Effects of Slovakia’s Entry to EU (Including Adoption of Euro) on Slovakia’s Car Industry by...

8/2/2019 Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry by Zdenka Bartscht

1/21

EFFECTS OF SLOVAKIAS ENTRY TO EU ON ITS CAR INDUSTRY 1

1

Effects of Slovakias Entry to EU (Including Adoption of Euro) on Slovakias Car Industry

Zdenka P. Bartscht

Eastern Michigan University


2/21


Abstract

This research focuses on Slovakia, a fast developing Eastern European country, and a

current member of the European Union. In recent years Slovakia has become a major attraction

for foreign direct investment, in particular in the car manufacturing industry. It is important to

understand the countrys background, as well as its economic progress in order to be able to see

the countrys future potential. This research is set to prove a positive correlation between

Slovakias entry in the EU (as well as adoption of the common currency Euro) on the car

manufacturing industry. The methods used to support this research include a literature review, as

well as the historical and financial analysis of the three major car manufacturers in the country:

Volkswagen Slovakia a.s., Kia Motors Slovakia, and PSA Peugeot Citron. The analysis of the

literature written on the subject, as well as the data collected during the research indicate that

there is a positive relationship between Slovakias entry to the EU and the amount of FDI;

therefore there is a positive correlation between the entry to EU and the car manufacturing

industry. The adoption of the common currency cant be positively linked to the amount of FDI

in the car industry due to financial crises in Europe during the year following the adoption of the

currency. Slovakia definitely remains on the radar of future investors due to its stable political

and legal environment, attractive geographic location, and its continuous economic growth.


3/21


Introduction

Slovakia, also known as a part of former Czechoslovakia is a very unique country. In the

last two decades the country had undergone major political and social changes that have a

significant impact on the countrys economy. In 1989, after the fall of the communist regime,

then Czechoslovakia, had gone from being a communist dictatorship to parliamentary

democracy. This change had flung the doors open for tourism, as well as an influx of new ideas,

a precursor of Foreign Direct Investment (FDI).Shortly after; in 1993 Slovakia split from Czech

Republic and became an independent country. In 2004 Slovakia continued its progression to a

free market economy by joining the EU, followed by the adoption of the common currency

(Euro) in January 2009. Besides political stability, Moodys describes Slovakia as a country with

Low wages, high educational attainment and close proximity to core Europe have made the

country an attractive focus for foreign direct investment (Slovakia, Moodys). As it can be

seen on the map below, Slovakias geographical location can be seen as attractive to the

investors interested in a fast market expansion.

Hostels.net


4/21


One of the major factors that make Slovakia attractive to FDI is the fact that Slovakia has

one of the fastest growing economies of the newly admitted EC countries. The graph below

shows real GDP growth rate in % change from previous year. Between 2008 and 2009 Slovakia

felt the aftershocks of the worldwide recession which resulted in reduced growth as well as

negative growth in 2009. In 2010 Slovakias growth rate had recovered from - 4.9 % in 2009 to

4.2% (Real GDP Growth Rate, Eurostat). Slovakias fast recovery can be seen as a sign of its

economic strength.

Real GDP Growth Rate (2003 2010)

-6

-4

-2

0

2

4

6

8

10

12

2003 2005 2007 2009

GDP%

*Eurostat


5/21


GDP 1995-2010

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

1995 1998 2001 2004 2007 2010

GDPinmillions

EU

*Statistical Office of the Slovak Republic (in million EUR)

The statistical office of the Slovak Republic published revised GDP data for 1995-2009,

and a preliminary data for 2010 at current prices. The graph shows a 9.2 % increase in GDP

between 2004 and 2005, this change could be a result of Slovakia joining the EU in 2004. Once

again the results of the 2008 recession can be seen in decline in Slovakias GDP in 2009

(Revised GDP, Statistical Office of Slovak Republic).


6/21


GDP per Capita

0

10

20

30

40

50

60

70

80

1995 1998 2001 2004 2007 2010

GDPperCapita

*Eurostat (EU-27) = 100

According to Eurostat, Slovakias GDP per capita has been continuously increasing,

reaching its highest level of 74 in 2010. Eurostat measures the GDP per capita on a 100 point

scale; numbers above 100 indicate GDP per capita higher than the GDP of the 27 countries of

EU (GDP per Capita, Eurostat).

