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Our study aims at establishing the bond between the adoption of CFA franc as currency of 15 African countries and their economic development. Our study shows that CFA franc is, for a great part, responsible of the underdevelopment of the African Countries of the CFA Zone. The study lets thus foresee a weak consideration for monetary dimension in the development process sin Africa.
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L’économie algérienne est largement dépendante du secteur des hydrocarbures et de ces recettes. Depuis quelques années, et en raison de l’envolée du prix du pétrole, L’Algérie bénéficie d’une aisance financière. A l’inverse, les secteurs économiques hors hydrocarbures souffrent d’un manque de compétitivité flagrant qui ne leur permet pas de survivre dans une économie libéralisée, telle que prônée par l’accord d’association avec l’union européenne et les conditions d’accès à l’OMC. Les entreprises appartenant aux secteurs hors hydrocarbures ne peuvent pas faire face à la concurrence étrangère si des mesures concrètes ne sont pas mises en oeuvre pour les rendre performantes et compétitives. De 1987, des reformes économiques ont été menées. Les résultats obtenus sont, à ce jour, en deçà des attentes. Le présent article traite de la performance économique algérienne et de sa dépendance du pétrole, ressource périssable à moyen terme. Il dissèque les mesures d’incitation mises en ouvre dans le cadre la politique d’ouverture sur l’économie mondiale.
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Information about a Round Table Session, held on April 28, 2011 at the European College of Economics and Management, Plovdiv
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The year 2010 is the 85th anniversary of the first survey on the family incomes and expenditures of the households of clerks and workers in Bulgaria. The paper is dedicated to the first steps, made by the general statistics directorate in Bulgaria in March 1925, investigating and publishing the budgets of 1385 households. The first survey was the beginning of the sample surveys of the household budgets in Bulgaria.
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REFERENCE to: Маринов, Георги. Международни финанси и икономика на България. Варна: “Black Sea NGO Network” (BSNN), 2010, 341 с. Рецензенти на книгата са проф. д-р Светослав Масларов и доц. д-р Зоя Младенова. Авторът е ръководител на катедра “Международни икономически отно-шения” в Икономическия университет, Варна. Книгата е достъпна онлайн: http://papers.ssrn.com/ sol3/papers.cfm?abstract_id=1733200 (на български език) и http://papers.ssrn.com/sol3/papers. cfm?abstract_id=1763403 (на английски език).
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The economic growth concepts are founded on the Keynesian and Neoclassical theories and models. This is also the basis for the two key, most applicable alternative methodological approaches for analyzing the main characteristic features and vehicles of growth – the multiplicator – accelerator and the production function respectively. In theory and out of the empiric application of the model constructions it was concluded, that they are highly adaptable, capable to test each growth trajectory – permanent ascending and even, and wavy or cyclic. The Keynesian, Neoclassical and the contemporary growth models could be interpreted on this ground under certain assumptions or they could be further developed as conjuncture cycle models. The focus is on the main trends of the alternative applicability of the Keynesian methodology for growth analysis, in order to deduce opportuntities to study the key indications of unsustainable nature and the conjuncture cyclic trend in GDP dynamics.
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This is a presentation of results the competitiveness of the agricultural farms in Bulgaria under the General Agriculture Policy (GAP) of the European Union. A new holistic approach was applied for evaluation of the competitiveness, taking into account their economic efficiency, financial opportunities, adaptability, as well as their sustainability level. A comparative analysis was made of the competitiveness of the agricultural farms in Bulgaria and in the EU. An integral evaluation of the competitiveness of farms, specialized in different fields is revealed.
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Issues related to the movement of the foreign direct investments and their impact on the economic development of Bulgaria under the economic crisis are highlighted in this article. The period between 1996 - 2009 and the first half of 2010 is analyzed in order to find out the real consequences of the input investment flows and to clarify their influence on the investment activity in Bulgaria.
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The optimized restructuring of economy in the course of its productive development is addressed in the context of the dynamic theory of the identified systems. It is presented as a binary process of generating targeted quantitative and qualitative changes, of the marketed production and of the recurrently rebalanced resources, as well as in the model - algorithmic aspect. The standard classical approach “ceteris paribus”, incorporated in the linear programming methods is compared to the systematic-structural approach, developed by the author, as specified in details in the RPSD iterative algorithm, and advantages thereof are proven.
