CEEOL - Search Result

Analysis of the Mechanism of the Common Organization of the Markets for Agricultural Products in the European Union

Author(s): Krassimira Zagorova / Language(s): English / Publication Year: 0

Keywords: European Agricultural Fund; Market measures providing financial support; Interventions in agricultural markets

The Common Organization of the Market for Agricultural Products in the European Union is part of the common agricultural policy, which ensures both stable and predictable markets and resilient purchase prices, which in turn safeguards farmers’ stable earnings and provides constant supply of quality food to consumers. The aim of this study is to analyze the applicability and adaptability of the mechanism of the common organization of markets in the EU, including: its internal aspect, mainly related to interventions in the market for agricultural products, and its external aspect related to the trade with third countries, import and export licenses, refund of part of costs associated with exporting agricultural products produced in the Community, etc. The Common Organization of Markets, as a basis for implementing the EU Common Agricultural Policy, operates within a financial framework periodically updated by the European Commission in order to adequately implement the principle of subsidiarity, allowing EU Member States to play a key role in terms of interventions in the agricultural sector.

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Effective Public Administration of Agro-exports in Disruptive Times – The Way to Make Rural Territories Sustainable

Author(s): Oksana Kiforenko / Language(s): English / Publication Year: 0

Keywords: Public administration; Agricultural products exports; Sustainable development; Employed population; Ukraine; EU

Effective public administration is a key prerequisite for the successful functioning of any sphere of social functioning. Ukraine takes the leading place in the production and exporting of many agricultural items. In the research, special attention is paid to the sustainable development of Ukraine’s rural territories due to the extreme importance of agriculture either for the country’s own population or for its trading partners. The data analysed in the article were taken from the official web page of the State Statistics Service of Ukraine. While analysing the agro – exports of Ukraine, “agro” denotes the commodity from the groups I—IV of the Ukrainian Classification of Commodities in Foreign Trade. The timeframe under analysis is nine years – from 2012 to 2020 included. The appropriate statistical software and tools as well as tabular and visualization methods were used to conduct the research and present its results in the article. The research and its results will be interesting and useful for public administration officials, companies’ managers engaged in agriculture and international trade, decision makers, academic community representatives as well as beginners and experienced data analysts.

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Is an Export-Led Growth Sustainable for Bulgaria?

Author(s): Victor Yotzov / Language(s): English / Publication Year: 0

Keywords: Bulgaria; Export-led growth; Import-substitution; Domestic demand-driven growth

The study considers the main economic growth models from the perspective of their relation to the external sector. It defines the advantages and drawbacks of the export-led model and the import-substitution model and sheds light on the growth constraints ensuing from the balance of payments and the elasticities of imports and exports. It analyses the prerequisites for selection of one or another growth model and comes to the conclusion that Bulgaria will have to implement an export-oriented growth model within a medium-term perspective. In this relation, it makes proposals aimed at improving the country’s foreign trade policy.

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Relationship between Exchange Rate and Trade Balance pre and after COVID-19 – Albania Case Study

Author(s): Nevila Mehmetaj / Language(s): English / Publication Year: 0

Keywords: Exchange rate; Trade balance; VECM; COVID-19;

This study attempts to identify the relationship between the real exchange rate and trade balance in Albania with its major trading partner Italy. Due to the severe lockdown and restrictions policies in response to Covid-19 measures, there were important effects on the evolution of trade. Quarterly data from 2008 to 2022 are used in several econometric methods such as unit root tests, cointegration techniques, Granger test, and vector error correction model (VECM). The main findings of this study are that domestic income and exchange rate show a long-run positive relationship to the trade balances. Devaluation of the domestic currency will improve the trade balance in the long run, consistent with the Marshall-Lerner condition.

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A Non-linear Inflation Growth Model

Author(s): Vesna Jablanović / Language(s): English / Publication Year: 0

Keywords: Inflation; Growth; Chaos

In the short run, the fall in aggregate demand leads to falling output and price level and rising unemployment. In this sense, it is important to use the Phillips curve, i.e., the curve that shows the short-run relationship between inflation and unemployment. This paper creates a relatively simple chaotic inflation rate growth model. Also, this paper examines the inflation rate growth stability in the period 2000-2021 in France, and confirms the existence of the convergent fluctuations of the inflation rate in France in the observed period.

