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11.98 €

Теория на парите

Author(s): Atanas Kamelarov / Language(s): Bulgarian

This textbook is a specialized course on monetary theory and is designed for students in academic programme in Finance at the University of economics – Varna. It also may be useful for people who are curious about theory of money. The main subjects include: the presentation of key conceptual framework of modern money; description of the monetary system design; the theoretical aspects of research on the role of money in the economy; the main issues of central banking and modern monetary policy. Special attention is paid to the Currency board which has been operated in Bulgaria for 20 years, and to the institutional and functional framework of the Eurosystem and the European Central Bank.

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Hybrid Dynamic and Fuzzy Models of Morality

Author(s): Agnieszka Rossa,Lesław Socha,Andrzej Szymański / Language(s): English

Mortality is generally considered relatively easy to forecast, particularly when the forecasting horizon is short. In longer periods however, its course may be affected by various changes brought about by all kinds of disturbances and events, A case in point is the health crisis in Poland of the 1970s and 1980s [Okólski 2003], In such cases, it is of key importance that appropriate assumptions and an adequate model are selected. Mortality forecasting is usually supported by extrapolative models, making use of the regularity found in age patterns and trends of death rates or probabilities over time. There are several reasons why one should learn more about mortality models. Forecasting of mortality has a wide range of applications outside the field of statistics and mathematics. It is of fundamental importance in such areas as funding of public or private pensions and life insurance. Annuity providers and policy makers use mortality projections to determine appropriate pension benefits, to assess retirement income or life insurance products, to hold additional reserving capital or to manage the long term demographic risk. Thus, one of the important question arises: What is the best way to forecast future mortality rates and to model the uncertainty of such forecasts? A key input to address this question is the development of advanced mortality modeling methodology. These notes are an attempt to capture the stochastic nature of mortality by approaching the subject of mortality modeling and forecasting from a new theoretical point of view, using theory of stochastic differential equations, theory of fuzzy numbers and complex numbers. The book is addressed to tertiary students, doctoral students and specialists in the fields of demography, life insurance, statistics and economics. This research project was funded by the National Science Center pursuant to its decision no. 2015/17/B/HS4/00927.

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Credibilitistic portfolio optimization. Individual investors perspective

Author(s): Aleksandra Rutkowska / Language(s): English

The fundamental goal of every financial investment is to maximize profit. A sharp increase of turnover in the financial markets led to the rapid development of studies in the field of investment portfolio optimization. These studies focus mainly on measuring the risk associated with an investment, and the maximization of profits. Nowadays, individual investors are overwhelmed with investment options as well as a continuous flow of data. For this reason we will focus in this publication on the perspective of individual investors. As experiments have shown, investors do not strictly adhere to the principles presented in normative market models. In economic practice, the data available to a decision maker is often random, inaccurate, and often expressed in approximate or even linguistic form. This book synthesizes elements of fuzzy variable theory in the light of Liu's credibility theory for the needs of portfolio analysis.

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Polityka wypłat na rzecz akcjonariuszy. Determinanty – reakcja rynku - ocena

Author(s): Bogna Kaźmierska-Jóźwiak / Language(s): Polish

The 20th century brought significant changes to capital markets these were triggered by transformations within the economic and legal-regulatory environment, including those concerning the politics of profit share with shareholders. The trend that had its beginning in developed capital markets, particularly those in the United States, concerned broadening the range of solutions in the scope of the financial possibilities of settlements by the company with its owners. Firstly, the concept of payout policy started in the United States and later around the world, which means switching from a one-sided dividend policy to a multi-component payout policy (corporate payout policy, distribution policy). Such a broad approach to the payment policy which takes into account various possible forms of payment to the owners has been assumed by the author in this work. It should be emphasized that the dividend is in the historical sense dominant in the payout policy not only in Poland but also around the world. It is worth noting that in many European markets, at the beginning of the 21st century, it was not possible for a company to repurchase its own shares. Over the years, the experience of enterprises provided examples that in certain situations the repurchase of one’s own shares is a tool that increases the value of the company and, as a result, the value for shareholders. The share repurchase began to be treated as a tool to expand the possibilities of implementing the policy of paying out companies listed on the stock exchange. The monograph presents a comprehensive look at the issue of payout policy of nonfinancial companies listed on the Warsaw Stock Exchange. The objectives of this work are twofold. On the one hand the analysis and synthesis of the world’s research on dividend policy, share repurchases and payout policy. On the other hand – three empirical aims. First of all, to examine cash dividends and share purchases of nonfinancial companies listed on the WSE over the period of 2004–2016, secondly, to analyse the determinants of the firm’s propensity to either pay cash dividend or to repurchase shares, thirdly – to examine stock market reaction to dividend initiations and share repurchases announcements.

