Pub Date : 2022-03-25DOI: 10.18522/2073-6606-2022-20-1-38-51
A. Vernikov
{"title":"Public choice with regard to merit goods: A case study of private bank deposits","authors":"A. Vernikov","doi":"10.18522/2073-6606-2022-20-1-38-51","DOIUrl":"https://doi.org/10.18522/2073-6606-2022-20-1-38-51","url":null,"abstract":"","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42075389","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}
Pub Date : 2022-03-25DOI: 10.18522/2073-6606-2022-20-1-65-80
S. Belozerov, E. Sokolovskaya
{"title":"The game-theoretic approach to modeling the conflict of interests: The economic sanctions","authors":"S. Belozerov, E. Sokolovskaya","doi":"10.18522/2073-6606-2022-20-1-65-80","DOIUrl":"https://doi.org/10.18522/2073-6606-2022-20-1-65-80","url":null,"abstract":"","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44088248","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}
Pub Date : 2022-03-25DOI: 10.18522/2073-6606-2022-20-1-6-26
I. Rozmainsky, Kseniya Mindubaeva, E. Yakovleva
{"title":"An analysis of the French non-financial private sector based on the Financial Instability Hypothesis","authors":"I. Rozmainsky, Kseniya Mindubaeva, E. Yakovleva","doi":"10.18522/2073-6606-2022-20-1-6-26","DOIUrl":"https://doi.org/10.18522/2073-6606-2022-20-1-6-26","url":null,"abstract":"","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-03-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47786683","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}
A social business is a new form of business that can be considered as a bridge between the community of profit-maximizing organizations and the community of non-profit organizations. The business model concept is currently attracting a lot of attention from researchers and seems useful in providing guidance on how to create social businesses. The purpose of this study was to investigate social enterprises, their reporting and impact on the economy, specifically stopping in the Albanian case and gathering perceptions and knowledge about this new phenomenon. The study, as a by-product, also aimed to understand the dynamics and potential of market development, but also of policies that may facilitate or even further hinder its development. The methodology used in this paper combines primary with secondary data. Two instruments (questionnaire) were used to collect the primary data in the study, to identify the concept of social business directed at the population, as well as those responsible or employees of certain businesses in Albania. The study concludes that both businesses and individuals were proactive, in terms of developing this form of business in Albania. Although there were still difficulties in understanding the theoretical component or the legal component when it comes to social business, the respondents were positive against this new form of business. While individuals expressed a desire to work in such businesses, their businesses in most cases expressed a desire to introduce more social components in their own businesses. Results also highlighted the lack of regulatory framework, which in most cases becomes a constraint on the development of these businesses and their full development potential. It is noted that social businesses in Albania should strive to blend multiple institutional, legal and regulatory logic, by combining social and commercial missions in their business model, so that they have more market and a higher spread in Albania. Business has a high potential for economic development at country level.
{"title":"Social Enterprises in Albania - Reporting and Impact on the Economy","authors":"Sokol Ndoka, Alma Uku","doi":"10.58944/oche9028","DOIUrl":"https://doi.org/10.58944/oche9028","url":null,"abstract":"A social business is a new form of business that can be considered as a bridge between the community of profit-maximizing organizations and the community of non-profit organizations. The business model concept is currently attracting a lot of attention from researchers and seems useful in providing guidance on how to create social businesses. The purpose of this study was to investigate social enterprises, their reporting and impact on the economy, specifically stopping in the Albanian case and gathering perceptions and knowledge about this new phenomenon. The study, as a by-product, also aimed to understand the dynamics and potential of market development, but also of policies that may facilitate or even further hinder its development. The methodology used in this paper combines primary with secondary data. Two instruments (questionnaire) were used to collect the primary data in the study, to identify the concept of social business directed at the population, as well as those responsible or employees of certain businesses in Albania. The study concludes that both businesses and individuals were proactive, in terms of developing this form of business in Albania. Although there were still difficulties in understanding the theoretical component or the legal component when it comes to social business, the respondents were positive against this new form of business. While individuals expressed a desire to work in such businesses, their businesses in most cases expressed a desire to introduce more social components in their own businesses. Results also highlighted the lack of regulatory framework, which in most cases becomes a constraint on the development of these businesses and their full development potential. It is noted that social businesses in Albania should strive to blend multiple institutional, legal and regulatory logic, by combining social and commercial missions in their business model, so that they have more market and a higher spread in Albania. Business has a high potential for economic development at country level.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79310842","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}
Albania like no other country in the region and the EU has experimented many times in a very short time regarding legal changes related to fiscalization systems. In our country, some fiscalization processes have been done, but so far what is claimed has not been achieved, causing the state budget revenues not to increase, due to informality. This paper brings a review of the problems that the fiscalization of our country’s economy is facing and the impact that it is claimed that it will have on the Albanian economy. The purpose of this paper consists in understanding, identifying and analyzing the problems and obstacles that Albanian businesses have encountered in the fiscalization of their entity. In recent years, the fight against aggressive tax planning has become one of the top priorities internationally. International rules are examples of key measures aimed at imposing new standards of tax transparency. Setting up transparency, with companies operating in some countries must be transparent to tax collectors. It is now necessary to prove that the tax paid corresponds to the rate applied in the country in which the company operates. As a result, these new standards pose major challenges for companies’ finance departments, which then have to communicate much more accurate and consolidated tax data to the administration in much larger volumes. Too often, however, the technical means available are insufficient to provide such an amount of information at such a detailed level. Indeed, in-company data processing is neither automated nor centralized, forcing accountants and tax specialists to manually record a significant number of tax rules.
