Around the Bloc: Latvian Bank Watchdog Steps Down to Quell ‘Suspicions’
Banks in the Baltic state are suspected of laundering billions in ill-gotten gains from Russia and Moldova.
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Banks in the Baltic state are suspected of laundering billions in ill-gotten gains from Russia and Moldova.
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The development of computer sciences and telecommunication together with legislation changes caused the globalization of capital markets and the increase of their role in the economy. To measure the level of the development of capital markets it is necessary to take into account several aspects that lead to providing multidimensional analysis. Therefore multivariate statistical methodology can be used for such a purpose. The aim of the paper is a comparison of the development of the capital markets, represented by the stock exchanges affiliated with the Federation of European Securities Exchanges (FESE). The development of selected equity markets is evaluated applying taxonomic measures calculated on the basis of FESE data concerning nineteen European stock exchanges in the years 2002-2011. Variables used for the synthetic indicators construction describe both the characteristics of the capital markets and the financial efficiency of the stock exchanges.
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Talk of easing the measures in some European capitals still not enough to force a rollback.
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This article aims to prove that the institutional order in a broad sense is essential for the success of transformation processes of post-socialist economies, especially for achieving positive social outcomes which contribute to the development of human capital. The analysis was conducted on the basis of an original model of the transformation process established by the author, using some examples of indica-tors illustrating the changes. The theoretical model assumptions were verified through a comparative study carried out for the group of countries of Central and Eastern Europe, which transformed their economic systems from central planning to market economy. Within the indicator analysis there have been included statistical data and indicators developed by several international institutions. It has been proved that there is no correlation between the technical, economic and social effects of transformation. The process of technical and infrastructure modernization often precedes positive effects in the econom-ic and social spheres. This is mainly due to the high level of investment in infrastructure, often financed from external resources (e.g. the European Union). In addition, societies of the post-socialist countries evaluate the processes occurring in the economy in a specific way (sometimes surprising). The percep-tion of “happiness” is not directly dependent on “hard” indicators reflecting the current condition of the economy. However, the transformation model presented in this article assumes that social factors have a significant influence on the dynamics of institutional changes therefore it can be expected that in countries where people positively assess the prosperity of the country, the dynamics of further develop-ment can exceed the countries with low levels of social satisfaction.
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The author of this paper was a team leader final result of the Cross sectoral Megaprojects working group under a COST Programme action in the period of 2012-2014. The group transformed into a risk management group and he (Milen Baltov) was the one to identify the issues of “incorporating risks” and “dealing with conflicts” in the formal project management of the investments. The author together with the team leader of the Transport working group disintegrated their groups of researchers into a new group. They all assumed the risk management challenges with megaprojects – as uncertainties are not obligatory to avoid. The researchers considered that identifying the performance “gap” between the major projects and the mega projects might have also possible implications on the EU terminology. A focus was supposed to be the evaluation tools application to mega projects and especially the specifics of the Cost Benefit Analysis. Proposed aims of the Risk management Working Group were: 1) To through light and make a review on the literature about risks in megaprojects; 2) To identify the main issues in common experience in the MEGAPROJECT portfolio of risks in megaprojects; 3) To clarify the different between risk identification at the front end of the megaprojects and the risk at the front end of the projects as a whole?; 4) To demonstrate the possible ways of dealing with risk in the evaluation of megaprojects in the front-end. Proposed Deliverables from the Working Group were: Literature review paper; Papers about MEGAPROJECT portfolio and being 'mega'; Internal report; Practitioner usable guidelines; EU regional investments policy recommendations, concerning the risk management in the implementation of the cost benefit analysis (CBA). In a great part all these deliverables were finalized and the author accumulated on his own previous work and the new inputs in drafting this article.
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In this purely critical and analytical manuscript, the author will discuss on "adequacy" of financial reporting in the country of "good" corporate practices. As a criterion for this analysis he formulated the leading role of dependence "quality-utility" of the resulting information for making investment decisions based on data from financial reporting. Test according to this criterion as the author subjected the development of financial reporting in more than a quarter century of state transition of Bulgaria to the ... (intentional sentence is left incomplete because, as has long been clear or purpose of the transition is not clear, or the objective may be no transition).
