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The paper discusses the budgetary support to the people of Germany, designed to housing maintenance. The author describes rules for granting households. The formation of this assistance for 20 years after the unification of the FRG and the GDR is the main theme of the article. Also data are presented from the period of existence of two German states, as well as a comparison with the scale of housing grants in Poland.
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In this paper we try to briefly analyse the main working principles and the social consequences of the financial system. In the second part of our article we describe several alternative solutions to the current system: in our opinion, some of these could help and enable the work of establishing a democratic and solidarity economy.
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The article concerns the relation between holistic concept in marketing and successful market performance. First, the notion of “holistic marketing” is discussed, then a wide description of the essence and features of the “agile organization” is added in providing explanation of why 21st Century marketing is not tagged to particular unit, rather refers to all units, and what internal – external environment interaction has to be achieved. By referring to the research on marketers’ opinion from all over the world and to a particular example of the principles of the culture of innovation of Google, theoretical formulations receive practical illustrations.
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The rapid development of the economy, business, market and competition globally, despite economic crises, requires an increasing investment in digitization and digitization of constituent processes and business as a whole. Despite the 2018 McKinsey consulting company Digital Challengers report, which explores the digitalization potential of Central and Eastern Europe shows that the region has yet to catch up in most areas of digitization, despite the growth of recent years. The business researches and implements digital innovations to increase the efficiency of business operations, increase profits, open new markets, increase productivity and develop business models. All of this has to do with controlling and auditing the business. The relentless transformational impact of IT redefines the IT audit function itself, forcing auditors to rethink established practices, processes and calibrate their functions in the digital age. Technological advances are inherent in digitalization and will undoubtedly change internal auditing in digital jobs. And this applies not only to internal audit, but also to the Court of Auditors’ audit, tax control, etc.
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The Agreement establishing the African Continental Free Trade Area entered into force on 30 May 2019 and on 9 July all countries on the continent joined it. If the massive deal works as hoped, it will connect 1.3 Billion people, create a 3.4 Trillion USD economic bloc, and heat up commerce within thecontinent itself. The article aims at tracing the process of economic integration in Africa, discussingthe rationale behind Africa’s current efforts to achieve multilateral trade liberalization, analyzing the main features and assessing the potential benefits of the implementation of the African Continental Free Trade Agreement.
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Foreign exchange reserves are part of the assets of a central bank and a country that are used in case of external crises and to preserve the economy. In the paper is reviewed the role the foreign reserves in maintaining the foreign exchange rate stability and the influence they have on the financial and economic policy implementation.
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This study aims to analyze the evolution of the concept of industrial policy and to define its main components, both in theoretical and applied contexts. Theoretical overview of industrial policy-making provides the basis for analyzing and assessing the new dimensions of industrial policy in today’s dynamically changing global economy. Nowadays world economy is characterized by deeper servicification and financialization of output, free capital movement and ever-increasing multilateraland regional policy coordination. The prospects for adapting and implementing the tools of industrial policy to the new reality are analyzed.
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During the last two decades we have been witnessing the rebirth and the rethinking of economic models that contradict (either in a radical or in a reformative way) the dominating economic paradigm, and offer alternative ideas and paths to economic and social regeneration. Following the logic of sustainable development, they aim to give a more complex, more environmentally-friendly and more just answer to the needs of the societies and the people, as well as an economy that bears a ‘’human face’’. The article discusses alternative economic models through the prism of values and the culture they originate from and which, in turn, they determine. The concrete aim of this article is to introduce the value models of the status-quo paradigm and their alternatives (the Green economy, the Blue economy, the Social and Solidarity economy, the Purple economy) in juxtaposition, by revealing the paradigmatic differences between them.
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Westpomeranian Region is not a leader when it comes to level of innovation of the economy in Poland. It causes an effect in the condition of the local start-up scene, which neither is mentioned among the leading Polish ecosystems (Warsaw, Wroclaw and Krakow are the leaders) nor comparable with located nearby global start-up hubs (Berlin, Copenhagen, Gothenburg). Likewise significant funds are alocated in the region through financial instruments as well as many efforts are put in development of the start-up ecosystem.
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The aim of this article is to present the theoretical model for the construction of tasks in improving financial literacy in algebra course at school and to submit the economic and mathematical game based on the developed model. At the state level, a number of important documents have been adopted on the formation of financial literacy of schoolchildren, various measures are being implemented to solve this problem. Despite this, today the tasks presented in the school mathematics course do not fully solve the issue of increasing the level of financial literacy. In the course of work on the creation of a theoretical model for teaching mathematical foundations of financial literacy, an analysis of Russian textbooks on mathematics was carried out, federal regulations and international standards were studied. Our analysis allows us to assert that there are not enough tasks for the formation of financial literacy skills in the school course of mathematics. In addition, these tasks form initial knowledge in the financial sector. Also, the tasks are of the same type and often affect only two areas of handling finance. These are purchases and loans. Also, the tasks of the school mathematics course correspond only to the first level of the PISA standard. Thus, it became obvious that it was necessary to develop a theoretical model for the construction of tasks in improving financial literacy in algebra course at school according with the System (frame) financial capability for school age pupils and PISA diagnostic model.
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Technological developments are not easily understood even by people who have advanced education and this leaves much to be expected for other groups. Financial services and banking products are also ‘complicated’ for professionals, not to mention the ordinary client. As a result of the features of financial products and services, especially banking, information is required as an initial form of knowledge of these services and products, and this information is intensified through a constant process such as education. Hence, this article argues how financial education is performed in Southeast Europe and even in the EU. This article also elaborates on the financial education in Kosovo concerning the protection of banking clients’ rights, taking into account the financial education practices from which the Kosovo system can benefit.
