K. Brychta, Matheus Chebli de Abreu, J. Hudenko, Lucas Scheremetta Santos, Lucas Poubel
Abstract Transfer pricing (TP) is based on many principles – the essential one is the Arm´s Length Principle (ALP). In this respect, the term “associated persons” is of crucial importance: associated persons must be involved in transactions in order for the ALP to be applied. The aim of the paper is to contribute to existing comparative analysis of TP rules – specifically, to provide a critical analysis of the term “associated persons” as prescribed by domestic law in Brazil, the Czech Republic, and Latvia. The key goals of the research conducted were to provide a comprehensive picture of the variety of definitions, to indicate relationships between international law and domestic law, and last, but not least, to highlight various concepts of the term “associated persons” and to identify problematic aspects connected with the interpretation of the definitions and the applications of the related rules. The study, which is based on qualitative research, is exploratory and interpretative in its nature. Its results present a background for further research and point to the fragmentation of law on TP with respect to the investigated issue. On the basis of the results of the comparative study one can conclude significant differences among, and fragmentation in, the definitions of the term “associated persons” both in respect of the number of categories established and in respect of the absence of the autonomy of the definitions of the term “associated persons” as provided by public law (especially by income tax acts). At the same time one can conclude the same position regarding the application of double tax treaties in all the countries for which the study was carried out.
{"title":"The concept of associated persons as a key and potentially problematic aspect in transfer pricing","authors":"K. Brychta, Matheus Chebli de Abreu, J. Hudenko, Lucas Scheremetta Santos, Lucas Poubel","doi":"10.2478/fiqf-2023-0003","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0003","url":null,"abstract":"Abstract Transfer pricing (TP) is based on many principles – the essential one is the Arm´s Length Principle (ALP). In this respect, the term “associated persons” is of crucial importance: associated persons must be involved in transactions in order for the ALP to be applied. The aim of the paper is to contribute to existing comparative analysis of TP rules – specifically, to provide a critical analysis of the term “associated persons” as prescribed by domestic law in Brazil, the Czech Republic, and Latvia. The key goals of the research conducted were to provide a comprehensive picture of the variety of definitions, to indicate relationships between international law and domestic law, and last, but not least, to highlight various concepts of the term “associated persons” and to identify problematic aspects connected with the interpretation of the definitions and the applications of the related rules. The study, which is based on qualitative research, is exploratory and interpretative in its nature. Its results present a background for further research and point to the fragmentation of law on TP with respect to the investigated issue. On the basis of the results of the comparative study one can conclude significant differences among, and fragmentation in, the definitions of the term “associated persons” both in respect of the number of categories established and in respect of the absence of the autonomy of the definitions of the term “associated persons” as provided by public law (especially by income tax acts). At the same time one can conclude the same position regarding the application of double tax treaties in all the countries for which the study was carried out.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131213810","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Since the beginning of the 1980s, a continuous process of integration of national and regional markets into one global market for goods, services and capital can be noticed. Both economic theory and market practice indicate that the level of the exchange rate primarily depends on macroeconomic variables (such as interest rates or the number of new jobs in the non-agricultural sector). The results of the research presented in the article regard the importance of US macroeconomic data publications for the short-term volatility of EUR/USD exchange rate. The main purpose of the study was to show whether macroeconomic data from the United States affects the short-term development of the EUR/USD exchange rate and whether the Forex market is a good way to multiply capital. The following research questions have been posed: does the EUR/USD exchange rate react to the published macroeconomic data from the American economy? Second, is whether investing in the Forex market could be a way to multiply capital in times of economic boom and recession. This paper presents the effects of my own research and observations in terms of the impact of US macroeconomic data, on shaping exchange rates of the Forex market. Based on my own investment experience my goal is to prove, that Forex market is a perfect way to multiply capital. My investment decisions regarding future exchange rate fluctuations, were based on the presented macroeconomic data from the US economy, as well as on the basis of important leading economic indicators. The position was opened and closed on the same day. The trading contracts have been made throughout 7 working days. The underlying financial instruments were EUR/USD and OIL. The conclusions of this study are as follows. The USD/PLN exchange rate reacted to the published macroeconomic data from USA. The strongest exchange rate reaction was noticed after publications of data regarding US Non-farm Payrolls (NFP), Initial Jobless Claims and ISM Services PMI. Strong exchange rate reaction was recorded after ADP US Private Sector Jobs and Factory orders report. When taking described investment examples into account, it can be clearly stated that investing in the Forex market is an excellent alternative to stock investments.
