{"id":44331,"date":"2026-07-03T10:18:08","date_gmt":"2026-07-03T08:18:08","guid":{"rendered":"https:\/\/www.derivaty.sk\/?p=44331"},"modified":"2026-01-05T14:08:11","modified_gmt":"2026-01-05T13:08:11","slug":"platobna-bilancia-struktura-a-medzinarodna-ekonomicka-pozicia","status":"publish","type":"post","link":"https:\/\/www.autoskoly.sk\/news\/platobna-bilancia-struktura-a-medzinarodna-ekonomicka-pozicia\/","title":{"rendered":"Platobn\u00e1 bilancia: \u0160trukt\u00fara a medzin\u00e1rodn\u00e1 ekonomick\u00e1 poz\u00edcia"},"content":{"rendered":"<h2>Defin\u00edcia a v\u00fdznam platobnej bilancie<\/h2>\n<p>Platobn\u00e1 bilancia (PB) je systematick\u00fd \u0161tatistick\u00fd z\u00e1znam v\u0161etk\u00fdch ekonomick\u00fdch transakci\u00ed medzi rezidentmi danej krajiny a zvy\u0161kom sveta za ur\u010dit\u00e9 obdobie (zvy\u010dajne \u0161tvr\u0165rok alebo rok). Zachyt\u00e1va toky tovarov, slu\u017eieb, d\u00f4chodkov, transferov, kapit\u00e1lu a finan\u010dn\u00fdch akt\u00edv a pas\u00edv. Sl\u00fa\u017ei ako k\u013e\u00fa\u010dov\u00fd makroekonomick\u00fd ukazovate\u013e externej rovnov\u00e1hy, konkurencieschopnosti, udr\u017eate\u013enosti financovania a zranite\u013enost\u00ed vo\u010di extern\u00fdm \u0161okom.<\/p>\n<h2>\u0160tandardn\u00e1 \u0161trukt\u00fara pod\u013ea BPM6<\/h2>\n<p>Medzin\u00e1rodn\u00fd menov\u00fd fond (IMF) v metodike BPM6 rozde\u013euje platobn\u00fa bilanciu na tri hlavn\u00e9 \u00fa\u010dty a vyrovn\u00e1vacie polo\u017eky:<\/p>\n<ul>\n<li><strong>Be\u017en\u00fd \u00fa\u010det (Current Account)<\/strong> \u2013 obchod s tovarmi a slu\u017ebami, prim\u00e1rne a sekund\u00e1rne d\u00f4chodky.<\/li>\n<li><strong>Kapit\u00e1lov\u00fd \u00fa\u010det (Capital Account)<\/strong> \u2013 kapit\u00e1lov\u00e9 transfery a nadob\u00fadanie\/odcudzenie nevyroben\u00fdch, nefinan\u010dn\u00fdch akt\u00edv (napr. emisn\u00e9 kv\u00f3ty, licencie).<\/li>\n<li><strong>Finan\u010dn\u00fd \u00fa\u010det (Financial Account)<\/strong> \u2013 zmeny v medzin\u00e1rodn\u00fdch finan\u010dn\u00fdch akt\u00edvach a pas\u00edvach: priame, portf\u00f3liov\u00e9 a ostatn\u00e9 invest\u00edcie, finan\u010dn\u00e9 deriv\u00e1ty a rezervn\u00e9 akt\u00edva.<\/li>\n<li><strong>Chyby a opomenutia<\/strong> \u2013 \u0161tatistick\u00e1 korekcia na zos\u00faladenie obojsmern\u00fdch tokov.<\/li>\n<\/ul>\n<h2>Be\u017en\u00fd \u00fa\u010det: tovary a slu\u017eby<\/h2>\n<p>Bilancia tovarov a slu\u017eieb meria \u010dist\u00fd export (export m\u00ednus import). Pre priemyselne orientovan\u00e9 ekonomiky je rozhoduj\u00faca pridan\u00e1 hodnota v exporte tovarov; pre ekonomiky so siln\u00fdm turizmom prevl\u00e1da komponent slu\u017eieb. D\u00f4le\u017eit\u00e9 s\u00fa cenov\u00e9 aj necenov\u00e9 faktory konkurencieschopnosti (produktov\u00fd mix, kvalita, logistika, certifik\u00e1cie) a v\u00fdmenn\u00e9 kurzy.