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The paper studies foreign practices of tax policy formation. The capability of a state to ensure social stability based on reasonable distribution of national wealth and household income is a very important indicator of modern society development level. However the mechanism of income distribution and the results of its operation may not agree with the social idea of justice. Many economists adhere to the opinion that the state should regulate the distribution of the incomes of the society and it is advisable to o...

Labor productivity is the most important factor in the economic growth of the region. Traditional production functions assess the contribution of labor resources to three-fourths of the total one. But today there are new factors, the inclusion of which in the model is necessary, since they determine the key forces of economic development, iden-tify the direction of regional policy. Economic growth, according to neoclassical theory and the theory of endogenous growth, is influenced by labor resources: population de...

Development of ICT, Internet and electronic commerce tools has totally changed the way of doing business, business processes, marketing and Public Relations. A new type of activities in the digital environment provides an advantage to small and microenterprises to effectively communicate directly with the target group of customers and achieve much better results than with the traditional media. The purpose of this article is to describe the main factors influencing the usage of e-commerce in microenterprises’ mark...

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

Like any other commodity market, alcoholic beverages market has its own the specifics of development. The paper investigates the problems and prospects in the development of the alcoholic industry on the regional level. The authors identify the problems of implementation of the federal laws on the issues of administrative and legal regulation of the alcoholic market, as well as the structure of offenses in the sphere of production, turnover and retail sales. The methodology aimed at developing the criteria and ind...

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

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

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

The country's public debt – a multifaceted characteristic of the economic situation of the country. The statistics of public debt of the Russian Federation for 10 years was reviewed in the article. The study identified several reasons to doubt the validity of the magnitude of the debt burden for the Russian economy. It was concluded that in current Russian conditions a peak of decision-making on the debt had been reached. Over the past four years the debt has increased 2.3 times, while the state guarantees increas...

The article is devoted to development of ecological tourism on the territories of the Arctic, in the territories located north of the polar circle, and extending to latitudes ± 66°33'44". As the research methodology used for comparative analysis of projects and programs of development of tourism in the territories of the Arctic. As the base was used for comparison of the program of state and regional support for tourism, social and entrepreneurial initiatives of the local population, as well as commercial projects...

The paper deals with the necessity of integrating financial systems of state corporations into financial systems of the world in general and separate countries in particular, mutual benefits of this process outlined. Financial architecture plays a significant role in the development of the world economy consisting of a great number of national and regional economies having different levels of innovative development. The world financial architecture is subject to constant reforms, adapting to new approaches connect...

The aim of this work is to provide a comprehensive picture of the development of the Slovak economy in the context of the regional development of the regions with the help of macroeconomic indicators. The content of the article is a literary overview of the basic concepts, methodology explaining the method of calculation, which allows an effective understanding of the content of the present article. When assessing regional disparities, different approaches and methods are used. Comparison and analysis of individua...

Currently, the business is considered a key factor for economic growth and development. In this context, it should vigorously address the determinants that affect business activities and hinder its development. This issue is pertracted in different dimensions at the global and national levels and the results of the examination are contained in databases and scientific studies. The source of these data is from 1999 and the project Global Entrepreneurship Monitor - GEM, where the core of the research lies in the nat...

Finding ways to fund the sustainability transition in a difficult financial climate is challenging. Since the sustainability transition depends on successfully increasing individuals' well-being, we suggest a new decentralized paradigm to facilitate the transition to a sustainable future. A decentralized business model emphasizes decentralized control over livelihood resources (natural resources, energy, finance, knowledge, networks) and supports individuals’ autonomy, relatedness and competence. While adverse eff...

Economic activity is largely due to unpredictable market conditions. It is caused by economic freedom of all economic agents. These conditions generate uncertainty, alternative and ambiguity of events. The information space asymmetry causes incremental transaction costs and leads to an enhancement of the information uncertainty role in terms of risks of the organization. Therefore the information component problem of the uncertainty of the economic environment is one of the most current questions of modern economi...

