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Empirical evidence of financial literacy in the adult population during almost 10 years shows stable financial illiteracy of Russian population. By financial literacy Russia consistently occupies one of the last places in the surveys made by different researches, and does not improve its score with time. Financial illiteracy negatively effects Russian financial marketВ’s stability and economic growth of the country. Numeracy and capacity to do calculations related to interest rates lies in the root financial capab...

Background: Ski resort is a kind of tourism destination and can be defined and understood in many different ways. The common feature of all ski resorts is dominant role of the offer for winter sports (alpine and cross-country skiing, snowboarding) participants in the destination product. However ski resorts are diverse due to different natural and legal conditions, their size, technical equipment, age and other factors. The concept of community and corporate models of ski resorts is an attempt to explain that diff...

The article presents the methodology developed by the author for determining the region's investment priorities for the purpose of selecting industries for inclusion in the investment portfolio. For the regions of Russia, classified in the author's typology to the problem type, as an optimal goal-oriented investment policy aimed at forming the target investment attractiveness of the region, taking into account its specific specific properties and assuming the organization of targeted work with investors. The regio...

In the modern economy competitiveness is set as one of conditions of economic recovery. Facilitation of competitiveness may be advanced by the means of clusters, which are set as one of key priorities in strengthening and developing innovations in the whole Europe. Facilitation of competitiveness of fisheries sector cluster is a topical issue at the level of the EU. Strengthening the competitiveness of the sector cluster may better advance not only achievement of the EU Common Fisheries Policy goals and ensuring p...

Nowadays, universities play an important role in research, development and generation of technologies as well as in regional development. In the direction of increasing the creative economy, the university, as a research center, a technology maker, is becoming the main core of economic growth. The study aims to analyze the dynamics of the creative economy in the university centers in Romania, the objective of the research being the evaluation of the creative capacity of each university center. It was created a dat...

The purpose of the study is to analyze the common and the different features in development of the large agricultural farms and the place of these farms in the agriculture of the Central and Eastern European (CEE) countries. The economic analysis methods and techniques, especially the time series and a comparative method was used in the study. The Lorenz Curve was created for the evaluation of the income differences in the groups of various agricultural farms. The Eurostat and FADN data for 10 CEE was used, coveri...

The cluster approach as an instrument of consolidation of the existing advantages of economic entities is designed to solve several existing problems of the Russian economy. These are equalization of the existing imbalance of regional economic development, giving additional impetus to the development of the innovation sector, etc. The decision of the working group on the development of public-private partnership in the field of innovation at the Government Commission on high technologies and innovations of 22.02.2...

The present stage of evolution processes puts forward to the social conscience a problem of determining a further way for Russian society development because today it became urgently needed to rethink the accumulated experience and relevant transformation of the country economy management system for the purpose of national sustainable development. Transition of western countries to the fourth technological mode of social relationship development requires a new society to be built that is based on principle of lega...

The changes in the socio-economic system of the Russian Federation and its regions have brought us to focus on the dynamics of these changes through the selection of main indicators characterizing socio-economic crisis, latent processes and choice of ways out of the crisis. We consider the current state of the system taking into account external trends. Using traditional statistical indicators for this purpose is not always justified. Negative trends that accompany the development of economically advanced countrie...

The article reviews the questions of development of food security in information aspect and in the context of information economy. The importance of the article is conditioned by advancing development of information and digit economy and its influence over all the state economy. The goal of the article is to address the issue of food security within the development of information economy and implementation of information and communication technologies. The article reports in depth of food security as the foundatio...

For a long period of time, the main trading partners of Canada are the United States and Mexico under the North American Free Trade Agreement (NAFTA). But in recent years, Canada has significantly expanded its trade cooperation not only with the countries of the European Union (EU), but also with other states, for example, with China, Japan, South Korea and India. The article examines the dynamics of foreign trade turnover, exports and imports of Canada with major trading partners; countries that play the most imp...

Understanding local residentsВ’ attitudes towards tourism development and its positive and negative impacts is important and crucial in order to minimize antagonism of local community towards tourists, and also to help local authority in creating adequate tourism policy. This study explores residentsВ’ attitudes of quality of life (QoL) caused by tourism regarding their living distance from the centre of tourism activities, personal benefits from tourism, socio demographic profile, positive and negative tourism im...

This paper examines the potential basis for the determination of a barometer to size democracy, a new instrument designed to measure the differences in the quality of democracies established for the East and North European Union countries. This new research instrument is based on a comprehensive concept of democracy, which includes three principles: freedom, equality and control, which are assured by nine functions: individual freedoms, the rule of law, public sphere, competition, mutual constraints, governmental ...

