Vývojové trendy vo svetovej ekonomike a na kapitálových trhoch
DEVELOPMENT TRENDS IN WORLD ECONOMY AND CAPITAL MARKETS

Summary/Abstract: The integration processes and globalization of the world economy is presently connected also with a new understanding and character of the economy. Economic theory nowadays brings the „new economy“ category which – in the 90s of the last century – caused significant changes not only in the structure of the economy but also in its mecha-nism of functioning. Qualitative changes are also reflected in economic growth which is closely related to labour productivity growth. The massive growth in investment inflow into the branches of the new economy has induced the changes in the economic cycle as well. The prob-lems as innovation cycles shortening, corporate size, etc., came into the forefront. Besi-des this, the character of old industries is being changed radically, and thus many theo-rists point out that it is quite difficult today to find the division line between the old and the new economy. These changes in the economy have influenced also the capital markets, which reflect real economic processes. High growth rates of the high-technology branches led – at US capital market, and later also at the European one – to the formation of a speculative bubble that multi-exceeded economic level of these branches. The bubble collapse has brought not only sizeable losses for investors but also their serious mistrust of a stock market and particularly the negative attitude towards investing into the new economy industries. That attitude led automatically to a significant drop in production and dragged the economy into the new recession. These negative appearances at the end of the year 2000 expressed themselves also in theoretical approaches that refused the new economy phenomenon. However, in our opi-nion, previous wave just created the base for the further, even larger development of the-se industries. It can be expected that this process will be more long-term and accompa-nied by the changes and development in all branches of the economy. To what extend do the transition economies – especially V 4 countries: Slovak Re-public, Czech Republic, Poland, Hungary – react to the new situation in the world econo-my? All these countries are trying to become a part of united Europe, that means to inte-grate their national economies into the compact entity which the European Union leads to. Mentioned countries, despite some particularities, initialised their economies at almost identical economic base. Building a modern economy in these countries requires a wide range of restructuring processes. These should be shaped so that they will mirror world trends of the development in the most advanced countries and at the same time they will meet needs of the European economic area.

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