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Evaluation of factors leading to formation of price-bubbles in the real estate market of Lithuania

Author(s): Audrius Dzikevičius,Lukas Kazlauskas,Šarūnas Bruzgė / Language(s): English Issue: 4/2015

Recently, real estate market has been discussed more frequently in the framework of economic analysis. The global economic crisis of 2008 has demonstrated the severity of financial shock that can be caused by inconsiderate investments in the real estate market. The present article analyses business cycles and the phenomenon of a price-bubble in that context. Drawing on the analysis of reference literature we identify the main reasons that can lead to fluctuations of prices in the real estate market. Finally, drawing on correlation and regression analysis we determine which factors have the strongest influence on the Lithuanian real estate market.

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УСЛОВНИ ОДНОС ИЗМЕЂУ БЕТА КОЕФИЦИЈЕНТА И ПРИНОСА: СТУДИЈА СЛУЧАЈА СА БЕОГРАДСКЕ БЕРЗА

Author(s): Vladimir Stančić,Evica Petrović,Nikola Radivojević / Language(s): English Issue: 4/2015

This paper examines the applicability of the CAPM (Capital Asset Pricing Model) and conditional CAPM in the Belgrade Stock Exchange (BSE) in order to determine whether both the CAPM and conditional CAPM can be reliably applied to this emerging market. The returns were collected from the official BSE website for the period from January 2010 to December 2014. Time-series data were then collected for 60 monthly returns of the selected stocks, which is a common practice in model testing. The time-series data were observed for 60 months, which is long enough for all short-term shocks to be neutralized and for beta coefficients to be adjusted to their long-term values. The results of this study indicate that both the CAPM and conditional CAPM cannot be reliably applied in the BSE. The paper suggests that beta cannot be reliably used as a tool for explaining cross-sectional differences in the returns in the BSE and as a measure of market risk.

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ПОВЕЋАЊЕ ИЗВОЗА – УСЛОВ ЗА ОСТВАРЕЊЕ СПОЉНЕ И УНУТРАШЊЕ МАКРОЕКОНОМСКЕ РАВНОТЕЖЕ РЕПУБЛИКЕ СРБИЈЕ

Author(s): Milan Marković ,Ivan Marković / Language(s): English Issue: 4/2015

The aim of this paper is to present the key long-term solution for achieving macroeconomic balance of the Republic of Serbia – the increase in exports, which primarily helps reduce the balance of payments deficit and subsequently, via the exchange rate channel, affects the stability of the general price level. Short-term solutions, which include borrowing and reducing aggregate demand, are unsustainable in the long run. The paper shows the connection between internal (inflation) and external imbalances (balance of payments deficit), as well as the activities and measures to encourage and diversify exports, starting from the basic features, capabilities, and limitations of the Serbian economy.

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ИЗГРАЂЕНОСТ ТРОШКОВНО-СЕНЗИТИВНЕ КУЛТУРЕ У ПРЕДУЗЕЋИМА У РЕПУБЛИЦИ СРБИЈИ

Author(s): Nadica Figar,Radenko Milojević,Goran Milovanović / Language(s): English Issue: 4/2015

The continuous market demand for low costs is emphasized both in literature and in practice. Therefore, this paper explores the degree of development of cost-sensitive culture in enterprises in the Republic of Serbia (RS). The basic characteristic of such culture is the continuous cost reduction, which is especially important during a crisis. Empirical research is conducted through four research question, and the general conclusion is that cost-sensitive culture in enterprises in the RS is still under construction. Application of the proposed measures could contribute to a faster development of such culture.

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ПОТЕНЦИЈАЛНИ ЕФЕКТИ ЕЛЕКТРОНСКОГ НОВЦА НА МОНЕТАРНУ ПОЛИТИКУ

Author(s): Lazae Sedlarević,Srđan Furtula,Nenad Tomić / Language(s): Serbian Issue: 4/2015

The emergence of electronic money is becoming a necessity in modern business. In terms redesign business processes and their migration to the electronic platforms, the development of electronic payment systems is a requirement for increasing efficiency. This paper will discuss the possible impact of e-money on the amount of money in circulation and the ability of monetary policy to absorb it. As the dominant electronic money system still does not exist, the paper is focused on the possible effects of electronic money depending on the nature of such a system. It will be shown which elements of the monetary system may be affected by e-money, as well as the factors that influence the ability of monetary policies to control the effects of electronic money. The paper will give incentives for further development of e-money.

