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TÜRKİYE’DE SICAK PARANIN EKONOMİ POLİTİĞİ

Author(s): Şevki Özbilen / Language(s): Turkish Issue: 4/2009

In this paper, we aim at analyzing financial and economic problems that stem from the 24TH January decrees as regards the Turkish economy. With the decrees of 24 th January put into force in 1980, Turkish economy was liberalized, and in 1989 by cabinet decree number 32 all audit and controls on financial transaction were removed, starting the process of deregulation. The incereasing rate of inflation and government policies heavily exploiting domestic and foreign credit resulted in a flow of hot money into the Turkish market. Hot Money does not lead to employement or investment. Rather, it aims to “make money out of money”. İn the Turkish market, hot Money provides its investors with interest-exchange rate arbitrage, while it has increased the balance of payement. In this context, trough agrements with IMF, Turkish economy has become increasingly volatile and financial fragility has considerably increasied.

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Transitions Online_Around the Bloc-13 May
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Transitions Online_Around the Bloc-13 May

Author(s): Ioana Caloianu / Language(s): English Issue: 05/18/2020

Highlights from our coverage region: asylum seeker abuse in Croatia; opening up in Uzbekistan; Telegram abandons blockchain; stunning fossils in Bulgaria; and a friendly reminder for Georgia.

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THE DIDACTIC DIMENSION OF THE TEACHING-LEARNING PROCESS WITHIN THE LESSONS AIMED AT ORGANIZING ECONOMIC ACTIVITIES

THE DIDACTIC DIMENSION OF THE TEACHING-LEARNING PROCESS WITHIN THE LESSONS AIMED AT ORGANIZING ECONOMIC ACTIVITIES

Author(s): Marius-Costel Eşi / Language(s): English Issue: 13/2020

One of the important components considered in this research approach is given by the study on teaching-learning strategies, methods and techniques in the lessons aimed at organizing economic activities. It is understood that such a topic takes into account, on the one hand, a series of aspects related to an economic issue, and on the other hand, issues of a methodological / didactic nature found in the teaching-learning-assessment activity. At the same time, the approach that is intended to be highlighted reflects the practical-theoretical dimension of such a possible approach in class.Under these conditions, the research approach assumed involves an analysis focused, on the one hand, on the theoretical aspects related to the approached topic, and on the other hand, on the conceptual-theoretical operationalization with practical implications. In other words, there is an interest in valorizing and capitalizing on the contents approached both theoretically and practically. Therefore, it is considered that we will analyze, from a theoretical and pragmatic perspective, the strategies, methods and teaching-learning techniques at the level of economic-themed classes, also revealing the impact it has in the economic-educational dimension.

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Национален пазар преди националната държава. Има ли български национален пазар преди Освобождението от 1878 г.?

Национален пазар преди националната държава. Има ли български национален пазар преди Освобождението от 1878 г.?

