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The article concerns about crucial teoretical concepts and directions of research in Czech, German and Polish geography of tourism. The attention is mainly paid to general development tendencies in geography of tourism on the one hand and to major research topics in countries mentioned above on the other hand (spatial spread of tourism, economic benefits of tourism, socio-cultural dimension of tourism and leisure time, conceptions of tourism space, etc.).
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The reform of the minimum income schemes is a mandatory requirement if Bulgaria wants to get full access to the funds under the National Recovery and Resilience Plan. The draft reform design envisages that the monthly social assistance benefits will be based on the national poverty line. However, this approach exposes the objectives of the reform to significant risks, as it ignores the weaknesses of the national poverty line legislation.
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Recent COVID-19 pandemic surprised society and state leaders with its sudden appearance finding countries unprepared for common lockdown, travel restriction and high infection rates. It affected heavily society, business and state governance around the world causing unprecedent drop and changes in economic indicators. Therefore, the paper aims to outline the main impact pandemics have on economies. An analysis of the overall economic indicators affected by the Covid-19 pandemic is given where results show that sharp increase of government debt, inflation, financial sector leverage and other indicators are reported following 2020. Data proves the serious crisis that countries are facing because of Covid-19 pandemic and also how vulnerable the world economy is towards pandemic.
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The last few decades have been marked by a proliferation of currency union projects in Africa. In a context of exchange rate instability and poorly convertible currencies, the authorities in most of the countries of the Horn of Africa are looking for an exchange rate regime that can stabilise and develop their economies. To achieve monetary stability in this sub-region, which is at the crossroads of some of the busiest sea and land routes, this paper reflects on the potential benefits of a monetary system that is characterised by a two-tiered architecture: national currencies and a common currency governed by a regional Currency Board.
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Transitioning to a sustainable future with inclusive, green economies and resilient ecosystems requires huge investments. The rescue packages imposed by the COVID-19 crisis make the pursuit of global sustainability goals even more dependent on urgent investment decisions to be taken by the public and private sector. In response, this study is an attempt to understand the role of green financing in economic growth after the pandemic. The article also examines the impact of COVID-19 on the financial industry, the participation of green finance in the economic recovery after the pandemic. The author put forward the provision on the existence of causal relationships between the "green" financial and "green" economy and analyzed the challenges of management of green finance in Bulgaria.
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The objective of independent central banks is to ensure price stability to achieve macroeconomic stability, because controlling inflation depends on the effect of monetary policy on activity. So central banks have two mandates. They act on the interest rate based on the economic situation. To ensure price stability, most developed and developing countries have made their central banks independent and transparent. Independence strengthens the credibility of monetary authorities and makes monetary policy in this context more effective. To verify the effectiveness of monetary policy within the framework of the independence of the central bank, we mobilized a SVAR model for the Moroccan case. The study covers two separate periods on a quarterly basis (1994 to 2005 and 2006 to 2020) to take account of the effective implementation of independence. The results imply an efficient transmission of monetary policy, and we conclude that the framework of independence is a good solution to conduct monetary policy for BAM.
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Fiscal policy is a crucial stabilization policy of governments around the world and has a major role in suppressing the adverse impacts of unfolding crises. Its applicability is measured through the process of taxation and collection of public revenues to create funds for financing public expenditures. Therefore, fiscal policy implies the use of public revenues and expenditures that should be aligned with the main objectives of macroeconomic policy. Consequently, since the Western Balkans region, identical to other countries around the world, is in a period of the global energy crisis, the response of the national fiscal policy is of major importance. The subject of the paper is the analysis of the national fiscal policy response of Western Balkans countries to the global energy crisis with a focus on the Republic of Serbia and the Republic of North Macedonia. Using the available official data, the paper analyzes and compares the distribution impacts of the global energy crisis in selected Western Balkans countries in terms of public expenditure (percent of GDP). Furthermore, a comparison of the results of the selected Western Balkans countries with the average of the Western Balkans countries and the average of the EU countries was carried out. Eventually, the paper analyzes the national fiscal policy response of the selected countries in terms of wage bills (percent of GDP), social benefits (percent of GDP), and capital expenditures (percent of GDP) during the global energy crisis with those during the COVID-19 pandemic crisis. The applied methodology consists of qualitative research techniques, such as analysis, comparative analyses, and syntheses. Based on the obtained results, the paper's contribution is reflected in the determination of the importance of timely fiscal response of national governments and taking appropriate measures to mitigate the adverse impact effectively in the forthcoming period.
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The aim of the paper is to analyze bankruptcy model IN05 to determine its usability for private civil engineering companies in Slovakia. The analysis has been carried out using a sample of companies obtained from a Slovak database called FinStat. In this paper, we have analyzed data from a static point of view when we have used one year data, and from a dynamic point of view when we have analyzed samples of companies that have been bankrupt for the last 4 years. The reporting ability of the selected indicator IN05 is judged by the number of correct and incorrect predictions. We have found that the IN05 index is an appropriate model, the validity of which has been verified by logistic regression. We have found out the predictive power of the IN05 model is not reduced unless we consider the EBIT/interest expense and current assets/shortterm liabilities indicators. We have found that the index IN05 is a reliable model for civil engineering industry in Slovakia.
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This paper evaluates the relation between the loan-to-deposit ratio (LTD) and financial stability and hence the usefulness of the LTD as a macroprudential policy indicator or instrument. In general, an increase of the LTD should indicate a financial stability decrease. Subsequently we adopt a macroprudential policy perspective and test financial sector stability with respect to the currency (domestic/foreign) in which loans and deposits are denominated. This is done in a linear empirical framework by using large factor-augmented VAR model (FAVAR) which is not limited to number of variables used. For such analysis, it is appropriate to choose an open economy with a bank-based financial system and potential substitutability between domestic and foreign currency loans and deposits. Therefore, we analyze the Czech Republic and Hungary as these countries meet the above listed characteristics. Our results suggest that the structure of financial transactions in terms of domestic/foreign currency denomination cannot be ignored or disregarded in relation to financial stability objective.
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Shadow banking is a term that corresponds to credit intermediation outside the regulated banking system. Shadow banking system constitutes over one-quarter of total financial assets in the euro Area. Traditional banks now rely more on short-term funding from other financial intermediaries, which also cover shadow banking entities. Due to this fact they may become more susceptible to runs and liquidity shortages and endanger overall financial stability. Macroprudential authorities should therefore carefully monitor and supervise the growing share of shadow banking activities in the financial system. This paper presents a novel evidence on the shadow banking system dynamics in Spain. We chose Spain as a training sample because of its highly dynamic housing markets and related high securitization of loans. We use different methods to estimate the shadow banking size. We estimate a Bayesian ARDL model to uncover possible determinants of shadow banking system dynamics. Based on preliminary results, we conclude that macroeconomic environment may significantly influence the evolution of shadow banking system.
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