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A digitalis térbeli kiigazítás

Author(s): Daniel Greene,Daniel Joseph / Language(s): Hungarian Issue: 23/2018

This article brings distinct strands of the political economy of communication and economic geography together in order to theorise the role digital technologies play in Marxian crisis theory. Capitalist advances into digital spaces do not make the law of value obsolete, but these spaces do offer new methods for displacing overaccumulated capital, increasing consumption, or accumulating new, cheaper labour. We build on David Harvey’s theory of the spatial fix to describe three digital spatial fixes, fixed capital projects that use the specific properties of digital spaces to increase the rate of prof- it, before themselves becoming obstacles to the addictive cycle of accumulation: the primitive accumulation of time in the social Web, the annihilation of time by space in highfrequency trading, and affect rent in virtual worlds. We conclude by reflecting on how these digital spatial fixes also fix the tempo of accumulation and adjust the time-scale of Marxian crisis theory.

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The Southern Gas Corridor infrastructure project – implications for the energy security of the European Union

Author(s): Justyna Misiągiewicz / Language(s): English Issue: 4/2019

Nowadays, energy security is a growing concern in state foreign policy. Interdependency in the energy field is a very important dimension of contemporary relations between states and transnational corporations. Energy security is becoming a key issue for the European Union (EU). The Union is one of the world’s fastest-growing energy markets and the biggest importer of energy resources. For the foreseeable future, Europe’s energy dependence will probably increase. Facing a shortage of energy, Europe is dependent on imports and the EU member states need to diversify their energy supplies. The Caspian region contains some of the largest undeveloped oil and gas reserves in the world. After the collapse of the Soviet Union, the newly independent Caspian states became open to foreign investment. The growing energy needs have given the EU a strong interest in developing ties with energy-producing states in the Caspian region to build the necessary pipeline infrastructure. In this analysis, the pipeline infrastructure that exists or will be built in the near future will be presented. The analysis will concentrate on routes transporting gas from the Caspian region and the most important problems and solutions in designing the midstream energy system in the region. The key aim of the article is to analyse the Southern Gas Corridor (SGC) infrastructure project, which will inevitably contribute to the EU’s energy security interest.

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Oil price and the economic activity in GCC countries: evidence from quantile regression

Author(s): Mourad Zmami,Ousama Ben-Salha / Language(s): English Issue: 4/2020

Research background: The effects of oil price fluctuations on the macroeconomic performance in oil-importing and oil-exporting countries have stimulated considerable research activity. However, the debate is far from being closed. Purpose of the article: This paper revisits the impact of crude oil price on economic activity in the Gulf Cooperation Council oil-exporting countries. The study covers a relatively long period spanning from 1960 to 2018. Methods: The empirical investigation accounts for structural breaks, nonlinearity, and nonnormal distribution of data. The Kapetanios (2005) structural breaks unit root test and Saikkonen–Lütkepohl (2000a, b, c) cointegration test with structural shifts are implemented to examine the stationary properties of data and the presence of cointegration between variables, respectively. Moreover, the quantile regression is employed to assess whether the impact of oil price on real GDP differs across different states of the economy. Findings & Value added: Empirical results suggest the absence of long-run cointegrating relationships between oil price and GDP in all countries. The quantile regression reveals that oil price does not affect real GDP in the same way across countries and for different business cycle phases. More specifically, the symmetric quantile regression findings reveal that oil price exerts a positive impact on GDP in all countries and that the effect is higher during the recession than expansion states. The asymmetric quantile regression shows that GDP reacts to positive oil price changes in all countries. However, only the Emirati and Omani GDPs are affected by negative oil price changes.

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Government expenditures in the support of technological innovations and impact on stock market and real economy: the empirical evidence from the US and Germany

Author(s): Jana Kotlebová,Peter Árendáš,Božena Chovancová / Language(s): English Issue: 4/2020

