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Revisiting the Financial Development and Economic Growth Nexus in Nigeria: Issues at stake

Author(s): Oluwatosin Juliana Oyetayo,Emmanuel Adesoji Olubiyi,Segun Daniel Owoeye / Language(s): English Issue: 5/2021

This research work contribute to the never ending debate in the finance-growth literature by examining the complimentary and substitution effects of banks and stock market as they both affect economic growth in Nigeria. A revisit of this subject matter is necessary to check the preparedness of Nigeria’s financial system to key into the global finance goal of ‘financialization’ and also to overcome financial issues militating against her economic growth. Dwelling on the issues of sustainability and liquidity which is paramount for the gains of financial development to translate to economic growth, linear and interaction models that equate bank, stock market and growth variables to economic growth are specified and estimated. Particularly, our findings reveal the importance and strength of the value of stock traded to economic growth when it interacts with bank variables and when on its own. Contrary to previous studies in developed countries, substitution effects are observed in the short run while complimentary effects are observed in the long run. It is believed that this could have been caused by too much of government intervention and control. We therefore recommend an institutional-centric approach for Nigeria’s financial system.

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AVRUPA BORSA ENDEKSLERİNİN RİSK, GETİRİ VE VARYASYON KATSAYISINA GÖRE KÜMELEME ANALİZİYLE İNCELENMESİ

Author(s): Ferhat Demirci / Language(s): Turkish Issue: 2/2021

Capital markets are classified according to their level of development, developed markets, emerging markets and border markets. Each market shows unique characteristics in terms of factors such as risk, return, efficiency, and liquidity. However, in some periods, countries may show distinctive characteristics from the general characteristics of the market they are members of. The aim of the study is to determine the clusters that European countries would form according to the variables of average return, risk and coefficient of variation for the period between 2009-2020. Countries are divided into three clusters with non-hierarchical cluster analysis method. In the non-hierarchical cluster analysis, the K-means algorithm, which is widely used, was chosen, and center point was assigned to each cluster. Center point assignments were determined according to MSCI World Index to reflect developed markets, MSCI Emerging Market Index to reflect emerging markets and MSCI Frontier Market Index to reflect border markets. According to the results of this research, while twelve of the twenty-eight countries are placed in the clusters that are centered on the markets they are already in, the other sixteen countries are placed in different clusters.

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THE CURRENT STAGE OF BASEL III APPLICATION AND ITS CONSEQUENCE ON FINANCIAL STABILITY: EVIDENCE FROM KOSOVO

Author(s): Muhamet J. Spahiu / Language(s): English Issue: 1/2022

The study aims to explore the divergences around the implementation of the Basel III agreement, since this agreement is considered the core of the international regulatory response to the financial crisis, setting the strictest criteria for capital structure and risk assessment. This paper explains the current level of legislation that applies in Kosovo, as well as possible divergences with the criteria set by Basel III. It is argued that the national authority, explicitly the CBK, to decide on the implementation of Basel III, had to agree on three aspects and potentially conflicting between them: the stability of the banking sector, competition, and care for economic growth. Finally, the study concluded that Kosovo is implementing Basel III regulations with greater ease and attention, contributing to banking sector stability, competitiveness, and economic growth.

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Coaching and mentoring of leadership competencies of the master's students in educational management

Author(s): Mihaela Gabriela Neacșu,Florentina Bucuroiu,Mădălina-Aurelia Țibrian / Language(s): English Issue: 4/2021

The paper presents the results of a psycho-pedagogical study focused on some practical aspects of developing the leadership competencies of the master`s students who prepare themselves for the managerial careerin education. They start from the leadership models offered by the educational leaders in the position of mentors who are in charge with the specialized practice in the application school units. The purpose of this study was to submit to a comprehensive analysis both the perceptions of the mentoring educational leaders and the opinions of the master`s students regarding some practical aspects of the shaping/development of the leadership competencies set, as well as concerning the strategies by which theeducational leaders induce change in the school organization and influence the quality of school life. The objectives of the study referred to: – description of some operational tools used for shaping/developing the leadership competencies of themaster`s students in educational management during the specialized practice; – presenting the conclusions of the focus-groups with the school managers and of the questionnaire-basedsurvey applied to the Master’s students in Educational Management – The conclusions of the paper highlight the importance of shaping/developing those leadership competencies for the future school managers that stimulate the potential value of the members of the schoolorganization, and influence their actions to get desirable results that lead to the increase of the quality of educationand school life, to the transformation of schools in vectors of positive community changes.