<\/p>\n<h2>Be\u017en\u00fd \u00fa\u010det: prim\u00e1rne a sekund\u00e1rne d\u00f4chodky<\/h2>\n<ul>\n<li><strong>Prim\u00e1rne d\u00f4chodky<\/strong> \u2013 mzdy cez hranice, \u00faroky, dividendy, rozdelen\u00e9 zisky a reinvestovan\u00e9 zisky pobo\u010diek. V otvoren\u00fdch ekonomik\u00e1ch s v\u00fdznamn\u00fdmi PZI b\u00fdva tento komponent volatiln\u00fd.<\/li>\n<li><strong>Sekund\u00e1rne d\u00f4chodky<\/strong> \u2013 be\u017en\u00e9 transfery bez protiplnenia (remitencie, pr\u00edspevky\/\u010derpania zo zahrani\u010dn\u00fdch rozpo\u010dtov, humanit\u00e1rne platby).<\/li>\n<\/ul>\n<h2>Kapit\u00e1lov\u00fd \u00fa\u010det<\/h2>\n<p>Zah\u0155\u0148a kapit\u00e1lov\u00e9 transfery (napr. investi\u010dn\u00e9 dot\u00e1cie zo zahrani\u010dia, odpustenie dlhu) a transakcie s nevyroben\u00fdmi nefinan\u010dn\u00fdmi akt\u00edvami. V niektor\u00fdch ekonomik\u00e1ch m\u00f4\u017ee by\u0165 v\u00fdznamn\u00fd pre saldo PB v rokoch s vysok\u00fdmi grantmi \u010di transfermi s\u00favisiacimi s infra\u0161trukt\u00farou.<\/p>\n<h2>Finan\u010dn\u00fd \u00fa\u010det: \u0161trukt\u00fara a skladba tokov<\/h2>\n<ul>\n<li><strong>Priame invest\u00edcie (FDI)<\/strong> \u2013 nadob\u00fadanie najmenej 10&nbsp;% hlasovac\u00edch pr\u00e1v; zah\u0155\u0148a akviz\u00edcie, reinvestovan\u00e9 zisky a vn\u00fatroskupinov\u00e9 p\u00f4\u017ei\u010dky.<\/li>\n<li><strong>Portf\u00f3liov\u00e9 invest\u00edcie<\/strong> \u2013 dlhopisy, akcie bez kontroln\u00e9ho podielu, podielov\u00e9 listy; citliv\u00e9 na \u00farokov\u00e9 diferenci\u00e1ly a rizikov\u00fd sentiment.<\/li>\n<li><strong>Ostatn\u00e9 invest\u00edcie<\/strong> \u2013 \u00favery, obchodn\u00e9 \u00favery, vklady, medzibankov\u00e9 tokmi; \u010dasto procyklick\u00e9.<\/li>\n<li><strong>Finan\u010dn\u00e9 deriv\u00e1ty<\/strong> \u2013 \u010dist\u00e9 zmeny deriv\u00e1tov\u00fdch poz\u00edci\u00ed vo\u010di nerezidentom.<\/li>\n<li><strong>Rezervn\u00e9 akt\u00edva<\/strong> \u2013 zmeny ofici\u00e1lnych dev\u00edzov\u00fdch rezerv centr\u00e1lnej banky.<\/li>\n<\/ul>\n<h2>\u00da\u010dtovn\u00e1 identita a vyrovn\u00e1vanie bilancie<\/h2>\n<p>S\u00fa\u010det salda be\u017en\u00e9ho \u00fa\u010dtu, kapit\u00e1lov\u00e9ho \u00fa\u010dtu a finan\u010dn\u00e9ho \u00fa\u010dtu (so zmenen\u00fdm znamienkom) sa mus\u00ed po pripo\u010d\u00edtan\u00ed ch\u00fdb a opomenut\u00ed rovna\u0165 nule. Prebytok be\u017en\u00e9ho \u00fa\u010dtu je z defin\u00edcie financovan\u00fd \u010dist\u00fdm v\u00fdvozom kapit\u00e1lu (akumul\u00e1cia zahrani\u010dn\u00fdch akt\u00edv) alebo rastom rezerv; deficit be\u017en\u00e9ho \u00fa\u010dtu si vy\u017eaduje \u010dist\u00fd pr\u00edlev kapit\u00e1lu alebo \u010derpanie rezerv.