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Sharing Economy in Digital Single Market EU – a Phenomena with Future Potential

Author(s): Daniela Ježová / Language(s): English Issue: 1/2020

The sharing economy is a rising phenomenon in the digital world and has expanded in last years to most of the industries. Article deal with the phenomena of sharing economy, tries to find its definition using different approaches. The personal data aspects of the sharing economy are also discussed as a valuable asset. The last section of the article deals with Uber as a digital platform or perhaps more? Analysing the Uberized economy with mentioning also the breach of personal data security in Uber through different countries.

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Sociální zabezpečení je klíčem k české daňové reformě

Author(s): Jaroslav Vostatek / Language(s): Czech Issue: 3/2020

Social security contributions are the main Czech tax channel, without good reason. The Czech government made a resolution to reform these contributions and the income taxes. Two reform attempts of the Ministry of Finance met with resistance of the departmental and private interests. The biggest opponent of an efficient Czech tax reform is the political marketing, separated from tax economics. We have to explain to the marketeers that a radical reform of the social security contributions and income taxes brings not only the elimination of more tax distortions but also a considerable simplification of these public revenues and extensive savings of tax collection costs and corporate administrative burden of complying with taxes. The rationality of the social security contributions is contingent on the welfare regime used in the respective social protection branch. There are major controversies over the public health care financing where departmental and group interests have prevailed due to existence of seven health insurance funds. The suppression of these interests is a precondition for a major rationalization of the health insurance premiums and its integration into common social security contributions and single tax collection point. The reform of the supplementary social accident insurance administered "temporarily" by two private insurance companies (at the expense of the state) seems to be simpler. From the nature of the Czech social protection follows the need for the integration of employee contributions into the personal income tax and the elimination of double taxation of dividends within the corporate income tax reform.

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Iracionalita státní podpory transformovaných fondů ve světle jejich z(ne)hodnocení: Využití opt-in strategie pro vyšší výnosy s nižším rizikem v DPS

Author(s): Petr Brabec / Language(s): Czech Issue: 3/2020

Supplementary pension savings, in which over three million contributors participate, continue to include so-called transformed funds, the appreciation in the value of which does not even cover inflation. With the help of an international comparison, the article highlights the irrationality of providing state support for transformed funds when they do not attain the level of appreciation of that of a potential notional defined contribution (NDC) system even without the state support component. Furthermore, the study identifies the preconditions for the functional, advantageous and, at the same time, low-risk settings of such a pension system funding pillar in the Czech Republic employing an opt-in investment strategy. Following such assumptions, calculations are made based on predictions determined via the comparison of more than 50 funding systems from various countries. The calculations conclude that the setting of an opt-in strategy with dynamic investment up to 20 years before retirement, followed by the very gradual transfer to less risky investment funds, maximises the lower risk-return ratio and the yield. Hence, a third pillar pension with an opt-in strategy would provide a higher return than a balanced and conservative fund together with lower risks than those associated with investing in dynamic funds for the whole of the investment period.

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SICAV in the Czech Republic – success story of continuing failure?

Author(s): Filip Horák / Language(s): English Issue: 2/2022

This paper explores the introduction of SICAV in Czech law, its development and the related difficulties including the tax perspective. Although this legal form helped to boost the collective investment sector in the Czech Republic, in particular for qualified investors’ funds, it is under constant threat of law amendments, which have a negative impact on further progress in the popularity of SICAVs as well as other forms of investment funds. SICAV, as a legal form governed by both private (corporate) and public (regulatory) law, presents a good example of how the two sets of partly autonomous rules may clash and cause undesirable effects. The paper highlights the main inefficiencies and discrepancies, which lead to interpretation difficulties and legal uncertainty. The hypothesis of this paper lies in investigating how local factors in one country, such as the influence of other pieces of legislation and tax environment, negatively impact solutions and models which are standardised and successfully deployed across the EU. It is argued that not only legal and regulatory aspects determine the popularity of investment funds, but a wider landscape, including the activities and approach of the supervisory authority and network of professionals (legal and tax advisors or auditors), plays a crucial role in capital markets development

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Emerging Change: Exploring the New Economy Paradigm

Author(s): K.V.Ch.Madhu Sudhana Rao,Mythili Kolluru,Denis Hyams-Ssekasi / Language(s): English Issue: 1/2022