Author(s): Ivan Roussev / Language(s): Bulgarian Issue: 1/2020

The article presents arguments in support of the claim that there was a process of integration on the Bulgarian national market even before the Liberation of1878 and that this process was more and more noticeable in the 1840s, 1850s, 1860s, and 1870s. The research methodology is based on data from the business history of the Bulgarian Revival, including my own explorations on the emergence of commercial companies as a manifestation of commercial modernity in the Bulgarian economic area during the era as well as on the trade networks established by them. The two largest companies, “Evlogiy and Hristo Georgievi” and “Hristo P. Tapchileshtov”, stand out as de facto legitimizers of the Bulgarian national market in the 1850s, 1860s, and 1870s. They represent two important Bulgarian national economic institutions, a state before the state in the economic sphere. Other larger or not so large commercial companies and the trade networks established by them also contributed to the process of integration of the Bulgarian national market: “ Robevi Brothers”, “Geshovi Brothers”, “Komsievi Brothers”, “Karaminkovi Brothers”, “Papazoglu Brothers”, “N. Minchoolu & E. Selveli and friends ”,“Stancho Arnaudov and son”,“Georgi Hadjidraganov”, “The Commercial Company in Kotel” and others. The article provides summary information about these companies, about their trade networks in the Bulgarian lands and abroad, about the movements of their capital, etc. The article compares the similar national processes in the economic and political development of Austria-Hungary and the Ottoman Empire in the nineteenth century. According to a study published in 2012 (Schulze & Wolf, 2012), in late nineteenth-century Austria-Hungary there was an asymmetric intra-imperial integration, which led to the emergence of national markets within the various ethnolinguistic communities of the country. The same process took place in the Ottoman Empire earlier, already in the first half and the middle of the same century, under specific conditions facilitating the integration of separate national markets, including the formation of the Bulgarian market. In the third quarter of the nineteenth century, the Bulgarian Revival elite – economic, cultural, and political – gradually developed the idea of a Bulgarian national market and initiated some original projects with in this market. Another approach in studying the topic is also possible – tracking and comparing the movement of prices of major types of goods in smaller or larger areas of the Balkans and the Ottoman Empire, including the Bulgarian ethnic territory during this period. There is no doubt that serious future efforts on the part of a wider circle of researchers are needed, but this cannot happen if the discussion is not opened, if the topic of the emergence of the Bulgarian national market has not been drawn to attention. This article aims to provoke the interest of researchers on the topic.

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Wpływ kryzysu finansowego 2008-2009 na procesy integracyjne w Unii Europejskiej

Author(s): Magdalena Tomala,Rafał Zajęcki / Language(s): English Issue: 2/2019

The aim of the article is to research an influence decrease of economic growth to democracy index in the European Union. The author applies the Economist Intelligence Unit methodology which examines the Democracy Index from 2006 to 2017. It is based on five categories: electoral process and pluralism; civil liberties; government functioning; political participation; and political culture. Based on the results of a number of indicators, each country is then itself classified as one of four types of regime: full democracy; flawed democracy; hybrid regime; and authoritarian regime. In the article, the author tries to identify the EU countries’ strengths and weaknesses which determinate the EU’s economic growth. In conclusion, it was shown the most characteristic and the most important properties of democratic values.

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Adapting fiscal polities for the Covid 19 pandemic

Adapting fiscal polities for the Covid 19 pandemic

Author(s): Lilian Florescu,Daniela Florescu / Language(s): English Issue: 02/2021

In the current context generated by the Covid 19 pandemic, Member States need secure tax revenues to invest in people and businesses affected by the health crisis. At the same time, we need to remove the tax barriers and make it easier for EU businesses to innovate, invest and grow. To achieve this, in July 2020, the EU Commission adopted the Action Plan, which includes measures to reduce the administrative burdens, improve tax compliance and combat fraud. The Action Plan is helping to create a more fair, easier tax system to be used and adapted to our digital world. In case of this article there were used tools like as: classification, synthesis, comparative analysis, induction and deduction methods, graphic representation of events and investigated phenomenons. The article is addressed to the university and the academic world, as well as to fiscal administration officials and to the decision-making factors for correcting inequalities, created by the Covid 19 pandemic.

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Surabaya towards a smart city constrained by COVID-19

Surabaya towards a smart city constrained by COVID-19

Author(s): Akhmad Yusuf ZUHDY,Aan FAUZI / Language(s): English Issue: 02/2021

Surabaya, East Java is one of the cities in Indonesia which is well known as a Smart City. This achievement can not be separated from the breakthroughs and innovations that the local City Government (Pemkot) has made. The city government of Surabaya has also received various awards from within and outside the country, especially in the field of smart city. One of the awards is the 2018 OpenGov Recognition of Excellence. However, when the smart city was being helded, a pandemic emerged that attacked almost all parts of the world. This study aims to identify obstacles and steps to deal with Covid-19 without disturbing the stability of Surabaya towards a smart city. The data were obtained from social media from the Surabaya municipal government and the smart city parameters were taken from academic papers. The concept of smart city according to Surabaya begins with Smart Government, namely by implementing an internet-based government system which is also known as e-procurement. Other parameters are smart branding, smart economy, smart living, smart society, smart environment. This paper focuses on discussing smart environment without neglecting other parameters. Unfortunately, since the Covid-19 pandemic Surabaya has become the city in Indonesia with the most corona cases after Jakarta and Bogor with confirmed positive data up to November 1, 2020, amounting to 15,973 cases. The Surabaya City Government (Pemkot Surabaya) has implemented various efforts in order to prevent or break the chain of the spread of COVID-19. Consists of promotive, preventive, curative and rehabilitative efforts.

