Dear readers,
I am pleased to present the second issue of ACTA VŠFS magazine in 2025. It features six original scientific articles that reflect diversity, methodological rigor, and political relevance. At the same time, they confirm the magazine's long-term focus on high-quality, analytically sound, and socially relevant research. The articles in this issue address key challenges facing today's economies. Their topics range from inflation dynamics and the costs of energy transformation to European banking integration, technological changes in financial services, and advances in economic modelling and asset valuation.
The issue opens with an article by Jamiua Adeniyi Yusuf, which examines the dynamic impact of energy price fluctuations on inflation in Nigeria in the period 1990–2023. Using an ARDL cointegration framework, the study captures the short- and long-term relationships between inflation and key energy components, particularly gasoline, diesel, and electricity prices. At the same time, it assesses the impact of exchange rate movements and money supply. The findings suggest that energy prices are among the key determinants of inflation and that gasoline prices have the strongest long-term effect. The article has important implications for energy sector reform, monetary policy coordination, and social protection in developing economies dependent on natural resources.
The second contribution, by Dominik Králik and Olena Pavlova, focuses on the European Banking Union from the perspective of EU law, through a comparative analysis of Slovakia's participation and the Czech Republic's non-membership. Based on doctrinal legal analysis and methods of legal interpretation, the authors examine whether regulatory asymmetries between member states of the banking union and states outside the banking union are compatible with the fundamental principles of the EU, in particular freedom of establishment and the integrity of the internal market. The Czechia-Slovakia comparison is an exceptionally instructive case that offers insights relevant not only to legal theory but also to policymakers considering differentiated integration within the European Union.
In the third article, Sonia Ferenčíková and Dagmar Váleková focus on the implementation of artificial intelligence, automation, and robotization in financial business centres. The article analyses how these technologies are transforming operational processes, organizational structures, and skill requirements in the financial sector. By linking technological innovations with efficiency gains, risk management, and regulatory challenges, the authors contribute to the ongoing debate on digital transformation and its strategic implications for financial institutions.
The fourth paper, authored by Lubomír Lízal, Jan Horáček, and Václav Sedmidubský, examines the macroeconomic costs of energy transformation in the Czech Republic. The article provides a systematic assessment of the economic impacts associated with decarbonization policies, focusing on product, price, and structural adjustments. By quantifying the costs associated with the transition, the study enriches the policy debate on how to balance environmental goals with economic performance and social sustainability in a small open economy.
The fifth article, authored by Pavel Bykov, is devoted to modelling monetary and financial flows using system dynamics. The study shows how system dynamics modelling can be used to capture complex feedback mechanisms in monetary and financial systems. By integrating state variables, flows, and behavioural assumptions, the article makes a valuable methodological contribution that can support both academic research and policy-oriented analyses of financial stability and monetary processes.
The issue concludes with an article by Eleonora Salzmann, which examines disaggregated ESG risk in European asset valuation. The analysis is based on data on ESG leaders. The study breaks down ESG risk into its individual components and assesses their implications for valuation in European capital markets. The focus on disaggregated ESG factors rather than aggregate scores advances the empirical literature on sustainable finance and provides insights relevant to investors, asset managers, and regulators.
In summary, the articles in this issue illustrate the breadth of current economic and legal research. They combine advanced quantitative methods, legal analysis, and public policy perspectives. At the same time, they fulfil the mission of the Acta VŠFS journal to publish works that are analytically robust, internationally relevant, and reflect current economic and institutional challenges.
I would like to thank all the authors for their valuable contributions and the reviewers for their careful and constructive evaluations. At the same time, I invite our readers to familiarize themselves with the articles with an evaluative and thoughtful distance. I believe that this issue will inspire further research, professional discussion, and informed decision-making by public policymakers, regulators, and other relevant actors.
Doc. Ing. Jan Mertl, Ph.D.
Editor-in-chief of ACTA VŠFS