<\/p>\n<h2>V\u00e4zby na n\u00e1rodn\u00e9 \u00fa\u010dty a identita \u00faspor\u2013invest\u00edci\u00ed<\/h2>\n<p>Saldo be\u017en\u00e9ho \u00fa\u010dtu sa rovn\u00e1 rozdielu medzi n\u00e1rodn\u00fdmi \u00fasporami a dom\u00e1cimi invest\u00edciami. Zhor\u0161enie fi\u0161k\u00e1lnej poz\u00edcie (vy\u0161\u0161\u00ed verejn\u00fd deficit) pri nezmenen\u00fdch s\u00fakromn\u00fdch \u00faspor\u00e1ch typicky zni\u017euje be\u017en\u00fd \u00fa\u010det (tzv. dvojit\u00fd deficit). Demografia, produktivita a f\u00e1za hospod\u00e1rskeho cyklu formuj\u00fa dlhodob\u00e9 \u00faspory a invest\u00edcie.<\/p>\n<h2>Medzin\u00e1rodn\u00e1 investi\u010dn\u00e1 poz\u00edcia (NIIP) a udr\u017eate\u013enos\u0165<\/h2>\n<p>NIIP vyjadruje stavov\u00e9 z\u00e1soby zahrani\u010dn\u00fdch akt\u00edv a pas\u00edv. Dlhodobo udr\u017eate\u013en\u00fd be\u017en\u00fd \u00fa\u010det by mal by\u0165 kompatibiln\u00fd s po\u017eadovanou trajekt\u00f3riou NIIP a so schopnos\u0165ou obsluhova\u0165 zahrani\u010dn\u00fd dlh. D\u00f4le\u017eit\u00e9 s\u00fa aj <em>valua\u010dn\u00e9 efekty<\/em> (kurzy a ceny akt\u00edv), ktor\u00e9 m\u00f4\u017eu meni\u0165 NIIP bez nov\u00fdch tokov v PB.<\/p>\n<h2>Re\u017eim v\u00fdmenn\u00e9ho kurzu, mena a platobn\u00e1 bilancia<\/h2>\n<p>Pri pl\u00e1vaj\u00facom kurze sa nerovnov\u00e1hy \u010diasto\u010dne absorbuj\u00fa kurzov\u00fdmi pohybmi. V pevnom alebo menovej \u00fanii sa prisp\u00f4sobenie deje sk\u00f4r cez ceny a mzdy, fi\u0161k\u00e1lne toky a mobilitu kapit\u00e1lu. \u00daloha dev\u00edzov\u00fdch rezerv je k\u013e\u00fa\u010dov\u00e1 v re\u017eimoch s cie\u013eov\u00fdm kurzom; intervencie m\u00f4\u017eu by\u0165 sterilizovan\u00e9 alebo nesterilizovan\u00e9.<\/p>\n<h2>Determinanty be\u017en\u00e9ho \u00fa\u010dtu<\/h2>\n<ul>\n<li>Relat\u00edvna produktivita, n\u00e1kladov\u00e1 a necenov\u00e1 konkurencieschopnos\u0165.<\/li>\n<li>Cenov\u00e9 rel\u00e1cie komod\u00edt a energetick\u00e1 z\u00e1vislos\u0165 krajiny.<\/li>\n<li>Hospod\u00e1rsky cyklus doma a v hlavn\u00fdch exportn\u00fdch trhoch.<\/li>\n<li>Fi\u0161k\u00e1lna politika, demografia, preferencie \u00faspor a invest\u00edci\u00ed.<\/li>\n<li>Finan\u010dn\u00e1 integr\u00e1cia a dostupnos\u0165 extern\u00e9ho financovania.<\/li>\n<\/ul>\n<h2>Analytick\u00e9 ukazovatele a \u201ez\u00e1kladn\u00e1 bilancia\u201c<\/h2>\n<p>Okrem podielu be\u017en\u00e9ho \u00fa\u010dtu na HDP sa sleduje tzv. z\u00e1kladn\u00e1 bilancia (be\u017en\u00fd \u00fa\u010det + priame invest\u00edcie), krytie importu dev\u00edzov\u00fdmi rezervami (mesiace dovozu), podiel kr\u00e1tkodob\u00e9ho dlhu na rezerv\u00e1ch, \u010dist\u00e9 \u00farokov\u00e9 toky \u010di be\u017en\u00fd \u00fa\u010det bez energie. Tieto ukazovatele pom\u00e1haj\u00fa hodnoti\u0165 kr\u00e1tkodob\u00e9 rizik\u00e1 a dlhodob\u00fa udr\u017eate\u013enos\u0165.