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A new quality of economic growth is being formed and related to the development of digital computer technologies in the modern world. The government of the Russian Federation has taken a course to transfer the Russian economy to a digital basis. It is reflected in the program approved in 2017 "Digital Economy". Among the main end-to-end digital technologies within this program are neurotechnologies, which, together with other advanced technologies, are created to reduce the gap with the leading countries in the ne...

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”, вЂ...

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...

The article is devoted to the study of the actual interrelations of education, mobility (primarily tourism) and city development. This article is not about the mobility of low-skilled labor migrants, but about the part of the population wishing to get a better education before they start looking for a place to apply their labor. The desire to receive quality education, new knowledge, and constant (lifelong) learning is one of the striking features of the post-industrial economy. Knowledge, as the main commodity of...

Negative demographic evolution, which applies also to the Slovak Republic, can be reversed to a certain extent by a well-set immigration policy. Integration policy plays an important role in immigration policy. An appropriately set integration policy is a prerequisite for an increase in the number of migrants to have a positive impact on the economic development of the host country. Failing to integrate migrants into the host country's society results in marginalization. The article analyzes the current situation ...

There are two well-known anomalies about initial public offering companies; abnormal initial returns to outside investors and long-term underperformance. These two well-documented anomalies are still unsolved puzzles which attract great attention in corporate finance research. This leads to generation of many possible explanations with different hypotheses. Beside many other theories and perspectives, agency theory related explanations for these anomalies is a flourishing and fruitful area for further research. In...

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, socia...

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...

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 asse...

The main objective of the paper is an analysis of the educational structure of the population on the basis of selected macroeconomic indicator. The OECD argues that the better education results in increasing productivity, improving the job prospects and more even distribution of results in reducing income inequality and poverty [7]. The selected macro-economic indicator is the rate of unemployment for the individual counties. A precondition for the existence of statistical dependence between structure and register...

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...

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...

Internet and Internet marketing are currently the most used and most effective promotion tools, as well as tools of attracting new consumers in any area of business. In the current strongly saturated market it is also necessary to constantly develop innovative changes and create new markets that encourage consumers to purchase behaviour. Determinant of success is to understand the requirements and desires of consumers and be able to assume their future expectations. An important starting point for understanding th...

Marketing activities and their utilisation are inevitable part of almost all companies operating in current high competitive market. If the company wants to be successful and sell their goods and services, it needs to be visible for its potential customers. To support demand and product offer the implementation of tools of marketing and communication mix is important. Tourism sector is no exception. The main aim of the article was to focus and point out the marketing tools and activities that are used by tourist i...

The article reflects the results of a study in the dynamics of public expenditure in the education sector of the Russian Federation. The article deals with mechanisms, problems, priorities and prospects in financing and developing the education sector in the Russian Empire and the USSR. Comparison of the periods showed that in the imperial period the system proved its necessity, which resulted in the emergence of social needs in education and the transition from facultative acquisition of knowledge to a functionin...

The banking system plays an important role in the development of the economy of any country, which is determined by its goals, functions and tasks, as well as its role in the economic system. The functioning of the Russian banking system under modern conditions is influenced both by positive external economic factors and by domestic economic processes that create favorable conditions for the development of the banking sector market. For the stable functioning of the national economy in general and the banking syst...

Background: As a result of the demand for information regarding mutual relations between the business entity and the environment, socially responsible accounting has been established and the concept of corporate social responsibility appeared. Among the many issues of interest to socially responsible accounting, there are the following ones can be mentioned: social and employee-related, environmental, respect for human rights, counteracting bribery and corruption. In Poland, there has long been a statutory obligat...

As things stand now, the two foreground factors, among others, contributing to sustainability of the integrated structures represented by regional industry clusters are sound use of energy resources and improvement of the economic efficiency of energy conservation measures and technologies being mastered by the manufacturers. The issues related to tailoring of a package of energy conservation measures followed by assessment of the influence produced by energy conservation projects on the efficiency and sustainabil...

In this paper authors present the assessment of ecological well-being in large Russian cities, situated in the Volga Federal District. Comparative analysis is made for five cities of the Volga Federal District of the Russian Federation for the period 2008-2015, based on data published annually by the Federal Service for State Statistics of the Russian Federation, namely the statistical yearbooks “Regions of Russia. Main socio-economic indicators of cities”. To assess the ecological well-being of inhabitants, s...