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HOW GOVERNMENT OUTFLOW AND PUBLIC DEBT AFFECT INFLATION: EVIDENCE FROM SEE COUNTRIES

HOW GOVERNMENT OUTFLOW AND PUBLIC DEBT AFFECT INFLATION: EVIDENCE FROM SEE COUNTRIES

Author(s): Erëza A. Arifi / Language(s): English Issue: 3/2021

The study aims to address public debt and government outflow affecting inflation in some of the countries of Southeast Europe, observing a combination of factors both theoretically and econometrically. The investigation included six (6) SEE countries, including the 2006-2020 timeframe, with 90 observations. The dynamic approach, the fixed effect, and the Arellano/Bond estimator were used to check the parameters considered in the study using panel data. Furthermore, the study also applied diagnostic tests such as the Sargan over-identifying restrictions and Pedroni test for cointegration. The results of the fixed effect and Arellano / Bond estimation demonstrate that public debt, current budget outflows, and capital budget outflows affect inflation, while overall budget outflows are insignificant. For further studies, it would be useful to apply other dynamic models by applying other specific factors, which will be considered as a useful contribution to the academic, research, and policy-making structures.

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SOCIAL CAPITAL AND ITS CHANGES IN ARMENIA: CHALLENGES AND EXPECTATIONS

SOCIAL CAPITAL AND ITS CHANGES IN ARMENIA: CHALLENGES AND EXPECTATIONS

Author(s): Albert Hayrapetyan,Liana Isayan / Language(s): English Issue: 1/2022

Social capital was the Achilles’ heel of the economic competitiveness of Armenia. In the meantime, the country made significant progress in solidifying it since the Velvet Revolution. In this article, we tried to present and analyze those elements of social capital which demonstrated significant progress in post-revolutionary Armenia, as well as the changes thereof. For that purpose, we have formulated the following research questions: What factors led to this growth, and what factors still lag? What hidden challenges can be observed through factual indicators which probably resulted from the slight decrease in the updated scores? What changes can be expected from the turbulent world and in the post-war society? The applied methodology is quantitative. In particular, to answer the research questions we used index analysis, graphic analysis, and comparison, correlation analysis techniques, pared t-test of the mathematical-statistical significance of changes, and Principal Component Analysis. The results of the analysis showed that a significant increase in the level of social capital was recorded in post-revolutionary Armenia, which was mainly due to the progress in institutional trust. Nevertheless, some revealed anomalies and encountered challenges undermined the archived progress in the growth of trust. Therefore, we put forward several recommendations.

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THE IMPACT OF DEMOGRAPHIC FACTORS ON CONSUMER PURCHASING PREFERENCES IN DEVELOPING COUNTRIES: EMPIRICAL EVIDENCE FROM KOSOVO

THE IMPACT OF DEMOGRAPHIC FACTORS ON CONSUMER PURCHASING PREFERENCES IN DEVELOPING COUNTRIES: EMPIRICAL EVIDENCE FROM KOSOVO

Author(s): Faruk Ahmeti / Language(s): English Issue: 1/2022

This paper analyses the role and the level of impact that different demographic factors have on buying preferences during the selection process between local and imported goods in developing and emerging economies, with a specific focus on the Kosovo region. A total of 630 questionnaires were distributed, from which 536 valid responses and an empirical study is applied to test the hypothesis. A probability sample (randomly selected), which was stratified by seven regions throughout the country was applied, by covering all levels of the society, cultural background, different locations (urban and rural), different levels of education, and income. Some of the respondents have shown a preference for imported goods and were willing to pay a price premium for it based on the quality offered by top producers (around 41.79%). Whereas, 58.21% of respondents prefer local products. It is proven that there is a correlation between demographic factors and buying preferences process when deciding between local and imported products. Whereas, price is considered as the main factor in the buying process in developing countries, due to the low income, whereas the level of imported products depends on the country’s ability to fulfill the local needs with local products.

