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Economic and social standard of any country depends on the performance of its regions. Disparities among regions are a natural phenomenon. They, however, should not exceed a certain level in order not to bring about problems in areas. There are regional disparities in both the Slovak Republic and the Czech Republic. The purpose of the paper is to examine and assess interregional disparities in the Slovak Republic and the Czech Republic in selected indicators in 2000 and 2014. Regional disparities are assessed on NUTS2 level. In order to examine regional disparities, economic performance indicators (gross domestic product per capita), indicators related to the situation in the labour market (employment rate, unemployment rate, long-term unemployment rate), education-related indicators (upper-secondary and post-secondary education, tertiary education), health-related indicators (life expectancy at birth, fertility rate and infant mortality rate) were selected. In the paper, the methods of analysis, comparison, synthesis as well as a standardized variable method were utilized. The research findings indicate that the best performing regions in both the Slovak Republic and the Czech Republic are those around capital cities. Pronounced disparities having been discovered between the Slovak and Czech regions were those related to GDP per capita and tertiary education indicators. The paper was written under the VEGA project No. 1/0233/16 “Dimensions and factors of social and economic development of regions in Visegrad Four countries”.
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The article analysis the advance of Belarusian banks recourse base to single out its “problem sphere“ and to develop key directions for its development. It is noted that an important condition for the expansion of the operations carried out by banks, improve the quality of banking services, improve the functional role of the banking system in economic and social development of the country is to increase the resource base as from internal and external sources. As the result of the research we state, that despite the finance sources multiformity, the financing amount for the development of innovational economy is not enough. Currently, the banking system of the Republic of Belarus is seen as a key supplier of financing the economy. The resource base of banks have traditionally provided their own and attracted resources. The bulk of the resources of the bank makes the funds raised, the size of which in recent years has steadily increased. Analysis showed that the borrowed funds grew at a faster rate than the bank's own resources. Equity, despite the small proportion of the resource base, provides the financial stability of banks and their ability to pay. The banking system of the Republic of Belarus is moderately capitalized, allowing partially neutralize the risks of potential deterioration in asset quality. Designated major issues of its formation, based on the characteristics of the current stage of economic development: the deposit base of Belarusian banks unstable, because it represented the bulk of short-term deposits and demand deposits; reduce the attractiveness of investing in the banking system for non-residents; banking system does not have sufficient resources for economic development. It is noted that the Belarusian financial market is underdeveloped, and the interbank market is characterized as shallow. Proposed to develop the institutional structure of the financial market of the Republic of Belarus with the aim of increasing the number of alternative suppliers of loan capital.
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This study attempts to examine the moderating effect of regulation on the relationship between the success of converting conventional banks into Islamic lines and four variables: relevant experience, willingness to change, Islamic capital market, and qualified human resources. The sample for the present paper comprises data collected from 15 conventional in Libya. A multi-group analysis approach was applied to assess the moderating effect of regulation. The findings indicated that regulation significantly moderates the effect of four variables on the success of transformation. The paper contributes to the scarce knowledge about regulation and organisational transformation, with an emphasis on converting traditional banks into banks that are in line with the tenets of Shariah.
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Life insurance companies direct their attention to their current and potential customers. The variety of life insurance services offered means that customers are confused, unaware of what they want and expected. The company's tasks are to make customers aware of need of the insurance contract, the preparation and presentation of the offer and then selling offered services. In order to be successful in this field, there is a need for knowledge about individual customers, knowledge of their preferences and motives. The paper describes, on the basis of a survey conducted in November 2014, the preferences and reasons for choosing life insurance services by individual customers.
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Germany’s role in the eurozone crisis is a subject of debate. Does Europe’s largest economy act pragmatically and lend a helping hand to the crisis countries or does its fixation on austerity and structural reforms prevent their discovery? This article discusses this question using the business cycle theory of the Austrian School of Economics as normative benchmark. It is argued that Germany’s insistence on fiscal discipline and market-oriented reforms is basically in line with the normative conclusions of this theory, while the reforms suggested for the monetary system fail to adequately solve the crucial problem which is seen in the high politicization of this sector. It is shown that Germany only partially succeeded in implementing its policy preferences in the eurozone’s anti-crisis policy. This only holds for its claim for austerity and structural reforms, whereas it has not been influential enough to prevent the European Central Bank’s counterproductive ultra-loose monetary policy and its enlargement of power. It is contended that in the eurozone crisis Germany has so far performed the role of a pragmatic rescuer rather than of a merciless tormentor.