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In a knowledge-based economy with high levels of competition where there is global economic competition between nations, the contribution of science and education is emerging as fundamental to their economic growth and competitiveness. This draws attention to the key factors for evaluation the competitiveness of higher education institutions (HEIs), as the article proposes a conceptual model for its evaluation, with a focus on cooperation between science, education and business, as a potential way for competitive positioning in the country. The integration processes in the sector stand out, and hence – the importance of the cluster approach to increase competitiveness and its applicability to HEIs
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Small and medium-sized enterprises (SMEs) have a vital position in the international economy. The study aims to examine the compulsory financial reporting requirements set by the Kosovo Council for Financial Reporting (KCFR) as well as SMEs requirements for reviewing the current classification in the Kosovo context. This study, like most relevant studies, employs ordinal probit regression to examine the relationships among the requirements defined as dependent variables and other control variables such as necessary reclassification review under KCFR, preferred reclassification review under KCFR, experience knowledge of accountants and auditors, continuously education concerning financial reporting, and assessments of business owners. According to the reported conclusions, the application of these requirements in the Kosovo context does not create any opportunities for SMEs. On the contrary, the findings point to a thorough review of the reporting requirements for micro-businesses, as the current classification appears to be a burden for these businesses.
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In order to optimize costs and ensure the sustainability of businesses less affected by the COVID pandemic crisis 19, the restructuring of activities in accordance with the provisions of IAS 37 - Provisions, contingent liabilities and contingent assets may be a viable solution. In this context, this article aims to provide the necessary clarifications in order to provide a basis for assessing the appropriate recognition criteria applied to provisions, contingent liabilities and contingent assets, to ensure full information support in the explanatory notes to the financial statements, necessary for users. accounting information in substantiating decisions. The results of the present study emphasize that, now more than ever, in a pandemic context, professional judgment is crucial in determining when the conditions for recognizing a provision in the financial statements are met and in accounting for amounts that can be recognized as part of this. provision, in accordance with IAS 37. We believe that this study can be particularly useful, in this pandemic context, to professional accountants engaged in financial reporting work, but also to regulatory bodies that can provide solutions to revise this standard.
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The foundations of financial portfolio theory were formulated by H. Markowitz in the middle of the 20th century. It includes four main sections: valuation of assets; investment decisions; portfolio optimization; evaluation of the results.
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Emergencies represent an extraordinary and disturbing state of society caused by large-scale events, which paralyze the functioning of the country's social system or when large-scale natural and technical-technological catastrophes occur that endanger the lives of the population and their property and material goods. Various managers are aware that the duration and consequences of a crisis can be significantly reduced if the defense system is prepared for a crisis. A prerequisite for successful crisis resolution is effective crisis management, which includes an organized defense system and efficient command and control at all levels. Especially what should be kept in mind is good prevention, which is directly related to the basic principles of crisis resolution and which has practically led to an emergency in a certain area of the country or at the level of the entire country.
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At the end of 1871 the Ottoman government initiated emission of internal debt. The goal was to raise funds for the construction of railways in Anatolia. New bonds (esham-ı cedid) have been issued for a period of ten years, with an annual interest rate of 10%. The securities were offered for purchase to Ottoman subjects not only in Constantinople (Istanbul) but also in the Ottoman provincial centres. The available scattered and incomplete records suggest significant interest in the new bonds. Therefore, the emission can be considered successful, and the Ottoman government managed to sell its securities under the initially proposed conditions. It is important to be mentioned that apart from private individuals, provincial institutions such as orphans’ funds (eytam sandığı) and city councils (belediye meclisi) also invested their capital in the new bonds. These investments are particularly indicative and raise a number of questions. In addition, the emission itself and the purchase of securities took place at a time when the Ottoman financial system definitely did not enjoy a good reputation and its indebtedness to external creditors was a well-known fact. Eventually, the Sublime Porte went bankrupt in 1875. The article presents the author’s initial observations, and the conclusions cannot be considered definite. However, the information about the emission of securities from 1871–1872 suggests both the personal interest of investors and the ability of the Ottoman centre to skilfully use the assets of provincial institutions to finance its infrastructure projects.
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This study aims to analyze the relationships between corporate governance instruments on the wealth of financial intermediaries in wide-ranging. The data employed in this study are secondary data from nine (9) commercial banks and covered the years 2013-2020. The approach used in data processing is a 2SLS estimation and multilevel mixed-effects for the dependent variable natural logarithm of total assets. The results provided by the econometric analysis show that board size, sovereign committees, Net Interest Margin (NIM), Non-Performing Loans (NPL’s), and equity to liabilities have an important impact on the protection of the assets of financial institutions. While surprising results have been generated in the composition of the board structure in terms of gender diversity, they have turned out to be insignificant. The originality and value of this study lie in the approach of including the characteristics of the board, as well as the combination of some financial indicators different from previous studies, which makes more comprehensive the study of the impact of board composition on increasing the wealth of banks.
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The purpose of this study is to investigate the factors such as access to finance, legal constraints, and entrepreneurial skill on women's participation in business activities. The mediating effects of self-leadership were also established as an influence on women's participation in business activities. Moreover, the study examined the moderating effect of education among self-leadership and participation of women in entrepreneurial activities. The study selected a quantitative method and structured questionnaire for the data collection. The study found a significant relationship of the effect of access to finance, legal constraints, and entrepreneurial skill with women's participation in entrepreneurial activities. Moreover, the study found a significant mediating effect of self-leadership between factors and women's participation in entrepreneurial activities as well as a significant moderating effect of education between self-leadership and participation of women in entrepreneurial activities. The study suggests that the government and other institutions should take the initiative in women's entrepreneurship that affects women's self-leadership skills. The policymakers should pay attention to the financial concerns of women in business activities.
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