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Stopa oszczędności gospodarstw domowych — różnice w ujęciu mikro- i makroekonomicznym

Author(s): Dariusz Fatuła / Language(s): Polish Issue: 09/2013

The article discusses the method of calculating the rate of household savings based on data from sample survey of household budgets and data from the national accounts (household sector). Significant differences in the values of saving rates calculated in both approach in years 2007–2011 were observed. Selected data items affecting the formation of savings category in both approaches were analyzed. Among the possible causes of differences in saving rates the following were discussed: limited ability of some households to separate the consumer and the production functions, taking into account income adjustment for the change in net equity of households in pension fund reserves as well as differences in the share of expenditure of significant items affecting this category. The goal of discussion is to propose changes in method or definition leading to alignment the value of the saving rates at the micro- and macro-economic scale.

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Rachunki narodowe — kierunki rozwoju w świetle rewizji standardów międzynarodowych (ESA 2010)

Author(s): Maria Jeznach,Olga Leszczyńska-Luberek / Language(s): Polish Issue: 05/2013

Experiences of measures developed in accordance with the methodology of the national accounts confirm the advantages of this system. They show also a need for further analysis of other complementary indicators, in addition to GDP, in particular, describing the development of social and life quality indicators. This paper presents the Polish national account system and its role in official statistics, and against this background – goals, capabilities and limitations of the system. The Authors present its current situation and the main directions of research in the coming years, determined by the implementation and application of new standards and methodologies (SNA 2008, ESA 2010), the continued development of an information base for the socio-economic analyses as well as monitoring new research initiatives and events at home and on the global scene.

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CURRENT DIMENSIONS OF ROMANIAN COMPANIES WITH SHAREHOLDERS FROM TAX HAVENS

Author(s): Mihai-Bogdan Afrӑsinei / Language(s): English Issue: 16/2019

Offshore jurisdictions have attracted increasing attention in recent years, both in Romania and in the world. The concerns of non-tax haven countries are (or should be) not to lose their budget revenues. Usually, the impact of the offshore jurisdictions on national economies is analysed through the inflows and outflows of foreign direct investments. Given the lack of relevant information regarding offshore jurisdictions, statistics on direct investments are among the few data available. This paper is an exploratory study that aims to analyse the evolution of the number of companies with investors in tax havens and the size of the share capital held by them in the period 2001-2019. In this regard, we used annual statistics on Romanian companies with foreign investors. The results show that out of all companies with foreign investors, on average, approximately 11.1% have shareholders from tax havens. On the other hand, they hold on average about 37% of the share capital of all companies with foreign shareholders.

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Transmission Mechanism of Globalization and Its Impact on Human Welfare Development in Sub-Saharan African Countries

Author(s): Emmanuel O. Maku,O. Yasiru Alimi,Fidelis Ogwumike / Language(s): English Issue: 1/2021

The increased intensity of globalization across borders integrated the sub-Saharan African (SSA) countries into the world economy as shown by the increasing degree of trade openness (from 55.4% in 1980–1984 to 65.6% in 2000–2015) and foreign direct investment as a percentage of GDP (from 0.3% in 1980–1984 to 2.85% in 2000–2015). The quality of life of the people in the region improved marginally regarding access to basic needs. However, the effects of globalization on access to basic needs such as water, sanitation, healthcare services have received little attention. Thus, this study investigates the impact of globalization on human welfare in sixteen SSA countries over the period 1980-2015. Using a panel fixed effect approach, the findings revealed that globalization through its various channels (trade openness, capital and financial flows and labour mobility and information technology), improves human welfare indicators in sub-Saharan Africa. However, the low level of good governance in the region deteriorates the development of human well-being. Thus, there is a need to improve the quality of governance to enhance the welfare of the people through global interactions.

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NE BIS IN IDEM. INTERFERENȚE ÎNTRE DREPTUL FISCAL ȘI DREPTUL PENAL

Author(s): Ioana-Raluca Gherghel / Language(s): Romanian Issue: 5/2020

The paper will focus on the problematics caused by cumulative fiscal-administrative contraventions, which are, in fact, criminal penalties, according to the criteria established by the European Law. Both fiscal and criminal procedure further develop according to the taxpayer’s poor conduct, a conduct through which state obligations have not been honoured. Our analysis will be centred on the jurisprudence’s evolution of the Court of Justice of the European Union and European Court of Human Rights, starting from the prohibition of cumulative criminal penalties and ending with its permission, as long as it respects a principle of proportionality and it can be properly justified.

