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СПЕЦИФИКА ИНТЕГРАЦИОННЫХ ОТНОШЕНИЙ В РАМКАХ УПРАВЛЕНИЯ ДВИЖЕНИЕМ КАПИТАЛА

Author(s): Olga Gulyaeva,Irina Vyakina / Language(s): Russian Issue: 37/2018

The purpose of the study is to determine the essence of business integration and quasi-integration as mechanisms for capital flow management and to identify the impact of business integration on the nature of capital flows. The subject of the study is integration and integration relations as means of capital consolidation, resource sharing, ensuring the effectiveness of capital flows management and reducing investment risks. Methods of research. The article uses methods of theoretical generalization and comparison, observation, induction and deduction, system analysis and synthesis. The essence of integration and quasi-integration is investigated in the article, the analysis of influence of business integration on the nature and mechanisms of capital flow management is carried out and features of integration relations within the framework of capital flow management is revealed. Conclusions. The relationship between the elements of the business structure can be integrative or quasiintegrative. The nature of integration relations between the business elements has a direct impact on the business structures management, the level of investment risk and the mechanisms of capital flow management. Analysis reviles that the advantages of diversified integration are higher in countries with less developed capital markets. Such effect takes place due to the ability of intra-group financial resources maneuvering. Businesses have to adapt to weak institutions by establishing business structures that reduce the level of transaction costs in the context of weak capital markets and insufficiency of financial regulation and external financing.

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Türkiye’de Demokrasinin Doğrudan Yabancı Yatırımlar Üzerindeki Etkisi: ARDL Yaklaşımı

Author(s): Dilek Tandoğan,Murat Can Genc / Language(s): Turkish Issue: 3/2020

Foreign direct investments are an important resource contributing to economic growth, especially for developing countries. In this context, determining the factors affecting foreign direct investment inflows to the host country is among the important issues. Necessary policies can be created to increase foreign direct investment inflows in host country by determining the mentioned factors. Thus, competitive advantage will be obtained in the international arena. As the level of democracy develops, FDI increases as the confidence in the country increases. The aim of this study is to determine the effect of democracy on foreign direct investment in Turkey by using ARDL approach with annual data for the period of 1974-2018. The empirical results of the Bounds test stated that the variables are cointegrated. The findings obtained from ARDL model estimation indicate that increases in level of democracy increase foreign direct investment in Turkey in short and long run. Therefore, the study is important in terms of demonstrating the importance of democracy in efforts to increase foreign direct investments to the country.

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State policy on the functioning of institute of bankruptcy in Ukraine

Author(s): Yuliya Orlovska,Nika Ilkova / Language(s): English Issue: 4/2019

It is precisely in the course of adjusting the activities of these subjects the main task of state regulation of the bankruptcy institute is the formation of such conditions for the functioning of the national economy, which will reduce the risk of doing business for all its entities and promote the internal reorganization of its structure in accordance with the requirements of global transformations. The system of indicators describing the situation in a certain area of the functioning of national economic entities allows us to determine, directly or indirectly, the effectiveness of the bankruptcy institute at the macro-level. To analyze the impact of each of the factors on GDP, a sensitivity analysis was conducted according to which input data X were recorded at the values of 2018 and alternately changed by 10%. For each such change, GDP was calculated as compared to the model value for 2018. As a result of the calculations, the most sensitive factors were identified and features of the functioning of the bankruptcy institute in the Ukrainian economy were identified. The main provisions of a state policy aimed at increasing the functional effectiveness of the bankruptcy institute are formulated. First of all, it is necessary to promote the country's position in the Doing business rankings, as well as the Indexes of Economic Freedom and Corruption Perceptions. On the other hand, an annual growth of the inflation index of around 10% and the level of the fiscal tax burden will also have a positive effect on GDP dynamics.

