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Thomas Aquinas is generally known as an opponent of usury, which means any interest on a loan (i.e. any payment over the principal capital). The doctrine created by Aquinas can be called anti-usury doctrine. In medieval economic and legal reality, other legal institutes, instead of the mutuum, had been applied for using things (real estate, chattels) without the transfer of their ownership – rent (locatio conductio rei), borrowing (commodatum) and leniency (precarium). In addition, the effects of the anti-usury (and anti-debt) doctrines caused the rise of the institute of agency. In symbiosis with the development of agency, there were (regulated) markets as a tool to combat crime and create legal certainty for which the institute of agency was important; and markets were important for the proper function of agency.
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An important part of having slaves as a labor force is insuring their lives and their income. This paper explores whether antebellum life insurance companies insuring slaves did so appropriately and/or responsibly from a financial perspective. Determining whether antebellum life insurance companies did so is essential, as life insurance is a major segment of the economy of most countries and hence it is vital that life insurers perform well and are viable for the benefit of other industries and national economies, including with respect to the antebellum United States. This is the first study to investigate several critical financial elements, including premiums, expenses and mortality, of antebellum life insurance companies regarding feasibility. One characteristic of the results is that if firms employed a suitable expense assumption then the premium did not have a high enough mortality assumption and vice-versa. Additionally, most premium increases used regarding hazardous occupations, sum insured limits and location failed to adequately account for the associated increased mortality. The overall result is that, from a financial perspective, antebellum life insurers had trouble accounting for slave life insurance appropriately and/or responsibly.
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The paper outlines the most important sources for economic history of Galicia (Austrian Kingdom of Galicia and Lodomeria) that are kept in the Central State Historical Archives of Ukraine in Lviv. The sources comprise tax fassus (statements) of 1772 and Galician cadasters, that is Josephin Metrics, made in 1795-1989, and Franciscan Metrics, started in 1819-1920, as well as Fixed Galician Cadaster, compiled in mid-19th century. The paper describes the place of storage of the documents in the Lviv Archives, their contests, and the ways they can be utilized. In addition, changes in administrative division of Galicia have been delineated to facilitate the search of the archive.
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Latest financial crisis resulted in non-performing loans growth what causes a lot of problems to financial stability of banking systems all around world. Aim of this paper was to examine the impulse response function of financial stability and non-performing loans in Bosnia and Herzegovina banking sector. For that purpose, non-performing loans were defined as dependent and financial stability was an independent variable. Vector autoregression analysis was employed in order to explore how the Bosnia and Herzegovina banking sector financial stability responds to the impulse of changes in non-performing loans. Data for financial stability and non-performing loans for the period 2000-2017 were used. Main goal of this research is analysis of financial stability response on changes in non-performing loans. Therefore, the purpose of this paper is modelling relations between non performing loans and financial stability. The study showed that financial stability of Bosnia and Herzegovina banking sector negatively reacts to changes in non-performing loans. Regression model showed that increase in non-performing loans leads to deterioration in financial stability of the banking sector. Results indicate long-term and short-term connection between non-performing loans and financial stability. Furthermore, it was disclosed that changes in financial stability have been caused by changes in non-performing loans. These results indicate the importance of non-performing loans monitoring as one of the main sources of systematic risk which could threaten banking sector financial stability.
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Japan's economy is invariably seen as a prime example of a capitalist system and an analysis of the elements on which the Japanese economy is founded seems to lead inexorably to the conclusion that Japan is an established member of the group of highly developed capitalist nations. Although the post-war economic crises have also affected the Japanese colossus, they have resisted due to the diversification of risks, the clients, the collaboration with multiple companies, the adaptation to new technologies, the innovation, the flexibility and above all, due to the formidable force of the Japanese people to overcome difficulties. Japan has a tradition of success, based on the military performance of the past. The orientation towards the performance of the Japanese companies, by the strategic character, can be correlated with the management of the military doctrine, both the classical and the modern one. The theme is anchored in reality because Japanese companies are a benchmark for emerging economies, as is the case in Romania.