Another significant economic factor that makes Slovakia worth doing business with is its

tax system. Slovakia has 19% flat tax for corporations and individuals (Slovakia, CIA), this

simple tax makes doing business in Slovakia easier, taking out maneuvering between different

taxes codes for different industries. Besides taxes, Slovakias pro-business policies and

governmental incentives are a major attraction to any investor.


7/21


This research concentrates on Slovakias booming car industry. According to CIA World

Fact Book, vehicles account for 21% of Slovakias total exports (Slovakia, CIA). An article

from Industry Week states that Slovakia is expected to produce 630,000 by the end of 2011. In

2012 and the beginning of 2013 production is expected to reach between 800,000 and 900,000

cars (Slovakia, worlds leading per-capita car maker, Agence France-Presse). The above

mentioned production indicators represent the production estimates of the three automakers:

Volkswagen, PSA Peugeot Citron and Kia Motors.

The focus of my research are the effects of Slovakias entry to EU (including the change

of currency), on the car industry in Slovakia. I am planning to compare Slovakias car industry

prior to Slovakias admission to EU, as well as observe any changes related to Slovakias

adoption of the new currency (Euro) and its effects on the car manufacturing. I will also review

each car makers production records, including employment levels and financial records in order

to better understand the progress in the industry as whole.

Literature Review

The boom of the car manufacturing in Central and Eastern Europe has been a topic of

numerous studies. Some of the researchers consider FDI the major driving factor of the car

industry; others draw conclusions based on the privatization and government incentives as well

as geographically strategic location of the host countries. The effects of Slovakias entry to EU

and its currency change on the car industry have not been really explored and it would be

interesting to see if a positive correlation can be supported.


8/21


According to Radosevic and Rozeik (2005) the restructuring of Central and Eastern

European car manufacturing has been entirely foreign led. Both Czech Republic and Slovakia

were able to attract large amounts of FDI among other factors by the quality of governmental

support. According to the authors; in Slovakia, the program for development automotive industry

was a result of the enforcement of governments resolution from 1998. Slovakian government

had played an important role in attracting and retaining foreign investment. It is interesting that

Radosevic and Rozeik (2005) also argue that the productivity in Slovakia and Hungary is 2 times

above the manufacturing average, in comparison to the countries with no FDI present (Bulgaria,

Latvia, and Lithuania). Radosevic and Rozenik touch in their conclusion briefly upon the fact

that the internationalization in the countries mentioned above had been led through the

expansions and extensions, which could be a positive result of their entry into the EU.

The article Financial Setting for FDI Inflows into the Czech Republic and Slovakia,

published by Jankovic and Yatrakis (2011) focuses on the relationship between the countrys risk

ratings, financial market variables, expected returns in the region and the FDI (Jankovic, et.al,

2011). Jankovics and Yatrakis research does not support the positive relationship between

Slovakias entry to EU and the countrys car industry.

The article: Automotive industry in the Slovak Republic: Recent Developments and

Impact on Growth analyses the positive environment for the entry of FDI, as well as concrete

examples of two of the largest investors in automotive industry in Slovakia: PSA Peugeot and

KIA (Jakubiak, et al., 2008). Among other important factors, the authors conclude:


9/21


Improved prospects for EU accession at the turn of the century, together with decisive progress

in aligning domestic legislation with the acquis, helped anchor investor expectations about

economic policy and future development.

The authors also state the importance of other factors (some of them share similarities with

Radosevic and Rozeik above) contributing to Slovakias attractiveness to FDI, including political

and legal reforms, the structure and level of education, Slovakias geographical proximity to

other EU markets, infrastructure, as well as large governmental incentives (Jakubiak et al.,

2008). This article is a good source of information about the current automotive industry in

Slovakia. The authors, among others, found a positive correlation between Slovakias to EU and

the inflow of FDI investment.

An article that supports this research topic was published in 2006 by the National Bank of

Slovakia. The article, Long Term Benefits of Euro Adoption in Slovakia. states that the

adoption of Euro would decrease two major factors that would make mutual trade cheaper; it will

lower the transaction cost, and it will lead to stabilization of exchange rate (Solani & Tirpak,

2006). Based on this information one can conclude that the FDI levels would raise since the cost

of doing business would be lower and the currency will be more stable. Solani & Tirpaks

theory is supported by the fact that there has been two car manufacturers (since the countrys

entry in EU) that had decided to invest in Slovakia.