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Emerging economies have introduced tax incentives for various reasons. In some countries in transition, such instruments may be seen as a counterweight to the investment disincentives inherent in the general tax system. In other countries, the incentives are intended to offset other disadvantages that investors may face, such as a lack of infrastructure, complicated and antiquated laws, bureaucratic complexities and weak administration. The article brings closer the issue of tax incentives offered by developing countries in order to attract foreign capital. After presenting the natural order of deduction, which assumes that tax incentives enhance foreign direct investments and as such have a positive influence on economic growth, which – as a consequence – strengthens development, the author reverses the order of deduction and asks the question, whether such instruments are really efficient solutions in the process of strengthening the states’ competitive position. To answer the question, the author analyses chances and threats of including tax incentives into fiscal policy, identifies the main restrictions, and tries to list some solutions which can be helpful in the process of implementing such instruments into the tax systems of developing countries. The article also focuses on the main aspects of developing countries’ fiscal policy. It presents problems and challenges of the taxation area (both at the domestic and international level) which developing countries face in their attempts to increase tax revenues.
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The federal government of the United States imposes a legal limit on its debt under an old system of fiscal control. Because the government operates close to that limit and also has been operating with a sizable deficit, this statutory limit must be regularly raised. Although Congress approves the spending programs and revenue structure that produces the deficit, in recent years some members of that body have chosen to use the debt limit as a method of controlling deficit increases. However, constraining debt increases does not constrain spending, but rather only constrains the ability to pay the bills for the spending. That constraint, after spending has occurred, creates the prospect of default and endangers the national credit rating.
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Real estate, real estate rent, investment into real estate are broadly considered topics, however, real estate (residential dwelling) acquired by natural persons as a means to invest in order to earn passive income from rent is not emphasised. The present article covers the analysis of methods of assessment of efficiency of investment into real estate, research of today’s Baltic States real estate market, three options of real estate investment projects, and the assessment of efficiency as well as risk of such investment projects, based on which the decision to invest or not to invest is made.
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Greece and Bulgaria have very different social and economic environments for entrepreneurship. In this empirical paper we use quantitative data in order to analyse the structure of the cross-border entrepreneurial and investment activities between the two countries in order to reveal the direction, the spatial concentration and the sectoral dissemination of entrepreneurial activities. Our analysis includes data relevant to the existing cross-border activities of firms, joint ventures, public-private partnerships and other forms of formal collaboration and provides interesting results on the regional and organisational strategies for the internationalisation and development of bilateral collaboration between the organisations of the two countries.
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The paper aims to identify factors forming irrational individual investors’ behaviour on the Lithuanian stock market. For this purpose and on the basis of the results of scientific literature research, factors forming irrational behaviour of individual investors were identified and used for preparing a questionnaire for individual investors actively trading on the Lithuanian stock market. In addition, a complex research methodology for identifying factors forming/determining irrational investor behaviour was developed. The results of the study identify basic factors forming Lithuanian individual investors’ behaviour on the stock market and illustrate the logical relationship between these factors and individual investors’ personal characteristics such as gender, age, investment experience and profession.
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Political parties are instrumental in today‘s democracy. They could be defined as established groups of individuals organised to compete in the electoral process with their main objective to elect government officials from within their political party, form the government, legislate and define state policy. Citizens play an important role in politics by being active in the respective political parties and thereby they realise their interests – they vote during the elections for the party’s programme that reflects their ideas, they elect representatives of a certain party, support the party’s ideology. Obviously political parties need financial recourses for their activities. And that is the main dilemma: how to assure that political parties represent the interests of the citizens who voted for them and not the interests of those who are supporting them financially? Financing sources of political parties may be divided into three main forms: internal, external and public financing. Each of these forms has advantages and disadvantages. Lithuanian political parties obtain their financing according to the rules established by the Parliament as stated in the Law on Funding of and Control over Funding of Political Parties and Political Campaigns. The objective of this Law is to ensure democracy of political campaigns, legality, transparency and openness of funding of political parties and political campaigns, to regulate the procedure and control of funding of political parties and political campaigns. During the last 10 months the Law was amended twice and these amendments brought a chaos inside political parties before the parliament elections of 2012. This article analyses the regulation of funding of the Lithuanian political parties in comparison with the Financing Political Parties and Election Campaigns – guidelines published by European Council in 2004. The objective of the article is to show the strong and weak aspects of Lithuanian regulation in this area. The authors of the article analyse all of the political parties’sources of financing according to the recommendations of the European Council. In further analysis, the authors comment on the Lithuanian regulation by making comparisons with the European Council’s recommendations, and draw conclusions.
