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Legal regime of competition in Slovenia
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Legal regime of competition in Slovenia

Author(s): Ovidiu Horia Maican / Language(s): English Issue: 01/2023

The Slovenian competition law used to be recently been reformed. Slovenia is a small transition economic system characterized by robust monetary dynamics, whose competition regime in its cutting-edge form was set up in 1993. The Constitution of the Republic of Slovenia, the main legal rule in Slovenia, ensures in its Article 74 free financial initiative. In the same time, they ought to take into consideration specific constraints, referring exceptionally to their status, as they are allowed to operate solely in one of the legally available varieties and in accordance with the public benefit. Individuals need to respect competition when appearing in the market. As an effect, unfair competition practices which prevent competition in a manner opposite to the regulation are prohibited.

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SISTEMELE SI SERVICIILE BANCARE ELECTRONICE DIN ROMANIA ÎN CONTEXTUL RĂZBOIULUI DINTRE UCRAINA ȘI FEDERAȚIA RUSĂ

SISTEMELE SI SERVICIILE BANCARE ELECTRONICE DIN ROMANIA ÎN CONTEXTUL RĂZBOIULUI DINTRE UCRAINA ȘI FEDERAȚIA RUSĂ

Author(s): Viorel Buţă,Razvan Manoliu / Language(s): Romanian Issue: 71/2023

The war launched by Russia against Ukraine has created major implications for affecting security and stability in that country, but also in the region and, to some extent, globally. After the end of the Cold War, the Russian-Ukrainian conflict led to various challenges of different natures, namely: military, political, economic, financial, legal, IT and humanitarian.

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ELECTRONIC BANKING SYSTEMS AND SERVICES IN ROMANIA IN THE CONTEXT OF THE WAR BETWEEN THE RUSSIAN FEDERATION AND UKRAINE

ELECTRONIC BANKING SYSTEMS AND SERVICES IN ROMANIA IN THE CONTEXT OF THE WAR BETWEEN THE RUSSIAN FEDERATION AND UKRAINE

Author(s): Viorel Buţă,Razvan Manoliu / Language(s): English Issue: 1/2023

The war launched by Russia against Ukraine has created major implications for affecting security and stability in that country, but also in the region and, to some e tent, globally. After the end of the Cold War, the Russian-Ukrainian conflict led to various challenges of different natures, namely: military, political, economic, financial, legal, IT and humanitarian.

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Reducing Execution Costs by Using Different Organizational Models in Housing Construction

Reducing Execution Costs by Using Different Organizational Models in Housing Construction

Author(s): Radu Taşcă / Language(s): English Issue: 30/2022

The construction processes require ways to align different steps of the project, from the beginning and development of the execution in time and space of two or other processes, between which there is a dependency, which lead to the re-fabrication of construction elements as needed. The development of execution procedures, based on the path method, leads to the analyze of the most parameters of a construction project, the cost, the dominant parameter, which ultimately measures the efficiency of housing constructions. The cost of a construction activity is defined (Hagiu, 2003, p.250) as the general expression of labor, construction materials, and all other equipment needed for the execution of technological and organizational conditions of the construction project to be implemented. The cost must be interpreted as a general resource of a project, therefore an optimization criterion, has the meaning of the financial resource requirement, as it results from the summation of the partial costs of the resources and can be used for the analysis and optimization of the program for carrying out a final construction work.

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Türkiye’de Döviz Kuru ve Dış Ticaret İlişkisi: Fourier Bootstrap Toda Yamamoto Nedensellik Testi Bulguları

Türkiye’de Döviz Kuru ve Dış Ticaret İlişkisi: Fourier Bootstrap Toda Yamamoto Nedensellik Testi Bulguları

Author(s): Ali Eren Alper / Language(s): Turkish Issue: 2/2023

Over the period 1923-2001, during which Turkey has been implementing the fixed exchange rate regime, various devaluations have been made in order to maintain the foreign trade balance starting from September 7, 1946, but no exchange rate intervention yielded the expected positive results. Turkey switched to a floating exchange rate system as one of the structural transformations put into practice following the year 2001, and afterward, the impacts of the exchange rate determined by the market supply and demand conditions on the foreign trade balance have been one of the main research subjects. In this study, using the monthly data obtained over the period 2013:01 - 2022:12, the causality relationship between the real effective exchange rate and foreign trade in Turkey was investigated by performing the Fourier Bootstrap Toda Yamamoto causality test, which allows the structural change. According to the analysis results, no causality could be found between the real effective exchange rate and the imports and exports of Turkey. As a result of the study, it was determined that the policies that tried to steer the foreign trade balance by affecting the exchange rate in Turkey would not have been successful. Therefore, it was thought that it would have been more accurate for policies concentrating on improving the foreign trade balance to focus on the qualitative features of the produced goods and services.