{"title":"Forex market as the best possible way of investing money during an economic boom and recession","authors":"Wojciech Zembura","doi":"10.2478/fiqf-2023-0002","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0002","url":null,"abstract":"Abstract Since the beginning of the 1980s, a continuous process of integration of national and regional markets into one global market for goods, services and capital can be noticed. Both economic theory and market practice indicate that the level of the exchange rate primarily depends on macroeconomic variables (such as interest rates or the number of new jobs in the non-agricultural sector). The results of the research presented in the article regard the importance of US macroeconomic data publications for the short-term volatility of EUR/USD exchange rate. The main purpose of the study was to show whether macroeconomic data from the United States affects the short-term development of the EUR/USD exchange rate and whether the Forex market is a good way to multiply capital. The following research questions have been posed: does the EUR/USD exchange rate react to the published macroeconomic data from the American economy? Second, is whether investing in the Forex market could be a way to multiply capital in times of economic boom and recession. This paper presents the effects of my own research and observations in terms of the impact of US macroeconomic data, on shaping exchange rates of the Forex market. Based on my own investment experience my goal is to prove, that Forex market is a perfect way to multiply capital. My investment decisions regarding future exchange rate fluctuations, were based on the presented macroeconomic data from the US economy, as well as on the basis of important leading economic indicators. The position was opened and closed on the same day. The trading contracts have been made throughout 7 working days. The underlying financial instruments were EUR/USD and OIL. The conclusions of this study are as follows. The USD/PLN exchange rate reacted to the published macroeconomic data from USA. The strongest exchange rate reaction was noticed after publications of data regarding US Non-farm Payrolls (NFP), Initial Jobless Claims and ISM Services PMI. Strong exchange rate reaction was recorded after ADP US Private Sector Jobs and Factory orders report. When taking described investment examples into account, it can be clearly stated that investing in the Forex market is an excellent alternative to stock investments.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125284912","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The purpose of this study is to look into the capability of cryptocurrencies as a viable alternative to traditional payment methods in the travel and tourism industry. Given the increasing popularity of digital currencies, the tourism industry must consider alternative payment methods. The study's goal is to determine whether cryptocurrencies can be a safe and practical payment option for the travel and tourism industry. The benefits and drawbacks of cryptocurrency adoption in the travel and tourism industry were examined using a case study method. The study focused on customer preferences, security, and regulatory compliance. In-depth research was conducted on a select group of companies that have already implemented cryptocurrency as a payment option, as well as on interviews of business leaders. According to the study's findings, there is a high demand for the adoption of cryptocurrencies in the travel and tourism sector. Customers seeking secure and convenient payment methods may benefit from the use of cryptocurrencies. The study emphasizes the importance of addressing security concerns and regulatory compliance, as these are significant barriers to cryptocurrency adoption in the travel industry. The study provides a road map for cryptocurrency adoption in the travel industry, recommending that the industry focus on developing secure and user-friendly cryptocurrency payment methods, as well as actively collaborate with regulatory bodies to ensure compliance. This case study offers valuable insights to industry participants on how to effectively embrace and use cryptocurrencies in day-to-day business operations. Finally, this study offers a thorough examination of the potential of cryptocurrencies as a new form of payment in the travel and tourism industry. The findings of the study provide a clear understanding of the benefits and drawbacks of using cryptocurrencies, as well as valuable insights for industry participants on how to effectively adopt and use cryptocurrencies in their operations.
