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Research Question: The study is aimed to explore the achieved level of socio-economic development of European countries, providing their efficiency analysis. Motivation: Current trends in the social wellbeing quantification indicate the neediness to change the perception of growth that relies solely on economic performance and the requisite to develop new approaches in measuring societal progress that, in addition to economic, includes the social performance of the national economy. Modern concepts are designed to encompass both the economic aspect and social goals. Therefore, the purpose of this paper is to contribute to the development of a methodological approach that can be applied to assess the level of socio-economic development. Idea: The study has been developed with the main idea to empirically assess and quantify the socio-economic development of European countries in order to improve traditional performance measures, which are primarily focused on economic aspects, omitting other aspects of sustainability. Data: A sample of 32 European countries was empirically analysed based on the data on socio-economic development indicators in 2018 (employment rates, mean equivalised net income, GDP per capita PPS, and percentage of people at risk of poverty and social exclusion) obtained from EU Statistics on Income and Living Conditions (EU-SILC) and Eurostat database. Tools: The assessment of the achieved level of socio-economic development was carried out using a Data Envelopment Analysis (DEA) based on the BCC output-oriented model with four output variables. Findings: Most of the EU28 countries (26 out of 28) do not achieve satisfactory levels of socio-economic efficiency. Additionally, countries of Northern and Western Europe achieve greater socio-economic efficiency, compared to the countries of Southern Europe. Four countries have a satisfactory level of socio-economic efficiency (the Czech Republic, Luxembourg, Switzerland and Norway). Contribution: This paper contributes to the existing literature in the field of socio-economic sustainability assessment through testing of the model with empirical data on European countries.
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One of the priorities of Europe’s transport policy in 2021 is to focus on the stable development of railway transport by emphasizing the benefits it provides for people, economies and the climate. For this purpose, and in order to achieve the goals of the European Green Deal in the field of transport, the European Commission proposed that 2021 be named “The European Year of Rail”. A series of activities, campaigns and initiatives for encouraging the use of railway transport as a stable and innovative type of land transport for carrying passengers and cargo will be organized throughout this year. The present article surveys Europe’s transport policy as a whole, more specifically – the policy aimed at the stable development of railway transport. It indicates the adopted measures which will help railway carriers overcome the crisis caused by the COVID-19 pandemic faster.
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Companies achieve great benefits when they sell products and services abroad. The advantages of International trade are numerous, such as efficient allocation and better utilization of resources, efficiency in production, increased revenues, more employment, higher market share, longer product lifespan, enhanced reputation, etc. Without a thorough marketing research of the foreign (local) market, as well as the understanding of cultural peculiarities, many companies, even the famous ones, are making mistakes that can jeopardize their business. International marketing blunders are related to poor translations of slogans into a different language, unacceptable product designs, inappropriate or ambiguous brand names, packaging methods, and even the use of colours and visual effects. For the importance of the colours in International marketing, a research speaks that found that 93% of consumers focus on visual appearance, and close to 85% claim colour is a primary reason when they make a purchase. It is known that the colour can attract attention, can stimulate emotional responses, can influence the perception of individuals, can influence on attitudes formation, improves learning and persuasion of consumers to buy a particular product. Colour affects the human behaviour and the purchasing decision making. As a brand’s identity element, companies must be careful when they use it in the product itself, packaging, product’s logo, slogan, display, name, design, signage. Colour meanings differ dramatically from culture to culture. There are a range of cultural influences that affect the usage of a specific colour: political and historical associations (flag colours, political parties), mythological and religious associations (references to colour in spiritual texts), linguistic associations (idioms and expressions), tradition (weddings, funerals, children birth, graduation), etc.
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A feature of modern globalization processes is their vulnerability to the volatility of short-term capital flows, which, combined with the growing volatility of commodity prices, have created serious difficulties for the economic policies of commodity-oriented countries. Therefore, the study of the impact of world commodity prices on the dynamics of economic growth of countries with commodity exports and the development of an appropriate methodology based on modern economic and mathematical tools is an urgent task. The purpose of the study is the impact of volatility and the level of world commodity prices on income dynamics (GDP and industrial production) using three groups of countries with different levels of economic development as an example. Functional dependencies were studied for three groups of countries: industrial countries exporting raw materials, countries – commodity exporters of low income and commodity countries of the former Soviet Union. The analysis is based on quarterly data for the period 1980–2018 using the Two-Step Least Squares (2SLS) method. We developed a methodology for the economic and statistical analysis of the functional dependencies of the commodity economy, which provides for the simultaneous accounting of the level of world commodity prices and their volatility, allows us to empirically evaluate the mechanisms of the macroeconomic influence of commodity prices on the dynamics of economic growth, primarily income (GDP and industrial production). It has been established that rising world prices for raw materials improves the dynamics of GDP and industrial production of countries exporting primary resources, while the consequences of high volatility of price indices are predominantly negative. If the impact on the economic growth of the exporting countries of raw materials of individual price indices coincides, then the corresponding estimates for volatility can differ significantly.