Research background: The current changes in the global stock markets are related to the next wave of the industrial revolution “Industry 4.0”. It is expected that the Industry 4.0 will lead to an acceleration of the innovation process and growth of volumes of tailor-made products. The stock markets started to react to the upcoming technological changes over the last decade, which are reflected by the changes in the composition of the major stock indices where the technological sector started to grow in importance. But innovations are not only connected with the specialized technological sector, but they are also of direct concern to the whole spectrum of economic entities. Besides the private investments that are usually allocated via the stock market, also the public sector investments play an important role. Purpose of the article: The aim of this paper is to investigate the relationship between government expenditures on research and development (R&D) and stock markets (and GDP) in the US and in Germany. Methods: We use the tools of descriptive analysis as well as correlation and regression methods of estimation. Findings & Value added: Our research confirms that the collection of data on R&D on annual basis for Germany and the US is insufficient for analytical and systemic management purposes. The real effects of investments in the R&D are time lagged. The regression analysis of annual data confirms only the statistical importance of patent applications as well as interest rate and stock index as independent variables in explanation of variability of real economy growth during the 1985–2017 period. Our model did not prove the significance of government expenditures. We can explain it, among others, by the fact that governments do not pay sufficient attention to the challenges yet, which are associated with the Industry 4.0, especially in the US, where the government expenditures in R&D gradually decrease. The governments in both economies try to increase their support, but fiscal sustainability is a limiting factor.

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Cointegration analysis and VECM of FDI, employment, export and GDP in Croatia (2002–2017) with particular reference to the global crisis and poor macroeconomic governance

Author(s): Marinko Skare,Justyna Franc-Dąbrowska,Dajana Cvek / Language(s): English Issue: 4/2020

Research background: The preconditions for attracting foreign investment are political stability and long-term capital investment, positively influencing the recipient country's development. During the crisis as well as in the unstable political environment, economic agents engage in speculative and risky acts for faster earnings. Purpose of the article: The paper aims to point out the importance of foreign direct investments (FDI) and other macroeconomic variables and their relationship with particular reference to the Croatian economy in 2002–2017. Methods: We use ADF test, development of the VECM model, testing of the stability of the VECM model, decomposition of the variance of the predictive errors of the variables, analysis of responses to unit orthogonal pulses. The vector correction auto-regression model (VECM) explores the long-term relationship between (FDI) and macroeconomic indicators in crisis time. Findings & Value-added: Applying the VECM model, we find that employment, export, and GDP variables are exogenous in the short term. The FDI variable is statistically significant and adjusts for the long-run equilibrium. Analyzing the responses to unit shocks, we conclude there is weak feedback of the observed variables and a weak effect of the observed variables in the Croatian economy. The FDI variable does not affect GDP, employment, and exports in Croatia due to poor macroeconomic management, corruption, regional development, inefficiency, and inefficient foreign direct investment structure.

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Территориальные финансовые балансы государственного сектора на основе Системы национальных счетов

Author(s): Aleksey Fedorovich Pasynkov / Language(s): Russian Issue: 3/2021

Studies on the impact of government expenditures on regional and municipal development mainly focus on examining local budgets. Simultaneously, each territory has various channels for financing public needs and collecting taxes and other payments. Therefore, this research develops and tests a methodology to construct the public sector financial balance at the municipal level. The presented approach in based on the System of National Accounts (SNA), which considers expenditures and revenues of the federal, regional or municipal budgets as a single institutional sector, regardless of their affiliation. Therefore, in order to achieve the municipal financial balance, it is necessary to analyse tax payments at various budget levels, grouping them in accordance with the SNA classification. For calculating municipal expenditures, an original technique was developed to consider the costs of all public sector financial flows, including direct federal and regional sources. We use official information on municipal payroll obtained from the Federal State Statistics Service database. The net lending/borrowing ratio is taken as a balance indicator of supply and use. Public sector financial balances were constructed for 69 municipalities of Sverdlovsk oblast. Calculations have shown that, on average, pub lic sector expenditure is almost equally divided between regional and federal budgets (one half) and municipal budgets (another half). Various municipality types were identified: 9 donors of public administration resources in Sverdlovsk oblast; 5 territories (including Ekaterinburg city) with a moderate deficit of internal resources; 35 municipalities with a significant lack of finances; 11 areas completely dependent on public administration resources. This work is part of the research aiming to develop the System of Territorial Accounts, tat is, an SNA analogue that can be implemented at the regional and municipal levels.

