(Nie)zależność finansowa państwa we współczesnej gospodarce rynkowej

Author(s): Piotr Misztal / Language(s): Polish / Issue: 2/2019

State financial independence refers to the ability of the government to finance all state expenditure solely from the budgetary revenue attained. Thus, the full financial autonomy of the state means that the government finances the budgetary expenditures without having to borrow money. Therefore, the aim of this article is to examine the possibility for states to achieve full financial autonomy in the contemporary world economy. The results of the studies show that almost all countries now have a large or small public debt, which means that countries finance their development by borrowing money at home and abroad. The important issue seems to be not so much to maintain the full financial independence of the State as to guarantee the financial security of the state (that is, to maintain the ability of the state to raise money when necessary).

(Нео)протекционизам и светска економска криза

Author(s): Branislav M. Pelević,Vladimir M. Ristanović / Language(s): Serbian / Issue: 4/2011

The collapse of international trade is aftermath of global economic crisis in 2008. Decline in trade was even higher compared with the period of the Great Depression and, moreover, international trade has recorded a much greater decline than the world’s gross domestic product. Previous causality has been confirmed in Serbia and global crisis hit the economy of Serbia with the lag of one quarter. Initial fall in output and trade was smaller in the world than in Serbia. Growingprotectionism is not among the main causes of the collapse of the trade, but it is its essential companion. Protectionism, however, can provide positive effects only in short term. It leads to a decrease in exports, employment and income in other countries, but will invariably have feedback - leading to the fall for products imported from countries that increased protection. Opening the market undoubtedly contributes to more efficient and dynamic growth.

10 lat członkostwa Polski w Unii Europejskiej. Skutki włączenia do jednolitego rynku europejskiego

Author(s): Małgorzata Czermińska / Language(s): Polish / Issue: 1/2014

The inclusion of Poland to the common market for goods meant the abolition of customs duties and quantitative restrictions on agricultural products in mutual trade with the countries of the European Union (customs duties on industrial goods have already been abolished by the Europe Agreement) and the application of the Common Customs Tariff on imports from third countries. Freedom of movement of goods after the accession to the EU accounted for Polish entrepreneurs a chance, because the fulfillment of EU norms and standards means full access to the common market, amounting to more than 500 million inhabitants. Particularly noticeable was the impact of accession on foreign trade, which, thanks to the membership not only gained easier access to the common market, but also new opportunities to increase trade with third countries. Since Polish accession to the EU gradually increased trade in agricultural products as well as their participation in the Polish foreign trade. Emigration of Poles also increased significantly, especially to countries that with effect from 1 May 2004 opened their labor markets, namely the United Kingdom, Ireland. In the final evaluation of the benefits of joining the common market and free movement of goods, persons, services and capital far outweigh, in both the scale of the economy and at the micro level, the costs associated with membership in the European common market.

10 Years of EU Membership: Diverging Performances in New Member States Agriculture

Author(s): Attila Jambor,Miklós SOMAI,Sándor Kovács / Language(s): English / Issue: 05/2016

More than 10 years have passed since the 2004 accession round to the European Union. The tenth anniversary provides a good opportunity for stocktaking and assessing the agricultural developments of the New Member States (NMS) in light of the latest data available. The aim of this paper is to assess agricultural performances of NMS and to identify the winners and losers of accession in this regard. By ranking individual country performances using Parallel Factor Analysis (PARAFAC), our results suggest that Poland and the Baltic countries can be treated as the winners of EU accession in agriculture, while Romania and Bulgaria proved to have used their potentials to the least. Results also suggest that focusing on high value added agri-food products proved to be a good strategy to reach development in the agriculture sector, while those countries concentrating on the production of agri-food raw materials turned out to be lagged behind.

100 sesji komitetu prawnego międzynarodowej organizacji morskiej – podsumowanie prac

Author(s): Dorota Lost-Siemińska / Language(s): Polish / Issue: XXXII/2014

The article presents the history of the activities of the Legal Committee (LEG) of the International Maritime Organization (IMO). The Author tries to assess the LEG’s work input in the context of legislation created within the IMO and points to changes in the activities of the Legal Committee, which refer to the promotion of the effective implementation of IMO conventions.