{"title":"Implementation of new technologies as part of the fiscalization process in Albanian enterprises","authors":"Enida Koni, Joana Shima","doi":"10.58944/hogk7959","DOIUrl":"https://doi.org/10.58944/hogk7959","url":null,"abstract":"Albania like no other country in the region and the EU has experimented many times in a very short time regarding legal changes related to fiscalization systems. In our country, some fiscalization processes have been done, but so far what is claimed has not been achieved, causing the state budget revenues not to increase, due to informality. This paper brings a review of the problems that the fiscalization of our country’s economy is facing and the impact that it is claimed that it will have on the Albanian economy. The purpose of this paper consists in understanding, identifying and analyzing the problems and obstacles that Albanian businesses have encountered in the fiscalization of their entity. In recent years, the fight against aggressive tax planning has become one of the top priorities internationally. International rules are examples of key measures aimed at imposing new standards of tax transparency. Setting up transparency, with companies operating in some countries must be transparent to tax collectors. It is now necessary to prove that the tax paid corresponds to the rate applied in the country in which the company operates. As a result, these new standards pose major challenges for companies’ finance departments, which then have to communicate much more accurate and consolidated tax data to the administration in much larger volumes. Too often, however, the technical means available are insufficient to provide such an amount of information at such a detailed level. Indeed, in-company data processing is neither automated nor centralized, forcing accountants and tax specialists to manually record a significant number of tax rules.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81380620","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 each country today is to have the highest and continuous economic growth. But sustainability of economic growth is very important. This is achieved only by making the right policies, providing the country with high income. Microfinance is not a new development.Its origins date back to 1976, when Muhammad Yunus founded the Grameen Bank as an experiment on the outskirts of the Chittagong University campus in the village of Jobra, Bangladesh. Since then, several microfinance institutions emerged and succeeded in helping the poor and over time created new strategies to fulfill their vision. This paper is about microfinance and its impact on people from different layers of society, with the main focus on the impact on the poor layer of the population in Albania during the years 2018-2021. The aim of this study is to show how microfinance works and how it affects the standard of living (income, savings, etc.) of poor people in Albania.
{"title":"\"The impact of microfinance on economic development and the standard of life of individuals during the years 2018-2021. The case of Albania\"","authors":"Sokol Ndoka, Arjol Sako","doi":"10.58944/vrik4161","DOIUrl":"https://doi.org/10.58944/vrik4161","url":null,"abstract":"The goal of each country today is to have the highest and continuous economic growth. But sustainability of economic growth is very important. This is achieved only by making the right policies, providing the country with high income. Microfinance is not a new development.Its origins date back to 1976, when Muhammad Yunus founded the Grameen Bank as an experiment on the outskirts of the Chittagong University campus in the village of Jobra, Bangladesh. Since then, several microfinance institutions emerged and succeeded in helping the poor and over time created new strategies to fulfill their vision. This paper is about microfinance and its impact on people from different layers of society, with the main focus on the impact on the poor layer of the population in Albania during the years 2018-2021. The aim of this study is to show how microfinance works and how it affects the standard of living (income, savings, etc.) of poor people in Albania.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76038436","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}
This paper tends to analyze the link between the global financial crisis of 2008 and neoliberalism ideology. This crisis was, in all aspects, a multidimensional global crisis. Initially it began with the crisis of banks, credit and stock exchange, to end up in the economic recession and the disbelief of the free market models adopted in that period. It all started to emerge during 2007 as a financial crisis, which originated from bad loans in the US real estate market. Immediately, the crisis had global impact in Europe and other parts of the world. The great impact and development of such a crisis raised great questions about the ways financial markets and stock exchanges were built and operate, even doubting neoliberal practices, if they were indeed the best model of economic development that countries could adapt. This paper argues this relation, if whether neoliberalism was the main cause of the crisis, taking into consideration the arguments of neoliberals and other specialists in economic and financial field. Through inductive method used in the argument, it is concluded that global crisis of 2008 did not have a single cause, responsible for its birth and deepening, much less that it was the implication of neoliberal ideas in the economic field. It was a series of factors that inevitably led to its birth and deepening. Finally, based on the conclusions drawn, some recommendations are given, which should be implemented to avoid such crises and phenome’s in the future. The paper concludes with an appeal for companies for a higher corporate responsibility in protecting social groups affected by these crises.