This paper examines and ascertains the dominant and latent characteristics of the new economy post COVID-19. It acknowledges the far-reaching repercussions and long-term societal and economic impacts caused by COVID-19. The study administered online questionnaires to professionals globally and conducted online semi-structured interviews of economists, entrepreneurs, and organizational leaders across ten countries. The study tested the hypothesis with the non-parametric Chi-square test. The interview transcripts were subjected to thematic and content analysis. The research findings have indicated the emerging changes in the economy and way of life leading to a new normal. Projections have been reported to increase digitalization and implementation in business, deglobalization, geopolitical developments, fluctuations in macroeconomic variables, and climate change. The study further revealed that hybrid work strategies would be embraced, requiring the labor market to upskill and reskill to stay competitive. Digitalization of businesses will become essential to gain a competitive advantage in domestic and international markets. The paper predicts the anticipation of changes in human behavior regarding health, personal care, and consumption patterns. The study noted the variations in the new economic trends, possibilities, challenges, and coping strategies to survive and thrive in the new economic paradigm. Therefore, these research findings provide valuable and insightful economic releases which will have profound implications in the post COVID-19 world.

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The Innovative Impact of Insurance for Economic Growth: The Evidence from New EU Member States

Author(s): Hristo Kondovski / Language(s): English Issue: 2/2021

Insurance market activity, both as a financial intermediary and a provider of risk transfer and indemnification, may contribute to economic growth by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the last decade, there has been faster growth in insurance market activity, particularly in emerging markets given the process of liberalization and financial integration, which raises questions about its impact on economic growth. The aim of this paper is to examine relationship between insurance sector development and economic in 11 new EU member states from Central and Eastern Europe, using annual data for the period 1999-2018. We apply dynamic and fully modified ordinary least squares to estimate the relationship between the variables. The results of our study indicate there are a positive and a significant relationship between insurance, measured through penetration, and economic growth Thus, functions of insurance companies - providing means of risk management and performing mobilization and allocation of resources - are important for economic growth and is in line with previous studies and with our hypothesis These results could be useful for regional governments that seek to improve economic growth as they suggest the need for implementation of stimulative policies for the development of insurance industry

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Central and South–Eastern Europe Banking Sectors in The Sustainable Development Function

Author(s): Nenad Vunjak,Miloš Dragosavac,Jelena Vitomir,Petra Stojanović / Language(s): English Issue: 1/2020

Changes in banking sectors with the onset of the global financial crisis were related to: globalization, sector deregulation, technological change and financial innovation. Structural changes within banking services (at the end of the 20th century) relate to: the consolidation of banks, the merging of banking and non-banking financial institutions and their competition with one another. Significant place in the part of sustainable development belongs to bank performance, vision and mission of banks. The corporate vision of banks should be the “framework” for the future development of a bank. The corporate mission should be a “roadmap” to the realization of the bank’s vision and an expression of the business philosophy of the bank in question. It is of particular importance for the banking sectors of the CEE countries to define: the vision, the mission, the situational analysis and the planned long-term goals of the bank. With the advent of the global financial crisis, the financial activity of banks in the Central and South-eastern European region decreased, as the number of attractive fusion and acquisition banks in the region concerned was reduced. The aim of the research is to determine the importance of the vision, mission and clearly set goals in banks, where the analysis of banking sectors in 13 countries over a period of 11 years was carried out. The analysis of GDP and its growth in the period from 2008 to 2018 indicates a dynamic growth in the countries of Central Europe and some countries of Southeast Europe. The analysis of the assets of the banking sector and its share in GDP indicates the dominant participation of the countries of Central and South-eastern Europe that are members of the European Union relative to the candidate countries for EU member states. Analysis of the banking sector of the influx countries shows that more than 70% of the banking market in Southeast European countries is influenced by foreign highly developed banking groups. Sustainable development can only be achieved through the active joint action of the banking sectors of the Central and Southeast European countries.

