The paper assesses the potential for increasing the minimum wage and the average wage in the Russian economy, the wages paid to employees, the profit of enterprises and the capital investments of enterprises. Based on the study of the research results published in periodicals, the socio-economic consequences of increasing the minimum wage and increasing the average salary of employees in the state and non-state sectors of the economy are systematized. When comparing the wages and profits of employees, it is possible to measure the potential for wage growth. The author attributes this dimension to the increment of knowledge. The results of the study show the possibilities of state authorities to improve the tax system in terms of a differentiated approach to the taxation of profits aimed at direct investment or personal enrichment. Change in the income tax should both stimulate the investment activity of business owners, and limit the desire for personal enrichment. The Russian economy has potential to increase the average wage twofold.
{"title":"Wage growth in Russia: opportunities and consequences","authors":"V. Kabanov","doi":"10.21003/ea.v191-04","DOIUrl":"https://doi.org/10.21003/ea.v191-04","url":null,"abstract":"The paper assesses the potential for increasing the minimum wage and the average wage in the Russian economy, the wages paid to employees, the profit of enterprises and the capital investments of enterprises. Based on the study of the research results published in periodicals, the socio-economic consequences of increasing the minimum wage and increasing the average salary of employees in the state and non-state sectors of the economy are systematized. When comparing the wages and profits of employees, it is possible to measure the potential for wage growth. The author attributes this dimension to the increment of knowledge. The results of the study show the possibilities of state authorities to improve the tax system in terms of a differentiated approach to the taxation of profits aimed at direct investment or personal enrichment. Change in the income tax should both stimulate the investment activity of business owners, and limit the desire for personal enrichment. The Russian economy has potential to increase the average wage twofold.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42723392","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}
S. Achkasova, D. Nagaivska, Y. Sotnikova, O. Bolotova, Maryna Koinash
The purpose of the study is to determine the areas of increasing the social responsibility of the private pension funds (NPF) based on the growth of professional competence of specialists in the formation of the system of funded pension provision through the risk-based government regulation and supervision. The article proposes an improved definition of the social responsibility of the subjects of the accumulative pension system and determines the qualitative indicators of their social responsibility. An analysis of the work experience of pension funds in Thailand, Brazil, the United States, Norway and the South Africa allows us to conclude that the main areas of increasing social responsibility are to ensure decent and safe working conditions, environmental safety, absence of corruption and violation of the ethical and legal norms. It is proved that the subjects of the accumulative pension system should act on the basis of corporate governance and be guided by the OECD principles of corporate governance. According to the best foreign practices, improving the competence of pension fund employees is one of the main areas of the social responsibility. To determine the directions of increasing the social responsibility of the subjects of the accumulative pension system, an expert survey was conducted. Based on the results of the study, it is substantiated that the main direction is to increase the professional competence of specialists in the formation of a funded pension system based on risk-oriented state regulation and supervision.
