Prvý hospodársky cyklus v postkomunistickej ekonomike Slovenska
THE FIRST BUSINESS CYCLE IN THE POST-COMMUNIST ECONOMY OF SLOVAKIA

Summary/Abstract: The aim of the contribution is an evaluation of the first business cycle in the post- -communist economy of Slovakia. Investigation starts from long term development of the Slovak economy and identification of the first business cycle after fall of communism. The cycle begins in 1993 and finish in 1999. Development in the years 1993 – 1995 had been identified as „transition expansion“ and the period 1996 – 1999 as „transition con-traction“. The recorded business cycle was, first of all, a consequence of synergism of eco-nomic development’s internal and external factors. Interaction between accelerator and multiplier in the framework of domestic demand was less notable than interaction be-tween exports and domestic demand. It was given, in on hand, by high openness of the economy and, in other hand, by low developed market and undercapitalization of the economy.Cyclical development of economic activities was also very significantly influenced by turbulences of socio-political development, economic transition and the privatization process.Behavior of economic agents was more affected by no transparency of the forming market and social environment than by imperfect information. A possible effect of tech-nological shocks was strictly limited by huge undercapitalization, moderate inflow of foreign investments and low functionality of the market.By broader evaluation of the first business cycle in the post-communist economy of Slovakia is necessary to state that over 6 per cent economic growth is above the recent possibilities of the country and leads to vehement increase of external disequilibrium. On other side, lowering of economic growth below 3 per cent leads to broad increase of unemployment. This development by synergism of high consumer prices recalls fast worsening of households’ income situation and leads to increase of social disequilibrium. It means that the Slovak economy achieved such stage of development where require-ments on efficient macroeconomic maneuvers for seeking economic growth and stability extraordinary rise and are strongly dependent on progress made in structural changes.

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