Vintrov (2006) in her research states that Slovak (as well as Czech) entry to EU had

made both countries more attractive for FDI and had accelerated the economic growth in each

country (Vintrov, 2009). GDP growth in Slovakia in 2000 to 2003 rose from 3.6 to 7.5%, and in

the year 2007 up to 10%. Slovakia is a member of the Visegrad 4, which consist of Czech


10/21


Republic, Slovakia, Poland, and Hungary. According to Vintrov , Slovakias GDP growth

within the V4 was the fastest in the last 15 years (Vintrov, 2009). Once again, the research

strongly suggests that the entry to EU have had a positive impact on FDI, which can be directly

linked to the increase in the investments in automotive industry.

The article International outsourcing over the business cycle: some intuition for

Germany, the Czech Republic and Slovakia, analyses the effects of the economic crises on the

sourcing practices of multinational companies, in this case, the author studies the impact of the

crises in Germany (and EU) on businesses in Slovakia and Czech Republic (Levasseur, 2010).

Levasseur concludes that the asymmetry in the international outsourcing seems to be at work

across several different dimensionsacross the states of the economy, across the sectors and

across the countries. The results vary for both Czech Republic and Slovakia based on their car

manufacturing history, even based on the nationality of the foreign investors (different decision

making practices). This article does not directly support the research topic since it studies the

reactivity of Slovakias manufacturing to negative economic changes in Germany/EU, on the

other hand, the article can be useful for a foreign investor in choosing one country over the other

based on their crises management.

Car Manufacturing in Slovakia and Czech Republic has a long tradition, especially in

Czech Republic, where the brand koda recently celebrated its 100 years anniversary (Tiusanen,

2006). According to Tisuanen, the car manufacturing in Czech Republic (mostly because of its

car manufacturing history) was way ahead of Slovakia until 1991 when Volkswagen (as a first

major investor) acquired a major part (30%) in Bratislavas Automobile Plant BAZ, a major

supplier of Skoda during the communist period (Tiusanen, 2006). One can say that this was a


11/21


major turning point in Slovakias car manufacturing. This article also points out the fact that the

BAZ acquisition had major impact on the total amount of automotive supplies which increased

from $ .5bilion in 1997 to $2.5 billion in 2003 (Tiusanen, 2006). Tisuanens research provides

relevant information regarding the beginning of the car manufacturing in Slovakia.

Research in the journal of Applied Economic addresses the topic of the employee

management in Slovakia and Bulgaria. The author, Hideki Takei analyses surveys of Slovak and

Bulgarian employees and their responses to different managerial styles and on job

responsibilities and approaches. I found interesting that 90% Slovakian employees value the

following factors the most: fairness and clear structure and rules, frequent and 2-way

communication, disclosure, transparency, and information sharing (Takei, 2011). Even though

the on job communication and preferences slightly vary between the two cultures, this

information can be very useful to foreign investors trying to establish production in Slovakia. It

would be interesting to see if the Slovakian work approach and preferences had changed after the

establishment of foreign owned enterprises.

Another research supporting Slovakias position as a major FDI attraction is a

comparison of Slovenias versus Slovakias FDI contributions as examined by Lokar and

Bajzikova in World Transition Economy Research in 2008. Both authors compare cultural and

economic background of both countries and their levels of FDI. Slovakia appears as the front

runner with its FDI of $19.08 billion, in compare with Slovenias $7.46 billion in 2006; the

authors suggest that Slovakia in compare with Slovenia took a more aggressive approach

towards the restructuring of its own industry, while Slovenia (economically more developed after

the fall of communism) took a more careful approach in encouraging the FDI (Lokar, Bajzikova


12/21


2008). This research analyses the approaches to FDI in two similar Eastern European countries,

Slovakia and Slovenia; at the same time, this article supports multiple research papers written on

this topic including Slovakias government involvement in attracting relatively large amounts of

FDI.

Horvath and Rusnaks article (2009) focuses on the analysis of foreign shocks on a small

open economy of Slovakia. The authors use numerous statistical analyses to determine the

reaction of Slovakias economy to the outside shocks. According to Horvath and Rusnak, foreign

shocks explain the fluctuation of the Slovak price level; in fact authors conclude that external

shocks explain nearly 80% of the variation in the aggregate Slovak price level in long run

(Horvath, et al. 2009). This article does not directly support this research, but the effect of the

outside shocks can be seen by looking at Slovakias GDP following the recession of 2008-2009.