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Ujemne stopy procentowe a inwestycje w nieruchomości w świetle teorii Silvia Gesella

Author(s): Piotr Mirowski / Language(s): Polish Issue: 4/2021

Objective: The article discusses a somewhat forgotten theory of the German economist Silvio Gesell concerning money free from interest, and even charged for its possession, i.e. the Gesell tax. The article presents the escape from money and whether investment in real estate is justified, as well as the limitations of such investment. Research Design & Methods: The author analyses the subject literature. The theoretical issues presented in S. Gesell’s source works were interpreted in the light of contemporary economic processes and theoretical studies on his work. Findings: One of the modern expressions of Gesell’s theory is negative nominal interest rates, which have become a contemporary policy tool. While until recently even the theoretical application of such a tool was rarely considered, it has now become an important consideration in the economic reality of many economies. The natural defence of those with savings is to flee money that is burdened with fees. Real estate investment is an alternative vehicle to cash, though it is not without its limitations. Implications / Recommendations: Negative nominal interest rates have become a monetary policy tool, and there are indeed conditions that justify their use. However, it is natural for those with free cash to run away from “taxed” negative cash flows into investments that will maintain the value of their capital. One such investment is investing in real estate, though it is not without its limitations. Contribution: The author discusses the Gesell tax, a rarely analysed theory that has a contemporary, practical expression. He links it with real estate, a subject that is widely discussed today.

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EKONOMSKA ANALIZA BANKARSKOG MEHANIZMA U SUZBIJANJU KORUPCIJE

Author(s): Zumreta Galijašević,Hajrija Hodžić / Language(s): Bosnian,Croatian,Serbian Issue: 5/2014

Corruption is a complex phenomenon whose destructive effects leaves multiple consequences at financial and economic development. Popularization of examining corruption negative effects has caused the necessity of theoretical and empirical examines for value loss reduce using bank anti corruption mechanism. In that purpose, it is tested the hypothesis regular banking as a function of anti- corruption. The results show that developed institutional framework and bank management directly influenced the corruption level, loss level and bank's and economic efficiency. On that base, it is purposed the strategic guideline for standards and capacity creating for more quality banking in the role of limiter and anti corruption indicator. The paper aims the applying economic analyses in determining effects of bank anti-corruption measures.

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KORUPCIJA U REVIZIJI FINANSIJSKIH IZVJEŠTAJA

Author(s): Bogdana Vujnović-Gligorić,Mile Matijević / Language(s): Bosnian,Croatian,Serbian Issue: 5/2014

Any social system, independent of the governing property relations, has the need for honest and truthful information about the work of companies. Such interest is increasing with the development of joint stock companies and with the effort to protect the owners of money, potential investors, against possible fraud. Revision appears as an independent institution, which should give a neutral opinion on the assessment of the financial statements and their compliance with legal regulatory. However, with revision comes and corruption, which is trying to present the facts in the best light for the sake of their own interests. Such actions are often justified by difficulties in collecting evidence, using appropriate techniques and test audit. This paper will analyze the basic tasks of the audit, the corrupt actions that the auditor uses but it will also provide suggestions for reducing corruption in the field of auditing. The aim is to support activities related to the objective presentation of business results and financial condition of companies in order to attract investors. The results of this study underscore the need for audit engagements under contract by the maximum of four years, which would prevent the need to certify false testimony in order to extend the audit engagement.

