This paper describes behavior of Slovak economy during transformation process using tools of mathematical economy. As a base the IS-LM model for open economy is taken which is further modified to meet specifics of small open economy. The transition process of Slovak economy is divided into three periods and for each one modification of general model is used. The results prove that Slovak economy started with behavior considerably different from the one described by standard model, but it was moving closer to it as the transition process continued.
Financed by the National Centre for Research and Development under grant No. SP/I/1/77065/10 by the strategic scientific research and experimental development program:
SYNAT - “Interdisciplinary System for Interactive Scientific and Scientific-Technical Information”.