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Институционален аспект на пазарната ликвидност в България

Author(s): Krasimira Naydenova / Language(s): Bulgarian

Market liquidity represents the ability of public companies to gather new capital for their long-term and risky projects, as well as investment opportunities - access to quality assets, divestment, market attractiveness. Liquidity and national institutions are proven related, but there is an additional reason to study the institutional influence for Bulgaria - the impact of macro factors is not lasting. Until November 2007, there is a general correlated growth, but after the relation weakens, so traditional factors cannot explain the change. According to this, the analysis focuses on institutions - rules, policies and market infrastructure that directly determine investment environment and market attractiveness. The institutional impact is proved serious and allows conclusions. The market is overregulated – harmonizing beyond the property rights is "too much of a good thing". The transaction costs are high and together with overregulation cause “bilateral restriction of access”. The phenomenon is critically negative, leading to a collapse of the active market participants. The market infrastructure does not allow for a quality investment process - it is asymmetrical - a reason for ballooning, and slow recovery. Supervisory institutions allow failures - regulatory due to complicated rules, and institutional – the selective implementation. Market-mobilized capital is low - a problem for Bulgarian business. The Bulgarian stock market needs complex institutional attention, aimed both at simplifying rules, reducing transaction costs, and attracting investment interest. Only the government and regulators can carry out these important activities. Private institutions can help, but they cannot be the real drivers of necessary change.

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Изглаждане на доходите, информативност и цени на акциите

Author(s): Svetoslav Borisov / Language(s): Bulgarian

This book is devoted to a poorly developed topic in Bulgaria, related to the ability of corporate management to change the accounting of basic corporate results over several consecutive years in order to achieve a certain uniformity in the distribution, use and presentation of incomes. The topic is important for corporate practice, auditors, corporate counterparts, and company valuers (shareholders). In the book, theoretical and practical statements and positions related to the practice of smoothing the corporate income and its varied consequences, especially on the informativeness and stock prices, is systematized. Both the positive and the negative effects of income smoothing are analyzed. The problem is mainly related to the possibilities of designing the company's activity which is a factor in forming the behavior of investors. In this study are defined categories, absent from the Bulgarian financial practice, as accruals, informativeness and information uncertainty of income. In the book is analyzed the theoretical fundamentals of income smoothing and is outputted own definition for this process. On the basis of the theoretical relationships between income smoothing (use of discretionary accruals) and their informativeness is defined four research hypotheses. Their empirical verification is done in Chapter three. It is proved that the main motive for income smoothing of Bulgarian companies is opportunistic and is provided mechanisms for corporate governance that prevent the concealment of the actual financial position of the company and opportunism to minority shareholders.

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12.00 €

Determinanty zmian współzależności wybranych giełd papierów wartościowych. Analiza relacji GPW w Warszawie z giełdami na świecie

Author(s): Anna Czapkiewicz / Language(s): Polish

The publication presents a correlation model between indices of selected stock exchanges. The subject matter can be classified into three topics. The first includes grouping of world stock exchanges based on the similarities in their relations with other exchanges, in order to place the Warsaw Stock Exchange amongst the other stock exchanges of its type. The second topic shows potential determinants of correlation changes of selected stock exchanges, while the third focuses on theoretical properties of statistical tools used. The issues concerning the role of financial and macroeconomic indicators in the dynamics of the structure of relations between the Warsaw Stock Exchange and other stock exchanges in the world has hardly ever been touched on in the literature on the subject. Therefore, an attempt at partially filling this gap has been the main goal of this monograph.

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NEW TECHNOLOGIES AND THE DISCOURSES OF HUMAN RIGHTS, POLITICS, AND SOCIETY

Author(s): Goran Ilik,Angelo Viglianisi Ferraro / Language(s): English Issue: Supp. 1/2021

Modern societies are associated with the constant flow and acceptance of information and communication technologies at home, in the workplace, in the process of education, even in recreational activities. The development of new technologies has not only challenged human rights, but also politics and society in general. Even more importantly, this new technological level has also empowered transnational corporations operating in the digital environment as hosting providers to perform quasi-public functions in the transnational context. New technologies have the potential to make significant positive contributions to the prevention, promotion, and protection of human rights and democratization, decentralization, and digitalization of politics and the advancement of society as a whole.

