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Doğrusal Olmayan ve Fourier Temelli Birim Kök Testleriyle Dış Borçların Sürdürülebilirliği: MINT Ülkelerinden Ampirik Kanıtlar

Author(s): Ali Çelik / Language(s): Turkish Publication Year: 0

The study aims to investigate whether the external debts of Mexico, Indonesia, Nigeria, and Turkey (MINT) countries are sustainable. For this purpose, we test the data for the years 1970-2021 for four different ratios representing external debts employing ADF(1979), RALS ADF (2014), Kruse (2011), Fourier ADF (2012), Fourier KSS (2012), Flexible Fourier (2012), Omay (2015) and Güriş (2019) unit root tests. According to the results of the analysis, it is determined that the total external debt and short-term external debt stocks are not sustainable in all countries. However, it is seen that the long-term external debt stocks of Turkey and Nigeria and the share of external debt stock in total reserves are sustainable. Especially Fourier KSS (2012) unit root test results show that the share of external debt stock in total reserves is sustainable for all countries. The Guris (2019) unit root test also produces a similar result for the same series, except for Indonesia.

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ENTREPRENEURSHIP VERSUS EU LABOUR MARKET. CURRENT SITUATION AND PROSPECTS

Author(s): Geanina Brînză,Maria-Magdalena Maftei,Gina Ionela Butnaru / Language(s): English Publication Year: 0

In any economic dynamic, starting new businesses is vital because it generates new jobs, increases income and added value through new ideas, technologies and products needed in society. New businesses accelerate change at the structural level and pursue the evolution of resources to produce goods and services adapted to the market (GEM, 2022). In this context, the key factors which interconnect entrepreneurship, and the labour market are public institutions and the profile of the company. Based on this nexus, the salary and social insurance policies are established, restrictive agreements are applied, aspects regarding work safety are established, all these modelling the attractiveness of the entrepreneurial environment. Consequently, employers' practices regarding salaries, investment in training, opportunities for advancement and others outline the trajectory of employee’s careers (Burton, Fairlie and Siegel, 2019). Entrepreneurship ant labour market intersect in many ways through the human capital involved and the profile policies which affect entrepreneurial performance. The correlation between political factors and entrepreneurship can lead to increased employment and reduced unemployment (Parker, 2009). In addition, the current crises caused by the COVID-19 pandemic and the war in Ukraine are affecting the economic environment, implicitly entrepreneurship, in the EU Member States. Therefore, through this paper we want to identify the problems underlying the development of entrepreneurship interconnected with the labour market in the EU, and to outline the prospects of entrepreneurship-labour market construct.

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Rentowność przedsiębiorstw w warunkach niepewności – analiza z wykorzystaniem sieci neuronowych

Author(s): Dawid Szutowski / Language(s): Polish Publication Year: 0

The purpose of this chapter is to identify the effects of the selected macroeconomic variables on the profitability of enterprises. A neural network, specifically a multilayer perceptron, was used to analyse the data. The input layer included three macroeconomic variables (unemployment rate, real disposable income and wages), and the output layer included the target variable, i.e. net return on assets (ROA). Sensitivity analysis was also performed. The study used data for almost 6,300 enterprises representing 21 sections specified in the Polish Classification of Activities. The analysis indicated that the most important variable in the context of shaping ROA is the dynamics of the average monthly gross real wage in the national economy. The second most important factor is the unemployment rate, and the least important is the dynamics of gross real disposable income. The paper attempts to fill the research gap concerning the effects of macroeconomic variables on company profitability.

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Finanse ewolucyjne

Author(s): Paweł Kliber / Language(s): Polish Publication Year: 0

In the article we present an evolutionary approach to the theory of finance, which becomes more and more popular in the recent years. This approach, known as ‘evolutionary finance’, differs from both the classical financial theory, based on the general equilibrium theory, and the more recent behavioural approach. As the behavioural approach, the evolutionary finance takes into account financial behaviours of real agents, which very often differ much from the ones proposed by the classical theory. But evolutionary finance (unlike the behavioural approach) also tries to provide explanations of these behaviours. These explanations provide an analysis of processes of historical evolution or some evolution-like processes (i.e. the processes that share the same mechanismas the biological evolution). In the chapter, we provide a brief overview of literature connected with this topic.

