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4.50 €

Analýza nabídky bankovních produktů pro subjekty veřejné správy v regionech

Author(s): Jan Krajíček / Language(s): Czech Publication Year: 0

The financial sector is undoubtedly a major impact on the economic development of regions. It cannot forget the influence of the state, and particularly the state budget subsidies from the European Union, from which also financed numerous municipal projects, regional development, but the effect of the financial sector is indispensable. For support for regional development of the financial sector (especially banks) must be considered not only the provision of funds in the form of loans to municipalities directly, but also ensure that payments and other financial services to municipalities and last but not least, for the further development of business activities, which are then reflected in developing regions.

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Úloha komerčních pojišťoven při řešení dopadů živelních událostí v regionech České republiky

Author(s): František Řezáč / Language(s): Czech Publication Year: 0

The research is to assess the role of insurance companies operating in the commercial insurance market in the Czech Republic in dealing with the impact of natural disasters especially in the region of Moravia. Using statistical data from the Czech Insurance Association point to help the injured insurance clients in resolving claims. It also noted reports on the handling of claims by individual risk and cost of claims.

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Would the Russian Economy Turn into a Lost Decade?

Author(s): Miloš Bikár,Katarína Vávrová,Marina Sedliačiková / Language(s): English Publication Year: 0

During the last couple of years the Russian economy was marked by a severe problems, those could turn into a quite long-lasting recession. The economic sanctions and low commodity prices caused significant damage and economic turmoil. The corporate and state-controlled investment into Russia significantly fell jointly with sharp rubble depreciation against major currencies. The paper deals with the analyses and predictions of the Russian economy development and the main factors influencing the current and future economy and the structure of GDP. The objective of this article is to analyse the time-varying nature among Russian GDP, oil prices and some major macroeconomic variables. The results of the carried out research reflected that the oil prices has played a key role and has indeed changed the nature of correlation relationship between analysed variables. The paper highlights the monetary policy including currency prediction, public debts, inflation levels, as well as commodity export dependency.

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Hedging Case Study in the Exchange Rate Commitment Regime Environment

Author(s): Jaroslava Dittrichová,Libuše Svobodová,Ivan Soukal / Language(s): English Publication Year: 0

The paper deals with topic of hedging as an instrument of foreign exchange exposure treatment. This case study is focused on traditional export-oriented company PETROF, s. r. o. Analysis of scenarios is performed by the loss-profit comparison. The study dataset is consisted of internal financial statements gathered in period from 2010 to 2015 and provided the company representatives. Analyses are based on spot rates effective at studied periods and singed hedging contracts – forward derivatives. Analyses include data processing and proposals for consideration of macroeconomic factors that determine the company's business environment. Qualitative research is concluded with a discussion on proposed approaches and instruments. Despite the fact that in November 2013 Czech national bank entered foreign exchange interventions regime with exchange rate commitment of 27 CZK/EUR and so the companies knows the expected rate of the Czech currency, the topic is still current. The importance of the topic will be greater with the upcoming end of intervention regime in 2017 when we can expect increased volatility of the Czech crown again.

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Holdings of Government Bonds by Commercial Banks during the Financial and Debt Crisis in Europe

Author(s): Vladimír Gvozdják,Božena Chovancová / Language(s): English Publication Year: 0

The government bonds of the EU countries were considered a safe investment amongst investors and asset managers. The main motive for their holding by commercial banks was to achieve additional revenue from investing spare funds and to store liquidity in them since they can be quickly sold on the secondary market or used as a collateral in refinancing operations. In this working paper we focus on the current issues related to government bond holdings by commercial banks. With the advent of financial and debt crisis some countries failed to meet their liabilities connected with bonds towards investors. This changed the global view of sovereign bonds as the safest form of investment. Based on the analysis of data provided by the Statistical Data Warehouse of the European Central Bank we focus on the evolution of government bond holdings by commercial banks during the debt crisis in Europe in 2010 – 2014 in selected EU countries. By using the panel data regression we will try to estimate the impact of some of the significant determinants which influenced the volume of the holdings – namely credit rating of the sovereign bonds and their interest rates. This regression suggests that there is a correlation between these independent variables and the holdings by commercial banks.

