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The paper dwells upon the problems of formation and modeling of the bitcoin crypto-currency market. The huge interest of both the scientific community and the citizens of the world dictates the need to analyze the prospects for the development of the bitcoin and other crypto-currencies market. The article outlines the construction of a model covering the bitcoin market and the factors affecting it. As an endogenous variable "Bitcoin market capitalization" is introduced that estimates the aggregate demand for bitco...

Investment decision - making has acquired the importance in the economy of the Slovak Republic especially in connection with its transition to a market one. It is connected with a long-term time horizon, and a badly focused and inefficient investment can lead the company not only to financial problems, but even to bankruptcy. In SMEs, the success of the investment, sometimes involving all of its own capital, can decide on their further existence. In addition to investment decisions that solve the question of which...

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

The IT technology solution supporting VAT collection popularised by OECD known as the Standard Audit File–Tax (SAF-T) raises many challenges for businesses bound to use it. The aim of the article is to interpret the conclusions drawn from the survey evaluation of SAF-T implementation in Poland conducted by accountants and heads of economic units. For the reasons presented in this article, SAF-T used in Poland (and probably in many other countries as well) currently may appear to be a transitional, not a permanent ...

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

Minimum wage is a tool for regulating the labor market that, over the long term, causes controversy in the areas of both economic theory and practice. The goal of this paper is to present and analyze key theoretical economic approaches to the functioning of the labor market and the tools used to regulate it. These regulatory tools significantly influence the labor market’s allocative efficiency, and we generally consider the institution of minimum wage to be fundamental part of this trend. Therefore, in this paper...

The current knowledge of the management of the capital structures of companies does not enable clear determination of optimum ratios of debt to equity. The factors considered by managers in their decisions concerning ways to finance their companies only partly match the theoretical findings on those matters. Empirical studies mention the following factors affecting the financial leverage: legal and institutional constraints, size of the company, profitability of the company, and growth prospects of the company. Th...

The article describes the methodology for modeling global problems of the world economy. The main methodological provisions: the existence of the history of the problem development, the mutual influence of the problem development process, the influence of factors on problem development. The mathematical model of global problems of the world economy is formed on the basis of the system approach. A particular feature of the system approach is the choice of the system of indicators that assess global problems, the ch...

Spatial development of Russia has large disproportions of financial and economic nature. This can be illustrated by the example – most of the regions have a regional budget deficit. At the same time, the debts of the regions to higher budgets and banks are steadily growing. All this reduces the potential for regional development and the opportunities to ensure the economic security of regions’ development, the financial and economic risks of bankruptcy of the territories are growing. The purpose of the presented s...

This article provides a review of recent unfolding development of countries working on creation of central bank cryptocurrency (CBCC). Central bank issued private blockchain based digital cash product such as Fedcoin, introduced by J.P. Koning and used by Bank of International Settlements (BIS) in its report, represents centralized rival of decentralized Bitcoin, electronic peer to peer payment system without central bank control (CB). Article further explores what the ongoing crypto digital turn spells for the fu...

This article describes method of banking activities in the field of the Internet of banking of Russia. The issue of personal finance management services is relevant both for individuals and for families dealing with budget deficits and budget surpluses. Modern financial relations into which a citizen enters tend to become more complicated. This fact makes it necessary for subjects who manage personal finances to master a sufficiently high level of financial literacy. Therefore, personal finance management skills a...

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

Companies are increasingly implementing new performance measurement systems to track non-financial measures such as customer and employee satisfaction, quality, market share, productivity, and innovation. According to the existing theoretical literature, non-financial performance measures provide managers with incentives to improve long-term financial performance and, on the other hand, financial performance measures provide managers with incentives to improve short-term financial performance. This study examines ...

Nowadays, commerce is also actively transforming, moving from offline to online. There is a constant annually dramatic growth of retail e-commerce sales. This thesis establishes the importance of electronic money, online payments and the role of e-commerce in the modern world; describes the peculiarities of e-money market and e-commerce in Russia and in global. In general, it is possible to note several trends in the Russian market of e-commerce. One of them is an active growth of the segment of payments of the Ru...

The new challenge before today’s CEOs and executives is to realize that intellectual property (patents, trademarks, copyrights, etc) are assets that enhance corporate value and offer the company a new competitive advantage. The proper exploitation and measurement of intellectual property or intangibles gives strategic and financial benefits to the underlying organization.The number of patents of the underlying company are used in the literature among other variables as a proxy for intellectual property or innovati...

The present day approaches to the concept of “entrepreneurship” are analyzed. Possibilities of high-skill training of young people for entrepreneurial activity in the context of a consistent integrative "School – Higher Education" system are assessed. The specific features of implementing the program of business training of students are revealed. The structural components of the program are presented. For justification of the efficiency and implementation of the business training program, the results of pedagogica...

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...

Within the new era of digitalization, software development and personalization projects play a major role for the IT & Telecommunication players. They also come with a range of associated risks like the risk of not being able to deliver on time, on budget or the needed scope. It is thought that having the clients directly involved in the development and personalization process comes with a range of benefits that help lower the project’s overall risk. In order to demonstrate the added value of supplier-client colla...

New knowledge and innovations have been developing as a resource of economic stability and growth in recent years. That is why territories become more dependent on the level of new knowledge and innovations. In view of the specified current trends of world economy development, which initiate generation functioning of a new type on the basis of the network concept, it is necessary to consider features of interaction of regional economy subjects in the context of cluster and network collaboration, as well as the con...

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...

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 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...

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...

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....

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 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...

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...

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...