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Productivity Bias Hypothesis: New Evidence from Parallel Market Exchange Rate

Author(s): James Temitope Dada,Philip Akanni Olomola,Folorunsho Monsur Ajide / Language(s): English Issue: 1/2020

Aim/ Purpose: The purpose of this study is to investigate Productivity Bias Hypothesis (PBH) in Nigeria using parallel (black) market exchange rate. Design/Methodology/Approach: The study focused on Naira-Dollar (N/$) parallel market exchange rate. Quarterly data from 1995 to 2018 were used. Data on domestic productivity and parallel market exchange rate were sourced from Central Bank of Nigeria (CBN) statistical bulletin, 2018 edition. US productivity data was sourced from Federal Reserve Economic Data. Autoregressive Distributed Lag (ARDL) was used as the estimation technique. Findings: The result reveals that parallel (black) market exchange rate support the presence of productivity bias hypothesis in Nigeria. Furthermore, the purchasing power parity hypothesis was rejected using the conventional unit root test. This implies that using official exchange rate, the study rejects the productivity bias hypothesis. Research Implications/Limitations: The implication of the study is that exchange rate in Nigeria should be determined freely in the foreign exchange market. Originality/Value/Contribution: Previous studies have used official exchange rate to test the validity of the productivity bias hypothesis, and the results can be basically described as mixed. Hence, this study differs from extant studies as it examined productivity bias hypothesis using parallel market exchange rate.

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Проблеми та перспективи розвитку венчурного бізнесу в Україні

Author(s): Tatiyana Ryabovolik,Viktor Stratan / Language(s): Ukrainian Issue: 33/2018

The purpose of this research is evaluation of the level of venture business's development in Ukraine and also determination of the main factors of restraining and stimulating, which affect on the venture business. The current level of country's development depends on the level of development of the innovative activities, therefore the using of innovations is the main factor of the enterprise's success, which also affects to the level of country's development in general. To date, in Ukraine, the development of venture financing of the innovative enterprises is at the initial stage, because the venture funds do not correspond to the world realities, namely, they have the worst investment opportunities in the direction of direct and venture financing. However, Ukraine continues to occupy the status of a country in which the industries of raw materials occupy a significant part, and virtually there are not conditions for the effective implementation of innovative activities due to the various kinds of obstacles (financial, political, legal) which appear on the way to the realization of the innovative model of development in the country. The instrument of the implementation of such model is a creation of an effective national innovative system.Under the conditions of reforming Ukraine's economy and its orientation towards to the joining the European community it makes the search for the new sources of funding for the modernization of the productive sectors of the country’s economy, particularly for the investment of the innovative activities. Venture capital is one of the sources for such a rapid transition. Venture capital is an important source of financing for the start-up (newly created) companies or companies, which are in difficult conditions (on the verge of bankruptcy or a descending stage of development), this is the so-called "risk" capital. The possibility of using new financial instruments for promotion of innovative activities in Ukraine will partially solve the problem primarily small and medium businesses. The leading role in investing research and development is gradually moving from the public to the private sector. Creation and development of new technologies with simultaneous maximization of profits with high degree of risk needs to work with active, experienced, strategically oriented institutional investors. Venture capitalists specialize in analyzing, selecting and managing technological innovation projects, agree to go to justified risk in order to generate income. Further research in this area will cover the creation of favourable conditions for the development in Ukraine of high risk investments, the development of special system of state incentives for the creation of venture funds and companies.

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Економічна сутність і значення інвестицій та інвестиційної діяльності суб’єктів господарювання

Author(s): Yuriy Gvozdev / Language(s): Ukrainian Issue: 33/2018

The purpose of the study is to develop theoretical and methodological provisions for assessing the content of the concept of "investment activity" of business entities. The study of the foreign and domestic theory of investment activity, the theoretical analysis of the methods of state regulation of the investment process made it possible to determine the range of issues relating to the instruments of the investment mechanism. They can be summarized as follows: means of knowledge and economic categories (as an instrument for understanding the functioning of the investment mechanism and the financial regulation of the activities of investment institutes, as well as the results and means of this knowledge) used in the theory and practice of studying the problems of improving the investment mechanism; institutes that carry out state financial regulation concerning the subjects of investment activity; principles and rules, functions, tasks and types of their production activities; methods and levers of the investment mechanism that are used in the process of state (administrative) and market (economic) regulation of the activity of investment institutes. The category as a broad concept reflects the most general and important properties, signs, connections and relations of objects, phenomena, processes, etc. Summarizing the above, we systematize the most important signs of investment: they can realize many goals - economic (in the form of income generation), management (improving the quality and competitiveness of products, optimizing costs, etc.), non-economic (social, environmental); contribute to the transformation of various resources of economic entities into alternative types of assets; ensure compliance with market laws of demand and supply for investment resources and services; accompanied by risks of capital investment, that is, the probability of expected results for investment purposes; are characterized by uncertainty of the timing of obtaining the achieved effect from the investment, as well as the dependence of the timing of obtaining benefits from the managerial decisions of the investor. On the basis of the listed properties of investments it can be noted that this is a purposeful investment of capital that is not connected with current consumption and involves the transformation of resources of economic entities from one form to another in order to generate profit, as well as to achieve another economic and noneconomic long-term effect.

