"SHADOW TAX" - ONE OF THE CHALLENGES OF MANDATORY ACCUMULATIVE PENSION SCHEME OF GEORGIA

Author(s): Shota Karalashvili / Language(s): English Issue: 2/2020

In Georgian pension system the precedent of accumulative pension model indicates on existence of relevant signs of European standards. Until 2018 there was operating only one-stage pension system. So the accumulative pension model is a novelty for any party involved in the process; therefore, in Georgia the challenges accompaning various changes are characterized by a special specificity. We would like to focus on one of the challenges that equally affects all three parties involved in the mandatory funded pension scheme, including state, employer and employee. We must underline the following fact: if we want to overcome this challenge, we must implement changes not only in retirement, but also in the areas of taxation and labor sphere.

"Лошите кредити": институционални и финансови аспекти, 1994

Author(s): Christina Vutcheva / Language(s): Bulgarian

Since the beginning of 1991 Bulgaria has been living through a period of transition from centralized totalitarian control to free market economy. Year 1990 can be said to mark the political liberation of the people with the adoption of the new Constitution. The economic liberalization, however, is a reality yet to be brought to life since private ownership is not prevalent in the economy. The prime aim of the transition is to substitute an absurd and inefficient economic system for a new one to rely on the free initiative, private ownership and competition.

(Hе)научени уроци в процеса на усвояване на средствата от Kохезионния и Cтруктурните фондове на EC

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

This report examines the errors and omissions of the beneficiaries, which hindered and delayed absorption of operational programs financed by the Cohesion Fund and the Structural Funds of the EU in the first programming period 2007-2013 and reduced the expected effectiveness of the resulting grant resources. These are presented as weaknesses in the preparation of project proposals, as well as irregularities in the implementation phase of projects already approved. At the beginning of the second seven-year planning period analysis of errors and omissions made is necessary to achieve a higher absorption of the agreed resource and noted significant progress in key areas such as economy, health, education, science, employment, environment.

(Ir)responsibility for future generations - us and the life of those to come or to miss

Author(s): Michał A. Michalski / Language(s): English Issue: 28/2018

The current and forecasted image of the demographic processes and condition of the socio-economic order of the West (evident e.g. the in case of pension systems based on intergenerational solidarity) calls for thorough reflection. Not only potential, but also increasingly real economic problems in this area indicate that the possibility of serious conflicts and tensions within Western civilization is growing. To analyze and diagnose this developing crisis one needs to look “under the surface” of current social phenomena and processes and draw attention to fundamental cultural shifts. These are the background of such challenges as the advancing depopulation of Western countries. The question that lies behind these, which deserves thorough reflection, is the problem of responsibility for future generations and the related crisis of solidarity. The paper aims at exploring these issues.

(Nie)zależność finansowa państwa we współczesnej gospodarce rynkowej

Author(s): Piotr Misztal / Language(s): Polish Issue: 2/2019

State financial independence refers to the ability of the government to finance all state expenditure solely from the budgetary revenue attained. Thus, the full financial autonomy of the state means that the government finances the budgetary expenditures without having to borrow money. Therefore, the aim of this article is to examine the possibility for states to achieve full financial autonomy in the contemporary world economy. The results of the studies show that almost all countries now have a large or small public debt, which means that countries finance their development by borrowing money at home and abroad. The important issue seems to be not so much to maintain the full financial independence of the State as to guarantee the financial security of the state (that is, to maintain the ability of the state to raise money when necessary).

1 KASIM 2015 SEÇİMLERİNDE AK PARTİ’NİN SİYASAL KAMPANYASINDA YER ALAN EKONOMİK VAATLERİN SEÇİM SONUÇLARINA YANSIMASI

Author(s): Tuba Kalçik / Language(s): Turkish Issue: 30/2016

Political parties in a democratic system, are trying to get his/her vote by convincing voters. Parties make political campaign which is a political communication activities to convince voters. Parties use election promises as an important instrument of political campaign in order to be attracted the vote of the electorate. Promises which are made to answer the main problems of the country, the electorate’s expectations and demand’s, function as an effective tool to convince. In this study, it is appeared that how the economic promises which are used in AK Party’s political campaign in 1 November general election affect the election results.

