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DIRECTION OF CAUSALITY BETWEEN FINANCIAL DEVELOPMENT AND ECONOMIC GROWTH. EVIDENCE FOR DEVELOPING COUNTRIES

Author(s): Sorin-Nicolae Borlea,Codruţa Mare,Monica Violeta Achim,Adriana Puşcaş / Language(s): English Issue: 2/2016

The results of extensive studies that analyzed the existence and meaning of correlations between the economic growth and the financial market development lead us to a more thorough study of these correlations. Therefore, we performed a broad study of the developing countries from around the world (the developing part of each region constructed by the World Bank through its Statistics Bureau). The regions taken into analysis were: Europe and Central Asia, South Asia, East Asia and the Pacific, the Arab world, Latin America & and the Caribbean, the Middle East and North Africa, and Sub-Saharan Africa. For comparison purposes, we have also included in the sample the North American countries, the Euro Area and the European Union as a whole, because these last three areas are the main benchmarks of the financial markets. The results are consistent with those from previous studies on the subject and vary depending on region and financial indicator considered.

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EFFECT OF CORPORATE GOVERNANCE ON COST OF EQUITY BEFORE AND AFTER INTERNATIONAL FINANCIAL REPORTING STANDARD IMPLEMENTATION

Author(s): Chandra Situmeang,. Erlina,Azhar Maksum,Tavi Supriana / Language(s): English Issue: 1/2018

The ability to compete between companies at the time of intercompany production efficiency is no longer a differentiator, the determinant of competitiveness includes the aspect of funding to be one of the determinants of competitiveness. One of the company's competitiveness capabilities is determined by the capital cost or the discount rate used in evaluating a project. The higher the cost of capital will be the lower the competitiveness of the company. There are many factors that determine the cost of a company's capital, but this research focuses only on the aspects of Corporate Governance (CG). Investors will assume that the risk in companies that have good CG quality will be smaller than companies that do not have good CG quality. On the other hand, IFRS implementation has a variety of purposes including improving the implementation of CG in a company, so it is theoretically suspected that IFRS implementation will increase CG's influence on CoE. The approach used is to study the capability of the linear regression model formed and to conduct a comparative analysis among regression models established by data from manufacturing companies listed on the Indonesia Stock Exchange during 2007-2011 as data prior to IFRS implementation and 2012-2015 for data after IFRS implementation. Based on the results of data processing obtained evidence that Corporate Governance negatively affect the Cost of Equity (CoE). This contradicts the theory because the better the CG value of a firm the CoE will be to decrease. When compared to the period before and after IFRS implementation, there is no evidence of a relationship between CG and CoE.

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PROPUNERE DE PROIECT PRIVIND ACORDUL SOCIAL DE ŢARĂ EDUCAŢIA, CERCETAREA ŞI INOVAREA – PRIORITĂŢI CONSTITUŢIONALE ŞI COMPONENTE ALE SECURITĂŢII NAŢIONALE

Author(s): I. Gabriel Năstase,Dan C. Badea / Language(s): Romanian Issue: 24/2015

The present project proposal concerning COUNTRY SOCIAL AGREEMENT it has been prepared in order to inform partners of the social-policy dialog and possibly of his adoption by referendum and by including his principles in the text of the new Constitution of Romania.

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EKONOMICZNE EFEKTY INDYJSKIEJ DEMONETYZACJI W ROKU 2016

Author(s): Michał Zaremba / Language(s): Polish Issue: 509/2018

India is one of the most dynamically developing countries in the world. The Indian economy, since gaining independence, has been based on the five-year plans system and large state-owned enterprises. Changes in the economic system were forced by the crisis in the early 1990s. As a result, liberalization and the opening of the economy to the world took place. Since then, there has been a huge growth in the economy and expansion into global markets. Despite this undoubted progress, the country is still struggling with many problems, including huge poverty, large share of the informal economy, corruption or an unstable financial system. In order to fight with the informal economy, demonetisation of rupees was carried out in India in 2016, which caused a crisis in the entire economy. The aim of the article is to examine the effects of demonetisation on the functioning of the Indian economy. In order to fullfil the subject a statistical analysis was carried out, which showed that, despite the legitimacy of the reform, the effects (at least in the short term) are negative for the whole economy.