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Формування кадрової стратегії інноваційного підприємства

Author(s): Liliia Koval,Sergiy Romanchuk / Language(s): Ukrainian Issue: 33/2018

Possibilities of manifestation and development of innovative activity of Ukrainian workers are formed both under the influence of the system of external factors (globalization, global informatization, international competition, influence of the global financial crisis, etc.), and under the influence of a combination of various internal factors. Taking into account the specificity of innovation in the process of recruitment and reserve preparation, we consider it necessary to introduce a variety of methods for collecting information and assessments - interviewing, testing, testing, certification (including the application of an assessment of competitiveness); To offer individuals who are applying for a vacancy to provide a resume that gives an idea of labor experience, education, publications, inventions, business qualities, recommendations, etc. It makes sense to use different forms to prepare the reserve of staff: the replacement of managers at the time of holidays, illness, business trips, internships in other units, other organizations, training in courses, seminars, obtaining second education in educational institutions, participation in scientific and practical conferences and other. In the training of personnel it is important to focus on the training of a wide range of specialists who can flexibly use their knowledge for solving related tasks, it is important to conclude contracts for the training of management personnel in the field of innovative management, whose deficit is acutely tangible. In each region there should be close links between innovative enterprises and higher education, and ideas should be considered as the creation of educational, research and innovation complexes, which are united by innovative companies and universities. Consequently, the obstacles in the manifestation of innovation activity of hired workers in many enterprises serve a set of factors associated with the lack of management of innovative personnel activities, the imperfection of the organization of wages and the promotion of innovation content, features of the mentality, low innovation culture of employees, etc.

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IMPACT OF FINANCIAL TECHNOLOGIES ON ECONOMIC DEVELOPMENT: THEORIES, METHODS AND ANALYSIS

Author(s): Anel Kireyeva,Anna Kredina,Laszlo Vasa,Zaira T. Satpayeva / Language(s): English Issue: 4/2021

This research focuses on an analytical review of the scientific literature to select appropriate methods and evaluate the impact of financial technologies on economic growth. Since non-cash payments can be affected by various factors, there is a great variety of studies relating to them in the scientific literature. However, existing scientific papers reflecting on the economic growth and non-cash payments do not determine the cause-effect relationship trends in different periods. Current study intends to fill this gap. Using an original method based on correlation analysis, the relationship of indicators in different periods is calculated with the use of the SPSS software. The data is collected for period of 2004-2019, during which the reviewed countries were actively developing and increasing their financial and technological capacities. Analysis results largely indicate an increase in the number of bank branches in many of the reviewed countries. Further, we consider the correlation between economic growth (expressed by indicators such as GDP), financial technologies (number of ATMs, user access to internet, and number of users of mobile communications) and gender indicators. The conclusions show a correlation between economic growth and financial technologies.

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FOREIGN DIRECT INVESTMENT AND SHADOW ECONOMY: ONE-WAY EFFECT OR MULTIPLE-WAY CAUSALITY?