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This paper tackles different issues related to the development of the system of objectives of corporate financial management that also includes company’s sustainability. Prior to the recent financial crisis, the formulation of corporate financial management objective focused only on the company’s finances that were reported and measured by using company’s profit and its worth growth ratios. The financial crisis has highlighted an additional aspect of corporate management, i.e., a need for the company, as an object of the owners’ investment, to generate economic benefit for a prolonged period of time. For the purpose of formulation of the corporate financial management objective it is appropriate to refer not to a single objective or a set of same-level objectives; a much more expedient approach is the creation of the so-called objective tree integrating the requirements of the entity’s going concern. The article analyses certain factors affecting financial performance of a company, discusses different ratios indicating the quantitative effect of the factors upon the final results, and shows practical applications for management by means of interference model with a view to ensuring the operations of the company for a sufficiently long period of time.
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This article analyses the problem of migration in Lithuania and assesses the impact of migration on the economy. Contemporary migration trends began to emerge after the restoration of Lithuania’s independence, and further intensified after Lithuania’s accession to the European Union. Migration is emerging as a challenge and opportunity, so it is important to determine the migration challenges that Lithuania faces and the possible consequences of this process. The theoretical part of the article defines the concept of migration, the main types of migration processes and explains the theories that analyse factors affecting migration. The economic migration of Lithuanians during 2001-2011 is analysed in the analytical part of the article. It assesses the imbalance between emigration and immigration, the main causes and consequences of migration. In order to identify and assess the relationship between emigration and the country’s main economic indicators, the last part of the paper is based on correlation analysis. The analysis reveals that the strongest statistically significant positive correlation is between the number of emigrants and private remittances to Lithuania. These cash inflows increase aggregate demand, domestic consumption and GDP growth.
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This paper analyses the theoretical aspects of sales promotion and presents the sales strategy process. A survey was carried out on sales promotion in supermarkets. Sales promotion is one of the elements, so-called supporting components in a marketing mix. Marketing literature often reveals the following support tools: advertising, sales promotion, personal selling, public relations. The results showed that high value purchases of goods entailed coupons, free trial samples, lower price for larger packages, special price. The respondents indicated that quality, savings, entertainment, convenience, value expression, exploration were important factors in their purchasing decisions. Respondents were interested in a variety of games and lotteries offered in supermarkets. Stands can be an effective means of advertising in shopping centres. Respondents also stated that they felt satisfied if the product was purchased at a cheaper price, or if buying a product entailed gifts.
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The central issue of this papaer is linked to competitiveness, in the context of integration in European Union. Big economic-social changes linket to: GLOBALISATION, FREE-TRADE, BUSINESS’ INTERNATIONALIZATION, TECHNOLOGICAL REVOLUTION makes today cometitiveness problems to become the problem number one, of surviving, for all leaders and economic and political decission factors.
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The core of our paperwork consists in construction of a model for determining a hierarchy of qualitative and quantitative causes that are influencing service companies’ financial health. While the quantitative causes are objectively measurable, the qualitative causes are mainly subjectively measurable, quantified based on some experts’ opinion. In order to reduce the degree of subjectivity, we took advantage of methods offered by fuzzy systems, mainly in construction of the expertons. Expertons are in fact intervals built using the ϕ-fuzzy sub-set and the opinion of several experts over a certain problem. Furthermore, after constructing the expertons, we use the methods offered by grey systems theory and fuzzy sub-sets arithmetic to determine the degree of influence of each qualitative and quantitative cause on company’s performance. By classifying the causes and acting on the most important of them, the activity of the analyst can be really improved and the company’s performance will rise
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