ISSN Electronic form is the original version of this issue. Kitts and Nevis, St. Lucia, St. Vincent and Grenadines and two British overseas territories Montserrat and Anguilla. These are extremely small and open economies which are highly vulnerable to external shocks.
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We kindly inform you that, as long as the subject affiliation of our In this case, please broaden your search criteria. The analysis of the financial technologies introduction has proved that their application over-complicates the institutional structure of the global financial system. As a result, usual functional relationships cease to operate, new institutes and interdependencies appear, and systemic risks increase. In this context, the system instability increases, resulting in a transition to a new institutional status.
The analysis of the financial technologies impact on the stability of financial system shows that the lack of institutional support for new financial technologies is the most important catalyst for the financial industry destabilization and the formation of financial bubbles in various market segments.
Real estate market can be thought of as an open, dynamic system. It means that it is able to exchange stimuli with other open systems, and that its state evolves in a way that might be described mathematically. It turns out that two main processes contribute to the overall evolution of the real estate market: long-term, predictable evolution, interrupted by sharp changes of catastrophic origin.
In this picture, national housing funds play an important role in supporting the housing finance: on one hand they could either stimulate or suppress the real estate market influencing the availability of the mortgage credit, but on the other hand, they could also help to stabilize prices. In this study, an attempt was made to determine the degree of relationship between the volume of mortgage financing from national housing funds and the dynamics of real estate prices.
In this paper we study the firm-level determinants of export performance in three groups of countries: the Visegrad, Baltic andCaucasus countries. Our analytical framework refers to the most recent strand in the new trade theory literature based on the Melitz model that stresses the importance of firm productivity in entering the export markets. The empirical implementation of the theoretical framework is based on the probit model and the BEEPS data set. Our empirical results confirm the importance of firm characteristics for export performance in the CEE countries.
Also heterogeneity between different country groups within the region has been reported. Export competitiveness of firms from the CEE countries can be improved through the development of modern educational systems allowing to accelerate the accumulation of human capital.
The financial support to research and development and innovation activities should also have a positive impact on the export performance of firms from the CEE countries. We take into account labor productivity and other firm characteristics that may affect export performance such as the age and the size of the firm, the use of human capital, and the degree of firm internationalization.
The relationship between the value of foreign direct investment in V4 countries in and the geographic structure of trade in two directions: exports and imports, will be examined. The paper includes an analysis of the influence of FDI on foreign trade the linear gravity model was used. During twenty-four experimental sessions, participants, both senders and receivers, have not discriminated against when playing with partners of different gender.
The issue of global imbalances already emerged in the pre-crisis era, albeit in a different context. Research was mostly concentrated on analysing how distortions in the external positions of the main countries would affect future turbulence on foreign exchange markets and in the real sector before reaching new equilibrium points.
This article addresses the problem in a different manner by describing the causal link between monetary and fiscal expansion and the resulting increase in trade deficit. The process of reinvestment of foreign exchange reserves by surplus countries affects credit, stock and real estate markets, thus paving the way for future turmoil. These two countries, which experienced an era of changes in the s close to each other, have made parallel progress, helping each other throughout their earlier history.
It may follow that among the opponents there could be some people who do not really know what globalisation may mean to Poland, but they do not dare to admit it. Instead, on account of conformity they join the party, which seems to be bigger, opposing the idea. It is a necessary condition to see clearly how globalisation will affect the people living there. It is important to know what community marketing tools can help Poland to become — while preserving its national values — a member state of the European Union, where Polish people — also in their Polish identity — can enjoy the benefits of globalisation.
Nevertheless, we must not disregard that China, India or Russia have a large economic and human potential and they incisively entered the economic competition altogether. For the time being, these countries represent regional or zonal powers and they started to play a commanding role together with the beginning of the international economic life. Organizations such as WTO or the UN offer, there is no doubt about it, an important chance to increase the contribution of the multilateral commercial system to reduce poverty and accomplish the objectives of human development.
On the other hand, the practice of interstate relations demands an increased attention to the development of international trade, because from a developing and stability factor it can become a cause of instability and thus a cause of economic stagnation.
The increased and accentuated interdependence of countries grew the importance of their external trade, which practically became indispensable for the economic and social growth. Moreover, the increase of national incomes in external trade led to increased consumption and increased the demand for energy and raw materials. This fact led, on one hand, to the amplification of exports and on the other hand to the increase of GDP in the developed countries.
Adopting an open, impartial, rule-based, predictable and non-discriminatory commercial system may create a global partnership for development and visibly improve the international economic environment that has been severely affected by the current economic crisis.
Despite the present context, the Asian developing economies bring their support substantially for the exit of the world economy from the gravest post-war crisis. Author s : Fernanda A. Located in the southeast of Romania, Bucharest is the capital and the largest city in the country. Economically, Bucharest is the most prosperous city in Romania.
During the last years, this city faced one of the highest growths in the number of hotels. Nowadays, due to the development of Internet-based technologies, the reservation process has changed; travelers can easily get information about the experience of other guests and also compare prices.
Our main results supply signals to hoteliers concerning the attributes most valuable for consumers which can lead to a higher room rate premium. In this paper the importance of practice of human resource management as of a significant driver of business ethics in companies has been considered.
Based on research results on a sample of 36 enterprises, the paper attempts to answer important questions as: what are the problems regarding business ethics facing human resource experts and to what extent the existing human resource management practices influence the application and improvement of business ethics in Serbian enterprises. The purpose of the research is to substantiate what kind of influence the import substitution has on the positioning of different types of regions in the system of international economic relations.