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ANALYZING THE VARIABLES THAT INFLUENCE ACCESS TO BANK FINANCING FOR SMALL AND MEDIUM ENTERPRISES IN KOSOVO AND NORTH MACEDONIA

Author(s): Filloreta Kunoviku-Demiri,Qazim Tmava,Esat A. Durguti / Language(s): English Issue: 3/2021

This study aims to analyze variables that influence access to bank loans by SMEs in Kosovo and North Macedonia. Research methodology is compound by primary and secondary data. We hypothesized that the age of the SMEs, business size, written business plan, collateral type, and business experience before starting as an owner, owner education, and owner gender influence access to bank loans for SMEs. Econometric model results revealed that age of the SMEs, business size, and written business plan has a significant influence on bank loans borrowed by SMEs, while, collateral type, business experience before starting as an owner, owner level of education, and owner gender have no significant influence on bank loans borrowed by SMEs in the Republic of Kosovo. Furthermore, from the results obtained we revealed that age of the SMEs, business size, written business plan, and owners’ level of education has a significant influence on bank loan borrowed by SMEs, whereas, collateral type, business experience before starting as owner and owners gender have no significant influence on bank loans borrowed by SMEs in the Republic of North Macedonia. The findings suggest some future lines of research at the end and provide recommendations for the main stakeholders of this field of study.

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Učinci pandemije izazvane koronavirusom na gospodarstvo – svjetska i domaća iskustva i lekcije

Author(s): Mira Šunjić-Beus,Danijela Martinović / Language(s): Croatian Issue: 117-118/2021

Pandemija izazvana koronavirusom ostavila je nesagledive posljedice po zdravstveni sustav i gospodarstvo diljem svijeta. Zemlje su se na različite načine suočile s novim I dotad nepoznatim izazovima. Neke zemlje su više a neke manje uspješno implementirale mjere s ciljem zaštite pučanstva i gospodarstva u cjelini. U ovom članku prezentirane su posljedice pandemije te mjere koje su implementirane diljem svijeta. Predstavljena su i iskustva i učinci provedenih mjera u Federaciji BiH i nižih razina, s posebnim naglaskom na mjere potpore malim i srednjim poduzećima. Moguće je zaključiti da zbog ograničenih financijskih mogućnosti te podjele nadležnosti nije bilo moguće implementirati sve potrebite mjere; pojedine mjere podrške poduzetnicima pokazale su se uspješnima, no bilo je i mjera koje nisu bile pravodobne i nisu obuhvatile sve subjekte kojima je pomoć bila potrebna. Iz dosadašnjih iskustava vidljivo je da vlasti moraju usmjeriti značajnija sredstva za potporu gospodarstvu te je prijeko potrebnu višu razinu koordinacije i suradnje među različitim razinama vlasti u Bosni i Hercegovini.

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Are EU Members’ Economies an “Engine” of the EU Candidates’ Economies?

Author(s): Marija Radulović,Milan Kostić / Language(s): English Issue: 2/2021

Research background: Economic relations between countries members of the EU and EU candidates are very strong. Germany and France have the leading economies of the EU, are in the top ten economies worldwide, and drivers of EU development. Serbia has strong economic relations with Germany and France, especially with Germany. Therefore, it is necessary to examine whether Germany and France impact the development of Serbia. Purpose: The purpose of the study is to determine if there is a positive influence of a developed country on a developing country. The aim of the paper is to determine whether there is a long- and short-term positive relationship between Germany and France (EU members) and the Serbian economy (EU candidate). Research methodology: A Vector Error Correction Model is used to analyze quarterly data from 2002Q2 to 2018Q2. Results: The results showed a statistically significant long-term relationship between Germany and France and Serbia’s real GDPs, so EU members have a long-term positive impact on the economy of EU candidates. In the case of the French, there is a short-run positive impact on the Serbian economy. For Germany, it is not the case. Novelty: This paper fills the literature gap about the influence of a developed country on a developing country. Recommendations for policymakers in EU candidates could be that if they want to motivate people to accept the process of access to the EU, they must provide them with more information about long-run economic benefits from the association to the EU.

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THE REBIRTH OF ECONOMIC NATIONALISM - FROM NEO-PROTECTIONISM TO THE NEW WORLD GEO-ECONOMY

Author(s): Alessandro Vitale / Language(s): English Issue: 34/2020

The current slowdown in international trade, apparently linked only to the pandemic crisis, actually has its roots in the long economic and financial crisis that began in 2007, which has stimulated economic nationalism and the adoption of neoprotectionist policies for more than ten years. Even if the prevailing narrative, also in the academic field, continues to be that of “globalization”, those policies, implemented by large areas and major world powers, have caused a long phase of “de-globalization”, characterized by the renewed use of the modern border to enclose economies. Productive and trading blocs and major powers have tried with the closure to make political and economic spaces (separated by the timid rebirth of globalization at the end of the bipolar period) coincide again. This has had serious consequences for developing regions and “emerging countries”, which have seen their political and economic stagnation worsen, with new dangers for global stability. The contemporary geo-economy is now facing closed and counterbalanced “super-regions”, which are regionalizing and redesigning the overall geo-economic balance of the planet.