{"title":"Enhancement of the professional competence of specialists who form an accumulative pension system based on social responsibility","authors":"S. Achkasova, D. Nagaivska, Y. Sotnikova, O. Bolotova, Maryna Koinash","doi":"10.21003/ea.v191-11","DOIUrl":"https://doi.org/10.21003/ea.v191-11","url":null,"abstract":"The purpose of the study is to determine the areas of increasing the social responsibility of the private pension funds (NPF) based on the growth of professional competence of specialists in the formation of the system of funded pension provision through the risk-based government regulation and supervision. The article proposes an improved definition of the social responsibility of the subjects of the accumulative pension system and determines the qualitative indicators of their social responsibility. An analysis of the work experience of pension funds in Thailand, Brazil, the United States, Norway and the South Africa allows us to conclude that the main areas of increasing social responsibility are to ensure decent and safe working conditions, environmental safety, absence of corruption and violation of the ethical and legal norms. It is proved that the subjects of the accumulative pension system should act on the basis of corporate governance and be guided by the OECD principles of corporate governance. According to the best foreign practices, improving the competence of pension fund employees is one of the main areas of the social responsibility. To determine the directions of increasing the social responsibility of the subjects of the accumulative pension system, an expert survey was conducted. Based on the results of the study, it is substantiated that the main direction is to increase the professional competence of specialists in the formation of a funded pension system based on risk-oriented state regulation and supervision.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48547600","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 aim of this study is to examine the nature of the term financial literacy and link it to opportunities for financial inclusion. The author uses experience of some Hungarian programmes. Financial literacy is the focus of some of them, while in other cases it is just a part of a more complex initiative. After the literature review, the study offers answers for the following research questions: • What are the main characteristics of existing financial literacy programmes in Hungary? • How financial exclusion and the lack of financial literacy are connected in practice? • What are the strengths (achievements) and weaknesses (pitfalls and disadvantages) of existing financial literacy programmes related to the financial inclusion of poor and marginalized social groups? Data from semi-structured in-depth expert interviews, documents and former research papers were collected for identifying Hungarian financial literacy programmes and their existing, missing and potential connections to financial inclusion. Originality of the Research In the literature, there are few articles that connect financial literacy and financial inclusion. Similarly, in practice, financial literacy programmes rarely target the poor. In turn, financial awareness is a very strong prerequisite of financial inclusion, e.g. successful debt settlement for financially vulnerable groups. The findings from the study will enlighten policy-makers, managers of financial institutions and financial inclusion advocates on the importance of special context and complexity of financial literacy programmes provided for the poor.
{"title":"Financial literacy programmes targeting the poor: the possibilities of using financial literacy as a tool for financial inclusion","authors":"Z. Győri","doi":"10.21003/ea.v190-15","DOIUrl":"https://doi.org/10.21003/ea.v190-15","url":null,"abstract":"The main aim of this study is to examine the nature of the term financial literacy and link it to opportunities for financial inclusion. The author uses experience of some Hungarian programmes. Financial literacy is the focus of some of them, while in other cases it is just a part of a more complex initiative. After the literature review, the study offers answers for the following research questions: • What are the main characteristics of existing financial literacy programmes in Hungary? • How financial exclusion and the lack of financial literacy are connected in practice? • What are the strengths (achievements) and weaknesses (pitfalls and disadvantages) of existing financial literacy programmes related to the financial inclusion of poor and marginalized social groups? Data from semi-structured in-depth expert interviews, documents and former research papers were collected for identifying Hungarian financial literacy programmes and their existing, missing and potential connections to financial inclusion. Originality of the Research In the literature, there are few articles that connect financial literacy and financial inclusion. Similarly, in practice, financial literacy programmes rarely target the poor. In turn, financial awareness is a very strong prerequisite of financial inclusion, e.g. successful debt settlement for financially vulnerable groups. The findings from the study will enlighten policy-makers, managers of financial institutions and financial inclusion advocates on the importance of special context and complexity of financial literacy programmes provided for the poor.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46522709","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 today’s central subject ranges is the theme of personal financial decisions. Standard of living preferences are also closely related to these. The generation that will soon enter the labor market still has these questions in front of them. This is the reason why we focused on university students in our study. We asked Hungarian, Austrian, and Slovak economics students in our questionnaire research. We conducted the study in 2 successive years, in the autumn of 2019 and the autumn of 2020. The first phase of the coronavirus pandemic happened between the two occasions. We examined the received responses along the lines of demographic variables, with the application of linear modelling and decision trees. The year was proven to be the most important variable, which indicates that the crisis caused by the coronavirus had a significant effect on the ideas of students regarding a better standard of living. Our results not only highlight the importance of financial literacy, but also show that personal opinions transform in a crisis regarding the criteria that embody a higher standard of living. It appears that a severe economic crisis increases the sense of responsibility and the importance of future security. Of course, because of the short time that passed, the practical verification of our findings will have to wait.