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The Contribution of Oil Signs to the Petroleum Prospect in the Erindi Region, Albania

The Contribution of Oil Signs to the Petroleum Prospect in the Erindi Region, Albania

Author(s): Enkela NOÇKA,Altin KARRIQI,Irakli PRIFTI / Language(s): English Issue: 02/2022

Many wells have been drilled in Albania to search oil traps in the carbonate reservoirs of the Ionian area. One of them is the Nokova-1 well, drilled in the overflow front of the Berati anticline belt. Geographically it is in Erindi region, southern Albania. Nokova-1 well has passed flysch deposits of Oligocene (Pg3) and carbonate deposits of Eocene - Paleocene (Pg1-Pg2). To conclude in the results presented at this paper, various geological and geochemical studies have been studied.During the drilling and testing processes, signs of oil and hydrocarbon gas have appeared, which contribute to the oil-bearing perspective of the region. Limited quantities of crude oil were obtained during the testing process. Samples taken from this oil were determined density, from which API was calculated. Also hydrocarbon composition was performed. According to samples analysis, are determined parameters of density (0.923 gr/cm3), API (21.8) and hydrocarbon composition as follows: saturate (49.20 %), aromatics (27.9%), saturate + aromatics (77.10 %), NSO-comp (14.86%), asphalt (7.95%), saturate/aromatics (1.763441%) and NSO-comp + asphalt (22.81%).The results of the hydrocarbon composition were correlated with those of the oil traps (carbonate reservoirs) in Albania. From this correlation we have concluded that the crude oil taken from the Nokova-1 well is light oil, it is not biodegradable. Nokova-1 well oil correlates with oil of oil traps in Amonica, Cakrani, Mollaj, which have been interpreted as oil traps of younger geological age.In conclusion, it can be said that the oil samples taken from the Nokova-1 well are results from the contribution of an oil trap that can be located at depth, or the result of new phases of hydrocarbon migration.

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The Russia-Ukraine War and Its Impact on Global Food Security. Are GMO Products a Good Alternative?

The Russia-Ukraine War and Its Impact on Global Food Security. Are GMO Products a Good Alternative?

Author(s): Marwan Abou-Raya,Amira Youssef / Language(s): English Issue: 1/2022

This paper shows how governments are reluctant to take decisions to allow GMO products for human use and to change them. It also draws a comparison about the allowance and usage of GMO products between Russia and Egypt (with the United States of America representing the largest country around the world in using GMO products). The results of the study are supported by the data of a survey among certain age groups from the Russian and Egyptian populations, conducted by the authors of the paper. As a solution, the Egyptian and Russian governments should allow imports and cultivation of GMO crops under supervision by departments to guarantee their safety. The authors see that GMO products are the best solution to face the potential food shortage for most of the countries dependent on foods imported from Ukraine and Russia because of the Russia-Ukraine war.

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ECONOMETRIC EVALUATION OF PUBLIC DEBT ON INFLATION: EVIDENCE FROM KOSOVO AND NORTH MACEDONIA

