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Innovation Management, Entrepreneurship and Sustainability (IMES 2017)

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

The 5th International Conference Innovation Management, Entrepreneurship and Sustainability (IMES 2017) took place on May 25-26, 2017 at the University of Economics, Prague. The conference was organised by the Department of Entrepreneurship of the University of Economics, Prague, Czech Republic in cooperation with Faculty of Management, Comenius University in Bratislava, Slovakia and Perm National Research Polytechnic University, Russia and other partners.Sound keynote speakers – William B. Gartner (Copenhagen Business School), Bengt Johannisson (Linnaeus University), Jerzy Cieślik (Kozminski University), Art Gogatz (World Innovation Team), Alistair J. Fee (Queen´s University Belfast), Lorraine M. Uhlaner (EDHEC Business School in Roubaix), Matt Johnson (Leuphana Universität Lüneburg), and Martin Lukeš (University of Economics in Prague), discussed the trends in the fields of innovation management, entrepreneurship and sustainability. The conference aimed to achieve academic excellence in a regional context and to establish a platform for mutual collaboration, exchange and dissemination of ideas among researchers and professionals.This conference proceedings contain contributions of the conference participants presented during both days of the conference. Authors of papers come from 20 countries all over the world, namely from Canada, Croatia, Czech Republic, France, Germany, Hungary, Chile, Lithuania, Nigeria, Paraguay, Poland, Russia, Serbia, Slovenia, Slovakia, Spain, Sweden, Switzerland, Turkey and USA. All these contributions have successfully passed the doubleblind peer-review process.

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Правната наука и бизнесът – заедно за устойчиво развитие на икономиката. Сборник доклади

Author(s): / Language(s): English,Bulgarian,Russian

The book is published as a result of a round table – project SPC – 167/2016, pursuant to contract for partial financing of scientific forum according to Regulation №3 of MES 27.11.2015. The reports published are not edited and corrected. The authors shall bear the full liability for their content and originality and mistakes due to their fault. This book or parts of it cannot be reproduced, distributed on electronic way and copied without the written consent of the publisher.

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Contrasting Approaches to the Crisis: New Threats and Opportunities within and beyond the EU

Author(s): Ondřej Horký / Language(s): English

In early July, the second conference of the Czech-French Europe Dialogue series took place in Prague. Six Czech and French economists and political scientists met to discuss the impacts of and the responses to the ongoing global financial and economic crisis. The participants highlighted the following points: • Despite the global effects of the crisis, governments’ responses originated at the national level and did not lead to institutional changes at the international level. While the financial sector requires selective regulation, there is not enough will to strengthen the governance of the global economy. • The crisis has affected EU member states in different ways. Moreover, its perception and the measures undertaken vary among nations according to their historical experience. The neoliberal vogue in the mainstream discourse has ended and the continental economic models were rehabilitated. The crisis gives us an opportunity to find a European consensus on the balance between the importance of market incentives and institutional regulation. • National measures to mitigate the adverse social impacts of the crisis have suspended the Stability and Growth Pact and substantially increased the current public debt. Its repayment may take as long as two decades and it presents a major challenge for the social and intergenerational solidarity in the EU. • The declining dominance of the United States in the global economy and the new democratic administration present an opportunity to foster transatlantic relations. The EU should unite its voice to promoting necessary reforms of the international monetary system and finding new ways of financing the economic growth in order to overcome the growing imbalance between developed and emerging markets.

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Macron, Merkel a České zájmy při reformě EU

Author(s): Jakub Eberle,Jan Kovář / Language(s): Czech

Reformní návrhy Emmanuela Macrona a Angely Merkel přináší řadu příležitostí prosadit české zájmy. Pokud se Praha nebude přehnaně soustředit na sporné otázky, otevírá se jí šance vyjednat řadu výhodných kompromisů. Česká republika by měla podpořit rozvoj společných evropských sil pro stabilizační vojenské operace, dokončení jednotného digitálního trhu a evropské investice do vědy, výzkumů a inovací. Všechny tyto oblasti jsou jednoznačně v jejím zájmu. Do společné azylové politiky by se ČR mohla zapojit podporou rozšíření mandátu Frontexu a zejména pak posílením své politiky rozvojové spolupráce.