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The marketing methods and techniques are constantly improved and innovated. The retail sales do not lag and they adopt these innovations and new techniques, for example in merchandising. The aim of these innovations is the attraction of consumers and the subsequent satisfaction of their needs. One of the innovations is the use of digital price tags that are already used in many countries and in many areas. In Slovakia, they are installed since the year 2013 and in the Czech Republic they have been installed much earlier. It is necessary to use modern ways to reach consumers, to facilitate the work of the retailers and also to attract new consumers.
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The goal of the study was to assess entrepreneurial identity focusing on the beliefs and values such as individualism, risk-taking, innovativeness, opportunity recognition and tolerance.Methods: An Identity Structure Analysis (ISA) (Weinreich, 2003/2012) was applied as a meta-theoretical framework to conceptualize entrepreneurial identity and identification patterns among students with the image of an entrepreneur. A Bayesian dependency-modelling (Myllymäki et al, 2002) was applied to validate the cohesiveness of the research instrument.Results: This empirical study, carried out among the students of Tallinn University of Technology (n=45), shows similarities on shared dimensions across groups with varying entrepreneurial experience and differences on specific identity processes, particular to each group. These findings are evidenced when using ‘significant others’ as ‘a successful entrepreneur’ , ‘co-students’, ‘business circles’, ‘the government’, ‘family members’ and ‘ethno-cultural groupings’ as reference points within one’s identity structure. The results also demonstrate that dominant and increasing role of identifications with ‘father’ significantly contributes to one’s personal entrepreneurial development while simultaneous distancing from ‘co-students’ seems inevitable. At the same time, those who are tightly bound with their peers in their identifications are less likely to become successful entrepreneurs and their positive identifications with all family members have decreased continuously during their life span. Those who are and aspire to become entrepreneurs have much higher overall self-evaluation and tolerance, individualism and innovativeness form their core identity dimensions when compared to those who are less entrepreneurial and reveal collectivistic values. The results are consistent with earlier studies (MacNabb 2003/2012; Nabi et al 2010) and the application of ISA together with its methodological possibilities has been justified despite the small number participants. In the future, cross-cultural assessments of entrepreneurial orientation and identity should help to verify if the findings have universal validity or remain only applicable to the Estonian socio-cultural context
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The sector of the retail trade has always played a significant role in the Latvian economics. The basis for the retail trade is the satisfaction of consumers’ needs and the formation of the long-term relationship. To retain the existing consumers and to attract the new buyers, one of the fundamental tasks is to create the according assortment. The Efficient Consumer Response presupposes not only the new approach in creating the assortment, but also influences all business processes in the enterprise and significantly raises the level of assortment. The purpose of the present study is to analyze the level of the ECR application in the retail enterprises in Latvia. Therefore, there were set the following tasks: a) to characterize the retail trade tendencies in Latvia; b) to research the principles of assortment formation. The research methods applied were the expert interviews and consumers’ survey. The key result of the research was: the ECR implementation helps to form the assortment of the retail trade enterprises in more responsive to consumers’’ needs way.
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The purpose of the article is to present the effects of the 2008- 2009 financial crisis for the European economy. The author discusses the main causes of the crisis, its impact on the financial sector and the real economy. Analysis of the basic macroeconomic indicators leads to a conclusion that despite firm actions taken by individual countries, until now it has not been possible to restore the dynamic of the economies from before 2008.
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Contemporary economic crisis that occurred in 2008- 2009, was one of the biggest crises, which has affected the global economy. The crisis began in the United States, then swept through most of the countries in the world, especially highly developed. In Europe most affected by the crisis were Baltic States (Estonia, Latvia and Lithuania). The consequences of this event was, among others, a decline in production and the collapse of the labor market in this area. The purpose of this article is to compare the gross domestic product, unemployment rate and the employment rate among the smallest economies in Europe. Labor market problems in the Baltic Sea are becoming more important from the point of view of EU enlargement. With the opening of the borders of the “old 15” have begun a mass migration of people in searching of higher wages and better work which led to the drain of local labor markets and the decline of skilled workforces.
