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Spending Efficiency in South African Rural Local Municipalities

Author(s): Nomfundo Portia Vacu / Language(s): English Issue: 01/2019

South African rural municipalities continue to experience difficulties in executing their constitutional obligations, despite the increasing amount of resources that are being channeled to them through the intergovernmental transfer system. The main objective of this study is to evaluate the efficiency of South African rural municipalities in utilizing their resources, particularly the intergovernmental transfers, as they account for more than half of their revenues. To empirical examine this, the Output Oriented Data Envelopment Analysis (DEA) method is applied on a panel data covering the period from 2008/9 to 2012/13. The results from the Output Oriented DEA suggest that rural local municipalities are inefficient in their spending. Furthermore, the findings from the budget analysis show that these municipalities are not prioritizing their spending, as they spent more of their resources on employee costs compared to vital expenditure needs such as repairs and maintenance of existing infrastructure.

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Strategiczne kierunki zrównoważonego rozwoju miasta Krzemieńczuk na Ukrainie

Author(s): Iryna Trunina,Katerina A. Pryakhina,Kostyantyn Latyshev,Ksenia Skrebcova / Language(s): English Issue: 20/2020

The article addresses the theoretical aspects of sustainable development; the content of methodological approaches to the assessment of sustainable city development is determined, the system of evaluation of sustainable city development is characterized, the dynamics of economic, social and ecological development of Kremenchuk are analyzed and recommendations for improving the sustainable development of the city are developed. The purpose of the research was to develop measures to improve the economic, social, environmental components of sustainable development of the Ukrainian industrial city of Kremenchuk.

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Problemy zadłużenia publicznego Polski na tle krajów Unii Europejskiej

Author(s): Leszek Klukowski / Language(s): Polish Issue: 64/2020

The purpose of the paper is to present the main problems related public debt in Poland in comparison to EU countries. These comprise: low rating and high servicing costs, high level of foreigndebt in the State Budget, high level of the deficit in central government (excluding the year 2018),high level of debt in foreign currencies open to variability in exchange rates, lack of long-term debtstrategy, failure to satisfy all the requirements of accession to the EURO area, and lack of optimaldebt strategy in the economic and financial sense. The current financial policy of Poland, featuringa significant increase in budget expenditures in 2019 and the following years, does not foster thesolving of these problems. The direction of indebtedness of Poland after the international crisis in2008 is not consistent with other EU countries, especially in terms of decreasing debt profitabilityand servicing costs. It is also related to the lack of a fixed date for accession to the euro area, i.e. belonging to a small group of countries without a common currency and low GDP level. The progressof Poland in terms of debt reduction at the end of previous century and the situation of countrieshaving healthy public finances indicates the directions of optimization for the debt strategy. Manyproblems require resolution in the shorter time-horizon (about five years): reduction of debt/GDPratio to the level from the year 2000, achieve the rating of at least A (according to S&P), decreasingof servicing costs to a level below 1% of GDP, and start of accession to the euro area.

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Finansowe aspekty rozwoju zintegrowanego publicznego systemu ubezpieczeń społecznych w Polsce

Author(s): Roman Grabiec / Language(s): Polish Issue: 64/2020

The paper presents an initial concept of an integrated public social insurance system in Poland.The first part presents a diagnosis of the financial basis for the functioning of this system in theyears 1991–2018. In the second part of the paper the diagnosis gives an indication of the directionsfor further development of this system, allowing it to become an integrated system, the financing ofwhich does not negatively impact the functioning of the Polish economy and prevents the collapseof the public finances of the state.The aim of the paper is to define the financial foundations of an integrated social insurancesystem in Poland. The basic assumption of the study was the need to improve the financial efficiencyof the public social security system through systemic and parametric reconstruction. The researchtool used for the diagnosis was the analysis of documents (legal acts in the field of social insuranceand financial statements of the Social Insurance Fund (FUS)). The research tool used for thediagnosis was the financial efficiency indicators relevant to the purposes of the analysis.The main conclusion of the study is that a parametric and systemic reconstruction of the Polishsocial insurance system is possible, which should lead to a balance of revenues and expenses in theSocial Insurance Fund

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Program rodzina 500+ a cel z obszaru rynku pracy strategii Europa 2020

