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In this paper we try to briefly analyse the main working principles and the social consequences of the financial system. In the second part of our article we describe several alternative solutions to the current system: in our opinion, some of these could help and enable the work of establishing a democratic and solidarity economy.
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The article concerns the relation between holistic concept in marketing and successful market performance. First, the notion of “holistic marketing” is discussed, then a wide description of the essence and features of the “agile organization” is added in providing explanation of why 21st Century marketing is not tagged to particular unit, rather refers to all units, and what internal – external environment interaction has to be achieved. By referring to the research on marketers’ opinion from all over the world and to a particular example of the principles of the culture of innovation of Google, theoretical formulations receive practical illustrations.
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The rapid development of the economy, business, market and competition globally, despite economic crises, requires an increasing investment in digitization and digitization of constituent processes and business as a whole. Despite the 2018 McKinsey consulting company Digital Challengers report, which explores the digitalization potential of Central and Eastern Europe shows that the region has yet to catch up in most areas of digitization, despite the growth of recent years. The business researches and implements digital innovations to increase the efficiency of business operations, increase profits, open new markets, increase productivity and develop business models. All of this has to do with controlling and auditing the business. The relentless transformational impact of IT redefines the IT audit function itself, forcing auditors to rethink established practices, processes and calibrate their functions in the digital age. Technological advances are inherent in digitalization and will undoubtedly change internal auditing in digital jobs. And this applies not only to internal audit, but also to the Court of Auditors’ audit, tax control, etc.
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The 1970s and 80s saw a wave of market liberalization in Latin America, Africa, and Asia, but also in the United States and Western Europe. It reached Central and Eastern Europe just as the socialist bloc was disintegrating. To explain this exceptionally universal movement, a number of studies have emphasized that the changes went hand in hand with a very specific reconfiguration of the frameworks and actors implicated in the development and implementation of the decisions to liberalize. Despite their richness and detail, these studies tend to focus on the decision-makers and base their conclusions on an overly monolithic idea of how the reforms were implemented. A detailed comparison between two countries permits us to assess the differences and similarities of two recent cases of radical reform. In order to analyze the complex interaction of economics and politics—whose definitions and boundaries have changed noticeably in the course of these transformations—we will study the cases of Argentina and the USSR (Russia) during the period beginning with their first steps toward market liberalization in the 1970s and ending with the neoliberal crisis of the late twentieth and early twenty-first century.
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The aim of this article is to present the theoretical model for the construction of tasks in improving financial literacy in algebra course at school and to submit the economic and mathematical game based on the developed model. At the state level, a number of important documents have been adopted on the formation of financial literacy of schoolchildren, various measures are being implemented to solve this problem. Despite this, today the tasks presented in the school mathematics course do not fully solve the issue of increasing the level of financial literacy. In the course of work on the creation of a theoretical model for teaching mathematical foundations of financial literacy, an analysis of Russian textbooks on mathematics was carried out, federal regulations and international standards were studied. Our analysis allows us to assert that there are not enough tasks for the formation of financial literacy skills in the school course of mathematics. In addition, these tasks form initial knowledge in the financial sector. Also, the tasks are of the same type and often affect only two areas of handling finance. These are purchases and loans. Also, the tasks of the school mathematics course correspond only to the first level of the PISA standard. Thus, it became obvious that it was necessary to develop a theoretical model for the construction of tasks in improving financial literacy in algebra course at school according with the System (frame) financial capability for school age pupils and PISA diagnostic model.
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Technological developments are not easily understood even by people who have advanced education and this leaves much to be expected for other groups. Financial services and banking products are also ‘complicated’ for professionals, not to mention the ordinary client. As a result of the features of financial products and services, especially banking, information is required as an initial form of knowledge of these services and products, and this information is intensified through a constant process such as education. Hence, this article argues how financial education is performed in Southeast Europe and even in the EU. This article also elaborates on the financial education in Kosovo concerning the protection of banking clients’ rights, taking into account the financial education practices from which the Kosovo system can benefit.