Financialization is a phenomenon that when applied to non-financial entities means the increase of importance of financial motives in the decision-making processes of enterprises. It is about generating a dominant part of revenues within financial operations, and not within the operational and financial activities. The ideas discussed in this paper is the issue of Polish businesses activity financialization. The goal is the attempt to assess whether financialization concerns Polish non-financial entities. The anal...

The economic activity through its correlative system is under the direct influence of human capital as a determinant. Tourism as an economic activity has great potential for transformation. This potential is due to the upward trend, together with other economic activities, to the attention of the specialists, who are dealing with the irreparable destruction of the environment. In this sense, tourism and the environment have been a matter of discussion for the scientists of the past two decades, which led to the fo...

Traditionally, insurance purchasing behavior is associated with individual’ risk aversion. It is assumed that the risk attitudes are correlated with voluntary insurance consumption. We use the potential and realized risk attitudes along with socio-economic and demographic factors as determinants of insurance behavior of Russians. We present the results of modeling of the individual insurance behavior based on Individual Russia Longitudinal Monitoring Survey – Higher School of Economics (RLMS-HSE) Round 25 data ...

The availability of high-quality and skilled workers is one of the basic prerequisites for the development of the country's economy, together with the technical level and equipment. States seek to promote the education and qualifications of their people. It is an investment in human capital. Human capital is unstable and can migrate, thus contributing to the economic development of other countries or regions (brain drain, brain gain). This phenomenon has not only demographic and sociological but also economic impa...

The assessment of the road infrastructure projects are based on life cycle costs, which consist of capital and social costs. Social costs are monetized negative impacts of users, environment and society. At present, a lot of tools exist for economic efficiency assessment of road projects. However, there are some differences in distribution and valuation of individual social costs components. This distribution depends on used assessment tools. The valuation of economic efficiency of road section project I/72 Zbojsk...

The article considers the calculation of recreational capacity of the territory along a certain route"". We take into account that there is still no clear understanding of the term "recreational forests". Therefore it is necessary to distinguish clearly between the real recreational woods intended for rest and, consequently, convenient, and also the woods which are only partially carrying out recreational function. We consider one of the types of forest recreational forest tourism-a fascinating, useful and enjoyab...

The main objective of the paper is to analyze the economic growth and its determinants, as in developed countries and countries in transition. In this paper we will at least square and explain (OLS) which will make the calculation of coefficients evaluation and equation of the sample regression function.Viewed from the standpoint that have accrued in STATA we see that the index of corruption negatively affects economic growth, and economic LIRR has an negative impact on economic growth and foreign investment have ...

This paper deals with the topics of economic situation of families and the attitudes of respondents to the role of the state in social politics and social justice as the divergence factors influencing the choices of leisure-time activities in the lives of people. Our intention is to present the results of our own research which was carried out in the form of a questionnaire survey in 2016. One of its main objectives was to find out whether the economic situation of respondent's families and their attitudes to soci...

The main attention in the article is paid to a problem of public transport along suburban routes tariff transportations calculation. Research represents system approach, which is describing harmonization interests of the suburban passenger traffic market participants. The existent methods analysis of tariff formation for public transport services is conducted in this paper. Nowadays these methods do not reflect interests of all market participants and also do not take into account all influencing factors. The nece...

The study proposes to promote ecotourism and to highlight its importance for the economic development of the studied area. Caras Severin County attract a lot of tourists due to the high number of touristic objectives, but mainly due to Bigar waterfall which was nominated as the most beautiful waterfall in the world. Due to the high number of tourists, the natural landscapes are damaged, therefore the purpose of this study is to acknowledge the value of nature, so that the tourists and the managers of the touristic...

In todayВ’s world, where we can witness the ubiquitous implementation of information and communication technologies along with the inevitable digitalization of business processes, the role of intangible assets, of intellectual property and intellectual resources for achieving sustainable competiveness is growing in importance. The aim of the present article is to contribute to the identification of the elements of intellectual capital in trade under the established fields in the economic literature: human, organis...

Worldwide, one of the most developed industries, it is the hospitality industry that consumes a considerable amount of energy to provide quality and comfort services. The used energy in hotel units has as a major component electricity, while the share of solid, liquid and gaseous fuels is considerably lower. The amount of used electricity depends primarily on the size and nature of the hotel unit, but also on the type of customer and location. In this regard, the article addresses ecological and sustainable altern...

The relevance of this study is due to the need to develop the scientific base of engineering activities, including the approach to understanding engineering as a tool for creating competitive advantages and increasing the competitiveness of organizations. Engineering covers the whole life cycle of the object: from the idea and its development, the creation of a prototype, the application into production, including the subsequent promotion, implementation, maintenance, up to utilization. At the moment the Russian e...