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The object of the author's study are problems - еssence and main elements of the international monetary system (IMS), Paris IMS or classical gold standard, Genoese monetary system - a modified form of gold standard, Bretton Woods system as the first result of the postwar monetary doctrine, Jamaican currency reform - a complete denial of the golden model, European monetary system based on the euro and European Exchange Rate Mechanism II.
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In the proposed study is made an attempt to integrate the risk of unfavorable increase of government debt of the Republic of Bulgaria in the period 2017 - 2019 with Monte Carlo simulation. Conducted simulation is based on the specifications of regression model of debt with tax revenues as an independent variable. For this purpose was used data for the period 1998 - 2016. The relation between the government debt and the tax revenues was statistically significant (R = 0,789). The availability of significant estimates of regression coefficients was also found using a second order polynomial functional form. Monte Carlo simulation is conducted based on randomly generated expected growth rate of tax revenues for the estimated period 2017-2019. On this base was specified the amount of expected annual tax receipts and using the regression equation - the forecast government debt values. The resulting simulation annual average debt (in 1000 attempts) and interval of central 68.3 % (based on normal distribution) of cases are close to a significant extent to the estimates of the government's medium-term budget forecast. The conclusions are that the method 'Monte Carlo' can be successfully used to assess the variability of government debt using the tax revenues as independent risk variable.
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Measurement of latent variables is a common task in various marketing research. Adequate measurement requires precise definition of the model of the hidden variable or construct. This article summarizes recommendations for distinguishing between formative and reflective models. These models are used in research on marketing issues such as loyalty, attitudes and beliefs, brand image, emotions, perceived risk.
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The global economic crisis has contributed to the intensification of sociological and public debates on the limits of the free market, which poses anew the problem of alternatives to the neoliberal model of capitalism. However, in the case of Poland, these discussions have been much weaker and focused more on the cultural than the socio-economic dimension. This article examines the consequences of the global economic crisis through the lens of selected socio-economic changes in Poland. Its empirical basis is the author’s research on working-class milieus in Poland during the period 2002–2004, and his research on employment relations and trade union strategies during the period 2009–2012. It is argued that transformations in the sphere of work, such as the expansion of non-standard forms of employment, have mobilized potential debates on the ideas and discourses that question the ideas of self-regulating markets. Simultaneously, however, it is suggested that the deregulation of employment relations in Poland contributes to a situation whereby a “disenchantment of the market” does not lead to a collective mobilization in the workplace, but rather beyond it in the public sphere, using local resources of cultural resistance.
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This article describes the issues associate with the political independence of the European Central Bank. In prelude author characterizes the functional models of the Central Bank. Presents Central Bank as institution dependent that is subordinated to government or institution independent of government. In further part of an article author is advancing arguments convincing for individual mod-els of central baking. Political independence of Central Bank author is considering in personal, fi-nancial, institutional and functional aspect. Author is setting an example of breaking political ECB independence. The article emphasizes that a politically independent European Central Bank hinders its ability to take advantage of monetary policies for temporary political gains. It is the author’s opinion that even with the goal of political independence for the ECB it does not mean that there will be an absence of democratic control.
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Multiannual financial framework of the European Union (EU) for the period 2014-2020 enables implementation of the new generation of EU spending programs since 1 January 2014. EU Member States provide, through the Structural Funds and European Investment Funds or ESI, financial resources to support them in order to develop continuously. This paper discusses disclosure of such funds and a number of issues that need to be known by potential beneficiaries in the Member States.
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Since COVID-19 first made its appearance, the economy of the whole world has been facing unprecedented challenges. As a result of this, researchers investigated the effects of COVID-19 on a variety of important macroeconomic factors pertaining to the Nigerian economy between March 2020 and July 2022. The Nigeria Centre for Disease Control (NCDC) and the World Health Organization (WHO) were the sources of information regarding the number of cases of Covid-19. The Central Bank of Nigeria was the source of information regarding the value of the country's currency, the interest rate, and the inflation rate (CBN). After subjecting the data to a battery of econometric tests. The number of deaths caused by COVID-19 had a significant impact on interest rates, in contrast to the very little impact that confirmed cases of the virus had. There was a statistically and clinically significant association between COVID-19 validated cases and the inflation rate in Nigeria. This correlation was seen in the country. Additionally, the COVID-19 pandemic Granger was the cause of macroeconomic indices such as Nigeria's currency rate and interest rate respectively. According to the findings of this study, it is thus feasible to draw the conclusion that the COVID-19 outbreak had an effect on the naira as well as interest rates and inflation in Nigeria. According to the results of the investigation, the authors of the paper came to the conclusion that in order to keep prices stable despite the continuing pandemic, the government of Nigeria should adopt more stringent fiscal and monetary policies.