By analyzing the articles related to this research, one can conclude that there seem to be a

positive correlation between Slovakias entry to the EU and the increase in FDI, consequently

resulting in an increase in FDI in automotive industry. Almost every article analyses the

importance of FDI on Slovak economy as a whole. So far, there is not enough evidence (due to

lack of information) to show a positive impact of adoption of Euro on car manufacturing as a

whole.

Volkswagen Slovakia a.s.

According to Volkswagens website, Volkswagen Slovakia was founded in 1991 as a joint

venture between Volkswagen AG and joint-stock Car Company in Bratislava (History,

Volkswagen).


13/21


*Volkswagen Slovakia a.s.

Volkswagen is the 1st

FDI investor in the car manufacturing in Slovakia. Since 1991, the

company had produced 2, 5 million vehicles, 5 million gear boxes and over 200 million car

components for VW, Audi, koda and SEAT brands (News, Volkswagen). In compare with

Peugeot and KIA, Volkswagen is a well-established company that has been in Slovakia for 21

years. Unfortunately, the company does not have a public archive of annual statements

documenting its progress over the years; therefore observation of the effects of the Euro adoption

on the company cant be made. According to Volkswagens annual statement from 2010,

Volkswagen employs 7000 people, which equals to the employment of KIA and Peugeot

combined. Currently Peugeot is planning on investing 308 million EUR to expand its capacity to

400,000 and increase employment by 1500 people (Numbers & Facts, Volkswagen).


14/21


Analysis of Volkswagens Financial Statements 2009 & 2010

2009 2010Net Income 75 million EUR

Employment 6,500 7,000

Production 106,000 144,510 (cars)379,000 (gearboxes)

31, 500,000(components)

*Annual Statement Volkswagen 2010

PSA Peugeot Citron

January 15, 2003 commemorate the start of Peugeots 700 million euro investment in Slovakia

(Peugeot, 2005). According to Peugeots press kit, Slovakia was selected mostly because of its

geographical location, great infrastructure and proximity to EU member states, growing

economy, and not at last, Peugeots expending market share in the region (Peugeot, 2005).

Since Peugeot made its decision to invest prior to Slovakias official entry to EU, one can argue

that Slovakias upcoming entry to EU could have a positive impact on Peugeots decision.

*psa-slovakia.sk


15/21


Analysis of Peugeots Financial Statements

2006 2007 2008 2009 2010Net Income n/a 9,788, 000SKK

7, 697,000SKK

59, 716*EUR

49,475*EUR

Employment n/a 3,134 3,263 3,149 2,900

Production(cars per

year)

51,719 177,586 186,397 203,732 186,150

SKK Slovak Koruna, at the time of conversion to Euro (January 1

st

2009) 30, 1260 SKK = 1 Euro

* Annual statements, PSA Peugeot Citron

* In millions Euro

Based on Peugeots annual statements between 2006 and 2010, Peugeot has been effected by the

financial crises as well, in compare with Kia, Peugeot felt the crises aftershocks the worst in

2010. Based on Peugeots annual statement from 2009, Peugeot considered the adoption of Euro

in Slovakia to be a positive event; company believed that adoption of Euro would increase

Peugeots advantage while purchasing materials in EU countries, as well as doing business with

non-EU countries. (Peugeot, 2009). Other than companys brief note of the expected impact of

Euro, I cant conclude that the adoption of Euro had a measurable positive impact on PSA

Peugeot Citroen in Slovakia.

KIA Motors Slovakia

On March 18th, 2004, the chairman of the Hyundai-Kia Automotive Group Mong-Koo

Chung and Slovak Prime Minister Mikulas Dzurinda signed the document starting the

construction of KIAs manufacturing plant in Slovakia (KIA Annual Report, 2006). Since then,


16/21


KIA had continuously expanded their production towards their goal, a full capacity production

(300,000 cars per year). Besides car manufacturing, KIA also produces engines for its partner

company Hyundai Motor in Czech Republic.

*Kia-World.net

Kias 1 billion euro investment (Factory Slovakia, KIA) in Slovakia, rather than in

Poland was influenced by numerous factors. Many argue that the biggest factor might have been

the amount of incentives that Slovakia offered. According to Beata Balogova (Slovak Spectator),

Slovak government had offered KIA incentives worth of 218 million euro (Balogova, 2004).