ECONOMETRIC EVALUATION OF PUBLIC DEBT ON INFLATION: EVIDENCE FROM KOSOVO AND NORTH MACEDONIA

Author(s): Ismail Mehmeti,Gazmend Deda / Language(s): English Issue: 3/2022

The nexus between public debt and inflation has been continuously investigated, but after the pandemic, it has returned to the center of researchers' courtesy. Consequently, this research examines the influences of public debt, interest rates, trade openness, GDP growth, and foreign direct investments on inflation. The study employs secondary data from 2008 to 2021 and incorporates a mixed econometric technique such as the Ordinary Least Squares (OLS) and Arrellano-Bover/Blundell-Bond approach. The study's findings argue that public debt, interest rates, and trade openness significantly influence inflation, whereas GDP growth has a significantly negative impact. Because of the limited number of observations in the context of the research, we have not been able to evaluate the impact in the long term. The uniqueness and relevance of this research stem from its use of a combined approach, and in recent months, a continuous increase in inflation has been recorded throughout the world. The current findings and arguments inspire a productive discourse among academics, scholars, and policy-making entities.

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Развитие на института на концесиите в България (1883–2018)

Развитие на института на концесиите в България (1883–2018)

Author(s): Krasimira S. Valcheva,Ralitsa Veleva,Alexander Valkov / Language(s): Bulgarian Issue: 1/2022

In recent decades public-private partnerships (PPPs) represent a modern solution for the efficient use of public resources with increasing economic and social importance. The state's ability to structure and stimulate the development of long-term institutionally sustainable relationships with business for the development of key public activities is a sign of the maturity of its economic and social policy. The study applies comparative document analysis. The temporal scope coincides with the promulgation of the first and the lastest legislative act regulating the relations between the state and private initiative, with a focus on one of the earliest forms of PPP applied worldwide - concessions. The paper periodizes and identifies the evolution and functions of the concept of concession in Bulgaria, based on the legislative framework and the adopted practices. The regulation of this form of cooperation solves specific tasks during different stages of socio-economic development in the country. In post- liberation Bulgaria, concessions were aimed at supporting the establishment of a modern market economy. Nowadays, the institutionalisation of PPPs, and concessions in particular, is applied as a tool for good public governance.

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BANK PROFITABILITY DETERMINANTS: EVIDENCE FROM KOSOVO AND ALBANIA

BANK PROFITABILITY DETERMINANTS: EVIDENCE FROM KOSOVO AND ALBANIA

Author(s): Vesë Qehaja-Kekaë,Skender Ahmeti,Muhamet Aliu / Language(s): English Issue: 2/2023

This research aims to examine the factors that impact the profitability of commercial banks in Kosovo and Albania. Profitability is crucial in the financial sector as it directly affects policymakers, regulators, and bank management. The study focuses on several determinants of bank profitability, including the number of employees, loan interest rate, non-performing loans, and total loans. The study employed quarterly secondary data spanning from 2010 to 2020, resulting in 400 observations. The analysis used multiple linear regression, influenced by the huge number of observations and the applicability of ordinary least squares (OLS) for such studies. This method allowed for a thorough examination of the interactions between the dependent and independent variables, providing a more in-depth understanding of the factors driving bank profitability. The statistical significance was determined using software such as STATA and SPSS. The dependent variables in the analysis are return on assets (ROA) and return on equity (ROE). The findings reveal that the loan interest rate, total loans, and non-performing loans significantly influence the profitability of the analyzed banks in Albania and Kosovo. Furthermore, the total number of loans and employees are statistically significant determinants of ROE. These findings provide valuable insights for bank management and policymakers in enhancing bank profitability and stability.

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„Проваленият“ икономически преход в България през погледа на посткомунистическите стопански елити

„Проваленият“ икономически преход в България през погледа на посткомунистическите стопански елити

Author(s): Georgeta Nazarska / Language(s): Bulgarian Issue: 1/2024

The article explores the economic transition in Bulgaria carried out in the 1990s through the evaluations given by the participants of its course and results. The study is based on a sociohistorical and socioanthropological approach, using data from recently conducted standardized interviews, focus groups, and surveys. A comparative analysis of the visions and explanations of members of (different segments of) the new economic and the new political elites is presented for the factors that hindered the Bulgarian economic transformation. The divergence of their assessments of the institutional, personal and socio-cultural barriers to economic growth and their unanimous opinion on the ‘failed’ transition is commented on.