<\/p>\n<h2>Modely rovnov\u00e1hy a hodnotenia nerovnov\u00e1h<\/h2>\n<ul>\n<li><strong>CA norm a EBA\/IMF pr\u00edstupy<\/strong> \u2013 odhad \u201enorm\u00e1lneho\u201c be\u017en\u00e9ho \u00fa\u010dtu dan\u00e9ho fundamentmi (demografia, pr\u00edjmov\u00e1 \u00farove\u0148, fi\u0161k\u00e1lna poz\u00edcia).<\/li>\n<li><strong>FEER\/BEER<\/strong> \u2013 koncepty rovnov\u00e1\u017eneho kurzu, ktor\u00fd zabezpe\u010duje extern\u00fa a intern\u00fa rovnov\u00e1hu.<\/li>\n<li><strong>Mundell\u2013Fleming<\/strong> \u2013 r\u00e1mec kr\u00e1tkodob\u00e9ho prisp\u00f4sobenia pri r\u00f4znych re\u017eimoch kurzovej politiky a mobilite kapit\u00e1lu.<\/li>\n<\/ul>\n<h2>Kr\u00edzov\u00e9 kan\u00e1ly a zranite\u013enosti<\/h2>\n<p>Rizik\u00e1 vypl\u00fdvaj\u00fa z vysok\u00e9ho deficitu be\u017en\u00e9ho \u00fa\u010dtu financovan\u00e9ho kr\u00e1tkodob\u00fdm kapit\u00e1lom, vysok\u00e9ho podielu cudzej meny v dlhoch, n\u00edzkych rezerv a koncentr\u00e1cie exportu. Reverzia kapit\u00e1lov\u00fdch tokov m\u00f4\u017ee sp\u00f4sobi\u0165 tlak na kurz, \u00farokov\u00e9 sadzby a re\u00e1lne hospod\u00e1rstvo. D\u00f4le\u017eit\u00e1 je diverzifik\u00e1cia financovania a adekv\u00e1tne rezervy.<\/p>\n<h2>Politick\u00e9 reakcie a n\u00e1stroje<\/h2>\n<ul>\n<li><strong>Menov\u00e1 politika<\/strong> \u2013 \u00farokov\u00e9 sadzby, dev\u00edzov\u00e9 intervencie (ak relevantn\u00e9), forwardov\u00e9 oper\u00e1cie.<\/li>\n<li><strong>Fi\u0161k\u00e1lna politika<\/strong> \u2013 konsolid\u00e1cia m\u00f4\u017ee zlep\u0161i\u0165 be\u017en\u00fd \u00fa\u010det cez vy\u0161\u0161ie verejn\u00e9 \u00faspory.<\/li>\n<li><strong>Makroprudenci\u00e1lne opatrenia<\/strong> \u2013 limity na extern\u00e9 zadl\u017eenie, dev\u00edzov\u00e9 nes\u00falady, LTV\/DTI v \u00faverovan\u00ed.<\/li>\n<li><strong>\u0160truktur\u00e1lne politiky<\/strong> \u2013 produktivita, inov\u00e1cie, energetick\u00e1 efekt\u00edvnos\u0165, exportn\u00e1 diverzifik\u00e1cia.<\/li>\n<\/ul>\n<h2>Meranie, zdroje d\u00e1t a rev\u00edzie<\/h2>\n<p>\u00dadaje o PB s\u00fa zostavovan\u00e9 centr\u00e1lnymi bankami\/\u0161tatistick\u00fdmi \u00faradmi z administrat\u00edvnych zdrojov, prieskumov a bankov\u00fdch v\u00fdkazov. Typick\u00e9 s\u00fa rev\u00edzie v d\u00f4sledku dodato\u010dn\u00fdch hl\u00e1sen\u00ed, metodick\u00fdch zmien alebo lep\u0161ej atrib\u00facie (napr. pri digit\u00e1lnych slu\u017eb\u00e1ch a reinvestovan\u00fdch ziskoch).