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Why invest in China: practical aspects of the chinese economy attractiveness and momentous bottlenecks

Author(s): Yurii Safonov,Uliana Kharyna / Language(s): English Issue: 30/2016

This article aims at studying the practical aspects of the attractiveness of China’s economy. Considerable attention is paid to inward foreign investments and factors determining the investment potential and competitiveness of the economy of the People’s Republic of China. These factors are referred to as the environment. They are the following: a) macroeconomic stability; b) quality of life and infrastructure development; c) financial, businesses, and manpower conditions, and d) government and institutional setting. The subject of the article is the economy of China including the trends in the inward flows of foreign direct investment, four sectors shaping the ability to inclusive and substantial economic development over long periods of time, and opportunities and challenges of injecting funds into the People’s Republic of China. The aim of the article is defined as the study of the sources of success and failure when investing in the economy of China and. To achieve the objective of the article, theoretical methods of scientific research, in particular analysis and synthesis, are used. The article aims at solving such research questions as: conducting the analysis of the trends in inward foreign direct investment, investigating the process of building up the current mighty investment positions by comparing China to the most attractive recipients of foreign capital in the world as well as contextualizing the dynamics of investments represented by the comparison to most attractive recipients in the Asian region, and identifying the risks and opportunities of injecting capital into the Chinese economy. The article analyzes the development of the investment potential of China and studies the change of its positions in the global and regional economies. In particular, it was found that the investment attractiveness can be represented by several techniques such as comparing the PRC to the most attractive recipients, the rest of the globe, and Asian countries, tracing the dynamics of the share of foreign direct investment stock in the volume of the gross domestic product, and the share of investment in the Chinese economy in the total volume of investments in the Asian region. While injecting funds into the PRC, there is a range of opportunities, which should be kept in mind. For example, investment projects focusing on the green production, clean water and air, further innovation of the domestic manufacturing industry, and environmentally friendly and innovative construction of housing commodities are most likely to be welcomed by the government and lead to success. As for the market bottlenecks limiting investors, they are excessive bureaucratization and corruption of the system, unclear and inconsistent legislation, and specific combination of the market and planned economy, which requires the unbiased perception of economic development of China. The results of the research can be applied in both the theoretical and practical sections because they add to the better apprehension of China’s investment attractiveness and can be deployed as a guide for injecting funds into the Chinese economy.

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Механизм воспроизводства финансовых кризисов в экономике Беларуси

Author(s): Alexandr Egorov / Language(s): Russian Issue: 22/2014

Article is aimed to provide methodological and practical recommendations in the field of credit and monetary regulation, submittedon creation of mechanisms of steady growth of Belarusian economy.Purpose: To investigate the emergence reasons in the Belarusian economy of the disproportions breaking stable nature ofreproduction and causing periodic financial crises. To reveal the mechanism of financial crises reproduction, to present actions for theeconomy reforming which realization will promote sustained economic growth formation.Methodology: Research methodology is based on the approach according to which characteristic features of the business cycle ofthe Belarusian economy are predetermined by features of a monetary policy, specifics of financing of economic growth.Results of work: It is revealed that the condition of chronic discrepancy between internal savings and internal investments is thereason of emergence of financial (currency) crises in economy of Belarus. The mechanism of emergence of currency crises isopened. It is defined that the lack of internal resources for the economic growth (a lack of savings) becomes covered due to external(foreign) financing. It is shown that within existing structure of the Belarusian economy such financing is superfluous – not to thecorresponding opportunities of the Belarusian economy for its effective use. It is defined that excess external financing leads todeterioration of balance of current operations account that causes pressure upon a Belarusian ruble exchange rate, balance violationin the currency market. Сurrency market balance is set by means of devaluation of Belarusian ruble, currency crises.Conclusions: The directions of reforming of Belarusian economy which realization will give steady character to reproductionprocess, will eliminate the reasons of currency crises emergence are defined.

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Эволюция системы функционирования капитала как основа перехода на постиндустриальную стадию развития

Author(s): T.I. Gleba / Language(s): Russian Issue: 20/2013

The article describes society and economy transfer to postindustrial development stage in the light of capital systemevolution. Conditional to capital socialization, creating new wider basis of its functioning, the postindustrial economy isformed by new single system of diversified kinds and forms of capital, presentation and describing of which is the author’saim in this work

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Особливості функціонування фінансових систем в країнах з ринковою економікою

Author(s): Vita Vynogradnya / Language(s): Ukrainian Issue: 20/2013

The article reviews the global experience of formation, distribution and use of finance for example U.S., UK, Japan,Canada, and the basic criteria of the financial system of these countries.

