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Examining of Determinants of Non-Performing Loans

Examining of Determinants of Non-Performing Loans

Author(s): Nikola Radivojevic,Jelena Jovović / Language(s): English / Issue: 3/2017

Keywords: non-performing loans; credit risk; macroeconomic factors; bank-specific factors; static and dynamic panel

In this paper the authors examine the determinants of NPL ratio using a cross-county analysis from the sample of 25 emerging countries. Using the panel data approach, determinants of NPL are analysed for the period from 2000 to 2011. The main aim of this paper is to draw a relevant econometric model, to demonstrate the impact of independent variables on the dependent variable by using static and dynamic model estimation techniques. The results show that NPLs rate can be mainly explained by crucial macroeconomic factors, such as the GDP and inflation rate, and bank-specific factors, such as ROA, CAP and lagged NPLs rate.

Modelling the Costs of Unemployment for Young Graduates in Slovakia: A Counterfactual Approach

Modelovanie nákladov nezamestnanosti mladých absolventov na slovensku: kontrafaktuálny prístup

Author(s): Lucia Svabova,Marek Ďurica,Tomáš Klieštik / Language(s): Slovak / Issue: 5/2019

Keywords: unemployment; young jobseekers; propensity score matching; active labour market policy; graduate practice

The article deals with the modelling of the costs of unemployment of young jobseekers in Slovakia. This modelling used real data on young unemployed who participated in the intervention Contribution to the Graduate Practice, which is one of the measures of active labour market policy in Slovakia. The main objective of this study is to quantify the costs that have to be paid from the state budget of Slovakia for the unemployment of these young graduates. The analysis was performed using the counterfactual method of Propensity Score Matching, which was followed by a measurement of employability and sustainability of jobs after completing the intervention and the associated costs of the unemployment of the scheme participants and individuals in the control group during the intervention impact period. The results of this modelling indicate that although young graduates in the intervention are not able to repay the aid to the state budget on average, their participation in the intervention spared the state budget on average from almost 20% to 70% of the money spent on each unemployed individual. These results are important for policy-makers to set optimal terms of the intervention and the amount of grants provided so as to have the greatest impact on lowering the costs of unemployment of young graduates.

Calendar of events 2018 EUROPE AND NORTH AMERICA

Kalendarium wydarzeń 2018 EUROPA I AMERYKA PÓŁNOCNA

Author(s): Karolina Libront / Language(s): Polish / Issue: 24/2019

The Impact of Foreign Direct Investment in Struggling with Unemployment: A Case of Turkey

İşsizlikle Mücadelede Doğrudan Yabancı Yatırımların Etkisi: Türkiye Örneği

Author(s): Şahin Karabulut / Language(s): Turkish / Issue: 9/2019

Keywords: Employment; Foreign Direct Investment; Economic Stabilization;

One of the most important conditions for achieving a sound structure of the national economies is to ensure economic stabilization. In this context, achieving economic stability is only possible by combination of full employment and price stability. In full employment level, all production factors in the economy are used. However, the lack of employment of labour, which is one of the factors of production, raises the unemployment problem and refers to underemployment in the strict sense. Unemployment has been an important problem for many years for the developing Turkey economy, which has a significant young population. The solution of the unemployment problem, which constitutes an important obstacle to economic stability, growth and development, is important and difficult for the economy. Foreign direct investment, which is one of the instruments in the fighting against unemployment, is expected to provide additional resources to the economy and create employment. Therefore, encouraging and increasing foreign direct investments is one of the most important objectives in the policies developed and implemented in Turkey. In this context, the effect of foreign direct investments on the struggling with unemployment for the Turkey economy was empirically analysed. In this study, the effect of foreign direct investments on employment was tested in two different ways as foreign direct investment inflow which is domestic investment of non-residents and foreign direct investment outflow that is domestic residents' investments to abroad. As a result of the research, it was found that there is no statistically significant relationship between the foreign direct investment outflows and unemployment. It is concluded that foreign direct investment inflows have a negative effect on unemployment in the long term.

