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Important announcement.

References to literature - from 2016 the journal changes citation style to APA that uses for author's identification name and year of publication (e.g. Novák, 2014; Sixta & Žižka, 2009).

You may find details at http://www.library.cornell.edu/resrch/citmanage/apa. It is also possible to use citation generator at http://www.library.cornell.edu/resrch/citmanage/apa.

Choice of articles of current issue

DETERMINANTS OF THE EUROPEAN UNION’S TRADE – EVIDENCE FROM A PANEL ESTIMATION OF THE GRAVITY MODEL

Michał Bernard Pietrzak, Justyna Łapińska

In the world’s economy the last two decades have been a period of development of regional integration groups. A number of new groups came into being and the already existing ones followed the path of deepening the integration process.
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EFFECTIVENESS OF THE MONETARY POLICY IMPLEMENTATION IN THE CONTEXT OF CRISIS: USE OF SHORT-TERM INTEREST RATE IN THE CZECH REPUBLIC AND THE EMU

Ľudmila Bartóková, Júlia Ďurčová

The recent economic crisis and the events that followed, namely the debt crisis, pointed to a number of issues of European Economic and monetary union (EMU), such as particularly persistent asymmetries and differences in development. Due to the high interconnectedness of member countries’ economies, it is no longer possible to perceive the problems of one country as isolated, since the negative effects are spread throughout the EMU.
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RECENT TRENDS IN THE STUDY OF MERGERS AND ACQUISITIONS

Sorin Adrian Achim

In the present globalized world, investments play a key role. But the international fi nancial crisis has affected both the course of these fl ows and their intensity. Investors have reconsidered their positions and strategies on the market. There are more options for investors to place their money and to develop. Out of these options, an important part of the investment fl ows happens through mergers and acquisitions.
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CZECH WINE CONSUMERS: MATURING WITH AGE?

John R. Anchor, Tereza Lacinová

Wine is a complex beverage which varies in taste, in categories and in quality measures. These factors may infl uence consumers’ preferences. The most important factor is probably taste, although consumers usually cannot taste wine before a purchase and so other factors are important in the decision making process.
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CHANGES IN THE FINANCING OF MUNICIPALITIES AND LOCAL GOVERNMENTS OF SELECTED CITIES: POSSIBLE EFFECTS ON DISINTEGRATION PROCESSES AND MUNICIPAL POLICY

Pavel Roubínek, Petr Kladivo, Marián Halás, Jaroslav Koutský, Zdeněk Opravil

There was a signifi cant reduction in the number of municipalities in the Czech Republic in the era of socialism. This was a consequence of the application of the central system of settlement, which was based on Christaller’s theory of central places. In connection with the changes after 1989, there was a disintegration of such integrated communities and the situation has since stabilized.
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