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The State and Development of Social Entrepreneurship in the Slovak Republic

Author(s): Katarína Kráľová / Language(s): English / Publication Year: 0

Keywords: Social enterprise; Integration; Disadvantaged groups; Unemployment; Social economy

A social enterprise, which is part of the social economy, provides goods and services to the market in an entrepreneurial and innovative way and uses its profits primarily to achieve its social objectives. Social enterprises are also important for the national economy in terms of regional development. Through social enterprises and other social economy actors, the employment of disadvantaged and vulnerable people is promoted, thereby strengthening social, economic and territorial cohesion. The paper is devoted to a quantitative assessment of the state and development of social entrepreneurship in the Slovak Republic. It also focuses on the analysis of the development of a number of indicators in the field of unemployment, which reinforce the importance and need for social enterprises in the economy. Then, the paper deals with SWOT analysis, which allows for identifying the basic prerequisites for further development of social entrepreneurship in the Slovak Republic.

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Evaluation of Localization Factors for Allocation of Selected Slovak Enterprises

Author(s): Maria Farkašova,DANA ORSZÁGHOVÁ / Language(s): English / Publication Year: 0

Keywords: Accommodation facility; Facility allocation; Spatial economy; Environment; Infrastructure

Localization belongs to the important decision-making processes in the enterprise. The decision on the location of the accommodation facility depends on localization factors, i.e. site-specific characteristics. They represent the basis for the determination of the spatial location of the accommodation facility, especially in the long term. The location of the tourist accommodation facility specifies its economic structure and determines further development. The paper was directed on the recognition, description and evaluation of localization factors that were important in deciding on the location of selected accommodation facilities at the beginning of their activities. Localization factors are divided into these categories: labor, market, land and natural resources, environment, infrastructure, legal, social, and economic conditions. Research data were obtained by questionnaire method and combined interview method. The results of the survey in the final phase showed that entrepreneurs in the field of accommodation and tourist facilities were satisfied with the location of their facility and evaluated their decision as the most correct.

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Status and Trends in the Development of Small and Medium-Sized Enterprises in the Service and Tourism Sector in the Slovak Republic

Author(s): Katarína Kráľová,Jana Sochuľáková,Dagmar Petrušova / Language(s): English / Publication Year: 0

Keywords: Tourism; SMEs; Pandemic COVID-19

Small and medium-sized enterprises are typical of the tourism sector, they are adaptable and able to meet individual as well as specific consumer demands. This paper analyses the sectoral and regional structure of tourism SMEs (exactly how many of them are in the sector, where they are located and what economic activity they carry out within the tourism sector). The analysis of the structure will provide a sufficient picture of which sectors most SMEs operate in and in which region these SMEs are located. A subsequent comparison of the pre-pandemic and post-pandemic periods will reveal changes in the status and development of SMEs in the service and tourism sectors in Slovakia. And then statistical methods of forecasting development trends will make it possible to outline the possible future direction of the development of SMEs in Slovakia after the end of the pandemic.

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Financial Contagion in Central and Eastern European Capital Markets: The Case of Russia’s Invasion of Ukraine

Author(s): Rui Dias,Catarina Revez,Nicole Horta,Paulo Alexandre,Paula Heliodoro / Language(s): English / Publication Year: 0

Keywords: Contagion effects; Russian-Ukrainian invasion; Portfolio diversification

Russia invaded Ukraine on February 24th, 2022, marking a steep escalation of the Russo-Ukrainian War, which began in 2014 after the Ukrainian Dignity Revolution. The invasion caused Europe’s largest refugee crisis since World War II, with more than 5.5 million Ukrainians leaving the country and a quarter of the population displaced. At the outbreak of war in 2014, Russia annexed Crimea and Russian-backed separatists who participated in the south-eastern Donbas region of Ukraine, starting a regional war there. Considering these events, it is relevant for policymakers and regulators to understand how contagious crises are to take appropriate measures to prevent or contain the side effects. To verify the levels of contagion or interdependencies we use Pindyck and Rotemberg’s t-statistic, as well as Forbes and Rigobon’s t-test, which suggests that we are facing extreme volatility in the capital markets analysed, and financial contagion is very significant. In conclusion, the capital markets analysed mostly show that correlations have increased in this period of uncertainty in the global economy (Russian invasion in Ukraine), evidencing that investors will find it difficult to diversify risk in these markets. The authors believe that the results achieved represent interest for investors seeking opportunities in these stock markets, and for policymakers to undertake institutional reforms to increase stock market efficiency and promote sustainable growth in financial markets. These findings also open room for market regulators to take steps to ensure better information in these regional markets.