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Follow up – Macedonia and IPA Funds – guidelines for Civil Society Organizations & expectations for the future

Author(s): Sonja Zuber / Language(s): English

In 2009, Analytica published the report Macedonia’s lagging behind in efficient usage of EU funds (IPA, Framework Programmes). In 2009 the country was still just getting to know all the complex procedures and labyrinths that the EU funding represents. The conclusion was that: “…the overall feeling is that compared to Croatia and Turkey, Macedonia is lagging behind in terms of IPA usage. Institutional capacity has been a persistent problem and there have not been sufficient trainings of the private sector in the past years either, which adds to the situation Macedonia is in.” It can be said that several important occurrences happened since the IPA funding was established in 2007. Even though Macedonia’s integration is in a limbo at the moment due to the Greek veto over the name dispute, the funds flow each year towards the capacity building of the county and the state, private and civil sectors. The process of the reforms does not stop and the better the country is prepared for the negotiation process the smoother it will run once it starts. Therefore the country should strive to full usage of the numerous EU funds that are open for the Macedonia’s institutions, private and civil sector.

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Innovative Financial Instruments in International Development Cooperation: Opportunities for Poland

Author(s): Patryk Kugiel / Language(s): English

Changes in international development cooperation are heading towards the greater involvement of the private sector in achieving the Sustainable Development Goals (SDG) and stimulating growth in developing countries. One way to achieve these aims is through the wider use of innovative financial instruments (IFI). They offer also an opportunity for Poland to effectively engage national business in development cooperation. This will be served by the strengthening of institutional capacities in this area in cooperation with experienced donors from the EU.

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Innowacyjne instrumenty finansowe w międzynarodowej współpracy rozwojowej: szanse dla Polski

Author(s): Patryk Kugiel / Language(s): Polish

Zmiany sposobów realizowania międzynarodowej współpracy rozwojowej oznaczają większe zaangażowanie sektora prywatnego dla osiągnięcia zrównoważonego rozwoju i pobudzenia wzrostu w krajach rozwijających się. Służyć temu ma m.in. szersze stosowanie innowacyjnych instrumentów finansowych (IIF). Są one szansą dla Polski na skuteczne zaangażowanie krajowego biznesu w pomoc rozwojową poprzez wzmocnienie instytucjonalnych kompetencji w tym obszarze, we współpracy z doświadczonymi donatorami z UE.

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Skala i znaczenie pomocy finansowej dla Ukrainy

Author(s): Daniel Szeligowski / Language(s): Polish

Nowy ukraiński rząd stanie przed wyzwaniem kontynuowania stabilizacji makroekonomicznej państwa. Priorytetami powinny być realizacja porozumień z MFW i uruchomienie kolejnych transz pomocy finansowej. Wsparcie międzynarodowych kredytodawców wciąż jest niezbędne do wejścia na ścieżkę wzrostu gospodarczego. Jednak postęp reform zaczyna kolidować z interesami oligarchów, a ich opór będzie utrudniał ten proces. Ten konflikt interesów może uniemożliwić Ukrainie dostęp do rynków finansowych i skomplikować obsługę zadłużenia zagranicznego.

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EU Currencies Face the Pandemic: Euro Area, Other Member States’ Capacities to Overcome the Crisis

Author(s): Sebastian Płóciennik / Language(s): English

In the struggle with COVID-19, European Union countries with their own currencies face more difficult conditions to take anti-crisis measures than eurozone members. The difference is due to the international role of the euro, the potential of the European Central Bank (ECB) to finance governments and banks, and access to special rescue mechanisms. Asymmetries in anti-crisis policy may lead some Central European countries to accelerate preparations for membership in the euro area.

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Powrót widma Grexitu. Słabnący mandat Ciprasa do prowadzenia reform

Author(s): Patryk Toporowski / Language(s): Polish

Choć grecki parlament w szybkim tempie przegłosowuje akty prawne związane z trzecim pakietem pomocowym, rośnie zagrożenie spowolnieniem procesu lub nawet zatrzymaniem go. Może to w konsekwencji doprowadzić do ponownego podjęcia dyskusji w strefie euro o rewizji sposobu pomocy dla Grecji lub o możliwości Grexitu.