Author(s): Barbara Kryk / Language(s): English Issue: 9/2020

There is huge controversy around the issue of the impact of the 500+ benefit program on the labour market in Poland, especially on the professional activity of women. The effects in this area are not only relevant for the country but also for the European Union as a whole, as they determine the achievement of the employment goal of the Europe 2020 strategy. It was, therefore, decided to examine this issue more closely. The main goal of the article is to investigate how the 500+ benefit affects the supply of female labour force and the achievement of the employment target of the Europe 2020 strategy. The specific objectives: (1) what were the goals of the Polish government in the area of the labour market at the beginning of the implementation of the EU strategy, and what goals are currently in the Strategy for Responsible Development (SOR)? (2) what were the dynamics of female labour supply compared to the changes in the labour market ? (3) what is the significance of the 500+ program for the trends in the labour market ? (4) what loss (if any) for the economy resulted from the reduction of women’s employment generated? The subject of the study is women’s labour supply/employment, and the subject of research is the Polish economy. To achieve the study goals, the desk research method, time series and indicator analysis, and GDP gaps were used. The research period is 2010-2019, with particular emphasis on the period after the introduction of the benefit in 2016. The research conducted shows that adverse changes in the labour force supply of women caused by the 500+ benefits, were offset by the return to the labour market of previously unemployed or inactive people. Thus, the strategic goal related to employment was achieved.

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Zastosowanie sieci Kohonena do grupowania powiatów województwa zachodniopomorskiego pod względem poziomu rozwoju społeczno-gospodarczego

Author(s): Joanna Perzyńska / Language(s): English Issue: 9/2020

The author presents the possibilities of using artificial neural networks in a multidimensional analysis – cluster analysis. The empirical example using districts of the Zachodniopomorskie (West Pomeranian) Voivodeship is the illustration of theoretical considerations. The study used statistical data from many areas related to socio-economic development: demography, labour market, natural environment, recreation, culture, social and technical infrastructure, and the economy. The aim of the study was to divide the voivodeship into disjointed typological groups of districts using Kohonen networks (Self-Organizing Maps). Several networks differing in structure of the output layer were constructed and trained. Selected diagnostic features of socio-economic development of districts were their input values. Using verified Kohonen networks, various sets of groups of the researched objects were created, and confirmed them are a useful tool for identifying clusters of districts similar to each other in terms of the level of socio-economic development.

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APPLICATION OF UNCONVENTIONAL MONETARY POLICY INSTRUMENTS IN MITIGATION OF THE ECONOMIC CONSEQUENCES OF THE COVID 19 VIRUS PANDEMIC

Author(s): Marina Đorđević,Jadranka Đurović-Todorović,Milica Ristić Cakić / Language(s): English Issue: 3/2020

Unconventional monetary policy instruments are used in conditions when monetary policy has exhausted all the usual measures and instruments that are otherwise applied by the central bank in the regular process of conducting monetary policy. The most commonly used instruments are, of course, quantitative easing or quantitative alleviation. The aim of this paper is to point out the application of unconventional monetary policy instruments during the economic crisis caused by the COVID 19 virus pandemic in the most important banks in the world. After a theoretical overview of the concept of quantitative easing, the paper presents the empirical experiences of the Bank of Japan, the Fed, the ECB, and other central banks. Based on the analysis of applied measures and data on the use of quantitative facilities in selected central banks, it can be concluded that they resorted to the use of this instrument in times of crisis to a greater or lesser intensity. Also, the increased liquidity caused by their implementation had a significant impact on aggregate demand, inflation and GDP. This analysis can be useful to the monetary authorities in Serbia if they are to review the application of QE in the leading monetary institutions and help them to draw the conclusions that would lead to the most painless application of this instrument in the Republic of Serbia.

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Mechanizm podzielonej płatności w podatku od towarów i usług a polityka rachunkowości jednostek samorządu terytorialnego

Author(s): Iwona Franczak / Language(s): Polish Issue: 11/2020

Mechanizm podzielonej płatności (split payment) został wprowadzony głównie w celu przeciwdziałania nadużyciom i oszustwom podatkowym w podatku od towarów i usług. W związku z wprowadzeniem nowych przepisów regulacja ta odnosi się również do jednostek samorządu terytorialnego, które są podatnikiem VAT. Celem artykułu jest przedstawienie technicznego ujęcia w polityce rachunkowości mechanizmu podzielonej płatności oraz konsekwencji przyjęcia przez jednostki samorządu terytorialnego poszczególnych rozwiązań w prowadzeniu jednego lub wielu rachunków VAT. Zastosowane metody badawcze to analiza aktów prawnych, przegląd literatury oraz wnioskowanie. W wyniku przeprowadzonych badań stwierdzono, że istnieje problem powiązania rachunków VAT z określonym rachunkiem rozliczeniowym i ścisłej kontroli widniejących na nim środków w transakcjach kupna i sprzedaży dokonywanych przez jednostki organizacyjne jednostek samorządu terytorialnego.

