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Russian border regions in the economic corridor of China-Mongolia-Russia

Author(s): Natalia Sysoeva,Vera Rudneva / Language(s): English Issue: 2/2021

The object of the paper are the border regions of Siberia as a part of the planned China-Mongolia-Russia economic corridor in China’s foreign policy initiative “One Belt One Road”. The aim of the study is to reveal the nature of the interaction of these regions with the outside world to determine the ways of their development within a common economic space of the corridor. The study is based on the analysis of foreign investment flows to the border regions using macro- and microeconomic methods. The volume foreign capital goes mainly to mining, while other industries are dominated by small enterprises formed by foreign citizens, not corporations. In these areas, intermediary business prevails, which does not require increased human capital. China is gradually replacing other counter-partners in the use of natural resources, including mineral and forest ones. The problems of development of the border regions in common economic space of the corridor due to similar resource specialisation and weak development of the embedded economy have been identified. With the development of transit infrastructure, it is necessary to develop local industries integrated into large projects and capable of using this infrastructure to expand sales markets.

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The Impact of International Remittances on Financial Development in Nigeria: 1981-2021

Author(s): Olaide K. Mustapha-Jaji,Ganiyat A. Adesina-Uthman / Language(s): English Issue: 1/2023

Interconnectivity between international remittances and financial development has been center of academic discussions in recent time. High cost of remittances and underdeveloped financial system may be counterproductive as remittances may flow more through informal avenues than formal ones. Consequently, its impact on financial development may not be adequately captured. This study examined the impact of remittances on financial development in Nigeria for the period 1981 to 2021. The study measured financial development by banking sector development and stock market development, and analyzed the data using the auto-regressive distributed lag estimation techniques. The findings of the study showed that international remittances had positive and significant impact on banking sector development while international remittance had insignificant impact on stock market development. Thus, the study concluded that international remittances had different impact on measures of financial sector development. Hence, the study recommends among others the need for government to ensure that the high cost of remittances is reduced, such that significant percentage of the remittances can be kept in the financial system through innovative banking products.

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Fiscal Deficit and Exchange Rate Movement: Empirical Evidence from Nigeria

Author(s): Ahmed Olwatobi Adekunle / Language(s): English Issue: 2/2023

For the case of using fiscal deficit by policy makers, economists have conflicting views and have incessantly debate on how it affects exchange rate movement. This study empirically investigates the attendant connection for the Nigerian case from 1985-2018. At first, we review related literature sequel to which we utilized appropriate econometric techniques. The study uses the bounds testing Autoregressive Distribution Lag (ARDL) method to evaluate the long run and short run relationships amid fiscal deficits and exchange rate depreciation. Amongst others, one finding was that for the Nigerian economy, fiscal deficit depicts indirect impact on exchange rate depreciation - an indication that government fiscal deficit is not a major cause of exchange rate movements for the periods studied. In effects, we recommend that in other to attain both internal and external balance in pursuance of core value of fiscal policy, fiscal management without political interests should be conducted and other macroeconomic policies should be properly implemented as they may have been the cause of sporadic exchange rate depreciation

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Analiza prin metodele de clusterizare K-Means și clusterizare ierarhică aglomeratică a scorurilor ESG, variațiilor anuale și randamentelor bursiere: Perspective din sectoarele energetice din Europa și Statele Unite

Author(s): Ștefan Rusu,Marcel Ioan Boloș,Marius Leordeanu / Language(s): English Issue: Spec. Jun/2023

This study employs k-means clustering and agglomerative hierarchical clustering techniques to visually examine the potential relationship between Environmental Social and Governance (ESG) scores, their year-over-year variations, and annual stock returns for a sample of 34 energy sector companies operating in Europe and the United States. While the agglomerative hierarchical clustering dendrogram suggests two clusters, the elbow method of the k-means algorithm suggests 2-4 clusters. The results indicate that neither ESG scores nor their year-on-year variations had an impact on the annual returns of the stocks. The conclusion is further confirmed by the Pearson correlation coefficient. However, the ESG scores of European energy companies show a tighter dispersion and smaller year-over-year change, making them more predictable ESG score-wise and thus, potentially, more attractive to ESG-driven investors.

