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"Celotno posojilo Mestne hranilnice ljubljanske je šlo v žepe akcionarjev in po drugih napačnih potih." Mestna hranilnica ljubljanska in propad industrijske delniške družbe Karel Pollak

Author(s): Mitja Sunčič / Language(s): Slovenian / Issue: 2/2009

Ljubljana City Savings Bank and the Decline of Karel Pollak Industrial Joint-stock Company This year it is the 120'h anniversary of the establishment of Mestna hranilnica ljubljanska (Ljubljana City Savings Bank). On the basis of the archives of this monetary institution, the author of the following contribution explores the previously unknown event, never mentioned before in the historical overviews published to date, of the crediting of the major leather industry joint-stock company Karel Pollak in the period between both World Wars. The discussion focuses on the dynamics of the business relationships between the creditor and borrower with the emphasis on the increasingly tense relations in the time when the Karel Pollak company found itself in financial trouble. In the middle of 1920s the Ljubljana City Savings Bank granted a mortgage credit to the family joint-stock leather industry company Pollak in the amount of 25 million dinars, which was extremely generous for the circumstances of that time. The issue was not problematic until the Great Depression, which affected the Pollak leather company severely. A two-year conflict ensued between the City Savings Bank and this company, during which the owners of the company resorted to many dirty and unethical business moves. The dispute concluded with the bankruptcy of the Pollak joint-stock company and the takeover of its factories, carried out by the City Savings Bank. However, the consequences of the granting of this credit did not only affect the Pollak family - the Ljubljana City Savings Bank also suffered considerable financial losses.

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"I'll Think about it Tomorrow": Price Drifts Following Large Pre-Holiday Stock Price Moves

Author(s): Andrey KUDRYAVTSEV / Language(s): English / Issue: 2/2017

The study explores the holiday effect on large daily stock price changes and on subsequent stock returns. The motivation for the study is based on the Mood Maintenance Hypothesis and on the literature documenting lower stock trading activity before holidays. I hypothesize that if a company-specific shock takes place before a holiday, then investors striving to maintain their positive pre-holiday mood, may be less willing to make influential trading decisions, and therefore, may react relatively more weakly to the shock. This kind of behavior may create an underreaction to the shock and result in subsequent price drift. I analyze all major daily stock price moves, defined according to a number of alternative proxies, for all the constituents of S&P 500 Index over the period from 1993 to 2017. I document that both positive and negative stock price moves occurring immediately before public holidays are followed by significant price drifts on the next two (post-holiday) trading days and over five- and twenty-day intervals following the initial price move. The magnitude of these post-event drifts increases over longer time windows. On the other hand, I find that large stock price changes taking place on regular days are followed by either non-significant or marginally significant price reversals. The effect is more pronounced for small and more volatile stocks.

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"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian / Publication Year: 1994

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

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#02bg Структурните фондове на Европейския Съюз: кратко ръководство

Author(s): Author Not Specified / Language(s): Bulgarian / Publication Year: 1999

The Structural Funds are financial instruments for implementing the European Union's policy of economic and social cohesion between regions. Implementing a policy aimed at reducing the disparities in the level of development of the various regions and the backwardness of the least developed regions, including agriculture, by reallocating financial resources, has made a significant contribution to economic stability in the EU and to raising the level of employment.

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#56 The EU’s Paradoxical Efforts at Tracking the Financing of Terrorism: From criticism to imitation of dataveillance

Author(s): Anthony Amicelle / Language(s): English / Publication Year: 2013

In July 2011, the European Commission published a Communication aimed at setting out different options for establishing a European terrorist finance tracking system (TFTS). The Communication followed the adoption of the EU-US agreement on the US Terrorist Finance TrackingProgram (TFTP) in 2010. The agreement concluded various series of national, European and transatlantic negotiations after the disclosure through public media of the US TFTP in 2006. This paper takes stock of the wide range of controversies surrounding this security-focused programme with dataveillance capabilities. After stressing the impact of the US TFTP on international relations, the paper argues that the EU-US agreement primarily has the effect of shifting in formation-sharing practices from the justice/judicial/penal/criminal investigation framework into the security/intelligence/administrative/prevention context as the main rationale. The paper then questions the TFTP-related conception of mass intelligence through large-scale databases and transnational communication of bulk data in the name of targeted surveillance. Following an examination of the project creating an EU system equivalent to the TFTP, the paper emphasises the fundamental paradox of transatlantic security matters, in which European criticisms of American programmes tend to be ultimately translated into EU imitation of US dataveillance practices.

