Olena Raykovska
A theoretical model of investment regulation in the Ukraine's agrarian sector
Journal of European Economy, Volume 5, Issue 2, June 2006, pp. 156-165
| JEL: A10, O40 | Full text (PDF) |
Iryna Hladiy
International regional economics of the modern world
Journal of European Economy, Volume 5, Issue 3, September 2006, pp.212-227
| JEL: A10, R10 | Full text (PDF) |
The intensified globalization process of the XXth century resulted in the emergence of a considerable number of regions, which combine territories of different nations. The scale of this process affects substantially not only the economic and political mechanisms of international flows regulation, but also the distribution of powers and priorities of major world market participants. From this evolves an objective need to form a new research area – international regional economics. Key words: International region, scientific discussion, economic mechanism of international regionalization, regional integration, regional interaction, regional trade agreements, structure of international regional economics. |
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Axel Sell
Kreikebaum's concept of strategic corporate planning
Journal of European Economy, Volume 5, Issue 3, September 2006, pp.228-245
| JEL: A10, M00 |
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There is not one strategic plan for all enterprises. A strategic plan is tailor- made for the specific conditions of a firm. What can be done is to offer a phase model for strategic planning and to refer to specific tools to execute different tasks in the respective steps of the planning process. The presented phase model considers the basic values and principles of the top management, the options and restrictions of the environment and derives realistic long-term firm’s objectives. This is followed by a strategic analysis of the firm’s strengths and weaknesses. This includes an investigation of internal structure, legal forms etc., but also of resources, potentials and competencies of the firm that are important to compete in the market. Based on the findings of the previous steps, a search for formation and an evaluation of strategies takes place. Finally, actions and specific targets have to be determined and a strategic control system has to be implemented. Key words: Corporate planning, strategic analysis, strategic planning. |
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Henning Klodt
Global economic policy for the modern world economy
Journal of European Economy, Volume 4, Issue 2, June 2005, pp. 132-141
| JEL: -- | Full text (PDF) |
The author elaborates the criteria which may be applied in a number of economic policy areas that are in the spotlight international policy debate. Key words: Economic policy, global governance, international coordination, quadrant of the system of coordinates, Tobin tax |
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Timotej Jagrič, Sebastjan Strašek
Comovements of economic activity in the post-communist economies
Journal of European Economy, Volume 4, Issue 2, June 2005, pp.142-157
| JEL: -- | Full text (PDF) |
This paper studies the cyclic patterns in transition economies with multivariate spectral analysis. It examines whether the transition in Slovenia and Croatia was marked by a significant shift in aggregate economic activity, which corresponds to the definition of the business cycle, and whether the cycles are synchronized with the cycle of the EU. For Slovenia, we find very close synchronization. The testing for Croatia, however, suggests that there is no typical EU component in its business cycle. To additionally support the results obtained with multivariate spectral analysis, we also employed the Granger causality test. According to lag selection criteria, economic activity in Slovenia lags behind the EU economic activity for 1 month. Granger causality test also supports the results for Croatia. We could not find any significant connection between economic activity in Croatia and the EU. Key words: Business cycle, multivariate spectral analysis, Granger causality synchronization. |
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Svitlana Blahodeteleva-Vovk
The bank's dominant goals and values in the context of determining the sense of its activity in a globalized world
Journal of European Economy, Volume 4, Issue 2, June 2005, pp. 158-169
| JEL: -- | Full text (PDF) |
The paper reviews the aspects of setting goals, formulating values and determining the sense of banking from the viewpoint of cultural peculiarities of the countries where banks are functioning, to make cross-cultural dialogue, and to overcome the contradictions of globalization. Key words: Bank’s goals, globalization, bank’s values, strategy of the banking institution. |
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Nikolay Belopolsky, Valentyna Belopolska
The world needs a uniform theory of development
Journal of European Economy, Volume 4, Issue 3, September 2005, pp. 267-284
| JEL: -- | Full text (PDF) |
Today, the mankind finds itself in a very dangerous situation – it has reached the point when its further existence is impossible without a fundamental scientific theory of development and improvement of social systems (production and economic systems, systems of states, and the world as a whole). This caused the author to write this article, the main purpose of which is to show how to arrange social systems at the present time and in the future. Unfortunately, the modern science has no uniform, integrated and complex science that could study social systems fully and comprehensively. It is high time for all technical, social and natural sciences to concentrate their efforts and find their place, their «niche» in studying and arranging the social systems. Key words: cybernetics, development and improvement, economics, economic laws, economic system, environics, functional laws, fundamental theory of social systems development, law of development and improvement, law of organization, manager, natural and ecological laws, nature management, objective laws, production system, society, socio-economic development, sociology, sociological laws, tectology, tectological laws, the state, the world. |
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Dieter Biehl
Wagner's Law: an introduction to and a translation of the last version of Adolph Wagner's text of 1911
Journal of European Economy, Volume 3, Issue 1, March 2004, pp.5-15
| JEL: -- | Full text (PDF) |