The research is focused on two types of regions — the industrial type the Sverdlovsk region and the agricultural type Rostov and Krasnodar regions. The research hypothesis is following: import substitution influences not only the replacement of imported goods by the domestic ones, but also can change regional positioning in the international economic relations system. The authors propose the methodological approach. It examines the regional economy according to three levels: a system of entities engaged in foreign economic activity; a system of the support of import substitution and export orientation in a region; a system of international economic relations.
Regional positioning in the system of international economic relations is expressed in manufacture and agriculture exports and imports. Our methodological approach reveals the dependence between manufacture and agriculture exports and imports and the manufacturing and agriculture output, including correlation analysis.
The analysis has shown the interrelation of the development processes of domestic manufacturing and agriculture, their export and import in — The import decrease and export increase after were mainly due to regional specialization in international division of labour. This demonstrates the results of import substitution. The research results can be used for further development of the strategies of regional international economic activity including such instruments as import substitution and export promotion.
The results of study of the process of income accounting of retail enterprises of consumer cooperation were described in article. The main problems that arise in the analyzed entities practice have been determined. The proposals which were substantiated can improve the information content of accounting, and as a result to improve the operation of the enterprise in general. The phenomena of materialism in science, led to the direct link of income to well-being.
Despite dualism of well-being subjective and objective , it was interpreted as mostly influenced by income, what led to uncontrolled worldwide economic growth explained by increase of welfare. The object of this article is the influence of income to happiness. The aim is to determine how economic factor of income influence subjective wellbeing happiness in the context of Europe. Following questions can reflect the problem of this article: Do inhabitants of wealthy countries have higher evaluation of happiness?
Does higher income guarantee higher happiness? Does increase of income lead to the increase of happiness? Climate change often referred to as global warming is one of the most important issues of the century, and is caused by many factors especially the activities emanating from industrial cluster.
The paper therefore, underscores the influence of clustering on climate change. The paper adopts secondary sources of data; and has found out that despite the tremendous benefits of clustering in regional development, especially economic revamping, rejuvenation, overhauling and sustenance, it is not without some negative consequences.
One of the major consequences is industrial pollution which has greatly increased atmospheric concentration of water vapour, methane, carbon-dioxide and nitrous oxide, all greenhouse gases which has significantly contributed to climate change. The paper further revealed the various consequences of global warming such as, large scale water and food shortages which can lead to catastrophic effects on wild life.
Other consequence includes hurricane, droughts, heat waves and wild fire, changing ecosystem and acidifying ocean and other natural disaster. The paper has found out that, though clustering policy could be harnessed to launch a region into the desired goal of rapid industrialization; the negative impacts especially the emission of gases should be adequately curtailed by government through enacting environmental laws and regulations that promote sustainable industrial development.
This could be achieved through the enforcement of pollution laws and control of the energy consumption of these industries. Nations should come together in order to provide solution to the problem of global warming.
A good financial situation of the companies involved in the survey is closely connected with intellectual capital, especially human capital and innovative capital. Thanks to new technologies, products, certificates and patents which are vital elements of innovative capital, companies can compete and stand out in the world of business.
However, those components can be created only thanks to experienced, creative and well-educated staff. Podkarpackie Province has become more and more attractive in terms of economy. The research carried out among respondents from various companies, selected intellectual capital indicators and the analysis of economic and financial indicators — mainly profitability- confirm that the companies in the area consequently raise their value by means of a continuous development and by reinforcing their intellectual and creative potential.
As a result their competitiveness and market share increase. The results of the research mentioned in the article provide information concerning the extent of intellectual capital in selected enterprises and its influence on competitiveness of companies. The attempt to evaluate the extent of intellectual capital and its influence on competitiveness, explains the issue of non-tangible assets which closely connected with businesses.
However, it is already clear that in the future the value of the companies and their development will be largely influenced by properly exploited intellectual capital which every company has.
Communication process plays an important role in everyday life and much more in organizations, in general and in banking organizations, in particular. Because of the dynamic of banking environment, any change raises suspicions in customer perceptions, so, there is needed a special attention to the communication process considered in terms of internal and external perspective. This paper aims to analyze internal and external communication of three banking institutions and their impact on quality of services provided, viewed from the perspective of customers.
From the research conducted a series of internal communication problems were noticed, namely the horizontal communication, which, once resolved, could positively influence service quality. Also there was found an awareness of the importance of communication between employees and customers, aspect noted by both investigated categories. This article assesses the impact of the inflation and interest rates on the exchange rates. The analysis tests the relation between the inflation rate and the exchange rate by applying the Purchasing Power Parity Theory, while the relation between the interest rate and the inflation rate is tested by applying the International Fisher Effect Theory.
Thus, both theories analyse the USA as home country. This paper examines empirically a policy question whether or not there is a significant effect of the character of the relationships between the third sector organizations and public administration units for distribution of public resources at the local community level gmina orcommunes. The key issue concerns the role of NGOs in making the level of community deprivation — measured by multidimensional index of local deprivation MILD — a factor in allocating resources to gmina in the form of various subsidies accrued to it.
An evaluation of the relative importance of the two competing criteria, equity andefficiency — which are typically, at least implicitly, involved in distribution of public resources — is conducted using public statistics data from the Bank of Local Data for years and Since it is usually assumed that the former remains of focus of the third sector units while the latter seems to remain under responsibility of the administration, one may expect that the type of relations between them will affect the prevalence of one of the two criteria over the others, without.