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Сучасні тренди розвитку вищої освіти у глобалізованому світовому освітньому просторі

Author(s): Iryna Karzun,Anatolii Muzychenko / Language(s): Ukrainian Issue: 5 (38)/2020

The paper is devoted to the study of current trends in the functioning and development of higher education in the context of globalization and digitalization. A comparative analysis of the positions of Ukraine and other countries in the development of higher education according to the Global Innovation Index, as well as the level of quality of training of educational institutions graduates according to the Global Competitiveness Index. The dynamics of training of applicants in higher education institutions of Ukraine is studied and the rating of the regions of Ukraine by the number of persons receiving higher education is given. The main components of improving the functioning of the higher education system of Ukraine are described, including financial support, quality of training of applicants, information support in the conditions of digitalization, etc. The ways to intensify the development of domestic higher education institutions are substantiated. In the sphere of financing, it is advisable to study and implement the best world experience in the field of diversification of funding sources, optimal use of financial resources, the introduction of transparent procedures for evaluating the performance of higher education institutions. Emphasis is placed on the need to improve the quality, accessibility and practical orientation of educational services, promote the development of information culture and skills of using of modern information and communication technologies. It is important to intensify the participation of domestic higher education institutions in international projects, grants and programs, as well as to develop cooperation between key stakeholders in improving the quality of higher education. It is necessary to form on the basis of higher education institutions powerful research centers capable to provide expert, informational and analytical services to customers.

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Дослідження властивостей грошей в умовах сегментації їх цифрових аналогів

Author(s): Vyacheslav Voloshin,Viktoriya Gonchar / Language(s): Ukrainian Issue: 5 (38)/2020

The paper presents an attempt to study new qualitative characteristics of money that they will receive in the event of legalization of options for digital currencies in the world market. The logic of the development of the modern cryptocurrency segment is such that they will potentially be able to change the world market towards a complete rejection of the cash. This, in turn, will significantly change the system of commodity-money relations in favor of holders or managers of digital currencies, which will become uncontrollable from both their passive owners and the state. It is shown that the characteristics of digital money can gradually shift towards their endless illiquidity, as well as towards the gradual elimination of the concept of equivalence in commodity exchange. In this case it is possible to change the entire ideology of business, as the basis of the modern economy. Possibility to localize the likely excess composition of digital money, a large-scale growth of the service market is considered, as an alternative to the market of material goods. Digital money itself can be a system for irreversible changes in the conditions of controllability of any trading operations. Nowadays there are certain prerequisites for this: the global expansion of the services market as an active segment of the business, as an alternative to the goods market; a cryptocurrency with starting capabilities, as a reasonable currency with unlimited inflationary opportunities; the factor of counteraction to these changes on the part of the global banking system, as indirect evidence of such prerequisites, etc. The paper presents data on the calculation of risks associated with the financial instability of some countries’ economies during the transition from system cash to digital calculations. It is shown that a systemic transition to new rules for dealing with an infinite digital money supply can lead to the elimination of the system of equivalent exchange of the "commodity-money-commodity" type, into the area of uncontrolled expansion of the services market, as a commodity segment capable of hiding digital unsecured money supply.

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Revitalisation of problem areas as an instrument for social and economic activity in the Polish municipalities

Author(s): Henryk Babis,Marcin Janowski / Language(s): English Issue: 4/2/2018

The regional policy is becoming one of the most important elements in the development policy, in particular regarding the problem areas. The article aims to analyse the rationality of revitalisation of areas threatened with permanent marginalisation, defined as problem areas. The conducted analysis enabled drawing general conclusions and providing recommendations for decision makers. The research method adopted by the authors is secondary research, based on the analysis of data from government sources and literature review.

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Electromobility development in selected European countries in the light of available tax concessions

Author(s): Jarosław Jaworski / Language(s): English Issue: 4/2/2018

The legal regulations concerning the development of the alternative fuel vehicles market introduced by individual European countries are designed to minimize the impact of transport on the environment and to increase the independence from oil. Tax concessions are an important factor of electromobility development in Europe. The aim of the publication is to analyze the differentiation of electromobility development level in selected European countries in the context of tax concessions. The applied research methods are: critical analysis of the literature on the subject (theoretical approach to issues related to low-emission economy and electromobility), secondary analysis of documents (desk research) involving the interpretation of sales data and tax concessions in selected countries and the method of logical reasoning contributing to the presentation of applications and implementation of the purpose of publication. The conclusions included in the final part of the article concern the identification of the interaction planes of tax concessions impact on the EV’s (Electric Vechicles) market development.

