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Innovative financial strategies are transforming the pace and stakes of business and accelerate emerging market changes supporting the principal strategic factors that can undertake successful progressive advances, therefore the importance of innovative financial strategies have a central position and are responsible for the corporations’ business excellence. The top pioneering companies prioritise and emphasise years of organizational performance and are uniquely qualified to inspire and enhance innovation becaus...

One of basic banking activities is granting loans to both retail and corporate clients. This is obviously related to the potential risk of customers’ 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 stati...

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 issue of innovation is becoming more relevant day by day, as the most severe competition among large corporations of the world is observed precisely for the market of innovations. Any project should start with a well-planned and well-executed planning. The article considers the innovation planning system at the enterprise. The following types of planning will be considered: strategic, operational, product-thematic, technical-economic and volumetric-calendar. The composition and combination of different types o...

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...

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...

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...

This article aims to identify and evaluate Polish achievements in implementing sustainable development in the context of Goal 12 of the 2030 Agenda, that is, creating patterns of sustainable consumption and production. The current set of synthetic substantive and complementary indicators, established by the UNO, were used to measure the progress of this implementation. The research period covers the period 2010–2016. The authors analyzed legal acts, institutional reports, statistical data, dynamics and ratio analy...

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...

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....

Insurance means protection against different kinds of risks with financial consequences. In frame of this protection, the insured transfers its risks, the possible negative consequences of which are unbearable to the insurer, i.e. to an insurance company. In order to compensate the insurer for such consequences, the insurance company collects the premium for the transfer of risk, the amount of which depends on the size of conventional damages, having a random character. The balance between premium written and prem...

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...

An analysis of the contribution of the information technology industry in India showed that the country had found a profitable middle ground between science and economy, the share of the sector in the country's GDP structure is more than 10% in 2016/2017. On the other hand, the total contribution of information technologies, including the digital and mobile component of the Russian economy, amounted to 5.06% of GDP in 2017. Despite the economic stagnation, high-tech segments have continuing to develop and find new...

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 article critically analyzes the established, generally accepted approaches to study a state of competition based on market concentration index. These indicators have such obvious advantages as relative simplicity of their determining and comprehensible interpretation of the content. However, they also have some fundamental drawbacks as follows: the use of stringent, frequently unreasonable threshold values for obtaining final research findings about the state of competition in any commodities market, the inabi...

The true and fair view principle is a key rule that has been functioning in accountancy for a very long time. In the face of an ever-growing world and new opportunities that have forced development and changes in the approach of accounting, the true and fair view principle became even more crucial. Its maintenance has become one of the prime goals for each person creating a financial statement. The theoretical part of the article was focused on showing the meaning of the true and fair view principle and its import...

In the Russian economy, there is a growing staff shortage, among the key reasons of which are 1) decline and aging of population; 2) growing structural deformation of labor market; and 3) preservation of labor-intensive type of economy. Effective regulation of the labor market in Russia demands consideration its economy taking into account the heterogeneity of labor formed through the processes of population reproduction and migration. For this purpose, we develop a model that allows forecasting development of ski...

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 ...

In the article the authors analyze the problem of modernization in Russia, which is currently one of the most important factors of economic development. Modernization is considered as a macro-process of transition from the traditional society to the modern one, which supposes qualitative change of the whole way of life of the country. Studies have shown that society has different views on the concept of the essence of modernization. Many members of society consider this term quite narrowly, most often understandin...

The article presents the main results of the development of a range of proposals for the development of volunteering in tourism in Russia, provided that typical risks and threats caused by this phenomenon are reduced. Volunteering in tourism is a rather complicated topic. It includes many ethical, organizational, legal, economic and other aspects. There are two main components in it: volunteering at tourist sites, as well as volunteer tourism (voluntourism) and other types of tourism that have a volunteer element....

In today’s rapidly changing business environment business performance is becoming increasingly important. Improving business performance becomes an integral part of the strategic management of any business that wants to succeed in today's competitive environment. New methods (concepts) that are used to measure and manage financial performance are gradually introduced. These methods include not only financial but also non financial indicators that describe financial performance in its entire complexity. The aim of ...

Background: Although forthcoming EU Geo-blocking Regulation should minimise the problem of customers discrimination in online cross-border trade, it will not resolve all obstacles experienced by consumers during shopping online abroad, including payment-related ones, that are leading to the dissatisfaction of consumers, being experienced typically late during the shopping process, after some effort and time. Paper goal is to investigate the occurrences of payment-related obstacles in domestic and cross-border B2C ...

The universal right to travel, alongside with the right of developing one’s personality – in addition to the right to rest and enjoy relaxation – as an expression of the universal human rights – form the fundamental reason for social tourism. The main objective of this paper is to define social tourism, which through the objectives, population targets and achievements thus far obtained, is seen as one of the most important vectors that bring these rights in practical application. Within this approach, social touri...

The former socialist countries that joined the European Union have since managed to reduce the distance of wealth separating them from the richest countries of this bloc, albeit at varying degrees and pace. In the last few years, the so-called middle income trap, which may pose a threat to EU-member post-socialist countries, is attracting more and more attention. Although this concept has many definitions, their common thread is the exhaustion by states falling into such a trap of current simple development factor...

The study analyzes the functioning of the hospitality industry in the structure of working tourist routes in the regions of Russia. The range of problems that determine the quality of hotel service, which is provided to guests, located on the tourist route. The institutional conditions that affect the market of hotel services, as well as services of other means of accommodation. The study determined that the low level of service in hotels is determined by the structure of demand from tourists and tour operators wh...

