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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. if the c...

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 problems of minimizing tax risks when Russian companies paid income to foreign organizations were constantly in the focus of attention of economists and practitioners. The number of publications of both foreign and Russian researchers in this field has a steady upward trend. This is due to the observed increase in the number of foreign organizations receiving income from sources located on the territory of Russia, as well as the expansion of the range of controversial issues arising in the current conditions f...

The main question which the author of the report would like to answer is this: "Is a freelancer a man of the future of work?». There are methodological difficulties in the study of freelancing. First, in determining the concept of "freelance". Second, when selecting principles and methods for quantifying the participating workers in a given form of employment. We will be able to overcome these difficulties only partially, using a comparative approach, historical method, analysis of statistical data and a systemati...

A wide variety of scientific sources and mass media maintain that at present the loss of people, both in the whole world and in individual countries, has taken on noticeable proportions, which are difficult to conceal or leave unattended by society. In this context, it is sufficient to give the following comments: "statistics show: every three minutes on Earth one person disappears without a trace"; "Every year in Germany, more than 100,000 children and young people are reported missing"; "According to official st...

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...

No successful economy can be implemented in closed mode in the contemporary globalized world. A view of an explosive development of the national IT technology the society is forced to transform itself from vertically-integrated model into horizontal model. The functions of state authorities change significantly, shifting from interim measures to a standard of quality services provision. The way of life of a contemporary person changes significantly; there is also a process of state borders blurring and state’s fin...

In modern society, labor becomes a complex and diverse action. The forms of labor are changing, and it`s boundaries are eroding. In these conditions it is important to rethink the economic understanding of labor. The main goal of this article is to formulate special aspects of labor as of a non-economic action. To achieve the goal the author analyzed such notions as “economic action”, “non-economic action”, and “labor” as they exist in scientific literature. It was also required to find out the distinction between...

The analysis of foreign experience in the implementation of projects for sustainable development economy has shown that in almost all countries the greatest number of innovation projects are carried out in the construction and energy sectors, while very strict requirements for energy efficiency level are imposed on the facilities The accumulated array of analytical data in this field is definitely insufficient to obtain clear and unambiguous conclusions about the relationship between the energy efficiency of the b...

The Republic of Croatia is a country with significant number and large variety of autochthonous products. In recent years, more attention is paid to the importance of local products and their protection at national and even European level. The aim of the paper is to explore tourists perception towards autochthonous products quality. For the purpose of this paper the primary research in the area of Dubrovnik has been carried out. Autochthonic products in Croatia can be protected by the marks of origin, geographical...

This work is devoted to the topical issue for Armenia: the development of tourism by identifying the factors influencing the satisfaction of Russian tourists visiting Armenia, as well as factors influencing their intention to revisit the destination and its recommendation to friends. According to statistics from the past nine years, tourism in Armenia gained new pace of development. Among all other countries and regions, the leader in the number of tourists visiting Armenia is Russia. Also, the two countries signe...

The worldwide challenges related with the agricultural sector are diversifying and the financing of this field is more and more required in order to develop the sustainable agriculture while mitigating and adapting to climate change. This paper aims to overview the agriculture finance landscape worldwide by investigating the Scopus research publications. Also, it was conducted an analysis at BRIC and USA levels. The review uses the bibliometric techniques for emphasizing the evolution during 1960-2016 time frames,...

Today in Russia an independent system of qualifications replacing tariff-qualification reference book is being introduced. In foreign countries such systems already exist and run successfully, but in Russia they have appeared relatively recently. Therefore the implementation of an independent system of qualifications involves certain difficulties. An independent system of qualifications consists of four elements: a professional standard, an independent assessment of qualifications, a professional-public accreditat...

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...

Modern institutional theory demonstrates astute attitude to studying transactional costs. The key explanation of transactional costs will include the costs, which the economic entity will bear while complying with the conditions of economic exchange. This is one of the guiding reasons why institutional theory of economics is often referred to as the economic theory of transactional costs. The real volume of transactional costs in the Global economy is getting increasingly high. Economic entities are facing the nec...

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...

Migration of the population is one of the most important demographic processes. It has a significant impact on the change in the structure of the population, and as a result - on the overall economic indicators of the country's development. Transformational processes in the Russian economy are responsible for qualitative changes in the labor market. These changes affect both demand and supply of labor. Increasing the efficiency of costs for hiring new employees and stimulating their labor productivity are one of t...

The process of digitization is increasing its pace, which seems to outmatch the human capabilities of evolutionary adaptation to ongoing changes [1]. The 21st century makes it necessary to use new technologies during management- and production-related processes, as well as in ones involving finance and accountancy. The development of digital economy, automation of processes, digital financial services and a widespread access and transfer of financial and non-financial data enforces development of digital competenc...

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...

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...

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 ...

The features of state utopia implementation are analyzed on the basis of Soviet socialism conceptions. The transformation of social-economic and philosophical-political foundations of state is disclosed through the phenomena of property and freedom. The research is based on systemic, comparative-historical and statistical approaches. The research objective is to study the interrelation between the socioeconomic and the political-visionary spheres of functioning of the first socialist state, and to reveal the cause...

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...

Many years of history of tax havens indicate their attractiveness in terms of hiding income and reducing tax burdens. At the same time, it exposes the weakness of governments and various types of institutions and organizations in the scope of limiting the negative impact of tax havens on the financial conditions of the countries from which the capital has migrated. The creation of new legal forms, often of a hybrid nature, is not a magnet only for business entities but also for individuals. Minimum tax burdens, a ...