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BIG BROTHER DIN PERSPECTIVA SANCȚIUNILOR (FINANCIARE) INTERNAȚIONALE

Author(s): Alexandra Tomuța,Irina Galiș,Diana Ioana Badiu / Language(s): Romanian Issue: 4/2020

In the framework of EU’s common foreign and security policy, restrictive measures might be applied with an aim to change the political and/or military approach of a certain country or organization, to fight terrorism or modern threats such as cyber-attacks. These restrictive measures have been extensively applied in the last decade and they are rather technical. Therefore, the interpretation of the extent of such measures and particularly the targeted entities sometimes proves to be extremely difficult. The authors look into the system of sanctions applied at the European level and then more closely to restrictive measures applied to Russia and Russian companies and individuals following the occupation of Crimea and Sevastopol. In this particular environment, they furthermore analyse the requirements of the due diligence analysis Romanian companies could perform when doing business with Russian fertilizers’ producers and the available information for such due diligence. Significant attention is paid to evidence and the obligations pending both on businesses and national competent authorities (NCAs) under Regulation no. 269/2014 and the associated guidelines.

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DESPRE O CLARIFICARE NECESARĂ A SERVICIILOR PRESTATE ÎN CADRUL ACTIVITĂȚII PROFESIONALE OBIȘNUITE, CA URMARE A HOTĂRÂRII CURȚII DE JUSTIȚIE ÎN CAUZA C-716/18, BUFAN

Author(s): Cosmin Flavius Costaş / Language(s): Romanian Issue: 4/2020

In the common VAT system applicable within the European Union questions were often asked about the occasional activities that natural or legal persons undertake with a view to including such activities – or not – in the scope of value added tax. A recent judgement of the Court of Justice of the European Union in Case C-716/18, Bufan, allows the author to make a few comments on services rendered during the regular exercise of a professional activity and their tax relevance in the VAT plan.

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Необходимите промени в областта на труда и социалната политика

Author(s): Evgueni Evgueniev / Language(s): Bulgarian Issue: 3/2020

The article examines some views of the author related to labor policy and management, labor relations and social policy in the Republic of Bulgaria. There are fundamental questions for changing the approaches in the policy for management of the processes related to labor and the framework of the future incentives related to the income from labor, the organization of the labor process in the modern conditions, the social partnership, etc.

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THE ECONOMIC OUTLOOK FOR BOSNIA AND HERZEGOVINA DURING THE COVID 19 GLOBAL CRISIS

Author(s): Fikret Čaušević / Language(s): English Issue: 91-92/2020

According to data published in the most recent European Bank for Reconstruction and Development (EBRD) report, real economic growth rates have been falling in the countries in transition over the past two years: the average was on a downward trajectory from 3.8% in 2017 to 3.4% in 2018 and 2.6% in 2019. These trends reflected growing economic problems in the world economy, European Union countries, and the Western Balkans. External economic shocks, which necessarily have a major impact on the economic performance and development perspectives of small open economies like those of the Western Balkans, have been crucial in determining their positions and potential for economic growth. This is a necessary consequence of their high degree of dependence on changes in aggregate demand in European Union countries, their largest trading partners and most significant export markets.

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Sediile fixe – o nouă direcție în inspecțiile fiscale recente. Analiza structurilor de business transfrontaliere, esențială pentru a preveni obligații suplimentare de TVA

Author(s): Georgiana Iancu / Language(s): Romanian Issue: 1/2021

During recent tax audits, the business activities of non-residents in the national territory and the potential of creating VAT fixed establishments (FE) have been subject to increased focus of the Romanian authorities. Briefly, the threshold set by the tax audits was rather low. In the tax inspectors’ interpretation, a VAT FE can be easily created, most often in cases when the non-resident relies on the support of another local affiliated company, or even in the case where the set-up of local presence (like a branch) is needed due to regulatory constraints.