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EVOLUTION AND CHALLENGES OF MONETARY STRATEGIES OF CENTRAL BANKS: THE CASE OF TUNISIA

Author(s): Sami Hammami / Language(s): English Issue: 1 (30)/2016

Monetary policy is a component of general economic policy and its primary objective is to ensure price stability. For that, the central bank affects the interest rates, through its monetary instruments, to regulate the money market. The objective of this paper is to examine the monetary policy of the Central Bank of Tunisia and the evolution of its interest rates. In this paper, we present the institutional framework of monetary policy and examine the monetary policy of the Central Bank of Tunisia. In the empirical analysis, we calculate the probability of the operations of monetary policy, we calculate the interest rate with Taylor rule and we estimate the money market rate of Tunisia.

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THE IMPACT OF MACROECONOMIC INDICATORS ON BROWNFIELD INVESTMENT IN SERBIA

Author(s): Borislav Radević,Safet Kurtović,Boris Siljković / Language(s): English Issue: 4/2015

The paper analyzes cross-section data for Serbia in the time period from 2005 to 2013. It applies multiple regression technique and measures the impact of macroeconomic variables on attracting foreign investments in brownfield sites in Serbia. The research has shown that macroeconomic indicators such as unemployment rate, average annual wages, gross domestic product, consumer price and exchange rate are statistically significant, while real GDP growth, subsidies and other transfers are statistically insignificant.

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PROTECTION OF COMPETITION IN THE OIL AND OIL DERIVATES MARKET IN THE REPUBLIC OF SERBIA

Author(s): Milan Veselinović,Snežana Radukić,Jelena Stanojević / Language(s): English Issue: 4/2015

It is generally known that the market represents the overall relationship between supply and demand. The relations between these two are constantly intertwining and are constantly influenced by different factors. Depending on their relationship as well as on factors specific to a particular economy, there are different market conditions, such as: monopoly, oligopoly, limited oligopoly, limited competition, perfect competition, etc. The liberalization of the domestic oil and oil derivatives market represents an open space for creating a high-quality competitive relationship. However, the course of strengthening the competitive relationship should be carried out considerably faster. Market conditions and competitiveness are in practice determined by the concentration in the observed market. Competition is in a particular relevant market expressed by a number of concentration indicators. Thus, an important aspect of the analysis of competitiveness intensity in the domestic oil market is measuring the concentration of supply, which will be analyzed in this paper. It can be said that every market is characterized by a certain level of competitiveness among market participants, and through these competitive relationships, their market power permeates. The research uses concentration indicators to show the concentration in the domestic oil and oil derivatives market, its current features and also to analyze the potential of strengthening the competitive relationship in the future.

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COMPARATIVE ANALYSIS OF QUALITY OF HEALTH SERVICES IN BULGARIA

Author(s): Rayna Dimitrova / Language(s): Bulgarian Issue: 2/2018

Various research and analysis show that users of the healthcare services in Bulgaria are not satisfied with the quality and availability of those services. At the same time many future challenges stemming from the demographic situation, accelerated social changes, insufficient efficiency, etc. put at risk the sustainable work of the healthcare system in Bulgaria. This creates the need for research and evaluation of the dynamics of that spending and the quality of the healthcare services in Bulgaria. In this context, the aim of the study is to make a comparative analysis of the level and dynamics of the quality of health services in Bulgaria, measured by applying the European Health Consumer Index. Results and conclusion are drawn and made.

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ДИНАМИКА НА РАЗХОДНАТА СТРУКТУРА НА БВП В БЪЛГАРИЯ

Author(s): Milen Velev / Language(s): Bulgarian Issue: 1/2019

This study examined the structure of GDP in Bulgaria by expenditure approach. The dynamics of the relative shares of the individual expenditure components of GDP is analyzed. The contribution of the final expenditure has been established in the real GDP growth rate for the country.

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Analiza zmian ilości wytwarzanych i zagospodarowywanych odpadów w Polsce na tle założeń UE w zakresie gospodarki odpadami

Author(s): Ewa Dziawgo / Language(s): English Issue: 4/2022

One of the environmental problems of the current generation is the increase in volume of waste generated, which has a negative impact on the environment and human health. Therefore, it is important to reduce the amount of waste generated and to manage it rationally. Waste management is one of the areas of environmental protection. The article examines the changes in the amount and structure of waste generated in Poland in the period 2017-2020. An analysis of the size and structure of funding sources of the main forms of waste management was also carried out. The aim of the article was to present, compare and evaluate the changes occurring in waste management and its sources of financing. The research considered the impact of the Covid-19 pandemic on the volume of waste generated and on waste management. The analysis shows that the crisis caused by the Covid-19 pandemic affected the decrease in the volume of total waste generated and the increase in the volume of municipal waste. There was also some variation in the area of generated waste and its management in individual provinces.