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Strategic Operations of Russian State-Owned Energy Enterprises

Author(s): Roger W. Jr. Robinson / Language(s): English Publication Year: 0

A central question in assessing the foreign operations of Russian state-owned energy enterprises is determining which of their transactions and projects are more weighted in the strategic versus the commercial domain. In the vast majority of cases, both of these elements are in play in Kremlin and energy industry decision-making, hence the need to identify where the preponderance of evidence lies.

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Research Methodology

Author(s): Martin Jirušek / Language(s): English Publication Year: 0

To meet the goal of the study a hypothesis has been formulated as follows: „Russian energy companies in natural gas and nuclear sector act in order to maximize their influence on CEE markets and to strengthen Russian geopolitical influence in this region.“ Secondary goal here is to find out whether the determinants of the Russian companies differ according to various environments in the region or compared to Asia.

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Summary of findings

Author(s): Tomáš Vlček / Language(s): English Publication Year: 0

As stated above, the aim of the research was to provide an in depth analysis of Russian operations in the nuclear sector of Central and Eastern Europe. The research sought to unearth whether Rosatom subscribes to specific patterns of conduct with regard to business environment and if so, what are the determining factors of such behaviour. To meet the goals of the study, the following hypothesis was formulated: „Russian state owne denergy companies in the natural gas and nuclear sectors act in order to maximize their influence and market share in CEE markets and strengthen Russian geopolitical leverage and positioning in this region.“

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Natural Gas Market Of the European Union and Its Impact on the Position of Gazprom in Europe

Author(s): Filip Černoch / Language(s): English Publication Year: 0

Natural gas markets in the EU are characterised by the high level of import dependency resulting from the combination of decreasing indigenous production and stable or increasing demand. Despite significant share of LNG, the EU imports most of its consumption from Norway, Russia and Algeria.The producers in this countries are often state controlled and function in close cooperation with the government (Talus, 2014). Given the accusations of Gazprom misusing gas suppliesas a political tool, the EU faces a challenge how to cope with this company as a significant energy supplier.

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Country Case Study: Estonia and Hungary

Author(s): Lukáš Lehotský / Language(s): English Publication Year: 0

Estonia, a former member of the Soviet Union, is highly dependent on Russian natural gas imports. Thus, energy grids of the country are more intertwined with Russia, compared to other European countries. However, Estonia is largely independent in terms of primary energy supply, as majority of energy comes from domestically-available oil shale. Natural gas and other sources therefore represent only about 15% of the primary energy supply (IEA, 2013, p. 20).

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Prediction of Future Development of the World Economy under Conditions of Negative Interest Rates

Author(s): Oldřich Rejnuš / Language(s): English Publication Year: 0

The paper deals with the problems of contemporary way of using interest rates within the framework of monetary regulation, with special focus on cases when extremely low, or even negative rates are applied. The first part is focused on theoretic definition of the meaning and function of interest rates in financial and economic system in the sense of „standard“ economic theory, or in accordance with individual economic approaches. Subsequently, the influence of contemporary extremely low or even negative interest rates of central banks are analyzed, as well as their influence on the activities of economic subjects, with special attention to individual sorts of financial institutions, namely its influences on their economic results and on fulfilment of their mission. And, subsequently, it defines and characterizes the impacts of contemporary monetary policy of the world most important central banks on functioning of economy of individual the most important states or multinational economic units, as well as world global economy. Based on achieved results, future development is predicted, both from the point of view of economic development and from the standpoint of future impacts on contemporary human society.

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Capital Structure and Capital Disparity across the Economic Subjects in the Agricultural Sector in the Czech Republic Before and After the Financial Crisis

Author(s): Jana Steklá,Marta Gryčová / Language(s): English Publication Year: 0

The financial crisis of 2008 had an impact on the entire economy of the Czech Republic, and especially for the Czech agriculture. The problem of the Czech agrarian sector lies mainly in its under-capitalization, which was amplified by the financial crisis. For this reason, the paper will focus on the capital structure. The aim of this paper will evaluate the development of the capital structure of agricultural subjects in the Czech Republic with respect to the legal form before and after the financial crisis.