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Primary Fiscal Performance, Economic Growth, and Public Debt in Lebanon

Author(s): Carole Ibrahim / Language(s): English Issue: 2/2021

Lebanese public debt has been accumulating since 1990, after the end of the civil war. Recently, concerns about the ability of the government to keep servicing its debt have emerged, particularly because the debt-to-GDP ratio reached almost 147% at the end of 2018. This study aims to examine whether a cointegrating relationship exists among primary fiscal performance, real economic growth, and public debt in Lebanon using an autoregressive distributed lag (ARDL) model between 2000 and 2018. The ARDL results suggest the non-existence of a cointegrating relationship and hence the unsustainability of the Lebanese public debt. The evidence of the short-run estimation indicates that better primary fiscal performance and a higher economic growth rate reduce Lebanese public debt in the short run. This study proposes that immediate reforms that increase the primary fiscal surplus and attract investors are crucial to prevent a debt crisis in the country.

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Central Bank Independence and Democracy: Does Transparency Matter?

Author(s): Asmaa Mohamed Ezzat,Mona Esam Fayed / Language(s): English Issue: 2/2020

Securing central bank independence (CBI) is considered a vital and common practice in a large number of countries, since this independence is often associated with favorable economic performance, and it isolates monetary policy from the distortions of political business cycles, associated with electoral business or partisan cycles. However, one criticism against CBI is the seemed contradiction between independence and democracy, known as the problem of accountability of the monetary authority. Thus, this study empirically examines the potential effects of central bank transparency and independence on democracy. This would, in turn, attribute to reconciling the presumed contradiction between CBI and democracy, besides disentangling the impact of independence and transparency on democracy. To this end, we regress democracy on both CBI and CB transparency, besides some control variables, for a sample of 100 central banks in year 2010. The preliminary results indicate that CBI is conducive to democracy. However, this relationship is dependent on the level of CB transparency, where high levels of transparency could reverse this positive relation and make CBI an obstacle in face of democracy. Furthermore, CB’s transparency is always associated with more democracy, but increasing the level of CBI reduces this positive impact.

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Modelling fraud prevention process

Author(s): Darko Tomaš,Igor Todorović / Language(s): English Issue: 2/2016

Fraud is global social problem and they occur in all activities. The term fraud implies corruption, misappropriation of assets and fraudulent financial reporting. People that commit fraud are inside and outside of organisation. Factors that affect fraud doing are: motive, opportunity, ability and justification. In our region, it can be said that fraud is not individual problem but it’s a case of systematic fraud, especially in public sector by creating monopoly of private over public sector. Costs related to fraud will be difficult to objectively assess. Everyone is sensitive to health care related frauds, from patients and doctors to whole society. For battle against fraud requires political will, effective legislative framework and anti-fraud strategy. Every strategy has to begin with prevention process. Paper presents model of fraud prevention process. Model is based on increasing awareness of all participants about the importance of battle against the fraud, accepting anti-fraud policies and zero fraud toleration, establishing channels for reporting fraud, as well as defining responsibilities of internal audit in evaluation of internal controls, fraud risk assessment, corporate governance and providing recommendations for process improvement.