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In the 1960s, Portugal lived through a period of rapid industrialization in what became known as the golden cycle of Portuguese industry. This late industrialization makes Portugal one of the countries ruled by a peripheral Fordism, which is particularly relevant in the region of Setúbal, since several heavy industry companies settled there, among them Setenave and Lisnave. These shipyards are described by workers as being “a city within the city” mostly given their dimension and labour contingent. However, this industrial “city” was more than a place of economic production; it was also a place for sociability. Informed by semi-structured in-depth interviews with former shipyard workers, and focused on the meaning they attribute to the changes experienced between the 1970s and the deindustrialization period of the 1980s, this article analyses the transition from a working culture based on solidarity to a culture dominated by competition and individualism.
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The paper deals with various analyses by Croatian economists of the so-called process of transformation and privatization in the 1990s. In recent decades, especially since the first multi-party parliamentary elections in April 1990, the process of political-economic transformation has not only decisively changed the socio-economic structure of Croatia, but also influenced the Croatian polit-economic thought. By reviewing works by Croatian economists, political economists and sociologists, this paper has the ambition to make a contribution to a new approach of studying the process of transformation and privatization. This paper develops the thesis that the process of transformation and privatization was essentially a restoration of capitalism through primary accumulation of capital. What is also called wild capitalism, cronyism, and even tycoon capitalism – was in fact the usual course of the emergence and development of peripheral capitalism. Its specific feature is connected with the nation-state which had the role of system-maker as well as ruling-classmaker, rather than the other way around – that the ruling class had created its own state and economic system. At the same time, we reject as simplified various conclusions that the transformation and privatization process should have been and could have been more just and fair. In the end, one can better understand the paradox of Croatia starting the process of transformation and privatization as one of the countries with the best features and finishing as one of the most unsuccessful examples.
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The article traces the expansion of a Čakovec-based construction enterprise Građevni kombinat Međimurje from its formation in the 1960s until it reached the peak of its business growth at the very end of the 1970s. On one hand, it is a compelling history of technocracy, entrepreneurship, and business development in a deregulated semi-planned economy. On the other, it is the story of the modernisation of Yugoslav agricultural periphery and the transformative experience of a provincial city on the fringes of Belgrade’s or Zagreb’s political interests. Among other things, the research underlines some of the most relevant characteristics related to the formation of large business systems in self-management. It scrutinises the relations and interactions between business and politics on a local level. Indirectly, the article questions the success of the market reform in Yugoslavia and seeks the boundary between the company and the Party.
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Although historiography (as part of the local history of the Labin region and its coal mines) and scholarly literature from other disciplines (primarily the history of architecture) have addressed different aspects of the construction of the miners’ town in Raša, this paper focuses on the reasons, circumstances, and processes of infrastructure construction in Arsia / Raša, based both on a critical evaluation of the present research and on a study of archival sources. It has been observed that Raša – built within 547 days from April 1936 to November 1937 – was not primarily a project of the fascist regime intended to serve its glorification, but was constructed by the administration of the coal mine due to its need of new workers, in the context of increasing the production of coal for industrial and transportation purposes (railroad, navy, and maritime transport) at the time when approximately 1,000,000 tons or 10 % of the Italian needs for this energy resource were pumped from the Raška Basin. The town’s construction was preceded by extensive land reclamation works in the area.
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This paper discusses the emergence, existence, and fate of a planned, systematic town in a passive region of the then Federal People’s Republic of Yugoslavia – later renamed to Socialist Federal Republic of Yugoslavia – in the period after World War II. The author critically assesses the reasons for the creation and construction of a modern town at the locality of Lički Osik in central Lika. The town was entirely dependent on and shared the same fate with the military industrial facility “Marko Orešković”, as it was built to support its production. Economic, social, and cultural ups and downs marked the half-century existence of this town, defining both its uncertain present and its promising future. Based on unpublished archival documents from that period, the author has reconstructed the reasons and modes of existence of the planned military enterprise as well as the associated town, which remains emblematic as an unrealistic and misunderstood economic development project in this part of Croatia.