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ЗНАЧАЈ КОХЕЗИОНОГ ФАКТОРА ЈАВНИХ ФИНАНСИЈА У ИНТЕГРАЦИОНИМ ПРОЦЕСИМА ЕВРОПСКЕ УНИЈЕ

Author(s): Vladimir Dragičević / Language(s): Serbian Issue: 29-30/2011

У раду се тежи представити улога и значај јавних финансија ЕУ са апосторофом на њихов кохезиони значај. Хронолошким посматрањем интеграционих процеса стварања ЕУ, од њеног настанка до садашњег облика, у којем је интегрисано 27 држава чланица различитих по степену развијености и економској моћи, уочава се значај кохезионе политике вођења равномјерног регионалног развоја Европске уније путем јавних финансија. Наведена функција јавних финансија обавља се посредством Европских фондова, односно каналисањем прикупљених средстава од развијених ка мање развијеним чланицама и регионима.

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The Scope of Government’s Support for Enterprises in Poland due to the Coronavirus Pandemic

Author(s): Andrzej Hurło / Language(s): English Issue: 2/2020

As coronavirus emerged, the supporters of direct government interventions received additional arguments in their favour. Currently, almost every government at the globe is directly influencing national markets to decrease the economic impact of COVID-19. The author observes a paradox in COVID-19 situation – we can observe implementation of short term government policies to liberalize labour market, decrease employees’ rights and direct funds to compensate for the decrease of demand. Yet, from economic theory, government actions are mostly considered to have a negative effect on the market. The author used present literature and reports of public and private institutions, which allowed to conclude, that while yet ongoing, the coronavirus effect may be overcome by the global economy in a little more, than a year. The objective of the paper is to evaluate the legitimacy of support for businesses from Polish government. This paper broadens the aspect of economic effects of COVID-19 outbreak and the scope of response of Polish government.

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THE STATE AID INSTRUMENT FOR SUSTAINING COMPETITIVENESS IN THE CONTEXT OF CURRENT CRISES

Author(s): Otilia Manta / Language(s): English Issue: 4/2020

At the European level, the territorial approach is gaining more and more important in strategic planning, especially in the context of the current health crisis, a crisis that will directly influence the economic, social, financial crises that will follow in the next period. Although traditionally seen as an integral part of Cohesion Policy, space development has received increasing recognition in other EU policies in recent years. Territorial cohesion has been explicitly recognized and we believe that it must remain a priority as a fundamental objective of the EU, together with economic and social cohesion, through the Treaty of Lisbon (art.3 TEU). This basic document proposes as a principle the emphasis on the role of urban areas, functional areas, geographically disadvantaged areas, as well as the construction of macroregional approaches. Moreover, the European Commission has recently approved the temporary framework for state aid measures to support the European economy in the context of the current COVID-19 epidemic. In this paper, we propose to reflect on the one hand economic realities before the COVID crisis, as well as personal considerations regarding the plan of measures to support the extremely affected business environment during this period.

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TIME FRAME OF BUDGET PASSAGE: EVIDENCE FROM NIGERIAN DATA

Author(s): Simon Ogaga / Language(s): English Issue: 4/2020

Employing descriptive analysis along with documentary evidence, this research investigated the time frame of budget passage in Nigeria and its implications on the economy since the time of her democratic dispensation. The enactment of the Federal budget prior to the new fiscal year is fundamental to quality governance. From the year 1999 to 2019, the different government administrations that have been at the helm of affairs have signed 21 national budgets into law (year 2000 budget to year 2019 budget). Of the 21 national budgets for the epoch of this study, findings reveal that only 14% of the federal budgets have been passed into law before the new fiscal year, while 86% have been delayed, with negative implications on budget implementation, the wellbeing of the citizenry and the general economy. Some of the consequences of a delay in budget passage are that it holds back private investments due to the fact that investors would be uncertain of the economic outlook for the forthcoming fiscal year, affects capital market activities and at the same time creates distortion in economic planning in the private and public sectors of the economy. It is recommended that there should be a constitutionally approved timeline for the enactment process which will be binding on all stakeholders of the federal budget process (and constitutional sanctions for violation of the approved timeline) in order to ensure timeliness in the yearly budget passage thereby creating the enabling environment for effective budget implementation and economic growth.