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(NE)POUZDANOST FINANSIJSKIH IZVEŠTAJA U PROCESU KVALITETNE PROCENE BONITETNOSTI KORISNIKA KREDITA

Author(s): Aleksandar Vasiljević / Language(s): Serbian / Issue: 06/2013

Regardless of supporting or challenging balance analysis as reliable indicators of borrower solvency, a legal obligation exists, to keep record of each borrower’s balances in the past three years and the intersecting balance at the time of loan application. Balance sheet data from the last official annual income of the borrower is the basis of balance sheet classification of assets and creating indicators for banks. Regardless of the regulations prescribed by the NBS and indicators that are observed in the balance sheets of the Borrower, each bank decides how to evaluate individual balance indicators which makes the basis of credit risk management. Balance data cannot provide a reliable insight in the quality of borrower’s business without the analytical analysis of balance sheet items. The need for engagement in the analysis of balance sheet items is increasing with the growth of loan maturity, but for loans with maturity over 5 years, the balance sheet analysis is meaningless because it is a long enough period in which the quality of business cannot be predicted on the basis of history and the present balance sheet indicators.

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(Ne)zaštićenost trećih osoba ugovorima o osiguranju od autoodgovornosti u Bosni i Hercegovini

Author(s): Alma Smailhodžić / Language(s): Bosnian / Issue: 20/2017

Under the Motor Vehicle Damage Liability Insurance Contract, a legal relationship is established between the insurer and the insured. However, if in the traffic accident the damage is caused to a third person, that person is entitled to compensation directly to the insurer of the motor vehicle liability insurance contract between the insurer and the owner of the vehicle engine, but not according to the basis of this contract, but according to the basis of the law itself. For this this kind of insurance we call extracontractual or legal insurance. The circle of third persons, the people who have the right to compensation by motor vehicle use in the movement, does not have the same magnitude in all countries. There are many factors that influence the width of the circle of third persons (the level of economic and civilizational development, the material possibility of certain countries, etc.). The development of insurance law up to now shows the trend of expanding the protection of the damaged, as well as an ever smaller number of people and victims of traffic accidents who are left out of the law for compensation.

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(Нео)протекционизам и светска економска криза

Author(s): Branislav M. Pelević,Vladimir M. Ristanović / Language(s): Serbian / Issue: 4/2011

The collapse of international trade is aftermath of global economic crisis in 2008. Decline in trade was even higher compared with the period of the Great Depression and, moreover, international trade has recorded a much greater decline than the world’s gross domestic product. Previous causality has been confirmed in Serbia and global crisis hit the economy of Serbia with the lag of one quarter. Initial fall in output and trade was smaller in the world than in Serbia. Growingprotectionism is not among the main causes of the collapse of the trade, but it is its essential companion. Protectionism, however, can provide positive effects only in short term. It leads to a decrease in exports, employment and income in other countries, but will invariably have feedback - leading to the fall for products imported from countries that increased protection. Opening the market undoubtedly contributes to more efficient and dynamic growth.

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10 lat członkostwa Polski w Unii Europejskiej. Skutki włączenia do jednolitego rynku europejskiego

Author(s): Małgorzata Czermińska / Language(s): Polish / Issue: 1/2014

The inclusion of Poland to the common market for goods meant the abolition of customs duties and quantitative restrictions on agricultural products in mutual trade with the countries of the European Union (customs duties on industrial goods have already been abolished by the Europe Agreement) and the application of the Common Customs Tariff on imports from third countries. Freedom of movement of goods after the accession to the EU accounted for Polish entrepreneurs a chance, because the fulfillment of EU norms and standards means full access to the common market, amounting to more than 500 million inhabitants. Particularly noticeable was the impact of accession on foreign trade, which, thanks to the membership not only gained easier access to the common market, but also new opportunities to increase trade with third countries. Since Polish accession to the EU gradually increased trade in agricultural products as well as their participation in the Polish foreign trade. Emigration of Poles also increased significantly, especially to countries that with effect from 1 May 2004 opened their labor markets, namely the United Kingdom, Ireland. In the final evaluation of the benefits of joining the common market and free movement of goods, persons, services and capital far outweigh, in both the scale of the economy and at the micro level, the costs associated with membership in the European common market.