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Postcomunismul românesc. O posibilă tipologie

Author(s): Emanuel COPILAȘ / Language(s): Romanian Issue: 01+02/2017

After three decades since the 1989 revolution, is postcommunism still a relevant concept for understanding Romania's profound transformations after the fall of Ceauşescu's national-communist regime? For a number of reasons detailed in the introductive section, I aim to offer a positive answer to this question: postcommunism is still a valid theoretical tool in apprehending this new stage of Romania's development, although its relevance is not so powerful as it was back in the 1990s. This study tries to differentiate several major directions of analysis regarding Romanian postcommunism. The typology it poposes is by far not a complete one, not even a very complex one; it just tries to identify, grosso modo, what I consider to be the main dimensions of this complex social phenomenon. Of course, the debate can go on, and it is highly recommendable to go on, both by expanding and/or contesting the present typology. After I analyze the ideological, political, economical, social and cultural components of Romanian postcommunism, the idea I try to bring forward is that of the irreducible particularity of this ideology, the more prolific as its discursive efforts to present itself as the 'end of history', common sense, reality or non-ideological universalism - were more intense.

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Analiza conceptuală şi teoretică a cooperării pentru dezvoltare

Author(s): Victor Negrescu / Language(s): Romanian Issue: 24/2009

By entering in the European Union, Romania has assumed EU’s development cooperation objectives and has to allocate 0.17% of its GDP to international aid policies. This article aims to initiate the debate on this subject ignored by the academic literature in Romania and start by doing a theoretical presentation of the different perspectives on development cooperation in international relations and economic development. The study aims to conceptualize the development cooperation and to determine several empirical study indices.

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The development of small business as a source of formation of local budget revenues in Ukraine

Author(s): Olha Hryhorash,Maxim Korneyev,Yevgeny Leheza,Liliya Zolotukhina,Tetiana Hryhorash / Language(s): English Issue: 1/2018

The timeliness of the research is conditioned by the need to analyze the development of small business as an indicator of the development of the middle class, which characterizes the socio-economic level of the country in general and contributes to strengthening its financial situation. The article contains the analysis of the small business development and its influence on the formation of local budget revenues in Ukraine. Based on the correlation and regression analysis, the statistical series of the sales volume of small business was aligned, taking into account changes in the legislation for the criteria for the small business definition in 2008 and in 2012. The correlation between the sales volume of the small business and the local budget revenues of Ukraine is analyzed. In order to evaluate the certainty of the small business development trends and its impact on local budget revenues, the same analysis was done on the basis of the indicators calculated in the currency equivalent.

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Transitions Online_Around the Bloc-Bosnian Serbs Reopen Srebrenica Probes

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Transitions Online_Around the Bloc-Bosnian Serbs Reopen Srebrenica Probes

Author(s): TOL TOL / Language(s): English Issue: 02/12/2019

The question of responsibility for the greatest atrocity of the Yugoslav wars remains open in the minds of some Serbs.

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HINDERING THE PROCESS OF DEMOCRATIZATION IN ROMANIA AS A CONSEQUENCE OF THE SOCIAL PROTESTS IN THE EARLY 90s

Author(s): Flavius Cristian Mărcău / Language(s): English Issue: 1/2019

THE CASE OF ROMANIA - AT THE BEGINNING OF THE 90S – SHOWED A PARTICULARITY AS COMPARED TO THE REST OF POST-COMMUNIST STATES IN CENTRAL AND EASTERN EUROPE; DUE TO THE FACT THAT THE CHANGE OF THE TOTALITARIAN COMMUNIST REGIME DID NOT ACHIEVE THE QUIETNESS REQUIRED BY THE DEMOCRATIC CONSTRUCTION. IT IS A PECULIAR CASE IN THE FORMER SOVIET BLOC BECAUSE OF THE CONTINUATION OF THE SOCIAL PROTESTS AGAINST THE NEW PROVISIONAL GOVERNMENT (FOLLOWING THE REVOLUTION OF DECEMBER 1989). WE WILL GIVE A CHRONOLOGICAL PRESENTATION OF THE 1990 EVENTS AND WE WILL HIGHLIGHT BOTH THE NEGATIVE ASPECTS BEHIND THESE PROTESTS AND THE WAYS OF AVOIDING THEM.

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1980 ASKERİ DARBESİ VE SONRASINDA ÖZAL DÖNEMİ SİYASAL ve EKONOMİK YAPILANMA

Author(s): Erhat Yalçin / Language(s): Turkish Issue: 41/2019

In the developing third world countries where the democracy was destroyed, the army was effective in the government. He used the coup as a guardianship tool. Emerging in Turkey has taken its cue from this trusteeship concept. Impact, the basic parameters of political instability, economic and political, etc. It occurs in relation to the outage of institutions. Turkey also has spent literally blows where faltered badly in this motion. The most important blow known to the political destruction and unfair practices in the social field is the 1980 coup. In this study, the development process of the 1980 coup will be explained. Turgut Özal continued with the transformation experienced in Turkey's political and economic fields will be covered.