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PROGNOZA KONSEKWENCJI KRYZYSU ZWIĄZANEGO Z COVID-19 W OPINII EKSPERTÓW

Author(s): Piotr L. Wilczyński,Natalia Adamczyk,Mirosław Matyja / Language(s): Polish Issue: 34/2020

Z inicjatywy prof. Pawła Soroki powołany został zespół badawczy, którego zadaniem jest opracowanie raportu o skutkach kryzysu wywołanego przez wprowadzenie stanu prawnego zwanego pandemią COVID-19. Szczegółowe informacje na temat raportu znajdują się na stronie internetowej zespołu: raportokryzysie.pl. Dzięki uprzejmości koordynatora projektu, Przegląd Geopolityczny ma możliwość opublikowania części wyników badań zespołu dotyczącej kwestii geopolitycznych, jeszcze przed ich ogłoszeniem w formie publikacji książkowej.

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COVID-19 и новата реалност в корпоративното управление

Author(s): Ekatherina Tzvetanova / Language(s): Bulgarian Issue: 1/2020

The COVID-19 outbreak is an unprecedented situation in which people must take a lot of hard decisions shortly. This study has represented the characteristics that make a company more resilient and successful in times of turbulence. It is shown the pandemic effects on individual aspects of the world economy, focusing on primary, secondary, and tertiary sectors. Besides, it is discussed the CFO and customer short term expectations about corporate profits and consumption.

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Трансформирането на икономиката на България: предпоставки и фактори

Author(s): Irena Nikolova / Language(s): Bulgarian Issue: 1/2020

In the late 90s, the economies of Central and Eastern European countries have turned from central planning to market-oriented ones which contributed to a significant transformation of all the societal sectors. Moreover, the way of the economy restructuring leaded to a different growth and development levels of the countries. The issues of the Bulgarian economy transformation as a whole are presented in the paper with a special focus on the prerequisites and factors of processes.

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Подходи за оперативно управление на риска в дългосрочен инвестиционен проект

Author(s): Katerina Pankova / Language(s): Bulgarian Issue: 1/2020

The main methods for risk analysis in a long-term investment project provide for the decision to be taken only until the beginning of the project. Further, most often the project develops according to its logic, regardless of the will and desires of the person who made this decision. In practice, however, there is always the possibility of a preliminary decision, the implementation of which is forthcoming, to make adjustments, ie. to make certain decisions in the course of the project implementation. This approach requires operational project management in conditions of uncertainty and risk. Its goals are to realize the expected income, reduce the risk in case of unfavorable developments or increase the risk in case of an expected favorable state of the business environment.

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Политика на пазара на труда в условията на Ковид -19

Author(s): Mariana Dimitrova / Language(s): Bulgarian Issue: 1/2020

The present paper examines the transformations of the labour market under the influence of Covid-19 for the period from the beginning of 2020 to the end of the second quarter of the same year. Special attention is paid to the active labour market policies which oppose the negative trends resulting from the crisis and improve employment opportunities. The recommendations from the International Labour Organization, the Organization for Economic Development and Development and European Union have been presented in connection with the management of the situation on the labour market and the overcoming of the crisis. The implementation of these recommendations can ensure to the affected countries a faster recovery and a more vibrant economic performance after the end of the pandemic.

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European Integration in Tourism as a Public Administration Body of the Western Balkans Countries

Author(s): Slobodan Nešković / Language(s): English Issue: 1/2020

The Western Balkans Subregion is made up of countries that are at one of the established stages of the European integration process. For all these countries, tourism, modified according to modern trends, marks a first-class industry and a great chance for prosperity. The institutions of the European Union have conceptualized specific legal legislation in the field, as a separate regulation that is binding on members and countries in the accession stages. Taken as a whole, all the creations of that micro-region, with some controversy, have obvious comparative advantages over other European areas, which the leading state entities must implement in fruitful development projects. Favorable geographic location with transport networks, diverse natural resources, and a healthy environment promote the tourism industry with supporting activities. Numerous cultural and historical values and specific ethnographic contents contribute to the overall ambiance. Affirmative economic parameters motivate foreign investors, where new business initiatives are formulated based on established postulates of international cooperation.

