Around the Bloc: Latvian Bank Watchdog Steps Down to Quell ‘Suspicions’
Banks in the Baltic state are suspected of laundering billions in ill-gotten gains from Russia and Moldova.
More...We kindly inform you that, as long as the subject affiliation of our 300.000+ articles is in progress, you might get unsufficient or no results on your third level or second level search. In this case, please broaden your search criteria.
Banks in the Baltic state are suspected of laundering billions in ill-gotten gains from Russia and Moldova.
More...
The object of the author's study are problems - еssence and main elements of the international monetary system (IMS), Paris IMS or classical gold standard, Genoese monetary system - a modified form of gold standard, Bretton Woods system as the first result of the postwar monetary doctrine, Jamaican currency reform - a complete denial of the golden model, European monetary system based on the euro and European Exchange Rate Mechanism II.
More...
In the proposed study is made an attempt to integrate the risk of unfavorable increase of government debt of the Republic of Bulgaria in the period 2017 - 2019 with Monte Carlo simulation. Conducted simulation is based on the specifications of regression model of debt with tax revenues as an independent variable. For this purpose was used data for the period 1998 - 2016. The relation between the government debt and the tax revenues was statistically significant (R = 0,789). The availability of significant estimates of regression coefficients was also found using a second order polynomial functional form. Monte Carlo simulation is conducted based on randomly generated expected growth rate of tax revenues for the estimated period 2017-2019. On this base was specified the amount of expected annual tax receipts and using the regression equation - the forecast government debt values. The resulting simulation annual average debt (in 1000 attempts) and interval of central 68.3 % (based on normal distribution) of cases are close to a significant extent to the estimates of the government's medium-term budget forecast. The conclusions are that the method 'Monte Carlo' can be successfully used to assess the variability of government debt using the tax revenues as independent risk variable.
More...
The global economic crisis has contributed to the intensification of sociological and public debates on the limits of the free market, which poses anew the problem of alternatives to the neoliberal model of capitalism. However, in the case of Poland, these discussions have been much weaker and focused more on the cultural than the socio-economic dimension. This article examines the consequences of the global economic crisis through the lens of selected socio-economic changes in Poland. Its empirical basis is the author’s research on working-class milieus in Poland during the period 2002–2004, and his research on employment relations and trade union strategies during the period 2009–2012. It is argued that transformations in the sphere of work, such as the expansion of non-standard forms of employment, have mobilized potential debates on the ideas and discourses that question the ideas of self-regulating markets. Simultaneously, however, it is suggested that the deregulation of employment relations in Poland contributes to a situation whereby a “disenchantment of the market” does not lead to a collective mobilization in the workplace, but rather beyond it in the public sphere, using local resources of cultural resistance.
More...
W ostatnim numerze półrocznika „Ekonomia Społeczna” mieli Państwo możliwość zapoznania się z napisaną przez prof. dr hab. Jerzego Hausnera przedmową do polskiego wydania książki Muhammada Yunusa Przedsiębiorstwo społeczne. Kapitalizm dla ludzi. W niniejszym artykule chciałabym przedstawić bliżej koncepcję laureata Pokojowej Nagrody Nobla oraz wpływ, jaki wywarła na poprawę losu ubogich na całym świecie. Celem artykułu nie jest ocena istniejących instytucji finansowych ani systemu finansowego per se.
More...
Setting aside their differences, Serb and Bosniak parties accede to EU accession plan, paving the way for IMF loan.
More...
The presented paper is dedicated to the taxation of digital services in the light of one of the basic freedoms of the European internal market, namely the freedom to provide services according to Art. 56 of the Treaty on the Functioning of the European Union. The taxation of digital services is currently characterized by the application of uncoordinated unilateral mechanisms by individual States, most often in the form of a digital services tax (DST). The author first provides a categorization of these unilateral mechanisms, especially in the field of direct and indirect taxes, and then considers the so-called "other unilateral mechanisms" consisting of inter alia special procedural legal institutes (e.g. the obligation of the digital platform as an intermediary to withhold tax). Subsequently, the author provides an overview of the interpretation of the provisions of Art. 56 of the Treaty on the Functioning of the European Union in three cases discussed by the Court of Justice of the European Union concerning unilateral mechanisms of taxation of digital services.