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Impact of Russia’s Invasion of Ukraine on Central and Eastern European Capital Markets

Author(s): Rui Dias,Catarina Revez,Nicole Horta,Paula Heliodoro,Paulo Alexandre / Language(s): English / Publication Year: 0

Keywords: Contagion effects; Russian-Ukrainian invasion; Portfolio diversification

On February 24th, 2022, Russia launched a full-scale military invasion against Ukraine, marking a sharp escalation to a conflict that began in 2014. Several analysts have called the invasion the largest military invasion in Europe since World War II. Considering these events this paper aims to test the efficient market hypothesis, in its weak form, in the capital markets of Hungary (BUX), Croatia (CROBEX), Russia (IMOEX), the Czech Republic (PX PRAGUE), Slovenia (SBITOP), and Poland (WIG) over the period from April 25th, 2017, to April 22nd, 2022. The results show that the random walk hypothesis is not supported by the analyzed financial markets in this period with the occurrence of the 2020 global pandemic and the Russian invasion of Ukraine. The values of the variance ratios are less than unity, implying that the returns are autocorrelated over time and mean-reverting, and no differences between the financial markets have been identified. This has implications for investors, since some returns may be expected, creating arbitrage opportunities and abnormal returns, contrary to the assumptions of random walk and informational efficiency. In conclusion, we believe that investors should eventually exercise some caution, at least while this uncertainty persists, and invest in less risky markets to mitigate risk and improve the efficiency of their portfolios.

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The Evolution of the Cryptocurrency Market Is Trending toward Efficiency?

Author(s): Rui Dias,Nicole Horta,Catarina Revez,Paula Heliodoro,Paulo Alexandre / Language(s): English / Publication Year: 0

Keywords: Cryptocurrency markets; Efficient market hypothesis; Market efficiency

When compared to traditional financial markets, cryptocurrencies were seen as assets with minimal correlations. However, because this continually expanding financial market is marked by substantial volatility and strong price movements over a short period, developing an accurate and reliable forecasting model is deemed crucial for portfolio management and optimization. Given the relevance of cryptocurrencies in the global economy, it is important to determine if Bitcoin (BTC) becomes more predictable as investors adopt more aggressive trading positions. We examine BTC over the period from May 15th, 2021, to April 14th, 2022 (8676-time data), using intraday (hourly) time scales. The results reveal that the random walk hypothesis is rejected at lags of 3 to 16 days, while we see that the BTC market tends toward efficiency (see the evolution between lags of 16 and 2). These findings reveal that, given the uncertainty in the global economy in 2022, namely the Russian invasion of Ukraine, the BTC market shows values of the variance ratios close to unity, implying that it is, apparently, not predictable and that the residuals are not autocorrelated in time. In addition, the results of the Detrended Fluctuation Analysis (DFA) exponent show that this market does not exhibit characteristics of (in) efficiency in its weak form. In other words, this market does not have persistent and mean-reverting properties, thus validating the results of Wright’s Rankings and Signs variance test.