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1980 Sonrası Ülkemiz Ekonomisinde Yaşanan Krizlerin İktisadi Yapıya Etkisi

Author(s): Zübeyir TURAN / Language(s): Turkish / Issue: 2/2018

Financial crisis is defined as sharp fluctuations of prices and quantities, occurring in financial markets reflecting as drastic economic problems with payments defaults in the banking sector, which in no way is impendent from each other. Crisis in one sector contaminates other sectors within small time intervals, which initially seems to be in periods. Many financial crises have occurred in the world since the 1970s. Although, a turning point like 1990‟s affected most countries leading to economic instability. Like in the past, most developing countries are not similar in terms of their socio-economic structure, on the other hand financial crises witnessed show several similarities. These financial crises, enlarged with the panic observed in the international investment markets, complemented with speculative attacks has diverged the financial capital flow among countries. Unemployment figures of the world have risen at the point of crisis in the end of 2008. As a result of the contraction in the foreign trade due to the crisis, the Gross Domestic Product of our country has been declining in great proportions. The effect of the crises on our country's economy has been examined in the study.

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20 Years of European Monetary Policy. From Doctrinarism to Realpolitik 1

Author(s): Luis Ángel Hierro,Antonio José Garzón,Helena Domínguez-Torres / Language(s): English / Issue: Special-2/2019

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik”.

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20 години паричен съвет в България - ефект върху макроикономическото състояние на страната и бъдещи перспективи

Author(s): Elena Spasova / Language(s): Bulgarian / Issue: 1/2017

The currency board system that has been introduced and sustained in Bulgaria since 1997 is assessed on the basis of its impact on the macroeconomic conditions in the country. The assessment is founded on the theoretical advancements on the topic and on the empirical observations on the role of the currency board in Bulgaria when macroeconomic crises and external shocks occur. The conclusions for the procyclical and conservative nature of the system are the basis of development of three scenarios for the future of the currency board in Bulgaria – a realistic, an optimistic and a pessimistic one. The main prerequisites for their implementation are outlined. The associated risks are stated.

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2005-2015 Yillari İtibariyle Seçilmiş Gelişmekte Olan Ülkeler Çerçevesinde Doğrudan Yabanci Yatirim-Ekonomik Büyüme İlişkisinin Panel Veri Analizi

Author(s): Selin Ayaz / Language(s): Turkish / Issue: 35/2017

The world has entered a period of intense globalization, especially after the 1980s. After this process, international economic, political and cultural relationships have increased. The biggest impact of globalization on the economy has been the increase in foreign direct investments. In this study, the effects of foreign direct investment on developing country economies were tried to be analyzed by panel data analysis. Economic growth has been affected foreign direct investments in the negative direction, foreign direct investments have been affected fixed capital investments in the positive direction have been achieved by this study for the base period.

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2008 Finansal Krizinin BİST 100 Endeksindeki Firmalarının Temettü Dağıtım Politikalarına Etkisi

Author(s): Hazal Tasci,Turhan Korkmaz / Language(s): Turkish / Issue: 3/2018

In this study, both the factors affecting the dividend policy and the effect of the financial crises on the dividend policy of the companies were examined based on the 2008 Crisis. For this purpose, the analysis period is divided into three parts as whole period; 2004-2016, pre-crisis period; 2004-2008 and post-crisis period; 2009-2016 and the analysis has been performed by exercising panel data method as using financial data of 43 firms listed in ISE 100 Index. Consequently, a positive relation has been detected among dividend payout ratio being a dependent variable, firm profitability, growth opportunities, retain earning/equity ratio and cash ratio. Contrary to expectations, a positive relationship was found between growth opportunities and dividend payout ratio. On the other hand, it is identified that the factors influencing dividend policy of the firms change and cash ratio increase substantially at crisis periods. Due to the current liquidity problem, many companies have reduced dividend payout ratios in 2009-2010, but continue to pay. This proves that the information content and signaling effect of the dividend is valid even in times of crisis.

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2008 KRİZİ SONRASI TÜRKİYE’NİN YENİ PAZARLAR ARAYIŞI UZAK DOĞU ÜLKELERİ ÖRNEĞİ

Author(s): Nigar GULİYEVA / Language(s): Turkish / Issue: 40/2018

In 2008, as the global crisis in the US mortgage system in Turkey directly result from the failure of the much palpable in its impact on the country's export and import partners of Turkey has shown itself to direct. During this period, experienced declines in exports and imports with important foreign trade partner for Turkey, the country has gone to the quest for new markets. After the 2008 crisis, Turkey's changed in quest of new trade, usually made with Europe and other regions of imports to exports to the US side, in particular, has begun to shift towards Asia. Made after the 2008 global financial crisis, this study has attempted to examine Turkey's new market seeking, for example, it received mentions the trade with the Far-East countries, focused on products having a significant share in this trade.

