Rosatom's Activities in the Asian Market

Author(s): Hedvika Koďousková / Language(s): English Publication Year: 0

As far as civil nuclear power development is concerned, the research identified several different groups of players in the Asian market: 1) mature countries with their own nuclear technology and services export programs (i.e., Japan, South Korea, and increasingly China); 2) countries which operate nuclear power plants, but have had otherwise limited participation in the nuclear sector due to being non-signatories to the Nuclear Non-proliferation Treaty (i.e., India until 2008, Pakistan); and 3) newcomers to the sector, who decided to address their rapidly growing energy demand by developing their own nuclear power-generating capacity (e.g. Vietnam and Bangladesh).

Typology of the Municipal Bonds Risk – Application for Polish Organized Bonds Market

Author(s): Agnieszka Wojtasiak-Terech / Language(s): English Publication Year: 0

The objective of the paper was to work out municipal bonds financial risk categories and sub-categories from the investor and issuer point of view and verify which types of risk are crucial for municipal bonds traded on the Polish bonds organized market - Catalyst. Risk categorization was based on risk factors. Conducted research proved that both investors and issuers should consider: market risk, credit risk, liquidity risk, operational risk, legal risk, additional rights risk, business risk and political risk. However different risk sub-categories were identified or risk sub-categories were the same but consequences of risk factors influence were different. The analysis of the municipal bonds traded on the Catalyst market showed that in between all types of financial risk the most crucial for investors are liquidity and market risk, for issuers operational risk, market risk and legal risk.

Vienna Insurance Group's Development on the Slovak Insurance Market between 2005 and 2013

Author(s): Lenka Přečková / Language(s): English Publication Year: 0

The aim of this article is to evaluate how the premium written and market share of the Vienna Insurance Group (VIG) developed on the insurance market of the Slovak Republic. This article also wants to find out whether this development was affected by strategic transformations which insurance companies belonging to the VIG underwent. The time period monitored and evaluated was 9 years - from 2005 to 2013. First, this article describes individual insurance companies belonging to the VIG group and their historical development.

Business Environment and Foreign Direct Investments in Visegrad Countries

Author(s): Aneta Bobenič Hintošová,Zuzana Kubíková / Language(s): English Publication Year: 0

This paper investigates the effect of selected business environment indicators on FDI inflows in case of Visegrad countries for the period of 2005-2014. Based on correlation and regression analysis, it is concluded that the business environment matters significantly for FDI inflows, however the direction and strength of dependence differs according to analysed factors. On one hand we found that the better global competitiveness of the country the higher volume of inward FDI the country receives. On the other hand, economically more free country; with better rating and easier conditions for doing business does not attract more FDI inflows, but rather the opposite. In case of Visegrad countries, the availability of free working forces (higher unemployment rate) is more likely, what leads to higher FDI inflows.

INVESTIGATION OF WEAK-FORM EFFICIENCY IN THE CEE REGION APPLYING VARIANCE RATIO TEST

Author(s): Mihály Ormos,Gábor Botár / Language(s): English Publication Year: 0

We test weak form efficiency for the Central and Eastern European stock markets applying variance ratio test. We investigate the price changes of seven CEE markets (Austria, Hungary, Estonia, the Czech Republic, Poland, Romania, Slovakia) for the period 1991-2011. In order to make the results for these markets directly comparable with results for other developed markets, Germany, United Kingdom and the USA were also incorporated. Our results present contrarian pricing behavior in the investigated countries while instead of the mean reverting (negative autocorrelation) pricing process experienced in the US or in the UK we measure positive autocorrelation especially in the early years of the investigated stock exchanges.

FINANČNÉ NÁSTROJE V OBLASTI EKOLOGICKÝCH DANÍ V EURÓPSKEJ ÚNII

Author(s): Kateřina Vávrová / Language(s): Slovak Publication Year: 0

The contribution shows the existence of environmental policy and subsequently of the environmental tax reform, respectively. Ecological tax reform. Environmental tax reform is one of the relatively new financial instruments for environmental policy, ie. market - oriented tools.

Determinants of Mutual Fund Industry Development in Countries of Central and Eastern Europe

Author(s): Oldřich Rejnuš,Oleksandra Lemeshko / Language(s): English Publication Year: 0

The rapid growth and development of mutual fund industry throughout the world stimulated vast contemporary studies focusing on wide range of issues predominantly of microeconomic character, such as fund performance, timing ability, fees and fund flows, thus leaving determinants and attributes of mutual fund industry development beyond their research. The rare relevant studies predict that development of mutual fund industry depends on a number of factors among which the predominant role belongs to development of economic and financial system, and quality of governanc eand regulatory basis. One essential condition of validity of this prediction is that it isbased upon a sample of developed economies, thus leaving a space for the likelyhood that under condition of developing or middle-income economies some expectations may substantially deviate from the predication.