There exists a large number of articles and books dealing with the socalled Wagner’s Law; many of them have been published in Public Finance/Finances Publiques. Adolph Wagner (1835–1917), one of the leading German economists of the second half of the 19th century, developed his «Law on the expansion of public, in particular State activities» during a long period of more than fifty years. The latest version published by him is the one of 1911 where the «Law» is to be found in the fourth section of a larger article devoted to the economic functions of the State and the public sector. Given that this text seems not to be available in an English translation, but that his proposition in an often very simplified form still stimulates discussion, it seems to be useful to publish an English translation of it. A few introductory remarks are added in order to allow the reader to locate Wagner’s Law in the historical context and to suggest an extended and more differentiated approach to testing Wagner’s Law. Key words: na |
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Udo Broll, Antonio Roldan-Ponce
Public-private joint venture, investment and economic development
Journal of European Economy, Volume 3, Issue 2, June 2004, pp. 125-132
| JEL: -- | Full text (PDF) |
Public-private joint ventures are institutional forms chosen by local governments and city authorities to attract capital investment. In this paper we describe an economic set-up where a company decides on the volume of investment and the local authorities offer a package specifying sharing rules and taxes by a public-private joint venture. Such sharing rules can be designed to enhance the level of investment under the presence of distortions to stimulate economic development in the region. This might be important for Eastern European countries in transition in the case of foreign investments. In general, public-private joint venture contracts lead to efficient outcomes. However, we also provide an example in which a joint contract might not work. Key words: Economic development, investment, public-private joint venture, regional policy, European integration. |
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Valeriy Galasyuk, Mariya Soroka, Victor Galasyuk
The G2B theorem of business value growth rate from globalization perspective
Journal of European Economy, Volume 3, Issue 2, June 2004, pp. 133-153
| JEL: -- | Full text (PDF) |
The article brings up a timely problem standing on the edge of economics and mathematics and offers a way to its practical solution. Despite numerous explorations of the mathematical side of the problem [1–5], it has not only remained unresolved in practice, but even fell out of sight of the majority of specialists. Essential economic consequences of its existence forced the authors to conduct a special research aimed at its revealing and mitigation, a part of which is presented in this work. The paper formulates and proves the G2B theorem of business value growth rate. It shows that «greater value grows faster». It substantiates the expediency of capital concentration and stipulates the inevitability of further development of globalization process. The theorem is proved taking into account a«G-hyperbolism» effect, which consists in non-identicalness of the estimates de rived from such comparison criteria, as X−Y and X/Y. The authors put forward a model of «G-hyperbolic leverage» which permits to «manipulate» economic indicators for business value maximization. Key words: Globalization, synergetic effect, merger, business appraisal, business value, theorem of value, theorem of business value growth rate, comparison, indices, G-hyperbolism, G-normalization procedure, G-Hyperbolic Leverage model. |
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Nikolas Tsounis, Zaharola Kalogiratou
Dynamic effects of the enlargement on EU manufacturing
Journal of European Economy, Volume 3, Issue 3, September 2004, pp. 239-252
| JEL: -- |
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The paper presents quantitative estimates of the dynamic effects of integration of the entrance of ten Central and Eastern European countries including Malta and Cyprus into the E.U. The dynamic effects of integration were examined using an ex-ante model. The results found by the application of this model suggest that the accession of the ten counties in the EU would have mixed effects in different sectors of the region. The sector that would benefit the most from integration is manufacture of pulp, paper and paper products. Other sectors expected to exhibit positive integration effects are the following: mining and quarrying sector, tanning, dressing of leather; manufacture of luggage, manufacture of medical, precision and optical instruments, watches and clocks, manufacture of furniture, manufacture of chemicals and chemical products and publishing, printing, reproduction of recorded media, for which the total product of the region is expected to decrease. Key words: Enlargement countries, dynamic integration effects. |
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Evangelos Siskos
Export-biased growth and problems of domestic market in post-socialist countries of the Black Sea Economic Cooperation
Journal of European Economy, Volume 3, Issue 4, December 2004, pp.374-387
| JEL: -- | Full text (PDF) |
This paper analyses the dynamics of foreign trade, real GNI and relative purchasing power parity in the Black Sea Economic Co-operation countries. The stable growth and sustainable economic development of post-socialist BSEC countries requires rejection of export-biased growth pattern and transition to expansionary expenditure-changing policy for domestic market enlargement, local currency appreciation and international public labour cost-based industrial relationships. Relative purchasing power parity may be used as additional indicator in application to expansionary expenditure-changing policies for price and monetary policy amendment. Key words: Black Sea Economic Co-operation (BSEC), export-biased growth, domestic market stimulation, expansionary expenditure-changing policy, high-quality growth. |
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Serhiy Yuriy
Theoretical postulates of international finance
Journal of European Economy, Volume 2, Issue 1, March 2003, pp. 3-20
| JEL: -- | Full text (PDF) |
The paper considers conceptual features of international finance as integral attribute for finance expansion and absorbtion of finance within national economy. The author investigates real factors that strengthen international finance, defines the limits of its functioning. Typological features of international finance are defined some of which are related to subsystem of economic basis and to superstructure. Key words: Finance, finance of international relations, harmonization of budget policy, internationalfinance, international financial organizations, International MonetaryFund, national budget, taxes, world economy. |
