This research analyses the co-movements between sovereign debt markets, and the stock markets of Germany, Portugal, and Greece, in the period 2009:10 – 2015:07. It aims to provide answers to two questions, namely, whether: i) Was there contagion between bond markets and the Eurozone stock markets? ii) Did the financial sector show contagion? The study used GARCH-DCC econometric models, with the purpose of estimating the dynamic correlation between the markets, using daily data of 10-year OT yields for Greece and Portugal, as well as price indices for Portugal (PSI-20, PSI Financial), and Germany (DAX-30 and DAX Financial). In addition, we also evaluate the variation of the correlation in each of the identified crisis periods against a reference period (pre-crisis). The results suggest contagion from the Greek sovereign debt market to the Portuguese and German stock markets. We found that the Portuguese debt market influenced the German stock market, in a market and financial sector context. In conclusion, it is assumed that the results reveal some understanding of the behaviour of investors under extreme market conditions and contribute to the understanding of the connection between sovereign risk and financial sector risk by market agents, including regulators and policy-makers, who seek to ensure the stability of the international financial system, of which the stock markets are a part of.
{"title":"THE CONTAGION EFFECT IN EUROPE: A DCC GARH APPROACH","authors":"Paulo Alexandre, Paula Heliodoro, R. Dias","doi":"10.31410/limen.2019.73","DOIUrl":"https://doi.org/10.31410/limen.2019.73","url":null,"abstract":"This research analyses the co-movements between sovereign debt markets, and the stock markets of Germany, Portugal, and Greece, in the period 2009:10 – 2015:07. It aims to provide answers to two questions, namely, whether: i) Was there contagion between bond markets and the Eurozone stock markets? ii) Did the financial sector show contagion? The study used GARCH-DCC econometric models, with the purpose of estimating the dynamic correlation between the markets, using daily data of 10-year OT yields for Greece and Portugal, as well as price indices for Portugal (PSI-20, PSI Financial), and Germany (DAX-30 and DAX Financial). In addition, we also evaluate the variation of the correlation in each of the identified crisis periods against a reference period (pre-crisis). The results suggest contagion from the Greek sovereign debt market to the Portuguese and German stock markets. We found that the Portuguese debt market influenced the German stock market, in a market and financial sector context. In conclusion, it is assumed that the results reveal some understanding of the behaviour of investors under extreme market conditions and contribute to the understanding of the connection between sovereign risk and financial sector risk by market agents, including regulators and policy-makers, who seek to ensure the stability of the international financial system, of which the stock markets are a part of.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128866124","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}
Planning has increasingly been gaining in significance in a more recent period and at all levels. There is also room for developing more perfect and newer forms of planning. The market is becoming an economic space both as the subject matter of contemporary business planning and the subject matter of a contemporary plan. The management structure (i.e. management) is not only faced with dilemmas regarded as either plan or market dilemmas, but rather as both plan and market dilemmas.
{"title":"PLANNING IN CONTEMPORARY MANAGEMENT CONDITIONS","authors":"Slobodan N. Bracanović","doi":"10.31410/limen.2019.15","DOIUrl":"https://doi.org/10.31410/limen.2019.15","url":null,"abstract":"Planning has increasingly been gaining in significance in a more recent period and at all levels. There is also room for developing more perfect and newer forms of planning. The market is becoming an economic space both as the subject matter of contemporary business planning and the subject matter of a contemporary plan. The management structure (i.e. management) is not only faced with dilemmas regarded as either plan or market dilemmas, but rather as both plan and market dilemmas.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124469627","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}
The scale of production and export of defence-related and special production from Bulgaria has increased steadily over recent years. The Export of this group of goods is expected to exceed the value of €1 billion at the end of 2019. The Bulgarian Defence Technological and Industrial Base (BDTIB) is making a significant contribution to this process. The purpose of the author is to present summarized results of an analysis of the challenges to the functioning and development of this important for the Bulgarian economy industrial sector. From a practical point of view, the results of the analysis would be particularly useful for decision-makers in the sector at the state and company level, researchers and other stakeholders. Significant opportunities and risks to the BDTIB have also been outlined in two main directions. The first one is related to the current situation on the specific and highly competitive international markets for defence goods and services defined as very dynamic and rapidly changing. Bulgarian enterprises are forced to actively compete for their presence in these markets without any state support. The second challenge ahead of BDTIB is the dismal results of the overall process of modernizing the Bulgarian security sector. BDTIB continues to seek its adequate role in the national modernization projects for the Bulgarian Armed Forces and Ministry of Interior of the Republic of Bulgaria. For all these reasons, the results of BDTIB’s activities in recent years have contributed indirectly to Bulgaria’s national security.