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RELEVANT ASPECTS REGARDING THE EVOLUTION OF ROMANIA'S EXTERNAL DEBT IN THE PERIOD 2010-2020

RELEVANT ASPECTS REGARDING THE EVOLUTION OF ROMANIA'S EXTERNAL DEBT IN THE PERIOD 2010-2020

Author(s): Anișoara Băbălău / Language(s): Romanian Issue: 24/2021

The emergence of public debt was determined by several causes, such as changing the political regime, financing public works, supporting social investments, financing budget deficits, balance of payments crises, etc. Thus, the current problems caused by the management and administration of public debt in Romania have their origin in the change of political regime after the events of 1989. In the early 1990s, Romania no longer had to pay external debts, due to the considerable sacrifices borne by the people (especially between 1980-1989). As is well known, at the beginning of the transition years, the Romanian state was forced to apply for external loans to support the balance of payments, whose size has increased from year to year. We can see a sharp increase in external debt over the last decade, the only period that tried to keep a minimum of balance was between 2014-2016.

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Промени ли пандемията от COVID-19 влиянието на лихвените проценти върху търсенето на потребителски кредити?

Промени ли пандемията от COVID-19 влиянието на лихвените проценти върху търсенето на потребителски кредити?

Author(s): Sergey Borisov / Language(s): English,Bulgarian Issue: 1/2023

This study aims to examine the relationship between interest rates and the demand for consumer loans, as well as how the COVID-19 pandemic influenced it. With the methodology of the statistical correlation analysis, using official data from the Bulgarian National Bank, the changes in the time series are analyzed within a time period covering 66 months, divided proportionally before and after the announcement of the COVID-19 pandemic. The conclusion which the research leads to is that it cannot be asserted with a high percentage of certainty that there is a statistically significant relationship between interest rates and consumer loan demand on the consumer credit market in Bulgaria.

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СУЧАСНИЙ СТАН ТА ТРЕНДИ РОЗВИТКУ НАЦІОНАЛЬНОГО БРЕНДУ УКРАЇНИ

СУЧАСНИЙ СТАН ТА ТРЕНДИ РОЗВИТКУ НАЦІОНАЛЬНОГО БРЕНДУ УКРАЇНИ

Author(s): Olha Shulha / Language(s): Ukrainian Issue: 56/2023

Formulation of the problem. Informatization of society is one of the decisive factors of modernization of the economy and the guarantee of Ukraine's integration into the world community. Countries that regularly worry about innovation in the application of marketing methods and tools for promoting their identity increase the likelihood of being the main ones in the process of forming the international division of labor and wealth, the opportunity to ensure sustainable economic growth and take a strong position on the international arena. European states actively use modern marketing technologies to improve their image in order to attract investors, potential foreign consumers of exported goods, and develop the sense of national identity of the local population. It is the use of modern marketing technologies that allows the image to take root in the mass consciousness both inside the country and outside its borders. Analysis of recent research and publications. Current issues of national branding are explored in their works by K. Asplund, I. Burakivskyi, T. Zavhorodnia, M. Kavartzis, F. Kotler, J. Layfeld, M. Mailanen, V. Miroshnychenko, A. Pankrukhin, D. Rayesto, A. Starostina, D. Traut, M. Khan, G. Hankinson, T. Tsygankova, L. Shulgina, and others. However, a number of issues require further in-depth study. In particular, in order to build the country's national brand, a more detailed study of world experience and its adaptation to the socio-economic conditions of Ukraine's development is necessary. The subject of the study is the theoretical and practical aspects of building the country's national brand based on the study of world experience and its adaptation to the socio-economic conditions of Ukraine's development. The purpose of the work is to analyze the current state and development trends of the national brand of Ukraine in modern geo-economic processes. The methodological basis of the article was such methods as systematic, monographic, analysis and synthesis, deduction and generalization. Work results. Studies confirm that countries with strong and well-known brands are able to export more of their own products and enrich the state treasury through taxes, attract investments and tourists, change stereotypes and be competitive in the world market. Each country invests significant financial resources in its national brand. The opportunities opened up by owning a successful brand encouraged Ukrainian companies to actively act in this direction. Evidence of such activation is the increase in the number of brands under which Ukrainian manufacturers and retailers offer their products, as well as the term of their existence on the market. If at the initial stages of the formation of branding in the country there was a significant number of so-called «pseudo-foreign» trademarks, now Ukrainian manufacturers create their own domestic brands, which become brands not only in Ukraine, but also abroad. Field of application of results. The results of the article can be used to create and manage national brands of countries. Conclusions. Promotion of the brand of Ukraine has positive dynamics. However, the government of Ukraine should pay more attention to security issues and the establishment of international relations.