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Политическите послания в турските сериали по българските телевизии и "Нетфликс"

Author(s): Zhana Popova / Language(s): Bulgarian Issue: 10/2021

The text presents the main conclusions based on the study of the political messages in the Turkish series broadcasted on Bulgarian television and on Netflix. The main political messages in the series, showed on Bulgarian television, are the responsibility for decisions, connect with the life of a woman and a child. Among the important political topics are: migration, education abroad and returning home, conflicts between rich and poor.

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Хеджиране на кредитния риск в банковото кредитиране

Author(s): Atanas Kamelarov / Language(s): Bulgarian

The book is focused on the investigation of credit risk hedging as a part of banks’ risk governance framework. It explores the use of credit derivatives as a main hedging tool for banks’ credit risk exposures after the onset of the Global Financial Crisis in 2008 has diminished the relevance of traditional and synthetic securitization. The practice of banks in the euro area in the field of securitization of their own loan portfolios, as well as credit derivatives usage in banking and trading books, are assessed through a thorough exploration of these operations for 2006-2009. The analysis reveals that credit derivatives have retained their role in active credit risk management in these turbulent years. The use of credit derivatives is further analyzed through an econometric model which identifies determinants of their role as a risk management tool for euro area banks. The findings of empirical research show that in the period 2006-2009 the banks in the euro area used credit derivatives primarily as a hedging tool. Although their usefulness for active credit risk management, the credit derivatives’ usage raises concerns about their risk potential in light of systemic risk and the inclination of banks toward more risky business. The proposed European regulatory framework in markets of over-the-counter derivatives is discussed, and the implications on credit risk hedging are assessed. So far as regulatory interventions follow those measures already introduced by the market participants, the potential of credit risk hedging is not constrained. The review of bank practices in the EU member states from Central and Eastern Europe (CEE) shows a limited usage of credit derivatives at this stage. Only a few credit institutions in CEE disclose positions in credit derivatives and the results of the econometric model help explain this situation.

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SWITCHING FROM CASH TO CASHLESS PAYMENTS: CONSUMER BEHAVIOR EVIDENCE FROM KOSOVO

Author(s): Faruk Ahmeti / Language(s): English Issue: 2/2022

This paper investigates the readiness of customers to shift toward cashless payment by identifying the main factors that impact that shift. The sample consisted of randomly selected individuals identified as potential users of cashless payment and are considered more likely to continue using the new technology. Five hundred eighty-six questionaries were returned and considered complete for the research. The outcomes were assessed employing CFA for validity and determined using Cronbach’s alpha for the reliability of the research, which was stratified by seven regions throughout the country was applied, by covering all levels of the society. The findings show that the perceived risk is connected to the level of correct and believable information offered to customers. It has been confirmed that the respondents trust cashless payment technology, and at the same time, self-efficacy had a lower impact on usage continuance intention. Consequently, the growth of self-efficacy would strengthen the intention to use cashless technologies. Several segments in the financial market may benefit from the results and develop more appropriate and reliable systems and the proper approach toward customers with needed information and insurance related to the security and benefits they may have by adopting the cashless technology.

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How we can stimulate the lending activity and bring back trust in the bank-customer relationship ?

Author(s): Dumitru Pîntea / Language(s): English

The banking sector is the major component of the national financial system. Its main function is to allocate efficiently the financial resources to the economy by matching those who have such free resources with the ones who need resources for investment. A sustainable intermediation is based on the banks’ trust in investors, on the one hand, and on investors’ trust in the viability of the economy, on the other hand. This “trust” was severely affected by the bank crisis of 2014-2015, and the presence of some macroeconomic uncertainties in 2016 led to a high volatility of banking activity and lending process in particular. // The crisis revealed the erratic and risky lending practices of some banks, their focus on immediate profits, lack of consistency, or concentrated exposure to related economic groups. As a result of these lending policies, a significant share of potential clients moved towards other sources of financing or were determined to postpone or even cancel their planned investment projects.