Informacje jakościowe w identyfikowaniu i pomiarze ryzyka kredytowego korporacji

Author(s): Maciej S. Wiatr / Language(s): Polish Publication Year: 0

The study presents the role of non-financial information in credit risk management. It emphasizes the importance of soft factors in the assessment of credit risk as a factor improving the quality of the rating process, complementing the information obtained as a result of the analysis of hard financial data.

OFF-SHORE ПОСЛОВАЊЕ И ДИГИТАЛНИ СВЕТ – ОД УПОТРЕБЕ ДО ЗЛОУПОТРЕБЕ

Author(s): Aleksandar Petković / Language(s): Serbian Publication Year: 0

Favourable tax environment, strengthening of digital business, shortage in the exchange of tax data, as well as the possible concealment of the identities of beneficial owners, represent the most important benefits that jurisdictions known as tax havens offer to potential non-residents. For decades, such territorial-legislative structures have encouraged theoretical debates regarding the legality of their operation as well as the offshore business system itself. The aim of this paper is to reach certain conclusions regarding the legality of their existence through a comparative analysis of different theoretical positions and practical knowledge in relation to the existence of tax havens and digital economy, as well as to answer the question of whether the offshore business system itself is consequently an instrument of abuse or an expression of real needs for a different way of performing business activities.

Последици от Брекзит за сектора на финансови услуги на Великобритания и Европейския съюз

Author(s): Aglika Kaneva / Language(s): Bulgarian Publication Year: 0

In this paper, the consequences of Brexit for the UK financial sector have been examined. An analysis has been made of the impact of Brexit on both the UK banking sector and non-banking financial sector. The way in which financial services in the UK and the European Union member states may be influenced by Brexit has been studied.

PILLARS OF COMPETITIVENESS IN BALKAN COUNTRIES

Author(s): Peter Stanovnik / Language(s): English Publication Year: 0

The paper aims at analysing the competitiveness (dis)advantages of the 8 selected Balkan countries: Bosnia and Herzegovina, Bulgaria, Croatia, Macedonia, Montenegro, Romania, Serbia, Slovenia. In the case of basic requirements (functioning of institutions, developed infrastructure, macroeconomic performance, healthcare and primary education) the lags in all examined countries are not considerable (from 15 to 31 percent ). Relatively worse competitive position has been assessed for efficiency enhancers pillars: higher education and training, goods market efficiency, labor market efficiency, financial market development, technological readiness and market size (lags from 21 percent in Slovenia to 32 in Bosnia and Herzegovina. International benchmarking shows important impact of human resources on competitiveness of any analysed economy. The worst competitive position was found for innovation and sophistication pillars (capacity for innovation, company spending on R&D, value chain breadth, production process sophistication, university-industry collaboration) where the lags in some countries are approaching to 50% of the most competitive economies.

Pieniądze w fantastyce

Author(s): Weronika Łonak / Language(s): Polish Publication Year: 0

Jakiś czas temu świat obiegła informacja o powstającym serialu Amazona. Nowa wersja kultowego Władcy pierścieni ma osiągać rekordowe nakłady, wyższe nawet od budżetu Gry o tron, co uczyni ją najdroższym serialem w historii. Z tej okazji warto pomówić o roli pieniądza w fantastyce. Autorzy fantasy, tworząc świat i zasady jego funkcjonowania dla zachowania spójności uniwersum, często czerpią ze znanych im systemów gospodarczych czy sięgają po funkcjonujące na Ziemi systemy monetarne. Modele ekonomiczne nierzadko stają się nawet podstawą fabuły, tłem wydarzeń czy przyczyną zawiązania konkretnych konfliktów.

CENA A CENOVÉ STRATÉGIE V HOTELOCH V ČASE RECESIE

Author(s): Jana Piteková,Magdaléna Josková / Language(s): Slovak Publication Year: 0

The economic crisis affected also tourism and caused the decrease of demand for hotel services in Slovakia. Hoteliers should respond to this situation by adaptation of price and price strategies. From all the marketing tools, it is price that reacts the most sensitive to external and internal changes of conditions at the market. The objective of the article is to define possible approaches to the pricing in hotels during the recession; we come out from the microeconomics models of maximizing profit. We characterize the yield management and clarify the costs and demand orientated strategies, consumer value added, competition strategy, strategy of price discrimination, graduation pricing strategy and the strategy of two component prices. We suggest the use of appropriate models according to the specified conditions.

Problém dětských dlužníků a finanční vzdělávání

Author(s): Peter Marinič,Martina Zelená / Language(s): Czech Publication Year: 0

Indebtedness of children is a problem manifested at several levels, in economic terms of difficult financial situation, the social point of family ties, in legal terms of debt creation and solution... We used the approach using already made surveys for a deeper analysis of child debtors’ problem, thus we analysed TV reports in which the problem of the child debtors has appeared. We have identified the causes of the debt, the reasons leading to the debt and the impact of debt in particular cases of child debtors through open coding within the qualitative analysis. Then, we have used the results of the analysis to formulate recommendations for emphasizing the relevance of child debtors’ problem in financial education at primary and secondary schools.