Modern trends in the development of the economy determine the need to improve the efficiency of management of investment processes, since the intensification of investment activity contributes to the renewal of the material and technical base, expansion of production, strengthening of competitive advantages. Analysis of the experience of stimulating investment activity in the regions of the Russian Federation allowed to identify several areas, the implementation of which will provide additional capital inflow to t...

One of the tools of budgetary financial management is the normative per capita financing of university educational programs. The main financial instrument to support the development of Russian universities is currently earmarked funding of federal education development programs (FEDRO) and the country's leading universities. Analysis of the financial support of the FEDPRO from 2006 to 2015 showed that the insufficient level of financial support significantly reduces the effectiveness of the FEDPRO. Minimizing the ...

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 ...

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...

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 topic of efficiency in the field of banking activity is widely debated because it is perceived as being a leading factor, with impact on banksВ’ financial performance and soundness. PaperВ’s theme is in line with current concerns expressed by European and national regulators and supervisory bodies, which are strengthening supervisory practices for best assessing the risk profile and potential exposure to shocks of large, systemic banks. PaperВ’s focus is on a sample of representative Romanian banks, which are ...

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 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,...

The article concerns the problem of the gradual change in the balance of power between the West and a group of rapidly developing countries, particularly the BRICS countries. The data from the World Bank, the IMF, the OECD, the Total Economy Database and other open sources have formed the base for research. In recent years, the world economy has demonstrated the accumulation of unresolved imbalances. Evaluation of observed trends in the world economy proves the need to complement the actions of international econo...

The subject of this paper is an analysis and evaluation of budgetary policy and the state of public finances in Scandinavian countries of the European Union (Denmark, Finland and Sweden) in 2000-2018. The adopted basis of assessment is budget deficit and public debt ratios to the GDP. The statistical data was drown from the AMECO and IMF databases. Comparison of the situation of the public finances in the analysed countries to the average situation in the euro area is an important aspect of the evaluation. The goa...

The European car market is progressing with a relatively fast pace during 2017 and the trends in the development of the new car registration in Bulgaria are advancing even further. The automobile industry and the automobile market generate high gross value added in the development of the economy of all countries, which is the rationale for the research of the dynamics and the structure of car sales. The main aim of the current paper is to indicate some fundamental perspectives for the development of the car market...

The article deals with the topical issue of assessment of recreational loads on the most visited forest areas near the lakes of the Republic of Mari El. Here in the organization of rest a special role belongs to the owners of leased areas, which do not limit mass visits exceeding the established standards. Therefore, in conditions of significant recreational nature and exhibiting a natural deficit of water recreational resources of growing importance for the purposes of recreation acquire comprehensive studies to ...

This article presents current issues in the development of international relations on the basis of the Eurasian Economic Union countries expand the use of national currencies and the coordinated support of economic actors State institutions of the countries partners. The joint work of international teams contributes to the implementation of economic programs of mutual interest, and strengthens the trend towards the formation of a multipolar world. To expand the use of national currencies in international relations...

The research aims to explain the relationship between governance and welfare, analysing 20 countries, some of the richest and most developed countries in Europe, and some developing countries. The period analysed is 2002–2016. While the World Database of Happiness is the source for welfare data, for governance we used the Worldwide Governance Indicators from the World Bank. The latter ones are widely used as some of the best comparable international governance indicators, having perception-based measures from th...

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...

Transylvania became an important and well-liked destination for English travelers in the nineteenth century. Their travel accounts provide intriguing insights into the cultural, social, as well as political climate of the period. John PagetВ’s journey was meticulously recorded in his extensive book entitled Hungary and Transylvania (1839) that served as a travel guide for other British visitors after him. Archibald Andrew Paton, writer and diplomat, synthesized his travel memoirs in the volume entitled: The Goth a...

This article focuses on development and design of class of the counterparty reliability recognition system which constitutes verification process of potential or currently existing counterparty of any scale and form of ownership. The Relevance of the development depends on organizationsВ’ necessity for understanding of due diligence indicators in contract award. The target audience of the program is small and medium enterprises of Russian Federation and individual entrepreneurs who can gain additional competitive ...