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Coronavirus - The Moment for Helicopter Money

Author(s): Bogdan Andrei Tiliuță,Ioana Raluca DIACONU / Language(s): English Issue: 4/2020

The coronavirus crisis has unquestionably been a challenge globally and felt like an economic and psychological shock caused by the high number of illnesses and deaths caused by the virus. The drastic measures of physical distance and isolation have led to major economic effects. In this regard, our paper is trying to answer to the question if the unconventional methods would be effective in saving the economy burdened by the pandemic crisis and especially if "launching money from the helicopter" strategy is viable for the economy. We presented a series of government measures taken by countries affected and the analysis of the literature of the concept of "helicopter money". At the same time, the article reveals the exposure of the economic consequences resulting from the application of this unconventional solution, meant to restart afflicted economies.

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The importance of health status for the financial sustainability of the pension system. A case study of Romania in the context of the EU

Author(s): Iuliana-Claudia Mihalache,Felicia-Cătălina Apetroi (Răcoare),Mihaela Tomaziu-Todosia,Olesea Plotnic / Language(s): English Issue: 4/2020

Based on the need for a prosperous economy, it is important to increase the quality of life of the active population in particular, but also of the inactive, in order to reduce the consumption of free and/or reimbursed medicines. In this regard, social security and protection systems need to consider improving working conditions, expanding the network of medical services, creating medical, social and professional recovery systems, continuously improving the material and medical situation of people, in order to increase the time of productive activity. This study aims to analyse the evolution of pension categories in Romania for the period 1990-2018, as well as the correlation between health and financial sustainability of the pension system, with an emphasis on healthy life expectancy. In order to develop the case study, the authors consider the evolution of this system in the last decade in Romania, following the average number of people retiring early, as well as people receiving disability pensions.

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Factors Influencing Generation Y Students’ Satisfaction with University Websites

Author(s): Marko Van Deventer,Heleneze Lues / Language(s): English Issue: 6/2020

In the new digital era, one of the major strategic priorities for many universities is having a high quality and efficient website. While universities invest considerable resources in this domain, students may not fully realise the value or level of satisfaction they expect from a university website. As such, the purpose of this study was to explore the factors that influence Generation Y students’ satisfaction with university websites. A single cross-sectional and descriptive research design was followed in this study. A self-administered questionnaire was designed to collect data from a convenience sample of 319 Generation Y students registered at two Gauteng-based South African HEI campuses. The methods used to analyse the data included descriptive statistics, reliability and validity analysis, Pearson’s product-moment correlation analysis, collinearity diagnostics and structural equation modelling. The findings of the study suggest that information quality of university websites has a significant positive influence on the usefulness of university websites, while the system quality of university websites has a significant positive influence on the ease of use of university websites. Furthermore, the usefulness and ease of use of university websites have a significant positive influence on Generation Y students’ satisfaction with university websites. Understanding the factors that influence Generation Y students’ satisfaction with university websites, universities can formulate effective strategies that will ensure increased user satisfaction with the website, thereby recouping costs associated with developing and maintaining the website and ensuring an appropriate return in terms of increased user numbers and value.

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The Viability of Public Expenditure in Stimulating Economic Growth in Nigeria (Mediating on the Role of Public Sector)

Author(s): Adegboyo S. Olufemi,Olaniyan Niyi Oladipo / Language(s): English Issue: 1/2021

This paper explores the relationship between public spending and economic growth in Nigeria between 1981 and 2019. The study employs ARDL along with Granger causality test to determine the directional and dynamic relationship. The results show that social and community recurrent expenditure, social and community services capital expenditure and administration recurrent expenditure simulates Nigeria Economic growth (GDPGR), while, economic service recurrent expenditure (ESRX), economic service capital expenditure (ESCX), transfer capital expenditure and transfer recurrent expenditure deters Nigeria economic growth (GDPGR). The findings further reveal that there is unidirectional causality that runs from both administrative capital expenditure (ADCX) and administration recurrent expenditure (ADRX) to economic growth (GDPGR). The study recommends that government should increase her spending on both recurrent and capital expenditures on social and community as well as administrative recurrent expenditure to move towards achieving vision 2030,while it should reduce the budgetary allocation to capital and recurrent expenditure on transfer, administration capital expenditure, and also reduce borrowing to reduce debt services. Finally, the government should monitor the proper disbursement of the allocated fund, block all loopholes and ensure full implementation of the budget.