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In recent years the world economy is facing a re-emergence of an actor that once stood as one of the two poles of economic influence in the world, the Russian Federation. Russia’s position in the global economy is largely determined by the peculiarities of its space, its properties and qualities. Territorial density and organization of economic life, infrastructural development of the territory and its innovation - to a large extent, affect the competitiveness of the Russian economy and its ability to become a center of regional integration. In order to assess the Russian economic situation we need to consider the dynamics of the regions because Russia can not be interpreted as whole. We propose in this paper, an interpretation of economic dynamics of the Russian regions in order to understand the source of Russian re-emergence on the international economic stage. The model of analyze will consist in assessing the economic performance of the Russian regions selected for the study in correlation with indicators that emerge from a large spectrum from population density and patent application to geography.
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This paper has examined a long-run causal nexus between export and economic growth in six regions of the world. For this purpose, the authors have applied the Granger causality test. Using annual data for the period of 1971 – 2018, the authors have tested the direction of the causality between the variables. The research has found unidirectional causality running from export to economic growth in Asia, Europe, North America and Oceania. Moreover, the research has noticed the absence of the Granger causality in Africa and Latin America & the Caribbean. The findings could be useful in implementing regional policy. In Asia, Europe, North America and Oceania policy makers should aware of the importance of trade and focus on implementing exportoriented policies to stimulate economic development.
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The main objective pursued within the research is presenting the Shogunate period from the perspective of economic thinking, how the economical components were approached and analysed during the Shogunate period, to emphasise the importance of this period on Japanese economic thinking overall. The aspects presented showed that the vast majority of the ideas expressed by the representatives of this period indicated that during the Shogunate a series of values were founded, such as long work, restraint, acceptance of the hierarchy, acceptance of the authority, high savings, endless ambition, awareness of the group’s power, caring for the subjects’ good. All these, combined with the critical economic doctrines, through their nipponisation, led to the strengthening of the Nippon economic doctrine.
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In this paper we test the validity of purchasing power parity for Romania in relation with the main trading partner EU19. To the best of our knowledge, there is no any other similar study in the literature so far. The utility of the study comes from the possibility of offering trade policy recommendation for Romania. The data used in the paper covers the period 2005 (January) - 2019 (March). For estimation, we employ vector error correction model and we reach to the conclusion that the theory is validated in the short run.
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The function and importance of the banking sector play an important role in the development of the economy. This study suggests the calculation and examination of selected variables considered for the study. This paper attempts to analyze five major public, private and foreign banks. The purpose of writing the paper is to find out what measures banks can take to reduce NPAs. Profits decrease when NPA increases, using the Manova model and panel regression in this paper. The analysis is performed using the R software. In this paper, the author has used two methods, random effects and fixed effects. The current study describes the various financial data used in this article. If the definite effect and random impact resistance executed by the Houseman test were to be properly selected, it was concluded that there was a significant effect on deposits, advances, interest, other income, total NPAs, net NPAs, total assets.
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Family businesses are the cornerstone of the majority of the economies worldwide. They constitute one of the oldest historical forms of business organization and account for a significant percentage of all businesses around the world. The aim of the paper is to analyse the evolution of the world’s largest family businesses by their total revenues in the period 2013-2017. The research was based on a quantitative method. The paper demonstrates that the world’s largest family businesses obtained impressive revenues in the period 2013-2017. They represent huge multinational and transnational corporations with a global presence. Also, the paper illustrates the clear domination of the largest American and European family businesses at the global level.
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In this paper the authors analyze the metamorphosis of understanding trade in Europe: from Antics, from the first systemized economic attitudes in early middle ages through mercantilists and Adam Smith who laid down the basement of classical political economy. Free trade was considered as one of motive powers in the whole economic process. Physiocracy, Classical economics, Marxist economy, Historical School, Marginalists and Neoclassikes proceeded, supplemented or disputed that theory until the XX century, discovering main principles in microeconomics. XX century was mainly devoted to macroeconomics and global problems. Great Depression proved that trade restrictions depending on its size lead to economic disaster. In the second half of XX century Europe decided to achieve free trade at least between the member states. The idea of Single Market was born and formally completed. The EU internal market is supposed to be an area without any trade barriers. It is supposed to be but there is still much to do in achieving a really unhampered flow of goods and services in Europe, and not only enlargement leaves the problem open. The legal basis of the EU permits the possibility to misuse health and safety requirements as a hamper of full economic integration of the expanding EU family.
