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ROZVOJ JIHOČESKÉHO KRAJE V KONTEXTU VEŘEJNÝCH FINANCÍ A SPOLUPRÁCE OBCÍ

Author(s): Jiří Dušek / Language(s): Czech Publication Year: 0

In the past few years, several research projects focused on the barriers of inter-municipal cooperation were carried out in the Czech Republic and abroad. As the research results reflect the respective local and regional specifics, the results and conclusions are diametrically different, depending on particular conditions in the respective country. The main objective of the paper is to analyse the uneven socio-economic development of the municipalities in the South Bohemian Region, as an example of the development of cooperation between the municipalities of the South Bohemian Region in relation to the economic background of municipalities. The hypothesis is that the economically stronger municipalities have better conditions for establishment and development of cooperation of municipalities. The theoretical part consists of research findings related to the problems of regional development and cooperation of municipalities. Furthermore, various methods are introduced, which are applied in the context of municipal analysis. The research of municipality cooperation was carried out by the author in 2007-2018. The results of the research confirmed the assumption of uneven development of the territory because economically weaker municipalities have really worse conditions for the establishment and development of cooperation between municipalities.

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A COMPARISON OF PPP´S AND TRADITIONAL PROVISION OF PUBLIC SERVICES AT THE MUNICIPAL LEVEL

Author(s): Beáta Mikušová Meričková,Nikoleta Jakuš Muthová,Marián Holúbek / Language(s): English Publication Year: 0

Implementation of alternative service delivery arrangements contributed to a rethinking of the public sector’s capacity as the public service provider. The public-private partnerships became part of the life of modern economics as the tool which enables the state or local government to carry their competences in a time that is ambitious to increase public need and decrease public expenditure. The goal of our paper (case study) is to present a set of analytical data comparing of public private partnership and traditional public procurement of public lighting reconstruction projects at the municipal level in Slovakia. This study uses a quantitative approach to investigate the research question. The study analyzes the original collected survey data from our own research in 14 Slovak municipalities. The analysis does not allow drawing normative conclusions about the desirability of PPP as a procurement method as it focuses only on construction costs, without being able to quantify its impact on life-cycle costs and benefits. Ideally, the relative costs and benefits of PPPs should be evaluated over the entire project lifecycle, from start of construction through operations and maintenance to the end of the contract period. However, most projects are either still under construction or in the early stages of operation and most available information relates to the construction phase.

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STUDY OF THE EXPERIENCE OF EU COUNTRIES IN THE IMPLEMENTATION OF MEASURES TO COUNTER THE CRISIS CAUSED BY COVID-19

Author(s): Mina Angelova,Daniela Pastarmadzhieva / Language(s): English Publication Year: 0

The present paper deals with the distinction between the measures implemented by EU countries to counter the crisis caused by the COVID-19 pandemic. It explains how the states’ efforts comply with the entrepreneurs striving for survival during this pivotal period. This is done by summarizing the measures applied by the EU-27 countries, grouping the measures into categories, and contrasting the most fundamental elements of the applied strategies in the countries and their influence toward reviving entrepreneurship. Building upon official COVID-19 websites of EU countries, secondary information processing, and desk research, the analyses indicate that 49% of the measures are economic compensations and loans, the employment-related measures count on 17%, tax measures present 15%, R&D are 5%, customs measures count on 2% and other measures are equal to 9% of all applied in the EU. These results strive for the conclusion that the future of entrepreneurial economic development is a prerequisite to overcoming the crisis conditions. As the empirical evidence documenting the reemergence of entrepreneurship, the common efforts and applied measures will strike to minimize the negative pandemic effects.

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ВЪЗМОЖНОСТИ ЗА ВЪЗСТАНОВЯВАНЕ И УСТОЙЧИВО РАЗВИТИЕ НА ТРАНСПОРТНИЯ СЕКТОР СЛЕД ПАНДЕМИЯТА ОТ КОВИД-19

Author(s): Christina Nikolova,Dina Tzonevska / Language(s): Bulgarian Publication Year: 0

The COVID-19 pandemic has necessitated restrictive measures to slow the spread of the virus, restricting freedom of movement and other coordinated containment measures. All this has led to profound transformations in the transport sector – technological, economic, and social. All of these measures have crystallized and have become critical to the sustainable recovery of the transport sector from the pandemic. At the national level, a National Recovery and Resilience Plan (NRRP) has been adopted to address the pandemic impacts, facilitating economic and social recovery from the crisis. The report provides a comparative analysis of the envisaged measures and reforms of the NSSMP with the areas and actions for sustainable development of transport in Bulgaria identified by the project team under contract No. INI – KP-06-DK2/4 of 30.03.2021, concluded with the Ministry of Education and Science Research Fund. On this basis, it outlines additional areas for taking measures to recover the transport sector from the pandemic. The comparative analysis provides a foundation to summarize that the corresponding actions, investments, and reforms and the highlighted areas and measures for sustainable development in transport are primarily targeted and well-founded. Still, additional steps must be taken to recover and sustain the transport business.