Tourist information centers play the role of an important subject in the development of tourism in the destination. They exist in all countries with developed tourism and therefore have their foundation in Slovakia as well. The aim of the paper is to explore and compare the environment, the offer of regional products and employees' access in tourist information centers in Western, Central and Eastern Slovakia. In order to fulfill the aim of the paper we have made in the months from January to April 2018 survey in ...

Latvia has defined the smart specialization strategy in national level since 2013. The planned outcome - increased capacity of innovations - includes the share of high and medium-high technology sectors in the export; number of researchers employed in the private sector; increase in manufacturing productivity and share of innovative enterprises. Smart Specialization Strategy measures are tied to the Latvian Sustainable Development Strategy until 2030, the Spatial Development Perspective and the National Developmen...

Understanding local residents’ 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 residents’ 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 impa...

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...

This article highlights some aspects of the existing correlation between increasing the effort of allocating a larger defence budget to governments and the effect on economic development and material well-being of the population. Following the basic international rules imposed by NATO on the Member States, each state tries to adapt it to its internal conditions. The results of the existing relationship between defence spending and the economic development index are presented through the statistical analysis of twe...

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...

An essential component of national wealth and the most important part of the country’s economic capacity are the fixed funds. Fixed assets form the basis of any industry, which produces output, delivers services and executes work. Production facility renovation is one of the crucial tasks to be fulfilled in order to develop exchange relations and maintain the current economic growth rate. The present study: 1. Provides an original definition for the term “investment potential of renovating basic production assets”...

Sustainable development of the socium and economics, balanced interaction with the environment - these global issues are most relevant today. The world community is forming an understanding that these issues should be in the priority as the vital goals of all countries in the world. The article shows the implementation of the green financing policy in Mongolia at the present stage. Its positive impact on the socio-economic development of Mongolia and international cooperation with its geographical neighbors - Russ...

The article describes the Germany’s investment attractiveness mathematical model. The model is based on the institutional and functional approach. The distinctive feature of the institutional-functional approach is the inclusion into the model of the endogenous variables that characterize the institutions performing the function of attracting investors into the country: the technological development institution, the companies’ registration institution, the country economic freedom institution. Functional component...

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 discussed the specifics of the functioning of the typical mechanisms of re-gional self-regulated organizations to support small businesses in the economy of the Russian Federation. In order to improve the mechanism for the activities of the regional self-regulatory organization to support small business, more complete implementation of the system of statutory functions for the development of small businesses in the re-gion, improve the level of sustainability to fluctuations of the external environment...

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 ...

In terms of natural resources and existing potential, balneo-tourism represents one of the main forms of tourism in Romania, that can be even further developed with proper regulations, investments and promotion. Therefore, it is important to raise awareness upon relevant aspects that can help to promote more efficiently this form of tourism. Along with the concepts related to the addressed topic, this paper presents the results of a qualitative research that aimed at identifying the appropriate action directions i...

Modern fuel and energy complex is an important element of global economy. Its development produces risks for global and national economic systems. It’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 vuln...

In countries with developed market economies, forms of financial support for small and medium-sized businesses have been developing for decades and represent a large set of programs that include activities to assist small and medium-sized businesses throughout their life. Currently, there is a need for in-depth study of the financial support system for small and medium-sized businesses, methods of supporting small and medium-sized businesses, and evaluating the effectiveness of financial events held by the state. ...

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 consumers’ needs: trade, food production, construction. It is known that the value of business is considered to be the main indicator of the com...

The paper discusses the technological complex of wastewater treatment of wastewater treatment of petrol stations. Based on the review of the main modeling methods of discrete-continuous chemical and engineering processes, it substantiates expediency of using the theory of Petri nets (PN) for modeling the process of wastewater treatment of petrol stations. PN enables to simulate discrete parallel asynchronous processes, to get a graphical representation of the network, to describe the system at different abstractio...

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...

The relevance of the study is confirmed by the fact that globalization of world economics and participation in this process of Russia mean an ever closer intertwining of national economies. This fact promotes more intensive the development of countries on the basis of international economic activity. The study focused on the use and implementation the most common and major index of globalization KOF (Konjunktur for schungsstelle) in world economy. The aim of this study is sensitivity rate analysis of globalization...

In this paper the negative social and economic consequences of raising the minimum wage for the regional economy on the example of Krasnoyarsk Region are discussed. It is shown that in Krasnoyarsk Region regional coefficients and northern wage surcharges have been established, and according to the Constitutional Court Decree No. 38-P of 07.12.2017 employers are obliged to charge them in excess of the minimum wage. As a result, the social guaranteed minimum wages in the region is even higher factually than the subs...

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 ...

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...

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 paper suggests and tests the methodology for quantitative evaluation of sustainability of a regional socio-economic system development. More precise attention is paid to the role that ICT and innovation dynamic factors play in the process of regional development. The research hypothesis: there is a significant probability of the Russian regional economic systems’ shift to the knowledge-based economy mode, that stands on several social development determinants, mainly human capital and innovation. The task of q...

The paper aims to examine topical issues on the current status and development prospects of the monetary economy of Russia. Developing economy of Russia plays a special role in contemporary world. Financial market is of particular importance for the development of the Russian economy. It has constantly improved, actively developing. Experts believe that in the near future Russian financial and credit institutions will influence more the world economy and stock markets growth. In this regard, of particular interest...

As the importance of tourism is increasing, ever more states from Europe and not only are using strategic branding and a variety of marketing means to attract a growing number of tourists. However, destinations are among the most difficult entities to market. Considering the importance of a clear marketing strategy and proper images and slogans used, the paper aims to identify the destination personality, see whether Romania’s official website can have an effect on the image of the country and if it complies with ...