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To operate effectively and proficiently the representatives of the contemporary business world look for the most successful ways to meet the challenges of global developments. The article deals with the issues of international business expansion and the necessity to introduce a scientifically based course of negotiation for different managerial levels. The course in negotiation is usually integrated into the general program of organizational learning and development. The article presents some general approaches to the course design which could be applied in working out a business negotiation program. A special attention is paid to the content of the course which is considered to be a driving force of the whole program. However, negotiation practice activities are of no less importance. The increasing scope of international business calls for the necessity to view business negotiation process as that of meeting different cultures. The article stresses the importance of the analysis of ranking countries/cultures or cultural dimensions. This knowledge helps to evaluate the outcome of international negotiations in accordance with different dimensions (power/distance; individualism/collectivism).
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Influence of corporate social responsibility on competitive abilities of corporations is analyzed in the article. While assessing the role of CSR in the processes of competitive advantages formation on the academic ground, the following traditional models of the competitive abilities analysis can be used: the model of five forces, the model of resource based approach and the model of network approach. Every model of the company’s competitive ability analysis has its advantages and disadvantages. Each of them can be useful in researching the connection between competitive advantages and CSR because they emphasize different aspects of the origins and the importance of advantages. The summarized scheme of the formation of competitive advantages, connected with CSR, is presented in the article. Meeting requirements of consumers is considered to be the centre-line of business oriented towards the market. The complex of marketing established for this purpose has to be founded on the principles of social responsibility. Meeting the requirements of consumers the interests of other groups and members of the society must be considered, so it is necessary to find out about these interests during the interactions with stakeholders. The tension between business and society is obviously unprofitable for both sides, thus its prevention and elimination are very important strategically. Only the companies, which aim to save all universally accepted ethical standards of social behaviour, can expect a positive attitude and support in the modern society. Moreover, helping to solve burning social and ecological problems they get competitive advantages and ensure their successful work in future. The company’s attitude towards CSR is reflected in its mission, vision, value-system and the whole culture of the organization. At the present stage of social development consumers are getting greater power to influence business organizations. As the modern informative technologies are broadening and the number of their users is increasing, the population has got greater possibilities to compare products and services, to choose them as well as sellers and ways of selling. Consumers are mostly intolerant of the goods or companies, which are indifferent to social and ecological problems. On the contrary, the companies, which worry about them, are supported by consumers. Getting CSR advantages enterprisers tend to consolidate, support, strengthen, defend, renovate and change them. For this purpose a new system of communication with objective markets is created or modified. The traditional complex of support is not effective although it is supplemented with unconventional instruments in order to form a set of CSR competitive advantages. Openly announced CSR reports have become the main instrumentality of communication in the field of social responsibility for recent decades. Rapidly developing processes of globalization throw new challenges for CSR competitive advantages creation. Business interaction with stakeholders has been becoming more complicated and requires from companies new knowledge, different skills and additional recourses.
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Decentralization matters. Decentralized Finance covers a range of products and services which aim to make participation in financial services more accessible to everyone. This paper presents a plan to create sophisticated products usually reserved for UHNWIs, Institutional investors and Asset Managers within the traditional finance world for the Decentralized Finance ecosystem. Structured Capital Market Products are innovative, ever evolving and well established in traditional finance and by this decentralized creation, a catalyst that will speed up the capacity of “decentralized” for everyone’s economic empowerment and the real accessibility to the global financial marketplace.
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Modern economies have to deal with the problem of misusing of monopoly position by enterprises within the frame of so-called imperfect competition which is in spite of facts such as New Economy and competition reinforcing phenomenon of globalization probably irrefragable reality. Bureaus of economy competition protection lead vein fight on the level of nations against monopolistic companies which are abusing their position on the market. Situation is really problematic in small duty closed national economies. Aim of this paper is to answer the question: “Will this situation change – if it will change at all - in countries that newly joined European Union, considering their integration in significantly bigger competition environment of economically integrated Europe:“ Czech Republic which joined European Union was chosen to proof this fact. In four years there came out that many companies, which were monopolistic before joining EU, became oligopolies mainly the ones with dominant firm. A well-known economic theory says that oligopolies in comparison with monopolies have much less possibilities to abuse their position. The situation within the frame of the oligopoly is more competitive. Oligopoly with dominant firm reality analysis has been selected not just for the fact that monopolies of the new EU-members have been turning into this oligopoly option, but mainly because by the other oligopoly options analysis, the results are more hospitable, because of an increasing competition. The graphs in the paper furnish theoretical and graphical proof of above mentioned conclusions in the form of oligopoly price and oligopoly quantity respecting the transition dynamics. The fact, that enterprises in the oligopoly edge that compete with the dominant firm oligopoly have and make use of an extend for positive technology transition, is taken into account. Thereby it comes not only to the product prices change (quasi decrease), but also to increase of the producing quantity and above all to the proportion changes between the quantity which is shared by oligopoly edge and dominant firm. Nevertheless the participation of the oligopoly edge grows significantly. Above mentioned facts or their developments are not even changed by the population increasing incomes that have been analyzed in the paper concurrence oligopoly edge technology transition. In fact e economic integration leads to the increasing space for small and middle enterprises that are frequent carriers of fundamental innovations in production and employ significant part of the country inhabitants. These are firms supported not just by governments but also by EU. Above mentioned microeconomic facts have been fully projected into the Czech economy prosperity on the macroeconomic level. The proof was given by so-called magic quadrangle and its still growing area in the suspense period. The growth of the area has been almost proportional that and it matches to the success economic development theory requests. It is possible to state that the enter of the extra small economy to the economically integrated area of EU can lead – besides others – also by market structure transitions to consolidation of economic prosperity of such small country.