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The Impact of COVID-19 on Malta and it’s Economy and Sustainable Strategies

Author(s): Simon Grima,Rebecca Dalli Gonz,Eleftherios THALASSINOS / Language(s): English Issue: 1/2020

The preparedness for outbreaks of pandemics such as the COVID-19 is a major concern for health authorities and leaders as extensive studies in the past have been reported and well documented. However, engaging with the response to an outbreak demands many decisions with enormous implications on a population and its regions. A review of past response mechanisms sheds light on different scenarios to provide an understanding of the challenges that will emerge, depicting trends, changes to GDP and the impact on the economy and employment. With this article, we aim to identify and bring to light the challenges faced by Malta during the pandemic we are currently facing – COVID. This will help risk managers and leaders understand the devastating social and economic impact of such disruptions and act proactively to avoid repetition and embarrassments of being unprepared. Moreover, we aim to provide an understanding of the expected cascading economic domino effects, which may result from the workforce unavailability, during a pandemic and the mistakes in the estimation, if any, that could have been avoided. A desk research study technique was adopted whereby data was collected from existing sources, including government websites, online statistics, published reports, trends and internal data to the local Maltese markets. The COVID-19 phenomena led to new measures being taken worldwide as professionals, leaders, academics and businesses took unprecedented steps to change their business as usual strategies. This in turn brought about various questions and discussions on how islands like Malta controlled their situation.

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Factors Affecting the Perception of Bancassurance: The Case of Malta

Author(s): Kelly Agius,Simon Grima,Andre Farrugia / Language(s): English Issue: 2/2019

Our aim with this study is to delve into the perception of Maltese nationals on bancassurance to establish the drivers which are influencing the purchase of bancassurance and whether these factors can be used by banks to positively impact Maltese nationals’ perception of bancassurance and hence increase their sales and revenues. In order to establish the perception of Maltese nationals on bancassurance, we applied three areas of Customer Perception Theory namely 1) self-perception 2) price perception and 3) benefit/risk perception. To establish the perception of Maltese nationals on bancassurance, the whole population of Maltese nationals was taken into consideration from which a sample of 384 people was taken. In order to carry out the survey, the authors used questionnaires which included a number of demographic questions. The authors also included a number of statements which were divided into the three sections of the Customer Perception Theory. For these statements, the authors used a five-point Likert scale ranging from strongly disagree to strongly agree where the participants had to rate the statements according to their level of agreement. The authors also included a comment box to allow the participants to express themselves. The study revealed that various factors are stopping Maltese nationals from purchasing insurance products from banks. Advertisements are not motivating Maltese nationals to purchase insurance products from banks, however, they do trust banks and hence they might decide to purchase insurance products from them. The uncertainty of Maltese nationals on the premium charged and whether the costs are reduced when purchasing insurance products from banks shows the lack of knowledge amongst Maltese nationals on bancassurance. On the other hand, the idea of a ‘one-stop-shop’ motivates Maltese nationals to purchase insurance products from banks. This study can serve as guidance for local banks, which are engaged in bancassurance as well as to those banks who intend to engage in bancassurance in the future. This is because this study highlights the factors, which are stopping Maltese nationals from purchasing insurance products from banks. The two main sectors in the financial services industry, which play an important role in the Maltese economy, are the banking and the insurance sectors (Finance Malta, 2018). As far as the authors are aware, this study of the perception of Maltese nationals on bancassurance is the first of its kind conducted in Malta. Hence, other researchers may use Malta as a case study to act as a model to transpose the findings to larger countries.