The amount of incentives was significant, but Slovakias location, its membership in EU and

steady growth might also swing the vote.


17/21


Analysis of Kias Financial Statements

*SKK Slovak Koruna, at the time of conversion to Euro (January 1st 2009) 30, 1260 SKK = 1 Euro

* Annual statements, Kia Motor Slovakia

*In millions Euro

Based on the annual statements published between 2005 and 2010, KIA had continuously

expanded its car production, except 2009 when the company suffered from the aftershocks of the

financial crises. Since financial crises and the adoption of Euro were going hand in hand, it is

impossible to show a positive correlation between Slovakias adoption of EURO and Kias

financial performance.

Conclusion

Slovakias car manufacturing is slowly recovering from the aftershocks of the worlds

financial crises of 2008-2009. Each of the car manufactures (Volkswagens financial data for

2008 were not available) has been affected by the decrease in demand for cars, as well as the

financial turmoil of 2008-2009. Since Volkswagen has been in Slovakia since 1991 one can

safely say that the company did not based their investment decisions on Slovakias entry to EU.

2005 2006 2007 2008 2009 2010

Net Income(SKK, EU)*after taxes

-133,519SKK

-310,778SKK

888,308SKK

1, 504, 574SKK

27,300EUR*

25,300*EUR

42,920*EUR

Employment n/a 1,600 2,700 2,700 2,800 2,963

Production(cars per

year)

n/a 4,715(start of

production)

145,097 201,507 150,020cars

243,973engines

229,505cars

859,699engines


18/21


Kia and Peugeot had signed investment agreements with Slovak officials shortly before its entry

to EU. Slovakia had officially joined EU on May 4

th

, 2004 (Joining the EU,

SlovakRepublic.org). Based on the previous research conducted on FDI, one can say that

Slovakias admission to EU had a positive impact on Slovakias reputation of a fast growing

economy with a pro-business legislature, skilled labor and geographically advantageous location.

The analysis of the annual statements of both companies did not provided answers to the

stated research questions. This is due to the fact that the first few years after the manufacturing

facilities were constructed, both companies experienced annual losses which were due to

imbalance of revenues (small production output) and expenses (investment). The main reason

why the results of annual reports cant be used for the purpose of this research is the fact that the

positive effects of the Euro adoption (January 1st 2009) cant be measured against the negative

effects of worlds financial crises on the car manufacturing industry as a whole. Overall we can

conclude that Slovakias entry to EU had a somewhat positive effect on the car manufacturing in

Slovakia, while the adoption of Euro and its effect on the car manufacturing cant be measured

due to negative impact of the financial crises on the car manufacturing as whole.


19/21


Works Cited

Balogova, Beata (2004). KIA May Not Come Easily, Slovak Spectator. April 5, 2004.

Retrieved on November 11, 2011 from http://spectator.sme.sk/articles/view/15663/3/

GDP per capita in Purchasing Power Standards. Eurostat. 11 Dec. 2011.

http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode

=tsieb010

Horvath, Roman and Rusnak, Marek (2009) "How Important Are Foreign Shocks in a

Small Open Economy? The Case of Slovakia," Global Economy Journal: Vol. 9: Iss. 1, Article

5.http://www.bepress.com/cgi/viewcontent.cgi?context=gej&article=1420&date=&mt=MTMyM

DY0MTc4Nw==&access_ok_form=Continue

Jakubiak, M., Kolesar, P., Izvorski, I., and Kurekova, L. (2008). The AutomotiveIndustry in the Slovak Republic: Recent Developments and Impact on Growth. Working paperNO. 29. Comission on Growth and Development. Retrieved from Google Scholar website:http://growthcommission.org/storage/cgdev/documents/gcwp029web.pdf

Jankovic, E., & Yatrakis, P.. (2011). The Financial Setting for FDI Inflows into TheCzech Republic and Slovakia. International Business Research, 4(3), 45-52. RetrievedNovember 6, 2011, from ABI/INFORM Global. (Document ID: 2395902201).

