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Stabilisation Cocktails for a Eurozone Crisis Solving Framework

Stabilisation Cocktails for a Eurozone Crisis Solving Framework

Author(s): Bruno-Pierre carrier / Language(s): English Issue: 1/2015

As of late 2014, the eurozone still has yet to forge a path of sustained recovery, which means dismal conditions for many European citizens, especially in the periphery. Optimum Currency Area theory can be used to analyse single currency areas, yet not operational due to conceptual confusion. In this paper, a new conceptual paradigm that makes currency area theory useful to decision-makers is proposed. This paradigm relies on two prongs: on one side, a study of the deviations from an ideal currency area, and on the other, the stabilisation mechanism cocktails. Stabilisation mechanisms and their impact on different macroeconomic shocks are then presented in a table. The framework found in this article will be useful for conducting a constructive dialogue between eurozone members on the future of the currency union.

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Розовомаслената индустрия в България през периода oт началото на Голямата депресия до началото на Втората световна война
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Розовомаслената индустрия в България през периода oт началото на Голямата депресия до началото на Втората световна война

Author(s): Radoslav Petkov / Language(s): Bulgarian Issue: 3/2023

The article aims to make a critical analysis of the changes in the Bulgarian rose production and essential oil industry in the period from the beginning of the Great Depression to the end of the 1930s. During the above mentioned years, there was a profound change in political, economic and social development of the world, which in turn was reflected in the development of Bulgaria and Bulgarian society. The article analyzes at a micro level the problems of the Bulgarian rose oil industry related to the drastic changes in this sector. The Great Depression caused a crisis in rose production and in the oil industry. The government made attempts at limiting the areas occupied by oil rose plantations which were not particularly successful.

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The Effectiveness of Using Digital Books on the Problem-Solving Ability of High School Students in Physics Learning

The Effectiveness of Using Digital Books on the Problem-Solving Ability of High School Students in Physics Learning

Author(s): Nova Allysa Qotrunnada,Binar Kurnia Prahani / Language(s): English Issue: 2/2023

Problem-solving ability is one of the essential skills needed in the 21st century. Therefore, there has to be learning media that supports students' problem-solving abilities in physics lessons. One teaching material that is very suitable for the digital era is a digital book, commonly called an ebook. This study aims to determine the effectiveness of digital books in improving problem-solving over the past five years, 2018-2022 taken. This study uses a literature study method that includes reputable international and national journals. From the study results, it was found that during the last five years of the 30 journals we have reviewed, 98% that use of digital books was effective in improving problem-solving skills. This digital book can also improve some of the skills needed in the 21st century. Digital books have many advantages, including lots of pictures, graphs, phenomena, and animations that are relevant to learning physics, making learning physics more fun, and developing students' creativity in exploring and learning physics. Besides that, the drawback of digital books is that they can tire your eyes because you have to linger in front of your cell phone or laptop.

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Interconnections between Minister Cabinets in Greece. A Bicentennial Study with Implications on Economy

Interconnections between Minister Cabinets in Greece. A Bicentennial Study with Implications on Economy

Author(s): Dimitrios Kydros,Persefoni Polychronidou / Language(s): English Issue: 2/2023

In this paper we deal with a network analysis of interconnected cabinets in Greece for an extended time period. In parallel, we present a small review of the economic crises that have occurred in Greece over this period. More particularly, we used historical sources to locate all different Greek governments and all economic crises starting from the 1821 Greek revolution to the present days. We also formed a two-mode (also known as affiliation) network of ministers and cabinets and subsequently created a network of interconnected cabinets. We used dedicated software to visualize this network and used Social Network Analytical procedures in order to calculate its properties. Finally, in an attempt to investigate possible relations between network metrics and economic crises, we note and discuss an interesting observation between a specific metrics and such major economic events. In our paper, we firstly introduce the context and present our research questions. We then present the relevant literature, mainly discussing the extent to which Social Network Analysis has been used to investigate patterns of behaviors in politics. We then proceed to presenting and applying our methodology on network creation, visualization and metrics computations. The following section discusses the longitudinal evolution of our network and the relation between its clustering coefficient and the emergence of economic crises. We then finalize our paper with some conclusions.

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Uspon i pad komandno-planske privrede u Jugoslaviji (1947-1951)

Uspon i pad komandno-planske privrede u Jugoslaviji (1947-1951)

Author(s): Aleksandar Rakonjac / Language(s): Serbian Issue: 2/2022

The radical transformation of society that began in Yugoslavia in 1945 had endogenous and exogenous roots. By winning the war, the Communist Party of Yugoslavia had the opportunity to create new directions for the development of Yugoslav society. The fact that it was an ideological peer on the Soviet Union lacking its own experiences determined the choice of the development model. Thus, the management of the economy according to the command-planned economy principles developed in the USSR became one of the most important segments of the Yugoslav determination to build socialism. The dispute with the Soviets in the summer of 1948 caused a change in the attitudes towards everything that came from Moscow, and thus the continued implementation of the centrally planned economic model was called into question. This paper will provide insight into the establishment, development and disappearance of macroeconomic planning in the economy during the early stage of Yugoslav socialism.

