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The objective of this chapter is to examine the long run relationships between public debt and macroeconomic stability in the period of 2002 to 2010. In this research I use JohansenВ’s cointegration analysis and Vector Error Correction Model (VECM-henceforth) in order to test the long run effect of fiscal policy on real economic activity. Reviewing the literature, from both developed and countries in transition, I find that there is large disagreement concerning the empirical evidence for the effect of fiscal poli...

The article is devoted to the analysis of the possibilities of improving the urban environment and the quality of life in large cities through the implementation of investment projects in the sphere of tourism and hospitality. The author considers the Federal Target Program “Development of Inbound and Domestic Tourism in the Russian Federation (2011-2018)”, which includes 112 investment projects proposed by 59 regions. Each project is the result of cooperation of state and municipal authorities with private in...

Tourism is a growth generator element of functional complexity of the territorial systems with touristic function, an important part for the economic development of these resorts, but it also represents the space where the economic crisis can generate major imbalances in their evolution. The study aims to identify adaptive patterns of territorial systems with touristic function after the start of the global economic crisis. The methodology of this study consists in the creation of an economic database at administr...

Preferential trade agreements are not a new item in the history of global trade policy, but there has been a marked proliferation of them since the beginning of the 21st century. It is believed that they became a way to overcome the lack of progress in multilateral trade negotiations carried out within the World Trade Organization. However, among various global powers, the European Union was a latecomer to the so called "new wave" of regionalization. The goal of the paper is to point out main reasons and factors a...

Global trade flows have been strongly affected by the worldwide economic crisis that broke out in 2008. Trade collapse in 2009 was deep but followed by a swift recovery in 2010-2011. However, later on the situation got complicated - growth rates have been much lower than expected and in 2015-2016 trade flows declined once again. The goal of the paper is to analyze the main trends in global trade flows - in terms of growth, changes in geographical structure etc. and point out main factors affecting trade in a posit...

This article analyzes the problem of reducing the company's share capital by redeeming shares of shareholders, which may constitute a premise for the declaration of bankruptcy and liquidation. The purpose of this article is to present significant issues regarding the process of redemption of shares regarding tax law. The redemption of the company's shares leads to the destruction of the shares held by the shareholder, which may lead to its total exclusion of the partner from the company. The process of redeeming s...

Background. Many theories in scientific publications are focused on assessing the growth of particular regions and their mutual comparisons. Many authors are dealing with the issues such as economic growth and development of regions. The goal of the paper is to find out what impact on the enhancement of regional gross domestic product has issues such as employment, average wage, number of small and medium enterprises and road network density. Then as a next step to identify the groups of regions through cluster an...

The article defines the role of regional innovation clusters in enhancing the innovative development of Russian regions. The authors consider the structure of regional innovation clusters and the benefits of creating regional innovation clusters in Russia, study and present a classification of innovation clusters, as well as explore some support programs for Russian regional innovation clusters. The article studies also financial structure of development programs based on source and industry-specific areas of pilo...

For Romania, potato is a culture of particular importance. Potato has a fairly important cultivation area, with early crops and autumn-winter crops. Potato is distinguished by its multifaceted importance (food, industrial raw material, agro-technical technology, fodder consumption, source of profit for farmers). The study covers the period 2014-2016. The applied analysis method is the comparison, made in time and space using structural and dynamic indices. Macro Region 1 cultivates the largest national potato area...

The BMI index has a comprehensive effect on the individual's life and, in relation to prevention and therapy of cardiovascular diseases, it affects also economic aspects like the finances spent by the individual in this connection. This article, based on the implemented project supported from the program project of the Czech Ministry of Health with reg. No.15-31000A, called "Intervention procedures in preventive cardiology", was aimed at ascertaining, describing and evaluating the relations of the financial amount...

In order to determine the content of different biochemical components in sweet potato tubers under the conditions of sandy soils from D?buleni, the following varieties were studied: Yulmi, Juhwangmi, Hayanmi, KSP 1, KSC 1, grown in transparent mulch culture, in the first decade of May, in the climatic conditions of the period, 2015-2017. All varieties studied showed a total dry matter content of over 30% and the highest content was determined for KSC1 (38.87%). Also, the results obtained with respect to the conten...

The thorny issue of food safety is not new, not by far. Yet, it has been somehow in the shadow of ensuring global food security for a while, and currently it comes out from that shadow, making a spectacular step forward. Researchers have managed to put food safety in almost everyoneВ’s minds and that is an ongoing education exercise with unprecedented results. Consequently, the authors ask themselves if the topic has reached its end or, on the contrary, if there are any new approaches to be considered by the resea...