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Czego nauki prawne mogą się nauczyć od ekonomii? Sprawa pomocy publicznej po pandemii COVID-19

Author(s): Jakub Kociubiński / Language(s): Polish Publication Year: 0

This chapter provides an overview of the newest European Union’s State aid acquis regarding interpretative trends revealed during the wave of COVID-19 relief measures and on this basis seeks to identify areas where law can learn from economics, in-line with the so-called More Economic Approach which is often proclaimed but rarely attained in state aid evaluations. The paper begins with a brief outline of the EU State aid instruments used to remedy economic disturbances. Then the analysis moves to the examination of identified problem areas – a risk of moral hazard resulting from extending subsidies beyond the absolute necessity and an issue of imposing conditions on the aid beneficiaries to ensure their adaptation to new, post-crisis market conditions. At the conclusion, the challenges associated with integrating economics into legal texts are analysed and recommendations are formulated.

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Ключови данъчноправни предизвикателства за работодателите във връзка с COVID-19

Author(s): Stoycho Dulevski / Language(s): Bulgarian Publication Year: 0

COVID-19 has introduced many amendments to the traditional public perceptions. This reflects in a certain way on the domestic law. For the purposes of the current paper, some significant tax law issues regarding the “employer-employee” relationship will be observed. More specifically, some key concepts that are vital for the Bulgarian tax law will be analysed.

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Предизвикателства пред местните власти в подкрепата на социалните предприятия в условия на криза

Author(s): Silvia Georgieva / Language(s): Bulgarian Publication Year: 0

Social entrepreneurship is the object of increased and lasting interest because it provides many opportunities to solve pressing social problems. This type of entrepreneurship combines entrepreneurial initiative, business activity and social causes. Many of the problems that social entrepreneurs try to solve are often the focus of attention of local authorities. This is the reason that makes the effective interaction between local authorities and social entrepreneurs key to the success of both social enterprises and local authorities in solving a number of social and environmental challenges, especially in crisis conditions.

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Взаимовръзки между безработица, нива на престъпност и образователно равнище в България

Author(s): Stanimir Stamatev / Language(s): Bulgarian Publication Year: 0

The purpose of the report is to illustrate how the level of unemployment in Bulgaria affects crime levels in the country. The impact of the attained educational level on the unemployment rate and crime rate is presented as well. The report uses empirical data from NSI (National Statistical Institute) on crime rates and unemployment rates in the country - overall and by educational level. The data are processed using the method of correlation analysis for linear dependence.

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Реализация на мигранти на Пазара на труда в Република България

Author(s): Svetla Aleksandrova / Language(s): Bulgarian Publication Year: 0

Europe is facing a migration crisis after 2015. The next strong pressure of migrants is in 2021 after the start of the war between Russia and Ukraine. The European Union has adopted a social policy for migrants, which must be implemented by each member state. At the national level, the State must ensure the security of the population, provide suitable living conditions for migrants and gradually work for their integration. In Bulgaria, negative attitudes of the population towards migrants are observed, which contributes to the emergence of civil resentment and additional conflicts . Bulgaria is still far from the receipts for the integration of migrants into the society and social life of Bulgaria. The aim of this report is to present the impact on labor market trends, to highlight the positive and negative sides and to propose solutions. The developed policy for the integration of migrants and realization in the labor market will help to improve the perceptions of Bulgarians about migration.

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Продължаващо образование и обучение за устойчив европейски пазар на труда

Author(s): Mariya Neycheva / Language(s): Bulgarian Publication Year: 0

Recent data shows that in Europe the overqualification rate is 22% in 2022, on average. In some countries, such as Spain and Greece, it hits more than 30%. The high extent of education-job mismatch creates long-run problems for labor market’s sustainability and economic growth, taking into account its negative impact on individuals, wages and efficiency of public finances. Lifelong learning is one of the potential tools to tackle this problem since it equips the workforce with up-to-date knowledge and skills. With regard to that, the purpose of the present study is to find a relationship between the participation in continuing training and the rate of overeducation in the European countries. The estimation methods comprise correlation analysis and non-parametric testing. Both methods lead to similar outcomes. It appears that the more active involvement in different forms of formal and non-formal training is associated with a lower degree of overqualification of the labor force having completed upper secondary education. The study is financed by 27 the project titled Attitude of Bulgarian Entrepreneurs and Managers towards Continuing Vocational Education and Training of Organization’s Human Resources (ABECVET), contract KП-06-H65/12, Bulgarian National Science Fund (BNSF).