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Wybrane źródła finansowania mikro, małych i średnich przedsiębiorstw w Polsce

Author(s): Joanna Fila,Elżbieta Grzegorczyk,Marta Paduszyńska / Language(s): Polish

The enterprises operate in a competitive and unstable environment, which is considered a normal phenomenon in a free-competitive economy. They constantly look for better and better solutions for the effective functioning of their business. Micro, small and medium-sized enterprises (MSMEs) are a key element of any market economy. These entities are perceived as a group facing numerous barriers, both at the time of their creation and further operation. One of the key limitations, often conditioning the establishment or continuation of operations, is the difficult access to financing sources. Therefore, this publication focused on selected methods of raising capital that are currently convenient for the MSME sector. The following instruments were analyzed and assessed: crowdfunding aimed at enterprises, loans and credits, considered from the perspective of microfinance, as well as a mortgage loan as a way to finance investment projects. All these forms share a common idea - financial support for the MSME sector in accessing capital. The main aim of the study was to broaden the knowledge of the indicated financial instruments, to present their functioning in Poland in a compact manner and to verify their current structure and availability for enterprises. It should also be emphasized that all the discussed instruments can be used successfully in the booming economy, but they are of particular importance in a downturn. The period covered by the analysis is the perspective of the last dozen or so years, and the geographical scope covers Poland, with reference to examples occurring in other countries.

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PUBLIC EXPENDITURE ON EDUCATION AND ECONOMIC GROWTH: EVIDENCE FROM NORTH MACEDONIA

Author(s): Katerina Shapkova Kocevska / Language(s): English Issue: 1/2023

In this paper, we studied the impact of public education expenditure on GDP per capita in North Macedonia from 1991 to 2020. The main questions we examined were: 1) What is the relationship between public education expenditure and GDP per capita in the country in the short run?; 2) Does a long-term relationship between the aforementioned variables exist?; and 3) What are the policy implications? This research was based on the Auto-Regressive Distributed Lag (ARDL) model, originally developed by Pesaran et al. (2001). The empirical estimations produced interesting findings. In the short run, the relationship between public spending on education and GDP per capita in North Macedonia was negative and statistically significant. The long-term relationship between the variables remained negative but statistically insignificant. These results were robust and consistent with results from earlier empirical studies. The results suggested that government expenditures on education did not contribute to economic growth in North Macedonia in the analyzed period, ceteris paribus. We concluded that, from a public policy standpoint, intervention in the education system's financing is necessary to facilitate the transformation of education expenditures into productive human capital and enhance the nation's economic development.

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RETHINKING STRATEGIC AUTONOMY IN TIMES OF NEXT GENERATION EU: NEW DIGITAL AGENDA

Author(s): Miguel Angel Benedicto Solsona,Marcin Roman Czubala Ostapiuk / Language(s): English Issue: 1/2023

The digital transformation of the global economy and society has accelerated after the Covid-19 pandemic. The European Union (EU), compared to China and the United States, is losing its capacity for innovation and control over data and fundamental raw materials and could even lose ground in the regulatory power it has in the digital realm. This paper pays special attention to the situation and progress toward a new European policy to achieve digital strategic autonomy. It also briefly outlines the Recovery Plan for Europe as a possible incentive for its promotion. Both descriptive and analytical methods were employed to gather the data from secondary sources and provide reliable research results. The major findings of this article are that strategic autonomy is an imperative requirement for sustaining and encouraging European integration, forcing the EU to advance faster toward developing critical digital technologies. There is also an urgent need to secure critical parts of supply chains and data protection, intellectual property, and defense against disinformation. Finally, the European Union must improve its resilience to face new crises and lead the digitalization of its economy.

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THE IMPACT OF PUNISHMENT, BUDGET SPENDING, AND SOCIAL STIGMATIZATION ON FISCAL EVASION: THE CASE OF KOSOVO

Author(s): Mentor Gashi,Ramadan Beqiri / Language(s): English Issue: 1/2023

The purpose of this paper was to identify several factors that have an impact on tax evasion. Tax evasion is considered a problem for many different countries in the world, simultaneously attracting the curiosity of researchers. The study employed a convenience sampling technique and collected 221 questionnaires in Kosovo. Data were analyzed using descriptive statistical analysis, linear regression and are reflected in the matrix table of correlation coefficients. In this research, the statistical significance results appear the size of punishment, perception of spending of budget, and social stigma that has effected tax evasion. In this way, as lower the punishment for evaders effected non-encourage citizens to notify the tax evasion. Perception of non-spent properly of budget effected non-encourage citizens to notify the tax evasion. Also, when the lower was a social stigma for the evaders, it increased their willingness to tax evasion.

