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PRIVATIZACIJA IN POLITIČNA EKONOMIJA KORUPCIJE V POSTSOCIALISTIČNI SRBIJI

PRIVATIZACIJA IN POLITIČNA EKONOMIJA KORUPCIJE V POSTSOCIALISTIČNI SRBIJI

Author(s): Valter Cvijić / Language(s): Slovenian Issue: 086/2018

The article examines the history, political conditions and effects of privatisation in transitional Serbia. The key actors, role of formal institutions and consequences of corruptive practices are highlighted. The official discourse of transparency, economic efficiency, ‘spirit of entrepreneurial society’ and ‘depoliticisation of the economy’ has led to a highly centralised and politically controlled model of privatisation. By drawing on theoretical contributions on the role of rent-seeking in the world economy and peripheral capitalism, the article reflects on the systemic logic of the extended corruption in Serbian privatisation, showing that the moral narrative on the incongruousness of corruption is problematic since, on one hand, it neglects the important role played by criminal capital while, on the other, it provincialisest he rent-seeking paradigm in contemporary capitalism.

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Spectral study of options based on CEV model with multidimensional volatility

Spectral study of options based on CEV model with multidimensional volatility

Author(s): Ivan Burtnyak,Anna Malytska / Language(s): English Issue: 1/2018

This article studies the derivatives pricing using a method of spectral analysis, a theory of singular and regular perturbations. Using a risk-neutral assessment, the authors obtain the Cauchy problem, which allows to calculate the approximate price of derivative assets and their volatility based on the diffusion equation with fast and slow variables of nonlocal volatility, and they obtain a model with multidimensional stochastic volatility. Applying a spectral theory of self-adjoint operators in Hilbert space and a theory of singular and regular perturbations, an analytic formula for approximate asset prices is established, which is described by the CEV model with stochastic volatility dependent on l-fast variables and r-slowly variables, l ≥ 1, r ≥ 1, l ∈ N, r ∈ N and a local variable. Applying the Sturm-Liouville theory, Fredholm’s alternatives, as well as the analysis of singular and regular perturbations at different time scales, the authors obtained explicit formulas for derivatives price approximations. To obtain explicit formulae, it is necessary to solve 2l Poisson equations.

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Експорт сільськогосподарської продукції України в Умовах євроінтеграції: правові реалії та перспективи

Експорт сільськогосподарської продукції України в Умовах євроінтеграції: правові реалії та перспективи

Author(s): Inna Kulchii / Language(s): Ukrainian Issue: 142/2018

The author researched the legal regulation of agricultural exports and analyzed national agrarian legislation and EU legislation in this area. The legal basis for regulating the export of agricultural products to the European market is a significant regulatory and legal base, consisting both of national agricultural legislation and of EU legislation. It is proposed to classify the agrarian legislation of Ukraine in this area into the general legislation and the special legislation. The author proposes to differentiate the special legislation on the subjects and on the objects of legal relations in the sphere of export of agricultural products. The author refers to the first group of legal acts that define the legal status of subjects of agrarian legal relations that can carry out activities in the export of agricultural products of Ukraine. The second group consists of those national legal acts aimed at regulating the production, processing and marketing of certain types of agricultural products: products of plant origin; products of animal origin; organic agricultural products. Legislation regulating the import of agricultural products to the EU countries is divided into: general (EU legislation regulating the EU common agricultural policy; special (EU regulations, directives, decisions, recommendations and communications, which establish requirements for the production and processing of certain types of agricultural products). The author concluded that there is no comprehensive state agricultural policy in Ukraine in the area of access to international markets and promoting the export of agricultural products. It is proposed to adopt the draft Single Integrated Strategy and Action Plan for Agricultural and Rural Development for 2015–2020, which needs to be complemented by clear measures aimed at eliminating non-tariff restrictions on exports of agricultural products to EU countries

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Politička ekonomija Balkana: Izazovi i perspektive

Politička ekonomija Balkana: Izazovi i perspektive

Author(s): Ehlimana Spahić / Language(s): Bosnian Issue: 6/2018

Reaffirmation of political economy as a subdiscipline of political science is based on the necessity of finding an adequate scientific and practical framework to overcome numerous challenges arising from the interaction between the political and economic system. Harmonized interaction of these two basic social systems is crucial for the successful functioning of each state. In this context, the author analyzed the capacity of the Balkan countries in achieving state stability, freedom of economy, competitiveness and quality of the business environment. Based on the analysis and the appropriate theoretical and conceptual frameworks of the political economy, the author offers adequate recommendations through which it is possible to improve the interaction between these two fundamental social systems.