One of basic banking activities is granting loans to both retail and corporate clients. This is obviously related to the potential risk of customersВ’ failure to settle liabilities by the agreed dates. For these reasons, banks often use very advanced techniques and tools to predict the creditworthiness of borrowers. In banks, there are special teams dedicated to this purpose dealing with broadly understood credit risk management. To assess the creditworthiness of retail clients, a wide range of analytical and stat...

The purpose of this study was to estimate Lithuania’s and EU-15 countries group real GDP per capita growth rates and to evaluate possible convergence scenarios. The real GDP per capita (in purchasing power standards) data for EU-15 and Lithuania for a period of 2005-2016 were employed to establish comparative average annual GDP per capita growth rates. Three possible convergence scenarios were analyzed: “As it Were”, i.e. if the average annual growth rates remain at the current levels, “Speeding Up”, i.e....

The present paper addresses the subject of developing sustainable tourism in the Black Sea basin in conjunction and cooperation with the European Commission's concerns on maritime tourism in this part of Europe. The first part of the paper discusses the theoretical framework, and defines the concepts of "sustainable development" and "sustainable tourism" as well as describes the main milestones leading to a sustainable development of tourism. It continues with the presentation of the six coastal countries Bulgaria...

The paper investigates a sample of 25 European systemically important banks, in terms of performance in fulfilling their financial intermediation function. Performance has been measured by relying on a Malmquist productivity index with panel data, to account for productivity changes over time and to decompose the main sources of changes into the catch-up effect and technological progress. As the database covered the 2007-2016 timeframe, we were able to investigate if the impact of the financial crisis appears in t...

The paper attempts to assess the impact of the recent 2007-2009 crisis on economies of the Baltic countries. Following the relevant literature review, two different approaches are tested: the first one attempts to summarize two dimensions of crisis severity, and the second approach is based on the notion that the recession brought by the crisis is just a painful readjustment of economy to normal trend of development which was corrupted by the unhealthy boom. In the first case, two types of severity index, embracin...

This article defines the specificity of the concept of В«food security in the regionВ». The authors have analyzed the adequacy of the existing regulatory and legal provision of food security at the national and subnational levels. Based on the analysis were made conclusions about the absence of an unified system of criteria and indicators for assessing the level of food security. The necessity to develop an evaluation system is determined by the needs of managing food security at the regional level. The authors ex...

Since 2007 Travel and Tourism Competitiveness Index provides the opportunity to compare countries within the travel and tourism competitiveness. This index evaluates a number of areas related to travel and tourism, which may affect its competitiveness. One of the essential factors for travel and tourism competitiveness is health and hygiene. Within health and hygiene pillar, sub-pillars such as Physician density, Access to improved sanitation, Access to improved drinking water, Hospital beds, HIV prevalence, and M...

In recent decades, the world community is objectively forced to admit - humanity is getting fat. It is not fatiguing in a figurative sense, that is, in terms of access to a variety of goods, services and opportunities, but in the literal sense, that is, in terms of a constant increase in the number and proportion of people suffering from overweight. The terrestrial population expands in its composition the representation of fat people, which due to this circumstance more and more drop out of the society. The total...

Tourism is one of human life field where IT technologies are becoming essential occurrence in the contemporary world. The service of tourism becomes smart because of smart phoneВ’s usage during traveling. On the last decade the usage of smart phones was enhanced with advanced features and the usage of smart phones is going to increase more than 2.8 billion until 2020 year. Thus, it is obvious that changes in the tourism industry in the near future will be related to smartphones due to the potential of these device...

The paper presents the results of evaluation of strategic development plans for cities with more than million population in Volga Federal District of the Russian Federation. Integral ranking of the strategic plans is made by combining the results of accessibility of strategic documents for stakeholders, availability of communication channels and readability of these documents. The studies have shown that that on all three criteria city Samara is the first, followed by Kazan and Perm. City Ufa is on fourth place an...

This article introduces the analysis of the current situation of the state ecological policy implementation on the regional level in Russia. The main goal of the research is the evaluation of the socio-economic conditions of the ecological activity in the subjects of the Volga Federal District. Natural-socio-productive systems are taken as the object of the research. Statistical and index methods are used in the research as well as methodology of assessing the ecological policy by A.A. Kostylev which is based on t...

The article defines the necessity of forming complex production groups and technologically connected chains incorporating different business entities in order to achieve concrete economic results within one administrative territory. The authors propose a hypothesis of positive influence of cluster structures on the economy of the region. In order to assess the economic sustainability of the region and an evaluation system itself which is aimed at identifying priority cluster structures the authors conducted an ana...