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Stepan Mocherny, Oleksandr Ustenko
Subject of economic theory
Journal of European Economy, Volume 2, Issue 3, September 2003, pp. 279-294
| JEL: -- | Full text (PDF) |
The definition of the economic theory subject is still under discussion. In order to do it, the authors find it appropriate to use the methodology of the shortest, most detailed, and complete definition of the science subject. This approach allows to evaluate the structure of economic theory in a new way, in particular, its relations to political economy and economics as well as correlation between the latter two sciences. Key words: Economic and productive relations, human behaviour and activity, scarcity of resources, methodological base, positive and negative aspects, profit maximisation, revenues and costs, subject of economic theory. |
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Michael Sommer
From industrial to information society
Journal of European Economy, Volume 2, Issue 4, December 2003, pp. 389-399
| JEL: -- | Full text (PDF) |
The analysis of the factors that stimulate transition to the information economy and the accompanying trends in development allows to outline more clearly and logically a set of questions that demand state regulation. Changes in the economic system create preconditions to the formation of a new type of labour relations in the labour market. In view of this, a proposed mechanism for realizing and balancing interests and social protection of the employed is of significant interest to both theorists and practicians. Key words: Digital divide, employment, employment phases, global economy, labour and innovations market, labour relations, servisation of economy, social protection. |
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Nicholas Tsounis, Evangelos Siskos
Bilateral Heckscher-Ohlin theory and the pattern of Greece's trade with the other EU countries
Journal of European Economy, Volume 1, Issue 3, December 2002, pp. 297-312
| JEL: F11, F14 | Full text (PDF) |
In this article the Heckscher–Ohlin (H–O) Theorem in its «factor content» version is found to be valid under the existence of non-factor price equalisation conditions in the bilateral trade between two countries, in a model with three countries and many commodities. Further, the H–O Theorem is examined in the trade between Greece and the European Union (EU) countries. It is found that the differences in the pattern of specialisation in the trade between Greece and each of the EU countries is explained by differences in the relative factor endowments. The tests suggest that the H–O Model is valid in the trade between Greece and the EU countries. Key Words: Heckscher–Ohlin Theorem, Greece, EU |
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Lyudmyla Maslovska
Securing of economic equilibrium and ecologic balance
Journal of European Economy, Volume 1, Issue 3, December 2002, pp. 313-321
| JEL: -- | Full text (PDF) |
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Victor Koziuk
Institutional Model Evolution of Fiscal Rules in the EMU
Journal of European Economy, Vol. 12, Number 2, June 2013, p 127-158
| JEL: G18, G28 |
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The regime evolution of fiscal policy in the EMU indicates an internal con-flict between ensuring of the convergence and flexibility to adapt to asymmetric shocks. The convergence criteria, which precede the introduction of the Mone-tary Union is a formal basis for limiting the discretionary fiscal decisions, but they are not sufficient to create the institutional regulators of fiscal policy that is con-sistent with a single central bank operation. The transition from the Maastricht cri-teria to the Pact of Stability and Growth showed an attempt to combine the fiscal flexibility and responsibility under the relevant rules. However, this scheme proved to be vulnerable to the possibilities of opportunistic behavior and asym-metric penalty sanctions. Empirical analysis proved the lack of fiscal conver-gence in the integration area that manifested itself in the automatic stabilization of asymmetric fiscal policy during the phases of the business cycle in the context of the countries. The debt crisis in the EMU gave an impetus to the introduction of the system of harder fiscal rules, which, however, is not a return to the ideol-ogy of the Maastricht criteria.
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Victor Koziuk, Iryna Chyrak
The Theoretical Problem Of The Relationship Between Monetary Policy And Financial Stability
Journal of European Economy, Vol. 12, Number 3, September 2013, p 245-259.
| JEL: A10, E50 |
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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.
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Victor Koziuk
Quality Of Institutions And Deviation Of The Exchange Rates From The Purchasing Power Parity: Impact On Economic Growth
Journal of European Economy, Vol. 13, Number 1, March 2014, p 3-19
| JEL: F33, E42 | Full text (PDF) |
It is stressed, that the global monetary relations are distorting the global competitiveness. Economic growth maintaining under the middle and low income countries competitive pressure is possible with the deviating down of the nominal exchange rate from PPP or with high graded institutions developing that can encourage innovations, business opportunities, and capital inflows. Basing on the data of 82 countries it is empirically confirmed direct and statistically meaningful relations between quality of institutions and exchange rate deviations from PPP. It is found that five clusters of the countries joined by the principle of quality of institutions and exchange rate deviations from PPP. The highest economic growth is observed in the countries with strong institutions and little undervalued exchange rates. The countries with low graded institutions may maintain economic growth only under the strong undervaluation of currency. Developed countries may deal with the competitive pressure due to the institutions of high quality. Quality of institutions and institutional competition are expected to be the most important forms of the global economy fragmentation.
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