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Since 2007 Eurozone countries have been in economic crisis. Some countries have had negative growth and massive unemployment, especially youth unemployment, all countries have experienced low growth rates, and some have had financial crises with unsustainable private and public debts and sky-high borrowing rates. All of this has caused huge political and social upheavals. The paper describes theory of real business cycle also describes arise and the course of global financial and economic crisis. The Global Financ...

Background: Tourism industry belongs to the relative young and dynamically expanding sector of economy in post-communist countries. According to Czech Ministry of Regional Development tourism industry created on average 3 percent of gross domestic product in last ten years in the Czech Republic. The study is focused on travel agents whose main task is to mediate tourism services and take the form of travel agencies and tour operators. The paper aims to assess the financial health of tour operators and travel agenc...

The paper deals with financial reporting of not-for-profit organizations in the Czech Republic. Non-for-profit organisations do not have making profit, but they achieve benefits for their clients from performed services, as a primary goal. Services are obviously provided at a price lower than market price or even free of charge, therefore not-for-profit organizations take a variety of sources for financing the provided services. Financial reporting in the Czech Republic is regulated by legislation, primarily by Ac...

The present study examines the financial resources of the Russian Arctic on the System of National Accounts methodological basis. This research was designed to estimate the efficiency and sustainability of the Arctic’s region added value. Russian Arctic’s territories financial balances for generation, distribution and consumption were constructed. SNA’s methodological approaches were modified by defining indicators for sectors “Corporations”, “Government sector” and “Households” that are essential f...

The main purpose of the paper is to highlight the main components of revenues and expenditures, respectively their influence on the financial result indicators. Simultaneously attempts are made to make recommendations for improving the financial situation. The paper analyzes the specific situation of the 2013-2015 period. For this purpose, documentation was carried out at the unit level and time comparison was used as a method of analysis. As the key indicators we use, we discuss revenue, expense and profit-relate...

It's generally known, that financial security plays one of the key roles in the system of the state control and economic security. At the same time, it affects the majority of elements of economic security. Because of the lack of funding for some economic areas, damaging not only the economic but also the national security as a whole. Financial security - a concept capacious and complex, it includes many measures and techniques, as well as the means to protect the economic interests of the state. This article is d...

Development of the Northern and Arctic regions requires innovative approaches to support high quality of living in terms of business processes and everyday life. On the whole, these regions are most hard to support financially and require high costs. Standard of living is closely connected with regional infrastructure development, energy saving playing most import role. In Northern and Arctic regions energy saving has specifics compared to other RF regions as energy resources make up to 30% share of total costs, i...

The existing negative trend in fiscal development and increasing indebtedness of public finances, strengthened by the last crisis, have disrupted the fiscal stability of countries and have required governments’ interventions in the form of fiscal consolidation within their fiscal systems. The success of the fiscal consolidation process is conditioned by many determinants, among which may the fiscal rules be included. The role of fiscal rules is to provide a permanent pressure on fiscal policies with the intentio...

Migration today is a worldwide phenomenon that plays an increasingly central role in economic development. The signing of free trade agreements in the early nineties, such as the Schengen Agreement (1985) or NAFTA (1995), increased mobility and encouraged movements between signatory member countriesВ’ populations. At the same time, improvements in transportation and communication infrastructures have also tended to increase net migration, making it not only the most important demographic aspect, but also a key to ...

The article presents forecasting methods of economic dynamics developed by the authors. The first model is based on the mechanism of adaptive filtering of timing series. This article demonstrates prediction filters that can be effectively used in moni-toring of economic systems. Their approbation was carried out on the basis of data pro-vided by the local office of the Federal State Statistics Service of the Nizhny Novgorod region. The quantitative information was insufficient to reveal a significant statistical a...

This article is concerned with the study of fuel and energy companies’ influence on the regional development. The base material sector is the basis for the development of productive forces and increasing the competitiveness of the Russian economy. Correlation analysis of indicators for the period 2000–2015 used in the article allowed to make an objective assessment of the energy sector state, as well as to identify the dependence of oil companies’ revenue on various factors. The analysis revealed the significa...

This article is devoted to the problem of foreign labor inflow to Russian economy. Immigration inflow has been growing in the course of last years. From one side, it is a source of low professional workplaces replenishment, from the other – a reason of numerous social and ethnic conflicts. Irregular labour migration evolved as a central problem during the ten years. International migration in Russia is composed of the inflow of immigrants from other countries of the former Soviet Union. So, estimation of the for...