The aim of the paper is to evaluate the role of the exchange rate in shaping the export of Poland and selected European Union countries: Sweden, the United Kingdom, Hungary, Denmark and the Czech Republic in the years 2008-2016. The author presented exchange rate regimes in the analyzed countries and assessed if the choice of applied exchange rate system had a significant impact on the variability of nominal exchange rates. Subsequently, changes in real effective exchange rates (REER) and their impact on export co...

Economic authorities (central bank and government), conducting the monetary and fiscal policy, affect the economy as well as each other. In pursuit of its goal, which is the desired level of inflation (the inflation target), the central bank applies appropriate monetary policy strategies with varying degrees of expansiveness/ restrictiveness measured by the interest rate. In turn, the government striving to achieve the goal which is the desired economic growth also uses strategies with a different degree of expans...

The goal of the paper is to evaluate the effects of budget policy aimed at improving the condition of public finances in selected countries of the euro area. Author focuses on countries that prior to the crisis had budget surpluses and low public debt (Ireland and Spain) but also on France and Germany that fulfilled treaty criterion on budget deficit and were close to fulfilling the public debt criterion. Aftermath of the 2008-2009 crisis in the case of public finances of the analyzed countries were varied in term...

The subject of this paper is an analysis and evaluation of the consequences of the financial and economic crisis in 2008-2009 for the public finances in the euro area members which in 1998 (during the qualification to the common currency area) had not fulfilled the treaty criterion of public debt. Their debt ratio to GDP was close to or surpassed 100%. This pertained to: Belgium, Greece and Italy. The research also covers Portugal as after the introduction of the euro and since the recession of 2001-2003 the count...

For many years, Germany has been distinguished by a large surplus on the current account which has now reached almost 8% of the country's GDP. Since 2016, this surplus is the largest in the world and contributes to longstanding global trade and investment asymmetries as well as serious macroeconomic imbalances within the euro area. The main purpose of this study is to analyse the state of Germany's current account in 2000-2017 in order to identify and systemize the most important factors affecting the current acco...

The aim of the article is to explore real factors of the economic transformation in some Arab countries – exporters of natural resources, such as Saudi Arabia, the United Arab Emirates (the UAE) and the Republic of Sudan, as the concrete examples of limitations, which influence on the potential of development of the transitional economies of the Western Asian and African states. Among the factors of economic development and growth there are not only factors of supply, in the first instance raw materials, capital...

Objective: The aim of this article is to analyze the factual effectiveness of investments realized with EU funds. The case study of a project implemented in the years 2004 - 2014 in Lower Silesia is analyzed. Methodology: The article analyzes the effectiveness principles included in the feasibility study of a given project, and conducts in-depth studies on actual performance, implying a macroeconomic situation. Using the comparative analysis it has identified deviations, their magnitude and source of origin. Resul...

Film tourism as one of the new tourism trends is becoming more popular between the visitors of some countries. This form of tourism may consist of some other forms including visiting the film locations, film studios or film festivals. Moreover, some film locations worldwide might attract high amount of visitors and generate higher return. The Game of Thrones movie is supposed to generate 10 % out of all visitors in Dubrovnik, Croatia, where the film was shot. The article deals with the most famous film locations w...

One of the critical questions in local authorities both in Russia and in many other countries with a decentralized fiscal system, is an increasing level of financial resources concentration in central budgets that reduces the impact of municipal governments in carrying out their tasks in the local public sector. Using economic and statistical methods this study shows the dominant role of regulating revenues and the low proportion of local taxes and charges in the municipal budgetsВ’ revenue structure. The level of...

Financial instruments are one way of providing assistance from the European Structural and Investment Funds. They support investments that are expected to be financially viable but have insufficient funding from market sources. They may take the form of capital investments, loans, guarantees or other risk-sharing instruments. Unlike grants, they represent a return form of assistance through them the final beneficiary can access the financing of economic activities on preferential terms. The specificity of financia...

The aim of this article is to provide with detailed analysis of the fiscal decentralization in the area of issuing debt, its realization and the impact on the Slovak cities during 2012-2016. Primarily, we will focus on the local self-governing level, which is in our conditions formed by villages and cities. One of the pillars of the fiscal decentralization in the decentralized self-governing unit is the scope of jurisdictions in the ability to borrow, and therefore also the regulation of these jurisdictions. If th...

The article is devoted to the study of the process of de-offshorization of the Russian economy, which was initiated by the Russian Government at the end of 2014.Amnesty of capital, or their legalization, is an economic mechanism, which is a kind of contract between the state and economic entities, or individuals, allowing to build relationships between the parties from "zero". Since many Russian legal entities conduct business through foreign offshore companies, they will in any case have to leave the shadows in o...