Jani Bekő and Darja Boršič
We examine the purchasing power parity (PPP) hypothesis of 10 members of ASEAN. A battery of panel unit root tests is employed on data series from January 1995 to January 2018 in order to search for validity of PPP in the period before the Great Recession and in the post-crisis period. All the calculations are based on four numeraire currencies: Chinese yuan (CNY), Japanese yen (JPY), US dollar (USD), and the euro (EUR). First, following the outcome of the present study for ASEAN countries, the PPP holds mostly with respect to CNY rates. Second, for the post-financial crisis period, our research proves conclusively that the PPP supposition is predominantly valid between the currencies of ASEAN countries and EUR rates. The sample of countries in the study is limited to the ASEAN group of economies. Based on the evaluated parity conditions, the emergence of global economic crisis brought about significant currency shifts in the ASEAN. The selection and testing of a broader range of numeraire currencies is vital to provide empirical underpinning for PPP notion.
In the present paper, a fog computing framework for smart urban transport is developed. The proposed framework is adapted to the smart city concept. It uses a collaborative multitude of end-user clients to carry out a substantial amount of communication and computation. It can be adapted for specific situations of smart cities in Romania, such as: Cluj-Napoca, Timișoara, Iași or Bucharest. Economic and social implications as well as available European funding sources are presented.
With disruptive technologies constantly emerging, the impact of artificial intelligence is becoming a relevant topic nowadays. An extensive investment in business intelligence support systems has been recognized as one of the top priorities of most successful managers. However, these constant internal changes of systems and management styles rarely happen smooth and natural, and frequently they trigger serious issues for the companies and its interactions with their customers. Implementations like automated call centers and online payment systems are just mainstream examples which can be used to show the numerous implications of the intrusion of artificial intelligence systems in our everyday life. With the increasing use of various forms of technology, an ongoing discussion has emerged about people's willingness to accept these technological trends. There are, of course, both pro and counter arguments to be discussed. In this article there are presented the results of an eye-tracking experiment about the reaction of consumers towards several forms of artificial intelligence. It has been shown that consumers have the tendency to react more at unexpected situations involving robots and forms of artificial intelligence.
This research discusses the role of social entrepreneurship as an important feature of the moral economy, i.e., a socially responsible business practice. Developing countries, e.g., Georgia, a post-Soviet country, differ from those in the West in this aspect. The author aims to identify peculiarities of social entrepreneurship and corporate social responsibility of Georgian businesses. Desk research provides conceptual analysis of the existing quantitative and qualitative studies, based on prominent scientists’ works in economics and entrepreneurship. A “moral economy” understands business activities as “social services.” Social responsibility is a business’s moral framework, suggesting a company’s obligation to generate social benefit. Social entrepreneurship combines the best practices from the nonprofit and for-profit activities to tackle social needs poorly addressed by businesses and governments. Social entrepreneurship is a relatively new phenomenon in post-Soviet countries, where nongovernmental organizations help in solving many social problems, but their efforts are typically insufficient. Entrepreneurs must find a balance between a company’s success, employees’ needs, and environmental and social stability. These three priorities form the foundations of corporate social responsibility. Economic history provides many examples of moral standards driving the stability of a socio-economic system and profitability of companies with macroeconomic and microeconomic positive impacts. Companies operating in Georgia spend their funds on social projects and charity; moreover, such socially oriented activities are sometimes chaotic. Companies need to implement social responsibility projects as part of their business plans. Strengthening corporate social responsibility could thus support development of social entrepreneurship.
The article analyses the significance of the ECJ preliminary ruling on competition law. Starting with the general characteristic of the preliminary ruling of the Court of Justice, its legal regulation in TFEU and its effects, it focuses on the concrete judgement of the Court (Tenth Chamber) of 7 February 2013 in Case C-68/12 at the request of the Supreme Court of the Slovak Republic. It explains the preliminary questions and the background of the competition case that was the incentive for them. It describes the quite complicated cartel agreement of the three banks concerned and the impact of the ECJ preliminary ruling on the judgements/decisions of the case.
Good public governance requires participative networking to tackle the worst societal problems. Redefined administrative procedure as an instrument that should ensure efficient public policies is one of the key approaches in this respect. The objective of this article is to show, based on qualitative research methods, that in modern public administration, procedure is attributed a much different role than under the traditional Rechtsstaat doctrine. It has been evolving towards becoming a dialogue tool for the state and the citizens, increasingly recognised in Neo-Weberian and good governance models, also in Central and Eastern Europe (CEE). Administrative procedure’s modernised codification in CEE countries, grounded in public administration theory, EU and case law, is in this article seen as of the utmost importance to apply in the region to develop its governance capacity. The article addresses said issues and provides a specific outline as to how to systematically and proportionally codify administrative procedural law in this sense on a national scale. The author proposes a concrete, holistic outline to redefine respective codification within contemporary public governance models. This outline incorporates minimum joint fundamental principles, e.g. the right to be heard. Following the principle of proportionality, in addition a more detailed codification is suggested by more formalised proceedings in the case of the collision of legally protected interests. The principles, such as participation, would apply for any administrative acts, resulting from legislative policy-making or single-case decision-making, and judicial reviews thereof alike. Such an approach should ensure a balanced recognition and effective protection of parties and public interest.
The purpose of this paper is to derive a model for calculation of maturities and volumes of repayments that a bank may expect from nonretail nonperforming loans (hereafter NPLs). Expected inflows from nonretail NPLs follow a probability distribution, defined by size and timing of historic repayments of NPLs. Empirical analysis has shown that probability distribution of expected inflows from nonretail NPLs considerably deviates from symmetric distribution and is asymmetric to the right. Accuracy of derived model depends upon available data in banks about NPLs by corporate sectors and recovery rates by time intervals. The model in this paper is in interest of any bank and in particular of banks with a higher fraction of NPLs in their loan portfolio. Contribution of this paper to the added value in the area of liquidity risk management in banks is high because the remaining literature does not deliver other models for the same purpose.