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THE POLITICAL ECONOMY THEOREM

Author(s): Alessandro Saccal / Language(s): English Issue: 22/2020

Welfare maximization is constrained by the ultimate frontier of efficient allocations, with a unique, interior optimum. By the second welfare theorem, such an optimum depends on a specific wealth distribution out of innumerable ones at given prices, whereby the state cannot refrain from redistributing. Such has long been known by the profession, but it never received a mathematical formalization, which this article takes up. Building on the literature, this research also presents two simplified proofs to the two welfare theorems and a mathematical formalization of the resolution to the compromise between equity and efficiency, for the additional constraint binds the social welfare function in equity and it originates the ultimate possibility frontier in efficiency.

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Demokratyczna transformacja w Polsce i na Ukrainie w świetle współczesnej tranzytologii: analiza porównawcza

Author(s): Natalia Rudakiewicz / Language(s): Polish Issue: 25/2019

Poland and Ukraine are two different examples of post‑communist countries in which democratization processes exhibit different pace, determinants and results. The main aim of this article is to define the theoretical basis of the democratic transformation processes in Poland and Ukraine. A comparative analysis of systemic changes in two neighboring countries has been made, regarding specific determinants influencing these processes. Article arose from the need to answer the question: What is the significance of the experience of Polish and Ukrainian systemic transformation for modern transitology.

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Liberalizm gospodarczy w myśli Carla Mengera

Author(s): Mariusz Mak / Language(s): Polish Issue: 2/2020

Over the years, the Austrian School of Economics has created the image of a thinker associated with ideas of liberalism. The views of members of this school are often considered controversial. However, the concept of freedom clearly displayed by the Austrians is very popular among economists. Carl Menger is said to be the founder and a leading member of the Austrian School of Economics, and his works are mostly devoted to methodology and economic theory. Nevertheless, you can also find his views on the sphere of economic liberalism and freedom. Almost 150 years after the publication of Menger’s main works, it emerged that he had created not only the timeless foundations of the theory and methodology of economics, but his theory of subjective value had become the bedrock which is used to this day in deliberations on economic liberalism. The economy pursued by Menger (based primarily on the ideas of subjectivism and individualism) continues to be an important and timeless foundation for the development of the doctrine of economic liberalism. This article is a review based on an analysis of the literature on the subject.

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Utrój demokratycznego państwa a jego zawodność

Author(s): Bożena Borkowska / Language(s): Polish Issue: 1/2010

The political economy literature presents a number of models that explain how political institutions influence economic outcomes. The aim of this paper is the presentation of theoretical and empirical research that explains fiscal policy outcomes under proportional and majoritarian elections, and under presidential and parliamentary forms of governments.

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Wpływ zawodności diagnostycznej władz monetarnych na skuteczność antycyklicznej polityki stabilizacyjnej

Author(s): Adam P. Balcerzak / Language(s): Polish Issue: 1/2010

With the huge advances in the field of theoretical and applied econometrics recent years have made a period of growing faith in the analytical and forecasting abilities of economists, which have resulted in a growing belief in the increasing ease of conducting counter-cyclical monetary policy and its high effectiveness. However, the thesis of this article says that the information ineffectiveness of monetary authorities related to uncertainty concerning correctness of current data, which is the basis for shaping the strength and direction of monetary action, may jeopardize the effectiveness of counter-cyclical stabilization policy. This problem is particularly important in the context of estimating the output gap between the actual and potential product. Despite the increasing quality of data and rapid advances in econometrics and the theory of monetary policy this problem is still valid.