Pandemics, Health Behavior and Tourism

Pandemics, Health Behavior and Tourism

Author(s): Ganimete Podvorica,Visar Rrustemi / Language(s): English / Issue: 05 (45)/2020

Keywords: health behaviour; personal income; tourism;

The current paper examines if respondents that take strict prevention measures against COVID-19, with higher monthly incomes and that have spent their summer vacations in Albania last year are significantly more likely to plan their summer vacations to Albania this summer relative to those that are neglecting prevention measures, have lower incomes and have not chosen Albania as their destination for summer vacations last year. The study employs a survey of 500 random respondents. A multivariate analysis indicated that scores of planning summer vacations were significantly associated with the present strict prevention behavior measures against COVID-19 indicating the existence of sufficient motivation for future behavior intentions. In contrasts, monthly income is not a predictor for planning summer vacations. Finally, the correlation is positive between respondent’s previous experience to touristic destinations in Albania last year and planning summer vacations this year. Hence, it is recommended a thoughtful examination of respondents’ health behaviors, needs, wants and collaboration in shaping the better future of public health that is a shared one.

The Complicity in the Criminal Law of Republic of Serbia

The Complicity in the Criminal Law of Republic of Serbia

Author(s): Dragan Jovašević / Language(s): English / Issue: 02/2017

Keywords: criminal offense; perpetrator; more persons; complicity; responsibility; penalty;

The main characteristics of complicity are in the fact that each of accomplices is shown as a perpetrator of a criminal offense, while the criminal offense itself is their joint act. It means that every person that participate in undertaking of activities that commit a criminal offense, in order to be an accomplice, must possess all those features that are required according to the law for a perpetrator of that criminal offense. For existence of complicity it is necessary, beside the presence of several persons, to exist an objective and subjective relation between participants in perpetration of the criminal offense in order to classify that offense as a joint act. The objective relation means that every accomplice undertakes some activity, which commits a criminal offense. Without undertaking of the activity there is no perpetration so that there is no complicity either because it considers attainment of the activity by all participants. In addition, it is not necessarily that all the accomplices participate from the very beginning in accomplishing the act of perpetration. In such a way, complicity will exist even when some of the accomplices undertake initial activities and others continue them but under the condition that there is a conscience about joint activity. It is so called successive complicity. In the same way, it is not necessary that all of them participate in perpetration of all activities from which the act of perpetration is consisted of. The complicity exists when a single person undertakes a single activity and the other one undertake some other activity. Accomplices can divide activities in advance but they also can join in perpetration without any previous agreements. In this paper the author has analyzed notion, characteristics and forms of complicity in Serbian criminal law from 2005.

Effectiveness of Destination Branding. The Example of National Tourism Organizations

Effectiveness of Destination Branding. The Example of National Tourism Organizations

Author(s): Mirosław Marczak,Jacek Borzyszkowski / Language(s): English / Issue: 04 (44)/2020

Keywords: effectiveness; branding; national tourism organizations; tourism destinations;

Branding is considered to be the most effective way to improve the quality of operations undertaken in numerous sectors of economy. It also plays an important role in creating images of many tourist destinations. National Tourism Organizations (NTOs) are responsible for that task in particular countries. The main aim of the article is an attempt at providing a simplified evaluation of effectiveness related to operations (or operation fields) undertaken by NTOs in the process of brand management at the national level, especially activities undertaken in favor of brand development. The main effectiveness measure is a medium-term rate of the change in the number of tourist visits in countries where the analyzed NTOs were operating in the years of 2007-2017. The analysis includes 81 organizations. The basic tool applied for the research is a questionnaire form and the whole process of data collection, data verification and the comparative statistical analysis is completed in six stages. The research indicates the significant role of branding among the operations undertaken by the analyzed organization. It also indicates the fact that branding is an efficient and indispensable element in the process of destination brand management at the national level. The results of the research confirm the fact that the analyzed organizations consider branding as one of their most effective activities aimed at encouraging the highest number of foreign tourists to visit their countries.