{"title":"Cryptocurrency as a method of payment in the tourism sector","authors":"Azamat Aiazbekov","doi":"10.2478/fiqf-2023-0006","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0006","url":null,"abstract":"Abstract The purpose of this study is to look into the capability of cryptocurrencies as a viable alternative to traditional payment methods in the travel and tourism industry. Given the increasing popularity of digital currencies, the tourism industry must consider alternative payment methods. The study's goal is to determine whether cryptocurrencies can be a safe and practical payment option for the travel and tourism industry. The benefits and drawbacks of cryptocurrency adoption in the travel and tourism industry were examined using a case study method. The study focused on customer preferences, security, and regulatory compliance. In-depth research was conducted on a select group of companies that have already implemented cryptocurrency as a payment option, as well as on interviews of business leaders. According to the study's findings, there is a high demand for the adoption of cryptocurrencies in the travel and tourism sector. Customers seeking secure and convenient payment methods may benefit from the use of cryptocurrencies. The study emphasizes the importance of addressing security concerns and regulatory compliance, as these are significant barriers to cryptocurrency adoption in the travel industry. The study provides a road map for cryptocurrency adoption in the travel industry, recommending that the industry focus on developing secure and user-friendly cryptocurrency payment methods, as well as actively collaborate with regulatory bodies to ensure compliance. This case study offers valuable insights to industry participants on how to effectively embrace and use cryptocurrencies in day-to-day business operations. Finally, this study offers a thorough examination of the potential of cryptocurrencies as a new form of payment in the travel and tourism industry. The findings of the study provide a clear understanding of the benefits and drawbacks of using cryptocurrencies, as well as valuable insights for industry participants on how to effectively adopt and use cryptocurrencies in their operations.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130524848","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The development of technology and the globalization of financial markets have increased the volatility in financial markets and caused the emergence of risks and uncertainties that have not been previously encountered. Since traditional econometric models cannot fully explain this volatility, nonlinear conditional variance models such as ARCH, GARCH, EGARCH and TARCH are used today. From this point of view, this study aims to determine the most explanatory model that fund managers who are considering investing in the Borsa Istanbul 100 (BIST 100) Index, and academicians doing research on this subject, can use in estimating the BIST 100 Index return volatility. For this purpose, ARCH and GARCH models, as symmetric models, and EGARCH and TARCH models, as asymmetric nonlinear conditional models, are included in the econometric analysis by using the end-of-day values of 2657 observations belonging to the 04.01.2010-28.07.2020 period. According to the empirical results of the study, the TARCH model, which has the highest level of explanatory power, gives the most successful results among related models in revealing BIST 100 Index return volatility.
{"title":"Symmetric and asymmetric volatility: Forecasting the Borsa Istanbul 100 index return volatility","authors":"Selma Öner, Hakan Öner","doi":"10.2478/fiqf-2023-0005","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0005","url":null,"abstract":"Abstract The development of technology and the globalization of financial markets have increased the volatility in financial markets and caused the emergence of risks and uncertainties that have not been previously encountered. Since traditional econometric models cannot fully explain this volatility, nonlinear conditional variance models such as ARCH, GARCH, EGARCH and TARCH are used today. From this point of view, this study aims to determine the most explanatory model that fund managers who are considering investing in the Borsa Istanbul 100 (BIST 100) Index, and academicians doing research on this subject, can use in estimating the BIST 100 Index return volatility. For this purpose, ARCH and GARCH models, as symmetric models, and EGARCH and TARCH models, as asymmetric nonlinear conditional models, are included in the econometric analysis by using the end-of-day values of 2657 observations belonging to the 04.01.2010-28.07.2020 period. According to the empirical results of the study, the TARCH model, which has the highest level of explanatory power, gives the most successful results among related models in revealing BIST 100 Index return volatility.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"80 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122113898","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Green technology innovation and effective use of green financing tools are very important in order to ensure sustainable economic and environmental development without environmental degradation, and to decarbonize all sectors. Evaluating the green investment process together with the inputs, outputs and the factors involved in the process will make important contributions in terms of determining the current situation, developing new and effective policies and raising awareness on green finance. For all these reasons, it is aimed to reveal the interaction mechanisms between GFI, CO2 emissions and GDP in this study. GFI, CO2 emissions, and GDP variables covering 26 countries between 2018-2021 were analyzed using panel data analysis with a fixed effects model. Firstly, it is found that CO2 emission had a negative effect on GFI, but GDP had a positive effect on GFI, and the effect of CO2 was greater than GDP. Secondly, GFI was found to have negative effects on CO2 emissions whereas GDP had positive effects, with GFI benefiting slightly more than GDP from these effects. Thirdly, GDP was shown to be positively affected by both GFI and CO2, and the analyses revealed that the effect of CO2 was much greater than that of GFI. The findings are considered important in terms of making predictions in terms of understanding and developing green finance and its effects.
