Súvislosť medzi vonkajšou a vnútornou nerovnováhou v slovenskej ekonomike
RELATIONS BETWEEN THE EXTERNAL AND INTERNAL IMBALANCE IN THE SLOVAK ECONOMY

Summary/Abstract: The article opens with a statement on the long lasting propensity of the Slovak economy to deficit in the balance of trade and balance of payments in the foreign trade. The author does not accept that this propensity might be caused by preferences of home consumers to the imported goods, or simply by lagging imports behind the exports. He does not deny the growing demand for imported goods and increase in the foreign trade share on the home market. However, he considers it as a fact which is inevitably con-nected with integrating every economy in the world trade and principally it is impossi-ble to resist it. However, since import in every country depends on sources gained by exporting own goods and services, the import cannot grow independently from export. This dependence does not either allow to indicate lagging exports to be the cause of breaking the foreign trade balance. The imports can for a longer time and in greater extend exceed exports only in case when there appear on the side of home demand purchasing means gained other way than by export of home goods and services. It takes into account that in every national economy there exist savings as available funds which do not enter the flow of goods immediately after gaining them (after sale), and these funds may – under certain cir-cumstances – evoke deviations in sales, including purchase of imported goods and ser-vices. This happens usually when an unfavourable price, boom or monetary develop-ment is expected. Use of these means in a greater than usual volume may bring about a temporary deviation, but hardly to set up any longer tendency. Such a tendency pre-sumes a lasting need and a lasting inflow of these means. However, the existence of available funds, among which the author includes besides credits also privatization proceeds, „tunnelling“ and similar channels, does not explain the growing need of addi-tional sources (mostly foreign ones). This need manifests itself year by year through a growing pressure on the level of firms, state and public institutions, whereat deficits of all these subjects are apparently growing. For the time being the foreign means used did not result in such an acceleration of creating own sources which would at least moderate the need of foreign sources. This could not prevent exerting impact on relations of fo-reign trade and on currency development. The need of explaining the reasons for chronic propensity of foreign trade in the Slovak Republic to advanced imports over exports led the author to question the source of the enormous demand for foreign sources in our country. Why the Slovak economy and other actors participating in the foreign trade have such an extraordinary need of new and new credits till the above level exceeding up to now the possibilities of paying them continuously?

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