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Wybrane aspekty przestępczości z wykorzystaniem walut wirtualnych

Author(s): Paweł Opitek,Agnieszka Butor-Keler,Karol Kanclerz / Language(s): Polish Issue: 4 (4)/2023

The article consists of two parts. The first discusses issues related to the functioning of the crypto-assets market in Poland and internationally and the planned changes in the regulations governing this market. They concern the legal status of digital tokens and their use in money laundering and terrorist financing, as well as the obligations of obliged institutions in the anti-money laundering system. The second part of the study focuses on procedural and non-procedural issues related to virtual currencies. The status of the digital artefact in criminal proceedings, operational work and the conduct of investigations with a view to combating cryptocurrency crime are discussed. The article concludes with demands addressed to law enforcement and law enforcement agencies. The aim of the article is to provide a comprehensive overview of the issues related to the use of virtual currencies in the commission of crimes, covering in particular AML and terrorist financing issues.

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THE INFLUENCE OF COVID-19 AND THE OLYMPIC GAMES ON THE MARKET BUSINESS OF JAPAN

Author(s): Aleksandar Đukić,Višnja Kojić / Language(s): English Issue: 1/2023

The Summer Olympics are the largest international sporting event in the world. Over 200 sports nations take part in them every 4 years and represent a real organizational challenge for the host country. The organization of the games requires large financial resources that the host country would have to allocate. The Tokyo Olympics in 2020 faced unprecedented challenges due to the COVID-19 pandemic, which increased the price of the games, which is already a record. Economists and organizers predicted that the Games in Tokyo would have an impact of as much as 292 billion dollars on the overall economy of Japan. Economists in Japan have raised expectations that the Tokyo Olympics will sharply strengthen not only the country's tourism industry, but also the construction business, while encouraging consumption, which together would increase Japan's market business. With the appearance of the corona virus, the Olympics were postponed for one year, which eventually led to a ban on watching at the venue of the postponed event. These bans, on the one hand, increased the cost of maintenance three times, and on the other hand, reduced revenues several times, which had a great impact on the Japanese market. This paper investigates the impact of covid-19 and the Olympic Games on Japan's market operations using regression and correlation analysis. Based on the analysis, the negative impact of Covid-19 on the market operations of Japan and the positive impact of the Olympics, especially in the year of maintenance, were proven, regardless of the fact that additional funds were invested.

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DETERMINANTS OF GOVERNMENT BOND SPREADS IN EUROPEAN TRANSITION ECONOMIES AND IMPLICATIONS FOR SMALL AND MEDIUM ENTERPRISES

Author(s): Berat Havolli / Language(s): English Issue: 1/2023

Given the need for transition economies to finance some of the investment required for development through borrowing, this paper empirically examines the determinants of government bond spreads, focusing on institutional quality as a contextual dimension. The literature generally assumes that market assessments of sovereign risk - i.e., the probability of default - and hence the cost of sovereign borrowing over the risk-free rate are based on the borrower’s macroeconomic fundamentals, solvency, and liquidity indicators related to fiscal and financial variables, and indicators of external financial market volatility. Using fixed effect estimation, our findings suggest that government bond spreads in European transition economies are sensitive to domestic macroeconomic fundamentals and global financial market volatility. From macroeconomic fundamentals, fiscal deficit levels, inflation rates, and countries’ effective exchange rates emerge as the leading indicators determining bond spreads over the observed period. Moreover, our results suggest that financial markets consider the quality of institutions when assessing default probabilities; hence, the potential risks arising from the quality of institutions are factored into the cost of sovereign borrowing. These results are robust to various extensions and robustness tests.

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New Principles of Counteracting Cyberlaundering under the Act of 1 March 2018 on Counteracting Money Laundering and Terrorist Financing

Author(s): Wiesław Jasiński / Language(s): English Issue: 1/2021

Cyberlaundering is a money-laundering mechanism that has been developing since the beginning of this century.Only recently, however, have the detailed rules for preventing this phenomenon been introduced. The Act of 1 March 2018on Counteracting Money Laundering and Terrorist Financing introduced a number of solutions defining the identification andverification obligations for transactions in cyberspace. Following these changes, it will be necessary to develop the best methodsof cooperation between all actors of the cyberlaundering system: obligated institutions, cooperating units and law enforcementagencies. The author draws attention to the national cyberlaundering risk assessment, prepared with the participation of obligedinstitutions, cooperating units and law enforcement bodies. Its use will affect the collection and sharing of more information usefulin the detection process and the timing of detection activities. A specific area of national risk assessment will be cybercrime. Theauthor believes that the detection of crimes in cyberspace should be included in a new legal framework, which would allow thespecificity of the digital area to be directly taken into account, without having to resort to often difficult and practically alwaysambiguous legal interpretations in this regard