According to Italian Legislative Decree no. 201/2011, the unfinished works are public works whose construction had been started but had not been completed or even if completed, it is not usable by the community. Unfortunately the national tradition has shown too often the creation of works partially unused and often obsolescent. From March 2013 the Ministry of Infrastructure and Transport started the national census-register of unfinished public works. At the end of 2015, were listed more than 800 works, needing a...

The aim of the article was to consider the correlation of logistics and marketing functions, which consists in the rather simple phrase: Marketing creates support and increases the demand and Logistics provides it by creating of various systems and schemes of goods traffic (rival and non-rival form) and controlling their passage. The relevance is that for successful modern business management there is a need to establish an effective system of interaction between marketing and logistics, which requires paying atte...

The present paper is an applied contribution to the analysis of international capital flows. International capital flows play a central role in the global economy; they are closely tied to countries' economic and financial conditions, can influence macroeconomic policy, and bring a range of benefits and risks to beneficiaries. This paper describes the patterns of international capital flows in Russia (a sample of a big emerging market (BEM) economy) in the period 2000?2016, focusing on the last decade. The paper r...

The paper aims to investigate the existence of a positive feedback process between managed aggregate equity fund flows and equity fund excess returns in short-term and long-term period using monthly data from high- and middle-income EU economies for the time span from January 2000 to December 2016 and to perform subsequently international comparison of the obtained results with existing evidence from other regions or groups of advanced and emerging economies of the world.

Economically justified solutions concerning the European transport system are crucial for the competitiveness of the Alliance throughout the World, for the financial growth, for reducing the unemployment and for improving the standards of living. It is exactly the free movement of people across the borders which is one of the four types of freedom typical for the European citizens, together with the free transportation of goods, services and capital. For realizing the mobility of its citizens each country creates ...

In today´s globalized world there is a growing importance of regulatory, legislative and institutional frameworks. On the basis of these conditions, the particular national economies may affect the overall competitiveness of the economy not only by production factors but also by creating frameworks that directly affect the production costs and input prices through various taxes, grants or fund contributions. In the context of ensuring the long-term prosperity of each country, the more and more emphasis is placed o...

The article is devoted to topical issues of the public corporations functioning in particular examines the impact of the state corporations activities in the innovative development industries. The state corporation is established not for the purpose of maximizing profits, but to solve national economic problems. The state industrial corporations must provide innovative development, to stimulate economic growth, develop the institutional environment to the expansion and strengthening of the state influence mechanis...

This article is about the problem of financial structure of the firms and about their indebtedness. It is not easy to find some optimal indebtedness in the theory nor in practice. The aim of this article is to do the analysis of the indebtedness of firms in selected branches and to compare the development of this indebtedness within the period between 2010 - 2014 years among the Czech Republic, the Europe and the USA. It is necessary in every area to analyze the absolute indebtedness and its development, mainly de...

The study shows how to distribute tomato products at national level. For this purpose, the weights held by the macro regions and the regions of economic development at national level. The drawing of the paper used the method of comparison in time and space. The analyzed period was 2012-2014. The approach presents the national, macroregional and regional situation of the indicators, establishing the structure indices (cultivated area and total production) according to the formula: Is = (Si, Qi / St, Qt) x 100 (%). ...

Trends in the Russian stock market are influenced by various internal and external factors, including economic, social, climatic, etc. Among the internal factors usually distinguished: the state of the national economy, industrial production, unemployment, high-volume issuance of government debt securities, increased the total volume of the issue of securities, payments crisis, the national currency exchange rate, trade balance, the size of the key rate, etc. By the significant external factors affecting the forma...

The development concept of the regional tourist cluster through creation of the recreational territories of regional and international significance has been set forth. The model of the regional tourist cluster in the Euro-Arctic region (the Murmansk region of Russia) has been elaborated. The worked out model enables to improve the effectiveness of using of the tourist –recreational potential of the region while stimulating development of other sectors.