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Evolution of Research and Development Expenditure at Global, Regional and National Levels

Author(s): Veronica Railean,Angela Timuş / Language(s): English Issue: 16/2020

Currently, the funding system of the research sector around the world has undergone impressive structural changes. The purpose of this study is to present the evolution of research and development expenditures: total, regionally, by leading countries and in the Republic of Moldova. The analysis of global expenditures for research and development, over a period of 15 years, highlighted their doubling.

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Audyt efektywnościowy czy audyt wykonania zadań w jednostkach sektora finansów publicznych – przegląd literatury krajowej i zagranicznej

Author(s): Jolanta Maria Ciak,Piotr Bednarek / Language(s): Polish Issue: 2/2021

Celem artykułu jest wskazanie podobieństw i różnic w zakresie dwóch kategorii audytu, a mianowicie: audytu efektywnościowego i audytu wykonania zadań. Tradycyjny przegląd literatury ma dać odpowiedź na pytanie: Czy można stosować zamiennie oba pojęcia? Badacze bowiem zajmujący się tą problematyką wskazują na podobne ich rozumienie. Studia literaturowe dostarczają szerokiego spektrum możliwości definiowania i interpretowania efektywności, podkreślając wielowymiarowość omawianego pojęcia. Podobna sytuacja jest w przypadku audytu efektywnościowego i audytu wykonania zadań. Zdaniem autorów artykułu można zastosować znak równości pomiędzy tymi pojęciami, bowiem oba rodzaje audytu oznaczają systematyczne, celowe, zorganizowane i obiektywne badanie działań podejmowanych w ramach jednostek funkcjonujących w sektorze finansów publicznych, wykorzystujące kryterium oszczędności, efektywności i skuteczności.

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TAXATION AND TRANSPORTATION: GRANGER CAUSALITY APPROACH IN NIGERIA

Author(s): Adegbite Tajudeen Adejare / Language(s): English Issue: 3/2021

This study gauges taxation's effect on transportation from 1981 to 2019 in Nigeria. This study further assesses the bearing of causality among Transportation, Corporate tax, Petroleum profit tax, Value added tax and Custom and Excise duties. Analytical tools such as VECM, Johanson Test for Cointegration, Vector Autoregression and granger causality Wald (GCW) test are adopted for analysis. Diagnosis tests such as the Lagrange-multiplier test, Jarque-Bera test and Eigenvalue stability condition are carried out to examine autocorrelation, stability and normality tests respectively. Outcomes divulge that corporate tax has a positive short-run and long-run influence on transportation. Petroleum profit tax, Value added tax and Custom and Excise duties also impact transportation positively and significantly both in the long run and short run as deduced from empirical analysis. This reveals that all the components of taxation observed influence transportation positively both in the long run and short run in Nigeria. Conclusively, taxation impacts transportation positively and significantly both in the short run and long run. This translates that taxation income has been utilized effectively to upsurge transportation in Nigeria. It predicts that transportation will perform excellently in terms of economic development and employment generation if taxable income is properly monitored and utilized effectively.

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Modeling the risk-return characteristics of the SB1 Mexican private pension fund index

Author(s): Roberto J. Santillán-Salgado,Marissa Martínez Preece,Francisco López Herrera / Language(s): English Issue: 2/2015

This paper analyzes the returns and variance behavior of the largest specialized private pension investment funds index in Mexico, the SIEFORE Básica 1 (or, SB1). The analysis was carried out with time series techniques to model the returns and volatility of the SB1, using publicly available historical data for SB1. Like many standard financial time series, the SB1 returns show non-normality, volatility clusters and excess kurtosis. The econometric characteristics of the series were initially modeled using three GARCH family models: GARCH (1,1), TGARCH and IGARCH. However, due to the presence of highly persistent volatility, the series modeling was extended using Fractionally Integrated GARCH (FIGARCH) methods. To that end, an extended specification: an ARFIMA (p,d,q) and a FIGARCH model were incorporated. The evidence obtained suggests the presence of long memory effects both in the returns and the volatility of the SB1. Our analysis’ results have important implications for the risk management of the SB1.