{"title":"Trends of standard of living preferences of economics university students as a result of the economic crisis","authors":"Zoltán Zéman, B. Kálmán, Judit Bárczi","doi":"10.21003/ea.v190-17","DOIUrl":"https://doi.org/10.21003/ea.v190-17","url":null,"abstract":"One of today’s central subject ranges is the theme of personal financial decisions. Standard of living preferences are also closely related to these. The generation that will soon enter the labor market still has these questions in front of them. This is the reason why we focused on university students in our study. We asked Hungarian, Austrian, and Slovak economics students in our questionnaire research. We conducted the study in 2 successive years, in the autumn of 2019 and the autumn of 2020. The first phase of the coronavirus pandemic happened between the two occasions. We examined the received responses along the lines of demographic variables, with the application of linear modelling and decision trees. The year was proven to be the most important variable, which indicates that the crisis caused by the coronavirus had a significant effect on the ideas of students regarding a better standard of living. Our results not only highlight the importance of financial literacy, but also show that personal opinions transform in a crisis regarding the criteria that embody a higher standard of living. It appears that a severe economic crisis increases the sense of responsibility and the importance of future security. Of course, because of the short time that passed, the practical verification of our findings will have to wait.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41790984","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}
We consider in the study that the existing economic model will inevitably be replaced by a new effective model of creative and competitive economic development. Technological innovations have caused the rapid growth of the world economy. As the result, production costs have been reduced and the profits of corporations in many sectors of the world economy have increased. Innovation is a factor of rise in Kondratiev cycles. Innovations give an impetus to increase the value added of a country’s economy. The article asserts that intellectual capital is the basis and is becoming an increasingly important component of national and world development. The article has investigated in which way innovation activities affect real GDP and has suggested the answer to the question on what stage of the Kondratiev cycles the world economy is. Innovation as an object of intellectual capital is introduced in the form of patents and other intellectual property. We have analyzed the relevant trends for 2004-2020. The research has determined that by 2030, a significant increase in the number of patent applications is expected. The article has examined the dependence of the world real GDP on the number of filed patent applications in the world by constructing trend lines. It has been found that the largest approximation with a coefficient of determination greater than 0.92 is a polynomial trend line, in which the dynamic growth with a small number of patent applications is inhibited by a sharp increase in their number. The research has defined that the phases of the cyber revolution correlate with Kondratiev waves. The modern phase is characterized by the rapid generation and dissemination of innovations. The article has examined the filing of patent applications in the top 20 countries around the world, among which the leading positions are occupied by China, the USA, and Japan. By constructing trend lines, the research has analyzed the dependence of Ukraine’s real GDP on the number of innovations and has shown that there is no such clear dependence. This indicates the raw material orientation of the Ukrainian economy. The article states that it is extremely important for Ukraine to make the transition from the triad model (with state-monopoly capitalism) to the national economic model, which corresponds to the approaches of the people’s capitalism.