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Information Efficiency in Small and Underdeveloped Financial Market

Author(s): Kiril Jovanovski,Hristina Tanevska / Language(s): English / Publication Year: 0

Keywords: Information efficiency; Efficient market hypothesis; Underdeveloped financial market; Weak form of efficiency; Technical analysis

Testing the efficient market hypothesis can always bring interesting points regarding the functions of the financial markets. Every investor wants to beat the market, and therefore he is trying to find information that will gain him some privileges. On the other side, the stock exchanges and regulatory agencies are striving to eliminate those information privileges. This is where market efficiency, its theory, and its forms come into question. Until today one can find research on testing the efficiency of different developed markets. However, there are still a lot of gaps in research involving small and underdeveloped markets. This research may put the developing markets on the investment opportunities map of international investors. The purpose of this paper is to show how information efficiency relates to the Macedonian stock market by testing the weak form efficiency, using the augmented Dickey-Fuller (ADF) test to observe whether they contain a unit root or not. The results will be used to show the opportunities for adopting a profitable investment strategy using the technical analysis of the Macedonian stock exchange. Additionally, the results show that by using the mouthy price differences one cannot beat the market as the prices are moving with a random walk, which is not the case if investors are analyzing daily price differences.

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Corporate Social Responsibility in the Albanian Banking System

Author(s): Blerta Dragusha,Jasmina Lugji / Language(s): English / Publication Year: 0

Keywords: Social responsibility; Albanian banking system; Initiatives

Corporate social responsibility is a new concept in Eastern Europe and particularly in Albania. Albania came out of the communist regime without any kind of heritage or experience in the field of conception and later in that of applying social policies. But after the ’90-s, the opening of Albania to free trade brought dramatic changes. These changes had their essential influences and on the field of social policies. The paper will make a presentation of the actual level of corporate social responsibility undertaken by each bank operating in Albania. The authors have built some graphs according to the number of initiatives in achieving each of the targets for each Albanian bank by analyzing and addressing the following in more detail each bank. The paper will be closed with some conclusions and recommendations.

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The Right to the Personality of Older Persons and Their Freedom in Relation to the Administration

Author(s): Vanesa Sanchez Bellesteros / Language(s): English / Publication Year: 0

Keywords: Freedom; Old age; Law; Digital divide

New technologies offer a world of possibilities in all areas of citizens’ lives, so the Administration, therefore, has not been excluded from their integration. However, the implementation of ICTs poses a great challenge caused by the inexcusable need to provide technological, economic, and training resources (digital skills) that are required for their effective operation. That is why the rights of citizens must remain unscathed before its implementation, overcoming any obstacle that arises and even maintaining the freedom to use or not, and much more so if they are vulnerable citizens, either due to their age or lack of means.

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Changes in the Electricity Market in the Republic of North Macedonia and Its Compliance with European Regulations, Characteristics and Official Data on the Macedonian Regulated Market for the Period 2019-2021

Author(s): Serjoza Markov / Language(s): English / Publication Year: 0

Keywords: Electricity market; North Macedonia; European regulations

First and foremost, the main inspiration for the specific problem in this paper are the changes in the electricity market of the Republic of North Macedonia (in the text as - “RSM”) and its compliance with European regulations, elaborating the characteristics and official data on the Macedonian regulated market. By summarizing all the theoretical and empirical aspects, the answers to the arising questions are provided through the analysis of the legal framework, the condition and the participants in the electricity-regulated market in the country in the analyzed period of three years (2019-2021). Also, the results and conclusions of the research shall be achieved via comprehensive analysis and by finding the answers to the posed questions through the theoretical analysis, the inductive and deductive methods, whereas the techniques utilized shall be: official data and reports of the Regulatory Commission of energetic and water services of RSM, questionnaires, interviews and observations as well. The main conclusion is that the changes in the regulated market are under the influence of the changed Macedonian regulations, the process of harmonization with the European regulations and the current developments related to the energy market globally. In this paper, the goal is achieved through the elaboration of changes in the legislation in the Republic of North Macedonia and its implementation in the past few years, emphasizing the effects on the liberalization of the electricity market.

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Classification of Environmental Administrative Acts in the Czech Legislation

Author(s): Dominik Židek / Language(s): English / Publication Year: 0

Keywords: Environmental administrative acts; Public construction law; Preservation of sustainable development; Development of the territory; Classification

This paper aims to provide an essential characterisation and classification of environmental administrative acts regulated by law in the Czech Republic, which are related to public construction law, affect the procedural procedures of public construction law, and thus fundamentally determine the final form of construction activities in the Czech Republic. The paper is based on the premise that the results of the procedural procedures of public construction law are always influenced, at least indirectly, by environmental law regulations and administrative acts regulated by these regulations. In the paper, the author will make a primary classification of environmental administrative acts, will deal with the different types of environmental administrative acts, emphasise their importance for the preservation of sustainable development in the development of the territory, and will demonstrate the importance of this environmental legal regulation in the Czech Republic on specific examples.