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Forcing Russia to Respect Minsk Protocols with dollar auction-game model

Forcing Russia to Respect Minsk Protocols with dollar auction-game model

Author(s): Viljar Veebel,Raul Markus / Language(s): English Issue: 3/2018

Four years of active international sanctions against Russia have brought no signs of visible progress, neither in terms of respecting Ukrainian territorial integrity or the agreements of Minsk and Sevastopol, nor in terms of Putin’s regime leaving power. The EU-US negative conditionality (sanctions) against Russia seems to be losing its momentum despite new measures taken and prolonged in 2017. Russia’s annexation of Crimea as well as the separatist control across the strategically important industrial and resource rich cities of the Eastern Ukraine has not been effectively dealt with. Accordingly, in many aspects the situation meets Russian expectations to retain the occupied territories and wait for the softening of international reactions. Thus, there are good grounds for inquiring into the possibility of the West taking control over the situation in Ukraine and ending the geopolitical power struggle in the region. It is in this context that the game theory, and particularly the “dollar auction game” strategy, offer an intriguing insight into the dynamics of the escalation of the conflict and a dynamic model, thereby showing some future-oriented alternatives of how to get out of the crisis before the costs become excessive for all the “players” involved.

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Reforming the Eurozone: Assessment of the Reform Package by the European Commission – Treating Symptoms or Root Causes?

Reforming the Eurozone: Assessment of the Reform Package by the European Commission – Treating Symptoms or Root Causes?

Author(s): Bodo Herzog / Language(s): English Issue: 3/2018

The paper studies the reform package proposed by the European Commission on 6 December 2017. First, institutional and economic implications of the reform proposal are analysed. The paper finds that some proposals are beyond the present Treaty provisions. For instance, the proposal of a fiscal capacity does not tackle the economic root causes without a supranational transfer mechanism. In fact, the proposed budget neutrality over the medium-term is unfeasible due to cross-country heterogeneity in the Eurozone. At the end, the paper develops policy conclusions.

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Wpływ ryzyka politycznego na credit rating banków europejskich

Wpływ ryzyka politycznego na credit rating banków europejskich

Author(s): Patrycja Chodnicka-Jaworska / Language(s): Polish Issue: 9.2/2017

The aim of the paper is to study the impact of the political risk on European banks’ credit ratings. A literature review has been made and the following hypothesis has been put: there is a statistically significant impact of the political situation on credit ratings onto European banks. Ordered panel data models have been used in the research. Data have been collected from the Thomson Reuters Database, for 1998-2016 period of time. Foreign and domestic long term issuer credit ratings have been used as dependent variables.

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OD MARKSIZMU DO IDEALIZMU. TRANSFORMACJA RECEPCJI MARKSA W TWÓRCZOŚCI SIEMIONA FRANKA

OD MARKSIZMU DO IDEALIZMU. TRANSFORMACJA RECEPCJI MARKSA W TWÓRCZOŚCI SIEMIONA FRANKA

Author(s): Teresa Obolevitch / Language(s): Polish Issue: 40/2018

This article is dedicated to the problem of philosophical development of famous Russian philosopher Semen Frank (1877-1950) at his early stage of creativity. To begin with, Frank shared the conception of so-called legal Marxism which was very popular in Russia in the end of the 20th century. Gradually, he gave up this view and started publishing at first on Neo-Kantian topics and, later on, as religious thinker. Nevertheless, Frank continued interest in Marxism, even if he criticized it.

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Social Capital and Human Capital in Overcoming Risks as Elements of Security Culture

Social Capital and Human Capital in Overcoming Risks as Elements of Security Culture

Author(s): Juliusz Piwowarski / Language(s): English Issue: 23/2017

Concept of social capital stresses the value of interpersonal relations and own values of individuals. Therefore this concept is very useful for analysis of crucial factors for intellectual formation of dis-positional groups’ members. Its role for this formations is analysed in the context of risk management. This links are of key importance for security culture, connecting first and second pillars of security culture.