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Финансово управление и регулиране на стопанска дейност в изборния процес

Author(s): Ivan Karchev / Language(s): Bulgarian Publication Year: 0

In 2021 Bulgarian citizens had the opportunity to practice their constitutional right to vote three times for the National Assembly, once for а president and а vice president and three times in local elections. This provoked serious public debates on the price of the election and how much it should be paid to serve as a public pledge to preserve democracy and political pluralism in the country. To answer the question ''How much does the election cost?'' the budgetary process of forming the financial framework with the funds needed to hold the elections should be researched. This article aims to clarify from a legal point of view what is included in the concept of ''election budget'', which are the competent authorities that manage public funds in the election process, as well as the procedure for controlling public spending.

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Принципи и подходи за оповестяване на нефинансова информация от предприятията при спазването на екологична политика

Author(s): Ivan Andreev / Language(s): Bulgarian Publication Year: 0

Modern challenges related to the implementation and observance of environmental requirements and norms in the implementation of economic activity determine the need for the creation, presentation, and disclosure of accounting information by enterprises for the interaction between business and the environment. The policy of the European regulatory bodies for the protection of natural resources is aimed at adapting the accounting systems of economic entities in the process of monitoring and managing environmental risks. The purpose of the scientific development is the study of the current projections of accounting as an information system through the prism of the sustainable use of natural resources and the effective management of the circular economy. The focus is on delineating the possibilities for practical testing of the requirements of the applicable accounting standards for the disclosure of non-financial information by enterprises, with a view to identifying and measuring the impact of economic and anthropogenic activity on the environment.

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Данъци, данъчна сигурност и устойчивост на икономиката

Author(s): Boyko Mitkov Petev / Language(s): Bulgarian Publication Year: 0

The purpose of the research is to achieve the effective functioning of tax mechanisms for the protection of tax security and development of the economy. Methodologically, the system approach, modeling and comparative analysis were used. For the first time in the literature, the concept of "tax security" is introduced as a part of financial/fiscal security and the possibilities for modeling tax policy and tax control are explored, in the context of national security and protection of the strategic interests of the state, for sustainable development the economy and society as a whole. The research problem is extremely topical and in view of the fact that there is a lack of development and research in this direction. The research problem is extremely topical and in view of the fact that there is a lack of development and research in this direction. In the long term, the security of the state represents a set of security of the individual elements of its financial system, including and the fiscal (financial/tax) security of both the state and the debtors.

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Устойчиво финансиране – рискове и отчетност в банковия сектор

Author(s): Boryana Borisova-Rossi / Language(s): Bulgarian Publication Year: 0

In relation to the transition towards a sustainable, carbon-neutral, circular economy it is necessary to provide envisaged financial resources from the public funds as well as increase in private sector investments. Financial intermediation, in particular bank intermediation, plays a crucial role, while the transition leads to new risks which should be defined and appropriately managed in order to minimise threats to financial stability. Regarding sustainable financing the European Commission adopted a set of actions, summarised in a published plan and strategy. The action plan aims at reorienting capital flows towards a sustainable development, mainstreaming sustainability in risk management, fostering transparency and long-term orientation. In this context, the EC's efforts are focused on ten interrelated areas, with the building blocks of taxonomy, disclosure and other tools as benchmarks and standards. These legislative acts are the starting point for categorising banks’ products and exposures, as well as activities of the banks’ borrowers. Furthermore, they contribute to the development of unified reporting, as a basis for assessment and management of the climate change transition risk, part of the broader concept for environmental, social and governance (ESG) risks. Under the newly established European regulatory framework for sustainability disclosure, credit institutions should meet multiple reporting requirements. Banks must have an appropriate corporate governance and risk management structure and process in place to identify, measure, mitigate and report risks. Competent supervisory authorities are engaged in monitoring and analysing this information for the purposes of financial stability. This is why banks and supervisory authorities are facing the challenges related with accurate future reporting and measurement of ESG risks, given the lack of sufficient and comprehensive information.