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Strengthening the Environment for Islamic Finance in Hong Kong – A Regulatory Analysis

Strengthening the Environment for Islamic Finance in Hong Kong – A Regulatory Analysis

Author(s): Klemens Katterbauer / Language(s): English Issue: 1/2023

This contribution deals with fiscal sustainability understood as “avoiding an excessive increase in government liabilities – a burden on future generations – while ensuring that the government can deliver the necessary public services, including the necessary safety net in times of hardship, and to adjust policy in response to new challenges”. The article aims the analysis of the legal framework for fiscal rules at the level of the EU and the national level in France and Poland. The research problem is to answer the question of how and whether the French and Polish regulations meet the international regulations in the field of fiscal sustainability. According to the research hypothesis, both countries only partially meet the EU requirements. The article is based on the detailed desk research method requiring analysis of the literature, statistical data, and EU and national legal regulations. The general conclusion is that both countries do not fully comply with EU commitments regarding fiscal rules.

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Analysis of the budget realization system in higher education: A case study

Analysis of the budget realization system in higher education: A case study

Author(s): Nurafni Eltivia,Aang Afandi,Elsya Panduwinasari / Language(s): English Issue: 1/2023

The budget realization system in an institution is crucial in the success of the institution. State Polytechnic of Malang (Polinema) is one of the vocational higher education Institutions in Indonesia that implements the system as a form of compliance with existing laws and regulations and still has several problems with its implementation. This study aims to analyze the problem of the budget realization system at the State Polytechnic of Malang. This study uses a qualitative research method and uses a fishbone diagram for the process of classifying the data. This paper explains that 5 points cause problems in the budget realization system, namely machines, methods, people, management, and time. The study makes recommendations for a successful implementation of the budget realization system and also makes recommendations for future researchers.

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Indicators of financial fraud in the Ghanaian mobile payment industry in the pre-pandemic period

Indicators of financial fraud in the Ghanaian mobile payment industry in the pre-pandemic period

Author(s): Solomon Arhin / Language(s): English Issue: 1/2023

This study seeks to investigate recent rampant financial frauds and their impact on the financial performance of the four mobile payment companies in Ghana. The study used secondary data obtained from the consolidated financial statements for the past 10 years (2010-2019) of the mobile payment companies’ operations around the world. The sample consists of the subsidiaries of the four companies whose consolidated financial information is available for public use. Methodologically, factor analysis, pair sample t-test, and principal component analysis were exploited in the analyses to estimate and predict the relationship between fraud and its impact on financial performance indicators. The combined results offer theoretical contributions in the area of the adoption of multiple fraud theories within the framework of the neoclassical growth model. The application of the outcome to practice is the use of the result for predictability and financial sustainability of the mobile companies over future periods.

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An investigation of design management applications in the textiles and apparel industries

An investigation of design management applications in the textiles and apparel industries

Author(s): Reham Abdelbaset Sanad / Language(s): English Issue: 1/2023

This study is concerned with identifying and classifying the design management research approaches and concepts focusing on the textiles and clothing industries. This is to illustrate areas of study that textile design researchers have addressed. Three primary levels of design management were the basis of this study, namely, strategic, tactical, and operational levels. The approach and methodology adopted in several research studies were reviewed and then classification was carried out. It was found that strategic-level studies focused on consumers’ needs, preferences, perceptions, and collection of design information. The tactical/processes level reflected areas of staff development, and the creation of tools, systems, and frameworks employed in production stages. Developing knowledge systems resources and mass customization to meet consumer needs were highlighted in these research studies. At the operational/implementation level, research studies were focused on actions conducted in day-to-day operations such as chemical and physical techniques used in manufacturing processes and quality control.

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The need for vendor development programmes to increase the efficiency of the automotive industry in Pakistan

The need for vendor development programmes to increase the efficiency of the automotive industry in Pakistan

Author(s): Mohsin Moin,Tooba Khan / Language(s): English Issue: 1/2023

Although there is always a need for further development in business models and industrial organisations via gradual improvements in their operations including production activities, warehouse management and supply chain management, it is quite obvious that from the present rise in inflation, a gap between the employees and the employers has been observed in the automotive sector due to a lack of vocational training or vendor development programmes causing uncertain attributes. The study aimed to highlight the significance of vendor development programmes in the automotive sector along with hindering factors and uncover the impediments that do not allow the encouragement of vendor development programmes in the said industry in Pakistan. The methodology for this research is qualitative, which will take the best measures by collecting the data from the vendors, especially from the operations department as this department is having deep insight and core knowledge about the organisation. The study concluded that financial constraint is the major factor that limits vendor development programmes in the automotive industry of Pakistan.