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COST ESTIMATION USING ECONOMETRIC MODEL FOR RESTAURANT BUSINESS

Author(s): Uma Shankar Singh / Language(s): English Issue: 3/2019

Study is aimed to develop an econometric model to estimate the cost of the restaurant business in Erbil city of Kurdistan. Restaurant food is costly in Erbil city as a common opinion of consumers. Restaurants are also struggling to make the business sustainable. A basic assumption considered to evaluate all cost factors and to establish an equation to get the clarity of cost estimation and check it with sales of the business. So the research questions formulated as what are different cost factors involve with the restaurant business, which cost is the most important to consider having the significant impact on the business, and what can be the standard econometric model to incorporate cost factors? A sample of 215 restaurants has been taken as the representative of industry. Variables and data get feed in the SPSS software for the analysis. Five dimensions of cost structure from cost namely Prime Cost, Works Cost, Cost of Production, Cost of Sales and Sales has been taken in study. Conclusion of the research based on the data analysis shoes that Prime Cost is the least important, Works Cost has the negative trend shows that there is increase in Sales will have the huge fall in Works Cost, increasing Sales has the small increase in Cost of Production, Cost of Sales is under question. Finally an econometric equation model is presented assuming the standardized equation for this specific case.

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Modus operandi of Qatar Resistance Policy against “Anti-Terror Quartet” Why Sanctions Have Failed?

Author(s): Adriana Łukasiewicz,Wojciech Grabowski / Language(s): English Issue: 64/2020

An effective resistance policy by Qatar against sanctions imposed by Saudi Arabia, United Arab Emirates, Egypt, Bahrain (called the Anti-terror Quartet or ATQ) surprised many analysts, journalists and politicians as well. The asymmetry in power between parties of this conflict was huge with a clear advantage with the sanctioning states. However, a wide range of actions applied by the Qatari government effectively countered the ATQ effort to portray Qatar as a threat to international peace and security and forced it to change its policy. The objective of the article is to explain the mechanisms of economic sanctions to show the conditions of its effectiveness and mistakes made by the ATQ. The research objective is also to evaluate a defensive policy applied by Qatar in reaction to the sanctions.

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Kryzys zadłużeniowy w strefie euro w latach 2010‑2018. Geneza, dynamika oraz instrumenty jego przezwyciężenia

Author(s): Janusz Józef Węc / Language(s): Polish Issue: 66/2020

The global financial crisis significantly contributed to the outbreak of the Eurozone debt crisis in 2010 and exposed the institutional weaknesses of the entire zone that had existed since its inception. In 2010‑2018, the European Union focused essentially on four basic forms of crisis management in the Eurozone: financial support for indebted economies, aid programs for crisis‑stricken countries, measures by the European Central Bank to overcome the crisis and system reform of the Eurozone and the Economic and Monetary Union. The research objective of the article is to analyze the dynamics of the debt crisis in the Eurozone. The author would like to answer the following research questions: How much have the aid programs of the European Union and the International Monetary Fund contributed to overcoming the debt crisis? Has this crisis really been overcome? How deep were the structural reforms of the indebted economies? The author also defines the research hypothesis that the debt crisis in the Eurozone has not been finally overcome, since in many countries government debt is still on a high level.

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Pro-ecological Activities in Polish Financial Institutions on the Example of Selected Banks

Author(s): Katarzyna Kubiszewska,Agata Czyżewska / Language(s): English Issue: 1/2020

The character of the role that banks play in the economy provides them with an opportunity to positively affect the environment on multiple levels. The article aimed at characterising and evaluating pro-ecological activities occurring in financial institutions in Poland. It compares pro-ecological activities undertaken by three different banks operating on the Polish market: BOŚ Bank SA, BNP Paribas Bank Polska SA and PKO Bank Polski SA. Based on the conducted analysis, the author's division of environmentally friendly initiatives undertaken by banks was proposed.

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Regional Innovation Systems in Poland: How to classify them?

Author(s): Dorota Ciołek,Anna Golejewska,Adrianna Zabłocka-Abi Yaghi / Language(s): English Issue: 3/2021

