Teodora Dimitrova
Shadow economy practices in Bulgaria — a challenge for the financial policy of the state
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 456-477.
| JEL: H30 | Full text (PDF) |
Lada Shirinyan
Competition at German insurance service market over period 1999-2010
Journal of European Economy, Volume 11, Issue 4, December 2012, pp. 478-498.
| JEL: F41, F42, G15, G18, G22, K21, E32, P51, R12 | Full text (PDF) |
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The global financial and economic crisis in the beginning of this century resulted in certain cataclysms with destructive effects on the government’s financial policy. Increasing government budget deficits, strikingly inadequate social status and deterioration of the basic macroeconomic indicators measuring the «pulse» of the national and world economy once again brought forward the issue of the scale of the shadow economy.
The presence of shadow economy is an indicator for the lack of trust in government’s financial policy and the inefficiency of the national economic policy. At the same time shadow economy practices affect negatively the economic growth, the efficiency of labour, the competitiveness and the economic and financial policy of the state. For various reasons, despite the importance and complexity of this problem, we still lack an adequate public strategy for successfully counteract it in the long run. In this context, the main goal of the study is to analyze the extent of the shadow economy and the issues related thereto as well as examine its actual manifestations in Bulgaria and propose measures to mitigate it.
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Mykola Matviiv, Olha Lysiuk
Viral marketing at the international market of banking services
Journal of European Economy, Volume 11, Issue 3, September 2012, pp. 348-365.
| JEL: G21, M31 | Full text (PDF) |
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Svitlana Haleshchuk
Eurobonds: examination of the essence of debt instrument, display of the issuer in the financial statements and exchange differences accounting
Journal of European Economy, Volume 11, Issue 2, June 2012, pp. 236-245.
| JEL: G0 | Full text (PDF) |
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Mykola Haponiuk
Co-investing institutes in the system of saving activity factors of Ukrainian people
Journal of European Economy, Volume 10, Issue 1, March 2011, pp.39-48
| JEL: E22 | Full text (PDF) |
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The paper is concerned with the issues of Co-investing Institutes’ securities popularization among the Ukrainian people. The main factors are determined conditioning the individuals’ investment choice of different investment directions in the financial market of Ukraine, also the measures are substantiated aimed at investment attractiveness increase of national Co-investing Institutes’ securities.
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Dimitros Serenis, Paul Serenis
Exchange rate volatility and sectoral exports: empirical evidence from twelve E.U. member countries (1973-2004)
Journal of European Economy, Volume 10, Issue 2, June 2011, pp.210-219
| JEL: F10, E00 |
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This paper examines potential effect of exchange rate volatility for a set of twelve E.U. member countries (Austria, Denmark, Finland, France, Greece, Ireland, Italy, The Netherlands, Spain, Sweden, Portugal and The U.K.) for sectoral exports of agricultural products during the period of 1973-2004. After critically reviewing the empirical literature we are able to conclude that empirical researchers often examine the hypothesis that exchange rate volatility is a major source of risk. As a result it is often claimed by some researchers that exchange rate volatility causes individual producers to switch their production from foreign to domestic markets where there is less risk. This switch will therefore cause a reduction in the overall level of trade. The review of the literature has identified mixed results with regard to the effects of exchange rate volatility and its potential effects on the level of trade. Therefore the ranges of expected relationships are: a negative relation ship, a positive relationship, an indeterminate or no relationship between exchange rate volatility and the level of exports. We therefore examine the effects of exchange rate volatility by utilizing a measure of the standard deviation of the moving average of the logarithm of real exchange rate as a measure of exchange rate volatility and by adopting a conceptual framework of the imperfect substitution reduced form export quantity model similar to that of Arize. Overall our results have proved to be consistent with our past examinations which for the main part did not estimate any overall significant sectoral effects from volatility to exports with a few notable exceptions. Out of the fourteen sample countries examined in this study for only two the exchange rate volatility coefficient proved to be significant leaving the remaining countries with an insignificant relationship.
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Dmytro Lukyanenko, Anatoliy Poruchnyk, Yaroslava Stolyarchuk
Global financial imbalances and their macroeconomic consequences
Journal of European Economy, Volume 9, Issue 1, March 2010, pp.72-90
| JEL: G15, F34 | Full text (PDF) |
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In this paper authors explicated the essence of global financial imbalances, assessed their level and implications for global financial stability and disclosed the causes that led them to reach the hypertrophied level under current conditions. Researchers focused on investigating the nature of the first global economic crisis of 2007–2009, as well as the causes of the chain reaction in its spread to the sectoral and territorial dimensions of the world economy. It was proved that financial globalism creates structural conditions for accumulation of financial imbalances in the world economy, due to the fact that macroeconomic policy of nations is unable to resist against them, but only adapt to fluctuations in global financial conditions set by the world financial centers.
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Olena Sokhatska
New order on global financial market: post-crisis projects
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 91-104
| JEL: G01, H77 | Full text (PDF) |
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The present paper is concerned with the problems of a new financial order formation on global financial markets after the world economic crisis of 2007–2009, the reasons are systematized that hinder the proper reformation of the financial system in the context of reaching the higher degree of its functioning transparency and renewal of market participants confidence.
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Oleksandr Dzyublyuk
Facilitating mechanism of the credit portfolio quality and credit risk management of the bank in the period of crisis developments in economic sphere
Journal of European Economy, Volume 9, Issue 1, March 2010, pp. 105-120
| JEL: G21, G28 | Full text (PDF) |
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The improvement trends of the facilitating mechanism of the credit portfolio quality and credit risks management through the definition of the evaluation criterion of the credit quality, creating the credit portfolio of the bank are proved. The creation of the credit portfolio structure in accordance with the group size, classified by the degree of the credit quality, the monitoring of the credit risk, the creation of provisions and adjustment in credit portfolio structure is defined. Special attention is paid to the optimization of the methodology of provisions calculation in order of loan loss provision.