{"title":"THE BULGARIAN DEFENCE TECHNOLOGICAL AND INDUSTRIAL BASE AND THE NATIONAL SECURITY OF BULGARIA","authors":"I. Ivanov","doi":"10.31410/limen.2019.43","DOIUrl":"https://doi.org/10.31410/limen.2019.43","url":null,"abstract":"The scale of production and export of defence-related and special production from Bulgaria has increased steadily over recent years. The Export of this group of goods is expected to exceed the value of €1 billion at the end of 2019. The Bulgarian Defence Technological and Industrial Base (BDTIB) is making a significant contribution to this process. The purpose of the author is to present summarized results of an analysis of the challenges to the functioning and development of this important for the Bulgarian economy industrial sector. From a practical point of view, the results of the analysis would be particularly useful for decision-makers in the sector at the state and company level, researchers and other stakeholders. Significant opportunities and risks to the BDTIB have also been outlined in two main directions. The first one is related to the current situation on the specific and highly competitive international markets for defence goods and services defined as very dynamic and rapidly changing. Bulgarian enterprises are forced to actively compete for their presence in these markets without any state support. The second challenge ahead of BDTIB is the dismal results of the overall process of modernizing the Bulgarian security sector. BDTIB continues to seek its adequate role in the national modernization projects for the Bulgarian Armed Forces and Ministry of Interior of the Republic of Bulgaria. For all these reasons, the results of BDTIB’s activities in recent years have contributed indirectly to Bulgaria’s national security.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116965175","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}
One of the most difficult concepts to define and give universal definition certainly is the concept of “leadership,” because it is applicable in every aspect of our life. The orthodox meaning of leadership is “ for individual within a group to lead and others to follow.” However, here it addresses the dilemma of where, exactly the quality of the “leader” or the “leadership” resides. Is it morality important for leadership? What about the concept of “ethical consciousness” of a leader? Almost every politician we hear today regularly extols the rule of law. However, what does the rule of law actually mean? We need leaders who better understand the rule of law. This paper will try to find answers to very thorny question: If we define leadership as value-based virtue, which values matter most? In addition, how do we deal with the most sensitive decisions made by governments, which are currently incompatible with the definitions of the rule of law and international law.
{"title":"POLITICAL “IDEALISTIC” LEADERSHIP AND THE RULE OF LAW","authors":"Larisa Vasileska","doi":"10.31410/limen.2019.141","DOIUrl":"https://doi.org/10.31410/limen.2019.141","url":null,"abstract":"One of the most difficult concepts to define and give universal definition certainly is the concept of “leadership,” because it is applicable in every aspect of our life. The orthodox meaning of leadership is “ for individual within a group to lead and others to follow.” However, here it addresses the dilemma of where, exactly the quality of the “leader” or the “leadership” resides. Is it morality important for leadership? What about the concept of “ethical consciousness” of a leader? Almost every politician we hear today regularly extols the rule of law. However, what does the rule of law actually mean? We need leaders who better understand the rule of law. This paper will try to find answers to very thorny question: If we define leadership as value-based virtue, which values matter most? In addition, how do we deal with the most sensitive decisions made by governments, which are currently incompatible with the definitions of the rule of law and international law.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133366043","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}
Z. Ćirić, O. Sedlak, Stojan Ivanišević, Bulevar cara Lazara Novi Sad Serbia Jkp Informatika Novi Sad
The primary objective of this paper is to conduct a systematic literature review to analyse contemporary scientific literature to determine a list of blockchain IT system implementation critical success factors. Scientific literature is available for the critical success factors that are impacting implementation for IT projects in general; however, it is of scientific and practical importance to whether these factors and their influence change when it comes to blockchain projects and even to determine does some additional critical success factors impact the success of the blockchain information system implementation in the smart cities.