More...
As a socially, politically, and economically complex community, the Kingdom of Serbs, Croats, and Slovenes faced numerous financial difficulties. In order to enable the state to function smoothly, revive and develop economic activities, and allow citizens to meet their daily needs, it was necessary to establish a unified financial system. The elements of this system, particularly the establishment (or redefinition) of a central bank, expanding its network by incorporating branches of the Austro-Hungarian Bank to facilitate payment transactions, controlling the kronen and replacing them with new national currency, and implementing measures to stabilize the dinar, will be examined by the authors through the analysis of literature and primary archival sources.
More...
The topic we propose to address aims to analyze the possible impacts of “new technologies”, especially artificial intelligence (AI), in the context of international commercial arbitration. International disputes often involve complex issues of fact and law, entailing high costs with arbitrators, lawyers, translators and witness travel. International arbitration is often criticized for the lack of transparency of arbitrators, given the inaccessibility of evidence and hearings, and also the lack of speed of the arbitration process regarding the volume of documentation to be analyzed. New technologies, such as data analysis and AI, thus constitute an important tool, both for the analysis of those complex issues, and also for minimizing costs and accelerating the process, namely, allowing remote hearings to be held and automated analysis of documents. In short, the handicaps of international arbitration can be overcome with the use of new technologies, which will lead to greater efficiency, transparency and fairness in the international dispute resolution process. We will analyze the stages of the arbitration process, from the constitution of the court to the sentence delivery, using the deductive method, seeking to demonstrate how (IA) can maximize the arbitral “iter”, contributing to a greater ethics of this alternative means of litigation resolution.
More...
The first appearance of cryptocurrency in Thailand was only occurred in a small community and not widely famous among a financial transaction. In 2018 – at the present, Thai people advert a cryptocurrency as a trade and other financial transactions, however, these crypto investments are encountered a large number of commercial issues and principal agencies under Thai government use legal measures or make regulations to intervene and control them. Some of legal measure are problematic to stimulate the digital economic growth under the crypto industry and development of financial platforms. Objectives of the study are presentation of advantages and disadvantages of Thai legal measures to control crypto industries in commerce and methodologies for qualitative research are data collection via laws, policies, and legal cases in Thailand. As results of studies, the early direction of laws and policies from Thai government agencies attempted to prevent customers for crypto trades and company business, these agencies have begun to improve lenient legal approaches.
More...
The problem that plastic bags cause to the environment is one of the most significant environmental problems. Not much attention is paid to this problem on the territory of the Republic of Serbia, and there is a gap where scientific research is concerned. In addition to mitigating this gap, the aim of this paper is to identify the basic factors which reduce the consumption of light (disposable) plastic bags using exploratory factor analysis. The results of the conducted analysis show that the development of environmental awareness, the availability of alternatives, social norms, and economic instruments that could be implemented in the future have a positive impact on the change in consumer behaviour on the territory of the Republic of Serbia when it comes to the use of plastic bags.
More...
The paper analyses the textile industry trade competitiveness of nine European transition economies (Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Hungary, North Macedonia, Romania, Serbia and Slovenia), in parts and in its entirety, by using the following indicators: Revealed comparative advantage (RCA), Competitiveness growth index (RCA1), Index of net business performance (RCA2), and Michaely index (MI). The analysis focuses on the period between 1995 and 2018. The results of the analysis show that the textile industry of Northern Macedonia is internationally competitive, and that most countries have revealed comparative advantages. The textile industry contributed to the surplus in trade balance in North Macedonia, Bulgaria and Romania, while North Macedonia, Romania, Bulgaria, Croatia, Bosnia and Herzegovina and Serbia achieved some level of production specialisation. It was also confirmed that these countries had statistically different levels of trade competitiveness. The top level of production finalisation accounted for the greatest average value of competitiveness indicators.