{"title":"Neoliberalism and the global financial crisis of 2008","authors":"Xhesi Shkreta, Krisdela Kaçani","doi":"10.58944/pzno4243","DOIUrl":"https://doi.org/10.58944/pzno4243","url":null,"abstract":"This paper tends to analyze the link between the global financial crisis of 2008 and neoliberalism ideology. This crisis was, in all aspects, a multidimensional global crisis. Initially it began with the crisis of banks, credit and stock exchange, to end up in the economic recession and the disbelief of the free market models adopted in that period. It all started to emerge during 2007 as a financial crisis, which originated from bad loans in the US real estate market. Immediately, the crisis had global impact in Europe and other parts of the world. The great impact and development of such a crisis raised great questions about the ways financial markets and stock exchanges were built and operate, even doubting neoliberal practices, if they were indeed the best model of economic development that countries could adapt. This paper argues this relation, if whether neoliberalism was the main cause of the crisis, taking into consideration the arguments of neoliberals and other specialists in economic and financial field. Through inductive method used in the argument, it is concluded that global crisis of 2008 did not have a single cause, responsible for its birth and deepening, much less that it was the implication of neoliberal ideas in the economic field. It was a series of factors that inevitably led to its birth and deepening. Finally, based on the conclusions drawn, some recommendations are given, which should be implemented to avoid such crises and phenome’s in the future. The paper concludes with an appeal for companies for a higher corporate responsibility in protecting social groups affected by these crises.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86087375","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}
Ermira Qosja, Brunilda Liçaj, A. Mbrica, A. Braholli
The tourism industry is one of the vital sectors of the Albanian economy, an important contributor to the country’s GDP, investments and employment. During the last 10 years, through the investments, marketing and services provided, this sector has tried to offer tourism products which have significantly increased the number of visitors, both Albanians and foreigners, but still reflects many issues hindering its competitiveness in the region and the increase in profits. Given the problems that accompany this sector in relation to seasonality and the small number of days of stay of tourists, as well as concerning the objectives of the National Strategy for Sustainable Tourism Development 2019-20236 , this paper aims to analyse the tourist offer of the Vlora Region from the point of view of tourism stakeholders. The qualitative method is used to analyse the tourist offer of the Vlora Region, based on a questionnaire in the form of a semi-structured interview with private operators, public operators, donors and NGOs related to the sector, and training and educational institutions. The findings of the paper highlight not only the weaknesses and strengths of the offer, but also the opportunities and threats that need to be considered. In particular, they emphasize the need for cooperation and accountability in line with roles played in the sector.
{"title":"Analysis on the tourist offer of the Vlora Region, from the viewpoint of tourism stakeholders","authors":"Ermira Qosja, Brunilda Liçaj, A. Mbrica, A. Braholli","doi":"10.58944/gqwi6891","DOIUrl":"https://doi.org/10.58944/gqwi6891","url":null,"abstract":"The tourism industry is one of the vital sectors of the Albanian economy, an important contributor to the country’s GDP, investments and employment. During the last 10 years, through the investments, marketing and services provided, this sector has tried to offer tourism products which have significantly increased the number of visitors, both Albanians and foreigners, but still reflects many issues hindering its competitiveness in the region and the increase in profits. Given the problems that accompany this sector in relation to seasonality and the small number of days of stay of tourists, as well as concerning the objectives of the National Strategy for Sustainable Tourism Development 2019-20236 , this paper aims to analyse the tourist offer of the Vlora Region from the point of view of tourism stakeholders. The qualitative method is used to analyse the tourist offer of the Vlora Region, based on a questionnaire in the form of a semi-structured interview with private operators, public operators, donors and NGOs related to the sector, and training and educational institutions. The findings of the paper highlight not only the weaknesses and strengths of the offer, but also the opportunities and threats that need to be considered. In particular, they emphasize the need for cooperation and accountability in line with roles played in the sector.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89296306","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 main argument of this paper is that the legal regulation of lobbying is an important factor for disciplining/curbing the undue (illicit) influence of different interests’ groups on the political-making process, especially in countries with post-communist and nonconsolidated democracies as Albania. In three decades of political and economic transition from a one-party communist system to a democratic one and towards a market economy, the democratization of Albania has faced various problems, which have often led to a loss of public confidence in the political class and apathy of citizens towards the political system. In many cases, this has come as a result of the perception or even the disclosure by the media and the public of corruption scandals, political clientelism, or undue influences in the decision-making processes in Albania. Surely, it can be said that political scandals of trading or exercising illicit influences on public officials can affect, as numerous cases have shown, every democratic political system in the world. However, they are more likely to occur in new democracies (post-communist) countries that face weak state structures and a legal environment that is not yet well consolidated and where a culture of informality exists alongside written rules and laws. For this purpose, that of disciplining and controlling the influences that specific interests exert on the decision-making process of governments, legislatures, or other regulatory agencies, a good part of European countries have considered undertaking legal regulatory initiatives for lobbying activity in their environments.