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Hospodářský rozměr české zahraniční politiky

Author(s): Štěpánka Zemanová / Language(s): Czech Publication Year: 0

Stejně jako v roce 2010, patřila průběhu roku 2011 hospodářská agenda k turbulentním oblastem české zahraniční politiky. Tento stav vyplýval z kombinace vnitřních i vnějších faktorů. Ve vnitřním prostředí ČR pokračovaly pře o optimální podobu podpory vnějších ekonomických vztahů (VEV). Oproti předcházejícímu roku, kdy se vzhledem k volbám výrazněji projevovaly názorové neshody mezi pravicí a levicí, nyní probíhaly především po linii institucionální – mezi ministerstvem zahraničních věcí (MZV) a ministerstvem průmyslu a obchodu (MPO). Postupně se však začal rýsovat základ křehkého konsenzu. V tomto smyslu by rok 2011 mohl být považován za (již několikátý a patrně ne poslední) nový začátek české ekonomické diplomacie.

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Hospodářský rozměr české zahraniční politiky

Author(s): Štěpánka Zemanová / Language(s): Czech Publication Year: 0

Vzhledem ke zvýšení výkonu světové ekonomiky jako celku, i k obnovení reálného růstu HDP v Evropské unii, nasvědčovalo na sklonku roku 2009 vše tomu, že globální hospodářská krize dosáhla svého dna a že se začaly projevovat výsledky protikrizových opatření. Výhled do roku 2010 byl proto optimističtější než v předcházejícím období – očekávalo se mírné oživení. Skutečný vývoj se v průběhu roku jevil ještě příznivěji, a to přes zvýrazňující se problémy v některých státech (po Řecku též ve Španělsku, Portugalsku nebo Irsku). Pozitivní roli sehrávala vyšší dynamika a růst poptávky na globálních trzích i oživení domácí poptávky, včetně soukromé domácí spotřeby, v jednotlivých členských zemích EU.

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SUSTAINABLE LEADERSHIP IN PRACTICE OF SPANISH AND POLISH LEADERS. A COMPARATIVE STUDY

Author(s): Ewa Wójcik,Elena Bulmer / Language(s): English Publication Year: 0

The Anthropocene, the human age developing along industrialization has affected the environment to an unprecedented extent. For contemporary businesses to achieve a competitive edge and attract investors, it is necessary not only to be financially efficient but also to address environmental, social, and corporate governance (ESG) goals. The market valuation is increasingly based on other than tangible assets and market participants expect profit will be generated with ethical conduct, the value created for all stakeholders, and meeting social goals to achieve common well-being and a better future. It is well aligned with CSR principles and sustainable development goals, the frameworks of XXI century company operation. In this environment, leadership is a challenge to be inclusive of all stakeholders often with conflicting views. Moreover, globalization demands an expansion of organizational borders and the embracing of a variety of cultures. Technological advancements and innovations demand constant adaptation, improving qualifications of the staff that will need support, assistance, and mentoring. Sustainable leadership, therefore, requires a wide range of new skills and a multidimensional approach. The paper is a comparative study based on research carried out among Spanish and Polish leaders in 2022-2023. Its results provide insight into how a role of a leader is perceived in the two countries EU members and examine the main differences between their views and activities.

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AN ETHICAL BRIDGE BUILT ON SHARED VALUES BETWEEN ISLAMIC FINANCE AND ESG

Author(s): Sava Hristov Dimov / Language(s): English Publication Year: 0

The article discusses the shared values between Islamic finance and the concept of environmental, social and corporate governance. The ESG framework underpins flexible, sustainable and responsible investing. In that regard, some contemporary views on reconciling Sharia with sustainable investing are considered. The author utilizes materials from CFA Institute, World Bank Group, PricewaterhouseCoopers, Deloitte & Touche and new research by Islamic scholars to prove their point. Sectors of the Islamic finance industry show more sustainable rates of development. The author has reason to assume that the presumed projections (2030-2050) of Islamic finance will confirm such a tendency. Islamic finance is therefore more adaptive and demonstrates flexible resilience to ESG investing, good environmental, social and governance outcomes.