{"title":"Relationship between the green finance index, CO2 emission, and GDP","authors":"Çağrı Hamurcu","doi":"10.2478/fiqf-2023-0007","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0007","url":null,"abstract":"Abstract Green technology innovation and effective use of green financing tools are very important in order to ensure sustainable economic and environmental development without environmental degradation, and to decarbonize all sectors. Evaluating the green investment process together with the inputs, outputs and the factors involved in the process will make important contributions in terms of determining the current situation, developing new and effective policies and raising awareness on green finance. For all these reasons, it is aimed to reveal the interaction mechanisms between GFI, CO2 emissions and GDP in this study. GFI, CO2 emissions, and GDP variables covering 26 countries between 2018-2021 were analyzed using panel data analysis with a fixed effects model. Firstly, it is found that CO2 emission had a negative effect on GFI, but GDP had a positive effect on GFI, and the effect of CO2 was greater than GDP. Secondly, GFI was found to have negative effects on CO2 emissions whereas GDP had positive effects, with GFI benefiting slightly more than GDP from these effects. Thirdly, GDP was shown to be positively affected by both GFI and CO2, and the analyses revealed that the effect of CO2 was much greater than that of GFI. The findings are considered important in terms of making predictions in terms of understanding and developing green finance and its effects.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129183286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The subject of this study is loyalty programs. The aim of the article is to draw attention to loyalty in the current economy. The purpose of the article is to examine the evolution of loyalty programs offered to consumers and investors. The study will cover the issue of building a loyal base of clients and investors. To achieve the aim of the study in the article, analysis of the literature, description, comparison, desk research and case study methods were applied. The study presents the author's definition and classification of loyalty programs. The research has demonstrated that there is social acceptance for activities undertaken in the field of loyalty programs. Such loyalty programs tighten financial and non-financial links with stakeholders. At the same time, programs offered to consumers are evolving towards creating an emotional loyalty that resonates with consumers. In turn, programs offered to investors are evolving towards generating financial benefits only on the capital market. However, that means resigning from creating an investor as a consumer through the loyalty program. At the same time, the loyalty program is open to every investor, regardless of the country of origin and type of investor. It can be expected that in the next stage of evolution these will be aware of their rights and environmentally sensitive stakeholders’ attitudes and preferences will have to be taken into account to an increasing extent by the company
{"title":"Evolution of loyalty programs offered to customers and investors","authors":"Danuta Dziawgo","doi":"10.2478/fiqf-2023-0004","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0004","url":null,"abstract":"Abstract The subject of this study is loyalty programs. The aim of the article is to draw attention to loyalty in the current economy. The purpose of the article is to examine the evolution of loyalty programs offered to consumers and investors. The study will cover the issue of building a loyal base of clients and investors. To achieve the aim of the study in the article, analysis of the literature, description, comparison, desk research and case study methods were applied. The study presents the author's definition and classification of loyalty programs. The research has demonstrated that there is social acceptance for activities undertaken in the field of loyalty programs. Such loyalty programs tighten financial and non-financial links with stakeholders. At the same time, programs offered to consumers are evolving towards creating an emotional loyalty that resonates with consumers. In turn, programs offered to investors are evolving towards generating financial benefits only on the capital market. However, that means resigning from creating an investor as a consumer through the loyalty program. At the same time, the loyalty program is open to every investor, regardless of the country of origin and type of investor. It can be expected that in the next stage of evolution these will be aware of their rights and environmentally sensitive stakeholders’ attitudes and preferences will have to be taken into account to an increasing extent by the company","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114150598","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The results of the research presented in the article regard the importance of publication of macroeconomic data from the United States for the short-term USD/PLN currency pair exchange rate volatility. The main purpose of the research was to indicate what macroeconomic data is important for the short-term USD/PLN exchange rate volatility. The following research questions have been posed does the USD/PLN exchange rate react to the published macroeconomic data from the American economy and second could greater USD/PLN exchange rate volatility be observed during the COVID pandemic and has the war in Ukraine impacted the USD/PLN exchange rate volatility. International Foreign Exchange Market is the largest and most dynamically developing financial market in the world. In the globalized world the exchange rates are mainly influenced by economic factors. The most significant economic factors that impact short-term exchange rate volatility are primarily macroeconomic data from the American economy. Therefore in this article the author attempts to analyze macroeconomic data and their impact on short-term USD/PLN exchange rate volatility. Data based on which the research was made is as follows: Consumer Price Index, Non-Farm Payrolls (NFP), Services PMI, Manufacturing PMI, Empire State Manufacturing Index or Retail Sales. The analysis of connections between the publication of macroeconomic data and the reaction of exchange rates was carried out using the linear regression model with GARCH process for the random parameter. Conclusions of this research is exchange rate volatility USD/PLN was higher after publications of the macroeconomic data from Americans economy. The strongest exchange rate reaction was after publication of data regarding inflation, Manufacturing PMI and Retail Sales. In the COVID (1.03.20—14.02.22) period we observed increased USD/PLN exchange rate volatility. Exchange rate volatility was expressly larger in the period of war in Ukraine (15.02.22 – end of experiment).