The literature emphasises the role of regional and local innovation environment. Regional Innovation Systems show differences in innovation outputs determined by different inputs. Understanding these relationships can have important implications for regional and innovation policy. The research aims to classify Regional Innovation Systems in Poland according to their innovation capacity and performance. The analysis covers 72 subregions (classified as NUTS 3 in the Nomenclature of Territorial Units for Statistics) in 2004–2016. Classes of Regional Innovation Systems in Poland were identified based on a combination of linear and functional approaches and data from published and unpublished sources. It was assumed that innovation systems in Poland differ due to their location in metropolitan and non-metropolitan regions, thus, the Eurostat NUTS 3 metro/non-metro typology was applied for this purpose. Panel data regressions as models with individual random effects were estimated separately for metropolitan and non-metropolitan groups of subregions. The study identified common determinants of innovation outputs in both NUTS 3 types: share of innovative industrial enterprises, industry share, unemployment rate, and employment in research and development. Next, NUTS 3 were classified within each of two analysed types in line with output- and input-indices, the latter being calculated as non-weighted average of significant inputs. Last, the subregions were clustered based on individual inputs to enable a more detailed assessment of their innovation potential. The cluster analysis using k-means method with maximum cluster distance was applied. The results showed that the composition of the classes identified within metropolitan and non-metropolitan systems in 2004– 2016 remains unstable, similarly to the composition of clusters identified by inputs. The latter confirms the changes in components of the capacity within both Regional Innovation System types. The observed situation allows us to assume that Regional Innovation Systems in Poland are evolving. In further research, the efficiency of Regional Innovation Systems should be assessed, taking into account the differences between metropolitan and non-metropolitan regions as well as other environmental factors that may determine the efficiency of innovative processes

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Пространственный анализ трансформации бюджетной самостоятельности и безопасности региональных систем

Author(s): Ilya Viktorovich Naumov,Natalia Leonidovna Nikulina / Language(s): Russian Issue: 3/2021

The issue of increasing budgetary independence and security is relevant for the majority of territorial systems, both at the regional and municipal levels. It was hypothesised that changes in the structure of regional public debt have a negative impact on their budgetary security. According to this hypothesis, an increase in the proportion of bank borrowing and corresponding decrease in the issue of debt securities by the constituent entities of the Russian Federation leads to a greater overall debt burden on the regional budget. In order to study transformation processes affecting budgetary independence and regional security. We developed a methodology to permit a separate assessment of these concepts. According to this approach, we propose to evaluate the budgetary independence of regional systems in terms of: (1) the balance of the budget (ratio of internal tax and non-tax revenues to budget expenditures); (2) financial dependence on transfers and subsidies from budgets at other levels; (3) budget security, taking into account gratuitous and non-gratuitous transfers. Thus, budget ary security can be assessed in accordance with the public debt dynamics, as well as the level of budgetary debt covered by the region’s own tax and non-tax revenues. The novelty of the presented methodological approach consists in its systematic use of Moran’s I for various spatial weight matrices combined with regression analysis methods based on panel data. Testing this methodology demonstrated the spatial heterogeneity of regional fiscal capacity, highlighting the financial dependence of most regions on federal and other gratuitous transfers. Autocorrelation analysis carried out according to Moran’s I using various spatial weight matrices confirmed the increasing tendency of the budgetary debt of Russian regions towards spatial heterogeneity. Future studies will focus on simulating the influence of various factors on regional budgetary security in order to predict the dynamics of its change.

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Regulation of online platforms in the digital single market

Author(s): Agnieszka Jabłonowska / Language(s): English Issue: 45/2019

The purpose of this article is to analyse and assess the initiatives taken at the European Union level to establish an adequate regulatory framework for online platforms. The Digital Single Market Strategy, published by the European Commission in 2015, forms the starting point for the inquiry. The article discusses the role of online platforms in the digital economy, describes their characteristic features and associated benefits and risks. It subsequently moves to the two central issues from the point of view of the lawmaker: protection and commodification of personal data and the allocation of risks and responsibilities. The analysis takes a number of legal sources into account, such as the General Data Protection Regulation 2016/679, Directive 2019/770 on certain aspects concerning contracts for the supply of digital content and digital services and Regulation 2019/1150 on promoting fairness and transparency for business users of online intermediation services. It further includes a selection of soft law instruments, such as the European Commission’s communications on online platforms, on collaborative economy and on tackling illegal content online. According to the author, the direction of steps already taken is to be welcomed. However, the success of the overall project will depend on the effectiveness of implementing measures. Further research is also necessary to explore the relations between contract law and data protection law as well as possibility of leveraging the position of online platforms to minimize the risks associated with their growth.