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Gospodarowanie odpadami podstawą przestrzennego zróżnicowania zielonej gospodarki w Polsce w latach 2017-2020

Author(s): Andrzej Pawlik,Paweł Dziekański / Language(s): Polish Issue: 4/2022

Problems related to waste management have become a serious challenge for the modern economy. Rational management of depleted resources requires treating waste as a valuable raw material that can be reused, processed or, as a last resort, recovered for energy. Economic activity is more and more often conducted in modern conditions, which is often associated with a negative impact on the environment. The achieved level of economic development has generated many initiatives and strategies aimed at the development of the so-called green economy. The aim of the article is to assess the spatial diversification of waste management between 2017 and 2020, which should lead to a green economy in Poland. In order to achieve the goal defined in this way, the authors used various research methods. The Technique for Order Preference by Similarity to an Ideal Solution method was used to build the synthetic measure. As a result of the research, the spatial differentiation of voivodeships in Poland between 2017 and 2020 was presented and the impact of waste management on the green economy was confirmed.

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Fiscal decentralization of the Visegrad Group countries as a key factor of development

Author(s): Andrii Y. Buriachenko,Kateryna Levchenko,Nataliіa Spasiv,Alla Osipova / Language(s): English Issue: 45/2022

The article investigates the process of decentralization of public administration in the Visegrad Group countries. The authors use the share of local budget revenues of Visegrad Group countries in GDP and the share of tax (own) revenues in the revenues of local budgets of Visegrad Group countries, as main indicators. The research examines the essence of fiscal decentralization and reforms of fiscal decentralization in Visegrad Four. It has been found that the purpose of fiscal decentralization was to increase the financial independence of the municipalities, but the local governments of the Visegrad Four countries still depend on the state budget and economic development of a country. In general, process of fiscal decentralization still has the national particularities.

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CULTURAL ENVIRONMENT OF NATIONAL ECONOMIC SYSTEMS AS A BASIS FOR EVALUATING THE ATTRACTIVENESS WHILE ENTERING NEW MARKETS BY RETAIL CORPORATION

Author(s): Olena Bilovodska,Kostiantyn IVANCHENKO / Language(s): English Issue: 12/2021

The article compares the cultural environment of Ukraine, Romania, and the United States based on Hofstede model quantifies the threats and opportunities of the cultural environment based on the list of factors: a tendency to centralization, common management style, the importance of status, importance of relations in negotiations, labor mobility, conflict resolution, modesty, perception of inequality, tolerance to new ideas, the importance of strict rules in business, short-term benefits, confidence in one's views, attitude to pleasure, social norms. A comparative analysis of business etiquette of the studied countries on seven positions: greetings, personal space, gift exchange, business cards, building relationships, negotiation, and punctuality is presented in the article.

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Oddziaływanie edukacji technicznej i ekonomicznej na wzrost regionalny i bezrobocie w Polsce

Author(s): Joanna Żyra / Language(s): English Issue: 4/2022

Using annual time series for the period 2000-2019, this article analyses educational effects of the Engineering & Technology and Economics fields of study for Poland. It was found that the long-term education effects (in levels) are in favour of the former, both in terms of regional output growth and reduction in the number of unemployed. The short-term effects (in the first indicated differences) on both regional growth and unemployment are negative, regardless of the field of study. As both fields of study have unfavourable growth effects in the first differences, it indicates insufficient quality of investments in the human capital.

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Analiza wpływu kryzysu wywołanego przez chorobę COVID-19 na kursy głównych par walutowych ze złotym polskim w okresie marzec-kwiecień 2020