{"title":"The influence of intellectual capital and innovations on the economic development of the world and national economy","authors":"O. Sazonets, V. Nykonchuk, Antonina Kozakevych","doi":"10.21003/ea.v190-03","DOIUrl":"https://doi.org/10.21003/ea.v190-03","url":null,"abstract":"We consider in the study that the existing economic model will inevitably be replaced by a new effective model of creative and competitive economic development. Technological innovations have caused the rapid growth of the world economy. As the result, production costs have been reduced and the profits of corporations in many sectors of the world economy have increased. Innovation is a factor of rise in Kondratiev cycles. Innovations give an impetus to increase the value added of a country’s economy. The article asserts that intellectual capital is the basis and is becoming an increasingly important component of national and world development. The article has investigated in which way innovation activities affect real GDP and has suggested the answer to the question on what stage of the Kondratiev cycles the world economy is. Innovation as an object of intellectual capital is introduced in the form of patents and other intellectual property. We have analyzed the relevant trends for 2004-2020. The research has determined that by 2030, a significant increase in the number of patent applications is expected. The article has examined the dependence of the world real GDP on the number of filed patent applications in the world by constructing trend lines. It has been found that the largest approximation with a coefficient of determination greater than 0.92 is a polynomial trend line, in which the dynamic growth with a small number of patent applications is inhibited by a sharp increase in their number. The research has defined that the phases of the cyber revolution correlate with Kondratiev waves. The modern phase is characterized by the rapid generation and dissemination of innovations. The article has examined the filing of patent applications in the top 20 countries around the world, among which the leading positions are occupied by China, the USA, and Japan. By constructing trend lines, the research has analyzed the dependence of Ukraine’s real GDP on the number of innovations and has shown that there is no such clear dependence. This indicates the raw material orientation of the Ukrainian economy. The article states that it is extremely important for Ukraine to make the transition from the triad model (with state-monopoly capitalism) to the national economic model, which corresponds to the approaches of the people’s capitalism.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41449475","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 authors highlight the high priority of rationalization in the management of the totality of transactions carried out in the sphere of network retail, in close contact with the service consumer. For network retail objects with a shift trading function, it is important to implement a direct and permanent impact, both on the system structure and on the basic processes in the area of mass trade services. This impact focuses on studying the flow of requests, service inputs and outputs of the system, as well as the length of waiting times, and the length of queues. The success of development in such retail networks depends on the flexibility of the operations performed by the contractor in close contact with the service consumer. It is envisaged to consider peculiarities in the rationalization of network retail management with trade turnover (flexibility) functions. The latter define the structure of the service delivery system for service consumers with processes running, in which client demands for services, as defined in the income chain, even though the intensity of the customer service flow is not constant. The purpose of the research is to present the informative field for rationalization in network retail management with the function of shifting trade, based on the mathematical description and repeated «playing» of all processes within the area of mass service. To represent the informative area for rationalization in network retail management with a shift trading function based on a mathematical description and repeated play of all processes within the public service area, Methods of probability theory and mathematical statistics have been used, as well as cloud computing in AnyLogic Claud environment, AnyLogic service. The results of the study was the presentation of new possibilities for rationalizing network retail management by groups of network objects based on the concept of a mass service area, and in view of the fact that there is an n-channel system of mass service with an unlimited queue, where the request flow has the intensity λ, and the service flow is the intensity μ. The study was implemented with the example of one of the hubs Walmart-Salvador, uniting 90 supermarkets of the company. All Walmart hubs combine only the same supermarket type, supporting the trade changeover function within a single graph (half-yearly). Similar Walmart hubs are developed in Mexico, Great Britain, Brazil, China, Canada, South Africa, Chile, Japan, Costa Rica, Guatemala, Argentina, Honduras, Nicaragua, El Salvador, and Ukraine. At the same time, all network nodes contain objects that apply multi-channel service systems, most common in the network retail with an unlimited queue and an option to add a new service node. It is the Walmart-Salvador hub that has a fairly high percentage of customers’ refusals due to the busy service devices (this estimate ranging from 19% to 25%). As a result, Walmart’s lost annual profit reaches up to USD 25.5 million a