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Water Quality Status in the Erzeni River, Albania over the Period 2014–2019 and Prospective Towards the Achievements of EU WFD Objectives in Its Basin

Author(s): Erjola Keci,Vanela Prifti / Language(s): English / Publication Year: 0

Keywords: Water quality; EU Water Framework Directive; Monitoring acquis

Erzeni River flows through two of the most developed regions of Albania: Tirana and Durrës. Due to the concerns about potential pollution resulting from increased human activities in its basin the major driving forces and pressures were identified and the quality of the river’s water was assessed based on an evaluation of physicochemical parameters based on monitoring data over the period 2014 – 2019. Based on data analysis, the evaluation of the overall water quality status has been carried out. The assessment of the physicochemical parameters measured, and the use of the Water Quality Standards methodology show a deterioration of water quality, however, this remains moderately good. A more precise quantification of pressures and consequent evaluation of impacts, though feasible, requires significant amounts of good quality data, much of which is not currently collected in Albania. Significant improvements in data collection and coordination between competent authorities will be required as part of future measures.

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Sustainability in Software Engineering: A Design Science Research Approach

Author(s): Clara Silveira,Leonilde Reis / Language(s): English / Publication Year: 0

Keywords: Artefact; Sustainability dimensions; Sustainable development goals; Software process; Methodology

In the current global context, with so many challenges to be faced, it is important to see people’s increased interest in sustainability issues as an opportunity for change. Sustainable Software Engineering, as a recent research area, incorporates sustainability principles and dimensions in the software development process. On the other hand, the Design Science Research methodology has become a well-received research paradigm in Information Systems in general and in Software Engineering in particular. The paper presents a Sustainable Software Engineering approach integrated into the Design Science Research methodology. The concepts of sustainability in software development, namely the principles of the Karlskrona Manifesto, the principles of Green Software Engineering and the Sustainable Development Goals are integrated into the approach. Preliminary results from applying the approach indicate that the iterative process of the Design Science Research methodology allows for the integration of multidisciplinary sustainability artefacts during the software process.

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Person with Schizophrenia and Negative Symptoms in COVID-19 Era: A New Evolution for Treatments and Economy

Author(s): Barbara Galbusera / Language(s): English / Publication Year: 0

Keywords: Schizophrenia; COVID-19; Education

In the last two years, the COVID-19 pandemic has become part of people’s lives, including those diagnosed with schizophrenia. Many have also exacerbated negative symptoms of the disease such as anxiety, increased hallucinations, and depressive symptoms. To overcome the illness, the wishes of the patients were investigated. Subsequently, starting from the personalism philosophy point of view, for a little group of the Day Care Service, a program (that has integrated pedagogical interventions, educational groups, psycho-educational interventions, social skills training and telephone support) has been created to decrease the negative symptoms of schizophrenia and improve the psychophysical well-being of each patient. This research shows that it is possible to introduce a clinical-pedagogy perspective for the care of schizophrenia patients and to mitigate the negative symptoms of schizophrenia.

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Agroterrorism as a Threat to Modern Society

Author(s): Boris Bursać,Andrija Blanuša / Language(s): English / Publication Year: 0

Keywords: Terrorism; Agroterrorism; Bioterrorism; Modern society

There is no country, no inhabited territory on the globe that is immune to terrorism. Although the roots of terrorism go back a long way, terrorism is a product of the modern age, and its causes and motives are different. Therefore, the authors identify terrorism as a world problem, because as a manifestation in one environment, it never isolates itself, but spreads very quickly to other areas. In this paper, a new, somewhat intimidating form of terrorism, better known as agroterrorism, is analyzed in detail. This paper aims to explain more precisely this new, modern form of terrorism, to make a clear distinction between the concepts of bioterrorism and agroterrorism, as well as to assess potential threats and consequences of agroterrorist attacks.

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