The research of theoretical problems of the relationship between monetary policy and financial instability in the context of the major areas of macroeconomic theory is implemented. It is found out that monetary policy not always can predictably affect the real and financial sectors because of the availability complex and nonlinear relationships between them.

 

Key words:
Monetary policy, financial instability, price stability, interest rates, money supply, inflation targeting, the business cycle, speculations.

Existing econometric studies find that both information technology (IT) and outsourcing of goods and services production increase firms’ productivity. Until now, though, there has been no similar evaluation of IT outsourcing. This paper fills that gap using purchasing firms in India as a case study. It finds output elasticity for Software and IT Services (SWIS) outsourcing which implies bigger returns than those available from either general outsourcing or non-outsourced IT. There is also clear evidence that purchasing outsourced SWIS moves firms closer to parity with the most technically efficient firms. The paper concludes that outsourcing is a superior option for firms that wish to invest into IT and that in India it should be encouraged by policy.

 

Key words:
Information Technology, Software, Outsourcing, India.

Africa is the world’s second largest mobile market after Asia. Based on the fact that the continent’s wide economic growth and an increasingly competitive marketplace, the number of subscriptions in Africa is set to reach one billion by 2015. The transformation of Nigeria»s telecommunications access since the licensing of three GSM networks in 2001 and a fourth one in 2002 has yielded a huge result. The country continues to be one of the fastest growing markets in Africa with triple-digit growth rates almost every single year since 2001. In this paper we carried a report containing a market overview and analysis, key statistics, regulatory issues and forecast for the mobile market in 2017. In conclusion we find out that Nigeria has overtaken South Africa to become the continent»s largest mobile market almost 100 million subscribers, but however, market penetration remains at only about 60% in early 2012 as a result of the global economic crisis, reinforced in 2010 but then declined again in 2011.

 

Key words:
Nigeria, mobile, market, subscriber, growth, gsm companies.

In this paper the characteristics of international trade of the Black Sea Re-gion economies and the European Union are examined. By using the relevant trade indices we examine the extroversion, the openness and the competitive advantage of the countries of the region in the international trade. Extroversion and export performance has deteriorated for the majority of the countries of the region. The examination of relevant trade indices (as the Balassa Index), show that the majority of the exporting products of the Black Sea Region refer to the low, and medium-low technology category, where they have the comparative ad-vantage compared to the European Union. The need for a policy that would ac-tively encourage the development of further trade and economic relationships between EU and the other countries of the region is highlighted.

 

Key words:
International Trade, Balassa Index, Black Sea region.

Advertising expense and intangible assets are the accounting lines that give evidence of the promotion efforts of any entrepreneur. At hard times cultural entrepreneurs have to maximize their promotion efforts, which are addressed to private stakeholders and audiences, in order to survive in a very competitive arena, where the State and public administrations cannot confirm their past times’ grant-making. Using a recent microeconomic database we empirically estimate the rela-tion between advertising expenses, intangibles, net assets and profitability (gain or loss/total assets) for Italian Visual Arts and Landscape. This sample is defined referring to the latest legislative definition of Italian Arts. Italian Arts traditionally include performing and visual arts. In our investigation, performing arts are excluded but we include the «landscape» according to the national Code of Cultural Heritage and Activities the Italian Parliament approved in 2004. The landscape is the human landscape of villas, castles, archeological sites, etc. and the natural landscape of parks and other environment where the anthropological impact is less important than in the human landscape. The sample includes the Event Managers too: these ones are innovative entrepreneurs who do not directly perform cultural events but they support, manage, advertise and promote them. The research gives evidence that Italian Visual Arts and Landscape are profitable despite of the financial crisis, when advertising expenses are one fourth of program service expenses and intangibles are minimized.

 

Key words:
Advertising; intangible; visual art; landscape; cluster analysis.

The paper deals with the issues, trends and challenges of modeling the development of innovative economy amid modern globalization.

 

Key words:
Globalization, models, innovative economy, national economy, innovation system, scientific knowledge, technology, innovation clusters.

The paper presents the subject matter, participants and results of the In-ternational Research Project concerning enterprises’ understanding of innovation ability. The Project participants consider the interpretation of such concepts as innovation strategy, innovation process, and the role of employees in innovation activity, innovative structures and innovative culture.

 

Key words:
Innovation, innovativeness, enterprise, innovation strategy, innovation pro-cess, innovation culture

The paper analyzes the specifics of the producers of alcoholic beverages in terms of their social responsibility, as well as the realization of alcoholic beverages through the tools of socially responsible marketing. Based on the analysis of the practice of the leading European producers of alcoholic beverages an integrated structure of socially responsible marketing has been formulated for the promotion of the products on the market for enterprises of this given field of economics.

 

Key words:
Corporate social responsibility (CSR), socially responsible marketing (SRM), the policy of self-regulation, «responsible alcohol consumption» («re-sponsible drinking»).

We make a first step in the literature to analyze a hybrid model of credit ra-tioning with simultaneous presence of adverse selection and moral hazard. Moti-vated by the observation that credit markets in less developed countries are ra-ther opaque due to the lack of necessary institutions to facilitate information sharing among lenders, we re-examine the issue of credit rationing in such an environment. For a range of different parameter values we fully characterize the sub game perfect equilibria of the loan contracting game. Under certain parameter values there is type II credit rationing for some borrowers and credit forcing for others. Credit forcing is shown to be efficient in a constrained sense. The results are contrasted with those in DeMeza and Webb (1992).

 

Key words:
Credit Rationing, Moral Hazard, Adverse Selection.