<\/p>\n<h2>\u0160tatistick\u00e9 ot\u00e1zky: chyby, opomenutia a alok\u00e1cia<\/h2>\n<p>Nes\u00falad medzi tovarovou a finan\u010dnou \u010das\u0165ou m\u00f4\u017ee vznikn\u00fa\u0165 pre \u010dasov\u00e9 posuny, transferov\u00e9 oce\u0148ovanie v nadn\u00e1rodn\u00fdch skupin\u00e1ch, reexporty, e-commerce alebo \u201efactoryless\u201c v\u00fdrobu. Polo\u017eka \u201echyby a opomenutia\u201c by dlhodobo nemala vykazova\u0165 trend; v\u00fdrazn\u00e9 a trval\u00e9 odch\u00fdlky signalizuj\u00fa \u0161truktur\u00e1lne meracie probl\u00e9my.<\/p>\n<h2>Prepojenia s menovou \u00faniou a region\u00e1lnymi \u00fa\u010dtami<\/h2>\n<p>V menov\u00fdch \u00fani\u00e1ch sa analyzuje PB nielen na n\u00e1rodnej, ale aj \u00faniovej \u00farovni. Bilancia TARGET-like zostatkov a medzibankov\u00e9 toky s\u00fa d\u00f4le\u017eit\u00e9 pre interpret\u00e1ciu financovania. Politika nem\u00f4\u017ee vyu\u017e\u00edva\u0165 kurz na \u00farovni jednotliv\u00fdch kraj\u00edn, rastie v\u00fdznam \u0161truktur\u00e1lnych a fi\u0161k\u00e1lnych n\u00e1strojov.<\/p>\n<h2>Praktick\u00e9 pr\u00edklady \u00fa\u010dtovania transakci\u00ed<\/h2>\n<ul>\n<li>Export tovaru na fakt\u00faru: <em>be\u017en\u00fd \u00fa\u010det \u2013 tovary (kredit)<\/em> a paralelne <em>finan\u010dn\u00fd \u00fa\u010det \u2013 ostatn\u00e9 invest\u00edcie (debet)<\/em> pri vzniku poh\u013ead\u00e1vky.<\/li>\n<li>Pr\u00edlev PZI do z\u00e1vodu: <em>finan\u010dn\u00fd \u00fa\u010det \u2013 priame invest\u00edcie (kredit)<\/em>, nesk\u00f4r dividendy ako <em>prim\u00e1rne d\u00f4chodky (debet)<\/em>.<\/li>\n<li>Dev\u00edzov\u00e1 intervencia pri posil\u0148ovan\u00ed dom\u00e1cej meny: <em>finan\u010dn\u00fd \u00fa\u010det \u2013 rezervn\u00e9 akt\u00edva (debet)<\/em> so zrkadlov\u00fdm efektom v bankovom syst\u00e9me.<\/li>\n<\/ul>\n<h2>Dev\u00edzov\u00e9 rezervy, krytie importu a steriliz\u00e1cia<\/h2>\n<p>Primeranos\u0165 rezerv sa posudzuje pomocou multiplikat\u00edvnych metr\u00edk (mesiace dovozu, Greenspan\u2013Guidotti pravidlo, IMF ARA). Steriliz\u00e1cia intervenci\u00ed obmedzuje dopad na dom\u00e1cu likviditu, no m\u00f4\u017ee ma\u0165 fi\u0161k\u00e1lne n\u00e1klady.<\/p>\n<h2>Sez\u00f3nnos\u0165, medziro\u010dn\u00e9 porovnania a interpret\u00e1cia<\/h2>\n<p>Be\u017en\u00fd \u00fa\u010det vykazuje v\u00fdrazn\u00fa sez\u00f3nnos\u0165 (turizmus, po\u013enohospod\u00e1rstvo, energetika). Anal\u00fdza by mala pou\u017e\u00edva\u0165 sez\u00f3nne o\u010disten\u00e9 \u00fadaje a 12-mesa\u010dn\u00e9 kumul\u00e1cie. Kr\u00e1tkodob\u00e9 v\u00fdkyvy je vhodn\u00e9 odli\u0161ova\u0165 od trendov\u00fdch zmien fundamentov.<\/p>\n<h2>Rizik\u00e1 interpret\u00e1cie a limity ukazovate\u013eov<\/h2>\n<p>Prebytok be\u017en\u00e9ho \u00fa\u010dtu nemus\u00ed automaticky znamena\u0165 zdravie ekonomiky (napr. potla\u010den\u00e9 invest\u00edcie), rovnako deficit nemus\u00ed by\u0165 probl\u00e9m, ak financuje produkt\u00edvne invest\u00edcie s udr\u017eate\u013enou n\u00e1vratnos\u0165ou. D\u00f4le\u017eit\u00fd je horizont udr\u017eate\u013enosti, \u0161trukt\u00fara financovania a flexibilita ekonomiky.