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Turning EU Into Me and You the Politicization of EU Representations in Macedonia

Author(s): Aleksandar Takovski / Language(s): English Issue: 03/2017

EU is discursive field where multiple meanings are created, negotiated and contested. Research has shown that it has interpretive power often used as an instrument of political confrontation. Such is the case, this study argues, with the two largest Macedonian parties – the Social Democrats and VMRO-DPMNE – who in a pursuit of changing or maintaining power have produced an EU discourse fitting to their own political agendas. In a situation of a prolonged political crisis, and a significant EU involvement in it, the two parties have turned their EU discourse into an instrument of positive presentation of the self and a negative presentation of the other. The general goal of the study is to analyze the specific discursive strategies in the party programs and media statements of the two parties and their leaders.

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Igrzyska Afrykańskie i Najwyższa Rada Sportu w Afryce jako inicjatywy na rzecz zbliżenia państw afrykańskich

Author(s): Michał Marcin Kobierecki / Language(s): English,Polish Issue: 04/2018

There are a number of ways in which sport might be instrumentalized in international relations. One of them refers to the use of its non-political character and popularity in order to shape international proximity and more positive relations between states. Such instrumentalization is referred to as sport diplomacy, a category that is classed as a part of public diplomacy. The aim of the article is to investigate how sport has been used in order to strengthen the proximity and ties among African states. Two initiatives have been considered: the African Games and the Supreme Council for Sport in Africa. The research is a case study which refers to Africa, as in the history of sport there have also been other multilateral attempts to instrumentalize sport for the sake of international proximity. In the analysis the motivation behind the initiatives has been particularly considered. The article attempts to verify the hypothesis that existence of political regimes dominated by white minorities in Africa (RSA, Rhodesia) was an integrative element for the other African states in the field of international sport.

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EFFICIENT USE OF COMMON RESOURCES IN CONDITIONS OF SUSTAINABLE DEVELOPMENT

Author(s): Aleksandra Kordonska,Ihor Hurnyak / Language(s): English Issue: 11/2018

Many of the challenges facing humankind, such as climate change, water scarcity, inequality and hunger, can be resolved not only at a global level by promoting sustainable development but, first of all, at local level. Local communities in many countries have been seeking to improve sustainability. They are policy makers and catalysts of change that unify the global goals with their own local ones. In the light of the theoretical background it was made an attempt to extend the analysis of effective managing a commons proposed by Elinor Ostrom basically on the example of Ukraine by introducing the obstacles and opportunities for local communities functioning in the direction of sustainable development. Considering the experience of European states, the basis for the transformation in conditions of sustainable development is a citizen as an individual, guided by his own “taste to life” in accordance to the right guaranteed by the state and the community to choose its place in life. In the relevant conditions it is expedient to look for effective tools of influence on central and local governments and possibilities of the transformation the whole system of public administration by focusing on the role of community and its opportunities for the effective use of shared resources. The duplication of the process of consolidation without development of a social state only destroys the remnants of local self-governance and, as a consequence, all other branches of power in general.

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Transition, Europeanization and Identity in the Ukraine Case

Author(s): Anton-Gabriel Moldovan / Language(s): English Issue: 1/2016

Ukrainian crisis whose manifestations are known as Euromaidan broke out on November 23, 2013, when former President Viktor Yanukovych has decided to suspend preparations for Ukraine’s Economic Association Agreement with EU, preliminaries commenced in March 2012

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COSMOPOLITAN PERSPECTIVES ON JAPAN'S OFFICIAL DEVELOPMENT ASSISTANCE

Author(s): Elena-Adina VOICILĂ / Language(s): English Issue: 1/2019

The Japanese ODA policy transformation ended, or rather began, with the introduction of the Human Security doctrine in its narrative, allowing the Japanese approach to be encompassed within the international development architecture. However, while having as main pillar human security promotion, the Japanese aid structure maintains a strong view to what regards national interest and its importance in the ODA Charter. This has therefore started up worldwide debates on the actual purpose and rationale of the Japanese aid.This paper presents a different perspective in what regards development assistance policies and Japan is chosen as case study precisely because of the particularities of the Japanese society and Japanese policy. Under the theoretical model proposed by this paper - taking into account human security as reflecting cosmopolitan ideas - I have investigated the Japanese Official Development Assistance policy. The main assumption is that domestic attitudes have paved the way for cosmopolitan approaches in the Japanese aid policy.Thus, it was observed that altruism, morality and ethics, elements which have already existed inside the Japanese society long before the beginning of coining the ODA policy, have strongly influenced the current ODA practice of Japan; therefore it would be wrong to assume that the human security doctrine, a result of the convergence between domestic forces and international pressures, is used as a tool to hide national self-interests.