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Small and medium-sized enterprises (SMEs) have a vital position in the international economy. The study aims to examine the compulsory financial reporting requirements set by the Kosovo Council for Financial Reporting (KCFR) as well as SMEs requirements for reviewing the current classification in the Kosovo context. This study, like most relevant studies, employs ordinal probit regression to examine the relationships among the requirements defined as dependent variables and other control variables such as necessary reclassification review under KCFR, preferred reclassification review under KCFR, experience knowledge of accountants and auditors, continuously education concerning financial reporting, and assessments of business owners. According to the reported conclusions, the application of these requirements in the Kosovo context does not create any opportunities for SMEs. On the contrary, the findings point to a thorough review of the reporting requirements for micro-businesses, as the current classification appears to be a burden for these businesses.
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For Excel’s calculation of basic (fixed) assets amortisation values, the investigated economic and mathematical foundation with required values and their relations were used. The investigated and introduced theory is adapted to Excel calculations of fixed assets amortisation based on today’s needs. All values for Excel’s calculations are sorted into input and output values, and input to main and nested calculations. Two methods for calculating fixed assets amortisation were introduced using Excel. The first method is based on a linear decreasing function,G(t) = G0 (1-pt), which presents the simple interest calculation of the reduced equities for equal periodic amortisation values. The second method is based on the exponential degrading function, G(t) = G0qt, which presents a complex interest calculation of the reduced equities for periodic amortisation amounts in a descending sequence. The continuity of the introduced functions results from the continuity of: the life of the fixed asset, periodic amortisation, accumulated amortisation and non-amortized amount (residual value) of the fixed asset. It is particularly important to introduce dates with the exact time, for the beginning and the end of each amortisation period of the fixed asset. The theory for Excel’s calculation of the fixed asset output values for an arbitrary (planned or unplanned) term has also been explored and introduced. Such calculations relate mainly to terms of alienation, permanent damage, permanent loss of the process function of a fixed asset and periodic accounting reporting.
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In order to optimize costs and ensure the sustainability of businesses less affected by the COVID pandemic crisis 19, the restructuring of activities in accordance with the provisions of IAS 37 - Provisions, contingent liabilities and contingent assets may be a viable solution. In this context, this article aims to provide the necessary clarifications in order to provide a basis for assessing the appropriate recognition criteria applied to provisions, contingent liabilities and contingent assets, to ensure full information support in the explanatory notes to the financial statements, necessary for users. accounting information in substantiating decisions. The results of the present study emphasize that, now more than ever, in a pandemic context, professional judgment is crucial in determining when the conditions for recognizing a provision in the financial statements are met and in accounting for amounts that can be recognized as part of this. provision, in accordance with IAS 37. We believe that this study can be particularly useful, in this pandemic context, to professional accountants engaged in financial reporting work, but also to regulatory bodies that can provide solutions to revise this standard.
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The past months and the obstacles though which the world went during them, opened again the topic of the adaptability and flexibility of the leadership methods and techniques. Moreover, it was necessary for organizations, like never before to look for solutions to cumulate many searched positives – from economic survival and development; management of human resources in a very changed environment, to the discovery of leadership instruments and good procedures succeeding to increase and keep people’s motivation on a high level. The development concentrates on the opportunities to achieve positive results in a critical situation through social responsibility as well as good procedures are summarized and presented in the context of the challenges raised which were realized within Bulgaria and some countries in the world.
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The foundations of financial portfolio theory were formulated by H. Markowitz in the middle of the 20th century. It includes four main sections: valuation of assets; investment decisions; portfolio optimization; evaluation of the results.
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Emergencies represent an extraordinary and disturbing state of society caused by large-scale events, which paralyze the functioning of the country's social system or when large-scale natural and technical-technological catastrophes occur that endanger the lives of the population and their property and material goods. Various managers are aware that the duration and consequences of a crisis can be significantly reduced if the defense system is prepared for a crisis. A prerequisite for successful crisis resolution is effective crisis management, which includes an organized defense system and efficient command and control at all levels. Especially what should be kept in mind is good prevention, which is directly related to the basic principles of crisis resolution and which has practically led to an emergency in a certain area of the country or at the level of the entire country.