Tourism has an advantageous multiplier effect and severs as an accelerator of the social-economic development. Using a method of a component analysis the most significant indexes for differentiation of territory of Republic Tatarstan with purposes of recreation and tourism were detected. Map - models were constructed and by their superposition the integrated map of a recreational potential of Tatar Republic was obtained and the attractive areas for rest and tourism were detected. Using a method of a component anal...

The article focuses on the problem of applicability in the accounting practice of valuation of the company's assets and liabilities at the discounted value. The authors make the conclusion about the need of discounted value usage for evaluation of the company's assets and liabilities and preparation of the actuarial balance. This proves the feasibility of practical application of the methods of forming the actuarial balance sheet for the purposes of evaluation of the created economic costs and future cash flows of...

The article focuses on the issues of formation of the competitive environment in public procurement. The basic principles of public procurement bodies, the need for an effective policy of public spending and competition between suppliers of goods and services. The basic reasons for competition are two fundamental principles of a market economy: freedom of choice for the consumer (which product to purchase) and freedom of choice for the manufacturer (which product to produce).The effectively built up mechanism of t...

The article substantiates the topicality of developing the theoretical and methodological bases for threat monitoring in the regional alcoholic beverages market. The need to modernize the regional policy of state regulation of alcohol production in the subjects of the Russian Federation under growing external and internal economic threats has been identified. The assessment of threats to the development of the region as a result of a reduction in the turnover of alcoholic products was conducted using a situational...

Studying the behavior of the consumer of sheep meat and meat products in the historical Banat, which stretches on the territory of two countries (Romania and Serbia), we can understand the motivations and the finality materialized in the purchases made by them, having major implications for the improvement of the offer from the market of meat products and increase of the marketing result in case of sheep raising and exploitation farms, but also within the processing units. It is noted, regarding the consumption of...

Gross Domestic Product (GDP) is one of the most important indicators of the system of national accounts, which characterizes the final result of the production activity and dynamics of the market value of all final goods and services, produced during the year in all sectors of the economy in the territory of country for consumption, export and accumulation, regardless of national appurtenance of used production factors. For proactive management of territorial development of the national economy, it is important to...

In general, the development of tourism is dependent on the presence of tourist (natural, cultural, specialist) attractions as well as on the state of tourist infrastructure (accom-modation, catering, accompanying and transport infrastructure). Global environmental problems are usually marginalised or entirely overlooked at the stage when tourist offer-ings are developed. The purpose of the research is to identify and define the role of ma-jor global environmental problems in the development of tourism. The researc...

In 1960's professor Thorp found a way how to make extraordinary profits by investing in warrants. These investment instrument were generally unknown by then. Nowadays warrants are traded at significant volumes on the majority of stock exchanges all over the world. The pricing of warrants is usually based on the Black-Scholes formula designed for european call options which was presented in 1973 by Black, Scholes and Merton. Before the Black-Scholes formula was presented to the world, Thorp devoted several years to...

In last years, European Union countries increase requirements for barrier-free accessibility of the environment. Such environment adaptation has become almost a matter of course in current needs. Slovakia as a country remains poor in the field of such accessibility. Physically disabled people represent in tourism small segment, which have not received sufficient attention yet. On the other hand, their participation in tourism field has a growing tendency from a development point of view. Significantly, proportion ...

Short termism is one of the most relevant problems of corporate governance. Managers of companies have to make a choice between long term and short term decisions. The main reasons provoking the emergence of short-termism are: the high volatility of the economy as a whole, the high level of uncertainty of business development due to systematic risks, the legislatively conditioned necessity of publishing interim financial statements and the desire of business owners to get a return on investment as quickly as possi...

In terms of technological approach to the definition of information society, an important aspect in the formation of human capital is the development of technological innovations and their impact on human capital. Level of human capital amenities is becoming a key factor in the economic growth of the country. In terms of information society, there is a fundamental change in human capital, as a result of the introduction of new technologies. Innovation can bring transformation in job skills, work organization and i...

An important link between the volume of investment activity and economic growth is represented by the structure of investments implemented into innovations. Innovations are lately widely discussed issue, because without them economy will not be able to compete with foreign production. A lot of money is being spent on innovations in companies but also on the whole national economy. Therefore it is important to determine whether these funds are spent effectively and efficiently. Requirements for efficiency in invest...