Author(s): Inna Tiutiunyk,Wojciech Cieśliński,Andrii Zolkover,Laszlo Vasa / Language(s): English Issue: 4/2022

The article examines the relationship between the size of the shadow economy and indicators of the investment market development. Net inflow of foreign direct investments, volume of net investments in non-financial assets, volumes of portfolio investments, and net outflow of foreign direct investment were used as parameters characterizing the development of the investment market. The dependence between the indicators was analyzed using the regression equation, Shapiro-Wilk test. Research results demonstrate that the increase in the inflow and outflow of foreign direct investments leads to an increase in the size of the shadow economy without a time lag in Ukraine, Poland, Slovenia, Romania, Croatia, Lithuania, Latvia, Estonia, and with a time lag of 1 year in Slovakia and Hungary. The largest impact on the size of the shadow economy is made by the volume of inflow and outflow of direct foreign investments, while the volume of portfolio investments has a less significant effect. Consequently, it was concluded that the processes of inflow and outflow of direct foreign investments require enhanced control by specialized state executive bodies given the scale of their potential destabilizing impact on the macroeconomic stability of the country.

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DOES KYRGYZ BANKING SYSTEM LIQUIDITY PROVIDE ECONOMIC GROWTH?

Author(s): Indrit Hoxha,Nurlan Uzgenovich Atabaev,Begimai Marlenova,Gulnaz Atabaeva,Ibrahim Keles / Language(s): English Issue: 4/2022

The relationship between the liquidity ratio, the economy and the banking system of a country is a popular subject among academics. This research aims to understand this connection for Kyrgyzstan, a developing economy. The Vector Auto Regression approach was used to trace the association of liquidity ratio to loan and deposit volumes, interest income, net interest income, treasury bill volume, and gross domestic product based on the quarterly data. The data was obtained from various publications of the National Bank of the Kyrgyz Republic. The primary literature indicates that bank liquidity has an inverse correlation not only with bank profitability but also with economic growth. The findings confirm a similar relationship for Kyrgyzstan. Furthermore, liquidity has a positive relationship to treasury bills volume, but a negative correlation to economic growth. However, there was no significant correlation between the liquidity ratio and deposit volumes. Therefore, this paper found that high liquidity ratio of the Kyrgyz banking system negatively effects both the profitability of the banks and economic growth.

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The Impact of Financial Liberalization on the Effectiveness of Monetary Policy in Algeria

Author(s): Rabia Benarbia,Kada Aiboud / Language(s): English Issue: 1/2023

The objective of this study is to measure the impact of financial liberalization on the effectiveness of monetary policy in Algeria during the period 1970-2021 using the Autoregressive Distributed Gaps (ARDL) model and analyzing the implications of the financial liberalization policy on the monetary delivery channels as well. In the context of the liberalization of the financial sector, both channels of the exchange rate and financial assets play an effective role in transferring the impact of monetary policy to the real sector compared to the channels of interest rate and bank lending, with central banks relying on the use of indirect tools that depend on market forces to manage their monetary policy. The results of the study also concluded that the policy of financial liberalization represented in loans granted to the private sector as a percentage of GDP positively affects the effectiveness of monetary policy and enhances its ability as a tool to direct the economy towards achieving the goal of economic growth.

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TECHNICAL PROTECTION FOR ELECTRONIC BANKING OPERATIONS IN JORDAN

Author(s): Al An’imat Mohammad / Language(s): English Issue: 1/2023

The Internet has played a major role in our daily financial business; in fact, a secure end-to-end transaction requires a secure protocol as these software-based solutions include the use of encryption algorithms, private and public keys, and digital signatures used by MasterCard and Pretty Good Privacy. What are the characteristics or qualities of technical protection that achieve cyber security and leadership in regulating electronic banking operations in terms of legal legislation? This article aims to draw the attention of lawmakers to develop legal legislation on an ongoing basis to ensure the safety and stability of the accelerated electronic financial system. On the other hand, any tightening in the regulation of electronic banking services may be counterproductive because such solutions will quickly become obsolete due to the rapid pace of technological change. The legal system of electronic banks in Jordan is based on the Electronic Transactions Law, where the Central Bank of Jordan issues legal instructions regulating electronic business and instructions for cyber adaptation in electronic payment companies. This law includes the conditions for the Central Bank's approval of granting licenses to these companies, monitoring their compliance with them, and technical protection for customers.