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Ocena skuteczności programu „Rodzina 500+” w zakresie ograniczenia ubóstwa i zwiększenia dzietności w Polsce

Author(s): Paulina Kucharska / Language(s): Polish Issue: 5/2020

Objective: The article evaluates the effectiveness of Poland’s “Family 500+” programme in reducing poverty and increasing the fertility rate. Research Design & Methods: The research method used is analysis of statistical data and source literature in Polish and English. Findings: The study proves that Poland’s “Family 500+” programme has been partially effective. The additional child allowance has helped reduce poverty, but has not noticeably increased the fertility rate. Implications / Recommendations: A number of pro-natalist barriers coupled with a fertility rate persistently below 2.0 since the early 1990s has meant that financial aid alone cannot sufficiently encourage Poles to start a family. Demographic development stimulation should consist of comprehensive policies, including not only financial transfers but particularly activities mitigating the negative effects of socio-cultural changes. Contribution: The article evaluates the effectiveness of the “Family 500+” programme, and thus the economic validity of introducing the most expensive family policy in the history of the Third Republic of Poland. The paper provides a multidimensional view on the causes of low fertility and the socio-economic consequences of lowering the poverty rate.

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Social evaluation of public utility services in the downtown residential area Old Town in Szczecin (Poland)

Author(s): Katarzyna Towpieko,Natalia Sypion-Dutkowska / Language(s): English Issue: 4/2/2018

The term “services” is defined in a variety of ways, depending on the research approach. Among service activities, a special role is played by public services located in downtown residential areas. They constitute a specific mix of various types of private and public activities, which provide tangible and intangible goods to the inhabitants of this area, who use them constantly or frequently, but also citywide services, which are used by all inhabitants of the city. The basic aim of this article is to determine the opinion of inhabitants about the services located in the downtown residential area Old Town in Szczecin. Based on the survey, the type of public services used by inhabitants and people outside this area was specified. Moreover, an assessment was made as to whether there is a sufficient number of services in the given area and evaluation of their burdensomeness.

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Arrivals of foreign tourists to Poland

Author(s): Anna Turczak / Language(s): English Issue: 4/2/2018

Tourism is one of the world’s largest economic sectors. It creates jobs, drives exports, and generates prosperity across the world. As well as its direct economic impact, the industry has significant indirect and induced impacts. In 2017, the sector accounted for 10.4% of global GDP and 313 million jobs, or 9.9% of total employment. Tourism is important to significant extent for numerous fields of social and economic life in Poland. The aim of the article is to examine the impacts of two factors influencing the total amount of money spent by foreign tourists visiting Poland. The first factor is the number of trips to Poland, and the second one – the mean spending per trip.

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Analysis of investment level and marina certification in the process of raising safety standards on the West Pomeranian Sailing Route

Author(s): Tomasz Zalewski,Magdalena Bulikowska / Language(s): English Issue: 4/2/2018

The aim of this article was a detailed analysis of the level of investment and certification of marinas in the process of raising safety standards on the West Pomeranian Sailing Route. The first chapter describes the sailing market in Poland and West Pomerania together with the justification of needs, which was the foundation for creating a program for the development of port infrastructure and marinas in the West Pomeranian region in the Oder, Szczecin Lagoon on the Baltic Sea coast areas. The list of investment amounts allowed to determine average indicators of investment effectiveness in berths. The next chapter describes the original certification system “Bursztynowe Kotwice” [Amber Anchors] implemented by the Union of Ports and Yachts, focusing on safety-related criteria and then analyzes the 13 marinas certification on the West Pomeranian Sailing Route in the context of the achieved certification level and comparison of the number of tourists visiting this marina in the years 2015–2016. It was found that marinas that underwent certification recorded an increase in the number of yacht visitors. The incurred investments allowed to meet the minimum standards for the quality of services and safety in marinas.

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Materialisation of the Concept of Good Governance by Effective Investment Dispute Resolution in the European Union

Author(s): Jagna Mucha / Language(s): English Issue: 1/2016

The concept of good governance constitutes a wide perspective for academic discussion because it provides a substantial theoretical background for settling many practical problems faced contemporarily by the EU. The basic assumptions of good governance have basically remained unchanged since the 90’s, when the concept was introduced by the World Bank. Notably, the scholarly discussions these days reveal new facets of the said concept, when related to specific domains. The paper discusses the application of the specific elements of the concept of good governance in the field of the international investment law. Specifically, it seeks to demonstrate that the concept of good governance regulates the issue of international investments in that, among others, it requires the application of the alternative dispute resolution in order to make the investment law enforceable in the best possible way.