Global trends indicate the approach of the sixth technological structure, which will significantly affect socio-economic situation in a whole world, what may remake global economy structure. The article is dedicated to research the kind of structure changes, which will take place in new technological structure and the methods of reflections on it. The article is dedicated to research interregional interaction as a one of the basic factors of economic efficiency in the sixth technological structure. There is the ov...

Clusters through their structure (the "four-leaf clover" model: members of the Business and Research-Development-Innovation areas, Authorities and Catalysts) play an important role in the innovation eco-system as accelerators for innovation and competitive value chains development of value in the smart specialization priorities. The services provided to the cluster members, especially aimed at creating synergies between science and research through the collaboration between the business environment and the RDI bas...

The actual problem of the present is the overcoming of global inequality. This article discusses current theoretical models that seek to explain the uneven pace of economic growth. The aim of the research is to study the causes of the uneven economic development of the countries of the world and the proposed ways to make away economic backwardness. The research method is a comparative analysis of the concepts of the new institutional economic theory and the Other Canon on the origins of wealth and poverty of moder...

At present, it is widely accepted that the innovation represents the engine for the economic development, increasing the quality of life and building a sustainable future for humanity. Innovation exists from the beginning of mankind, in various forms, but only during the last century, its role increased continuously and became a fundamental element in the development process. European Union started to assess the performance in innovation from 2001 with European Innovation Scoreboard, a composite indicator that cov...

Deforestation is a contemporary challenge manifested in extensive areas, requiring both quantitative analysis through established and qualitative methods by applying fractal analysis methods. Using GIS methods for processing post-processed satellite imagery, the loss area during 2000-2016 were determined and prepared as images necessary for fractal analysis. The fractal methods used were the Local Connected Fractal Dimension (LCFD), the Tug-of War Lacunarity and the Fractal Fragmentation Index (FFI). Methods that ...

Financial literacy is one of the basic skills and competences allowing individuals to fully integrate into the financial system and feel comfortable in the modern society. The financial literacy of the population is important not only for financial specialists but also for the government, financial institutions, universities and nongovernmental organisations. According to an OECD report, Latvia was ranked above the average level with regard to financial literacy. How has this been achieved? The government focused ...

In the recent decade a noticeable increase of hotel industry interest in corporate social responsibility issues has been observed. As a result the growing number of hotel enterprises have been developing programmes and defining social and environmental goals, as well as preparing appropriate reports on their implementation, referred to as social responsibility reports (SRRs). The purpose of the article is to determine the degree of hotel industry interest in preparing SRRs and to analyse the content of nonfinancia...

The innovation becomes vital for increasing the competitiveness of national economies. Innovation means investment in R & D by the private sector, large research institutions and extensive collaborations between universities and industry. The aim of this paper is to study the relationship between innovation and competitiveness in European Union countries. Ensuring future economic growth will require solutions that are more creative than any we have seen so far. The European economies faced a long period of low gro...

Corruption is a phenomenon with many facets, which is usually interpreted from the viewpoints of a number of alternative approaches. This paper analyzes the problem of corruption from the perspective of economic theory as a science of general principles concerning the operation of societyВ’s economic life. Does economics have something to say about the problem of corruption? It its methodological approach relevant for analyzing corruption? We think that it is. Even though theoretical economics has not made the pro...

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 banksВ’ earnings, profitability, and asset quality. The key object...

In the context of growing competition in the world market and the corresponding search for new development tools, the creation of special economic zones of various kinds contributes to the formation of poles of economic growth not only in the export and import of products, but also in the creation of industrial complexes and innovative sectors of development. Currently, the creation and functioning of special economic zones is a tool to stimulate the competitive advantages of territories, international economic co...

The purpose of this work is to study the economic phenomenon "city - entrepreneur" and to justify the parameters of its identification in relation to the realities of the modern Russian economy. The main method of research is the analysis of statistical indicators. The authors propose quantitative parameters that allow identifying the city-entrepreneurs in the Russian economic space: the level of economic diversity and services; the availability of human capital: the level of urban environment and living condition...

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...

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...