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THE IMPACT OF THE RUSSIAN-UKRAINIAN CONFLICT ON ARMENIA’S FOREIGN TRADE: A QUANTITATIVE ANALYSIS

Author(s): Diana Galoyan,Diana Matevosyan / Language(s): English Issue: 2/2023

This article aimed to provide a quantitative assessment of the impact of the Russian-Ukrainian conflict on Armenia’s foreign trade. The research problem was to analyze how the conflict influenced Armenia’s export and import patterns regarding geographical directions and product structure. The objectives were to examine the changes in trade turnover and identify shifts in geographical trade directions and trade structure. The study employed various statistical analysis tools, including dynamic series indicators, structural analysis, time series modeling, trend and moving average approximation, and extrapolation. Through these methods, the study evaluated the effects of the conflict on Armenia’s foreign trade. The key results indicated a positive impact of the conflict on trade turnover, with increased trade activity in various geographical directions. Export diversification was also observed as a result of the conflict. Notably, re-export played a significant role in the unprecedented growth of Armenia’s trade turnover during this period. In conclusion, the findings suggest that the Russian-Ukrainian conflict had a discernible influence on Armenia’s foreign trade, leading to changes in trade patterns and increased trade activity. The study highlights the importance of the re-exports role in analyzing trade dynamics.

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Standing finansowy a zrównoważony rozwój przedsiębiorstw w Polsce. Badania sektorowe

Author(s): Magdalena Kowalska / Language(s): Polish

Sustainable development of enterprises is a process of quantitative and qualitative changes aimed at achieving favorable results in economic, social and environmental dimensions. One of the key factors affecting the sustainable development of enterprises is the financial standing, identified with the general financial and property situation of the enterprise, its credibility and ability to settle liabilities. The main objective of the monograph is to assess the impact of the financial standing on the sustainable development of enterprises according to the section of Polish Classification of Economic Activities in 2008-2019. The implementation of the research objective required the use of the method of critical and retrospective review of selected literature on the subject (Polish and foreign), cause-and-effect analysis, creation of econometric models. The layout of the work was subordinated to the verification of the adopted main hypothesis - Financial standing has a statistically significant impact on the sustainable development of enterprises according to the section of Polish Classification of Economic Activities in 2008-2019". The monograph consists of an introduction, six chapters, conclusion, bibliography, list of figures, tables and charts. The introduction contains a synthetic approach to the issues, the main hypothesis and sub-hypotheses. The first two chapters are theoretical and related to the sustainable development of enterprises and the financial standing as its determinant. The third chapter presents the research methodology. The next three chapters present the empirical analysis. At the end, a summary and conclusions resulting from the research are presented.

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Interes publiczny i ochrona klienta w przymusowej restrukturyzacji banku

Author(s): Andrzej R. Stopczyński / Language(s): Polish

The book, entitled Public interest and customer protection in bank resolution, attempts to assess the forced restructuring mechanism in the European Union from the perspective of its causes (public interest) and potential consequences for the customers of failing banks. The research presented is based on a review of banks assessed as failing or likely to fail in the European Union between 2015 and 2022, after the adoption of the BRR Directive. In particular, the decisions activities of the Bank Guarantee Fund concerning the Polish cases of bank resolution are presented and assessed.The book presents an analysis of the identification of the public interest as a premise triggering resolution, as well as the impact of the resolution mechanism on the protection of failing bank’s customers. A substantial part of the research was conducted using quantitative methods.The results suggest that the local character of the bank may be an important factor influencing the positive assessment of the public interest premise by national resolution authorities. Furthermore, it was shown that an important criterion for choosing the resolution path was to preserve the highest possible asset value of the restructured bank. The theoretical model developed by the author with a cost-based utility function provides strong arguments for the universality of this conclusion.The objectives identified in the BRRD seem to coincide with the demand to protect customers of failing or likely to fail banks, although this demand does not appear directly in the text of the directive. However, there is a possibility that unclear provisions on the assessment of the public interest rationale may result in attempts to contest the resolution authority’s decision.

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Maastrichtská kritéria a jejich kritika

Author(s): Tomáš Búry / Language(s): Czech

The first efforts for a common monetary policy within the European Union date back to the end of the 1960s. With the gradual economic convergence and the improvement of the common internal market, the early ideas took on a concrete image. After an unsuccessful attempt to link individual currencies with fixed oscillation bands, it was possible to establish a common currency unit, the euro. The Bank of England's significant losses sustained as a result of speculative attacks on the pound strengthened British distaste for the single currency, leading to Britain opting out of the Eurozone. Later, Denmark also claimed an exemption, and it is de facto also held by Sweden, where the citizens rejected the euro in a referendum. For other countries, the obligation to adopt the euro applies, as they committed to this in the accession treaty.

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