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The new economy, as defined in the current period of socio-economic development, has as its main feature globalization. Thus, during this period, as a result of the appearance and spread of the Covid-19 pandemic, in addition to the great human tragedies caused by this virus, a series of economic and financial problems arose, which is a real challenge for both international bodies and for national institutions. The objective of the research is to identify the main socio-economic changes that have occurred at the international level, but also nationally, on the occasion of this pandemic and highlighting the impact of measures taken by competent bodies. The research method is non-participatory observation, and the data source is the information published by authorized national and international bodies, but also the literature. The research results aim to highlight the impact of the measures taken so far, worldwide and nationally, on economic and social life. Future research directions include the analysis of the evolution and impact of this pandemic on national and international economic life, as well as the highlighting of measures taken, both locally and internationally, by authorities or other competent bodies, in order to remove the negative consequences generated by this new crisis, to end the pandemic, but also to prevent its recurrence.
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This article addresses the growing interest of nations in evaluating their comparative advantages and enhancing their global competitiveness. The primary aim of this article is to provide a foundational framework for researchers seeking to examine comparative advantage within the European Union, focusing on the current situation in Romania, both within Europe and on the global level. By applying the Balassa model, coupled with an analysis of export patterns in terms of structure and dynamics over a minimum five-year period, it becomes feasible to discern instances of comparative advantage in the global economy. The comparative evaluation before and after European Union integration, with consideration of the features of free trade within this customs union, assumes a pivotal role in identifying essential competitive advantages necessary for thriving within a free market environment. This comprehensive theoretical and methodological approach seeks to establish an early stage of research in Romania's external economic relations.
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This article assesses whether the world economy is actually returning to manufacturing, and in particular, whether this is, or would be, economically sound in light of KLEMS productivity accounting. In this paper, the term ‘economic soundness’ is applied exclusively to situations in which reindustrialisation is likely to accelerate economic growth. Environmental, social and other per- tinent issues are not considered. It has been established that the countries under consideration generally did not reindustrialise during the stipulated periods, despite it being economically advisable to do so. Returning to manufacturing may therefore become a major growth factor in the post-Covid economic reconstruction (which is being prolonged by the Ukraine-Russia conflict).
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The objectives. The article examines the main consequences for the food industrydevelopment in ensuring food security caused by the Russian invasion of Ukraine. Importantfactors of acute disturbance affecting the global food supply have been identified, especiallyin the supply of vegetable oil, grains, corn and oil seeds, miscellaneous grains and fruit.The existing risks of Ukrainian food security has been analyzed for that purpose. Based on theresearch results, complex directions for supporting the food industry recovery were proposed.This will help prevent a humanitarian catastrophe in order to provide food for the populationand make a greater contribution to strengthening the global food system.The results of the research. The article presents the main directions for therestoration of normal activity in the food industry, which include coordinated actions ofthe international community, government agencies, manufacturers and society. To combat thethreat of increased hunger and food security, it is necessary to strengthen internationalcooperation in order to prevent hostilities.
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The aim of the article is to indicate the relevant factors shaping economic migrations from the perspective of the theory of international relations. The article concerns a crucial period for the immigration of IT workers from Belarus, i.e. the second half of 2020 and the first half of 2021. From the point of view of the theory of international relations, it should pay attention to two levels in research on the issues of economic cooperation: domestic and international one. In the article, the author will point out the link between migration and the international and political conditions of the development of the IT sector in Belarus. The research hypothesis put forward by the author is related to the link between the causes of migration and the economic and political conditions that developed in Belarus in the 21st century. Authoritarian systems,according to the author, may favor economic development and create conditions for running a business in a specific way, but the security of such activity itself is limited.
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This paper explores the global dynamics of second-hand clothing (SHC) in light of the circular economy to identifygaps and suggest pathways to reduce negative impacts on the sector. The analysis identifies current globalpatterns of SHC international trade and the main hotspots, in order to build a framework for action.The framework incorporates the main stakeholders and a set of actions aimed at reducing the environmentaland social issues associated with the international trade of SHC. The analysis suggests that the framework mayreduce risks and facilitate the transition to a just circular economy in the SHC sector.
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