15. MEĐUNARODNI SIMPOZIJUM O KORPORATIVNOM UPRAVLJANJU

Mogićnost skokovitih projmena malih ekonomija u uslovima pandemije korona virusa

Author(s): / Language(s): Serbian

POSSIBILITY OF RAPID CHANGES IN SMALL ECONOMIES IN CONDITIONS OF THE CORONAVIRUS PANDEMIC

20 Years of European Monetary Policy. From Doctrinarism to Realpolitik 1

Author(s): Luis Ángel Hierro,Antonio José Garzón,Helena Domínguez-Torres / Language(s): English Issue: Special-2/2019

This paper describes the monetary policy of the European Central Bank since the birth of the Euro. The different economic situations and the monetary policies implemented during the mandate of each one of the three ECB presidents are analysed as a process of evolution. We study the situations of cyclical asynchrony together with the response given to it by the European monetary authority. We also assess the change experienced by the main economic indicators of the twelve founding countries during the 20 years of the single currency. The main conclusion obtained is that monetary policy has evolved from the strict approach defined in the Treaty on the Functioning of the European Union to an approach closer to that of the rest of central banks, which we have called “monetary realpolitik”.

20 години паричен съвет в България - ефект върху макроикономическото състояние на страната и бъдещи перспективи

Author(s): Elena Spasova / Language(s): Bulgarian Issue: 1/2017

The currency board system that has been introduced and sustained in Bulgaria since 1997 is assessed on the basis of its impact on the macroeconomic conditions in the country. The assessment is founded on the theoretical advancements on the topic and on the empirical observations on the role of the currency board in Bulgaria when macroeconomic crises and external shocks occur. The conclusions for the procyclical and conservative nature of the system are the basis of development of three scenarios for the future of the currency board in Bulgaria – a realistic, an optimistic and a pessimistic one. The main prerequisites for their implementation are outlined. The associated risks are stated.

2016 Ve 2017 Yılındaki Düzenlemelere Göre 5746 Sayılı Kanun Kapsamındaki SGK Primi İşveren Payı Desteğinin TMS 20 Uyarınca Muhasebeleştirilmesi

Author(s): Hakan Seldüz,M. Yılmaz İçerli / Language(s): Turkish Issue: 5/2018

Multifarious incentives are provided for R&D, innovation and design activities with “The Law about Supporting R&D and Design Activities” numbered 5746, in 2008. Some articles of Law number 5746 was changed with Law number 6676 issued in 2016. In 2017, some changes were made over the present regulatory texts of Law number 5746 and some new regulatory texts were issued. Thus, incentives are made more attractive and also their acquisition circumstances and application conditions are made easier. TMS 20 is the accounting standard applied in accounting for, and in the disclosure of government incentives. It is indicated within TMS 20 that receiving manner of the incentive would not affect its accounting method. It is stated that incentives received either in cash or as a reduction of a liability to the government would be accounted for in the same manner. One of the incentives identified in Law number 5746, is SSI premium employer’s share support. Pursuant to regarding law, half of SSI premium employer’s share that is calculated over the wages earned from related efforts of the staff -who are employed in R&D, innovation and design centers and in projects approved by organizations defined in regulations- is being paid from the related fund in Ministry of Finance’s budget, if specified requirements are met. This paper comprises recognition of SSI premium employer’s share support which is defined in Law number 5746. To demonstrate calculation -in accordance with recent regulations- and recognition steps -pursuant to TMS 20- of SSI premium employer’s share supports for staff who have different qualifications, is set as objective of the study. A literature review is made over the legislations whole, which includes laws, by-laws and general communiques, and the related academic studies. SSI premium employer’s share support is explained in details after incentive elements defined within Law number 5746 are briefly summarized. The subject is tried to be concretized by giving epitomes about calculation and book entries of this support and obtained implications are summarized in conclusion section.

2022 – E-factura, SAF-T, E-transport – priorități cu impact direct în colectarea TVA-ului

Author(s): Georgiana Iancu / Language(s): Romanian Issue: 1/2022

2022 has all the chances to be a “historic” one for indirect taxes, especially in the field of value added tax (VAT). Thus, this year seems to be one in which governments and tax authorities aim to make up for lost time and implement best practices on improving the level of VAT collection. The latest example: The European Commission has launched a public consultation process, which is expected to take the form of a draft legislative proposal in connection with its initiative, “VAT in the digital age”. It would, on one hand, increase transparency in digital reporting - through electronic invoicing, and, on the other hand, extend the single registration for VAT purposes. Eventually, the importance of indirect taxes for governments continues to grow, the pace of digitization is picking up speed, deficits are accelerating, and so must collection. What should companies pay attention to in 2022 regarding VAT?