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Страховий ринок України: сучасний стан та проблеми розвитку

Author(s): Olha Kotsiurba,Daria Nasypaiko / Language(s): Ukrainian Issue: 5 (38)/2020

The article is devoted to the study of the peculiarities of the Ukraine’ insurance market functioning in the modern conditions of emergence of new unforeseen threats and challenges. The current state of the national insurance market is analyzed and the main trends of its development in 2017-2020 are identified. It was found that the change in the main indicators of the insurance market of Ukraine occurred under the influence of economic downturn due to the spread of coronary heart disease. Thus, if until 2020 the national insurance market was marked by insignificant but stable development, then from 2020 it was significantly affected by restrictive quarantine measures at the state level, which led to a sharp decrease of 19% in gross insurance premiums compared to 2019. There was a decrease in the number of insurers during the study period from 296 to 215, with the largest decrease in the number of companies providing insurance other than life insurance. It is noted that the impetus for the national insurance market development will provide the sale of new insurance products, such as cyber-insurance, P2P insurance and microinsurance, blockchain and smart contracts in insurance, insuretech.The main problems that hinder the development of the national insurance market are identified. These include: the lack of a unified state strategy for the development of the national insurance market, the change of the regulator and, accordingly, the general vision of the development of the national insurance market by its representatives; imperfection and fragmentation of the regulatory framework in the field of insurance; underdeveloped financial market and lack of liquid and reliable financial instruments for investing resources of insurance companies; fears of fraud; low level of innovation by insurers; improper level of information openness of the insurance market, etc. The solution of these problems will ensure its formation as a driver of economic development of the country.

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The effect of emigration on financial and social pension system sustainability in EU new member states: Panel data analysis

Author(s): Valentina Vučković,Lorena Škuflić / Language(s): English Issue: 1/2021

The paper brings the analysis of the emigration effects on financial and political sustainability of pension systems in 11 new European Union member states: Bulgaria, Estonia, Croatia, Latvia, Lithuania, Poland, Romania, Slovak Republic, Czech Republic, Slovenia and Hungary. The panel data analysis (fixed effects model) covers the crisis and post-crisis period from 2008 to 2017. The obtained results show that emigration growth is positively related to the pension expenditures (expressed as a share in GDP), thus having a negative impact on financial sustainability of pension system. On the other side, the emigration effect on social sustainability of pension system which is encompassed by the median relative income (65+) is not statistically significant. However, through including other socio-economic and political factors in econometric models besides the emigration (e.g. unemployment rate, education, political cycles, old-age dependency ratio, replacement ratio), the results have confirmed that there is a trade-off between the two goals of pension policies, i.e. between financial and political sustainability of pension system.

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DEPENDENCE OF THE STATE OF PUBLIC FINANCES ON THEIR TRANSPARENCY AND THE LEVEL OF CORRUPTION IN A COUNTRY

Author(s): Inna Shkolnyk,Olga Kozmenko,Robert Nowacki,Borys Mershchii / Language(s): English Issue: 4/2020

Creating conditions for the effective formation, distribution and use of public finances, both at the macroeconomic and regional levels, is a key task for public administration. Achievement of high efficiency in this area is determined by many factors. For Ukraine, the most important here are the level of transparency and the level of corruption. Given that the level of transparency is not high enough, and the level of corruption, on the contrary, is high, the existing dependence between the state of public and local finances in Ukraine on the levels of corruption and transparency in the public sector is assessed. Based on the data characterizing the state of public finances at the national level through the indicators of Ukraine's consolidated budget, and at the regional level – through the indicators of local budgets of 22 regions (2010 to 2019) as well as a wide set of other selected factors, the relationship is determined between the corruption level, finance security, the transparency of public sector and the state of public finances at the macroeconomic and local levels. The use of Multiple Indicator – Multiple Cause and Dynamic Multiple Indicator – Multiple Cause models, based on the concept of soft modeling, revealed a significant impact of corruption on changes in Ukraine’s consolidated budget expenditures. Besides, the importance of other factors such as economic freedom and conditions created by the state for doing business is established. At the regional level, the dependence of local finances on the level of corruption and transparency was much lower. However, the models used indicated the presence of latent variables with significant influence, which would be the subject of our further research.