{"title":"Interest Articulation and Lobbying in Unregulated Legal Contexts: The Case of Albania","authors":"Gerti Sqapi","doi":"10.58944/uckf7388","DOIUrl":"https://doi.org/10.58944/uckf7388","url":null,"abstract":"The main argument of this paper is that the legal regulation of lobbying is an important factor for disciplining/curbing the undue (illicit) influence of different interests’ groups on the political-making process, especially in countries with post-communist and nonconsolidated democracies as Albania. In three decades of political and economic transition from a one-party communist system to a democratic one and towards a market economy, the democratization of Albania has faced various problems, which have often led to a loss of public confidence in the political class and apathy of citizens towards the political system. In many cases, this has come as a result of the perception or even the disclosure by the media and the public of corruption scandals, political clientelism, or undue influences in the decision-making processes in Albania. Surely, it can be said that political scandals of trading or exercising illicit influences on public officials can affect, as numerous cases have shown, every democratic political system in the world. However, they are more likely to occur in new democracies (post-communist) countries that face weak state structures and a legal environment that is not yet well consolidated and where a culture of informality exists alongside written rules and laws. For this purpose, that of disciplining and controlling the influences that specific interests exert on the decision-making process of governments, legislatures, or other regulatory agencies, a good part of European countries have considered undertaking legal regulatory initiatives for lobbying activity in their environments.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74978207","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}
For years the field of behavioral finance tries to explain economic actions and decisions in financial markets based on financial, psychological, and emotional factors, which affect the behavior of investing individuals. Various studies show that males are more tolerant of risk and make more risky decisions than females. The fact that men trade more than women in financial markets is attributed to the overconfidence they have. Men in addition to trading more, also own larger financial portfolios than women, but less diverse than they are. The purpose of this paper is to investigate whether gender can really influence financial decisions through risk aversion, gender, and overconfidence. The data in this paper were collected through a very close population survey, explicitly students at European University of Tirana and an Albanian individual with financial knowledge. To measure statistical differences between the gender the Chi2 statistical test was used. Through empirical findings and analysis of data obtained from the statistical test was concluded conclusions from this study. It was found that there is a tendency among females to have a higher level of resistance to risk than males. This means that Albanian women will undertake a lower risk when managing an investment portfolio. Albanian men, meanwhile, have more confidence in their financial decisions.
{"title":"Behavior finance - The impact of financial behavior on economic decision-making of individuals in Albania","authors":"Aurora Molishti, Sokol Ndoka","doi":"10.58944/dxiz2762","DOIUrl":"https://doi.org/10.58944/dxiz2762","url":null,"abstract":"For years the field of behavioral finance tries to explain economic actions and decisions in financial markets based on financial, psychological, and emotional factors, which affect the behavior of investing individuals. Various studies show that males are more tolerant of risk and make more risky decisions than females. The fact that men trade more than women in financial markets is attributed to the overconfidence they have. Men in addition to trading more, also own larger financial portfolios than women, but less diverse than they are. The purpose of this paper is to investigate whether gender can really influence financial decisions through risk aversion, gender, and overconfidence. The data in this paper were collected through a very close population survey, explicitly students at European University of Tirana and an Albanian individual with financial knowledge. To measure statistical differences between the gender the Chi2 statistical test was used. Through empirical findings and analysis of data obtained from the statistical test was concluded conclusions from this study. It was found that there is a tendency among females to have a higher level of resistance to risk than males. This means that Albanian women will undertake a lower risk when managing an investment portfolio. Albanian men, meanwhile, have more confidence in their financial decisions.","PeriodicalId":44272,"journal":{"name":"Terra Economicus","volume":null,"pages":null},"PeriodicalIF":1.4,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76323454","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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