4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT "ICGSM"

The circular Economy. BFU. Burgas, 11 - 12 may 2017

Author(s): / Language(s): English

The conference proceedings “ 4th INTERNATIONAL CONFERENCE ON GOVERNANCE AND STRATEGIC MANAGEMENT “ICGSM” are a collection of the papers presented by the lecturers and PhD students – participants in the 4-th International Conference on Governance and Strategic Management (ICGSM).

A BAYESIAN INFERENCE OF MULTIPLE STRUCTURAL BREAKS IN MEAN AND ERROR VARIANCE IN PANEL AR (1) MODEL

Author(s): Varun Agiwal,Kumar Jitendra,D. K. Shangodoyin / Language(s): English Issue: 1/2018

This paper explores the effect of multiple structural breaks to estimate the parameters and test the unit root hypothesis in panel data time series model under Bayesian perspective. These breaks are present in both mean and error variance at the same time point. We obtain Bayes estimates for different loss function using conditional posterior distribution, which is not coming in a closed form, and this is approximately explained by Gibbs sampling. For hypothesis testing, posterior odds ratio is calculated and solved via Monte Carlo Integration. The proposed methodology is illustrated with numerical examples.

A Binary Logistic Regression Model for Support Decision Making in Criminal Justice

Author(s): Kateryna Berezka,Olha Kovalchuk,Serhiy V. Banakh,Stanislav V. Zlyvko,Roksolana Hrechaniuk / Language(s): English Issue: 1/2022

Research background: The economics of incarceration is having an increasing impact on the economies of the world due to the rapid growth in the number of prisoners in the world The search for effective solutions that can help reduce government spending on prisoners in penitentiaries and at the same time ensure the safety of society is becoming increasingly important. These studies used the method of binary logistic regression to predict the probability of convicted criminal recidivism in the future. Purpose: The aim of the paper is to build an effective forecasting model that, based on the statistical and dynamic data of convicts, will provide information for optimal post-trial decisions, such as the grounds for possible parole, probation or length of sentence. Research methodology: The data were collected on the basis of statistical data of 13,010 convicts serving sentences in penitentiary institutions in Ukraine. To predict the probability of convicts committing criminal offenses binary logistic regression and ROC-analysis (Receiver Operator Characteristic analysis) were used . Results: A qualitative binary logistic regression model has been constructed, with the help of which it is possible to predict the probability of criminal recidivism by each of the convicts on the basis of its individual values of the variables included in the model. Novelty: For the first time in Ukraine, a model has been developed to predict the probability of convicts committing repeated criminal offenses.

A BRIEF ANALYSIS OF THE PUBLIC INSTITUTIONS BUGET: THEORETICAL AND PRACTICAL APPROACHES

Author(s): Ana Monica Pop / Language(s): English Issue: 4/2018

In this paper, we will mainly focus on the new budgetary tendencies of the Public Institutions, financed entirely or partially from the state budget, in the desire to highlight the newest aspects found at the level of the activities carried out in the public sector. The article highlights the official data provided by the National Institute of Statistics on the Cluj County budget execution, structured by items of revenues and expenditures. The contribution of Cluj County was pursued both at national level, and at the level of the North-West region, based on a budget execution analysis for a period of 5 years, namely between 2013 and 2017.The article will also review the methods of substantiating the budgetary indicators, based on both classic and modern methods. The present article embeds the theoretical and practical aspects of public institution financing, being built from an interdisciplinary, economical and legal perspective, by using the integral research method that combines both quantitative and qualitative analyses. In order to accomplish this research, we will use the most relevant scientific resources of maximum topicality, implicitly the official data identified on the site of the Cluj County Council.

A Business-cycle-model with a Modified Cash-in-advance Feature, Government Sector and Oneperiod Nominal Wage Contracts: The Case of Bulgaria

Author(s): Aleksandar Vasilev / Language(s): English Issue: 8/2018

We augment an otherwise standard business cycle model with a richer government sector, and add a modified cash in advance considerations, and one-period-ahead nominal wage contracts. In particular, the cash in advance constraint of Cooley and Hansen (1989) is extended to include private investment and government consumption. This specification, together with the nominal wage rigidity, when calibrated to Bulgarian data after the introduction of the currency board (1999-2016), gives a role to money in propagating economic fluctuations. In addition, the combinations of these ingredients allows the framework to reproduce better observed variability and correlations among model variables, and those characterizing the labor market in particular.