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ИНДИВИДУАЛИЗЪМ, КОЛЕКТИВИЗЪМ, ИКОНОМИЧЕСКА КУЛТУРА И ИСТОРИЧЕСКИ КАПИТАЛИЗЪМ

Author(s): Teodor Sedlarski / Language(s): Bulgarian Issue: 1/2023

This article summarizes key concepts in Immanuel Wallerstein’s book ‘Historical Capitalism’ related to the role of the cultural dimension of individualism collectivism. These include the societal developments needed for the early formation of the labor market, the social construction of ethnical identities and the gradual assimilation of ‘peripheral’ regions into the capitalism’s labor force in order to counter the rise of labor income in countries of the ‘core’. According to the author, ‘traditional’ kinds of division of labor – between ethnic groups, family members and age horizontals are being intentionally brought to life to control the pace of proletization as quasi proletarian ways of living require only minimal labor wages. At the same time in the ideological realm capitalism’s development is usually presented as closely intertwined with modernism and science’s progress, opposed to ‘traditional’, non rational ways, but a number of ‘traditions’ can be shown to have actually co-emerged with historical capitalism and not pre-dated it. This process is accompanied by the instalment of an universalistic and individualistic progressivist world view among the ‘intelligentsia’ classes, fostering the belief in competition and meritocracy, which has to enable the peaceful functioning of the tightly interconnected global capitalist system. In other words, capitalism’s use of culture and ideology is a prerequisite for its spread and efficiency.

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Ownership Transformations in a Post-Transition Economy: Which Institutions Matter? Evidence from the Polish Banking Sector

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Ownership Transformations in a Post-Transition Economy: Which Institutions Matter? Evidence from the Polish Banking Sector

Author(s): Emilia Klepczarek,Agata Wieczorek / Language(s): English Issue: 04/2023

In this article, we investigate what kind of institutions affect bank ownership transformations in a post-transition economy. We use statistical data concerning mergers and acquisitions in the Polish banking sector over the thirty years since the political transformation. Our results indicate the significant role of political and cultural institutional dimensions in stimulating ownership transformation. The importance and current deficits in explaining Polish banking ownership transformations are evaluated through institutional analysis, emphasising the path dependence role and the critical junctures that influence the development of institutions. Identifying which institutions matter the most is crucial for post-reform economies when selecting the most effective policies.

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THE MODERATING ROLE OF INTELLECTUAL CAPITAL ON THE RELATIONSHIP BETWEEN ARTIFICIAL INTELLIGENCE AND EMPLOYEE PERFORMANCE OF THE COMMERCIAL BANKS IN NIGERIA

Author(s): Stephanie M. Chondough,Jason Tordue CHONDOUGH / Language(s): English Issue: 2/2022

The world is rapidly changing due to technological advancement, which is affecting how organizations operate and impacting on corporate performance. “Artificial intelligence” is an emerging topic that has gotten a lot of attention globally. However, there is scarcity of literature on the subject, particularly in developing countries. This paper seeks to investigate the effect of “artificial intelligence” (AI) on employee performance (EP) of the commercial banks in Nigeria, using intellectual capital (human capital) as a moderator. A survey questionnaire was administered to 312 bank employees randomly. SPSS was employed to carry out a demographic statistic to have a better understanding and summary of the data. Additionally, a structural equation model (PLS-SEM) was employed and SmartPLS 3 professional version is employed for the analyses and testing of the formulated hypotheses. Findings prove a positive and significant correlation between artificial intelligence and employee performance. Also, intellectual capital (human capital) positively and significantly moderates the nexus between artificial intelligence and employee performance.

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THE ANALYSIS OF EDUCATIONAL LEVEL AFFECTING ON EMPLOYMENT IN VIENTIANE CAPITAL, LAO PEOPLE'S DEMOCRATIC REPUBLIC

Author(s): Kitxana LUANGAPHAY,Viktória Vida / Language(s): English Issue: 1/2023

Labour market in this world has many diversities depending on the country in which every country has a different policy to provide or assist their population. Based on the world development plans, the world government aims to increase the labour force in order to improve the economic performance, which means government sector, business sector, and international firms require a huge amount of work forces to operate their own organization. So the requirements of the workplace mostly need employees that are satisfied to work, have labour skills and reliable on development and profitability to their firm. Currently, Laos is about to getting forward from undeveloped country to developing country, which it is also effect directly to Ministry of Education, and Sport of Laos such create policy for support the development on education field. According to this, most of the firms also expect that their future employees should at least graduate with a bachelor degree. Therefore, the purpose of this study is to show how the issue of employment is currently developing in Laos based on the results of the questionnaire.