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Rusçuk Çiftlikleri ve Çiftlik Piyasasında Eski Aktörler, Yeni Figürler

Author(s): Ahmet İlker Baş / Language(s): Turkish Issue: 30/2022

Çiftlik is the one of the most important debate topics in Ottoman agricultural history. While they are generally evaluated under the topics of landownership and legal status of peasants in the context of centrifugal forces, as a commodity, the exchange of çiftliks in the real estate market does not attract scholars’ attention enough. Data extracted from sale contracts in the kadı records enable researchers to track changes in the profiles of çiftlik sellers and buyers in a period of commercialization of agriculture. Learning what kind of socio-economic and political capital owners are more interested in çiftliks ownership through honorific titles and elkâbs helps to comprehend at least one dimension of transformation of Ottoman provinces in 17th and 18th centuries. This article aims to describe the structure of çiftliks and their productive activities on the one hand, and on the other, to determine the motivations effective in çiftlik sales by using sale contracts along with inheritance records. Thus, the reflection of the relationship correlated between proliferation of çiftliks and rise of the local notables to the çiftlik market can be traced. Therefore, çiftlik sale contracts have the potential to add a new perspective to çiftlik debates.

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Diane Coyle. Cogs and Monsters: What Economics Is and What It Should Be

Author(s): Josip Lučev / Language(s): English Issue: 1/2022

Review of: Josip Lučev - Diane Coyle. Cogs and Monsters: What Economics Is and What It Should Be, Princeton University Press, 2021. 257 pp.

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Abstract nature of demand guarantee as source of efficiency and risk of fraud

Author(s): Ana Cvetković / Language(s): English,Serbian Issue: 2/2017

Autonomy and abstractness of demand guarantee provide simple collection process where the bank cannot issue complaints towards beneficiary which, on the other hand, can be issued by the principal, acting as debtor, towards beneficiary. This specific characteristic of demand guarantee provides advantage of fast and efficient collection, but also brings the risk of fraud. In practice, demand guarantees are often identified as unconditional guarantees or conditional guarantees as documentary guarantees. Therefore, considering it as useful, this work covered some theoretical and practical facts of the demand guarantee, it further explained some terms and guarantee types and it explained Uniform rules for demand guarantees, legal relations and essential elements of demand guarantees as well as abuse during collection process. The aim of this work is to examine the characteristics and acceptability of the demand bank guarantee acting as security means regarding the non-performance of contractual obligations in real-time conditions. Conclusion of this work shows that, for a good reason, the demand guarantee is one of the most used security means regarding fulfillment of contractual obligations, because it provides fast and efficient protection to its beneficiaries, but on the other hand, the fraud possibility should not be overlooked, which must be acceptable ground for payment suspension.

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Impact of digital economy on the digital habituses of the Russian population

Author(s): Boris Podgorny,Natalia Volokhova / Language(s): English Issue: 07+08 (2)/2021

During the analysis of the results of digitalization, it becomes necessary to take the sociological component, along with statistical and financial ones, into account. Sociological index consists, first of all, in the understanding by the population of certain regions and countries of the processes and activities that are being held, the attitude to them and the readiness for the changes introduced by digital economy. This article provides data on the digital habituses of the population and their impact on the attitude to the development and implementation of digital technologies and the actions of the community within the framework of the current situation with digital technologies. It is shown in our research that about 25 percent of the population have habituses that do not explicitly or covertly support the development of new digital technologies. The influence of the habituses of the population on the attitude to the development and implementation of digital technologies, levels of digital literacy, protection of personal information, self-assessment of digital literacy and user level is determined.

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Financial Partnerships in the 19th Century – Relationship between Bulgarian Merchants and Galata Sarrafs

Author(s): Mustafa Güripek / Language(s): English Issue: 1/2022

In this study, 19th century Bulgarian financial developments will be discussed in parallel with the commercial developments. The focus of the study is the network of relations established by important merchant families that emerged in the 19th century with the sarrafs of Istanbul (Galata) and important merchants like Georgiev, Puliev, Çalıkoğlu, Tezvetoğlu etc. They had established strong financial ties with the Galata bankers/sarrafs. I will try to answer some questions such as following ones. What factors were important in establishing these ties? Was this relationship necessary? What were the benefits of the money changers and Bulgarian merchants from these financial cooperations? What was the role of the state in this relationship? What was the role of local administrators in the network of sarrafs and merchants?