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2008 Krizinin Bulaşma Etkisi: Bir Finansal Kriz Göstergesi Olarak Hisse Senedi Fiyat Endeksi Üzerine Bir Analiz

Author(s): Ceren Kocabaş / Language(s): Turkish / Issue: Special/2016

Contagion can be expressed as the spillover of any shock across countries, and a change in market sensibility. In this study, in addition to the expression of the notion of contagion within the literature, there will be an analysis of the 2008 crisis using monthly data of the variable of stock price indices from January 2004 to December 2013 using the MA(1)-GARCH(1,1)-M method. According to the results obtained, it was observed that there was an increase in stock price volatility in the crisis period, and it was determined that most countries in different parts of the world were affected by the crisis which arose in the American mortgage market, and that the contagion occurred because of the financial channel.

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2008 Küresel Finans Krizinin Sektörel Bazda Şirket Mali Tablolarına Etkilerinin Analizi

Author(s): Fatih B. Gümüş,Levet Aydemir / Language(s): Turkish / Issue: 1/2014

The aim of this paper is to analyse the effects of 2008financial crisis on financial tables of firms consolidating and comparing some of the company statements sectorally which are quoted on BIST before and after 2008 crisis.The distinctions was made by taking into account the connections between sectors withthe features and work–segments of firms. The non-continuous firms in the period of 2005-2012 with their extreme values which also affect financial ratios significantly, are excluded from the study. In this context, balance sheets of 59 firms from Food Industry, Metal Industry, sectors depending on Construction, Cement Sector which distinguish from Construction sector with its balance sheet size and financial structure, and Automotive & Supplier Industry are investigated. The data is interpreted by considering features of sector and conditions of our country. As results of analysis, almost all sectors are negatively affected in varying degrees and operating worsefinancial structure in post-crisis period than pre-crisis period. Especially increasing use of foreign sources and costs of financing with decreasing equity have negative effects on profitability

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2013-2015 Yılları Katılım Ve Geleneksel Bankacılık Karşılaştırması: Türkiye Örneği

Author(s): Selçuk Bakan / Language(s): Turkish / Issue: 36/2017

The fact that the interest, which is a must in the banking sector, is forbidden in the Islamic religion directs individuals to interest-free banking in Muslim societies. This case leads to an increased interest in the Islamic finance and Islamic banking in the world economy. In Turkey, the participation banking sector, which is the manifestation of interest-free banking, has demonstrated a rapid growth in recent years. This study provides information about Islamic finance, Islamic banking and participation banking, analyses some financial titles about the participation banking sector in Turkey between 2013 and 2015, compares and contrasts between general banking and participation banking, and analyses the state of participation banking sector. Findings show that while there was a decline in the participation banking sector in 2015 compared to 2013, there was a development in the traditional banking data in the same years. It is believed that the transfer of Bank Asya, one of the participation banks, from the Bank to the Savings Deposit Insurance Fund by the Banking Regulation and Supervision Agency and the subsequent process has an important effect in this decline. If necessary measures are taken for the participation banking sector and if the negative issues are not repeated, it can be said that this sector which is developing all over the world can continue its development in Turkey as well.

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2018: Doing well, but no plan B

Author(s): Martin Vlachynský / Language(s): English / Publication Year: 0

The year 2018 started with a dip and ended with a dip. While the first encouraged investors to buy, the second sowed fear. With fiscal difficulties in France and Italy, Brexit plans going round in circles and a headstrong president in the US, recession became a popular topic of discussion in late 2018. Meanwhile, Slovakia’s economic policy suggested there was little to worry about in the future.

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21. YÜZYIL ENERJİ SAVAŞLARINDA TÜRK CUMHURİYETLERİ’NİN YERİ ve ÖNEMİ

Author(s): Çağrı Kürşat Yüce / Language(s): Turkish / Issue: 17/2013

Energy consumption and the need to continue on a global scale, as in the past and in recent years. Oil and natural gas will continue to be the primary energy source until 2030 despite all the alternatives to meet this need. As a result of this situation, energy resources will continue to be one of the most important determinants of the twenty-first century. In addition, at least a half century, dominance of oil in the field of energy will continue to. Energy experts frequently reported that the “cheap oil” era has ended and price volatility in the oil market will continue to today.The Caucasus and Turkestan (Central Asia) regions including the Turkish Republics maintained its importance throughout history due to various reasons. Today, however, due to the rich energy resources, especially oil and natural gas, they took part in the world’s agenda. In this study, the important actors of the energy wars and reserve status of the energy resources of the Turkish Republics in the Caucasus and Turkestan regions were briefly described. In addition, as well as importance of energy resources for the region and the world’s nations, beginning in the late twentieth century and growing competition over energy resources of the Caspian Sea were discussed today.

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