1989: Szempontok a rendszerváltás globális politikai gazdaságtanához

Author(s): Márk Áron Éber,Ágnes Gagyi,Tamás Gerőcs,Csaba Jelinek,András Pinkasz / Language(s): Hungarian / Issue: 21/2014

This article rethinks 1989 – the year commonly treated as a milestone of regime change. As contrary to this narrow view, and with the aim of laying out the conceptual foundations of possible future research projects, we give a short overview of the way Hungary became incorporated into the capitalist world system and of the key global, economic, and geopolitical factors that influenced its dependent development. For this we present a historically sensitive, global political economic narrative within which we pay special attention to the way public debt had been accumulated and how this, in turn, shaped Hungary’s position within the world system. After our analysis of the regime change we continue with an overview of the main structural dynamics of the last two decades. Finally, through two short case studies, we show how our perspective can throw new light on the political ideologies and economic policies of the era. The accumulation of state debt was not a Hungarian specificity: instead, we argue that it was rather a result of the global restructuring process and of its concomitant effect of decreasing national state-sovereignty. In the following manner, we also argue that the emergence of debates (which were central in evaluating the regime change, revolving around issues like „democracy” vs. „dictatorship” or „planning” vs. „market”) can be better understood within our global, historical, and political economic analytical framework. In the long run we identify two economic development strategies – namely, the strategy of liberalization and the strategy of protectionism – both structured around the, nonetheless entirely unfulfilled, hope of overcoming Hungary’s semi-peripheral position by „catching up” to its Western neighbors. These strategies then can be analyzed on the base of how they relate to global cycles of accumulation; how their shifts were influenced by changes in the world system; and, in turn, how these strategies organized both various elite projects shaped by global cyclical dynamics and the interpretations about our historically unfolding dependent position.

2008 Krizinin Bulaşma Etkisi: Bir Finansal Kriz Göstergesi Olarak Hisse Senedi Fiyat Endeksi Üzerine Bir Analiz

Author(s): Ceren Kocabaş / Language(s): Turkish / Issue: Special/2016

Contagion can be expressed as the spillover of any shock across countries, and a change in market sensibility. In this study, in addition to the expression of the notion of contagion within the literature, there will be an analysis of the 2008 crisis using monthly data of the variable of stock price indices from January 2004 to December 2013 using the MA(1)-GARCH(1,1)-M method. According to the results obtained, it was observed that there was an increase in stock price volatility in the crisis period, and it was determined that most countries in different parts of the world were affected by the crisis which arose in the American mortgage market, and that the contagion occurred because of the financial channel.

2008 Küresel Finans Krizi Sonrası Türk Bankacılık Sektöründe Performans Değerlendirilmesi

Author(s): Fatih Konak,Sevim Ergenoğlu / Language(s): Turkish / Issue: 2/2020

In the period until and after the history of humanity found money, the hiding, evaluation and exchange processes of certain values constituted the economic life of people throughout history. The invention of money and the increase in human interactions required the existence of institutions that regulate economic events. Banks born out of this need have started to ensure that individuals and institutions perform their financial transactions in a regular way. Banks, which expanded their job definition over time, started to provide many services to individuals and institutions. Competition of financial institutions and banks that increased over time led banks to take actions to increase their profitability. In this context, the main purpose of the study is to determine the variables that affect the profitability of the 24 banks in the Turkish Banking Sector between the years 2009-2018 after the 2008 Global Financial Crisis. According to the findings reached in the study using panel data regression method; It has been observed that the variables such as capital ratio, liquidity risk, level of lending, bank size and concentration give statistically significant results in explaining the change in performance.

2008 küresel krizinin turizm istatistikleri üzerindeki etkisinin çok değişkenli istatistiksel teknikler ve topsis metodu ile analizi

Author(s): Selay Giray,Özlem Yorulmaz,Özlem Ergüt / Language(s): Turkish / Issue: 2/2016

The purpose of this study is to evaluate tourism performance rankings of 145 countries considering three main criteria (tourism revenue, tourism expenditure and number of tourist arrivals) and the effects of 2008 global economic crisis. In this study, classification and rankings of countries and the place of Turkey in the rankings have been investigated using factor analysis, cluster analysis and TOPSIS method for the years between2006-2012. Furthermore, the analysis has been deepened for Turkey, the effects of crisis on Turkish tourism companies have been examined using their financial ratios. Findings reveal that country classifications and rankings are compatible for period before economic crisis and period after economic crisis. The results of both Factor Analysis and TOPSIS indicate that France, China, United States and Spain are belong to ranking of first 10 countries. The classification of Turkey remains the same before and after the crisis, however after the economic crisis, the ranking of Turkey has been moved up according to Factor Analysis and TOPSIS. The volatilities of financial ratios of Turkish tourism companies have been decreased after the period of economic crisis. The purpose of this study is to evaluate tourism performance rankings of 145 countries considering three main criteria (tourism revenue, tourism expenditure and number of tourist arrivals) and the effects of 2008 global economic crisis. In this study, classification and rankings of countries and the place of Turkey in the rankings have been investigated using factor analysis, cluster analysis and TOPSIS method for the years between2006-2012. Furthermore, the analysis has been deepened for Turkey, the effects of crisis on Turkish tourism companies have been examined using their financial ratios. Findings reveal that country classifications and rankings are compatible for period before economic crisis and period after economic crisis. The results of both Factor Analysis and TOPSIS indicate that France, China, United States and Spain are belong to ranking of first 10 countries. The classification of Turkey remains the same before and after the crisis, however after the economic crisis, the ranking of Turkey has been moved up according to Factor Analysis and TOPSIS. The volatilities of financial ratios of Turkish tourism companies have been decreased after the period of economic crisis.