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Вторият държавен съд (1910–1914) и концесията за рафиниране на петрол и построяване на резервоари в България

Author(s): Evgeni Kostov / Language(s): Bulgarian Issue: 1/2022

The Institute for constitutional Ministerial criminal liability in Bulgaria is based on article 155–159 from the Constitution of the Kingdom of Bulgaria, adopted in 1879. It provides for a specific procedure through which the members of the government to be judged outside of the civil courts. The whole procedure has been developed in the Law for trial of ministers, adopted in October 1880. The Second State Court (1910–1914) examines possible crimes of ministers of the Second People’s Liberal Government (1903–1908). As a source for writing the article, the author uses the indictment of the Second State Court. This article examines the initiative of the then Minister of Trade and Agriculture N. Genadiev to grand a concession for oil refining in Bulgaria and the reasons why it does not take place. The Bulgarian government considers that the concession will harm Bulgaria. A monopoly of the oil trade will be formed in the country.

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Търговците и чифлиците – аграрните дилеми на Димитър Бракалов през 60-те – 70-те години на XIX век

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Търговците и чифлиците – аграрните дилеми на Димитър Бракалов през 60-те – 70-те години на XIX век

Author(s): Nikolay Todorov,Petar Dobrev / Language(s): Bulgarian Issue: 1/2022

The present research was provoked by an extremely interesting correspondence between two Bulgarian merchants, Dimitar Brakalov and Hristo Tapchilestov, entirely dedicated to the leasing, management and organization of production in several çiftliks in the Burgas region, on the Black Sea coast. The documents span from the 1860s to the 1870s and are stored in the Bulgarian Historical Archive of the National Library "St. St. Cyril and Methodius". There are a total of 72 letters with the main addressees – Hristo Tapchilestov and Nikola Tapchilestov. Our paper dwells in more detail on the history of the çiftliks in question – in the villages of Atanasköy and Keleshköy. The information from the letters was correlated to data extracted from two types of Ottoman archives, which are particularly valuable for the reconstruction of the Ottoman economy in the 19th century – the temettuat and nüfus defters. Thanks to these documents, the complete reconstruction of the structure of the çiftliks was possible: quantity of crops, yields, employment of seasonal workers, but also the amount of owned land, farm animals, taxes paid, total annual yield etc. The economic networks that were built around the çiftliks is also outlined. Judging from the data, the estates were quite profitable, strived for capitalist modernization and paid decent wages to the hired labour force. Our archival work showed that the çiftliks Atanasköy and Keleshköy were originally owned by high-ranking representatives of the Tanzimat political elite, but also direct relatives of the ruling sultans – Mahmud II and Abdulmejid I. This shows that large estates were considered a profitable investment by the Muslim elite at the time, but also by rich Christian merchants like Brakalov, who started leasing the çiftliks in the 1860s. The researched estates continued to be profitable even after the separation of Bulgaria from the Ottoman Empire in 1878, when Brakalov became their owner, showing the durability of the çiftlik phenomenon.

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Финансова политика и бюджет като инструменти за местно развитие – по примера на община Свищов (1879–1886)

Author(s): Margarita Marinova / Language(s): Bulgarian Issue: 1/2022

The article traces the policy of the municipality of Svishtov in the field of local finances and budget in the period 1879-1886. The research is based on previously unused empirical material, mainly the protocol books of the city administration. When drawing up the budgets, the Svishtov City Council strives, on the basis of the law, to match them with the real possibilities of the taxpayers and the urgent needs of the city. By using the comparative approach, the conclusion is reached that for the period 1884-1886, the fees from the withdrawal and measurement of the goods and from the barrier fee, inherited from the Ottoman legislation, have the highest high relative share in the budget revenues. It is concluded that the funds invested in the local infrastructure, for the fire service, for the maintenance of the schools and for health care contribute to the improvement of the living and working conditions of the citizens. The results achieved are modest, since at this stage the legislation cannot yet provide municipalities with regular and secure sources of income.

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L’élaboration de représentations collectives en faveur de blockchains au sein d’espaces de la finance : Mythe et prophéties d’un futur possible investi

Author(s): Manon PIAZZA / Language(s): French Issue: 30 (2)/2022

This text sheds light on the elaboration and circulation of representations driven by entrepreneurs and major banking players about blockchains. It is based on ethnographic observations of community events organised around blockchains. It was conducted from 2020 to 2021, lasting from 2 hours to 7 days. This has been completed by online contents. The article focuses on the major representations produced and disseminated within financial spaces. It looks at the emergence of a founding myth of the Bitcoin blockchain and its reappropriation as a myth announcing a renewal of finance. By studying its circulations, it shows that certain blockchains are considered as a technical solution to 2008 crisis. These projections then give them a central place, making them a tool that would allow better anticipation of risks. Projects based on these ideas were then developed. They are promoted within collective spaces conducive to the mobilisation of public and private investment, and via new media such as Twitter, podcasts and online media.