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Dimitrios Serenis, Paul Serenis
The impact of exchange rate volatility on exports: additional evidence for four European countries
Journal of European Economy, Volume 9, Issue 3, September 2010, pp.324-331
| JEL: F10, E00 | Full text (PDF) |
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Liudmyla Shkvarchuk
Direct methods of food price adjustment: methods of implementation and performance measurement
Journal of European Economy, Volume 9, Issue 3, September 2010, pp.332-340
| JEL: E64 | Full text (PDF) |
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The analysis of the application of the direct methods of the food price adjustment in Ukraine is conducted. The consequences of their influence on the food market entities are studied. The evaluation of the adjustment performance is realized. The implementation aspects of the direct methods of the price adjustment are defined in order to stabilize the position of Ukraine’s food market in the postcrisis period.
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Volodymyr Kyrylenko
Banking system: subject matter and perspectives for its development in Ukraine
Journal of European Economy, Volume 9, Issue 3, September 2010, pp.341-364
| JEL: G21 | Full text (PDF) |
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Lachin Vizir ogly Abyshly
The formation of investment policy and overall analysis of its influence on the economy
Journal of European Economy, Volume 9, Issue 4, December 2010, pp.478-482
| JEL: F21, G32 | Full text (PDF) |
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The main theoretical directions in studying of investment policy are considered. In addition, the influence of state on investment processes is analyzed, including characteristics of different models of state regulation in investment processes. A special place occupies studying of foreign countries’ experience in investment policy.
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Iryna Holyash, Nataliya Halushka
Audit of prognosticated financial information: problems and perspectives of development
Journal of European Economy, Volume 8, Issue 4, December 2009, pp. 429-437
| JEL: M42 | Full text (PDF) |
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The paper studies theoretical issues and practical application of prognosticated financial information audit. The problems of that audit arrangement are considered, and the advantages of its introduction as well as the perspectives for its development are accentuated.
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Olha Kyrylenko, Iryna Bilous
Budget's unique role in poverty problem solving in Ukraine
Journal of European Economy, Volume 8, Issue 1, March 2009, pp. 92-105
| JEL: H60, I18 | Full text (PDF) |
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Budget expenditures aimed at poverty solving of Ukrainians are investigated. Budget’s role in solving poverty problem is explored; ways of budget expenditures improvement connected with most vulnerable and poor groups of society are demonstrated.
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Oleksandr Sharov
Globalization of the monetary system
Journal of European Economy, Volume 7, Issue 1, March 2008, pp. 72-88
| JEL: F33, G15 | Full text (PDF) |
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The article disputes on future development of the international monetary system under conditions of modern globalization. The author asserts that globalization is an objective process, and thus, the international monetary system continues its logical development from the universal money commodity equivalent (gold) through multiple reserve (international) currencies back to the world money of higher order. The intermediate stage of this process can be the creation of target currency zones with leading currencies, one example of which is the single European currency – the Euro. In this context, the question about further development of monetary systems of separate countries (including Ukraine) takes on special importance.
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Viktor Kozyuk
Home bias effect in prospect of financial globalization
Journal of European Economy, Volume 7, Issue 1, March 2008, pp.89-101
| JEL: E20, E22 | Full text (PDF) |
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The author analyzes theoretical approaches to the problem of home bias effect. The tendency to a weakening home bias effect on the macro- and microlevels is shown empirically. The author asserts that this tendency roads to higher allocation efficiency of global capital markets and the capacity of the macropolicy to level out consumption. However, it also bears certain risks from the global financial stability perspective.
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Andreas Förster
Trade in services
Journal of European Economy, Volume 7, Issue 1, March 2008, pp.102-107
| JEL: F16, F21 | Full text (PDF) |
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Trade in services differs from trade in physical goods. This article highlights some effects of liberalization of trade in services, especially the effects of off-shoring. Many Western European companies settle new branches in Eastern European countries, and this process is known as «off-shoring». This is a new phenomenon discussed in the Western European press, particularly its effects on the labour market. But off-shoring does not only create unemployment in the country where branches were closed. Off-shoring can lead to adjusted wages in the off-shored-sector: after a decline of wages, they can rise again.
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Vladimir Shenaev
World money: history and prospects
Journal of European Economy, Volume 7, Issue 2, June 2008, pp.188-201
| JEL: E42, E52, F37 | Full text (PDF) |
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The article examines the evolution of the world monetary system. The author analyzes the main principles of Bretton Woods, Jamaica, and European monetary systems, as well as the place of the EURO and dollar in the modern money circulation, as well as touches the question of influence of the bipolar world monetary system on the Russian economy.
Key words: World currency system, national currency, convertibility, EURO, dollar, rouble, the European Union. |
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Vita Jagric, Sebastian Strašek, Timotej Jagric
Personal income tax reforms in Slovenia and other European economies
Journal of European Economy, Volume 7, Issue 2, June 2008, pp.202-221
| JEL: H2, H5, J3 | Full text (PDF) |
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The paper examines some measures introduced in the tax system reform in Slovenia, as an example of a new EU member state. In the analysis we focus on the personal income tax. We analyze recent data for Slovenia and selected EU member states. In this context, we also discuss the question of flat tax rate suitability. Based on the presented simulation, we can conclude that the tax burden wasn’t diminished significantly. We believe that additional reforms are needed.
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