{"title":"IDENTIFICATION OF CRITICAL SUCCESS FACTORS FOR THE IMPLEMENTATION OF THE BLOCKCHAIN PROJECTS IN THE SMART CITIES","authors":"Z. Ćirić, O. Sedlak, Stojan Ivanišević, Bulevar cara Lazara Novi Sad Serbia Jkp Informatika Novi Sad","doi":"10.31410/limen.2019.129","DOIUrl":"https://doi.org/10.31410/limen.2019.129","url":null,"abstract":"The primary objective of this paper is to conduct a systematic literature review to analyse contemporary scientific literature to determine a list of blockchain IT system implementation critical success factors. Scientific literature is available for the critical success factors that are impacting implementation for IT projects in general; however, it is of scientific and practical importance to whether these factors and their influence change when it comes to blockchain projects and even to determine does some additional critical success factors impact the success of the blockchain information system implementation in the smart cities.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"81 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122889831","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}
The purpose of this paper is to analyse the link between microfinance and tourism, explaining how microfinance institutions (MFIs) in Albania are supporting the development of tourism through providing microcredit to small tourism enterprises. Microfinance can offer low income people specifically those called un-bankable, the necessary financial support to enter entrepreneurship activities in tourism sector. On the other side, tourism development can contribute to reduce poverty through economic development especially in rural and mountainous areas. Primary data are used to show a descriptive panorama of the two main variables and a casual analysis is done through secondary data on tourism and microcredit sector in Albania. Using a Linear Regression Analysis, it is evidenced a relationship between the two analysed variables.
{"title":"THE RELATIONSHIP BETWEEN MICROFINANCE AND TOURISM (CASE OF ALBANIA)","authors":"Forcim Kola, Bardhyl Ceku, Semiha Loca","doi":"10.31410/limen.2019.165","DOIUrl":"https://doi.org/10.31410/limen.2019.165","url":null,"abstract":"The purpose of this paper is to analyse the link between microfinance and tourism, explaining how microfinance institutions (MFIs) in Albania are supporting the development of tourism through providing microcredit to small tourism enterprises. Microfinance can offer low income people specifically those called un-bankable, the necessary financial support to enter entrepreneurship activities in tourism sector. On the other side, tourism development can contribute to reduce poverty through economic development especially in rural and mountainous areas. Primary data are used to show a descriptive panorama of the two main variables and a casual analysis is done through secondary data on tourism and microcredit sector in Albania. Using a Linear Regression Analysis, it is evidenced a relationship between the two analysed variables.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122187246","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}
The goal of this article is to consider which skills a manager has/will need and will use if he wants to achieve above-average results. Today, the manager must be focused on himself, be responsible for his own knowledge and development, and at the same time take full responsibility for the advancement and development of all employees. A good manager hears what others do not hear, sees what others do not see, and feels what others do not feel. The most successful manager is the one who has an open mind, is sincere, change-oriented, curious and creative. He is a master of soft skills that are based on relationships with everyone he interacts with and he masters the relationships with society. Today, in a time of constant change in technology, he must also have a well-developed computer literacy, since modern management of an organization is not possible without a highly developed computer information system.
{"title":"MANAGER OF TODAY AND OF THE FUTURE: E-MANAGER","authors":"Jasmina Štarc","doi":"10.31410/limen.2019.7","DOIUrl":"https://doi.org/10.31410/limen.2019.7","url":null,"abstract":"The goal of this article is to consider which skills a manager has/will need and will use if he wants to achieve above-average results. Today, the manager must be focused on himself, be responsible for his own knowledge and development, and at the same time take full responsibility for the advancement and development of all employees. A good manager hears what others do not hear, sees what others do not see, and feels what others do not feel. The most successful manager is the one who has an open mind, is sincere, change-oriented, curious and creative. He is a master of soft skills that are based on relationships with everyone he interacts with and he masters the relationships with society. Today, in a time of constant change in technology, he must also have a well-developed computer literacy, since modern management of an organization is not possible without a highly developed computer information system.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"74 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122234014","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}
Credit agreements are regarded as adhesion contracts, containing clauses to which the customer is obliged to accept, which can easily be defined as abusive. Because of their unpredicted and onerous effects, it was legally established the unpredictability in the adhesion contracts, which justified the intervention of the courts of instances to review or to adapt the contract according to the exceptional circumstances’ changes.