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THE EFFECTS OF EXCHANGE RATE, PRICE COMPETITIVENESS INDICES AND TAXATION ON INTERNATIONAL TOURISM DEMAND IN MALAYSIA

Author(s): Norasnita Ahmad,Nanthakumar Loganathan,Norsiah Ahmad,Tirta Nugraha Mursitama,Roshaiza Taha,Abbas Mardani,Dalia Streimikiene / Language(s): English Issue: 3/2019

This study examines the effect of Malaysia’s domestic taxation policy, price and exchange competitiveness with neighboring countries on international tourism demand in Malaysia based on the quantile estimation. Using monthly-based time series data, which set over the period of 1996-2017, we adopt the bootstrap quantile regression model to provide a comprehensive relationship of international tourism demand theory in Malaysia. The empirical results show that sales tax has a negative relationship with international inbound tourism demand, mainly at the middle quantile stages. Moreover, we also found that price competition from Thailand has a positive influence on Malaysia’s tourism demand; and appreciation of Indonesia’s exchange rate competitiveness tends to lead Malaysia’s tourism demand. These empirical findings open up new insights for policymakers in Malaysia as to how to improve fiscal policies and enhance continual increase of international inbound tourism demand in the upcoming years.

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Анализ на тенденциите на развитие и прогноза за изменението на печалбата след данъчно облагане и възвръщаемост на собствения капитал на банките в България

Author(s): Aglika Kaneva / Language(s): Bulgarian Issue: 2/2021

In this article, the trend in the profit after tax and return on equity of banks in Bulgaria has been modelled for the period 2007 – 2019. Based on the presumption that the established regularities will be preserved in the forecast period as well, an estimate has been developed for the future values of the profit after tax and return on equity of banks in 2020 and 2021.

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Polska Strefa Inwestycji – narzędzie transferu technologii dla rozwoju Przemysłu 4.0. Wnioski de lege ferenda

Author(s): Janusz Michałek,Mirosław Pachucki,Mateusz Rzeszowski / Language(s): Polish Issue: 4/2020

In this article, the authors analyze the legal aspects of using the state aid instrument within the Polish Investment Zone for technology transfer to SME companies. In the opinion of the authors, granting public aid to entrepreneurs operating on the basis of a decision on support, implementing new investment projects in support areas, should be an incentive not only for the implementation of projects, but also to create conditions for the sharing of technological solutions with contractors and subcontractors. An appropriate modification of the regulations on the Polish Investment Zone may constitute an element of intensification of technology transfer on the investor– contractors line, in particular SME companies would be the potential recipient. In addition, the authors analyze the chances of implementing their de lege ferenda conclusions in the context of the benefits of absorbing Industry 4.0 solutions – the fourth industrial revolution.

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Recenzja książki Krzysztofa Brońskiego Finanse publiczne w Galicji w okresie autonomii (1867–1914)

Author(s): Mateusz Mataniak / Language(s): Polish Issue: 2/2021

Review of: Mateusz Mataniak - Review of Krzysztof Broński’s Book Public Finance of Galicia in the Autonomy Era (1867–1914). Kraków: Kraków University of Economics Press, 2019, 319 Pages

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Financial analysis of the city of Zamość for the years 2013 - 2017

Author(s): Lech Jańczuk / Language(s): English Issue: 20/2018

In short-term, the activities of local government units are significantly different from those of enterprises. The short-term goal of the activity of a local government unit is to meet collective needs of its residents, and the short-term goal of commercial enterprises is to maximize profits. However, in long-term, in the case of local government units and commercial enterprises, both goals are similar – an increase in the value of the territorial self-government / commercial enterprise assets). In both cases, the financial analysis tools can be considered as helpful in the decision-making process as well as the assessment of the broadly understood effectiveness. Therefore, based on the models developed for enterprises in the field of financial analysis, it is worth making an attempt to assess the financial effectiveness of local government units. The aim of the article was to show, on the example with specific indicators and their interpretation, that the financial analysis of local government units provides a lot of useful information both to the manager of the unit and entities cooperating with a given local government unit. The article stresses the legitimacy of financial analysis in local government units and presents the basic tools for such.

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