More...
Incubators are places where both private and public resources meet the needs of small businesses in the critical stages of development. Community development depends on small businesses, which generate more jobs than larger businesses, as well as more than half of the major innovations. In addition, small businesses are more cost-effective in terms of research and development. Small and medium-sized enterprises face many and varied challenges in the development and operation of their business. Business incubation must be a tool for accessing new technologies, helping its customers to become more innovative, expand their market position and accelerate the development of their business. The best incubation environment is a catalyst for innovative business based on research results. Incubators must demonstrate the existence of their own monitoring procedures to quantify the achievement of objectives and whether they are harmonized with the needs of the incubated businesses. The way the clients are monitored during the incubation is an important indicator to maximize the chances of business survival and to establish growth rates.
More...
In the current business environment, financial reporting has become insufficient in terms of information, which is caused by the increasing information needs of stakeholders. In this context, an integrated reporting modality has emerged thanks to the International Integrated Reporting Council (IIRC), where the information presented is both financial and nonfinancial information, such reporting being called “Integrated Reporting”. Thus, starting from this consideration, the main objective of the paper aims at the main aspects that lead to the presentation of the benefits of implementing integrated reporting in organizations, through the ability to understand, in a more complete way, the "real" performance of a sustainable organization. The essential elements contained in an integrated reporting concern the capital, the business model and the process of creating and maintaining value, this reporting must be integrated in the strategy and vision of the organization, allowing through the transparency of these integrated reports the observation of all aspects led to the results obtained by the organization, as well as providing information on the role of the organization in society and the context in which it operates, the image of the organization being complete. The purpose of this paper is to highlight the importance and role assigned to integrated reporting in measuring the performance of a sustainable organization, by making it easier to understand the cause and effect of the link between financial performance and sustainability by stakeholders.
More...
The informational system of an entity is based on accounting information obtained from the accountants, which is transmitted to process financial analysts in order to obtain a new product: financial information. This allows internal and external users who have a financial interest in the entity to make optimal management decisions. This research aims to highlight the role and importance of financial-accounting information in the decision-making process, to look back on the emergence, development and perpetual improvement of the entity’s information system, to reflect how new requirements for financial-accounting information have led to the emergence of new attributions and responsibilities of the accountants, to analyze the provisions of the normative framework and of the specialized literature regarding the financial-accounting information, to explain the difference between the accounting information and the financial information, and as a result – to present the interdependence between financial-accounting information and the decision-making process.
More...
The aim of this research is to identify and study the indicators of financial performance of large Algerian companies using the financial diagnosis method and its axes. Variables representing each axis of financial diagnosis (solvency, profitability, and profitability) were found. This study is based on a sample of forty (40) companies operating in the Algerian market over a period of five years from 2017 to 2021. The obtained results show that company size, profitability rate and self-financing capacity are significant determinants of the financial performance of large Algerian companies.
More...
This article assesses whether the world economy is actually returning to manufacturing, and in particular, whether this is, or would be, economically sound in light of KLEMS productivity accounting. In this paper, the term ‘economic soundness’ is applied exclusively to situations in which reindustrialisation is likely to accelerate economic growth. Environmental, social and other per- tinent issues are not considered. It has been established that the countries under consideration generally did not reindustrialise during the stipulated periods, despite it being economically advisable to do so. Returning to manufacturing may therefore become a major growth factor in the post-Covid economic reconstruction (which is being prolonged by the Ukraine-Russia conflict).
More...