Who is guilty? Evaluation of the Relationship Between Impulsive Buying Behavior and Food Waste from Perspective of Attribution Theory

Suçlu Kim? İtkisel (Anlık) Satın Alma Davranışı ve Gıda İsrafı Arasındaki İlişkinin Atfetme Teorisi Perspektifinden Değerlendirilmesi

Author(s): Gulnil Aydin,Sabahattin Çelik / Language(s): Turkish / Issue: 3/2020

Keywords: Waste of Food; Impulsive Buying; Attribution Theory; Locus of Control;

The aim of this study is to investigate the relationship between impulsive buying behavior and food waste, and to whom (to themselves, to other individuals in the family, to marketing professionals) consumers showing impulsive buying behavior attribute responsibility/crime as a result of waste. For this purpose, the survey method was used to collect data in the study. Data was collected from 324 participants. Findings obtained as a result of factor analysis, cluster analysis and t-tests applied to the data -although there was a relationship between impulsive buying tendency and waste of food- pointed out that this relationship is not waste-increasing. In addition, compared to those who show impulsive buying tendency and those with a tendency to planned buying; it was observed that they accused marketing practitioners more about wastage. In the light of the findings obtained in the conclusion of the study, suggestions were presented to the marketing practitioners.

LEGAL AND INSTITUTIONAL SYSTEM IN PREVENTING AND COMBATING CORRUPTION

SISTEMUL JURIDIC ŞI INSTITUŢIONAL ÎN MATERIA PREVENIRII ŞI COMBATERII CORUPŢIEI

Author(s): Adrian Bogdan Stăncioni / Language(s): Romanian / Issue: 02/2017

Keywords: Keywords: corruption; corruption prevention; combating corruption; MCV; National Anticorruption Strategy;

In the context o f the current EU Treaty Treaties, corruption is considered and should be tackled as a serious cross-border offense, which requires the conjugation of States' efforts in a common direction aimed at making the anti-corruption fight more effective. The achievement of this objective also implies the commitment to implement in practice by the state authorities an optimal legal framework and to support the a ctivity o f s pecialized anti-corruption agencies. At international level, the adoption of legal instruments over the years to strengthen institutional capacity to fight corruption has delivered a clear message and a common commitment of states to zero tolerance of corruption. Thus, various legislative instruments have been adopted at UN, EU or Council level. At the national level, both internationally adopted acts and MCV recommendations or those issued at GRECO level have been implemented in recent years, the current anti-corruption strategy is the basis of the current anti-corruption strategy. However, there has been a lack of efficiency at national level of some of the existing instruments and mechanisms, which may also be based on the lack of leadership.

Orthodox clercks from Caransebeș diocese’ parishes outside of Romanian frontiers, taking part in the Great National Assembly in Alba Julia

Prezențe clericale ortodoxe la Marea Adunare Națională de la Alba Iulia din parohiile eparhiei Caransebeșului rămase în afara granițelor României

Author(s): Emanuil Ineoan / Language(s): English,Romanian / Issue: 29/2019

Keywords: World War I; Serbia; Banat; December 1, 1918; Romanian priests;

The end of World War I generated an accelerate dissolution of the former Austro-Hungarian administration also within the territories preponderantly inhabited by Romanian communities. The case of the Banat is a special one as long as that region was occupied by military units belonging to Serbia, within a short time after the end of the war. The new occupying authorities strongly made heavier or even prevent manu militari the delegates of the Banat from preparing and leaving for Alba Julia. No less than 13 Orthodox priests belonging to the western areas of the Banat parishes of Caransebeș diocese assumed and voted the document of December 1, 1918, in spite of the Serbian forces’ opposition, who were interested to strongly limit the Banat’s representatives joining the Great National Assembly. The localities where those priests had worked rested outside of the Romanian frontiers after the Paris Peace Conference. Those priests’ fearlessness to have taken part into the democratic action in Alba Julia had certain consequences, the most of them being excluded from exerting their clerical competences within those localities.