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EPISTEMIC COMMUNITIES AND SERVICE DELIVERY CHOICES IN SPANISH MUNICIPAL ADMINISTRATIONS

EPISTEMIC COMMUNITIES AND SERVICE DELIVERY CHOICES IN SPANISH MUNICIPAL ADMINISTRATIONS

Author(s): Miquel Salvador,Clara Riba / Language(s): English Issue: 2/2015

This article contributes to the debate on the use of alternative formulas for public service provision with arguments related to epistemic communities’ influence. Drawing on the literature on models of local public service delivery, the role of internal epistemic communities is discussed and tested through the consideration of two different communities related to specific municipal areas such as personal and urban services. The results demonstrate that the association of urban services’ epistemic communities with alternative formulas for direct provision to deliver services is greater than in the case of personal services’ epistemic community. Those findings contribute to the academic debate not only with arguments and evidence that reinforces the role of variables included in previous research but also by introducing the role of epistemic communities in determining some policy options (as the use of local public-service delivery formulas).

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CLUSTER SUPPORT POLICIES AND THEIR FUNDING MECHANISM

CLUSTER SUPPORT POLICIES AND THEIR FUNDING MECHANISM

Author(s): Cristina Ungur / Language(s): English Issue: 4/2018

Modern regional development trends include the strengthening of the region capacity by reunion in industrial groups called clusters. This research starts from the hypothesis that the implementation of cluster support policies has a contribution to the clusters development and to the promotion of the regional economic growth. The purpose of this study was to analyze policy measures that contribute to the cluster development and to determine the cluster support mechanisms that can be implemented in the European Union associated countries. For the study were used logical reasoning methods, bibliographic research and indirect observation, based on inductive demarche. Research is focused on analyze of supporting and developing policies for cluster programs at the European level but also in other regions of the world. The exploration of the possibilities and mechanisms of cluster financing has led us to the conclusion that the most important task in developing and implementing of a cluster programs is to determine the optimal structure of funding sources. As a result of the study, were determined the directions and the functional mechanisms for encouraging cluster development, including funding mechanisms that can contribute to the regional development.

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RELATIONSHIP AMONG COMPLEXITY, SUSTAINABILITY AND DIVERSITY IN SOCIAL JUSTICE

RELATIONSHIP AMONG COMPLEXITY, SUSTAINABILITY AND DIVERSITY IN SOCIAL JUSTICE

Author(s): Gabriela Mariana Ionescu / Language(s): English Issue: 4/2018

Economic product distribution inside society implies not only rationality calculus but also the analysis of some specific features of the social justice. The paper identifies the relationships among the concepts of complexity, sustainability, and diversity in social justice. In the same context a certain ambiguity maintained in the specialty terminology is clarified between the issue complicated and the issue complex regarding the systems and processes, by proposing a new signification for the complexity issue. Effects of synergy between sustainability and social justice are identified, and analysed both from the view point of fundamental causes leading to social imbalances and in terms of achieving environmental objectives which can lead to significant economic and social outcomes in terms of welfare and environmental quality. Regarding the diversity concept, the paper proposes as criterion the distinction between the commutative justice and the distributive justice thus separating what it is merited from what is fair in the distribution of economic product. Finally, an institutional and behavioral mechanism of the triad complexity, sustainability, diversity is proposed and examined.

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FACTORII DETERMINANŢI AI INVESTIŢIILOR STRĂINE DIRECTE - ABORDĂRI TEORETICE

FACTORII DETERMINANŢI AI INVESTIŢIILOR STRĂINE DIRECTE - ABORDĂRI TEORETICE

Author(s): Silvia Elena Isachi / Language(s): English,Romanian Issue: 3/2017

The central objective of this paper is to analyse the determinants of investments, as they have been described by the economic theory specific to the field of foreign direct investments. We consider that the matter of foreign direct investments and of their determinants as one of great importance both for the Romanian economy, and for the economy of other countries. It requires elaborate and multilateral approaches, not just on the side of the investors, but also on the side of the public entities that aim to stimulate these flows. The evolution of the foreign direct investments differs from one period to another due to several factors resulting from the evolution of the economic and social systems. The multinational companies have different aptitudes in the mater of making foreign direct investments, even in countries that are equivalent in terms of attractiveness for foreign direct investments. Besides to the traditional factors pertaining to the level of the market, population size and incomes, general economic performance of the economy, there also are other factors that may influence, under specific circumstances, the size of the foreign direct investments.