{"title":"Rationalization of network retail management with a shift trading function based on the mathematical description of processes in the mass service area","authors":"Vitalii Kelman, Attila Ponevac, O. Korolovych","doi":"10.21003/ea.v190-13","DOIUrl":"https://doi.org/10.21003/ea.v190-13","url":null,"abstract":"The authors highlight the high priority of rationalization in the management of the totality of transactions carried out in the sphere of network retail, in close contact with the service consumer. For network retail objects with a shift trading function, it is important to implement a direct and permanent impact, both on the system structure and on the basic processes in the area of mass trade services. This impact focuses on studying the flow of requests, service inputs and outputs of the system, as well as the length of waiting times, and the length of queues. The success of development in such retail networks depends on the flexibility of the operations performed by the contractor in close contact with the service consumer. It is envisaged to consider peculiarities in the rationalization of network retail management with trade turnover (flexibility) functions. The latter define the structure of the service delivery system for service consumers with processes running, in which client demands for services, as defined in the income chain, even though the intensity of the customer service flow is not constant. The purpose of the research is to present the informative field for rationalization in network retail management with the function of shifting trade, based on the mathematical description and repeated «playing» of all processes within the area of mass service. To represent the informative area for rationalization in network retail management with a shift trading function based on a mathematical description and repeated play of all processes within the public service area, Methods of probability theory and mathematical statistics have been used, as well as cloud computing in AnyLogic Claud environment, AnyLogic service. The results of the study was the presentation of new possibilities for rationalizing network retail management by groups of network objects based on the concept of a mass service area, and in view of the fact that there is an n-channel system of mass service with an unlimited queue, where the request flow has the intensity λ, and the service flow is the intensity μ. The study was implemented with the example of one of the hubs Walmart-Salvador, uniting 90 supermarkets of the company. All Walmart hubs combine only the same supermarket type, supporting the trade changeover function within a single graph (half-yearly). Similar Walmart hubs are developed in Mexico, Great Britain, Brazil, China, Canada, South Africa, Chile, Japan, Costa Rica, Guatemala, Argentina, Honduras, Nicaragua, El Salvador, and Ukraine. At the same time, all network nodes contain objects that apply multi-channel service systems, most common in the network retail with an unlimited queue and an option to add a new service node. It is the Walmart-Salvador hub that has a fairly high percentage of customers’ refusals due to the busy service devices (this estimate ranging from 19% to 25%). As a result, Walmart’s lost annual profit reaches up to USD 25.5 million a","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43619070","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}
Economic and regional development and rapid, often unpredictable changes across the globe in technical fields have an effect on everything, including universities, training, research and services as well. Universities must find their place in this continuously changing environment, they need to continuously reinterpret themselves and their own roles, whilst ensuring that education and knowledge transfer take priority. The pace of change is increasingly accelerating with technological novelties and innovations by high-tech industries surpassing themselves at an astounding rate. Therefore, knowledge, as the facilitator and creator of these results, plays an increasingly important role for those who wish to rank among the winners of the competition both locally and globally. Today, the primary creators of knowledge are still educational institutions, and universities are the fundamental platforms of research. However, it is not enough to be «only» a university, they must educate and research and become part of the developed world alongside participants who would like to provide scientific answers to practical problems. In our paper we address the question of breaking points along which the role of universities can be transformed in order to remain open to the needs of both their narrower and wider environment while maintaining their fundamental mission, thus becoming successful players on the global stage. The development of high-tech industries has resulted in a science-driven period when economic development is unimaginable without the scientific results and the interconnection of individual disciplines. This development will presumably lead to the deterioration of certain individual knowledge and the deepening of others. Higher education must also adapt to this with the development of an education system that strengthens digital skills and serves regional expectations. Nowadays entrepreneurial universities have emerged, which are able to operate with an entrepreneurial approach, thereby responding independently to challenges from outside. The ability to co-operate must be a key aspect of university existence, and the deepening of educational, research and business partnerships is a prerequisite for success. In order to spread management approach and create an entrepreneurial ecosystem, successful R&D work and innovation, it is also necessary to involve external, tender resources and grants, besides own resources. However, these resources need to be used well, but the lack of a pre-planned, conscious strategy results in less efficient use. Regional cooperation, common thinking, training and innovation, science workshops and science parks all contribute to the development of institutions and related regions.