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Инфлацията и натискът ѝ в контекста на фискалната сигурност

Author(s): Boyko Mitkov Petev / Language(s): English,Bulgarian Publication Year: 0

Controlling the pressure of inflation, which is a serious threat to the economic and fiscal security not only in Bulgaria, but also in the other EU member countries, necessitates taking a system of measures. Inflationary pressure is a process that affects the economies of countries and the lives of every citizen and threatens their financial security.

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Управление на риска при акцизните задължения като част от фискалната сигурност

Author(s): Boyko Mitkov Petev / Language(s): English,Bulgarian Publication Year: 0

Risk management of the development of customs administrations requires systematic monitoring, reporting and accounting of the status of the process. Only in this way can it be monitored, while the risks are managed successfully, if the implemented measures reduce the risks and contribute to the achievement of the objectives. This ensures transparency and traceability in risk management and the activity as a whole.

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DŮCHODOVÝ SYSTÉM ČR: NAVOZOVÁNÍ SOCIÁLNÍHO SMÍRU NEBO KONFLIKTU?

Author(s): Jiří Kraft / Language(s): Czech Publication Year: 0

The pension system is a very important social policy instrument of the state. An incorrectly set pension system, or one that does not respond sufficiently to the often contradictory developmental changes in its individual parameters, can cause social disharmony, not only between or within generations. The aim of this paper is to assess the regional aspect of the consequences of the current Czech pension system based on the principles of solidarity and equivalence. It seeks an answer to the question whether, from a regional perspective, the pension system is more likely to induce social harmony or to provoke conflict among regions. The starting point is an analysis of selected parameters of the pension system of the Czech Republic in the period 2010-2021, the results of which are followed by a regional analysis of average gross wages and average old-age pensions, including an assessment of the relationship between them, using normalized data for both indicators. Five types of positions of the Czech regions are identified in determining solidarity donors and solidarity recipients. At the same time, some points are pointed out that should not be overlooked in the context of pension reform, as they could be a source of social conflicts in the future.

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FINANČNÍ ASPEKTY REGIONÁLNÍCH ROZVOJOVÝCH PROJEKTŮ - KOUPALIŠTĚ A KOUPACÍ BIOTOPY

Author(s): PETR HALÁMEK,Natálie Lacinová / Language(s): Czech Publication Year: 0

The aim of the contribution is to verify the financial rentability of projects for the construction or modernization of public outdoor swimming pools. Verification of rentability is based on the identification of unit investment costs and the balance of operating cash-flows. The evaluation is processed for a set of 23 outdoor swimming pools in the South Moravian region. The least financially demanding solution appears to be the construction of swimming biotopes, which show the significantly lowest unit investment costs per unit of water area and the lowest operating costs. But also, the lowest unit income from entrance fees is related to this. Most swimming pools show a negative balance of operating cash-flow, a positive balance of operating cash-flow was identified only at 3 swimming pools. Even for these swimming pools, however, the payback period of invested investment funds significantly exceeds the reference period. Thus, all swimming pools are dependent on state aid in the investment phase, the majority also on operating subsidies.

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EKONOMICKÝ POTENCIÁL VYUŽITÍ GEOTERMÁLNÍ ENERGIE V LOKALITĚ PASOHLÁVKY

Author(s): PETR HALÁMEK,Dominika Tóthová / Language(s): Czech Publication Year: 0

The aim of the paper is to verify the economic potential for the use of geothermal energy from existing Mu-3G and Pa-2G thermal water wells in the Pasohlávky locality in the South Moravian Region. The evaluation is based on a financial analysis of the use of thermal water for wellness activities compared to standard heat sources. The use of geothermal energy allows a return on investment over 14 years (without credit financing); levelized costs of heat are estimated at CZK 1.3 thousand/MWh. The processed financial analysis confirmed the economic potential for geothermal energy in the locality. However, its use must respect the rules related to the protection of existing wells as natural healing resources.