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The ambitious and expansionist western-directed policy of Emperor Justinian left his successors with an empty state treasury, a grim financial picture, and hard-to-defend areas against the barbarians in places such as Italy, Carthage and even southern Spain away from the centre. His successors tried to rule the state under these conditions, while at the same time Persians in the east, Avars and Slavs in the Balkans, and Lombards in Italy made the situation worse for them on the frontier. As a successful general, Maurice, who ascended the throne in 582, was a disciplined soldier who knew the financial situation of the empire very well. He signed an agreement that made significant gains for Byzantium with his risky but wise policy against the Sasanians in 591 and focused his military strategy on the Avar and Slavic invaders on the Danube frontier. However, the emperor’s over-disciplined character, his desire to fight, and his belief that a winter attack on the Slavs would be successful would bring an end to him. Eventually, a mutiny broke out within the tired and frustrated Balkan army during the preparations for the campaign in the winter of 602. Led by a soldier named Phocas, the rebels left the frontier and marched to the capital. With the help of the Greens, one of the city’s hippodrome factions, Phocas easily seized the capital and then captured and murdered Maurice who fled with his family. This study examines how the eastern frontier collapsed during brutal and violent reign of Phocas, who usurped the Byzantine throne between 602–610. A new perspective will be offered from the main sources of the period that connect Phocas’ terrorizing eight-year rule in the capital with the unprecedented westward military advancements of the Sasanians against the Romans.
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Jane Austen lived between 1775 and 1817, at a time when the political and the economic importance of the country gentry made itself felt throughout society. Hence, she focused on the life, manners, and values of this social segment. The landed country gentry provided her with various social types and a social context with middle class manners and mores. However, the social life in Jane Austen's England was not uniform and peaceful. Our paper explores some of the social limitations and restrictions faced by the heroines of Jane Austen’s world, as well as the conflicts that her female heroines have with the established norms of their society and, therefore, and their search for freedom as well as their submission.
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This study develops a money demand model for Latvia for the period from 1996 to 2006. The model is specified in the error-correction form based on a single co-integrating vector between real money balances, gross domestic product, long-term interest rate, and the rate of inflation. The model meets all three requirements for ‘stability’ put forward in Judd and Scadding (1982). The model is both well-specified and highly parsimonious. It demonstrates high explanatory power in sample as well as accurately forecasting real money balances out of sample.
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Foreign investors who come to the country receive credit default swaps which are an insurance against the possibility of failing to fulfill the obligations of the host country. The purpose of using this financial instrument is to provide protection against possible default situations. The higher the value of the credit default swap premium, it means that the risk of default is relatively high whereas the lower risk means that the default risk is relatively low. The purpose of this study is to analyze with ARDL (Autoregressive Distributed Lag Model) Method Turkey's credit default swap premium for January 2005-September 2017 period and the long-run and short-run relationship between foreign direct investment and portfolio investments in Turkey. According to the results of the study, there is no long run and short run relationship between credit default swaps and foreign direct investments in Turkey; The presence of a long run and short-run relationship with portfolio investments has been identified.
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In today’s world, many countries that want to realize economic development use tourism as a tool. The first definition of tourism that supported this was made in 1910 by the Austrian economist Hermann Von Schullar. He defined tourism as “the whole of the activities that relate to the economic direction of the movement that comes from the arrival of strangers from another country, city or region and their temporary stay” (Kozak vd, 2009: 1). In this study, the relationship between the tourism revenues obtained from TUIK and the financial ratios of the enterprises in the Bist Tourism (XTRZM) Index are examined by panel data analysis. For this purpose, the financial ratios of the tourism revenues and the enterprises in the Bist Tourism Index were used between 2007-2016. In also, hausman test was applied to the data for panel data analysis and the results indicate that there is a random effect. The acceptance of the null hypothesis implies that there is no correlation between random effects and explanatory variables and that constant effects on unit and time dimensions are not taken into consideration.