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Gini Coefficient Analysis for Pensioners in Turkey

Author(s): Murat Binay,Ahmet Yalcin Yalcinkaya / Language(s): English Issue: 2/2016

One of the main objectives of economic policy is to make the fair distribution of income. To provide fair distribution of income, how the revenue is shared must be based on certain criteria. Products and services are not shared in any society indiscriminately. There is a mechanisms governing the distribution of income in every society. Production factors increase the value created for themselves and how to divide this value is complex phenomenon which has technical, economic, social and political dimensions. There are a lot of criterias about how to divide the created value like change interval, the relative mean absolute deviation, standard deviation, coefficient of variation, variance, logarithmic variance, Pareto α coefficient, Lorenz curve, Gini coefficient, Dalton Atkinson inequality measure, the poverty index, poverty difference, hunger threshold.Injustice of the revenue distribution among pensioners is a frequently mentioned subject in Turkey and it is thought to be sourced because of the changes at social security system and salary regulation method for old age pensioners. In this study, the Gini coefficient will be calculated for old age pensioners in Turkey and the pensioners’ income distribution will be analyzed by comparing with the Gini coefficient of Turkey.

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How Should we Measure Public Sector Performance?

Author(s): Lavinia Mustea,Lavinia Daniela Mihit,Oana-Ramona Lobont / Language(s): English Issue: 1Sup1/2021

The methodology applied for measuring the public sector performance is a disputed topic both in academia and for decision-making policies implementation. Thus, in this paper, we analyze the importance of the topic for researches and also try to identify the methodologies considered within the literature for measuring public sector performance, which would allow comparison between states, and reporting to certain values. The novelty of our approach is that, firstly, we draw a content analysis, with a focus on the methodologies applied for measuring the performance in the public sector in terms of productivity, efficiency, and performance. Secondly, with the support provided by the VOSviewer it is performed a bibliometric analysis and science mapping. We focus our research on keywords co-occurrence, authors co-citation and co-authorship to observe countries and institutions that generate publications on “public sector performance”. On the one hand, our results reveal that entail Analysis of Main Components has proven to be an effective tool to perform complex analysis of public sector performance, through the composite indicator that achieves an aggregation of several important areas of the public sector, considering its complexity and large size. On the other hand, strong links between keywords, researcher’s networks and country and institutions where the research is concentrated where highlighted.

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Sustainability Management in Sports: The Effects of the Pandemic Crisis and Future Perspectives

Author(s): Mohammad Jaradat,Teodora Odett Breaz / Language(s): English Issue: 1/2020

In the current context generated by the pandemic crisis, even the most profitable of professional sports have suffered huge losses. The very future existence of professional sport is threatened from a financial point of view, and after the end of the pandemic crisis there will certainly be voices that will call into question the profitability, if not the whole sustainability of professional sports. That is why managers need to rethink the importance of sports and the presentation of the positive effects it can have, so as to increase the interest and involvement of all stakeholders. This article is designed to support managers so as they can emphasize the importance of sports in the new global context from the perspective of sustainability.

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Public Debt and the Living Condition of People in Nigeria

Author(s): Cordelia Onyinyechi Omodero / Language(s): English Issue: 1/2020

This study assesses the influence of public debt on the condition of living in Nigeria using per capita income (PCI) which signifies the income per person in the country. Due to the fact that public debt is deemed to be suppressing an economy, the standard of living becomes the target of the estimated suppression. Thus, the study employs secondary data from 2000 to 2018 and multiple regression technique is used to carry out the analysis to establish the impact of public debt on PCI. The study finds that the foreign debt is having a substantial harmful effect on PCI while the domestic debt has a weighty favorable impact on PCI. These findings lead to a conclusion that the country is better off with local borrowing instead of external fund sourcing. Therefore, the study suggests that the government can borrow when it is highly necessary and really relevant to the accomplishment of a major capital project that will improve the income of the citizens, but the borrowing should be more domestic based and restricted to marketable securities.

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