In the last 5 years the technological advances in the financial services markets brought about significant modifications in the jobs titles and structure. Digitalization and FinTech, Blockchain, General Data Protection Regulations are just a few of the primary causes of significant modifications all through the financial sector. Hence, this article analyzes the modifications concerning the new trends in the training, as competences and skills are becoming more valued than simple knowledge for employers. Talent man...

The research was carried out between 2016-2017 at Research and Development Station for Plant Culture on Sands Dabuleni on sandy soil with reduced natural fertility. Five Korean sweet potato varieties (Yulmi, Juhwangmi, Hayanmi, KSP 1, KSC 1) were studied, using planting rooted shoots and non-rooted shoots. The results show increase in the number of tuberous roots, with 0.42 large tubers/plant and 0.65 small tubers, by using rooted shoots for planting, compared to planting of fresh cut shoots. Were observed Yulmi a...

The welfare of individual and the area of residence is constantly exposed to various risks, the influence of which reduces its level. The authors proposed constitutive types of risks to the welfare of individual and the area of residence, such as risks of impoverishment, health disorders, death from external causes, decline in industrial production, financial depression, disruption in the normal operation of labor market. They determined the chains of risk influence on welfare indicators for example regions includ...

Previous research on the application of innovations in Kosovo have shown that businesses and other institutions have a low level of creating something new. Despite some efforts to change this situation still innovations remain a challenge in Kosovo despite the benefits they bring. This paper discusses the challenges the problems and benefits of small innovations. From the research on the vision for economic development for the future in Kosovo, economic development is focused on innovative opportunities for each s...

Japanese tourists are increasingly more interested and travel around the Baltic Sea countries including Latvia, Estonia and Finland. Compared to Central Europe and West Europe, the Baltic Sea region is safer and offers varied tourism opportunities. High potential exists in the Japanese market for Latvia, Estonia and Finland, but exploitation requires development, redesign/adaptation and promotion of suitable products which take account of Japanese customs, culture, language and expectations. The challenges on the ...

The key finding of the previous research is the fact that protests are a result of a multifactorial negative impact of socio-economic factors on an individual and group consciousness of citizens. Thus, effective counteracting protest activity assumes managing and administrating social and economic processes in order to neglect threats and overcome negative consequences of crisis in society and economy. The research reveals methodology of counteracting protest activity on the basis of cognitive maps which is an eff...

Background: The aim of this article is to discuss selected concepts of establishing and transforming business models and then to present the business model transformed with their use for a selected sector. Method: Selected methods of linear and algorithmic designing used in the process of organization creation and strategic plans establishment were analyzed. They were referred to the specific economic sector, covering both the tourist services and health resort treatment in health resorts. Results: To illustrate t...

In most cases the uncertainty of future business development makes it hard for an investor to opt for the one of many enterprises to invest. In conditions of uncertainty it is recommended to invest in companies with a good reputation, since such investments are regarded as less risky. In such a situation the attention is increasingly turned to the companies which meet the consumersВ’ needs: trade, food production, construction. It is known that the value of business is considered to be the main indicator of the co...

Persons with disabilities, constituting one of the largest minorities in the world, experience a difficult situation on the labour market and are particularly vulnerable to marginalization resulting from unemployment. In Poland, similarly to other countries, persons with disabilities are characterized by the significantly low activity on the labour market. They are more frequently unemployed and less often take up work comparing to people without disabilities. The survey and the subject literature review carried o...

This paper discusses the negative impact of shadow economy on Small and Medium Enterprises (SMEs) in Tourism Industry, where SMEs constitute 98 percent of the national economy. Our findings indicate that shadow economy widens the gap between SMEs and large enterprises, and presents the biggest obstacle for the development of SMEs. Moreover, our research confirms that the shadow economy has the potential of destroying national economies in smaller countries, like Greece. Our research was based on a questionnaire su...

Like the European Union, the Slovak Republic is also experiencing rapid aging of population, which is caused mainly by an increase in the expected life expectancy combined with a low birth rate. In general, the negative impacts of population aging on public finances of the state are analysed. Less attention is paid to the impact of aging on national economy in terms of volume changes and the structure of supply and demand for products and services. The concept of silver economy can be defined as the potential repr...

The innovations, especially social, are widely recognized as a strategic base of rural areasВ’ sustainable development. Numerous studies have found the positive impact of social capital on innovations, especially social innovations. Furthermore, the innovation is an important tool to transform social capital into the higher income levels and higher innovation performance. The paper presents an assessment of the role of social capital and its relationship to innovations, particularly social innovations in rural are...