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Using Big Data by Ukrainian official statistics when martial law applies: problems and solutions

Using Big Data by Ukrainian official statistics when martial law applies: problems and solutions

Author(s): Oleksandr Osaulenko,Olena Horobets / Language(s): English Issue: 1/2023

The article is focused on issues of the secure operation of official statistics in Ukraine during the application of martial law. It was found that the gaps in conventional sources of statistical data caused by the war needed to be filled with data from alternative sources, including Big Data. The level of digitalisation in Ukraine as the basis for using Big Data was analysed by the proposed indices of internetisation, social progress and digital transformation. Thanks to our research, several problems (methodological, legal, financial, and managerial) were identified as vital for statistical offices on their way to the implementation of Big Data in statistical processes. Our proposals concern tools for Big Data processing, such as Data Hypercube as a way for presenting Big Data for their visualisation, applications of Web scraping in estimating the consumer prices index, analyses of labour and real estate markets, and the applications of specialised software for the collection, processing and analysis of Big Data sets.

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Budżet obywatelski / partycypacyjny w kontekście budżetów miast
wojewódzkich

Budżet obywatelski / partycypacyjny w kontekście budżetów miast wojewódzkich

Author(s): Ambroży Mituś / Language(s): Polish Issue: 2/2022

The subject of the study is a theoretical and legal analysis of the participatory/civic budget in the context of budgets of voivodeship cities in order to show regulatory shortcomings. The formulated hypothesis boils down to the claim that the participatory budget institution, despite the legal changes already made, requires further regulatory improvements. The content of the article has been divided into four parts. The first two present the essence and legal framework of the participatory budget and indicate regulatory shortcomings. The third part contains the results from the comparison of selected elements of civic budgets of voivodeship cities. The fourth part, presenting legal instruments/institutions similar to the participatory budget, complements the analyzed issues. The analysis uses methods appropriate to the social sciences, and in particular to the legal sciences, such as the dogmatic, historical and comparative method.

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Non-financial disclosures requirements as a regulation model for promoting and imposing sustainable finance within the European Union

Non-financial disclosures requirements as a regulation model for promoting and imposing sustainable finance within the European Union

Author(s): Agnieszka Wicha / Language(s): English Issue: 1/2021

The Author is going to analyse the role of non-financial disclosures in the achieving goals established in the European Green Deal (EGD). There is the presentation of the aims presented in the EGD and created within the EU regulations in the area of sustainable finance. The Author also explained the definition of sustainable finance. In the last part of the Article the Author presented the current state and recommended change in the rules of non-financial reporting. Finally, the Article presented the connection between non-financial reports and sustainable finance and usability of CSRD in the architecture of sustainable finance.

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Does the government's defence funding bill really only create an unenforceable political commitment?

Does the government's defence funding bill really only create an unenforceable political commitment?

Author(s): Jan Kudrna / Language(s): Czech Issue: 2/2023

The article is devoted to the draft law on defence financing, which aims to oblige the government to allocate an amount of at least 2% of GDP to defence in every draft law on the state budget. During the inter-ministerial comment procedure, the Supreme Audit Office expressed doubts whether the draft means anything more than an unenforceable political commitment in relation to the Chamber of Deputies". The article convincingly demonstrates, with the help of legal argumentation and interpretation of the Constitution of the Czech Republic, the Rules of Procedure of the Chamber of Deputies, as well as the established case law of the Constitutional Court of the Czech Republic, that if approved, the Chamber of Deputies will also be bound by the Defence Financing Act when approving the state budget. To do otherwise would violate constitutionality.

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Government policies for tourism in Romania during the COVID-19 pandemic: a stakeholders' perspective

Government policies for tourism in Romania during the COVID-19 pandemic: a stakeholders' perspective

Author(s): Alexandra Cehan,Corneliu Iațu / Language(s): English Issue: 1/2023

This paper explores the tourism-related official actions undertaken by the government in Romania during the COVID-19 pandemic from a stakeholders' perspective. The approach is based on answering three research questions: (1) Which are the policies that tourism stakeholders benefitted from during the pandemic? (2) How do tourism stakeholders appreciate the utility and efficiency of the measures implemented by the government? and (3) To what extent do the stakeholders perceive these measures as providing long-term benefits? Methodologically, the study relies on the statistical analysis of data collected through a questionnaire applied to tourism stakeholders from Romania. The results indicate mixed perceptions regarding the implemented policies, with most stakeholders considering the received support as less than optimal. A positive perspective is given by the fact that although most stakeholders regarded the positive impact of the policies only in relation to the pandemic period, there are also stakeholders indicating long-term benefits of these policies. These results are useful for providing lessons from the recent pandemic and for suggesting ways for improving governments' response to future crises.