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Вторият държавен съд (1910–1914) и обвиненията срещу бившия военен министър Михаил Савов (1903–1907) – втора част

Author(s): Evgeni Kostov / Language(s): Bulgarian Issue: 1/2021

The Institute for constitutional Ministerial criminal liability in Bulgaria is based on article 155-159 from the Constitution of the Bulgarian Principality, adopted in 1879. It provides for a specific procedure through which the members of the government to be judged outside of the civil courts. From 1880 to 1923, through this procedure four trials were held. In this case, we focus on the work of the Second State Court (1910–1914). We explore potential law violations committed by ministers from the popular liberal government of Bulgaria, in the period of 1903–1908. Later, in 1913 year, the indictment, was published. This research study analyzes the supposed crimes of the former Minister of War Mikhail Savov that are subject to an indictment. The author comes to the conclusion that most of the allegations are unfounded. In 1914, as a result of political reasons, the decision of the Parliament was made to remove the criminal responsibility of the ministries.

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Примери за парични фондации в Русе и Търново (XVII–XIX в.)

Author(s): Ayşe Kayapınar / Language(s): Bulgarian Issue: 1/2021

The waqf institution played an important social and economic role in the Ottoman Empire. In principle, waqfs are based on real estate capital. The cash-waqfs were known in the Ottoman Empire until 15th c. and they became popular after some debates in the 16th c. They spread exclusively in the European and Anatolian provinces of the Empire. The practice of establishing monetary endowments during the Ottoman period was also observed in the Bulgarian lands. One of the main sources that provide information about the founders of cash-waqfs, the conditions of establishment and activity of these waqfs are the foundation charters (vakfiye). In this study examples of cash-waqfs from Ruse and Turnovo will be examined. The example of such a waqf from Ruse is from 1697/1698, while the Turnovo waqfs date from 1812 to 1851. The sources used to treat the topic are two defter-collections of foundation charters (vakfiye). The idea is to study the purpose of endowed мoney.

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Bilans wdrożenia ZIT w Polsce − nowego instrumentu finansowania polityki spójności UE

Author(s): Jolanta Zawora,Iwona Kowalska / Language(s): Polish Issue: 3/2021

EU planning for the years 2014–2020 introduced a new instrument for financing territorial cohesion policy – namely Integrated Territorial Investments (ITI). There is a notable lack of analyses concerning the evaluation of Poland’s use of this innovative instrument for the uptake of EU funds. The aim of the article is to evaluate the implementation of ITI in Poland in the context of the system of obtaining and spending EU funds for the territorial cohesion policy in the years 2014−2020. The analyses were carried out in a normative economic perspective using secondary data on EU funds within the framework of regional operational programs. The research shows that the implementation of ITI in Poland has had the intended effect of meeting the conditions for obtaining EU funds for integrated territorial investments. However, this opportunity was not fully exploited due to the lack of tradition of cooperation between local government units other than in urban functional areas. Furthermore, the implementation of ITI in Poland indicates the danger of evaluating the effects of ITI in the context of contracting or certification of EU funds, which is not in line with the European Commission’s guidelines for this instrument. Thus, the 2014–2020 period was not fully used by Polish beneficiaries to prepare for the new rules for receiving EU funds under the regional cohesion policy.

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Dobrobyt zamiast walki klas. Wielki Kryzys i wizja socjalizmu w publicystyce Daniela Grossa

Author(s): Kamil Piskała / Language(s): Polish Issue: 1/2020

Great Depression, which unveiled flagrant contradictions and imbalances of the capitalist economy, caused deep transformations in socialist political thought. In the 1930s socialist thinkers and commentators intensively discussed potential forms of the new (and usually post-capitalist) economic regime. In the Polish context, the ideas of Daniel Gross, basically forgotten thinker and senator (1929-1935), seem to be particularly interesting and unusual. The following article is presenting Gross’s notorious inflationary agenda in wider theoretical framework, as a part of the comprehensive plan for economic transformation. Gross believed that the foundation of the future socialist economy laid in general prosperity and high level of popular consumption on the domestic market. In contrast to other socialist authors, he argued that proper monetary policy was much more important than socialization of the means of production. His unorthodox views on the rules of future socialist economy and possible ways of economic transformation were not much popular in Polish Socialist Party in the 1930s, but in fact they were quite close to the economic agenda of the West European Social Democracy in post-war decades (up till 1970s).

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