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At the end of 1871 the Ottoman government initiated emission of internal debt. The goal was to raise funds for the construction of railways in Anatolia. New bonds (esham-ı cedid) have been issued for a period of ten years, with an annual interest rate of 10%. The securities were offered for purchase to Ottoman subjects not only in Constantinople (Istanbul) but also in the Ottoman provincial centres. The available scattered and incomplete records suggest significant interest in the new bonds. Therefore, the emission can be considered successful, and the Ottoman government managed to sell its securities under the initially proposed conditions. It is important to be mentioned that apart from private individuals, provincial institutions such as orphans’ funds (eytam sandığı) and city councils (belediye meclisi) also invested their capital in the new bonds. These investments are particularly indicative and raise a number of questions. In addition, the emission itself and the purchase of securities took place at a time when the Ottoman financial system definitely did not enjoy a good reputation and its indebtedness to external creditors was a well-known fact. Eventually, the Sublime Porte went bankrupt in 1875. The article presents the author’s initial observations, and the conclusions cannot be considered definite. However, the information about the emission of securities from 1871–1872 suggests both the personal interest of investors and the ability of the Ottoman centre to skilfully use the assets of provincial institutions to finance its infrastructure projects.
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This study aims to analyze the relationships between corporate governance instruments on the wealth of financial intermediaries in wide-ranging. The data employed in this study are secondary data from nine (9) commercial banks and covered the years 2013-2020. The approach used in data processing is a 2SLS estimation and multilevel mixed-effects for the dependent variable natural logarithm of total assets. The results provided by the econometric analysis show that board size, sovereign committees, Net Interest Margin (NIM), Non-Performing Loans (NPL’s), and equity to liabilities have an important impact on the protection of the assets of financial institutions. While surprising results have been generated in the composition of the board structure in terms of gender diversity, they have turned out to be insignificant. The originality and value of this study lie in the approach of including the characteristics of the board, as well as the combination of some financial indicators different from previous studies, which makes more comprehensive the study of the impact of board composition on increasing the wealth of banks.
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The objective of the paper is to identify and generalize the factors determining the growth of current account deficit and select the periods of growing current account deficit and evaluate their determinants. The results of the analysis confirmed the growing current account deficit reaching from 3% to 30% of GDP in different developing and developed countries. The results showed that growing current account deficit is strongly determined by domestic demand and market prices; however, other factors such as national openness, international movement of capital, and the condition of world market have no significant impact.
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This paper provides implementations of three well-known ciphers – Caesar Cipher, Vigenere Cipher and Hill Cipher in Microsoft Excel. It is shown how the ciphers can be broken by using Brute-force Attack, Frequency Analysis Attack and Known-plaintext Attack. For the purpose of the cryptanalysis the relative occurrence frequencies of the letters and the index of coincidence (κ ) in Bulgarian language are determined. The classical Frequency Analysis Attack is modified using the cross-correlation between frequencies of letters in the natural language and the cipher text. Modular matrix operations in MS Excel are shown.
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The focus of this work-in-progress paper is on strategy tools, which is a topic that lately has received a lot of interest in practice. There are various streams of literature of strategy tools, ranging from traditional company-related strategy tools to more flexible and individual-based strategy tools. This paper intends to provide some initial insights into this issue. The aim of this study is to explore managerial perceptions of strategy tools as facilitators of the development of business relationships and networks. Many small companies active in the segment of information and communication technology demonstrate difficulties in terms of expanding their business and increasing the product and service portfolio. In this context, this study aims to apply strategic tools and business model in a micro-segment of the software industry inserted into a huge market competition and low entry barriers. The research questions are: a) What are the perceptions of managers of strategy tools as facilitators of developing business relationships and b) how can combinations of strategy tools facilitate the development of different kinds of business relationships? In this paper, the first research question is initially explored empirically. The empirical part of the paper is based on qualitative case studies of ten companies, and more particularly on the perceptions of the managers within these companie. Businesses in all sectors are facing a situation where technology is changing the landscape around them, transitioning from the back room of an organization into the hands of customers, employees and society. Faster development cycles, disruptive business models and increased competition are highlighting the increasingly essential role of technology and automation in business. This means that the success of business relies heavily on the optimal utilization of technology.