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„Сенки в образа“ или за политическия манталитет на търговското предприемаческо съсловие в Свищов в контекста на развитието на града след Освобождението до края на ХІХ век

„Сенки в образа“ или за политическия манталитет на търговското предприемаческо съсловие в Свищов в контекста на развитието на града след Освобождението до края на ХІХ век

Author(s): Margarita Marinova / Language(s): Bulgarian Issue: 1/2024

In this article, the object of research is the commercial entrepreneurial class in Svishtov from the period after Liberation to the end of the 19th century. The subject of research is its political mentality. By definition, it represents a set of persistent beliefs, ideas, views, etc. about the political reality of a certain social community that guide its behavior. In the political mentality of Svishtov merchant entrepreneurs (they practice wholesale trade–export for grain and import of colonial and manufactured goods) four main components are highlighted. Their content and, reactions and actions motivated by it are clarified. Merchants engage in strong and rough political struggles. They obstruct important decisions of the municipal government. A sense of self-sufficiency is formed and useful connections with governments through which to protect the interests of the city are not built. Svishtov sees the rise of Ruse as a reason for its backwardness and underestimates the innovation in the work of the business circles there. All this casts shadows on the image of Svishtov merchants as respectable and honest entrepreneurs with a high social consciousness, acquired in the years of the Renaissance. The conclusion is reached that the political mentality can be seen as a cultural-value barrier to the development of Svishtov and that it contributes, along with other objective reasons, to its backwardness, which began to be felt at the end of the 19th century.

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Бизнеспрактики в условия на криза. Залезът на една от големите розотърговски фирми през 30-те години на XX век

Бизнеспрактики в условия на криза. Залезът на една от големите розотърговски фирми през 30-те години на XX век

Author(s): Pencho D. Penchev,Momchil Marinov / Language(s): Bulgarian Issue: 1/2024

The first part of the paper is focused on the main problems of rose production and rose oil trade during the period of the 1930s. Rose production is a classic market and export-oriented branch of Bulgarian economy. The problems it experienced show how delicate and complex a matter is the market orientation of any production. It depends on complex internal and external factors and can bring prosperity to individual regions and profits to producers and traders, but this is not certain. The second part is focused predominantly on attempts of one of the iconic Bulgarian rose trading companies „Petko Iv. Orozov and Son” to deal with the problems caused by the Great Depression. The fate of the company „Petko Orozov and Son“ shows that if the hostile external market environment is combined with internal shortcomings in the company itself, no matter what strategies are used, an easy escape from the problems cannot be expected. Political connections, marriages, the opportunities provided by legislative changes to save from bankruptcy are not enough.

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Ролята на митниците в превенцията на изпирането на пари

Ролята на митниците в превенцията на изпирането на пари

Author(s): Boyko Mitkov Petev,Todor Keranov / Language(s): English,Bulgarian Issue: 21/2025

The role of the customs authorities is of key importance in preventing the cross-border crossing of illegal financial flows and ensuring the financial security of the country and the European Union as its full member. In relation to the studied problem, the article proves and argues the modern role of customs in the prevention and counteraction of money laundering as increasingly necessary and justified.

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Публично-частното партньорство – старата нова парадигма в управлението на публичните ресурси
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Публично-частното партньорство – старата нова парадигма в управлението на публичните ресурси

Author(s): Zhivko Lavchev / Language(s): Bulgarian Issue: 1/2025

Public-Private Partnership (PPP) has established itself as a governance paradigm whose conceptual evolution and implementation reflect the transformations in socio-economic relations and the distribution of public resources. Within the context of the present research, the role of PPP is examined as a mechanism for generating sustainable economic development through synergistic interaction between governmental institutions and the private sector. The research focuses on identifying challenges in risk management, innovation integration, and achieving equilibrium between private and public interests. The study shows that PPP goes beyond the limits of normal contract models; it works as a complicated governance system that has long lasting effects on social and economic structures. The results show that how well these partnerships work depends on how well they can adapt to different situations and change with the needs of the global economy.

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