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DYNAMIKA VÝVOJE POLITIKY ZVÝŠENÉHO KOEFICIENTU DANĚ Z NEMOVITÝCH VĚCÍ V ČR

Author(s): Pavel Zdražil / Language(s): Czech Publication Year: 0

The aim of the contribution is to assess the development dynamics and spatial context of the implementation of the increased local real estate tax coefficient policy in the municipalities of Czechia. Based on the period of 2009-2021, an analysis is carried out at the level of all municipalities. It is based on the methods of aggregation and comparison. The late builds-up on the evaluation of the development of statistical characteristics, growth and ratio indices and also spatial distribution over time. The analysis shows that the possibility of increasing income through the real estate tax coefficient is utilized by more and more municipalities. Moreover, the phases of taxation increase correlate with the cycles of elections to municipal councils. From a spatial point of view, it the policy of increasing the property tax is mostly implemented by the north-western border of Czechia and in the vicinity of the largest centres – Prague, Brno and Ostrava. Furthermore, it is also used in important recreational areas and by municipalities that have large buildings sites in their land register (power plants, mining constructions, etc.). Hence, it seems the policy of higher taxation is driven by the effort to burden entities producing significant negative externalities.

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CAPITAL EXPENDITURES OF LOCAL SELF-GOVERNMENTS IN CRISIS

Author(s): Viera Papcunova,Jarmila Hudáková,Michal Levický / Language(s): English Publication Year: 0

Despite the fiscal decentralization, local self-governments in Slovak and Czech Republic are dependent on state budget revenues and are therefore very sensitive and responsive to any changes at the national level. The financial crisis, as well as the COVID-19 pandemic, have significantly affected the financial management of local selfgovernments. Most articles deal with the impact of crises on the current budget of municipalities. The aim of the paper is to analyze capital expenditures in two crisis periods - the global financial crisis and the COVID-19 pandemic at the level of local self-governments in Slovak and Czech Republic. From the point of view of the financial crisis, we analyze time period 2007-2012 and from the point of view of the COVID-19 pandemic, we analyze the period 2017-2020. As a base we used the data from the evaluation of the results of budget management of municipalities in Slovak Republic and data from Slovak and Czech Statistical Office. The analysis showed that the financial crisis did not have a significant impact on municipal capital expenditures, but the COVID-19 pandemic caused them to decline. In terms of structure, the biggest share was accounted for by capital expenditures associated with investment purchases (Slovak Republic on average 94%, Czech Republic 88%).

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ZELENA PORESKA REFORMA I „EFEKAT DVOSTRUKE DIVIDENDE“ – KOMPARATIVNA ANALIZA ZA CRNU GORU, BOSNU I HERCEGOVINU I SRBIJU

Author(s): Aleksandar Kešeljevič,Milijana Novović,Ana Lalevic Filipovic,Milan Lakićević / Language(s): English,Serbian Publication Year: 0

Green taxes are one of the basic mechanisms for creating long-term sustainable development and environmental protection. The introduction of green taxes is the basic mechanism of green tax reform which seeks to achieve environmental and economic goals. The reform arose as a consequence of the knowledge that the current growth, based on a linear model of plunder of natural resources, has to be replaced by switching to a circular model in order not to jeopardize the possibility of human civilization’s survival. The essence of green taxes is reflected in the effort that entity, whose activities lead to the devastation of the environment, pays the taxes that promote environmental activities through various economic incentives. This reduces the need for regulatory activities. At the same time, the introduction of green taxes enables the substitution of the other tax revenues, which does not increase the level of fiscal burden, and budget revenues increase or remain at the same level. This paper analyzes the most important forms of green taxes as well as the experiences of EU countries in implementing green tax reform. The experiences and recommendations of the EU will serve the Western Balkans to create and implement a green strategy. To review the current situation and point out the further action directions, a comparative analysis of activities on the implementation of green tax reform in Montenegro, Bosnia and Herzegovina and Serbia was made.

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A BIBLIOMETRIC ANALYSIS OF THE SCIENTIFIC LITERATURE ON SUSTAINABLE FINANCE: EUROPE' S CONTRIBUTION

Author(s): Constantin-Marius Apostoaie,Irina Bilan,Stanimir Kabaivanov / Language(s): English Publication Year: 0

Up until recently, the world got used to the idea that the most ardent issues to be solved are related to poverty, climate change, economic inequalities and pandemic threats. Yet again, the world faces new social, environmental, and economic challenges imposed by the conflict in Ukraine. Managing all these societal issues requires the use of the most important drivers of all economies, financial capital. The overall financial system needs to adapt by embracing sustainability principles and practices, and integrate them within all its processes. As the paper reveals, the topics related to ‘sustainable finance’ continue to grow in number and importance, clearly becoming an ardent subject in the agenda of numerous governments, regulators, private entities and, last but not least, financial institutions. The aim of this paper is to provide an overview on the scientific literature that conceptually and/or empirically addresses topics related to sustainable finance (highlighting, in the process, Europe’s contribution). Using a bibliometric approach and a dataset of 1915 research materials extracted from Scopus (covering 1991-2021), we identify key emerging research trends in sustainable finance and provide a platform for academics upon which they may build their own research on the topic.