The paper deals with the problems of formation and modeling of spatial industry economic systems, which are a subclass of integrated economic systems. It is shown that new types of cluster associations are being formed that integrate their interests, assets, resources for joint operation within particular economic space. The synthesis of several stably interacting clusters forms a new class of clusters that has its own peculiarities. The new class of clusters is named in the article as cluster systems. The article...

The significant growth in tourism from Romania has led to more and more complex scientific approaches on the role of this sector in the structural dynamics of the local economy. The study aims to develop analytical methodologies of the dynamic relationship between tourism and the other components of the territorial system. Quantification of complex relationship in each tourist resort from Romania was carried out through a database at the territorial administrative unit level, at NACE cod level (Classification of A...

The unevenness of providing countries with natural resources, as well as their consumption, puts forward a number of regularities in the economic development of different countries. The first relates to the need to find ways to better manage natural resources in the face of scarcity. The problem is particularly acute for developed countries. As a matter of fact, their variant of industrial development in last decades (economy of resources) and is resource way of economic development. The urgency of the problem of ...

One of the aims of each financial analyst is to make a statistical analysis of multidimensional data in a financial analysis. The aim of all methods of multi-criteria evaluation is transforming and synthesizing values of various parameters into one - integral indicator, comprehensively expressing the level of individual enterprises in the set of values examined. The purpose of each multidimensional analysis is to process the data in order to clearly indicate the model and thus reveal the hidden phenomenon. The aim...

Modern fuel and energy complex is an important element of global economy. Its development produces risks for global and national economic systems. ItВ’s very important to develop tools for quantitative assessment these risks. For today an empirical studies that use statistical tools for solving this problem are very rare. We propose to conduct a comprehensive formal evaluation of the energy vulnerability by building ratings of the countries. The rating is based upon a number of indicators related to key energy vul...

The paper presents the situation of investments in the hotel and restaurant industry, from the eight development regions of Romania, during 2008-2016. The data used in the study was taken from several sources of statistical data of various organisms in the field, and then they were sorted and hierarchized for further processing. The purpose of the processing was to highlight the level of investment in the hotel and restaurant industry in each development region of Romania and to compare the turnover of the sector ...

The paper presents a synthesis of the fundamental elements characterizing the bank deposits and, in particular, the deposits of the non-governmental clients. The concept of deposit as a whole, the typology and the role of bank deposits are analyzed. The study started in this paper will continue with other researches in this regard. The methods used by the authors to support the research consisted of data collection, documentary analysis, graphic representation, classification, comparative analysis. Scientific rese...

Modern society has no time for rituals or rhythms; the modern man serves his food at fast at fast-food near the workplace, surrounded, but not together, with his colleagues. Both the Romanian of the big urban agglomerations, as well as of the one from the rural space, has no time for even one of the three tables; he uses products with beautifully colored and encoded labels, because they do not know how else they could talk about: emulsifiers, stabilizers, a bunch of E-s, a whole bunch of acids mentioned on the pac...

Nowadays, companies deal with a dynamic process of adapting economic sectors to the EU requirements and conditions as well as to internal domestic regulations in terms of corporate sustainable activities, including identifying, measuring, estimating and disclosing various information. Ongoing economic changes determine conditions under which todayВ’s business is conducted also in the area of municipal management, and impose the necessity to implement innovative organizational, financial and accounting solutions. T...

The aim of the article is to evaluate whether the construction of the income tax in Poland indicates the implementation of the principles of social justice to which Article II of the Constitution of the Republic of Poland refers. In order to achieve the pursued objective of the paper, it was analyzed how the amount of the income that is not the subject of individual income tax and the poverty lines in the years 1995-2017 related to each other. The above relationships were compared with relationships in selected co...

The article is devoted to the answer to the question, what priorities prevailed in the process of restructuring hard coal mining in the countries of Central and Eastern Europe, in which this sector had a significant share in the structure of the economy (Poland, Czech Republic and Romania)? The analysis was based on the study of the relationship between the level of coal prices on the European market and the level of employment. The hypothesis of the article is that in the Central and Eastern European countries, s...

The village and the agrotourist area presents itself as an area of real attraction, where are meat all the elements specific to the local development. The agrotourist activity and the economic and social development of rural area are in a relationship of correspondence and reciprocity. So, the intensification of tourism activity is the result of the general development of the rural areas, development which is also determined at his term by the development of tourism. The potential of rural areas represents an adva...

In business management, the critical issue is identifying those activities that are drivers of value. One of the indicators stakeholders are interested in is return on equity (ROE). For managers, it is important to identify those activities that affect its growth or decline. The aim of the study is disaggregation of the ROE indicator on the parts depicting the operating activities through Return on Net Operating Assets (RNOA) and non-operational activities through financial leverage and spread. Then more detailed ...