2013-2015 Yılları Katılım Ve Geleneksel Bankacılık Karşılaştırması: Türkiye Örneği

Author(s): Selçuk Bakan / Language(s): Turkish / Issue: 36/2017

The fact that the interest, which is a must in the banking sector, is forbidden in the Islamic religion directs individuals to interest-free banking in Muslim societies. This case leads to an increased interest in the Islamic finance and Islamic banking in the world economy. In Turkey, the participation banking sector, which is the manifestation of interest-free banking, has demonstrated a rapid growth in recent years. This study provides information about Islamic finance, Islamic banking and participation banking, analyses some financial titles about the participation banking sector in Turkey between 2013 and 2015, compares and contrasts between general banking and participation banking, and analyses the state of participation banking sector. Findings show that while there was a decline in the participation banking sector in 2015 compared to 2013, there was a development in the traditional banking data in the same years. It is believed that the transfer of Bank Asya, one of the participation banks, from the Bank to the Savings Deposit Insurance Fund by the Banking Regulation and Supervision Agency and the subsequent process has an important effect in this decline. If necessary measures are taken for the participation banking sector and if the negative issues are not repeated, it can be said that this sector which is developing all over the world can continue its development in Turkey as well.

2018: Doing well, but no plan B

Author(s): Martin Vlachynský / Language(s): English / Publication Year: 0

The year 2018 started with a dip and ended with a dip. While the first encouraged investors to buy, the second sowed fear. With fiscal difficulties in France and Italy, Brexit plans going round in circles and a headstrong president in the US, recession became a popular topic of discussion in late 2018. Meanwhile, Slovakia’s economic policy suggested there was little to worry about in the future.

2019: Draghi’s Farewell

Author(s): Martin Vlachynský / Language(s): English / Publication Year: 0

The year 2018 started with a dip and ended with a dip. While the first dip encouraged investors to buy, the second sowed fear. With fiscal problems in France and Italy, Brexit plans going round in circles and a headstrong US president, recession became the popular talking point of late 2018. The 2019 response to this was a turnaround in monetary policy in Europe and the United States. Central banks acted to keep the veil of prosperity firmly in place. However, as 2019 continued, problems could be glimpsed behind the veil.

21. YÜZYIL ENERJİ SAVAŞLARINDA TÜRK CUMHURİYETLERİ’NİN YERİ ve ÖNEMİ

Author(s): Çağrı Kürşat Yüce / Language(s): Turkish / Issue: 17/2013

Energy consumption and the need to continue on a global scale, as in the past and in recent years. Oil and natural gas will continue to be the primary energy source until 2030 despite all the alternatives to meet this need. As a result of this situation, energy resources will continue to be one of the most important determinants of the twenty-first century. In addition, at least a half century, dominance of oil in the field of energy will continue to. Energy experts frequently reported that the “cheap oil” era has ended and price volatility in the oil market will continue to today.The Caucasus and Turkestan (Central Asia) regions including the Turkish Republics maintained its importance throughout history due to various reasons. Today, however, due to the rich energy resources, especially oil and natural gas, they took part in the world’s agenda. In this study, the important actors of the energy wars and reserve status of the energy resources of the Turkish Republics in the Caucasus and Turkestan regions were briefly described. In addition, as well as importance of energy resources for the region and the world’s nations, beginning in the late twentieth century and growing competition over energy resources of the Caspian Sea were discussed today.

30 years of integration in the Baltic Sea Region: security against the background of the current geopolitical situation

Author(s): Iwona Śmigerska-Belczak / Language(s): English / Issue: 2/2019

The aim of the article is to attempt to assess the results achieved in the economic and political field from the perspective of past cooperation as well as to see whether the directions and forms of this cooperation remain adequate to the challenges expected to be faced in the near future. In the current situation, the process of sustainable development implemented, among others, through the introduction of the concept of circular economy seems to be a solution guaranteeing security in all areas as well as further development.

36th Osijek - Pforzheim Symposium Review

Author(s): Ana Pap / Language(s): English / Issue: 2/2015

A 360 Degree Overview on Governance

Author(s): Marcela Mitriță,Amelia Diaconu,Alexandru Bodislav / Language(s): English / Issue: 1/2017

This paper represents a scientific overview of the idea of governance and its influence in the global economy, in social policy and in the way the political framework is developed by using the concept and its nearby equivalents. During this paper we will try to emphasize how governance emerged and how it improved during time and also how it accentuated some differences when it comes to implementing some of its key features.