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UTICAJ PANDEMIJE VIRUSA KORONA NA FINANSIJSKU RANJIVOST LOKALNIH ZAJEDNICA U REPUBLICI SRPSKOJ

Author(s): Jelena Poljašević,Miloš Jokić / Language(s): Serbian Publication Year: 0

The crisis caused by the corona virus caused a drop in revenues with a simultaneous increase in public expenditures in the budgets of both central and local levels of government. Research on the impact of crises on financial vulnerability, ie the resilience of local units is particularly important given that the services provided by these communities, and the creation of a local business environment, have a decisive impact on the quality of life of residents. Analyzing the financial indicators of municipalities and cities in Republika Srpska in the period before and immediately after the outbreak of the pandemic, it was noticed that neither institutional factors, which are reflected in the influence of central government on local or territorial,decisively influenced the response of local communities to the crisis. The prominent vulnerability,ie poor financial indicators, was primarily influenced by internal factors, ie inadequate and untimely planning, ignoring the new situation, and unwillingness to adapt to changes.

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BANKARSTVO U BIH KAO DIO MAKROEKONOMSKE I POLITIČKE REALNOSTI, STRATEGIJA RAZVOJA I IZAZOVI U BUDUĆNOSTI

Author(s): Berislav Kutle / Language(s): Serbian Publication Year: 0

In the post-war period of development, BiH adopted regulations that, in addition to the transfer of knowledge from foreign banking, influenced the development of this sector. The banking sector has continued its further development by accelerating harmonization with EU regulations, so that BiH in this area is at the European level. Recently, however, government regulations have increasingly lagged behind current banking development needs.Banking in the future will be significantly different from today. The process of planning interest income should not be too demanding, as opposed to non-interest, which will be a great challenge for all those who have the appropriate infrastructure to implement it. Taking into account all global trends and their impact on banking, it will be necessary to look for solutions based on customer needs and preferences and define products accordingly. In this context, it is necessary to develop key competencies for a new way of doing business, create an organizational structure adaptable to new circumstances, create new products and make decisions that will increase the level of connectivity.

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UTICAJ PANDEMIJE VIRUSA KORONA NA OPORAVAK I RAST PRIVREDNIH SUBJEKATA U MALIM EKONOMIJAMA ZAPADNOG BALKANA − S OSVRTOM NA REPUBLIKU SRPSKU

Author(s): Dragan Mikerević,Đoko Malešević / Language(s): Serbian Publication Year: 0

The coronavirus pandemic has threatened not only our lives but also the maintenance of economic life. Prohibitions and restrictions, introduced due to epidemiological reasons, disrupted the established global, regional and even local supply chains, which ultimately affected the reduction of the volume of business activities of companies. That is why the financial performance of companies in the Republic of Srpska, as well as in most economies in 2020,is worse than it was before the coronavirus. In order to remain on the market and eventually grow, the economy in the Republic of Srpska does not have long-term available capital, so the chance should be sought through debt restructuring and other forms of financing and the precondition for that is a much more favorable business environment than the existing one.

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Potencjalne implikacje podatku od transakcji finansowych dla rynku i inwestorów na Giełdzie Papierów Wartościowych w Warszawie

Author(s): Przemysław Gerschmann,Anna Siwiec,Wojciech Świder / Language(s): Polish Publication Year: 0