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RELATIVE CONSUMPTION WITH MULTIPLE REFERENCE POINTS UNDER UNCERTAINTY

Author(s): Kármen Kovács / Language(s): English Issue: 4/2020

According to the behavioural economic perspective, an individual’s consumer utility derives not only from their absolute consumption but also how much they consume relative to others, that is, relative consumption matters. The purpose of this paper is to study relative consumption by focusing on social comparison, multiple reference points, and uncertainty related to the expectations about others’ future consumption. The model presented reflects the dynamics and intertemporal effects of relative consumption concerning consumer utility. The purpose of the model is to describe, by applying theoretical comparative analysis, how an individual’s consumer utility derived from relative consumption can change when their social reference points’ future absolute consumption level is uncertain. When an individual wants to improve or at least sustain their relative consumption in the future, they have to take into account and estimate the future absolute consumption levels of the persons belonging to their reference group. However, neighbours’ future consumption is usually uncertain, thus, the likely outcomes are illustrated with various cases. The study concludes that higher absolute consumption level not necessarily provides higher consumer utility when positional concerns matter. Further, despite investments in positional goods, the misprediction of others’ future absolute consumption level can result in lower social standing.

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CONNECTING TRADE AND POLITICS: NEGOTIATIONS ON THE RELEASE OF THE GERMAN PRISONERS OF WAR IN YUGOSLAVIA AND THE FIRST WEST GERMAN-YUGOSLAV TRADE AGREEMENT OF 1949/1950

Author(s): Natalija Dimić / Language(s): English Issue: 2/2021

This paper analyzes the multipronged approach the West German authorities embraced in their relations with Yugoslavia during the early 1950s. By focusing on the issue of repatriation of the remaining 1,400 German prisoners of war in Yugoslavia, the author attempts to show how West Germany, lacking political power, resorted to its economic strength in order to achieve its political goals. The article, based on unpublished German and Yugoslav sources, follows the discussions about trade and economic cooperation as well as discussions on the future release of German POWs and analyzes how and when those issues intertwined.

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Labour productivity, wages and the functional distribution of income in Portugal: A sectoral approach

Author(s): João Carlos Lopes,José Carlos Coelho,Vitor Escária / Language(s): English Issue: 4/2021

The main purpose of this paper is to study the functional distribution of income in Portugal in the long run, considering the period between 1953 and 2017. The labour share in income or value added depends on two fundamental variables, labour productivity and the average labour compensation. The trends of these variables are quantified for the aggregate economy and for its main productive sectors. An interesting result emerges, namely the different dynamics across sectors, both for the (unadjusted) wage share (considering only the wages of employees) and for the adjusted labour share (considering also as labour compensation one fraction of mixed income). Moreover, a shift-share analysis is used, in order to distinguish the importance of each sector's wage share evolution (“within” effect) and the changes in each sector's weight (structural changes, or “between” effect). Finally, a first attempt to incorporate the effect of wage inequality on the functional distribution of income is made, subtracting the labour compensation of the highest paid workers (top 10%, 5% and 1%) in order to calculate the wage share of the (so-called) "typical" workers.

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IMPACT OF MONETARY POLICY TRANSMISSION MECHANISM IN WEST AFRICAN COUNTRIES

Author(s): Famoroti Jonathan Olusegun / Language(s): English Issue: 1/2022

The study analyzed the impact of monetary policy shocks on economic growth in 12 countries of the Economic Community of West African States (ECOWAS), using quarterly data from 1980(1) to 2017(4). We employed a Panel Structural Vector Autoregressive (Panel SVAR) for the modeling of monetary policy transmission shock in the segregated sub-regions of WAMZ and WAEMU. The key results suggest that fluctuations of the monetary policy do not have significant effects on the economic growth but significantly impact the general price level. Moreover, the study finds that the exchange rate is persistently a vital mechanism that significantly influences the variables of the real economy. Our estimates further suggest that there is idiosyncratic evidence found in the results, which is the anomaly of the Price puzzle.

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Eu i NR Kina – politički i ekonomski aspekt saradnje

Author(s): Zoran Dabetić,Mira Šorović / Language(s): Serbian Issue: 1181/2021

This paper aims to analyse the political, economic and legal aspects of cooperation between the European Union and China through the prism of common economic interests and economic complementarity. In the introductory part, the authors talk about the historical development of China as a state and its transformation in both political and economic terms. Special attention is paid to the historical development of relations between China and the European Union, with an emphasis on the development of economic, political and trade cooperation. These relations, among others, stand out as key in China's foreign policy priorities. In addition, the Belt and Road Initiative will be briefly explained, but the COVID-19 pandemic will also be discussed, as well as China's crucial role in this pandemic that has struck and changed the world.