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Penal Sanctions Applicable to a Slave Engaged in Banking Activities

Author(s): Piotr Niczyporuk / Language(s): English Issue: 4/2020

Gaius Suetonius in Vitae Galbae, as part of his Vita divi Augusti, described the case of a banker (nummularius) and the penal sanction applied to him by the later emperor Galba. The governor of the province of Hispania Tarraconensis ordered to cut off the hands of a banker who was unfairly changing money. In order to show even greater severity of the punishment, he ordered the cut off hands to be nailed to the table where the banker was performing the dishonest acts. Undoubtedly, nummularius punished by Galba conducted operations within mensa nummularia. The owners of the cantors used qualified people recruited from among the lower social strata, mainly slaves, to perform mint operations. The professional examination of the quality of a coin required a great deal of specialist work. The convict participated in the banking activity as a support technical personnel. The minting and testing operations ended with sealing the purse with tesserae nummulariae. Such specialized operations were not performed by Roman citizens. The content of tesserae nummulariae may be an indication that the testing operations were performed by slaves. Servi had actual knowledge of the contents of the controlled purses and the control process could be an opportunity for abuse or even punishable acts. The slave would therefore suffer a well-deserved and adequate punishment in the form of chopping off his hands and nailing them to the table at which he dishonestly carried out minting and testing activities.

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Finansowanie działalności spółek deweloperskich za pomocą obligacji zamiennych na przykładzie polskiego rynku nieruchomości

Author(s): Damian Kaźmierczak / Language(s): Polish Issue: 107/2019

The aim of the article is to identify the rationales for the use of convertible bonds by development companies listed on the Warsaw Stock Exchange. The empirical examination of issues carried out between 2009 and 2017 shows that convertibles are issued by big, relatively more leveraged firms with a good financial performance which perceive them as a source of cheaper and potentially non-refundable external capital raised to finance new real estate projects. Due to their undervaluation, development companies are likely to issue convertible bonds as a backdoor equity financing to increase equity capital under more favorable conditions in comparison to the issuance of common stock.

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Into the Grey Zone. What Do We (Don’t) Know About Types of Concentrations Between Undertakings Under EU law After Austria Asphalt?

Author(s): Adrian Bielecki / Language(s): English Issue: 21/2020

In Austria Asphalt, the Court of Justice issued the first preliminary ruling related to the EU merger control regime. In Advocate General Kokott’s words, the Austrian Supreme Court asked the Court of Justice to answer the fundamental question of what constitutes a concentration between undertakings within Article 3 of the EUMR. The Court of Justice held that Article 3 of the EUMR must be interpreted as meaning that a concentration is deemed to arise upon a change in the form of control of an existing undertaking which, previously exclusive, becomes joint only if the joint venture created by such a transaction performs on a lasting basis all the functions of an autonomous economic entity. Although the ruling was rendered in the context of a specific transaction scenario, the underlying reasoning could shed new light on how to assess transactions that fall between acquisition of control and creation of a joint venture. However, this reasoning is incompliant with the purposes and economic foundations of the EU merger control regime. This can be proven both in relation to the transaction scenario directly covered by the question for a preliminary ruling and, if extrapolated, in relation to other transaction scenarios.

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Anticompetitive Patent Settlements – Where Are We Ten Years After the European Commission’s Pharmaceutical Inquiry?

Author(s): Anna Laszczyk / Language(s): English Issue: 21/2020

In 2009, the European Commission published a final report on its market inquiry into the pharmaceutical sector. The report revealed the authority’s concerns regarding market practices of pharmaceutical originator companies aimed at delaying the market entry of cheaper generic pharmaceutical products. One of the delaying practices identified by the European Commission were patent settlements between an originator and a generic company including: (i) a value transfer from the originator to a generic company, and (ii) an obligation of a generic company not to enter the market. These patent settlements were called pay-for-delay agreements since the payment was allegedly made in exchange for the non-marketentry obligation. The European Commission continued the investigation of patent settlements by its continuous monitoring. It also initiated antitrust proceedings that terminated with huge fines imposed on pharmaceutical companies. The appeals are now pending before the EU courts. Ten years after the publication of the final report on the market inquiry, this article aims to summarise the development of the case law and provide its critical analysis. The article focuses on the analysis of pay-for-delay agreements as infringements of Article 101 TFEU only and does not consider the conclusion of these agreements as an abuse of a dominant position.

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The Condition of Fault in Private Enforcement of Competition Law – a Comparative Analysis of U.S. v. Polish and European Approach

