0+()(…$; C?; H&%$,-x%; b?; 2'6; 1?
/lKKm3? U75'/7)5:27)C:4)5:27# 2R# 40)CC# ./04? I?45)?
aQ&$&i \#&=BX&.#- f,); IJt $?
\(*@",; k? C?; 8&4+$@*'; 0? !? /IggJ3? b9'#G2/7#HC2G)C#
./0"# ]# &9)CC'7H'# 52# 5/)M:5:27)C# :75'/7)5:27)C:8)5:27#
59'2/<? E( 0? !? 8&4+$@*' † !? 1&)$#( /2)$?3; C)B
4&(:#$ *( *(,#-(&,*6(&' %&-A#,*(@? IIBlJ? k-##(>*:";
8!i bCE X-#$$?
\(*@",; k? C?; 8&4+$@*'; 0? !? /lKKm3? E((64&,*6(;
6-@&(*9&,*6(&' :&.&=*'*,*#$; &() ,"# =6-(@'6=&' <-%?
[26/7)C# 2R# U75'/7)5:27)C# \64:7'44# V56M:'4; hq/l3i
IlmBImI?
\6-R=; a?; 8"&'+.$AM; a?; p46QRA; 1? /lKKK3? W2926#
0)CE#./0<#21'/23)5#3#8)9/)7:;%c#&2#('#125?'G)#1/2#52#
6MTC)5d I?45)?; D-(6i X8 p*- H#&'? IKK $?
f16<0&'1!6&%,+-)S Im?g?lKII
h&-&'=12J'1S Iq?II?lKII
C-42J.&'1!+!:<A.)+12J'/S!hK?II?lKII
M<(416!c9d!-1'(,-(!c9d
$'Ge!H&,!I<A/0+12JK!N4fe
g-e!LJ6+,!D,6+12J
1#()#'64& +(*4#-9*,& 4 D-(P
X-6469(P #A6(6%*:AR 7&A+',&;
|$,&4 %&-A#,*(@+ & 6=:"6)+
^#%P)P'$AR I
JIh KK D-(6; Y#$AR -#.+='*A&
2B%&*'i '#&ˆ%#()#'+?:9;
$&-A&?%&-A64&ˆ@%&*'?:6%
!_"!
!"#$%&'&(&"$)*!&+,&-&'!*./0&'&(&#./10 &+,