Purpose: The main aim of the chapter was to present the idea and the current state of work on the financial transaction tax (FTT) at the national and EU level. Moreover, in the empirical part, it was decided to estimate the burden of this tax on investors on the Warsaw Stock Exchange in order to assess the legitimacy of introducing FTT from the point of view of the domestic capital market. Design/methodology/approach: The research method used in this chapter is the review of the literature and legal acts concerning the financial transaction tax (FTT). In the empirical part, the tax burden on investors on the Warsaw Stock Exchange (WSE) was estimated. Additionally, based on data collected from the WSE and the tax rate proposed in the 2015 Polish FTT project,a simulation of the state budget revenues from this tax was carried out. Findings: The amount of the state budget revenues from the financial transaction tax on the Warsaw Stock Exchange estimated in the chapter is between PLN 416.1 and 654.4 million. The estimates were made taking into account the stock exchange turnover in 2015–2020 and assuming the tax burden only on individual investors trading instruments on their own behalf. The introduction of the tax with the rate proposed in the 2015 FTT project was assessed negatively, taking into account the further development of the Polish capital market and the competitiveness of GPW S.A. compared to other European exchanges. In the event of a possible implementation of the FTT in the future, it is the amount of the tax rate that is important. FTT should be introduced with a lower rate than the proposed one, and bearing in mind the time—tax should be proposed in the period of high volume and low volatility on the WSE. There after, the tax rate could be increased if turnover and volatility were not distorted.

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Wpływ pandemii COVID-19 na rynek i efektywność ubezpieczeń na życie z ubezpieczeniowymi funduszami kapitałowymi

Author(s): Anna Ostrowska-Dankiewicz / Language(s): Polish Publication Year: 0

Insurance performs a variety of functions in the economy. Their basic task is to provide the insured with protection in case of occurrence of random events specified in the contract. Market practice shows that such a limited function of classic insurance proved to be insufficient, especially at the time when insurance products appeared which, in addition to their protective function, allow savings to be multiplied. Such products are life insurance with insurance capital funds. However, the emergence of the COVID-19 pandemic caused unexpected difficulties in the conduct of business by enterprises, including insurance companies. These difficulties manifested themselves in a periodic decline in premiums written, and in relation to life insurance with UFK also in a periodic deterioration of their effectiveness due to a slump in the financial markets. The aim of this paper is to present the impact of the COVID-19 pandemic on the market of life insurance linked with insurance capital funds and to discuss the trends in the volume of sales of life insurance with UFK and in the effectiveness of investments in insurance capital funds.

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Porządkowanie liniowe z wykorzystaniem wskaźników finansowych zakładów ubezpieczeń w Polsce

Author(s): Anna Gierusz,Agnieszka Pobłocka / Language(s): Polish Publication Year: 0

Insurance companies play a very important role of investors and stabilizers in the economy of a country and of the world. In Poland, in 2019, 58 insurance companies conducted insurance activities. How to rate/evaluate insurance companies, their financial condition, using many technical and economic indicators at the same time? How to choose diagnostic variables? How to build a ranking of insurance companies according to a specific aggregation criterion of selected insurance characteristics? The aim of the study is to assess the financial condition of insurance companies according to synthetic objective functions containing simultaneously many technical and economic insurance values. Secondary goal is to determine the hierarchy of the surveyed insurance companies according to one of the synthetic measures applied. For this purpose, one of the methods of multidimensional comparative analysis will be used–linear orderingfor pattern and non-pattern methods using set of insurance statistics from financial results published by The Polish Chamber of Insurance.

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Poglavlje 32: Finansijska kontrola

Author(s): Marko Sošić / Language(s): Montenegrine Publication Year: 0

Svi napori učinjeni ka harmonizaciji u ovom poglavlju direktno će se održavati na živote građana i građanki Crne Gore, jer se radi o izgradnji sistema koji za cilj ima zakonito, efikasno, efektivno i ekonomično trošenje sredstava poreskih obveznika.

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Nowoczesne rozwiązania finansowe wspomagające proces zarządzania finansami osobistymi

Author(s): Anna Warchlewska / Language(s): Polish Publication Year: 0

The purpose of the article is to determine whether and how the development of modern financial technologies determines consumers’ financial behavior. The paper seeks to answer the question of whether financial knowledge determines consumer attitudes toward modern financial tools. The article consists of three main parts. The first part presents the characteristics of modern financial solutions - mainly in the retail services segment. The second part presents the essence of financial education in the process of using modern technologies. The results of secondary research on the impact of financial education on consumer financial behavior and the results of own research on PFM (Personal Financial Management) applications are presented.

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