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K souvislostem mezi ekonomií a etikou

Author(s): Marie Bohatá / Language(s): Czech Issue: 6/2021

The aim of the paper is twofold: to point out important milestones in the development of the relationship between ethics and economics, and to present some examples of approaches aiming at re-integrating disciplines often perceived as antagonistic. There is, however, a wide variety of concepts and views trying to bring both disciplines closer, and the paper gives the reader a taste of different points of view, especially those less known and not mirrored in the Czech economic literature. The author is of the view that these concepts could inspire reflections on and efforts to tackle economic and societal problems that are becoming increasingly complex and interdisciplinary. Despite many calls to develop holistic approaches to knowledge acquisition and dealing with complexity in the contemporary world, we are witnessing continuous specialization of individual scientific disciplines, including the detachment of economics and ethics.

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ЕКОНОМСКА МИСАО О СОЦИЈАЛИЗМУ У МАКСИМОВИЋЕВИМ РАДОВИМА

Author(s): Obren Blagojević / Language(s): Serbian Issue: 5-6/1991

In addition to many interests in the field of the science of economics, the member of the academy Ivan Maksimović dedicates his full attention to the economics ideas, and more particularly those relating to socialism - which have been developed by various socialist and bourgeois theoreticians in this field. As far as bourgeois economic thought regarding socialism is concerned, one may say that he is the issue of its conception of the socialist economic theory. In doing that, he analyzed all conceptions, beginning from the Austrian and Lausanne School, through Marshalianism and marginalism, and up to the Keynsian thinking and the theory of prosperity. Even greater attention has been dedicated by Maksimovié to the economic ideas of socialism in the works of the socialists themselves. He did not approach only the classics of marxism, but also included in his studies the ideas in this field expressed before and after the Second World War. This included also new tendencies in the Soviet science of economics, as well as the theories in Poland and Yugoslavia. Maksimovié did not limit himself to marxism, namely to scientific socialism, but has elaborated, using the same approach, various revisionist and reformist conceptions, such as social-democratism, labourism, Fabianism, trade-unionism and anarchism. In all his works his way of thinking is original, independent, while the elaboration of the subject matter treated is thorough and complete. His work, to conclude, is a great contribution to the science of economics in this particular field.

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ДА ЛИ JE СТАНОВНИШТВО ПРЕДМЕТ ПОЛИТИЧКЕ ЕКОНОМИЈЕ

Author(s): Miloš Macura / Language(s): Serbian Issue: 5-6/1991

Three questions are treated in the present article, namely: the way of treatment of the problem of population in various political economy systems, treatment or non-treat- ment of population in individual studies; are there areas of political economy where there should be no question of non-treating demographic problems? According to the author it is necessary to incorporate into the system of political economy corresponding parts relating to labour force, to employment and unemployment. This is necessary first of all due to the significance of these categories. Parallel to the above it .would be necessary to treat, in relation to population, the issues of accumulation, investments, production, technology choice, as well as education system, health protection and the like. While beginning with partial problems and relations it would be useful to evaluate alternative models of demographic development.

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ДРУШТВЕНЕ И ЕКОНОМСКЕ ПОСЛЕДИЦЕ РАЗЛИЧИТИХ СВОЈИНСКИХ ОДНОСА У ЈУГОСЛАВИЈИ

Author(s): Svetozar Pejović / Language(s): Serbian Issue: 5-6/1991

Economic analysis of ownership rights and logical positivism are the ground for proposing institutional solutions which could contribute to transformation of Yugoslavia into a free and economically prosperous federal state. Logical positivism requires the cessation of normative experimentation, while the economic analysis of ownership rights presupposes the need for stable social institutions and respect of personal profit of individuals, the author does not distinguish within these frameworks between human rights and physical rights, because ownership rights include all rights of all men in relation to everything which is dear to them. A successful, namely free-will integration in Yugoslavia depends exclusively on the relationships seen by individuals between their personal profit in the federation, and their individual benefit from the secession. This assessment depends on foreseeable consequences of ownership relations in both of these alternative solutions. The effects of spontaneous and compulsory change of ownership rights are illustrated in the conclusions also by an analysis of modern corporation and participating in the decision- -making process in Germany.