Productivity of Innovations in European Union Member States and Enterprises

Productivity of Innovations in European Union Member States and Enterprises

Author(s): Jan Zwolak / Language(s): English / Issue: 68/2020

Keywords: innovation; index innovation UE; new innovative products; innovative expenditures regression;

The regression dependence of sales value of new innovative products onto the total innovative expenditure in EU enterprises and member states has been analyzed considering a breakdown into groups of countries above or close to the EU innovation average (N=14) and a group of countries below the EU innovation average (N=14) in 2012 and 2016. Based on the Cobb-Douglas regression model, marginal and mean productivity values were determined within the range of total innovative expenditure in enterprises and countries above or close to the EU average innovation and below the EU average innovation in 2012 and 2016. The shaping of marginal and average productivity in the determined country and year groups allowed for an indication of the areas of rational management of the total innovative expenditure in these countries. The research confirmed the hypothesis that a group of countries above the EU innovation average, or those close to this average value, is located within the rational management zone, whereas countries below the EU innovation average are located within the initial zone of irrational management of the total innovative expenditure, regardless of the year in which the study was conducted.

Humility and martyrdom in the life and the epistles of the Saint Ignatius of Antioch

Smerenie şi martiriu în viaţa şi epistolele Sfântului Ignatie Teoforul

Author(s): Camelia-Mihaela Dascălu / Language(s): Romanian / Issue: 10/2019

Keywords: martyrdom; St. Ignatius of Antioch; dead; eschatological sense;

The life and death of St. Ignatius represent the model of the life of our Lord Jesus Christ, who sacrificed for us on the cross. The saint was a direct follower (from the same historical period) of the apostles and he offers to the Christians an example of living and giving, of life and death, of true discipleship in Christ. What meanings has martyrdom in the life of St. Ignatius, his unswerving desire to resemble at all costs to Christ even through death, his attitude of humility in the face of death? Is it a consequence of the Christ model? An ecclesial meaning, because the Saint, being a bishop and therefore a shepherd of the flock of Christ, could only give an example? Is it a meaning of fulfilling the will of the Lord - an eschatological meaning? A meaning of finding a fast way to salvation? A meaning of eternal communion? This paper tries to answer to these questions.

PUBLIC TELEVISION IN POLAND (TVP) AND JOURNALISTS ‒ A TECHNOLOGICAL CHALLENGE

PUBLIC TELEVISION IN POLAND (TVP) AND JOURNALISTS ‒ A TECHNOLOGICAL CHALLENGE

Author(s): Agnieszka Węglińska / Language(s): English / Issue: 4/2019

Keywords: public service media; TVP; journalism; media system; social media; new technology;

This paper addresses the place of Poland’s public television network, Telewizja Polska (TVP) within the country’s media system. The role of journalists is an important element of public media. In an author view Poland’s public media as part of a system of polarised pluralism, as described in Daniel Hallin and Paolo Mancini’s classification. The main aspect of this research is that of TVP’s transformation in its approach to technology. Journalists who started working in the 1990s have different attitudes from younger staff to the network’s public objectives. They are usually less competent in new media and less concerned about technological convergence and social media. The research involved unstructured interviews with TVP journalists.

EU National Treasures and the Quest for a Definition

EU National Treasures and the Quest for a Definition

Author(s): Sabrina Ferrazzi / Language(s): English / Issue: 2/2019

Keywords: national treasures; cultural property; European Union; Article 36 TFEU;

As is well known, Article 36 of the Treaty on the Functioning of the European Union balances the role of the internal market with other interests. Among them, the protection of national treasures possessing artistic, historic, or archaeological value may justify prohibitions or restrictions on imports, exports, or goods in transit. These rules are the consequence of the recurring clash of interests between those who ask for a totally free art market and those who argue in favour of controls to avoid the dispersion of national patrimonies. The definition of the term “national treasures” is de facto open to determination by each Member State. Two fundamental points will be critically explored in this work: 1) the EU competence to verify the conformity of domestic rules identifying goods as belonging to their “national treasures” within the framework of Article 36 TFEU; and 2) the feasibility of using EU law for determining a threshold framework definition.