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Bilateral Investment Treaties: Last Resort Strategy to Mitigate Political Risks?

Bilateral Investment Treaties: Last Resort Strategy to Mitigate Political Risks?

Author(s): Violeta Iftinchi,Gheorghe Hurduzeu / Language(s): English Issue: 1/2018

Bilateral Investment Treaties (BITs), and in particular the possibility that they offer international arbitration of disputes between the foreign investor and the host country, represent one of the methods that multinational corporations (MNCs) can use as part of their risk management strategy to mitigate political risks. This article aims to present the constraints identified in using the arbitration procedures of the International Centre for Settlement of Investment Disputes (ICSID): Member States’ ignoring arbitration decisions, ICSID’s lengthy procedures, calculation of the amount for compensation and the general critics on ICSID arbitration. The article also analyses the effectiveness of BITs compared to the use of other methods to mitigate political risks. The case of Repsol and its expropriation in Argentina is used to demonstrate the presence of those constraints. The article concludes that MNCs’ use of BITs to mitigate political risks in order to protect their foreign investments should be left till last after all other methods have been exhausted.

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Convergenţă, divergenţă şi schimbare culturală în sfera problemelor economice şi politice globale

Convergenţă, divergenţă şi schimbare culturală în sfera problemelor economice şi politice globale

Author(s): Silvia Monica Cojocaru / Language(s): Romanian Issue: 27/2010

Globalization refers to a raising economic interdependence among countries, as it is reflected in the increasing flux across borders of the three types of entities: goods and services, capital and knowhow. Globalization expects to lead to a cultural uniformization. A major argument against cultural convergence is that traditionalism and modernity can be independent. Powerful traditional values, such as group solidarity, interpersonal harmony, paternalism and familism, can coexist with modern values of individual accomplishment and competition. While convergence in some fields of international activity is easily noticeable, still in the consumer’s values and way of life there is a significant divergence of cultures.

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Zmierzch węgla kamiennego w Polsce

Zmierzch węgla kamiennego w Polsce

Author(s): Michał Wilczyński / Language(s): Polish Issue: 2/2017

Poland as a country, one of the largest producers of hard and brown coal in Europe, is at the threshold of key challenges for the future of the economy. How to effectively transform the mining sector controlled by the State Treasury? Hard coal reserves suitable for economically and technically efficient production will last for less than 30 years. In the face of depletion of hard coal economic reserves, an energy strategy is urgently needed. How to manage the exploitation of brown coal, whose developed reserves will be depleted in a significant part within 8-10 years, and new ones economic reserves up to 2.6 billion Mg, will require colossal investments and will be associated with enormous environmental, social and environmental costs?

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Business Cycles in European Post-Communist Countries

Business Cycles in European Post-Communist Countries

Author(s): Karol Szomolány,Martin Lukáčik,Adriana Lukáčiková / Language(s): English Issue: 2/2017

The European post-communist countries that have integrated into the European Union are emerging market economies. However, their short-run economic performance does not correspond to the observed business cycles of other global emerging markets. The business cycles of the studied countries are longer, and their recessions are more pronounced. Moreover, economic activity in the studied countries is relatively low and volatile, and the trade balance and government purchases have a relatively significant counter-cyclical character. These are the core conclusions from our business cycle study of the chosen European post-communist countries. In the study, we use both traditional and contemporary business cycle definitions. Using traditional definitions, we determine the peaks, troughs, expansions and contractions and quantify the duration and amplitudes of their expansions, recessions and business cycles. Using contemporary definitions, we measure cyclical properties by computing the first and second moments of the chosen macroeconomic cyclical components and growth rates. Differences in the business cycles and characteristics between European post-communist countries and other emerging countries are discussed with reference to the works of other authors.

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The Impact of the Financial Politics on the Electorate’s Behaviour

The Impact of the Financial Politics on the Electorate’s Behaviour

Author(s): Laurenţiu Constantin Dragomir,Daniel Toba / Language(s): English Issue: 17/2008

La politique financière est le résultat de la conception doctrinaire de la force politique dominante à un certain moment. Après avoir appliqué les mesures concrètes du telle ou telle politique, il est essential d’évaluer leur impact pour savoir comment conserver ou, au contraire, réviser les programmes politiques en vue des elections à venir.