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The aim of this paper is to investigate dynamic interrelationship between four major crude oil prices, Western Texas Intermediate, Brent, Dubai, and Oman, by multiple sub-periods analysis as well as time-varying coefficient from January 1, 2007 to December 31, 2019. The multiple sub-periods are quantitatively constructed by the structural breakpoints identification method and then qualitatively justified by matching those with key economic and political events. GARCH family models, such as an extended GARCH (1,1) and Diagonal BEKK-GARCH model find that (1) volatility spillover and correlations between the selected four crude prices, in general, varied over time, (2) Dubai prices tended to be followed by all other prices over the years, (3) Prediction of oil prices became harder for the Asian crude oil markets, such as, Dubai and Oman, than for the Western markets during the sub-period in which the Arab springs events were involved. These findings shed light on the features of the major crudes oil prices interrelationship for the recent 15 years.
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This paper explores disparities in the effect of pollution on confirmed cases of Covid-19 based on counties’ socioeconomic and demographic characteristics. Using data on all US counties on a daily basis over the year 2020 and applying a rich panel data fixed effect model, we document that: (1) there are discernible social and demographic disparities in the spread of Covid-19. Blacks, low educated, and poorer people are at higher risks of being infected by the new disease; (2) The criteria pollutants including Ozone, CO, PM10, and PM2.5 have the potential to accelerate the outbreak of the novel coronavirus; (3) The disadvantaged population is more vulnerable to the effects of pollution on the spread of coronavirus. Specifically, the effects of pollution on confirmed cases become larger for blacks, low educated, and counties with lower average wages in 2019.The results suggest that welfare programs during a global pandemic should be differentially distributed among families with different socioeconomic status since the effects of these programs in reducing the spread of the pandemic is different among subpopulations. This paper is the first study to evaluate the differential effects of pollution on the spread of novel coronavirus across different subpopulations based on their socioeconomic status.
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More and more public and private organizations are trying to integrate the concept of circular economy into their daily operations. Given the existing pressures related to climate change, there are various debates in the literature on how to reduce the impact, and one of these debates is the use of renewable energy to the detriment of fossil fuels. This paper aims to create an image of the link between circular economy and the transition from fossil fuels to renewable energy through specialized papers published between 2000 and 2020 and through statistics published by International Agencies such as Eurostat. In this way, this paper is based on the study and analysis of the updated databases regarding the mentioned indicators. Moreover, the paper also discusses different possibilities of circular economy use and how they can be integrated into the European body, with a positive effect on the society and environment. The study found that European Union energy supply is increasingly based on renewable resources, the use of fossil fuels being limited from one year to another. At the same time, even if in the last decades the European Union has been characterized by industrialization and urbanization, there can be seen a growing efficiency of the energy system in the conditions in which the GDP per capita had a fulminant growth of over 50%. Moving forward, one of the most interesting result of the paper is related to a massive concentration of works in the last two years of the period considered in the analysis. In other words, there is a great opportunity for more scientific research in the field. Despite this, researchers agree that the principles of the circular economy contribute to the conversion of the energy system, with positive effects on society, ensuring sustainability, productivity and efficient waste management. At the end, in order to support the energy transition, a number of institutions such as the European Investment Bank are supporting initiatives that aim to invest in objectives such as new technologies which could adopt circular economy. The paper also presents possible limits of the research, but also future directions of its development.
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The aim of this paper is to estimate whether the liberalization process benefited a mutual trade between the EU and BRICS Members over the last two decades, and whether protectionism, which is currently on the rise, still represents a significant toll to trade. Our results proved that the multilateral trade liberalization process, represented by the WTO, is no longer benefiting trade among observed economies. It clearly confirms the long-standing stalemate in the WTO. We have also found that the observed FTA between the EU and South Africa created trade strongly, but unevenly. Finally, we found that the level of tariffs no longer represents a significant barrier to trade among observed countries.
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