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О ТРАНСФОРМАЦИЈИ ДРУШТВЕНЕ СВОЈИНЕ У ЈУГОСЛАВИЈИ

Author(s): Momir Ćećez / Language(s): Serbian Issue: 5-6/1991

While beginning from the viewpoint that the construction of a contemporary socialist society in Yugoslavia is effected on the ground of various forms of ownership, and that all forms of ownership are treated equally within the economic system, the author states the arguments for transformation of social ownership and also submits specific solutions. He is against compulsory privatization of social property and total departure from self-management of workers, as a form of industrial democracy. The transformation of social ownership should be effected gradually through the process of „introducing" secondary owners of social property, while leaving to society as an entirety the function of primary owner. Specific organisational solutions proposed are based on particular role of managing boards, which should effect the function of secondary owners. The members of managing boards would acquire management shares (namely the ones entitling them to manage), which would provide necessary material stimulus. These members would be subject to removing from office - depending on the success of the enterprise. Workers would keep some self-management rights, while the enterprise should have to be transformed into a joint-stock company, whose shares would be evaluated either in the market or within the company.

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ПРОФЕСОР МАКСИМОВИЋ - ЈЕДАН ОД ТВОРАЦА КРИТИЧКЕ ТЕОРИЈЕ ДРУШТВЕНЕ СВОЈИНЕ

Author(s): Bogomil Ferfila / Language(s): Serbian Issue: 5-6/1991

Social ownership has always meant an a priori and untouchable foundation of Yugoslav socialist society, which limited social sciences and first of all sociology and economy in their attempts to determine its essence, elements and scope. This is why for quite a long time there were discussions between two directions in the theory of social ownership: institutional-systemic (which opts for the lack of market economy and of property nature of social ownership), and the critical-theoretical conception, whose main protagonist is Ivan Maksimović. The author elaborate basic elements of that second conception, while emphasizing the contribution of Ivan Maksimović. Particular attention is dedicated to the role of distribution according to the work invested, as a constitutive element of social ownership. Although insufficient development of Yugoslav practice caused the disappearance of social ownership from the historical scene, the author submits arguments for the conclusion according to which the critical theory of social ownership has been a significant achievement for the treasury of models, options and strategies of (potentially) efficient and human socio-economic systems.

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ЈЕДАН КРИТИЧКИ ПОГЛЕД НА РАЗВИТАК ПОЛИТИЧКЕ ЕКОНОМИЈЕ СОЦИЈАЛИЗМА

Author(s): Dragutin Šoškić / Language(s): Serbian Issue: 1-3/1991

Series of methodological - theoretical prerequisites are introduced in order to simplify the procedure of the analysis of development of the political economy of socialism in Yugoslavia. Three principal directions are designed within such analytical frameworks which include several different approaches towards the creation of an independent scientific and economic discipline in this field. One approach is the attempt of several authors to propose a complete, coordinated and logical system of economic categories, principles and rules of the socialist way of production. Similar to mentioned attempt is, on the other hand, the concept which is visible in a series of collection of works which are more or less mechanical collection of articles and separate studies, frequently written for other purposes and not for the creation of a book with the title - Political Economy of Socialism. The third approach in the above respect is mostly found in the text books. It is also partial and presented parallel to other theories on general and specific economic rules and laws and it relates mostly to some problems of the political economy of socialism, but within the limits of the course of the political economy of capitalism.

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