Joining the EU. Slovak Republic.org. Retrieved on 27 Nov.2011. http://www.slovak-republic.org/eu/

Kia. Annual Reports. Retrieved from Kias website. Dec. 11.2011.http://eng.kia.sk/index.php?context=346

Levasseur, S. (2010). International Outsourcing over the business cycle: some intuitionfor Germany, the Czech Republic and Slovakia. Eastern Journal of European Studies, 1 (2), 165.Retrieved from Google Scholar website:http://www.ejes.uaic.ro/articles/EJES2010_0102_LEV.pdf

Lokar, A., Bajzikova B. (2008).FDI Contribution to Transition Development: Slovakiaversus Slovenia. World Transition Economy Research. 15 (2), 251. Published online atSpringer.com: http://www.springerlink.com.ezproxy.emich.edu/content/78464517822432n5/

Mood'ys affirms slovakia's a1 ratings, outlook stable. (2011). Retrieved from Mood'ys

Investor Service. N.p., 17 May 2011. Web. 27 Nov 2011

http://www.moodys.com/page/viewresearchdoc.aspx?docid=PR_219153&WT.mc_id=Email_PR

_219153_link2


20/21


News. Volkswagen. Retrieved from Volkswagens website. Dec. 11. 2011.

http://en.volkswagen.sk/en/Company/news.html

Numbers and Facts. Volkswagen. Retrieved from Volkswagens website. Dec.11.2011.

http://en.volkswagen.sk/en/Company/numbers_and_facts.html

PSA Peugeot Citron in Slovakia. (2005). Press Kit. May 12, 2005. Retrieved 27Nov.2011 http://iamstrategy.com/link/1_135_6.pdf

PSA Peugeot Citron in Slovakia. (2009). Press Kit. September 2009. Retrieved 27. Nov.2011. http://www.psa-peugeot-citroen.com/document/presse_dossier/DP_Slovaquie_EN%2008091253865944.pdf

Radosevic, S. & Rozeik, A. (2005). Foreign Direct Investment and Restructuring in theAutomotive Industry in Central and Eastern Europe. Working paper NO. 53. University CollegeLondon. Retrieved from Google Scholar website: http://cosmic.rrz.uni-hamburg.de/webcat/hwwa/edok05/f10861g/wp53.pdf

Real GDP Growth Rate-volume. Eurostat. 11 Dec. 2011.http://epp.eurostat.ec.europa.eu/tgm/table.do?tab=table&init=1&plugin=1&language=en&pcode=tsieb020

Revised data of GDP for the years 1995 - 2009 and preliminary data for the year 2010 atcurrent prices. Statistical Office of the Slovak Republic. 11 Dec.2011.

http://portal.statistics.sk/showdoc.do?docid=39732

Slovakia (2011). Retrieved from CIA-The World Fact Book website. 6 Nov.2011.https://www.cia.gov/library/publications/the-world-factbook/geos/lo.html

Slovakia, world's leading per-capita car maker, back in topgearIndustryWeek, Agence

France-Presse. (2011, June 15). Retrieved from

http://www.industryweek.com/articles/slovakia_worlds_leading_per-

capita_car_maker_back_in_top_gear_24870.aspx?ShowAll=1

Solani, V. & Tirpk M. (2006). Long-Term Benefits of Euro Adoption in Slovakia.Biatec. 14 (7). Retrieved from Google Scholar website:http://www.nbs.sk/_img/Documents/BIATEC/BIA07_06/6_11.pdf

Takei, Hideki. "Measuring success factors of local employee management in Slovakiaand Bulgaria."Research in Applied Economics 3.1 (2011).Academic OneFile. Web. 6 Nov.2011


21/21


http://go.galegroup.com.ezproxy.emich.edu/ps/i.do?&id=GALE%7CA266139974&v=2.1&u=lo

m_emichu&it=r&p=GPS&sw=w

Tiusanen, T. (2006). Foreign Investors in Transitional Economies: Cases inManufacturing and Services. Lappeenrata University of Technology. 27. Retrieved from GoogleScholar Website:http://www.lut.fi/en/NORDI/publications/publicationslist/2006/Documents/27_Foreign_investors_cases.pdf

Vintrov, R. (2009). Lessons from the Czech and Slovak Economies Split. Prague

Economi Papers. 1. Retrieved from Google Scholar.

http://ideas.repec.org/a/prg/jnlpep/v2009y2009i1id338p3-25.html

Effects of Slovakia’s Entry to EU (Including Adoption of Euro) on Slovakia’s Car Industry by...

Documents

Transcript of Effects of Slovakia’s Entry to EU (Including Adoption of Euro) on Slovakia’s Car Industry by...