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РИЗИК ЯК ГАВЕРНМЕНТАЛЬНА СТРАТЕГІЯ: СУСПІЛЬСТВО РИЗИКУ В УМОВАХ НОВОЇ УПРАВЛІНСЬКОЇ ПАРАДИГМИ

РИЗИК ЯК ГАВЕРНМЕНТАЛЬНА СТРАТЕГІЯ: СУСПІЛЬСТВО РИЗИКУ В УМОВАХ НОВОЇ УПРАВЛІНСЬКОЇ ПАРАДИГМИ

Author(s): Vitaly Vladimirovich Kryvoshein / Language(s): Ukrainian Issue: 4/2018

Problem setting. In the context of the diversity of the research landscape of risks, it is very relevant to disclose the content of the risk modus of М. Foucault within the framework of a new governance paradigm - the governmentality. This term consists of two words: governance and mentality, which allows expression of the relationship between the two poles of governance: the forms of government, through which different power structures manage the population, and technologies of self-discipline, self-reflection, selfrationalization, which give individuals the opportunity to show their subjectivity.Recent research and publications analysis testifies that the concept of «governmentality» was quickly perceived by social scientists, which led to theemergence of a new research direction - governmentality studies -first in the Anglo-Saxon space, and the cultural and linguistic areas, in particular - in German. However, in Ukraine, there is kin the focus of the governmental society was almost not considered.Paper objective. The purpose of this article is disclosure of the essential properties of risk in a new governance paradigm - the governmental.Paper main body. A discourse of risk is described in the context of M. Foucault’s theory of power. The transformation of power-domination into disciplinary power and the establishment of a new governance paradigm - the governmentality - are found in Western European space. The specifics of the production of risks in the conditions of a governmental society are determined. In particular, in the context of reflexive modernism, especially in the context of liberal biopolitics, its specific form of the implementation of power relations, the rationalization of people’s lives in some way begins to be regarded as a priority interest in state policy. Various risks become the basis of the state biopolitics, which forms the «rational normality» of the body, health, nutrition, sexuality, the image of people’s livelihoods - everything turns into administrative objects in order to «avoid risk». All knowledge of the dangers and risks posed by liberal political power is considered «true, socially valuable», while any other knowledge and other forms of life - «unworthy of existence». The essence of governmental rationality is that the administration of the body, health, nutrition, and sexuality of people today is shifting from state structures to the population itself, which is becoming increasingly concerned about the problem of risk aversion. Now, people themselves are reflecting on the technologies of normalizing their body and health.Conclusions of the research.It is shown that the subject of M. Foucault’s risk research is risk discourses, which can include both rational and irrational components, both expert knowledge and knowledge of ordinary people. According to these ideas, risk is understood as a corporate strategy based on the risk perception of individuals who continuously monitor their physicality, guided by the goals of neoliberal biopolitics. The very same risk-perception is, in fact, socially and culturally constructed by structures that claim to produce expert knowledge as «truth». Accordingly, the nature of social stratification is changing: now the population appears in the form of various risk groups depending on its degree.

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ANALIZA LOKALNYCH ZALEŻNOŚCI PRODUKCJI 2 PRZEMYSŁOWEJ NA PRZYKŁADZIE POWIATÓW 3 WOJEWÓDZTWA LUBUSKIEGO

ANALIZA LOKALNYCH ZALEŻNOŚCI PRODUKCJI 2 PRZEMYSŁOWEJ NA PRZYKŁADZIE POWIATÓW 3 WOJEWÓDZTWA LUBUSKIEGO

Author(s): Przemysław Szczuciński / Language(s): Polish Issue: 3/2018

Local development can be understood as a process affecting the 11 relation between production and consumption, and local living conditions in a 12 given territory. The topic of the cross-section of poviats of the Lubuskie 13 Voivodeship was presented in this dissertation. A descriptive analysis of the 14 structure of employed was carried out and the changes in the volume of sold 15 production of industry by poviats were examined. In order to model 16 dependencies regarding the development of sold production, due to the 17 specificity of the data, panel models were used. The models with fixed and 18 random effects were subjected to estimation and verification in the context of 19 the pooled regression model.

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