<\/p>\n<h2>Checklist pre analytika a tvorcu politiky<\/h2>\n<ol>\n<li>Skontrolova\u0165 saldo be\u017en\u00e9ho \u00fa\u010dtu v % HDP a jeho \u0161trukt\u00faru (tovary, slu\u017eby, d\u00f4chodky).<\/li>\n<li>Vyhodnoti\u0165 financovanie: PZI vs. portf\u00f3liov\u00fd\/kr\u00e1tkodob\u00fd kapit\u00e1l; \u00faver vs. kapit\u00e1l.<\/li>\n<li>Pos\u00fadi\u0165 NIIP, splatnostn\u00fa \u0161trukt\u00faru a menov\u00e9 nes\u00falady.<\/li>\n<li>Odhadn\u00fa\u0165 \u201enorm\u00e1lny\u201c CA vzh\u013eadom na fundamenty (EBA\/CA norm).<\/li>\n<li>Presk\u00fama\u0165 primeranos\u0165 rezerv a mo\u017en\u00e9 \u0161oky (energetika, dopyt exportn\u00fdch trhov).<\/li>\n<li>Skorigova\u0165 o jednorazov\u00e9 faktory a \u0161tatistick\u00e9 anom\u00e1lie (rev\u00edzie, reexporty).<\/li>\n<\/ol>\n<h2>Zhrnutie<\/h2>\n<p>Platobn\u00e1 bilancia poskytuje ucelen\u00fd obraz o extern\u00fdch transakci\u00e1ch a finan\u010dn\u00fdch v\u00e4zb\u00e1ch krajiny. Jej d\u00f4sledn\u00e1 anal\u00fdza \u2013 v kontexte \u00faspor a invest\u00edci\u00ed, NIIP, re\u017eimu kurzu a \u0161trukt\u00fary financovania \u2013 umo\u017e\u0148uje v\u010das identifikova\u0165 nerovnov\u00e1hy, nastavi\u0165 primeran\u00e9 politiky a podpori\u0165 udr\u017eate\u013en\u00fd hospod\u00e1rsky rast.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Platobn\u00e1 bilancia sumarizuje tok pe\u0148az\u00ed krajiny so svetom. Sledujte \u00fa\u010dty, deficity a rezervy pre hodnotenie competitiveness a stability.<\/p>\n","protected":false},"author":47,"featured_media":84331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[652],"tags":[2307,2308,2309,149,2310,2311,2312,2313],"class_list":["post-44331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financie","tag-bezny-ucet","tag-deficit","tag-financny-ucet","tag-investicie","tag-kapitalovy-ucet","tag-platobna-bilancia","tag-prebytok","tag-rezervy"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Platobn\u00e1 bilancia: \u0160trukt\u00fara a medzin\u00e1rodn\u00e1 ekonomick\u00e1 poz\u00edcia - Auto\u0161koly.sk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.autoskoly.sk\/news\/platobna-bilancia-struktura-a-medzinarodna-ekonomicka-pozicia\/\" \/>\n<meta property=\"og:locale\" content=\"sk_SK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Platobn\u00e1 bilancia: \u0160trukt\u00fara a medzin\u00e1rodn\u00e1 ekonomick\u00e1 poz\u00edcia - Auto\u0161koly.sk\" \/>\n<meta property=\"og:description\" content=\"Platobn\u00e1 bilancia sumarizuje tok pe\u0148az\u00ed krajiny so svetom. 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