A Bibliometric Analysis of Academic Articles about Innovation in the Perspective of Tourism Sector

Author(s): Ahmet Gümüş / Language(s): English / Issue: 4/2020

Purpose – This study aims to make bibliometric analyses of the articles in academic journals searched between 2010 and 2019 in scientific databases about innovation from the perspective of the tourism sector. Design/methodology/approach – A qualitative search and bibliometric analysis method have been preferred in this study. To this end, 117 articles about innovation in the tourism sector were examined through a bibliometric analysis method within a framework of 10 parameters in various scientific databases between the specified years. The bibliometric data regarding the last 10 years were transferred into a spreadsheet, then their frequency and percentage analyses were made by the SPSS 23 statistical packet software. Findings – Accordingly, it was seen that most of the articles were published in the journal "International Journal of Contemporary Hospitality Management" in 2016 and that the study field of "innovation" was the most-frequently handled topic in tourism businesses. Examining the parameters of the number of authors, method, and data collection tool, it was found that most of the articles were written by two authors and the quantitative research method and surveys were mostly preferred by the authors. Discussion – In terms of number of authors, method and data collection tool, it was understood that the articles partially overlapped with the literature. It is thought that this study will contribute not only to the literature and the researchers interested in the field but also to the productivity and competitiveness in the sector.

A CAUSALITY ANALYSIS OF THE RELATIONSHIPS BETWEEN GROSS FIXED CAPITAL FORMATION, ECONOMIC GROWTH AND EMPLOYMENT IN SOUTH AFRICA

Author(s): Daniel Francois Meyer,Kazeem Abimbola Sanusi / Language(s): English / Issue: 1/2019

In terms of macro-economic policy, gross fixed capital formation, which is the major component of domestic investment, is seen as an important process that could accelerate economic growth. This study re-examines the controversial issue of causality between domestic investment, employment and economic growth using South African data. The traditional assumption of causality running from investment to economic growth has remained inconclusive while empirical findings on the investment and employment growth nexus are also largely unsettled. The study makes use of quarterly data from 1995Q1 to 2016Q4 within the framework of the Johansen cointegration and Vector Error Correction Models (VECM). The empirical findings suggest that a long run relationship exists between domestic investment, employment and economic growth, with causality running from economic growth to investment and not vice versa. The results also demonstrate that investment has a positive long-run impact on employment. The empirical evidence further suggests bi-directional causality between employment and economic growth, while evidence of uni-directional causality, from investment to employment, is also found. The major implication of the study is that although there is bi-directional causality between economic growth and employment, economic growth does not translate to increased employment in the long run confirming “jobless growth”. Investment is found to be a positive driver of employment in the South African economy in the long-run. The study concludes that, in order to stimulate employment, investment enhancing policies, such as low interest rates and a favourable economic environment should be put in place to accelerate growth. Measures to promote economic growth, such as improved infrastructural facilities and diversification of the economy, should be further engineered so as to encourage increased investment.

A centrum hitele: A magyar állam külső eladósodásának történetéről (Mong A.: Kádár hitele; Mihályi P.: A magyar gazdaság útja az adósságválságba)

Author(s): Márk Áron Éber / Language(s): Hungarian / Issue: 21/2014

A Co-Integration Analysis of Interest Rate Spread and Corporate Bond Market Development in Selected African Economies

Author(s): Patrick Omoruyi EKE,Kehinde Adekunle Adetiloye,Esther Oluwafunmilayo Adegbite,Lawrence Uchenna OKOYE / Language(s): English / Issue: 52/2017

This paper examines the relationship between interest rate spread and corporate bond market development in thirteen African economies comprising of Botswana, Egypt Mauritius Nigeria, Tunisia, Cameroon, Kenya, Morocco, South Africa, Cote d’Ivorie, Ghana Namibia, Tanzania from 2004 and 2014 using fully modified ordinary least square (FMOLS) in an autoregressive distributive lag (ARDL) framework. Subsisting literature suggests that in bank-based economies, interest rate spread could adversely affect the potency of corporate bond market development; and thus limits the financial market competitiveness. The result provides evidence that corporate bond issue, as a proxy for financial development is negatively influenced by interest rate gap in the short and long term. The result affirms the ‘group interest' theorem in these African economies leading to a deterrent in competitive financial development. The ECM coefficient satisfies a priori expectation, affirms the short run dynamic relationship, which implies long run equilibrium from the annual speed of adjustment, which is about 100 percent. The paper suggests policy recommendations for the reduction in interest rate, and thus the spread to encourage the growth of corporate bond issues for a market-led financial development.