The tourism of the last 60 years has been constantly expanding and diversifying, becoming one of the most dynamic and largest economic sectors globally speaking. According to data provided by the National Institute of Statistics (INS), between May and August 2016 in Romania, 3.8 million Romanians and 1 million foreigners have spent their holidays, twice as many as 6 years ago. Regarding foreign tourists who visited our country during the summer, most of them, more than half a million come from Germany. The followi...

The development of transport infrastructure is an important factor in the economic growth of the territory. The ability to predict the transport demand and traffic on the road network is vital for development of regional and urban transport system. Agent based modelling has emerged as a practice tool of traffic and transport planning in re-gion and urban area. The purpose of the research is to assess the possibility of using agent based models for transport planning in Russian regions and cities. In order to reach...

Tourism is one of the fastest growing and largest sectors of the global economy and has important economic, social, cultural and environmental effects. Slovakia is among the countries with high rates of unemployment in Europe, but has a lot of natural and cultural wealth. Fragmented and diverse socio-cultural and environmental aspects of rural areas in Slovakia offer a variety of business and employment opportunities in the tourism and traditional folk arts and crafts to anticipate the diversity of interests of to...

Financial health of companies is a topic that has been historically studied under various conditions. However, the current economy is a living organism and, the conditions affecting the financial health of companies are changing dynamically. There are many ways how to evaluate the financial health of a company. In addition to the use of the ratio indicators, complex models using one numeric indicator expressing the financial health of the company can be applied. These include, for example, bankruptcy and credibili...

One of the main goals of the state economic policy is to increase the level of the human wellbeing. Population is an important part of any economy, demographic policy is an important part of economic policy. Nevertheless, the directions of this policy differ significantly in all the countries depending on the prevailing conditions. In some countries, programs aimed at population growth are the priority, in others the policy is focused on population regulation. Over the past 50 years, the worldВ’s population has in...

The aim of the article is to analyze the sales change on the selected financial indicator in the construction company. Sales are crucial to the sustainable development of the construction company. It is important to make their prediction as well as cost prediction. Together they influence determination of the operation profit. Economic development of the construction company can be monitored through various financial indicators. Among the important indicators for the companyВ’s assessment belong the above-mentione...

With this article attempts to determine the impact of instruments reflecting regional differences between individual spatially limited territories. The assessment of the influence of instruments measuring socio-economic development is one of the main reasons for optimizing the process of introducing policies for better governance in administrative territorial units. The purpose of the study is to analyze the impact of the instruments which reflectings the effectiveness of the policies undertaken for the management...

The article explains that the information function of the financial market is the key for pricing of a financial asset. Information acts as an argument of nonlinear function of returns, prices and risk level. At a time when the information becomes a hefty price, the information value of the financial market becomes comparable to its interests effect. It gives the basis to include information factor as a variable in the model of capital asset pricing and the financial market model. In turn, secondary market prices ...

Background: As part of the changes introduced in 2015, a new category of financial statements for small businesses has been identified in Polish accounting regulations. Most of the solutions introduced are mandatory or optional simplifications in relation to the full scope of the financial statements. Against this background, the question arises whether the report using all possible simplifications for this category of entities still meets the accounting principles and qualitative characteristics of financial stat...

The article presents materials on the study of the specifics of the formation of financial information in the system of economic security. In the face of increasing competition and the complexity of the economic nature, the role of scientific methods for ensuring the security of information, which is the basis of managerial decisions, is increasing. In modern conditions of distribution of information management systems, the technologies of preservation and confidentiality of financial data become popular. Attentio...

The article reveals the essence of the region's innovation infrastructure as a factor in increasing the efficiency of industrial enterprises. The relevance of the topic is due to the fact that the path of innovative development of industrial enterprises in the Russian Federation, based on knowledge, on the change in the economic structure in favor of high-tech industries, to increase human capital, becomes the only possible way of development in the modern economics. Today, innovation is a component of the busines...

In the process of studying the modern role of the insurance market potential in the Russian Federation and the prospects for its development, there are inevitably questions about the reasons for its underestimation and its failure to fully perform its functions in the system of ensuring the economic security of the state. The National Security Strategy of the Russian Federation defines various ways of ensuring state and public security, the ecology of living systems and rational nature management, economic growth ...

The article discusses the features of the economic category of "workplace", which have a direct influence on the choice of the performance criterion in estimating the amount of highly productive jobs in Russia.