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Economic and regional development through SNA: the case of the unemployment rate in NUTS 2 regions of the EU

Economic and regional development through SNA: the case of the unemployment rate in NUTS 2 regions of the EU

Author(s): Pagona Filenta,Dimitrios Kydros / Language(s): English Issue: 1/2023

Economic and Regional Development refers to the process of developing regions to improve their economic, political and social prosperity. This document analyses the unemployment rate of the NUTS 2 regions for 2008-2021. A model is proposed, which applies Social Network Analysis (SNA) within the framework of Economic and Regional Analysis. SNA is a process that allows the exploration of social structures using networks and graph theory. It presents the visualization of several networks, created based on the degree of correlation of the total unemployment rate data, and calculates measures and centrality metrics to conclude about the interaction and clustering of regions. The paper shows that by using SNA the interaction between regions and hence their clustering based on the change in the unemployment rate was detected, and it offers their visualization. Therefore, the application of SNA in economic and regional analysis could be a reliable methodology for future research.

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Казусът – инструмент за обучение и развитие в предприемачеството

Казусът – инструмент за обучение и развитие в предприемачеството

Author(s): Ivan Stoyanov / Language(s): English,Bulgarian Issue: 1/2023

The case study is an interesting and multifunctional method for developing and acquiring new knowledge. It makes a direct link between practice and theory with the presentation of real-life facts and data. The flexible form on the other hand makes it preferred by young people. The case study as a tool will acquire an increasingly important role in education and in the human resource development process. Entrepreneurship generates case studies in itself. The dynamics of entrepreneurial processes and the purpose of the pre-entrepreneurial object are most easily grasped through case studies.

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Промени ли пандемията от COVID-19 влиянието на лихвените проценти върху търсенето на потребителски кредити?

Промени ли пандемията от COVID-19 влиянието на лихвените проценти върху търсенето на потребителски кредити?

Author(s): Sergey Borisov / Language(s): English,Bulgarian Issue: 1/2023

This study aims to examine the relationship between interest rates and the demand for consumer loans, as well as how the COVID-19 pandemic influenced it. With the methodology of the statistical correlation analysis, using official data from the Bulgarian National Bank, the changes in the time series are analyzed within a time period covering 66 months, divided proportionally before and after the announcement of the COVID-19 pandemic. The conclusion which the research leads to is that it cannot be asserted with a high percentage of certainty that there is a statistically significant relationship between interest rates and consumer loan demand on the consumer credit market in Bulgaria.

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Komunikacja z wykorzystaniem sztucznej inteligencji w turbulentnych warunkach rynkowych

Komunikacja z wykorzystaniem sztucznej inteligencji w turbulentnych warunkach rynkowych

Author(s): Michał Makowski / Language(s): Polish Issue: 14/2023

The paper presents the scope of application of artificial intelligence in the communication process. Particular attention was paid to the technology of bots used in new media. The functionality of these solutions in turbulent market conditions has been described, indicating both their positive and negative effects in turbulent communication conditions. The Author pointed out the advantages and disadvantages of practical applications of artificial intelligence in new media and the prospects for improving such communication possibilities.

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The influence of the COVID-19 pandemic crisis on the real convergence of the member states of the European Monetary Union

Author(s): Tudor Mugurel Aursulesei / Language(s): English Issue: 1-2/2023

In this scientific paper, we will start from the COVID-19 pandemic crisis and try to highlight how the real convergence of the euro area member states was influenced during this period as a result of the implementation of various measures to limit economic activities. We propose to create an aggregate index of real convergence, starting from the theory of optimal monetary zones. After the construction of this index, we propose to calculate an index value for all 20 member states of the European Monetary Union (including Croatia), in the period 2011- 2022. Our aim is to observe how real convergence in the euro area has been influenced during the COVID-19 pandemic crisis. Something that can be easily concluded from the results obtained. At the end of the article, we manage to classify the member states of the European Monetary Union into 3 large clusters, depending on how their convergence index is compared to that of the euro zone average.