Author(s): Krzysztof Podgórski / Language(s): Polish Issue: 1/2021

Celem artykułu jest analiza wpływu kryzysu COVID-19 na kursy trzech par walutowych ze złotym polskim (USD/PLN, EUR/PLN oraz JPY/PLN) w okresie od marca do kwietnia 2020 roku. Badanie przeprowadzono z wykorzystaniem metod statystycznych, w tym analizy korelacji. W części teoretycznej artykułu zaprezentowano charakterystykę kryzysu COVID-19 w Polsce, Stanach Zjednoczonych, krajach europejskich oraz Japonii w okresie do końca kwietnia 2020 roku oraz przegląd dotychczasowych badań. W empirycznej części pracy zaprezentowany został wpływ najistotniejszych danych z badanych obszarów na zmienność kursu par walutowych ze złotym polskim. Uzyskane wyniki wskazują, że w okresie od marca do kwietnia 2020 roku kryzys COVID-19 wpłynął na osłabienie waluty polskiej w stosunku do głównych walut światowych takich jak: dolar amerykański, euro oraz jen japoński. Spośród dziesięciu przyjętych do analizy wydarzeń mających miejsce w Polsce w badanym okresie najsilniejszy wpływ na zmienność kursów walutowych ze złotym polskim wywarło ogłoszenie stanu zagrożenia epidemicznego, natomiast w najmniejszym stopniu kursy par walutowych zmieniły się po ogłoszeniu planu odmrażania gospodarki.

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Polityka fiskalna Niemiec i Francji. Od utworzenia strefy euro do pandemii

Author(s): Piotr Ptak / Language(s): English Issue: 2/2022

The aim of this article is to demonstrate the development of general government debt and general government balance in two Eurozone countries, Germany and France, in order to investigate the extent of the fulfilment of the convergence criteria. The article is divided into two periods: from the creation of the Euro currency to the period before the global financial crisis, and after it to the time of the pandemic. France and Germany notoriously violated the rules of the Stability and Growth Pact. The beginning of the financial crisis saw a sharp rise in the deficit and debt-to-GDP ratio to over 80% in both countries followed by a fiscal consolidation period. As a result, Germany managed to reduce its debt to 60% of GDP, while in France this indicator achieved a level close to 100% in 2019. The methodology is based on an analytical approach and a literature review of the subject (see Escolano, 2010). Following this methodology, the debt sustainability analysis of the public debt was carried out. According to the author, France should have carried out the necessary structural reforms. Otherwise, if interest rates of ECB continue to rise, France may face a critical situation.

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Uwarunkowania wykluczenia emerytalnego z dodatkowej części systemu emerytalnego w Polsce

Author(s): Tomasz Jedynak / Language(s): Polish Issue: 2/2021

The study addresses the issues of exclusion from the supplementary part of the Polish pension system. The main goals of the research are: 1) characterising retirement exclusion as a specific type of financial exclusion, and 2) identifying and assessing key determinants of retirement exclusion in the supplementary part of the Polish pension system. The article is epistemological and classifying in nature. In the review part, the research methods used are based on a critical analysis of the literature and a synthesis of its conclusions. The main part is based on a meta-analysis of the results of surveys regarding pension awareness and propensity to save, elements of the economic analysis of law, and analysis of existing data. The presented considerations lead to the formulation of arguments, that justify the thesis that the scale and extent of retirement exclusion in the supplementary part of the Polish pension system are a derivative of factors included in four meta-categories: 1. low pension awareness, 2. low saving potential, 3. low propensity to save, and 4. limited availability of pension products.

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Cykl koniunkturalny w Turcji w latach 2005–2020 — interpretacja austriackiej szkoły ekonomii

Author(s): Patrycja Guzikowska / Language(s): Polish Issue: 1/2021

Turkey was hit by the recession, defined in a classic way (as negative real GDP growth lasting at least two quarters), three times over the discussed period. The main goal of the central bank of Turkey is to keep inflation as close as possible to the inflation target. The use of the interest rate as a tool to stabilize the economic situation is therefore limited. The country has experienced periods of high inflation which was not temporary, but long-term. Using the approach appropriate to the Austrian School of Economics, the article analyzes the behavior of the Turkish economy in 2005–2020. In the discussed time horizon, two phases of the business cycle have been identified according to the Austrian School of Economics — the first from 2005 to the first quarter of 2014, and the second from the second quarter of 2014 to 2020. It can be assumed that the Turkish economy will enter the third phase of the business cycle in the near future, although it is difficult to determine when it will happen.

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A romániai konszolidált államháztartás jövedelmének elemzése és összehasonlítása a svédországi állami költségvetés jövedelmeivel a 2006–2021-es periódusban

Author(s): Csongor Csősz / Language(s): Hungarian Issue: 05/2023

The objective of the empirical research is to compare the revenues of the Romanian and Swedish state budgets in the period 2006-2021. In the course of the research, I thoroughly analyse the three main income groups: fiscal incomes, social security contributions and non-fiscal incomes, as well as the presentation of the main groups of fiscal incomes. An important part of the study is the comparison on the role of consumption taxes from the perspective of the Romanian and Swedish budgets.

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