The concern for consumers protection dates back to antiquity, the development of commodity exchange in the markets from citadel cities is not a random and uncontrollable phenomenon. In the society of the 21st century, where production has exceeded consumers' needs, deviations from the rules appear. Manufacturers have gone from producing what is sold to selling what is produced. Different marketing strategies are used, imposing on the consumer the need for a good or service, even if he does not have the need. Unfor...

With the constantly changing conditions of the market environment, companies and their managements have been under permanent pressure to find sufficient economic reserves and resources allowing to further grow and improve their financial performance. Financial performance considerably affects the company position in the market and also the level of its competitiveness. Besides other factors, the company financial performance and competitiveness are influenced by the amount of costs consumed. Practical experience a...

Real estate markets show specifics across the particular segments of real estate and also different performance in terms of market efficiency in real time. Moreover each country has some legal framework and other specifics. The paper deals with monitoring of asking price development till realizing a market transaction as the indicator of the market efficiency. Such microeconomics research should determine both the price differences and the duration to sell for individual observation of selected market and segment....

Recent years in business activities exposed rapid changes, especially in the ownership structure. An increasing number of mergers and acquisitions assume increasingly complicated forms, thus becoming incomprehensible for financial statementsВ’ recipients. Among many consequences associated with business combinations, one should notice a specific accounting category, namely the bargain purchase gain. Describing the basic assumptions as well as legal regulations concerning the bargain purchase gain isone of the main...

Increasingly big amount of discussions is currently formed around digital revolution and the formation of information and knowledge society. To date digital economy has become the background of tectonic developments, which are shaping the form and structure of national economies and regional clusters, thus, influencing the nature and models of business development. Digital economy has occupied the integral role in diverse economic spheres such as: education, medicine, electrical energy, transportation, logistics a...

The goal of the paper is to analyse the effects of additional taxation of the banking sector in Germany and Poland in the context of implemented taxation models for this sector. The article includes an identification of types of taxation of the financial sector and an assessment of options for additional taxation of the financial sector from the point of view of the scope of taxation, tax subject, tax base, scale and tax rates, as well as the purpose of funds raised in the form of tax. Assessment of the macroecono...

The article is devoted to the analysis of the concepts of the creatosphere and post-Fordism in the context of the creative and cultural economies of the Arctic. Interest in the Arctic space has recently been linked to the strategic interests of countries. Management paradigms of thinking - the creatosphere and post-Fordism - are proposed. The author defines the creatosphere. The creatosphere is when, with the help of knowledge, new intellectual values, innovations, humanitarian technologies are created that improv...

In the modern world, there are tendencies to form the economy of a new type of economy - the digital economy. The formation of a new economy is associated with the intensification of various risks. In this regard, insurance is the main source of incentives for production activities and economic growth, which provides the conditions for protecting property interests. Losses arising from unforeseen factors (economic, political, social, etc.), cause an objective need for insurance. In all developed countries of the w...

Modern economy is characterized by significant strengthening of integration processes caused by the deepening of relations between countries, international trade liberalization, scientific and technological progress, development of productive forces and the deepening of international labor division. This results in the formation of regional associations, which are evolving progressively into independent centers of the world economy. The article highlights various aspects of the integration processes in the common ...

This work represents a theoretical analysis of a quite complex problem that involves economic activity process of an accommodation structure and the impact it has within the territory where implanted, trying to observe the effects they may generate on the local economy. A first step in the analysis of the economic effects that can have an accommodation unit on the local territorial system was an extensive literature review of some economical and geographical works. Also in achievement the work I used the analysis ...

Corn is the main crop plant in Romania, at least in terms of cultivated areas (2,554,304.25 ha as an average for the period 2013-2016, over 25% of the arable land cultivated) and total production (10,765,359.5 t, average for the period 2013-2016 around 50% of cereal production). Maize is highlighted by its multiple importance (fodder, industrial, agro-technical, fodder, export, source of profit). The study presents the evolution of corn prices in Romania during the period 2013-2017, both at national level and at t...

The purpose of research was to assess trends and problems in the formation and development of state control over the targeted and rational use of budgetary funds in Russia. To achieve this goal, the Russian Federation normative legal acts from 1993 to 2017 were studied, as well as practitioners' and theorists' expert assessments directly involved in the process of state financial external control mechanisms formation. During the study, the authors identified the following trends in the external state financial con...

In the study basing on the key regional indicators and export goods analysis is discussed the possibilities of current regional foreign trade models in the social and economic development in case of the sanctions restrictions (on the example of the Republic of Tatarstan). Basing on the received estimates is analyzed the proposed position that the current foreign economic relations models of export-oriented regions are capable to compensate in the medium term some lost profits in the cases of the sanctions restrict...