СВЕТОВНАТА ИКОНОМИКА – В ПРЕЛЮДИЯТА КЪМ ФУНДАМЕНТАЛНИ ПРОМЕНИ

Author(s): Dimitar M Ivanov / Language(s): English,Bulgarian Publication Year: 0

СЪЗИДАТЕЛНОТО РАЗРУШЕНИЕ В ПРОЦЕСА НА ИКОНОМИЧЕСКО РАЗВИТИЕ

Author(s): Julia Dobreva / Language(s): English,Bulgarian Publication Year: 0

The Causal Relationship between Inflation and Interest Rate in Turkey

Author(s): Özcan Karahan,Metehan Yılgör / Language(s): English Publication Year: 0

The causal nexus of inflation and interest rate has a significant role in the application of monetary policy. Indeed, interest rate-inflation nexus is important for policy makers to be effective in selection of the monetary policy aims and tools. However, there is no consensus among the economists about the direction of the causality relationship between inflation and interest rate. Some economists, in the framework of Fisher Hypothesis, argue that there is a positive causal relationship from inflation rate to nominal interest rate. Contrarily, other economists assert that any increase in interest rate accelerates inflation rate by raising the cost-push inflation. This paper aims to examine the relationship between inflation and interest rate in the case of Turkey in order to make a new contribution to the discussions about the direction of causality among the interest rate and inflation. We examine the interest rate-inflation nexus for the term 2002-2016 in Turkey by employing the cointegration and causality tests. The empirical results confirm that there exists a unidirectional causality from inflation to interest rate. From the policy perspective, it can be concluded that to provide price stability is essential for managing interest rate efficiently for Turkish economy.

The dynamic relationship between aggregate fund flows and share market returns: Empirical evidence from BRIC

Author(s): Oleksandra Lemeshko / Language(s): English Publication Year: 0

Already for more than twenty years investigation of dynamic relationship between aggregate fund flows and share returns represents considerable interest for both practitioners and academicians. The former may use such investigation as useful aid for volatility timing for their investment portfolios; the latter may use such evidence as a proof of efficient market hypothesis violation, which, if found, will have far-reaching implications for the theory of finance. In this paper we aim to investigate the dynamic bidirectional interaction between aggregate fund flows and excess share market returns in a group of emerging BRIC economies. Particularly, we investigate the possibility of a causality mechanism through which aggregate domestic equity fund flows may affect local excess share market returns and vice versa in short-term and long-term period by means of Engle-Granger causality test and VECM.

The Development of Debt Financial Markets – the Case of Selected CEE and Latin America Economies

Author(s): Jan Mači,Jan Öhm / Language(s): English Publication Year: 0

This article deals with loans and other debt sources provided to non-financial sector. Naturally, especially in perfect market conditions, all of the debt sources are substitutes to each other. However, in real economy the choice between loans and other debt (e.g. bonds) depends on many variables. Some studies state that the choice among variety of debt sources depends on the development of the financial market respectively of the economy as a whole. For example, it is quite well known that European market is rather bank-based, while US one rather capital-based. The aim of this paper is to characterize and compare the development of selected Central and Eastern European (CEE) and Latin America financial loan markets. For this purpose we analyzed the data from the Bank of International Settlements (BIS), which gathers these data from the reporting economies (e.g. advanced, emerging market and other economies). The method that was used for the data analysis was time series correlation analysis. From the conducted research there can be stated that there are no significant differences between the development of CEE and Latin America markets at aggregate level as well as among each analyzed country separately. The only notable exception is the development in Argentina, which still suffers from the consequences of state bankruptcy.

The impact of foreign exchange intervention in the balance sheet of the Czech National Bank

Author(s): Dalibor Pánek / Language(s): English Publication Year: 0

The aim of the text is an analysis of the manifestations of the foreign exchange intervention of the Czech National Bank in the central bank's balance sheets and their connections in the banking sector. The motivation of the text is the manifestation of the interventions in the central bank's balance sheets and the resulting possible manifestations after their termination. The analysis of the manifestations of foreign exchange intervention in the central bank's balance sheets was conducted from the data for the years 2010 – 2016. The data include the period before the use of this instrument and in the course of its application. The text characterizes the effects of the active and passive sides of the balance sheet of the central bank and assesses the achievement of the objectives set. Analysis of selected items of the balance of the central bank was carried out on the basis of the theoretical background of the used resources and the practical knowledge of the author. In conclusion, the author presents his views on the use of this instrument of monetary policy and pronounced his prediction. In the text were used methods description of the theoretical and practical parts, methods of comparison, analysis and prediction in the part of monitoring the evolution of balance sheet items and their context.