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RUSYA-UKRAYNA SAVAŞININ BIST GIDA, İÇECEK ENDEKSİ ÜZERİNDEKİ ETKİSİNİN İNCELENMESİ

Author(s): Yusuf Güneysu / Language(s): Turkish Issue: 2/2022

The pandemic in recent years has led to some difficulties in terms of economy and health. While the negative effects caused by the pandemic continued, the Russia-Ukraine war that emerged also caused negative effects all over the world, especially through the commodity markets. However, the war also negatively affected the stock markets globally. In this direction, the purpose of this study is to investigate the impact of the war between Russia and Ukraine on the stock returns of the companies listed in the BIST Food, Beverage Index. In this context, whether the war caused abnormal returns was examined by the event study method. The findings of the study show that the positive AAR values obtained on the day of the event in other words, on the day of war (on 24 February 2022) are insignificant, but some abnormal returns in the pre-event and post-event days are significant and negative (or positive). However, according to the impact of the event in a certain time period, negative and significant CAAR values were determined in the [0,5] and [0,15] event windows. According to these results, it can be stated that the market is not efficient in semi-strong form in terms of adjusting stock prices to new information.

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IMPACT OF MAJOR GLOBAL EVENTS ON THE TURKISH STOCK MARKET EFFICIENCY

Author(s): Ceyda AKTAN / Language(s): English Issue: 2/2022

Market efficiency is of great importance to many investors, policy makers, as well as researchers. It provides them with information regarding the market and acts as a guide in their decision-making process. For this reason, there have been extensive amount of research done through the years. However, the World has witnessed several major events in the last couple of decades, which has been of great importance for financial markets, having both direct and indirect impacts. The Global Financial Crisis of 2008 and the COVID-19 pandemic can be the two most important events the World has experienced. Although past research shows that the impact of both events on the efficiency of the stock markets were looked at in separate studies, there is lack of studies involving both major events and analysing how the efficiency of the stock market is changing between these periods. The aim of this study is to analyse the weak-form efficiency of the Turkish stock market and how it has evolved over time. There are 4 different data sets used to observe the changes in market efficiency, with full sample ranging from February 1988 to September 2022. Monthly closing prices of the BIST100 Index are analysed using both the traditional linear Augmented Dickey-Fuller unit root test and 5 different non-linear unit root tests. Results show that different tests have different strengths in capturing the stationarity and due to the LNV test Turkish Stock Market was found not to be weak form efficient.

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Побољшање успјешности пословања јавних предузећа примјеном корпоративног управљања

Author(s): Zdravko Todorović,Matea Zlatković / Language(s): Bosnian,Croatian,Serbian Issue: 18/2013

Th e professional community is increasingly addressing the problems of business performance of public enterprises with majority state ownership. Although it is the companies that have signifi cant natural resources and are of strategic importance, very low returns on equity, or even losses are present in their business. In this research paper we investigate business performance and the level of corporate governance of Republic of Srpska (RS) public companies with the majority state-owned listed on Banja Luka Stock Exchange, especially Elektroprivreda RS companies. Measuring the success of the business enterprise is based on the analysis of fi nancial statements for the last fi ve years, using indicators of profi tability and market indicators. Particularly, we assess the level of corporate governance in companies Elektroprivreda RS, in survey research using Scorecard Banja Luka Stock Exchange questionnaires. Th e aim of the study is to indicate low levels of business performance of surveyed companies in relation to foreign as well as the low level of corporate governance in companies Elektroprivreda RS. It also signifi es the relationship between the used indicators and the level of corporate governance and the need for changes in the state policy towards the management of the state capital.

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The debt buildup process: Bosnia and Herzegovina – Republic of Srpska versus other European countries

Author(s): Velimir Bole,Janez Prašnikar,Domen Trobec / Language(s): English Issue: 18/2013

Financial and economic crisis from 2008 created debt problems throughout the world, in developed and developing coutries. Although the problems cause by the crisis were similar for all coutries there were some specific diferences between them. Here, effects of firm’s indebtedness in the Republic of Srpska are analysed in comparison with 15 European countries before and after the crisis, which serve as a benchmark. In the RS and also other considered countries in the collapse year (2009), the relative debt increases of under and over median firms differed drastically. In the main crisis year of 2009 the RS had 2 percentage points higher impact (relative to the Core European countries) of the financial accelerator or/and correspondingly different effect of the shape of firm investment distribution on the debt increase. In 2009, country specific effects on the debt build-up process disappeared for all other observed countries except the RS, while in the year after the collapse they disappeared in the RS and picked upped again in all other countries, showing lagging of the impact of the crisis as well as a milder effect in the RS.

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