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Прилагането на ЕSG изискванията на европейските регулации в банките в България: основни проблеми

Author(s): Virzhiniya Zhelyazkova,Sneji Slavova / Language(s): Bulgarian Publication Year: 0

In recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspIn recent years, there has been a rapid growth in the number of European Union regulations in the field of the implementation of environmental, social and governance (ESG) policies by banks. The rapid pace of their introduction is due to the EU’s aspiration to play the role of a leader in sustainable development policy globally. However, this ambitious goal poses a number of practical problems for banks in Bulgaria as well, and in this report the authors seek to outline the main ones, guided by the understanding that knowing the problems is the first step towards solving them.

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Предизвикателствата пред управлението на ликвидността на съвременната банка

Author(s): Darina Koleva / Language(s): Bulgarian Publication Year: 0

A stable and well-managed banking system is a key factor for the sustainable economic development of any country. Traditionally, the banks’ stability is associated with their solvency, but effective liquidity management is what determines which bank will remain in the business and for how long. This study outlines the classic challenges to liquidity risk management in the banking system and tracks the evolution in the approaches and strategies used. The new challenges for the banks generated by the dynamic development of monetary relations on a global scale are also explored. Their resolution is likely to lead to industry restructuring, changes in the business models followed and the services provided.

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Ролята на преките чуждестранни инвестиции за ускоряване на икономическото развитие на България

Author(s): Mehmed Rasim / Language(s): Bulgarian Publication Year: 0

One of the biggest challenges in developing countries is the lack of accumulated capital that should provide the necessary investments for economic growth. Developing countries are increasingly implementing FDI-oriented policies to improve their international competitiveness and secure capital for economic development.

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Инфлацията е по-твърда от Централните Банки

Author(s): Myuzeyam Shyukryu / Language(s): Bulgarian Publication Year: 0

Are we aware of how much the rate of fluctuation in the world economy has changed compared to the previous century? While countries that appear to be powerful countries and superpowers in the world (such as USA, Japan, EU countries) are rapidly moving towards crisis and stagnation, on the other hand, countries in the category of “developing countries” (Brazil, India, Russia, South Korea ), which have been ignored until now, are experiencing growth and these same countries have begun to come to the fore by rapidly increasing their development potential. They began to have a say in the world arena and become an effective force.

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Banking Products and Bank Risk Management of the World Bank

Author(s): Valeri Konicheva / Language(s): English Publication Year: 0

This paper provides a comprehensive overview of the World Bank Group, which comprises the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA), and the International Centre for Settlement of Investment Disputes (ICSID). It includes details on the group's structure, locations, and a brief history. The World Bank offers a diverse range of financial products, including loans, risk management services, credit enhancement, disaster risk management insurance, contingent financing, and advisory services. The bank is exposed to several types of risks, including operational, and corporate risks, and financial risks. The bank is also exposed to risky events such as fraud, noncompliance, and losses. The World Bank Treasury manages the bank's activities and is responsible for Treasury Risk, Compliance, and Controls (TRERC). The World Bank is focusing on promoting sustainable development by addressing the root causes of poverty and inequality, such as lack of access to education, healthcare, and economic opportunities. By addressing these underlying factors, the bank aims to promote long-term resilience to risks and create sustainable and inclusive growth.

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Navigating the Digital Frontier: Banking Innovation, Sustainable Finance, and ESG Investing in Bulgaria

Author(s): Margarita Gyurova / Language(s): English Publication Year: 0

The world we live in is rapidly evolving and the financial landscape is changing as a result of that. The aim of this project paper is to explore the dynamic interaction between banking innovation, digital transformation, and sustainable finance within Bulgaria’s financial sector. It also analyzes the digitalization of the Bulgarian banking sector, the rapidly-developing role of technologies, as well as the introduction of AI in banking. The influence of business intelligence (BI) is examined, as well as the trends related to the blockchain technologies, newly developed banking operations, customer experience and their effect on the financial sector. The second part of the project presents the successful approaches associated with sustainable finance, highlighting the significance of integrating Environmental, Social and Governance (ESG) regulations into investment strategies made by the banking institutions all over the country within this framework.

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