This paper explores the influence of innovative marketing promotion tools on thedynamics of GDP growth in Ukraine. It identifies the key factors that contribute to economicdevelopment. The research is based on the theoretical and methodological frameworkprovided by the State Statistics Service of Ukraine and the All-Ukrainian AdvertisingCoalition. Through the utilization of linear regression analysis and the method of leastsquares, the study establishes a formalized relationship between the examined indicators andpredicts their corresponding values. Furthermore, the study justifies the impact of marketingon the functioning and revenue of companies, highlighting that marketing expenditures play asignificant role in shaping the overall GDP of Ukraine. Notably, digital marketing emerges asthe most progressive component of the marketing field, with its scale consistently expanding.
More...
Corporate governance plays a key role in ensuring the quality of financial reporting and preventing frauds in financial reporting, as well as preventing all criminal acts that can be committed in a company. We are witnessing the turbulent and changing business environment that has hit the business world since 2019 with the emergence of the Covid-19 pandemic, as well as the impact of the current crisis caused by the war in Ukraine. All mentioned difficult and unforeseen circumstances have led to difficulties in doing business of companies that have to maintain business continuity, which significantly increases the risk of criminal activities. The paper deals with the role of corporate governance, external and internal auditors in preventing and detecting financial fraud in companies by analysing financial fraud at the global level in the period from 2018 to 2019. Empirical results indicate that the most frequently committed fraud is misappropriation of funds, while false financial reporting caused the greatest losses. The greatest role in the detection of criminal acts was played by anonymous reports, internal audit, detailed management review and external audit
More...
In this paper, part of a larger whole, the author argues that economy processes are always of a dual nature. This means that two mechanisms govern economies in parallel: a non-market mechanism, and a market mechanism. The action of these two different mechanisms is strictly connected to two different goals of economy: goals that are pursued by economic entities, that is, by households, enterprises and the state. Households aspire to satisfy the needs of household members. This means that they will exert themselves and spend until they obtain a product of the size required for the household’s endurance and survival. In other words, they will maximise the product as the sum of spending and effects, P=S + E. The state functions in a manner similar to the household, just on a much larger scale - with the goal of enduring and surviving, it maximises the product as the sum of spending and effects, which guarantees the endurance of the state (of power). This is the non-market mechanism of economy. Enterprises on the other hand have a totally different goal. They seek to maximise profit as the difference between product size and spending, E=P-S. This is the market mechanism of economy. History has been witness to these three groups of entities participating in each others’ processes of economy for at least the last 10,000 years, from the hunter-gatherer tribes to today’s 193-plus member states of the United Nations. These three different groups of economic entities pursuing their own goals mean that the process of economy is subjected simultaneously to two different action mechanisms. And we are therefore dealing with dual economies. The author strives to demonstrate that this dualism of economy reveals itself above all in the labour market, where households participate through labour supply, while enterprises and the state are behind the demand for labour. It is the participation of household members in the economic activities of enterprises and the state that causes them (the households) to “transplant” the nonmarket mechanism onto the functioning of the market mechanism of the two other groups of entities. Nota bene, this is the only “market” on which the state behaves like an enterprise, a business. Taking the labour market theme further, the author aims to present its attributes that determine the dual economy nature. After Arthur Lewis, he cites his division of the labour market into “bad” and “good” jobs depending on their location (rural or urban) and their sectors of the economy (agriculture - industry). It is precisely because of this dualism of economy that we have Baumol’s “cost disease” in the sphere of services, where labour costs are growing faster than the productivity of the employed. S. Gomułka distinguishes two areas of the world’s economies, where the first - with 15% of the population - is responsible for 95% of patents in modern manufacturing techniques, and the other, with the remaining 85%, accounts for 5% of such patents. He says: “A high level of duality means that in these two areas, the sources of technical progress are completely different, and as such the mechanisms behind economic growth must also be different” (Gomułka 2016: 18). The author sees justification for such an understanding of dual economy both in Aristotle, from over 2,000 years ago, and in the work of Ranis and Fei, dealing with the dual economy for at least half a century.
More...