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The tourism-based growth hypothesis (TLGH), which indicates that tourism is the determinant of economic growth and provides economic growth, suggests a positive relationship between tourism expenditures and economic growth. Within the context of the tourism-based growth hypothesis, it is known that several of the factors affecting tourism expenditures are the number of tourists coming to the country and the length of their stay. This study is aimed at determining the relationship with this context in 2000-2015 years with 81 provinces of data from arrivals tourist numbers and night spent in accommodation in Turkey with variables gross domestic product per capita Depending on this purpose, the horizontal and cross-sectional dependencies of the variables are first analyzed with the CD proposed by Pesaran (2004) and the BA-LM tests proposed by Pesaran, Ullah and Yamagata (2008). According to the test results, the null hypothesis, which suggests that there are no horizontal-section dependencies, has been rejected. Then, the CIPS Panel Unit Root test, which is sensitive to horizontal-section dependency, was performed and the stationarity of the variabilities was determined. In addition, the cointegration test, which is sensitive to horizontal-section dependency, was applied and a cointegration relationship was found between the number of arriving tourists and the length of stay and economic growth. The slope heterogeneity test results, which are sensitive to horizontal-slice dependence applied to variables, show that slope heterogeneity is present in the variables. Dynamic CCEMGE (Dynamic Common Correlated Effects Mean Group Estimator) model was used to test the TLGH hypothesis because our variables have horizontal-section dependencies on one side and slope heterogeneity on the other. Dynamic CCEMG model results indicate that the results of TLGH hypothesis applies to the provinces of Turkey. Moreover, the relationship between the number of tourists and the length of stay and economic growth varies according to the results of the study.
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The purpose of this article is to present the process of building fiscal administration in the first years of interwar Poland, which ended with the adoption and gradual extension of the territorial scope of the binding law of July 31, 1919, on the temporary organization of tax authorities and offices. It replaced the post-partition solutions, which were initially subject to temporary changes. Considerations concerning the organization and scope of activities of the fiscal administration are complemented by comments illustrating the efforts of the Ministry of the Treasury to employ and train tax officials and candidates for tax services. The stated comments and observations were made on the basis of an analysis of legal acts, sources allowing to reconstruct the course of legislative processes (The Lower House of Polish Parliament [Sejm] documents and stenographic reports from the Lower House [Sejm] sessions) and literature. They confirm that the Act of July 31, 1919, adopted a structure based on the following principles: 1/ separation of fiscal authorities and offices from general administration, 2/ three-stage system of fiscal authorities (Ministry of the Treasury, tax chambers, tax offices), 3/ equal treatment of administration of direct and indirect taxes, as evidenced by their organizational unification in tax chambers, while maintaining the separation only in the authorities of the first instance (tax and fiscal offices; excise and state monopoly offices). The adopted fiscal administration system met the increasing role of direct taxes, which required the building of institutions for efficient calculation and collection of those taxes. However, the management of customs was separated from the competence of the tax chambers.
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In recent years, Algeria achieves significant progress in the economic and social condition of its population due to the improvement in most economic and social indicators, and the increase in the human development index from 0.577 in 1990 to 0.754 in 2018. However, this improvement is not equally shared between groups and different regions. Therefore, poverty and inequality persist and remain a major challenge of the Algerian government. In this paper, we attempt to study income inequality and its impact on economic growth in Algeria. To attend the aim of this study we explore the relationship between income inequality and economic growth over the period 1980-2015 based on the available data. Based on the recent theoretical and empirical studies, we use Autoregressive Distributive Lags (ARDL) model to explore the long-run relationship, and Error Correction Model (ECM) for the short-run dynamics, the results indicate that economic growth as measured by the annual per capita GDP growth rate is associated negatively and significantly with inequality as measured by Gini coefficient, implying that in the long run, a 1% increase in income inequality will hurt economic growth in Algeria by nearly 0.52% in the long-run. The result obtained from the ECM model shows that the coefficient is equal to -1.23 and highly significant; this implies that the deviation for the short-run in economic growth is corrected by 123% percent over each year in a long time. These findings confirm the hypothesis that high inequality hurts the economic growth in low- and middle-income countries. Therefore, the Algerian government must adopt policies that favor economic growth and achieve greater equity in income distribution to ensure sustainable and inclusive growth.
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The South Korean economy has experienced rapid growth since the end of the Korean War. Industrial production became very important in its economy. The service industry has developed such as telecommunications, government services, trade, and transportation through the reliance on human capital. Many economic models and theories have interpreted economic growth through human capital and knowledge, such as Paul Römer’s 90 model. This study aims to apply this model of economic growth in the case of South Korea during the period 1979-2018 using an econometric study. Our econometric study is based on the production function of the Paul Römer’90 model. We found that the labor force has a positive impact on the GDP and this effect increases in the long run by 5 doubles during the study period. For patents, their impact has increased also by 7.46 doubles. While the effect of capital accumulation decreased in the long run. We conclude that the human factor and patents have played a large role in the long run South Korean economic growth as stated in the Römer model.
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