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Правила за третиране на произхода на стоки в Европейския съюз

Author(s): Atanas Lyondev / Language(s): Bulgarian Issue: 1/2020

The origin of goods is predetermining whether their access to a particular market will be facilitated or hindered. The EU's trade defense instruments are becoming more effective, transparent and better adapted to meet the challenges of the global economy. The variety of preferential arrangements, with regard to the EU, with the rest of the world can be defined as a consequence of the development of both European and world economies. This also determines the importance of knowing and properly implementing these arrangements, which ensure the implementation of the EU's common commercial policy.

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Финансова стабилност на икономиката

Author(s): Atanas Lyondev / Language(s): Bulgarian Issue: 1/2015

Sustainable economic development and growth turns out to be essential for fiscal stability as part of the financial sustainability of the country. A characteristic feature of our national economy is preserved fiscal stability and tax level. Our country is an island of financial stability in the Balkans. The currency board system, also known as the regime will remain until Bulgaria's accession to the Eurozone. Thus, the country will become one of the few in the world with such a long operation of the currency board. The aim of our country should be effective management of public finances to prepare Bulgaria's entry into the Eurozone with low levels of debt, inflation and budget deficit.

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The investment attractiveness of countries: coupling between core dimensions

Author(s): Bogdan Moskalenko,Oleksii Lyulyov,Tetyana Pimonenko / Language(s): English Issue: 2/2022

Ongoing economic development provokes the intensification of competition on the global market, requiring developing countries to offer affordable conditions for attracting new labour and financial resources. At the same time, foreign investors and skilled labour forces focus on countries with a high level of investment attractiveness. The paper aims to estimate the coordination and degree of coupling between the dimensions of investment attractiveness, defining the internal and external dimensions of investment attractiveness in order to do so. The internal dimensions included five groups of indicators: socio-economic, infrastructural, innovation/research, energy re-sources, and agricultural dimensions. Based on entropy methods, the authors developed an approach to assessing the degree of coupling between the core dimensions of investment attractiveness. The countries which were the subjects of the investigation for the period of 2000-2020 were Bulgaria, Croatia, Lithuania, Latvia, Romania, Poland, and Ukraine. The analysed data was obtained from the World Data Bank. The findings showed that Bulgaria, Croatia, Lithuania, Latvia, and Romania had the highest degree of coupling of integrated investment attractiveness in 2018-2020, Poland in 2018, and Ukraine in 2008. The results of pairwise and integrated assessment of coordination and interconnection between the core dimensions of investment attractiveness allowed for the identification of both positive and negative trends in the change thereof, justifying the governmental policy of increasing investment attractiveness.

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ИЗВЈЕШТАВАЊЕ О ДУГОРОЧНОЈ ФИСКАЛНОЈ ОДРЖИВОСТИ И ФИНАНСИЈСКОЈ СТАБИЛНОСТИ ЕНТИТЕТА ЈАВНОГ СЕКТОРА

Author(s): Jelena Poljašević / Language(s): Bosnian,Croatian,Serbian Issue: 16/2012

Public sector entities and public sector generally, cannot go bankrupt in a way entities in private sector can. Bad management decisions in public sector lead to decreasing of range and quality of services and products provided by public entities, increasing debt and fi scal pressure on future generations, and generally decreasing prosperity of a country. To view the long-term effects of decisions made by current governments and to assess their responsibility, an international initiative has been introduced to present statements of long-term fiscal sustainability and fi nancial stability in public sector entities. These statements are based on projections of future incomes and outcomes which ensue from the current economic policy. Based on these projections it can be assessed to which extent the government policy can be realized in the future, assuming there will not be any changes in tax levels and the level of debt. With this information, governments can foresee the effect of some economic changes on future generations and take appropriate action.

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