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The effect of international trade on economic growth: Evidence from Ghana

The effect of international trade on economic growth: Evidence from Ghana

Author(s): Evans Yeboah,Haggai Chibale Chibalamula,Francis Atiso / Language(s): English Issue: 1/2023

International trade has been paramount to every country, especially developing economies, as it enables them to access goods and services they cannot produce. The Ghanaian economy has been highly dependent on imports over the years. This study examined the effects of foreign trade (export and import) on economic growth using data from the World Bank from 1990 to 2020. To ensure the accuracy of the results, econometric methods including a unit root test, the Johansen cointegration test, the vector error correction model and the Granger causality test, were employed. The ADF and Kwiatkowski-Phillips-SchmidtShin unit root tests showed that the variables were non-stationary at the level and integrated at the first-order difference. The study finds exports and imports to support Ghana's economic advancement. This study recommends the government to supports and encourage domestic firms to produce on a large scale for domestic consumption and exports.

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THE MANAGEMENT OF CRITICAL INFRASTRUCTURES IN THE CONTEXT OF THE COVID-19 PANDEMIC

THE MANAGEMENT OF CRITICAL INFRASTRUCTURES IN THE CONTEXT OF THE COVID-19 PANDEMIC

Author(s): Corina Ana Borcosi / Language(s): English Issue: 25/2021

The current critical period, in which we are in the midst of the COVID-19 pandemic, subdue the whole society, not only the health system, but also the economic one, to risks, to situations that are difficult to predict and manage. It is necessary and opportune now to know the national critical infrastructure and the ways in which it can be managed, protected, strengthened. Critical infrastructure is vital for economic development, for maintaining the vital functions of society, for maintaining the safety of citizens. The paper presents general aspects regarding critical infrastructures but also the influence of the COVID-19 pandemic on these types of infrastructures and how they can be managed during this period.

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The influence of the COVID-19 pandemic crisis on the real convergence of the member states of the European Monetary Union

Author(s): Tudor Mugurel Aursulesei / Language(s): English Issue: 1-2/2023

In this scientific paper, we will start from the COVID-19 pandemic crisis and try to highlight how the real convergence of the euro area member states was influenced during this period as a result of the implementation of various measures to limit economic activities. We propose to create an aggregate index of real convergence, starting from the theory of optimal monetary zones. After the construction of this index, we propose to calculate an index value for all 20 member states of the European Monetary Union (including Croatia), in the period 2011- 2022. Our aim is to observe how real convergence in the euro area has been influenced during the COVID-19 pandemic crisis. Something that can be easily concluded from the results obtained. At the end of the article, we manage to classify the member states of the European Monetary Union into 3 large clusters, depending on how their convergence index is compared to that of the euro zone average.

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SUCCES FACTORS AND BARRIERS IN IMPLEMENTING PUBLIC PROJECTS

SUCCES FACTORS AND BARRIERS IN IMPLEMENTING PUBLIC PROJECTS

Author(s): Nicoleta Lașan / Language(s): Romanian Issue: 32/2023

The concept of project management has been developed in the private sector, and only in the last decades this practice has been transferred to the public sector. The concept of „public project” is very ambiguous, but in general it refers to projects that are financed from public money and are traditionally in the property or implemented by public institutions. Determining the success factors and barriers in implementing public projects represents a complicated process but one that is absolutely necessary in order to increase the efficiency of public projects.

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PREFERENCES FOR ECONOMIC GROWTH IN THE POST-SOVIET COUNTRIES. A MULTICOUNTRY STUDY

PREFERENCES FOR ECONOMIC GROWTH IN THE POST-SOVIET COUNTRIES. A MULTICOUNTRY STUDY

Author(s): Akhmadjon Ortikov,Inna Čábelková,Svitlana Rotterova,Olesya Zhytna,Luboš Smutka / Language(s): English Issue: 1/2023