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This paper examined the factors that influenced the Gross Domestic Product growth (GDP) in the post-Covid-19 period in Kosovo. This paper explored the impact of consumption, remittances, exports, imports, and inflation on Kosovo's GDP growth using fixed effects regression analysis with data from various secondary sources to analyze their impact from Kosovo's perspective. The results demonstrated that consumption, remittances, and exports had a statistically significant influence on GDP growth during the post-pandemic economic lockdown stage, whereby imports and inflation had a little inverse relation. Further, the Hausman test statistics on the adequacy of the fixed-effect model selection represent a superior performance compared to the random effect model. The paper is the first that extensively explores the impact of these factors that drove GDP growth in the post-pandemic period in Kosovo's economy. The novelty of this paper is that it recognizes the response of governments to the pandemic and accurately identifies the macroeconomic factors that influenced GDP growth.
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In this paper we explore the long-term developments of consumer prices in Bulgaria for the period 1750–2020. The discussion draws on a component-based index of consumer prices constructed by the authors. We consider both nominal price-level time series and real prices of selected essentials (bread, meat, sugar, tobacco, alcohol, and construction goods used by households). For the reviewed period, we identify two major inflationary episodes, namely the two World Wars and the interwar period, and the period of post-communist transition. For the former, we compute an increase of the price level of about 46 times. For the latter, we arrive at a mind-blowing analogical result of over 3800 times. A curious finding concerns the communist period. Contrary to popular beliefs established through a massive propaganda of no-inflation socialist economies, we discover an overall increase of the price level for that period of nearly 4 times. Real prices of individual commodities are calculated by deflating nominal figures by the value of the corresponding base consumer price index. The inspection of their dynamics leads to uncovering hidden insight related to the developments of specific markets. Also, it allows to assess more clearly the similarities and differences of real price evolutions over different political regimes. For example, we find that the real price of bread in the times of communist rule did not contrast markedly with its levels in preceding and succeeding periods. Another example points to the conclusion that in the years of EU membership, the real prices of most commodities that we consider follow a path of decline. This suggests that statements on the economic developments in those years which rely heavily on the popular perception of lower affordability should at least be taken with a grain of salt. The availability of our results could facilitate further explorations into the nature and specifics of the economic and social development of Bulgaria over a long period of time.
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The article presents Bulgarian market main foreign trade relations in the period of its foundation, i.e. in the 1850s, 1860s and 1870s. The Bulgarian lands foreign trade during this period is presented as an attempt to answer the question which foreign markets have the strongest influence on the processes in the Bulgarian economic space. The research paper is based on primary archival sources from the French Diplomatic Archives (Archives diplomatiques du Ministère des Affaires étrangères), mainly on reports of French consuls in Plovdiv (Philippopolis), Varna, Kustendje (Constanța) and Tultcha, on the data of archival sources and published research results concerning large Bulgarian companies such as “Evlogiy and Hristo Georgievi”, “Hristo P. Tapchileshtov” and others. The main conclusion of this article is that the foreign trade dilemmas facing the Bulgarian market in the third quarter of the 19th century in the alternative between the East and the West were decisively resolved in favour of the West, in favour of Western and Central Europe. Cereals, silkworm cocoons, rose oil, wool and tobacco are exported from the Bulgarian lands to the European markets while colonial and manufactured goods are imported. Another important conclusion is necessary – since its consolidation in the middle and in the third quarter of the 19th century, the Bulgarian national market is closely connected to the free European market and this is a good reason for the Bulgarians to adjust to the free market behaviour – a behaviour that’s not tied with political interventions or ideological interventions.
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