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A Comparative Analysis of the Debt Dynamics of Municipalities and their Municipally Owned Corporations in the EU Member States with a Special Focus on Hungary

Author(s): Csaba Lentner,László Vasa,Szilárd Hegedűs / Language(s): English Issue: 1/2021

The study examines the liabilities as a share of the GDP of the municipal subsystems of public finances and the organisations owned by them in EU Member States between 2013 and 2018. The main goal of the current study is to characterise the EU Member States regarding the examined two areas. Additionally, we analysed the connections between the entities’ liabilities, used statistical methods to compare the respective values and to examine the impacts of the local government system models and the geopolitical location on debt. There were three hypotheses formulated during the research, all of which were confirmed. A statistical connection can be perceived between the two areas of economic management of the local system, and it has also been established that the liabilities as a percentage of the GDP of local government owned corporations are significant, particularly in Scandinavian countries and Germany. At the same time, however, it has to be noted that the results of the theoretical division and the statistical analyses differ from each other. At the end of the study, we used a case study to examine how the two areas developed over time and how the regulatory environment affected debt value. In addition, we also considered the debt dynamics of municipalities and their business organisations, subject to a comprehensive fiscal reform after 2010, which represents another unique element of this study

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Declining supply and rising demand for labour : the consequences in the Republic of Srpska

Author(s): Stevo Pucar / Language(s): English Issue: 1/2017

The aim of this research is to provide projections of the labor market in the Republic of Serbska, as a part of Bosnia and Herzegovina (RS) in the period 2017 - 2021, based on an analytical approach and precise indicators. The basic methodology in creating projections on the labor market in the Republic of Serbska (RS) is statistical extrapolation of trends in demand and supply of labor at the level of the RS. Data for this study were standard reports of statistical institutions (Statistical Yearbook, Labor Force Survey, etc.), as well as special reports generated for the specific needs of this research. The results show that in the next 6 years, the number of working- age population will shrink by a further 59,000 people with 867,000 to 808,000. Out of the total working-age population, ie the active population. labor force (the sum of employed and unemployed) is will not change greatly, while the level of the inactive population, ie. working-age population not seeking employment will drop significantly. On the other hand, our projections show that, even in terms of the decline in the working- age population, the demand for labor will continue to grow. Also, according to projections, the number of unemployed ie. the excess of supply over demand of the labor force will decrease in the period 2017-2021. All this will not be without impact on wage levels. Total average gross wages will rise by 2021, but wage growth in the manufacturing industry will be much more pronounced. Therefore, it is essential to increase productivity and added value of companies because it is the only way to compensate for this increase in wages.

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Economic and Legal Aspects of Electronic Money

Author(s): Otakar Schlossberger / Language(s): English Issue: 1/2016

The term “electronic money” first appeared in Czech legislation in 2002 as the result of the transposition of legislation into the Czech Republic’s legal system in anticipation of the country’s accession to the European Union. This term subsequently reappeared in 2009 during the recodification of the legal regulation of payment services, payment systems and electronic money. At this time, the definition was subjected to certain changes which continue to exert a significant influence on current practice with respect to the issuance and subsequent use of electronic money. This paper addresses the term “virtual money” and considers the mutual relationships between “electronic money”, “cashless money” and “virtual money” from the point of view of selected legal and economic approaches. The aim of the paper is to employ the analytical method in order to investigate selected legal and economic aspects of the various interpretations of the categories “electronic money”, “cashless money” and “virtual money”. A comparative analysis approach will be applied so as to ascertain both the legal and economic differences between these categories and general conclusions will be suggested employing the deduction method. The article is further concerned with the influence of these categories on the monetary base and money supply indicators.

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Investment Behaviour and Firms’ Financial Performance: A Comparative Analysis Using Firm-Level Data from the Wine Industry

Author(s): Claudiu Tiberiu Albulescu / Language(s): English Issue: 1/2020

This paper assesses the role of financial performance in explaining firms’ investment dynamics in the wine industry from the three European Union (EU) largest producers. The wine sector deserves special attention to investigate firms’ investment behaviour given the high competition imposed by the latecomers. More precisely, we investigate how the capitalisation, liquidity and profitability influence the investment dynamics using firm-level data from the wine industry from France (331 firms), Italy (335) firms and Spain (442) firms. We use data from 2007 to 2014, drawing a comparison between these countries, and relying on difference- and system-GMM estimators. Specifically, the impact of profitability is positive and significant, while the capitalisation has a significant and negative impact on the investment dynamics only in France and Spain. The influence of the liquidity ratio is negative and significant only in the case of Spain. Therefore, we notice different investment strategies for wine companies located in the largest producer countries. It appears that these findings are in general robust to different specifications of liquidity and profitability ratios, and to the different estimators we use.

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