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Skup obligacji rządowych przez EBC – lepiej późno niż wcale

Author(s): Patryk Toporowski / Language(s): Polish

W marcu br. Europejski Bank Centralny rozpoczął półtoraroczny skup obligacji rządowych z rynku wtórnego, zwany obiegowo poluzowaniem ilościowym. Program taki, zastosowany już przez USA, Wielką Brytanię i Japonię, ma na celu ożywienie gospodarki. W UE został jednak uruchomiony zbyt późno, więc jego efekty do końca 2016 r. będą ograniczone. Dla Polski oznacza on wzmocnienie złotego względem euro oraz zmniejszenie oprocentowania krajowego długu.

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Членството на България в Европейския съюз: единадесет години по-късно

Author(s): / Language(s): English,Bulgarian

This book collects scientific papers and reports presented on the conference ‘The Membership of Bulgaria in the EU: Eleven Years Later’ organized by the International Economic Relations and Business Department at University of National and World Economy (UNWE), Sofia, Bulgaria. The conference, held on 19 October 2018, was dedicated to the results of the Bulgarian presidency of the Council of European Union in 2018. It was patronaged by the UNWE Rector Prof. D. Sc. (Econ) Statti Stattev. The keynote speaker at the conference was Lilyana Pavlova, PhD, Minister for the Bulgarian Presidency of the Council of the European Union 2018, the first time Bulgaria chaired the rotating presidency. The authors dedicate their research topics in areas such as: practical results of the 2018 Bulgarian presidency of the Council of EU, contemporary financial issues and trends within EU and the Eurozone, banking trends, the common currency, risk management, Fintech, climate action and climate change, electricity production, Cohesion, competitiveness, multiannual financial framework, migration, social entrepreneurship, corporate identity, marketing efficiency aspects, multicultural projects and stakeholders management, etc.‘The Membership of Bulgaria in the EU: Eleven Years Later’ is an annually organized academic event with the vision to foster open dialogue, offer contemporary research and exchange of ideas between fellow academics, policy makers, businesses, stakeholders and the public.

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Svet posle korone

Author(s): Branko Milanović / Language(s): Serbian

Šta možemo reći o očekivanom uticaju pandemije na globalnu distribuciju dohotka? Još je teško iznositi utemeljene tvrdnje, jer ne znamo koliko će pandemija trajati, koliko će zemalja biti pogođeno, koliko ljudi će umreti i šta će se dogoditi sa socijalnim tkivom našeg društva. O tome ne znamo ništa. Veći deo onoga u šta smo danas uvereni sutra se može pokazati kao pogrešno. Koliko ćemo biti upravu više je stvar sreće nego znanja. Ali u ovakvim kriznim situacijama sreća je važan faktor…

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Ekonomija posle virusa

Author(s): Paul Mason / Language(s): Serbian

„Učinićemo sve što je potrebno“, rekao je ministar finansija. Nažalost, Rishi Sunak nije u poziciji da učini ono što nam je sada potrebno – ili bar još nije. Kriza koju je izazvao virus Covid-19 zaustavila je ekonomski rast – u Britaniji i širom sveta – na sasvim nov način sa kojim nemamo prethodnih iskustava.

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Russia is weaponising food

Author(s): Iwona Wiśniewska / Language(s): English

The Kremlin has made further attempts in recent months to use the food market to intensify pressure on the West, primarily in order to ease the sanctions imposed on the Russian Federation. For example, Moscow is again threatening to pull out of the Black Sea Grain Initiative which enables Ukrainian food to be exported through Odesa’s ports. The escalation of the Kremlin’s demands is based on false accusations that the Western coalition is blocking Russian exports of agricultural products and mineral fertilizers. Over the past few months, Russian exports of these goods have grown dynamically and the export volume has returned to the pre-invasion level; in the case of grain it is now definitely higher. Last year, despite the decline in the volume of supplies, their value increased significantly and accounted for 10% of Russia’s export revenues. This not only ensured the inflow of currency to Russia but, given that selected members of the Putin elite are among the direct beneficiaries of these exports, it enabled them to further build their fortunes. The Kremlin’s threats should therefore be seen on the one hand as a test of the West’s unity and determination to continue its sanctions policy towards Russia, and on the other as an attempt to maximize public revenues from the export of agricultural products and mineral fertilizers.