THE PRACTICE OF APPLYING THE REGULATIONS OF THE SUSPENSION OF RIGHTS OF A MEMBER STATE SHOWED ON THE EXAMPLE OF SELECTED INTERNATIONAL ORGANIZATIONS

THE PRACTICE OF APPLYING THE REGULATIONS OF THE SUSPENSION OF RIGHTS OF A MEMBER STATE SHOWED ON THE EXAMPLE OF SELECTED INTERNATIONAL ORGANIZATIONS

Author(s): Sabina Kubas / Language(s): English,Polish / Issue: 1/2020

Keywords: international organization; suspension of rights; state; membership; rights; obligations

The suspension of rights in an international organization constitutes a sanction imposed on a Member State for its conduct contrary to the founding act. Each organization in its statutory provisions defines these behaviors, sometimes in a general way, otherwise - in more detail. It should be emphasized, however, that practical application of the regulations in both universal and regional organizations is helpful in this case. The consequence of initiating the suspension procedure is maintaining the current membership in the same form or introducing restrictions in this respect. These, in turn, may relate to the loss of voting rights, which can only apply to the organization's plenary body (e.g. the UN) or all main bodies, committees, commissions and subsidiary bodies (e.g. UNESCO). Suspension of rights may also apply to the right to services (WHO) or the right of representation (RE). It should also be borne in mind that suspension of rights applies only to some of them and lasts for a certain period.

The Theoretical and Practical Dimensions of International Economic Competitiveness

Teoretyczny i praktyczny wymiar międzynarodowej konkurencyjności gospodarki

Author(s): Piotr Rubaj / Language(s): Polish / Issue: 6/2019

Keywords: international competitiveness; competitive ability and position; international competitiveness rankings; foreign and international economic policy

Objective: To link scientific information on international competitiveness with its potential application in economic policy. Research Design & Methods: The article presents an analysis of theoretical and practical aspects of international competitiveness, a presentation of ways of measuring this phenomenon and description of factors determining it. It discusses and presents key information on selected international competitiveness rankings. Findings: The analysis of information contained in international competitiveness rankings can be of key importance for improving the efficiency of state structures. Implications / Recommendations: International economic competitiveness is among the most important issues in economics due to the key importance of foreign trade for a nation’s development and the living standards of its inhabitants. Contribution: The article justifies the conducting and analysing of international competitiveness rankings. The resulting practical guidelines can indicate the directions reforms should take and how to improve the quality of a nation’s decision-making processes.

In memoriam – Mihail Diaconescu, man of culture and religious writer

In memoriam - Mihail Diaconescu, omul de cultură şi scriitorul religios

Author(s): Mircea Popa / Language(s): Romanian / Issue: 09/2020

Keywords: Mihail Diaconescu; religious culture; Church; Romanian monasteries; contemporary history;

The son of a priest from the village of Priboieni-Argeș, Mihail Diaconescu was one of the writers with a great love for the church and very close to our old religious culture. His work, like his life, contains numerous confirmations of this, being preoccupied with carrying on the traditional culture of our people, which he particularly appreciated. He left us unexpectedly, passing away on March 25 a.c., being buried in the land of his parents in Argeș, in those sub-Carpathian lands that he was so fond of. He was one of the writers who saw in the Church and in Orthodoxy the way to fulfillment and salvation, preaching the values of our past and present Church, giving lectures and speeches on our churches and monasteries, which he considered living places of intense spiritual life, forms of a millennial civilization. Some of his books of documentary investigations testify to this existence in faith, as proved by the titles Orthodox Churches and Monasteries (1988), History and Values (1994), Lectures on the Aesthetics of Orthodoxy, I-II (1996), Lainici Monastery, History of Daco-Roman literature.