Although economic growth is always one of the priorities for a country, an ever-growing economy is unsustainable in the long run. Environment protection, public participation in decision-making, and, nowadays, even strong defense forces gain increasing importance for country sustainability. The paper studies trade-offs between national goals as impacted by the population values and attitudes in the post-soviet region. We study a representative dataset from eleven countries (N=20006, age 18+, M ± SD: 46,04 ± 17,07; 58% women, 46,8% upper education). Two indicators are utilized to determine the preferences for economic growth – the growth as the most important priority (the other three being military spending, public participation in social life, and aesthetics of city and countryside) and economic growth at the expense of environmental protection. Methodologically, we rely on correlations and confidence intervals for mean values (95%) analyses to study the associations and the country differences in preferences for economic growth. The results suggest that (1) post-Soviet countries are largely heterogeneous in their preference for economic growth as compared to other priorities, and geographically close countries may have opposing attitudes, and (2) the country-level correlations of the two indicators of preferences for economic growth produced opposite statistically significant correlations in different countries.

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The Role of Mortgage Subsidies in the Croatian Economic Growth Strategy: a Political-Economy Approach to the SSK

The Role of Mortgage Subsidies in the Croatian Economic Growth Strategy: a Political-Economy Approach to the SSK

Author(s): Alejandro Fernández,Gojko Bežovan / Language(s): English Issue: 1/2023

Since 2017, Croatian housing policy has focused on promoting homeownership through the SSK programme – a form of mortgage subsidisation that covers a proportion of housing costs. Although this policy aimed to improve affordability and increase homeownership, a recent economic evaluation has shown that the SSK has in fact contributed to rising house prices and has been ineffective at raising the homeownership rate. While econometric research has identified the impact that the SSK has had on house price volatility and affordability, the underlying factors leading to the implementation of this subsidy, as well as its broader societal impacts, remain under-researched. Through a political-economy lens, this paper analyses the context that led to the inception of the SSK, its core targeting principles, and its impact on the housing market. We ask: How does this subsidy position the Croatian housing market within the national strategy for economic growth and social policy provision? We argue that this policy’s impact on housing markets is twofold. First, the SSK reinforces a shift towards financialised growth through increased asset prices. Second, this subsidy shifts the focus of social policy towards mortgage markets, thereby furthering the privatisation of the welfare state and favouring middle-income groups. This paper’s contribution resides in critically discussing the SSK beyond its stated goals and contextualising it within the broader model of economic growth dependent on private finance. Through interviews with relevant stakeholders, descriptive data indicators, and a review of policy documents, this paper characterises the Croatian growth strategy as a form of small-scale financialisation that relies on aligning social policy with mortgage markets. Finally, we position the SSK within a wider array of finance-led housing policies and suggest the formulation of a comprehensive housing strategy tailored to the broader segments of Croatian society.

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Global financial ecosystem and processes of unshadowing of business activities: the role of the FATF

Global financial ecosystem and processes of unshadowing of business activities: the role of the FATF

Author(s): Yaroslava Stoliarchuk,Denys Ilnytskyy,Nadiria Ilnytska / Language(s): English Issue: 1/2023

Purpose. The purpose of the article is to reveal the specifics of the activities of global financial institutions as legal entities under international public law, important components of the global financial architecture and agents of unshadowing of the world economy using the sample of the Financial Action Task Force (FATF). The postulate of the work defines the leading importance of the institutional mechanism of unshadowing of the global economy for the development and implementation by countries of the unshadowing toolkit in a combination of economic and legal components as a factor of sustainable development. Results. It was found that the continued expansion of the shadow segment of the global economy actualizes the expediency of researching patterns and features of the processes that cause and accompany it. The global financial architecture is undergoing transformations adapting to the challenges of the shadowing of the world economy, including 1) the implementation of shadow economic transactions by business entities, 2) the deformation of the competitive environment and capitalist market institutions, 3) the distortion of business activity models, 4) the degradation of people's economic behaviour, as consumers and employees, and 5) aggravation of the global environmental problem. The classification of subjects of the unshadowing of the world financial sphere, which play a key role in its architecture, including their division by types 1) international universal organizations, 2) international financial organizations and 3) international specialized institutions, has been carried out. The structure-forming role of normative documents, which determine both the goal-setting and general quantitative characteristics of the environment of financial institutions, as well as the peculiarities of the development and implementation of activities for the unshadowing of economic relations and systems, has been revealed. All countries are only on the way towards effective economic models and sound global financial ecosystem. Scientific novelty. A new model of the institutional matrix of the global financial ecosystem is proposed, including the green economy and sustainable development components. The peculiarities of FATF in the global financial architecture and processes of unshadowing of business activities are revealed. Practical value. The obtained results can be used in the improvement of the national policy of countering the shadowing of business activities, reducing the environmental problem, as well as increasing the effectiveness of international economic relations in this area.

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