Managerial factors with a particular influence on the exploitation technologies of cattle for meat and milk are largely dependent on the exploitation systems implemented in the farms, because the rigorous compliance of the farm activities contributes to the formation of conditional reflexes regarding the rest, feeding and drinking of the cattle. A particularly important role is played by the nutrition of pregnant females who in the last three weeks of gestation will be fed differently depending on the expected max...

The regularities of the evolution of the theory of sustainable socio-economic development of regions in Russia and foreign countries are revealed. It is concluded that the foundation of the modern theory of sustainable regional development of foreign countries is the fundamental provisions of neoclassical, neo-Keynesian and institutional theory, as well as spatial economics. They are the base of highly developed countries’ regional policies, aimed at ensuring sustainable, balanced social and economic development o...

Tax fraud can be characterized as deliberate circumvention of rules to avoid paying taxes. Illegal avoidance of tax payments and their circumvention results in tax evasion. The main reason for the existence of tax evasion is the inconsistency between the state's interest (in maximizing the tax collection as much as possible) and the taxpayer's interest (in paying as low tax as possible). Tax frauds and their personal backgrounds, sophisticated forms, extensive structures and so on are always a step ahead of nation...

Under the current unstable market economy conditions, every business entity must constantly monitor the development of its financial situation, competition, get new customers and offer new products and services. From the point of view of financial managers, it is the continuous monitoring and assessment of the financial situation of the business entity. Given the dynamically changing economic environment, it is essential to monitor enterprise performance analysis not only in terms of the past, but also to focus on...

This article analyzes the innovation and technological sphere and the processes of modernization of the Arctic regions of Russia. A classification of Russian regions is undertaken, with division into four clusters. The first cluster is represented by the Russian regions encompassing Arctic territories: Murmansk region, Nenets, Yamalo-Nenets and Chukotka autonomous districts, Arkhangelsk region, Krasnoyarsk region and the Republic of Sakha (Yakutia). The second, third and fourth clusters take into account different...

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

The article investigates the problem of influence of processes of globalization and transformation on the world financial and credit system. Discusses is the main directions and trends of the transformation process, as well as the nature and consequences of globalization. It reveals the positive and negative aspects of globalization in the economy and specifically in the financial sector.

The governments of all countries are pressing towards improving of the welfare of their citizens. The high level of welfare demonstrates the right direction and good ongoing socio-economic policy. For many decades, welfare has been evaluated mainly in terms of economic factors, with the Gross Domestic Product (GDP) as the main metric for gauging the quality of people’s lives. Researchers are seeking to assess more precisely the welfare of the population, avoiding usual economic indicators. The interest in alternat...

Previous research in the field of protest activity showed that protests are result of a multifactorial impact of socio-economic factors on the individual and group consciousness of citizens, taking into account the cognitive and axiological refraction of the surrounding reality which differs drastically for different regions, time periods, other circumstances. The key finding is the fact that any protest activity is conditioned by nonlinear influence of social and economic factors which form particular patterns of...

The basic reasons of destruction of capitalism dealt with in this article on samples of K.Marx’s, W.Sombart’s, P.Sorokin’s, J. Schumpeter’s and other economist’s texts: (1) the actions of the proletariat, the problems of capital accumulation, flow of economic resources (Karl Marx), (2) the anthropological foundation (Werner Sombart), (3) withering away of the entrepreneur function, destruction of the institutional structure and the social base of capitalism, decrease of economic stimulus to the labour (Josef Schum...

The interdependence of spatial structure and economic development is gaining momentum in the current period when there is competition between the regions of Europe based on uneven economic development and growth. Clusters therefore become a new way of addressing the economic growth of the regions, unemployment and financial stability, which is moving towards a new organization of the economic area. Clusters are seen as one of the means of increasing innovation performance, of increased competitiveness of enterpris...