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Determinants of Export Sophistication: An Investigation for Selected Developed and Developing Countries Using Second-Generation Panel Data Analyses

Author(s): İbrahim Hüseyni / Language(s): English Issue: 05/2019

The aim of this paper is to determine potential factors that may influence export sophistication index for both developed and developing countries. The present study calculated export sophistication values for selected developed and developing countries using a specific index (EXPY) proposed by Hausmann, Hwang and Rodrik (2007). Second-generation panel data analyses were subsequently performed to examine determinants of export sophistication index and whether selected developing countries are able to converge to developed countries. Empirical findings reveal that there exists a positive relationship between export sophistication index and foreign direct investments, total domestic savings, educational and research and development (R&D) expenditures. Particularly, the estimation results of the present study also indicate that two developing countries, namely, Malaysia and Romania are able to converge to developed countries in terms exporting performance, whereas Turkey and Bulgaria cannot achieve to converge to developed countries. As a result, developing countries should concentrate on improving their export sophistication index to converge to developed countries.

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TARIMSAL KATMA DEĞERİ ETKİLEYEN FAKTÖRLER ÜZERİNE BİR İNCELEME: E7 ÜLKELERİ ÖRNEĞİ

Author(s): Semanur Soyyiğit,Kıymet Yavuzaslan / Language(s): Turkish Issue: 19/2019

In the structural transformation accompanying the development process of developing countries, it is necessary to switch from labor-intensive and low value-added agricultural production and natural resource based growth to growth process based on high value-added and advanced technology. Depending on the different value-added structures of the developed and developing countries in agricultural production, the main objective of the study is to determine the current situation of the emerging economies in agricultural production and the factors determining the effectiveness of these countries in the sector. In this context, the relationship between economic complexity index (ECI), political stability index, government efficiency index and agricultural value added is examined by causality analysis. As a result; while the government effectiveness index influenced both the ECI and the agricultural valueadded, causal relationship from political stability to government effectiveness was found. A causal relationship from ECI to the agricultural product value-added has been found, as well as a causality from the agricultural value added to the government effectiveness index.

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Instytucjonalne uwarunkowania rywalizacji o władzę w postradzieckich systemach autorytarnych

Author(s): / Language(s): Polish Issue: 55/2018

More than 25 years have passed since the collapse of the Soviet Union. Despite that, political scientists until now have used the category of ‘post-Soviet countries’, meaning that the Soviet past still determines the direction of the evolution of the political systems of the republics that won their independence in 1991 and that they still share some common features of the political design and have failed to successfully complete the transformation to democracy. The main goal of the following paper is to present institutional conditions that make post-Soviet authoritarian regimes relatively stable and limit the alternation of power. Main conclusions of the paper are the following: firstly, the power in post-Soviet authoritarian countries is held by their presidents who create informal groups of relevant politicians and businessmen that can be treated as neo-patrimonial clients. Secondly, presidential or parliamentary elections are regularly held but are just a facade that is meant to hide and legitimize authoritarian practices of these regimes. Thirdly, in such countries significant role the political life is played by the so-called ‘parties of power’ – non-ideological parties whose only goal is to support the president.

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Gold, Gas and Lies: Extractive Sector in a Sub-Saharan Functional State. The Case of Natural Resource Sector in Tanzania

Author(s): Andrzej Polus,Wojciech Tycholiz / Language(s): English Issue: 56/2018

Tanzania is usually presented as the most stable state is East Africa. Nevertheless political stability did not go hand in hand with economic development. The recent gas discoveries raised the issue of Tanzania’s readiness for the development of gas sector that will benefit the entire country instead of the rent orientated political elite. The development of the gas sector (although final decision about LNG terminal construction has not been taken yet) is correlated with President John Pombe Magufuli ( JPM) takeover of power and substantial changes on Tanzanian political scene. The Authors posed a question about the basis for a robust mining sector development in Tanzania under President Magufuli. The article’s first part presents Tanzania within the frameworks of “competitive-authoritarian regime” or “developmental neopatrimonial state”. Then we ask whether the system that catapulted JPM to the top job in the country can be change from the inside? Subsequently, we present dysfunctionalities of the Tanzanian mining sector with the special emphasis on gold mining, as well as challenges ahead of the country’s nascent natural gas sector.

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he Contribution Of Foreign Aid To The Reduction Of Poverty In Developing Nations?

Author(s): Faiza Maitala,Nkoyo Ekere / Language(s): English Issue: 15/2019

Purpose: This paper seeks to examine the impact of foreign aid in poverty reduction in developing nations. It reviews the positive and negative impacts of aid in lessening poverty in evolving countries and the critical success factors that could serve as a blueprint for developing nations to adopt. Methodology/Approach: The paper employs a critical review of extant scholarship, where empirical evidences on the positive and negative effect of foreign aid carried out from various countries were provided to support the claims of the studies. Findings: The findings give insight into the viability of aid and identified some key critical success factors which comprised of good governance, recipient domestic policies, stringent conditionality of aid and interest of donor countries. Research Implication: This paper provides a blueprint for critical success factors necessary for aid to be an effective tool for lessening poverty in the growing nations.

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