One of the fastest growing sectors, the creative economy, contributes to the growth of local, regional and national economies, both through revenue generation and job creation. The study aims to analyze the dynamic of the creative economy at the level of the territorial systems, structured by the main creativity poles in Romania. Quantification of the role of creative economies in the economic profile was achieved by creating a database, at the level of administrative-territorial unit, with the main economic indic...

This study focuses on the specific features of managerial accounting used in the Czech Republic, in particular on the typical attitude of manufacturing companies towards product costing and pricing. The objective of absorption costing is to ensure that both the direct and indirect costs of production are included in the production cost. To determine the direct production costs is relatively simple as the amount of them in a product can be measured. On the other hand, the indirect costs are impossible to measure, t...

Increasing disparities of development are a characteristic of the countries of Eastern Europe. Understanding the mechanisms that lead to the amplification of these phenomena, is a central topic of scientific research in the area of territorial management. The study aims to develop a new methodology to analyze the concentration trend of the poorest administrative units from Romania, the results obtained contributing to a superior understanding of a complex of determinants of polarized development. The analysis inte...

Background: Managers are looking for methods and tools that will allow their enterprises to function safely and be competitive in the market and develop systematically . The simplest solution applied mainly in the commercial sector is functioning in a group purchasing organization. Such groups are mainly associated with joint purchases and the use of economies of scale. However, within the group purchasing organization of an enterprise, in addition to common purchasing power, they are able to use various types of ...

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...

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 ...

Economic environment is constantly witnessing a number of discussions about undervalued or overvalued cost of national currency and the impact of currency cost on the national economy and well-being. For this purpose multiple methodologies of calculating “base” (“fair”) value of national currency and its comparison with real current market value are widely used. Although, the most common method is considered to be the one, based on purchasing power parity, some other methods, such as “bigmac index”, “iphone index”...

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 paper offers an analysis of the influence of the population ageing on the social insurance company expenditures in the Slovak Republic Regions. The explored dimensions comprise old age economic dependency index and ageing index. The population ageing represents a major issue for the social insurance system in the future. The methodology employed for the carried out analysis is the analysis of sensitivity in a form of the regression analysis for the panel data. The territorial aspect of the regression model is ...

Addressing urgent market problems in the course of implementation of the need to find business opportunities in today's economic reality actualizes the study of management marketing imperatives as basic requirements, underlying market growth of business structure. The necessary conditions for effective market management of business development process is implemented taking into account the need for harmonious interaction with consumers in the framework of the doctrine of consumer needs priority. The purpose of thi...

Brief description of the study and used methods. Brief description of the study and used methods. Brief description of the study and used methods. Brief description of the study and used methods. Brief description of the study and used methods. /Times New Roman, 12/ The paper studies the specifics of the functioning of the ancient Roman monetary system in the period of the late Republic and the early Empire. As a result of the expansion of the economic space that was due to the large conquests, disparities arose b...

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...

Today, the global economy is in a state of transition from one technological mode to another, more advanced. According to various evaluation society will be the sixth technological way in 2020-2030 This situation has a significant impact on the processes of economic development of individual countries, particularly highly developed. The most significant phenomenon that characterizes this state of the world economy is the so-called digital economy. This was influenced by the active use of information and communicat...

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...

Background. This study is aimed to scrutinize the interrelation between satisfaction and concern with own appearance and subjective estimation of economic status that is considered as one of main predictors of life satisfaction. Resent research analyzes predominantly the role of real economic status on different aspects of human life including satisfaction and concern with own appearance [1], [3], [4], [6]. In contrast to mentioned studies our investigation is focused on subjective-comparative approach to economic...

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 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...

The basis for each successful economy is the performance and competitiveness of its core enterprise entities. Rising competition, which is caused by growing globalization processes, forces enterprises to evaluate their performance not only from the point of view of past financial results, but at the same time to compare their achieved results with competition in the relevant sector. Enterprises are exposed to ever stronger competition from globalization, leading to increased flexibility of all actors in the nation...

Several groups of the population are threatened by unemployment. These groups include graduates from secondary schools and universities, individuals in the retirement age, persons with disabilities, persons with low level of education and other groups. One large group represents secondary school and university graduates. The aim of this article is to compare and evaluate the amount and causes of unemployment of this population group in Slovakia and in the Czech Republic. Although Slovakia and the Czech Republic in...

Through the fact that capitalize the resources and local products, and combines two activities, agriculture as main activity and the tourism as a complementary activity, the profitability of agrotourism activity is high, being a chance of alternative incomes for rural areas, especially for those from the mountain area. Practicing agrotourism ensures the sustainability of the rural area due to the fact that it follows the encouraging of the practice of traditional activities in rural communities, stopping land aban...

Since the introduction of the negative nominal policy interest rates by the European Central Bank (ECB) in June 2014, there have been concerns about their impact on bank sector and hence on the financial stability. The prolonged global economic recovery, political uncertainty, low interest rates, and the changing regulatory landscape shape the environment for banks globally and influence their creditworthiness in recent years, with implications for banks’ earnings, profitability, and asset quality. The key objecti...

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...

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 ...

In the recent years Russian sugar market has been undergoing considerable changes stipulated by the innovation development and national policy of the country focusing on food supply security and support of the domestic beet sugar production. The Russian sugar market has turned into export-dependent from import-dependent and deficit. The article analyses the place of the Russian Federation in the world sugar market in the context of import substitution and shows the Russian Federation as one of the biggest world su...

This article defines the specificity of the concept of «food security in the region». 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 exam...