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

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

In most part, the tourist sites are now constituted, in entities somewhat broken by traditional traditions and occupations, by the local specifics, which can only have negative effects both for the present and especially for the future. Keeping a rural world, with everything that is significant in economic, social, cultural, aspect involves the initiation and development of this form of tourism. In parallel with the agrotourism development process, have amplified the elements of infrastructure, cultural elements, ...

The present research paper deals with the problem for determining the optimal positioning of units in logistics system aiming the minimization of the transportation costs for providing communication between the units. For the purposes of the research a logistics system is treated as relatively stable set of units (structural and/or functional subunits of the company but also suppliers, consumers and logistical mediators) connected to each other and united in one management of the logistical process for realizing t...

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

Continuous technical progress, nature being constantly enslaved by human, industrialization, the Earth's drastically changed surface have caused a global ecological crisis. Among the primary global environmental problems there is environmental pollution, water pollution with industrial, agricultural and domestic waste, soil degradation, deforestation, loss of biodiversity. The planet overpopulation leads to unsustainable use of natural resources and their depletion. Most methods of producing energy cause varying d...

Creative tourism as part of the global creative economy has shown a significant increase in the world. However, Slovakia falls considerably behind these trends. The aim of the study is to analyse the current state of demand for creative tourism in Slovakia. In the paper we define creative tourism from supply and demand perspective and its growing importance for destinations as well as visitors. We characterize preferences and interest of Slovak tourists in domestic creative tourism activities, we define creativity...

Tourism in rural areas in Poland in the years 1999-2016 was an important element of socio-economic and cultural life. The aim of the study is to present tourism in rural are-as in Poland in the years 1999-2016. The following research methods were used: analy-sis of historical sources, synthesis, induction, deduction, and a comparative method. There was significant development of tourism in rural communities in Poland in the period from 1999-2016. Rural tourism was a major element in the life of country dwell-ers. ...

In considering the issue of coordination between monetary policy and fiscal policy, or a lack of it, one has to take account of the so-called zero lower bound on nominal interest rates, also known as a zero-bound (ZLB) problem. The problem basically is that nominal interest rates cannot drop below zero. Many economists argue that a near-zero interest rate encourages fiscal stimulation that certainly has influence on the type of decisions made by the central bank. Some studies point to higher effectiveness of fisca...

The concept of social entrepreneurship is related with entrepreneurial projects that are based on principles of social, economic and environmentally sustainable business. Social entrepreneurs are committed to resolving different socio-economic problems through projects based on social innovations. The realised profits are entirely or partially reinvested in the community. Social entrepreneurship is a significant part of the social economy. In the EU, there are 2 million social economy enterprises and organisations...

This paper is dedicated to the methodology for evaluating financial benefits of selected mezzanine capital instruments, which refer to hybrid forms of long-term funding combining the features of debt and equity, particularly to those characterized by a higher debt tendency (so-called debt mezzanine instruments). The authors aimed to review the theoretical background of evaluation of financial benefits of classic financing sources and to propose methodology for assessing financial benefits of debt mezzanine instrum...

Currently the overwhelming majority of countries worldwide recognized the need for innovative economic development and creation of own innovations that would give an impulse to qualitatively new, evolutionary development of the economy, industry, and society. Exclusive rights to intellectual property items, most often obtained on the basis of innovations, are valuable asset that can make monopolist of a single individual or legal entity, a whole state or a group of countries by giving them competitive advantages a...

The article deals with the actual labor market problem of creating an effective recruitment mechanism. It presents the key parameters of recruitment strategies. The best solutions of the problemar are considered in the context of asymmetric information. The article presents alternative models of recruitment, the principal-agent problem in each type of model and considers the key features of each agent’s behavior. In addition the opportunities of optimal contract between recruiter and employer and the optimal compe...