{"title":"THEORETICAL AND PRACTICAL CONSIDERATIONS REGARDING ABUSIVE CLAUSES IN THE CREDIT CONTRACTS, REGARDED AS ADHESION CONTRACTS","authors":"Diana Gorun, Mirela Niculae, Beatrice-Tanta Strat","doi":"10.31410/limen.2019.81","DOIUrl":"https://doi.org/10.31410/limen.2019.81","url":null,"abstract":"Credit agreements are regarded as adhesion contracts, containing clauses to which the customer is obliged to accept, which can easily be defined as abusive. Because of their unpredicted and onerous effects, it was legally established the unpredictability in the adhesion contracts, which justified the intervention of the courts of instances to review or to adapt the contract according to the exceptional circumstances’ changes.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125198005","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}
Bulgarian industry has the potential to become a crisis balancer as it reduces the negative impact of a financial crisis and drives the contemporary economic growth. In addition, not only the Bulgarian but European and world industries are developing at a rate unknown at this time. In just one generation, we have witnessed two major industrial revolutions (Industry 3.0 and Industry 4.0, respectively) and we are on the birth-stage of the next one (Industry 5.0). The success of an industrial enterprise, the success of the entire industry requires flexibility, adaptability and, above all, institutional support. So, the paper is addressed to research the following questions: 1. How the global industry is developing, 2. Where is the Bulgarian industry located and what are the opportunities for the development of Industry 4.0 via Internet 4.0, 3. What should be the next step in development of the Bulgarian industry.
{"title":"THE BULGARIAN INDUSTRY: THE STATE, DEVELOPMENT AND PROSPECTS OF INDUSTRIAL POLICY","authors":"N. Sterev","doi":"10.31410/limen.2019.31","DOIUrl":"https://doi.org/10.31410/limen.2019.31","url":null,"abstract":"Bulgarian industry has the potential to become a crisis balancer as it reduces the negative impact of a financial crisis and drives the contemporary economic growth. In addition, not only the Bulgarian but European and world industries are developing at a rate unknown at this time. In just one generation, we have witnessed two major industrial revolutions (Industry 3.0 and Industry 4.0, respectively) and we are on the birth-stage of the next one (Industry 5.0). The success of an industrial enterprise, the success of the entire industry requires flexibility, adaptability and, above all, institutional support. So, the paper is addressed to research the following questions: 1. How the global industry is developing, 2. Where is the Bulgarian industry located and what are the opportunities for the development of Industry 4.0 via Internet 4.0, 3. What should be the next step in development of the Bulgarian industry.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115738358","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}
The aim of the authors is to outline the main problems of urban renewal in contemporary Russia. The reasons for the transition to renovation as the main direction of urban development are revealed: changing structure of the economy, aging of the existing real estate, changing the real estate needs of the population and business. The experience of implementing renewal programs in developed countries such as the UK and Japan as well as in new EU member states such as Bulgaria is analyzed. The importance of public-private partnerships for successful urban renewal programs is emphasized.
{"title":"PROBLEMS OF RENOVATION OF URBAN TERRITORIES IN THE RUSSIAN FEDERATION","authors":"S. Maksimov, G. Zabunov","doi":"10.31410/limen.2019.103","DOIUrl":"https://doi.org/10.31410/limen.2019.103","url":null,"abstract":"The aim of the authors is to outline the main problems of urban renewal in contemporary Russia. The reasons for the transition to renovation as the main direction of urban development are revealed: changing structure of the economy, aging of the existing real estate, changing the real estate needs of the population and business. The experience of implementing renewal programs in developed countries such as the UK and Japan as well as in new EU member states such as Bulgaria is analyzed. The importance of public-private partnerships for successful urban renewal programs is emphasized.","PeriodicalId":347033,"journal":{"name":"5th LIMEN Conference Proceedings (part of LIMEN conference collection)","volume":"2 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120906286","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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