{"title":"Reaction of the USD/PLN currency pair exchange rate to the published macroeconomic data","authors":"Jolanta Pasionek","doi":"10.2478/fiqf-2023-0001","DOIUrl":"https://doi.org/10.2478/fiqf-2023-0001","url":null,"abstract":"Abstract The results of the research presented in the article regard the importance of publication of macroeconomic data from the United States for the short-term USD/PLN currency pair exchange rate volatility. The main purpose of the research was to indicate what macroeconomic data is important for the short-term USD/PLN exchange rate volatility. The following research questions have been posed does the USD/PLN exchange rate react to the published macroeconomic data from the American economy and second could greater USD/PLN exchange rate volatility be observed during the COVID pandemic and has the war in Ukraine impacted the USD/PLN exchange rate volatility. International Foreign Exchange Market is the largest and most dynamically developing financial market in the world. In the globalized world the exchange rates are mainly influenced by economic factors. The most significant economic factors that impact short-term exchange rate volatility are primarily macroeconomic data from the American economy. Therefore in this article the author attempts to analyze macroeconomic data and their impact on short-term USD/PLN exchange rate volatility. Data based on which the research was made is as follows: Consumer Price Index, Non-Farm Payrolls (NFP), Services PMI, Manufacturing PMI, Empire State Manufacturing Index or Retail Sales. The analysis of connections between the publication of macroeconomic data and the reaction of exchange rates was carried out using the linear regression model with GARCH process for the random parameter. Conclusions of this research is exchange rate volatility USD/PLN was higher after publications of the macroeconomic data from Americans economy. The strongest exchange rate reaction was after publication of data regarding inflation, Manufacturing PMI and Retail Sales. In the COVID (1.03.20—14.02.22) period we observed increased USD/PLN exchange rate volatility. Exchange rate volatility was expressly larger in the period of war in Ukraine (15.02.22 – end of experiment).","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128509570","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The aim of the paper is to discuss one of the major topical and controversial issues in contemporary statistics, which is the separation of monetary and fiscal operations in national accounts. This issue revolves mainly around the operation of public financial institutions mandated to carry out monetary as well as fiscal transactions on behalf of governments. After discussing the methodological dimension of the point at issue, the paper numerically demonstrates the impact on final figures given the existing data constraints. Admittedly, substantial changes to the current recporting may modify the aggregates utilized in the analysis of the fiscal sustainability or the economic role of the government as such. The paper demonstrates that the statistical uncertainty about the size of the government sector is a fundamental issue. The impact on the level of government indebtedness may reach up to tens of percentage points.
{"title":"On separation of monetary and fiscal operations in macroeconomics statistics","authors":"Václav Rybáček, J. Janáček","doi":"10.2478/fiqf-2022-0023","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0023","url":null,"abstract":"Abstract The aim of the paper is to discuss one of the major topical and controversial issues in contemporary statistics, which is the separation of monetary and fiscal operations in national accounts. This issue revolves mainly around the operation of public financial institutions mandated to carry out monetary as well as fiscal transactions on behalf of governments. After discussing the methodological dimension of the point at issue, the paper numerically demonstrates the impact on final figures given the existing data constraints. Admittedly, substantial changes to the current recporting may modify the aggregates utilized in the analysis of the fiscal sustainability or the economic role of the government as such. The paper demonstrates that the statistical uncertainty about the size of the government sector is a fundamental issue. The impact on the level of government indebtedness may reach up to tens of percentage points.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122326988","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Repeated payments create a certain habit in terms of the preferred payment method. Its formation stems from the simultaneous effect of a variety of factors, while its persistent character implies a difficulty in its change. The outbreak of the COVID-19 pandemic has influenced the terms of how society functions, thus affecting multiple spheres of people’s lives, including making purchases and payments. The aim of this paper is to identify and present the multidimensional impact of the COVID-19 pandemic on payment method preferences of people in Poland. The results indicate that the COVID-19 pandemic has stimulated the shrinkage of cash exchanges while at the same time made the tendency to use cashless payment methods grow. Cash payments are a path for viral transmissions and, thus, a potential source of infection and viewing them as an unsafe payment method effected the turn to cashless forms of payment. It is important to note that this fact constitutes one of the most vital factors of the dynamic growth of the BLIK payment system - a multi-institutional cashless payment system, working independently of the present card-based systems in Poland. Based on the conducted study it can be stated that the COVID-19 pandemic significantly changed payment method preferences of the people in Poland, yet the permanence of those changes will only be possible to determine in a larger timeframe.