{"title":"The impact of global socio-economic changes on the regional role of universities","authors":"Z. Pupp, B. Filep","doi":"10.21003/ea.v190-04","DOIUrl":"https://doi.org/10.21003/ea.v190-04","url":null,"abstract":"Economic and regional development and rapid, often unpredictable changes across the globe in technical fields have an effect on everything, including universities, training, research and services as well. Universities must find their place in this continuously changing environment, they need to continuously reinterpret themselves and their own roles, whilst ensuring that education and knowledge transfer take priority. The pace of change is increasingly accelerating with technological novelties and innovations by high-tech industries surpassing themselves at an astounding rate. Therefore, knowledge, as the facilitator and creator of these results, plays an increasingly important role for those who wish to rank among the winners of the competition both locally and globally. Today, the primary creators of knowledge are still educational institutions, and universities are the fundamental platforms of research. However, it is not enough to be «only» a university, they must educate and research and become part of the developed world alongside participants who would like to provide scientific answers to practical problems. In our paper we address the question of breaking points along which the role of universities can be transformed in order to remain open to the needs of both their narrower and wider environment while maintaining their fundamental mission, thus becoming successful players on the global stage. The development of high-tech industries has resulted in a science-driven period when economic development is unimaginable without the scientific results and the interconnection of individual disciplines. This development will presumably lead to the deterioration of certain individual knowledge and the deepening of others. Higher education must also adapt to this with the development of an education system that strengthens digital skills and serves regional expectations. Nowadays entrepreneurial universities have emerged, which are able to operate with an entrepreneurial approach, thereby responding independently to challenges from outside. The ability to co-operate must be a key aspect of university existence, and the deepening of educational, research and business partnerships is a prerequisite for success. In order to spread management approach and create an entrepreneurial ecosystem, successful R&D work and innovation, it is also necessary to involve external, tender resources and grants, besides own resources. However, these resources need to be used well, but the lack of a pre-planned, conscious strategy results in less efficient use. Regional cooperation, common thinking, training and innovation, science workshops and science parks all contribute to the development of institutions and related regions.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47950223","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}
As international trade activities are increased, there are more regulative practices which might be barriers to trade. One of such hindrances is exchange rate volatility that affects trade activities both directly and indirectly. Exchange rate volatility of currencies can affect the trade engagements and as well as the trade balance of a country. One of the implications of the study is that the impacts of monetary policy changes on trade activities can be noticed significantly in the long-term. While impacts on export levels are usually immediate, import levels are changed in long-run. The research analyzes the correlation between inflation and devaluation and clearly states their impacts on trade balance. The case study about devaluation of the currency of Azerbaijan elaborates the impacts of currency volatility on exports which is illustrated and analyzed in this research. Moreover, inflation and devaluation correlations and their impacts on import level of a country are studied through correlation and multiple regression analyses based on the data exported from OECD and World Bank. The results conclude that exchange rate volatility significantly impacts the trade balance in terms of imports and exports. Given the results, exchange rate is a non-trade barrier and affects foreign trade.
{"title":"Exchange rate impacts on international trade","authors":"Jalil Mehtiyev, R. Magda, Laszlo Vasa","doi":"10.21003/ea.v190-02","DOIUrl":"https://doi.org/10.21003/ea.v190-02","url":null,"abstract":"As international trade activities are increased, there are more regulative practices which might be barriers to trade. One of such hindrances is exchange rate volatility that affects trade activities both directly and indirectly. Exchange rate volatility of currencies can affect the trade engagements and as well as the trade balance of a country. One of the implications of the study is that the impacts of monetary policy changes on trade activities can be noticed significantly in the long-term. While impacts on export levels are usually immediate, import levels are changed in long-run. The research analyzes the correlation between inflation and devaluation and clearly states their impacts on trade balance. The case study about devaluation of the currency of Azerbaijan elaborates the impacts of currency volatility on exports which is illustrated and analyzed in this research. Moreover, inflation and devaluation correlations and their impacts on import level of a country are studied through correlation and multiple regression analyses based on the data exported from OECD and World Bank. The results conclude that exchange rate volatility significantly impacts the trade balance in terms of imports and exports. Given the results, exchange rate is a non-trade barrier and affects foreign trade.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43338862","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}
Emese Melinda Bogáth, Sándor Gáspár, Gergő Thalmeiner, Judit Bárczi
As a result of the 2008 financial crisis, the international financial system underwent a fundamental change. The crisis has highlighted various weaknesses in the economic system. One of these weaknesses was the unregulated nature of investment markets and their inefficient structural structure. Funds managed by investment fund managers have also been hit hard by the crisis. In the post-crisis period of 2008, there was a dynamic economic boom, which also affected the types of investment funds and their changes. However, the economic crisis caused by the COVID-19 pandemic from 2020 onwards is a special crisis. Its unique nature is reflected in the fact that financial markets have remained stable under the influence of central banks. This, in turn, did not necessarily affect the investment market, and in particular investment funds, as expected in the event of a downturn. In our research, we illustrate the change of investment funds along economic cycles through the quantitative changes of Hungarian investment funds. In our analysis, we illustrate the evolution of fund changes through hierarchical cluster analyzes. In the course of our research, we found that Hungarian investment funds move in line with market and retail investment trends, and the structure of investment funds does not show a significant change during the sixteen years examined, regardless of changes in economic cycles.