PROCESS OF ACCESSION OF THE REPUBLIC OF MOLDOVA TO THE EUROPEAN UNION - CONTENT AND IMPLICATIONS

PROCESS OF ACCESSION OF THE REPUBLIC OF MOLDOVA TO THE EUROPEAN UNION - CONTENT AND IMPLICATIONS

Author(s): Mariana IAȚCO,Natalia Putină / Language(s): English / Issue: 12/2020

Keywords: European integration; association agreement; Europeanization; European Neighbourhood Policy Eastern Partnership;

At the current stage, for the successful European accession and integration of the Republic of Moldova, it becomes essential to study this process in terms of given dimensions, because the expected result depends on their effective implementation. It should be noted that the accession process has registered both successes and failures on the path of Europeanization of the Republic of Moldova, there are impediments at the institutional level, although in terms of legislative connection to European standards Moldova has only successes. The purpose of the research is to study the process of European integration and to identify the institutional impediments in the way of Euro integration of the Republic of Moldova. In order to achieve this goal, the following objectives were formulated: conceptual identification of the integration process of the Republic of Moldova; appreciation of the evolution and involution of the stages of accomplishment of the European integration process of the Republic of Moldova; estimating and evaluating the perspectives in the process of European integration of the Republic of Moldova in the current national and international equation.

What matters for firms’ participation in Global Value Chains in Central and East European countries?

What matters for firms’ participation in Global Value Chains in Central and East European countries?

Author(s): Andrzej Cieślik,Jan Jakub Michałek,Krzysztof Szczygielski / Language(s): English / Issue: 3/2019

Keywords: Central and East European countries; firm-level data; Global Value Chains;

Research background: There has been an extensive body of literature on the growing importance of global value chains (GVCs) in developed and emerging economies. This literature argues that GVCs significantly affect international trade patterns and open new possibilities for participating economies to increase both their exports’ quantity and quality, acquire advanced production technologies and improve the overall economic performance. However, the empirical evidence from the Central and East European (CEE) countries, especially at the firm level is still relatively scarce. The majority of existing empirical studies on GVCs in the CEE countries are based on sectoral input-output data. Purpose of the article: In this article, we study the determinants of firm participation in GVCs using firm-level BEEPS data for 29 CEE countries. We hypothesize that larger, foreign-owned, more productive and innovative firms producing a limited range of products and employing skilled workers are more likely to be involved in GVCs. Methods: The intensity of participation in GVCs is measured by the usage of imported inputs and the intensity of exports. The empirical study uses the BEEPS firm-level data set for the period 2011–2014 and the probit estimation method. Findings & Value added: The assembled empirical evidence generally supports these hypotheses. In addition, we find that firms which participate in GVCs pro-duce a smaller range of products, which means that they concentrate on their core competencies. In particular, we find that the EU membership may facilitate participation in GVCs, especially for smaller firms in the CEE countries. This article adds to the existing literature by examining the firm-level determinants of participation in GVCs using the cross-country firm-level survey conducted by the EBRD and the World Bank.

Determinants of outward FDI from emerging economies

Determinants of outward FDI from emerging economies

Author(s): Andrzej Cieślik,Giang Hien Tran / Language(s): English / Issue: 2/2019

Keywords: foreign direct investment (FDI); knowledge-capital (KC) model; emerging multinationals; Pseudo-Poisson maximum likelihood (PPML);

Research background: The last four decades have witnessed an upsurge of multi-nationals from emerging markets alongside a narrowed gap in growth prospects between developed and emerging economies. UNCTAD statistics show that FDI flows from emerging economies have gone steady since 1980 and occupied more than one fifth of global FDI stock in 2015. Japan led the reverse FDI trend when it started to invest abroad in the 1960s and 1970s. Two decades later, in the 1980s-1990s, the reverse FDI trend was continued by so-called Asian tigers, then recently by those rapidly-industrializing economies in Southeast Asia as well as China and India in East and South Asia. Purpose of the article: The main goal of this paper is to contribute empirically to the study of the determinants of FDI outflows from emerging economies. Methods: In order to derive empirically testable hypotheses this paper refers to theoretical Knowledge-Capital model developed by Markusen (2002). The model is estimated using the Poisson-Pseudo Maximum Likelihood estimation technique. The specific research hypotheses derived from the theory are verified using a panel dataset of 38 home emerging countries and 134 host countries over the period 2001–2012. Findings & Value added: In this paper, we distinguish between horizontal and vertical reasons for FDI. Our estimation results support the hypothesis that main-stream theory of multinational enterprise can explain FDI flows from emerging economies, implying the significant roles of total market size, skilled-labor abundance, investment cost, trade cost as well as geographical distance between two countries.