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Between 1500 and 1800 financial thoughts and practices were called Merchantilism in Western European countries. Though the economical politics of this period were practiced differently in each country, they had some common features, as well. In medieval age, local administration units had a big power in the control and regulation of economy. They were taxing the incoming and outgoing commodities in their own working area. Merchantilism is a trend aiming to centralize in political and economical aspects and to increase the authority of the king. According to Merchantilism, valuable metals such as gold and silver both finance the wars and constitute the resource of economical and political power. With this respect, the aim should be increasing the valuable metal stocks of the treasure. Importation of manufactured materials and high duty taxes are prohibited while importation of raw materials is legalized. A great deal of importance was given to the international transportation services as much as to the exportation in order to increase the gold stock. For this reason, they tried to constitute powerful sea trade fleets. Increase in population was encouraged and immigration was prohibited.
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Tikinti müəssisənin təsərrüfat fəaliyyətində maliyyə resursları xüsusi əhəmiyyət kəsb edir.Maliyyənin xüsusiyyəti ondadır ki , o həmişə pul formasında çıxış edir və bölüşdürücü xarakterli olub , maddi istehsal sahələrində təsərrüfat subyektlərinin , dövlətin və qeyri – istehsal sahələrini iştirakçılarının gəlirlərinin və yığımlarının formalaşması və istifadəsini əks etdirir. Konkret təsərrüfat subyektinin sərəncamında olan pul vəsaitləri müəssisənin maliyyə resurslarını təşkil edir və onun gəlirlərinin əmələ gəlməsi , bölüşdürülməsi və istifadəsi prosesini özündə ehtiva edir. Maliyyə - pul fondlarının yaranması və istifadə edilməsini göstərən pul münasibətləri sistemidir.Ölkənin maliyyə sisteminə dövlət , ərazi və müəssisələrin maliyyəsi daxildir.
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The objective of the paper is presentation of the fast payment's system in Poland on the example of BlueCash Payment System (in short: SPBC) delivered by Blue Media S.A. The particular objective is presenting the growth of range of the system as well as the presentation and description of promotional activities meant to support the development of fast payment service among the banks' customers. The author presents the most popular activities performed by banks, which are intended to result in the growth of interest in the service.
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Many discussions and studies have taken place regarding the permissibility of Tawarruq and ’Inah transactions. While Tawarruq is widely used in Malaysia and around the globe ’Inah has been declined by many Islamic banks operating in many jurisdictions. The purpose of this paper is to study the application of Tawarruq in the Malaysian Islamic banking system. For this purpose the paper will discuss the permissibility of Tawarruq transactions from viewpoint of classical and contemporary scholars and its application in other countries. The methodology used to conduct the study was qualitative; hence the data was collected from various documents and studies conducted by scholars. For this purpose a comprehensive study on Tawarruq was extracted from the Bank Negara guidelines and other various publications was made. The outcome of this research revealed that there are contradictory views on the usage of Tawarruq. While some jurists standby the view of its permissibility, others view it as an invalid product of Islamic banking. Furthermore, it was shown that limited studies have been conducted on the practice of Tawarruq in various Islamic financial Institutions and limited data was seen from the financial reports of the banks indicating the amount of Tawarruq usage.
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The article examines the scientific and methodological basis of the presence of risks in banks. Analyzes the nature and essence of economic risk. The author gives a classification of risks in the monetary system.The study revealed that to date there is no single understanding of the risk. We give a few different concepts of risk of economic doctrines. At risk in the banking practice we understand the danger (possibility) of the bank loss of their resources, revenue or work extra costs as a result of certain financial transactions. Banking risks as a kind of economic risks are specific factors and bases of formation. Therefore, in their determination, assessment and management requires the use of specific methods. Features the activities of banks, their relationship with the population, the level of financial sector development and public sector manifest themselves in the formation of various types of risks and uncertainties. Therefore, in order to identify, evaluate and select the methods of risk reduction and management it is necessary to determine first of all the scientific and methodological basis of their formation.
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One of the risk that country economies most threatening is systemic risk under which the world’s financial system can collapse like a row of dominoes. Financial crisis appeared in USA at the end of the year of 2008 has effected most of countries as well as our country and it has significantly affected the macroeconomic balances. The aim of this study is investigate the predictability of 2008 financial crisis for Turkey economy by “signal approach” proposed by Kaminsky, Lizondo and Reinhart (1998). In this study, 33 variables were used and it is aimed to find evidence of usability of these variables for an early warning system.
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