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Assessing the impact of digitalization on Micro, Small and Medium Enterprizes in India

Author(s): Sharan Kumar Shetty,Cristi Spulbăr,Ramona Birau,Petre Valeriu Ninulescu / Language(s): English Issue: 75/2022

India is the fastest developing economy in the world. The Indian economy is the seventh biggest economy in the world in terms of GDP and the third biggest by purchasing power parity after the US and China. The Indian economy has seen a lot of changes from acting self-dependent to opening its entryway for worldwide exchanging by introducing Liberalization, Privatization, and Globalization in 1991 under the Finance Minister Mr. Manmohan Singh. And from that point in time, India is growing at a great pace. Economic Survey 2015-16, the Indian economy will keep on growing more than 7%in 2016-17 and gradually increase to 8% by FY 2018-19, driven by the gradual usage of changes in the economy, higher disposable income, and change in financial action. The current strides of the Indian government have indicated positive outcomes in the growth of the GDP. In India, most of the transactions are in cash nearly 90% of the stores in the market are accepting money. Micro and small-scale enterprises not only contribute significantly to improved living standards, but they also bring about substantial local capital formation and achieve high levels of productivity and capability. In this situation, this research study takes the initiation to analyze the impact of digitalization on MSMEs as they are one of the major players in the economic development of industrial areas like Karnataka.

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Investigating the impact of Goods and Service Tax (GST) on the banking sector with reference to selected banks in India

Author(s): Sharan Kumar Shetty,Cristi Spulbăr,Ramona Birau,Petre Valeriu Ninulescu / Language(s): English Issue: 75/2022

The banking sector is one of the main sectors of our economy and generates huge revenue income. India is a nation with impressively splendid banks with ample resources and rules and regulations that are well-regulated. GST, i.e. Goods and Service Tax, a new tax regime launched at midnight on 1 July 2017, is one of the biggest transformations faced by the industry during this time. GST is a replacement to the VAT system. Tax rate on banking services have been increased in the present system. This study seeks to understand the problems faced by the banking sector and their impact on customers following the introduction of the GST. By abolishing the centralized registration of banks, the new tax regime has taken an unprecedented measure. All bank branches now have to register for smooth functioning in each state under GST. This research study emphases on the challenges faced by the banking sector on the introduction of GST and the implications for improving the rules, wherever required. This study helps the effect of GST on the banking sector to be understood by detailing the problems and advantages of GST. The perception of banking employees on the GST impact on the banking is undertaken through questionnaire. Areas of improvements which can be made in the GST sector are analysed.

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Investigating the impact of government economic policies on crime in Pakistan

Author(s): Sumera Arshad,Muhammad Zahid Naeem,Cristi Spulbăr,Ramona Birau,Petre Valeriu Ninulescu / Language(s): English Issue: 76/2022

This study was conducted in an effort to better understand how decisions made by the government in Pakistan regarding taxation and spending have affected crime rates over the years 1980 to 2020. The Vector Error-Correction model suggests that the government's policies have a causal effect on crime rates in the long run. The study concludes that rising direct taxes and defence expenditures decreases the reported crime rate in Pakistan. Moreover, the empirics revealed that rising unemployment rate increase crimes. The income inequality has also portrayed positive relationship with reported crimes. The impulse responses affirm the persistent long run relationship trends in which both unemployment rate and income inequality increases crime rate and the direct taxes and defence expenditures decreases crime rate in the country.

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New technological trends in the market strategies of services economy: A case-study on economic policies and strategic positioning

Author(s): Silviu Dorin Georgescu,Cătălina Maria Georgescu / Language(s): English Issue: 79/2023

The study touches upon the issue of Covid-19 pandemic economic situation by focusing on the strategic decisions, economic policies and individual measures approached before, during anf after the pandemic. The literature shows that the pandemic-related policies and measures have triggered specific market reactions. The pandemic created a favourable context for the rapid spread of the new technological trends in the market strategies of services economy. The research employes the trend extrapolation for the period 2018-2029 of the values collected by the National Regulatory Authority (NRA) for postal and courier sector entrepreneurs on the challenges, structural changes, governmental policies, social pressures, economic solutions delivered during the 2018- 2022 period. The research study was designed to analyse the data declared by entrepreneurs, employees and customers which also relates to the effects of the Covid-19 pandemic measures, travel, work, gathering restrictions over some sectors of the economy. The research is designed to label the employment of new technological trends as strategic investments, management decisions, reactions prior, during and after the pandemic challenges. Consequently, the research questions to what extent were the evolution of the new technological trends for private courier and delivery services influenced by the evolution of the Covid-19 pandemic and the policies associated to it. Thus the main research question accrued concerns the effects of the pandemic over the economic policies and strategic positioning for certain sectors of the economy.