{"title":"Effects of COVID-19 on payment method preferences of Poles","authors":"J. Kubiczek","doi":"10.2478/fiqf-2022-0026","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0026","url":null,"abstract":"Abstract Repeated payments create a certain habit in terms of the preferred payment method. Its formation stems from the simultaneous effect of a variety of factors, while its persistent character implies a difficulty in its change. The outbreak of the COVID-19 pandemic has influenced the terms of how society functions, thus affecting multiple spheres of people’s lives, including making purchases and payments. The aim of this paper is to identify and present the multidimensional impact of the COVID-19 pandemic on payment method preferences of people in Poland. The results indicate that the COVID-19 pandemic has stimulated the shrinkage of cash exchanges while at the same time made the tendency to use cashless payment methods grow. Cash payments are a path for viral transmissions and, thus, a potential source of infection and viewing them as an unsafe payment method effected the turn to cashless forms of payment. It is important to note that this fact constitutes one of the most vital factors of the dynamic growth of the BLIK payment system - a multi-institutional cashless payment system, working independently of the present card-based systems in Poland. Based on the conducted study it can be stated that the COVID-19 pandemic significantly changed payment method preferences of the people in Poland, yet the permanence of those changes will only be possible to determine in a larger timeframe.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"54 9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134449125","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract The goal of the article is to examine the relationship between government expenditure and economic growth in the Visegrad Group in the period 2000-2020. Economic theory as well as published studies have suggested that government expenditure is an important factor in ensuring economic growth, which has been the subject of increased interest in recent years. The article focuses on development of government expenditure, changes in its composition in individual countries during the analyzed period, and also on the direction of influence between these variables. Real GDP time series were cyclically adjusted as well as annual data on government expenditure which were used in compliance with the COFOG international standard. The results suggest that government expenditure and their composition are similar in the Visegrad Group despite the existing differences in the size of the public sector. On the other hand, the cyclicality of government expenditure differs across the countries. Results suggest that countries of the Visegrad Group did not use government expenditure as a stabilizer in the monitored period. Government expenditure was acyclical in Slovakia and procyclical in other countries of the Vise-grad Group. Applied Granger causality methodology provides mixed conclusions about the relationship between government expenditure and economic growth. Nevertheless, unidirectional Granger causality from GDP growth to government expenditure and its divisions predominates, which means that economic growth comes first, followed by government expenditure.
{"title":"Relationship between government expenditure and economic growth in Visegrad Group","authors":"Irena Szarowská","doi":"10.2478/fiqf-2022-0024","DOIUrl":"https://doi.org/10.2478/fiqf-2022-0024","url":null,"abstract":"Abstract The goal of the article is to examine the relationship between government expenditure and economic growth in the Visegrad Group in the period 2000-2020. Economic theory as well as published studies have suggested that government expenditure is an important factor in ensuring economic growth, which has been the subject of increased interest in recent years. The article focuses on development of government expenditure, changes in its composition in individual countries during the analyzed period, and also on the direction of influence between these variables. Real GDP time series were cyclically adjusted as well as annual data on government expenditure which were used in compliance with the COFOG international standard. The results suggest that government expenditure and their composition are similar in the Visegrad Group despite the existing differences in the size of the public sector. On the other hand, the cyclicality of government expenditure differs across the countries. Results suggest that countries of the Visegrad Group did not use government expenditure as a stabilizer in the monitored period. Government expenditure was acyclical in Slovakia and procyclical in other countries of the Vise-grad Group. Applied Granger causality methodology provides mixed conclusions about the relationship between government expenditure and economic growth. Nevertheless, unidirectional Granger causality from GDP growth to government expenditure and its divisions predominates, which means that economic growth comes first, followed by government expenditure.","PeriodicalId":213695,"journal":{"name":"Financial Internet Quarterly","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133402992","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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