The number of migrants in EU countries has increased sharply since 2000. Successful implementation of integration policies is therefore very important. While immigrant integration policies remain a competence of the Member State, the European Commission proposed the initiatives to promote integration. The first part of the article describes the latest developments in integration policies in the EU countries. It shous that new policies are being developed in the EU countries and that they are implemented on a wide ...

Integration is an integral feature of the modern world and one of the main consequences of globalization. The scientific substantiation of integration remains relevant when considering the impact of integration projects on the national and regional innovative ecosystem interaction leading to new industries development. The paper considers the category of “utility” and a complex of factor values as a tool for estimation of their integration effects. They include economic indicators of economic growth stabilizat...

This article is dedicated to intellectual capital overview as part of country innovation development core factors. In the article the theoretical analysis of approaches to intellectual capital definition concept, essence and structure. Provided intellectual capital definition original interpretation, structural components allocation is given. The analysis and comparison of innovation development in various countries conducted in terms of patent activity, the volume of shipped innovative products, changes in the al...

The innovativeness in a company is part of its intellectual capital and the latter is proxied and measured by the underlying company’s intangible assets. The concept “intellectual capital” contains all the knowledge and experience a company’s employees have, the information and the intellectual property that are combined and create wealth for that company and can be proxied by the value of a company’s intangible assets. After the 1990s the issue of intellectual property has been the focus not only of the re...

This article presents the main research results of the needs of the Russian tourist destinations in the development of friendly projects. Since 2014 there have been significant structural changes in the structure of inbound tourism in Russia. The greatest growth often shows the tourist flows from the countries of the Asian and Pacific region. Practice of information search, choice, and behaviour in the visit of tourists from these regions are different from the habits of the Russian and European tourists. It is ob...

The protection of the customers who take out insurance products has become more important, as there it is still not on very high level. Therefore, it is more likely that customers do not have all decisive information they need to deal with an insured event. The goal of this article is to introduce the new approach to the protection of consumers in the field of insurance. The partial goal is to determine how the study will proceed. This new research will be focused only on the life insurance products because non-li...

Background: Inventories are one of the most important assets. Their excess in an enterprise generates unnecessary costs but also has a positive impact on the safety of the company functioning as it improves its liquidity. In turn, the low level of stocks can reduce costs in an enterprise, but can lead to downtime in production or sales. Managers are looking for methods and strategies that will lead to optimal inventory levels and reduction of management costs. To reduce costs businesses often create purchasing org...

The paper aims to investigate the impact of chosen fund attributes, industry and country characteristics in the given group of high- and middle-income economies from EU on excess return of open-end equity funds domiciled in these countries by means of a panel regression with fixed effects for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

The disparity of economic development between regions of Russia is still under discussion. To date, a range of methods and models for evaluation of regional inequality exist. Russian researchers use statistical indicators (Gini and variation coefficients, Atkinson and Tail indexes) to measure the level of difference between GRP, population income, salary, investment allocation, tax incomes, budget incomes and others. The authors associate the disparity of regional development with the natural and artificial compet...

An investment climate is influenced by a regional policy and a set of regional factors. The attractiveness of investment climate in a region depends on how close these two elements interact with each other. The regionВ’s investment climate is largely defined by the combination of its investment potential and investment risk. In the paper, the regional investment climate was estimated by a set of indicators representing these two main constructs. The investment potential that is mainly determined by capital efficie...

Currently, there is a range of very serious issues related to the implementation of an accounting and audit process in non-commercial organizations due to the nature of their activities. Over the last decade, important changes aimed at aligning Russian and international accounting caused by the development of the Russian market economy has been made to the existing accounting system. However, methods of accounting and au-dit in non-commercial organizations remained mainly intact. As a result, questions con-cerning...

The main objective of the paper is to analyze the key problems ahead of BulgariaВ’s accession to the euro area. By joining the EU, Bulgaria assumed a duty and became eligible to join the euro area. By its nature and consequences, joining the eurozone is not only a matter of currency substitution, but also a radical change of the monetary regime and elimination of the currency board arrangement in Bulgaria. The study emphasizes that to date the accession of Bulgaria to the euro area has the importance of an immedia...

The paper is dedicated to the points of efficient recreational management of natural resources in the steppe area of Russia. It is the authors’ opinion that koumiss therapy – the traditional for the region kind of tourism – is necessary to consider as an upcoming trend in the development of recreations in steppes of the Russian Federation. The history of the koumiss therapy at the territory of Russia and the USSR is analyzed in the paper; it was noted that the organized at the beginning of the XX century net ...