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Cyberprzestępczość na rynku kryptosztuki — formy przestępstw popełnianych przeciwko twórcom i właścicielom NFT

Author(s): Olivia Rybak-Karkosz / Language(s): English,Polish Issue: 3/2023

In this paper, the author aims to analyse the types of crimes committed in cyberspace against creators and owners of NFT. Non-fungible tokens have been favored by the art world (also known as the crypto-art market) for a few years now. They attract numerous digital art creators and cryptocurrency investors. The token is recorded in a blockchain and is used to certify authenticity and ownership. Therefore, the art world is particularly interested in this solution. However, as practice shows, NFT isn’t flawless, and cybercriminals exploit its flaws. Using methods known from typical cybercrimes, they modify their modus operandi accordingly to the crypto-art market practice. In this paper, the author describes examples of breaches of copyright and intellectual property law, as well as examples of the forgery of NFT. In addition, other crimes, such as fraud and theft of NFT, are described. Types of those crimes are, e.g., bypass security systems, phishing, and installation of malware

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„Super SAR” i inne rozwiązania na rzecz niepojedynczego rozpoznawania i zgłaszania podejrzanej aktywności ML/FT przez instytucje obowiązane

Author(s): Maciej Aleksander Kędzierski / Language(s): English,Polish Issue: 3/2023

Reporting SAR to financial intelligence units is the performance of the obligations of the obligated institutions under the AML/CFT system. These actions are taken as a result of an individual customer/transaction risk assessment, as well as a countermeasure policy based on the analysis and assessment of institutional risk. Such structure of the behavior of the obligated institutions was to be a counterbalance to potential and actual perpetrators of money laundering and terrorist financing crimes. As a consequence, individually obligated institutions were to recognize the components of a broad chain of perpetration, legalization of funds originating from prohibited acts and constituting an element of camouflage of the source and beneficiaries of funds intended for terrorists. Over time, the ineffectiveness of this type of countermeasures began to be noticed, especially since the information provided to the financial intelligence unit was to a small extent positively verified and sent to the prosecutor's office as notifications of suspected crime. Subsequently, new counteracting schemes based on the participation of several obligated institutions and mutual exchange of information on negatively marked entities began to emerge. These concepts, despite the fact that they differ both in terms of content and technical implementation, constitute an important counterbalance to individualized analyzes of risk created and assessed exclusively in a particular, individualized obligated institution

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Rationalising Factors Influencing the Effective Utilisation of Big Data in Malaysian Fintech Companies

Author(s): Ibrahim Nasreldin Ibrahim Ahmed,Lili Marziana Abdullah,Rizal Mohd. Nor / Language(s): English Issue: 1/2023

In Malaysia, Fintech companies are leveraging Big Data technology to serve effectively the targeted markets. As the financial industry continues to develop, there is a great potential for the further growth and use of Big Data in Fintech in Malaysia. This is an exploratory study which is set to identify factors that influence the use of Big Data in the Fintech sector. Using a systematic selection process, publications related to Big Data adoption were identified and reviewed. The results show that the technological, organisational and environmental factors have a clear impact on Big Data adoption. The paper also presents the challenges reflected on in the current research on Big Data adoption and recommends future research directions. A research model focused on utilisation of Big Data technology is proposed and presented, driven by the literature review.

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From Hamiltonian Dreams to Maastricht Reality: “Whatever It Takes” 2.0?

Author(s): Marijus Bernatavičius / Language(s): English Issue: 2 (110)/2023

During the COVID-19 pandemic, the institutional architecture of the euro area has been tested again. While some authors argue that European policy makers have learnt from their economic policy mistakes during the sovereign debt crisis, or even talk about the “European Hamiltonian moment”, the opportunity to fundamentally strengthen the institutional foundations of the currency union has been missed again. While public attention has been focused mostly on the creation of the so-called “Next Generation EU” (NGEU) fund, it was the ECB that quietly performed the key role of crisis manager, despite criticism of a weak initial crisis response and botched communication. Based on the synthetic framework of the classical integration theories, the principal-agent model and new intergovernmentalism, the ECB’s pandemic crisis response could be interpreted as its second “whatever it takes” moment.

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