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GREEN FINANCE AND ECONOMIC GROWTH IN THE POST COVID-19 WORLD. EVIDENCE FROM EU COUNTRIES

Author(s): Adina Dornean,Ada-Iuliana Popescu,Dumitru-Cristian Oanea / Language(s): English Publication Year: 0

The importance of green finance has been steadily growing over the last years and it became a necessity for sustainable development of our society. According to the literature, green finance simultaneously provides economic growth and environmental protection.In 2020, the COVID-19 crisis generated the need for a friendlier environmental development that put a greater emphasis on green finance as an economic instrument in order to achieve it. Considering the role of green finance in obtaining an inclusive, resilient and cleaner economic growth through environmental protection, the present paper empirically analyses the link between green finance and economic growth. For this purpose, we will use a multiple linear regression based on balanced panel data for the European Union (EU) countries. The results show that green finance has a positive impact on economic growth. Therefore, governments and policymakers should focus on financing green projects and even promote green fiscal policies, that can contribute to the global green recovery after the COVID-19 pandemic.

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FISCAL RISK ANALYSIS – REASON FOR DANGER OR OPPORTUNITY FOR SAFEGUARDING?

Author(s): Cristina Oneţ / Language(s): English Publication Year: 0

This paper aims to provide an x-ray of the fiscal legislation regarding fiscal risk and the risk analysis that becomes the main (only) criterion for the development of the fiscal inspection program carried out by the fiscal bodies of the state. Thus, the work includes an analysis of concepts such as: taxpayer's fiscal behavior, fiscal risk, risk criteria, risk classes and subclasses, all intended to provide tools for carrying out a risk analysis based on special procedures.The fiscal legislation adopted up to this moment allows us to understand the goal pursued by the national legislator starting from the recent regulations adopted at the European level. It is about the efficiency of tax debt collection activities, about the efficiency of the exchange of information in fiscal matters between the fiscal authorities of the member states, as well as about the profound and essential change in the fiscal behavior of taxpayers.At the same time, this analysis highlights the shortcomings of this new taxpayer evaluation system, its transparency, as well as the means and instruments of defense in the face of pressures that may be exerted by the fiscal body, or even in the face of possible abuses that could directly and majorly affect some taxpayers.Therefore, this paper presents all the relevant information in this matter, but also includes a critical analysis of the national regulations that were recently adopted in the context of the European regulations of recent years. These are intended to limit or even eliminate the erosion of tax bases in the effort to combat tax evasion or even tax fraud, that which affects national public budgets, but also that which directly or indirectly affect the budget of the European Union.

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ПРИСТУП РЕВИЗИЈИ ФИНАНСИЈСКИХ ИЗВЕШТАЈА ЕНТИТЕТА У РЕАЛНОМ И ЈАВНОМ СЕКТОРУ

Author(s): Mirko Andrić,Milan Lakićević / Language(s): Serbian Publication Year: 0

In this paper, we consider financial statements from the perspectives of individuals, entities in the private and public sectors, and the government, as the necessity to draw a line on a specific day within the same time frame and assess the effects of individual or business decisions. As known, the form and content of financial statements are regulated by law, as well as the date on which they are mandatory to be prepared and disclosed. So we have financial statements for economic companies and cooperatives, as well as for large, medium, and small entities in the economy, and the form and content of financial statements for micro-legal entities. Additionally, there are financial statements for banks and insurance companies, and financial statements for users of budgetary funds. All financial statements should have the characteristic of truthfulness and objectivity, which is ensured and guaranteed by responsible individuals within the entity, and the confirmation of the same is expressed by the authorized auditor. The paper provides a personal reflection on the approach to the audit of financial statements of entities in the economy, public enterprises, and budget users. In the literature on auditing, there is a definition:,, Audit is big business. “Practice shows that it is for some and not for others. In practice, auditing is perceived in several ways: a legally imposed obligation, an unnecessary cost, yet another control that annoys, a necessity that demonstrates the truthfulness and objectivity of financial statements, or a benefit for decision-makers. Perhaps it’s a bit of everything.

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