Author(s): Marta Maćkiewicz / Language(s): English Issue: 21/2020

The purpose of the Polish Act on Claims for Damages for Remedying the Damage Caused by Infringements of Competition Law, based on and implementing EU law – the Damages Directive, was to enable undertakings to effectively use private enforcement of their damages claims from competition law offenders. Infringement of competition law is classified as a tort according to the said Act on Claims. Therefore, the Act on Claims refers to tort liability rules. The conditions of classic tort liability in domestic law do not have exactly the same dogmatic meaning and scope as the conditions of public or private liability for the infringements of domestic and EU competition law. In practice, their application by national courts may rise many questions regarding conformity between domestic and EU law. This paper aims to analyse one of the key conditions of tort liability, that is, the fault of both the undertaking – the offenders, as well as the fault of their governing bodies and officers. If one were to understand the notion of fault within the limits laid down by civil law, and follow the literal wording of the Polish Civil Code’s provisions referring to the fault condition, the efficiency of private enforcement of damage claims arising from infringements of competition law would be doubtful. Therefore, the aim of this paper is to provide the readers with such an interpretation of the notion of fault, as a condition of liability of undertakings, that the legislative purpose of the Act on Claims is achieved and that the principles of efficiency and equivalence of the EU law are observed. In order to present a comprehensive picture, this paper will also discuss the case law of the CJEU concerning ‘anti-trust fault’, accompanied by a comparative analysis of the German and French approach to the fault condition as well as United States antitrust laws in the same area.

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Abuse of Dominance in the Case-law of the Hungarian Competition Authority – a Historical Overview

Author(s): Ákos Réger,Andor Horváth / Language(s): English Issue: 21/2020

This paper provides a historical overview of the case-law and practices applied by the Hungarian Competition Authority (HCA) in abuse of dominance cases. The paper is co-written by practitioners of complementing antitrust fields, which ensures that both legal and economic considerations are explored. The paper identifies the unique characteristics of Hungarian legislation and case-law and critically evaluates them in light of EU competition law and economics principles. We analyse (i) the reasons for the high number of exploitative cases before 2010, (ii) the general principles applied by the HCA in exclusionary cases, (iii) the cost allocation assessments in dominance cases, and (iv) the issue of significant market power of retailers. The general starting point is that, judging by the number of dominance investigations, there is less antitrust enforcement by the HCA in recent years. However, the article concludes that less enforcement does not mean weaker enforcement. In fact, the quality of dominance cases, considering both legal and economic aspects, has increased over time. This tendency has also led to higher legal certainty in Hungary, which is beneficial for market players. Stronger criticism is only formulated against the concept of significant market power of retailers.

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Designing Pro-Competitive Research Data Pools: Which EU Competition Remedies for Research Data Silos in Digital Markets?

Author(s): Giulia Schneider / Language(s): English Issue: 21/2020

The study moves from the assumption that the sharing of data can – under specific circumstances – give rise to anticompetitive aggregations of research-valuable data in the form of closed data silos. It addresses the question whether and how competition remedies available under EU law can be used for the design of pro-competitive data pools in digital markets. Interesting suggestions for these purposes are given by the recent enforcement policies enacted by the European Commission in high technology innovation markets. Although aimed at restoring very different anticompetitive conducts, these remedies nonetheless appear to share the common function of opening up established innovation alliances for the transfer of research-valuable information assets to external competing parties. Against this backdrop, the suitability of such information-based remedies in the context of digital markets is questioned. The study ultimately puts forward the opportunity of a close collaboration between competition and data protection authorities for a joint governance of data sharing remedies.

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Particularities of Proving a Single and Continuous Infringement of EU Competition Rules

Author(s): Mirna Romić / Language(s): English Issue: 22/2020

A single and continuous infringement of EU competition rules is a qualified form of infringement of EU Competition Law characterized by the existence of a global plan having a single objective between undertakings. Given the specificity of this form of infringement, proving it is somewhat different from the standard evidentiary process for proving infringements of competition rules before EU courts. This article aims to give an overview of the evidentiary rules through the case law of the Court of Justice of the EU and analyze their application in practice.

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Competition Law Framework in Kosovo and the Role of the EU in Promoting Competition Policies in Other Countries and Regions Wishing to Join the Block

Author(s): Avdylkader Mucaj / Language(s): English Issue: 22/2020

The aim of this article is, on the one hand, to provide an overview of the competition law framework in Kosovo vis-á-vis the establishment of the Kosovo Competition Authority (hereinafter; the Authority), its institutional design as well as the criteria for becoming a member of the Commission within the Authority, which is the most important decision-making body in the field of competition law in Kosovo. On the other hand, it discusses some of the challenges the Authority as well as the courts are facing as regards the effective enforcement of competition law provisions in Kosovo, be it procedural or substantive. In addition, the only three cases decided by the Authority, since its establishment in 2008, are briefly discussed. Last but not least, it tries to contextualise the role of the EU concerning enacting as well as enforcing competition law in some of the South East Europe (hereinafter; SEE) countries, with the main focus placed on Kosovo. Without the European perspective, it is convincing to say that the picture that would result from a competitiveness viewpoint would change dramatically, although the EU’s efforts alone are not sufficient in the absence of serious efforts by the states themselves.

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