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From a Centralised to a Diversified Common Agricultural Policy in the Light of Liberal Intergovernmentalism Theory

From a Centralised to a Diversified Common Agricultural Policy in the Light of Liberal Intergovernmentalism Theory

Author(s): Renata Grochowska / Language(s): English Issue: 2/2023

The aim of this study was to identify the circumstances in which the Common Agricultural Policy, once the most centralised policy in the EU, changed, after 2013, into one which is the most decentralised and diversified. The following hypothesis was put forward that the introduction of significant flexibility in the CAP reflects the search by Member States for the most effective ways to identify and implement their own preferences on the EU forum. The research was conducted from the perspective of the liberal intergovernmentalism theory based on a critical analysis of the respective literature and the applicable strategic documents and regulations. In the study, a large heterogeneity of agricultural sectors in the EU has been shown, resulting from several enlargements of the EU. Consequently, it has led to an increasing diversification of national preferences, signifi cantly affecting the shape of the CAP reforms proposed on the EU forum. Other important drivers influencing the changes in the CAP were the introduction of a co¬decision procedure in the area of agriculture, along with the increasing impact of Member States on the decision-making process since the economic crisis of 2008–2009. As a consequence, EU budget negotiations have been dominated by narrowly-defined sectoral and national interests. The concentration of Member States on an acceptable net position contributes to maintaining the status quo in terms of the expenditure part of the EU budget or its reduction. Thus, there is a risk that the deficit of European integration in areas assuming the distribution of costs and benefi ts between Member States may have a negative impact on the future of the EU.

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The Attempted Destruction of Western Values

The Attempted Destruction of Western Values

Author(s): Vija Sīle,Elina Graudiņa / Language(s): English Issue: 2/2023

An attempt to shake the established world order of Western society, based on International Law, by the waging of war, has reached its peak. This is evidenced not only by Russia’s war in Ukraine, but also by Russia’s political attempts to destabilise Moldova’s approach to Western values, along with the recent unrest in Georgia, where there is a risk of restricting individual freedom of expression, and the constant threats against the Baltic States. Conflicts of values have existed throughout world history, but the events we are witnessing now are not an accident, but a systematic reiteration of Russia’s influence, with the aim of maintaining its influence and, perhaps, increasing its power in the region. The aim of this article is to show the clash of contemporary values in the current socio-political situation from the perspectives of theory and practice. Russian political leaders had long used alarming language in their rhetoric, up to and including the moment of the Russian invasion of Ukraine. In Europe and throughout the Western world there was a belief in universal values with peaceful/stable global institutions, a belief which has proved to be misguided. On the other hand, military aggression against a free and independent country can be interpreted as a direct and clear attempt to destabilise the values of Western civilisation, without which no democratic society can exist. The timing of the military aggression was chosen after a decline in civic confidence from the perspective of the COVID-19 crisis; European countries were experiencing a reduction in political activity among their citizens, dissatisfaction with the political elite, and a certain decline in confidence in the EU institutions. The course of the pandemic reflected the lack of critical thinking in societies, as individuals were also at risk of manipulation in the information sphere. The Russian invasion of Ukraine caused some indignation in the Western world and a failure to react quickly to the rapid turn of events. After the first year of the war, the EU Member States managed not only to change their position but also to give unwavering and unequivocal support to the victim of the war, namely, Ukraine. So far, the EU slogan “United in Diversity” has become “United in Solidarity”, helping Ukraine to hold on and possibly win the war against the aggressor state, because no war, especially a war of values, ends on the front lines. As a result of current events, EU and transatlantic cooperation has undergone a major transformation involving extensive cooperation, a clear position on international law, and a desire to preserve and strengthen Western values.

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Age-specific mortality risk from Covid-19 in Bulgaria

Age-specific mortality risk from Covid-19 in Bulgaria

Author(s): Latchezar Tomov,Slav Angelov,Assen Tchorbadjieff / Language(s): English Issue: 1/2021

The accurate data modelling and analysis are very important for every process of data decision. In the case of current COVID-19 pandemic, any quality model is also vital for preservation of human lives and social stability. An important outline for this is the correct identification and estimation of asymmetry in mortality risk by age differentiation. For this purpose, we investigated in Bulgarian official data the relation between registered COVID-19 infections and related deaths by age and time to estimate the absolute and relative mortality risk. The aim is to design a basic framework for risk management strategies in order to minimize deaths during the ongoing COVID-19 epidemic in countries with similar healthcare levels. The used statistical methods are based on dynamic regression models and classical time series analysis.

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Modeling seasonality of net electrical consumption in Bulgaria

Modeling seasonality of net electrical consumption in Bulgaria

Author(s): Latchezar Tomov / Language(s): English Issue: 1/2021

Net electrical consumption in many countries exhibit strong seasonal patterns, due to consumer behavior and the need of the industry to maintain constant temperature in facilities independently of the seasonal variation of mean temperature and its long-term trend. We use Arima models and Fourier transformation in order to capture the dependency between net electrical consumption and mean monthly temperature. We use our interpolation algorithm to construct mean national monthly temperature.

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