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Unfulfilled ambitions: Russia’s LNG sector in the grip of sanctions

Author(s): Filip Rudnik / Language(s): English

The technological sanctions which the West has imposed on Russia’s LNG sector have drastically reduced the opportunities for the industry’s expansion, and made it less likely that Russia can increase its share on the global LNG market. Moreover, the Russian Federation’s ambitious targets for LNG production capacity have not been formally revised, which means that it is now virtually impossible to achieve them. The slim chances of Russia’s LNG production capacity increasing over the coming years have a negative impact on the country’s overall gas exports. In view of Moscow’s political decision to slash pipeline supplies to Europe, liquefied gas could help Russia to mitigate the consequences of this reduction as long as there are no formal restrictions on its imports to the EU; it could also ensure that European consumers remain partly dependent on Russian gas. However, the tough restrictions on technology exports to Russia have significantly reduced the likelihood of this scenario becoming a reality.

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An abundance of gas ports. The emergency diversification of gas supplies in Germany

Author(s): Michał Kędzierski / Language(s): English

The LNG terminal projects planned so far in Germany could not be implemented due to unfavourable regulatory and market conditions. The ability to opt for cheaper Russian gas, imported via pipelines, was one of the main obstacles since the German government saw no need to invest in securing supplies, mistakenly believing that it shared common interests with Russia as part of the two countries’ energy alliance. The aggression against Ukraine has revealed these beliefs to be myths and has become a catalyst for a profound revision of the approach to cooperation with Russia. Aware of the risk of cutting off gas supplies and the ensuing serious economic consequences, Germany has intensified its efforts and is taking emergency measures to develop LNG import infrastructure. In the short term, Germany will have four floating storage and regasification units (FSRU) which, combined with other measures to diversify supplies, will enable Germany to become independent of gas imports from Russia in 2024. This, however, does not automatically mean that Germany will decide to totally and permanently discontinue the imports of Russian gas.

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The cost of a police state: Belarus’s economic problems

Author(s): Kamil Kłysiński / Language(s): English

Although the COVID-19 pandemic did trigger a recession in Belarus, the greatest blow to the country’s economy has been its deep political crisis. This was caused by the authorities rigging the results of the presidential election, which in turn provoked mass opposition from the citizens. Alyaksandr Lukashenka, focused on remaining in power, resorted to unprecedented repression, which over the following months completely shattered many years of efforts to improve the investment climate and to achieve a partial liberalization of the economy. These efforts included a flagship initiative to develop the Belarusian IT sector. 2020 revealed the Belarusian economy’s great sensitivity to the global economic slump and the regime’s inability to launch free-market reforms. As a consequence, although in 2020 Belarus’s GDP fell just0.9%, the country found itself in an extremely difficult situation due to the magnitude of other threats to its economic stability. Belarus’s inability to effectively refinance its foreign debt using funds offered by Western institutions, its significant budget deficit (approximating the level recorded in the crisis years of the 1990s) and the state sector’s largely unpayable debt to the local banks will all result in continued aggravation of the economic crisis. Alongside this, they will provoke a rise in Russia’s importance as the only ally and lender to an internationally isolated Belarus. Without Russia’s assistance, the risk of the Belarusian economy collapsing will increase significantly in 2021.

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“Next Generation EU”: Economic Recovery through Shared Debt

Author(s): Marek Wąsiński / Language(s): English

The new proposal for the 2021-2027 EU budget includes debt issuance by the European Commission (EC) to support economic recovery in the Union. The Next Generation EU mechanism aims to raise €750 billion from financial markets. However, the consent of all Member States will be required. The main points of contention are how the funds will be distributed - in the form of grants or loans - and conditionality for the support. The proposal takes into account the increased funding for the Just Transition Fund or the Common Agricultural Policy for Poland.

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