{"title":"Analysis of the Hungarian investment funds along economic cycles","authors":"Emese Melinda Bogáth, Sándor Gáspár, Gergő Thalmeiner, Judit Bárczi","doi":"10.21003/ea.v190-05","DOIUrl":"https://doi.org/10.21003/ea.v190-05","url":null,"abstract":"As a result of the 2008 financial crisis, the international financial system underwent a fundamental change. The crisis has highlighted various weaknesses in the economic system. One of these weaknesses was the unregulated nature of investment markets and their inefficient structural structure. Funds managed by investment fund managers have also been hit hard by the crisis. In the post-crisis period of 2008, there was a dynamic economic boom, which also affected the types of investment funds and their changes. However, the economic crisis caused by the COVID-19 pandemic from 2020 onwards is a special crisis. Its unique nature is reflected in the fact that financial markets have remained stable under the influence of central banks. This, in turn, did not necessarily affect the investment market, and in particular investment funds, as expected in the event of a downturn. In our research, we illustrate the change of investment funds along economic cycles through the quantitative changes of Hungarian investment funds. In our analysis, we illustrate the evolution of fund changes through hierarchical cluster analyzes. In the course of our research, we found that Hungarian investment funds move in line with market and retail investment trends, and the structure of investment funds does not show a significant change during the sixteen years examined, regardless of changes in economic cycles.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48472234","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}
Effective leadership is one of the most essential tools for an organization to sustain its business in the face of problems caused by the global economic environment. Successful managers can influence their employees and motivate them for strengthening organizational performance. The effective leadership style as a unique way of integrating employees with the organization to achieve its vision or goals. The current study provides a deeper insight into the factors of effective leadership style of organizations. The research paper is seeking to examine the relationship of leadership style and organizational performance by quantitative analysis of 376 participants in Hungary. The results showed a correlation between the dimensions of leadership style and organizational performance. It was also found that leadership style predicted organizational performance, which meant a 29% variance in performance. The findings of this study may assist current and future managers who are seeking to improve organizational effectiveness.
{"title":"Relationship between the leadership style and organizational performance in Hungary","authors":"P. Karácsony","doi":"10.21003/ea.v190-12","DOIUrl":"https://doi.org/10.21003/ea.v190-12","url":null,"abstract":"Effective leadership is one of the most essential tools for an organization to sustain its business in the face of problems caused by the global economic environment. Successful managers can influence their employees and motivate them for strengthening organizational performance. The effective leadership style as a unique way of integrating employees with the organization to achieve its vision or goals. The current study provides a deeper insight into the factors of effective leadership style of organizations. The research paper is seeking to examine the relationship of leadership style and organizational performance by quantitative analysis of 376 participants in Hungary. The results showed a correlation between the dimensions of leadership style and organizational performance. It was also found that leadership style predicted organizational performance, which meant a 29% variance in performance. The findings of this study may assist current and future managers who are seeking to improve organizational effectiveness.","PeriodicalId":51923,"journal":{"name":"Economic Annals-XXI","volume":" ","pages":""},"PeriodicalIF":0.6,"publicationDate":"2021-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41914722","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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