A Comparative Analysis Of Property Taxation Within European Union

Author(s): Ciprian Şipoş / Language(s): English Issue: 1/2015

The correct settlement of a property taxation system is a topic of interest at the moment, which draws attention in economic or academic debates. One of the most convenient alternatives and easier to implement in order to raise revenues to the state budget is the taxation of property. The comparative analysis of property tax systems in the European Union reveals the need to develop and modernize the property tax system in the new member countries. The tax paid by taxpayers who own property is considered the tax with the fewest negative effects on economic growth, given the immobility of the subject of taxation. This reduces the behavioural effects of this type of tax and minimizes economic distortions. For this reason, is considered necessary to be presented the recent European perspective regarding the taxation of property, be it buildings for housing or special purpose, owned by individuals or corporate. In these conditions, the paper aims to analyze the correlation between the purchasing power of citizens of EU28 countries and the level of property taxes and to perform a grouping of European Union countries according to these indicators. The findings can help governments of the new member countries of European Union to develop a property tax system that would lead to the economic development.

A comparative analysis of research – development and innovation activities in Romania

Author(s): Laura Asandului,Livia Baciu / Language(s): English Issue: Spec/2010

When adopting the recommendations of the Lisbon Agenda or Strategy, the European states have decided that in order to make the European Union a space of competitiveness and greater social cohesion and a model of sustainable economic growth, research-development and innovation (RDI) must become the main pillar of the member states common policies. Consequently, the European Council recommended more investment in research and development, setting the collective EU target of raising research investment to 3% of the GDP, namely 1% from public funds and 2% from private sector. The current economic and financial crisis and the pressure it poses on resources, public or private, ]has limited to some extent the achievement of these objectives. The investments might not increase as anticipated or they might even decrease. However, several states have understood that, in times of crisis, the investment in research and innovation might bring tremendous gains in terms of new technologies, human capital and knowledge or, in other words, gains in economic competitiveness. This paper aims at providing a comparative analysis of the Romanian situation using the statistical indicators of the knowledge economy, those related to RDI financing and also to RDI results for the short period of time when financing has increased as a result of applying the objectives set out by the Lisbon Strategy. We underline the fact that without financing there is no research and innovation and without policies to support RDI the delays in development cannot be recovered. The final part of the paper provides several recommendations aiming at improving the RDI policies in Romania in accordance with post-2010 Lisbon Strategy.

A Comparative Analysis of the Debt Dynamics of Municipalities and their Municipally Owned Corporations in the EU Member States with a Special Focus on Hungary

Author(s): Csaba Lentner,László Vasa,Szilárd Hegedűs / Language(s): English Issue: 1/2021

The study examines the liabilities as a share of the GDP of the municipal subsystems of public finances and the organisations owned by them in EU Member States between 2013 and 2018. The main goal of the current study is to characterise the EU Member States regarding the examined two areas. Additionally, we analysed the connections between the entities’ liabilities, used statistical methods to compare the respective values and to examine the impacts of the local government system models and the geopolitical location on debt. There were three hypotheses formulated during the research, all of which were confirmed. A statistical connection can be perceived between the two areas of economic management of the local system, and it has also been established that the liabilities as a percentage of the GDP of local government owned corporations are significant, particularly in Scandinavian countries and Germany. At the same time, however, it has to be noted that the results of the theoretical division and the statistical analyses differ from each other. At the end of the study, we used a case study to examine how the two areas developed over time and how the regulatory environment affected debt value. In addition, we also considered the debt dynamics of municipalities and their business organisations, subject to a comprehensive fiscal reform after 2010, which represents another unique element of this study

A Comparative Approach to Fiscal Illusions: a Synthesis of the Conclusions from a Polish Study in Relation to New Ideas and Empirical Research in Selected Countries

Author(s): Beata Guziejewska / Language(s): English Issue: 2/2021

This article examines fiscal illusions in public finance systems where decentralisation involving the introduction of an independent and autonomous component of local government funding brings new problems. It presents a synthesis of the findings from a Polish empirical study that set out to determine the types and extent of fiscal illusion among Polish councillors, focusing on the qualitative aspects of the phenomenon. It also compares the findings with other streams of research and new approaches to fiscal illusion. The purpose of the article is to systematise the knowledge of fiscal illusion based on selected empirical studies, to formulate proposals for practitioners and public decision‑makers, and to highlight areas for future research to address. The article was prepared using a desk research approach and the author’s own experiences and research perspective formed during the study of fiscal illusions. The findings presented in the article corroborate its main thesis that a local government funding system based on intergovernmental transfers contributes to the emergence and perpetuation of fiscal illusions.