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Open access

Maria Negreponi-Delivanis

Abstract

The world is entering a new international economic order, with clearly different characteristics to the previous one. Apart from the fundamental rotation (every 40-50 years) between the regimes of free trade and protectionism, the decisive difference is the rapid rise of populist parties that are gradually displacing traditional political parties and traditional governments in Europe and the world. This development is the angry response of the victims of globalization, which has created many losers and few winners. Despite some differences among these new political parties, depending on whether they belong to the right or left, they all share certain basic choices, such as closed borders, the return of nationalism, the need for state intervention in the economy, a more equitable distribution of wealth, the demonstration of hostility to elitism and the status quo, the limitation of unregulated stock market economy, the greater emphasis on domestic production and consumption than exports. This status change is important not only from the point of view of mutating from liberal to illiberal democracy, but also from the point of view of the radical economic changes expected at the international and national levels. The main question, which at present cannot be answered, is whether life on the planet Earth will be better or worse as a result of these fundamental changes that penetrate our everyday life.

Open access

Črt Lenarčič

Abstract

This paper sets up a small open economy general equilibrium model operating in a monetary union. Exogenous oil shocks that hit the modelled economy are alleviated by introducing a pro-cyclical excise duty tax rule on oil prices. It provides a model-based theoretical background for studying a fiscal response of curbing the negative effects of volatile global oil prices on inflation. Against this backdrop, we estimate the key parameters of the DSGE model and simulate different responses of the fiscal policy tax rule, based on different values of the responsiveness of the excise duty parameter.

Open access

Gheorghe Andrei, Raluca Gâlmeanu and Florin Radu

Abstract

Accounting it’s an important component of the economic information system. E. Horomnea believes that through specific means and procedures, accounting provides: clarifications of the past and the present of the economic entities, pertinent analyzes that are directed to the market; provides guidance on the strategic future; provides motivations and solutions for the decisions made. This article will analyze the evolution of managerial accounting from traditional costing to the new guidelines, when the issue of creating added value and managing third parties needs represents the future of any information system. After 1987 there are continuous changes and concerns, not only at Romanian level but at world wide scale.

Open access

Ivan D. Trofimov, Nazaria Md. Aris and Dickson C. D. Xuan

Abstract

This paper studies the relationship between residential property prices and macroeconomic and demographic determinants in Malaysia. In the years following the Asian financial crisis, property prices in Malaysia rose substantially, resulting in an affordability crisis and ultimately policy responses to the problem. Using unit root, Johansen-Juselius cointegration, VECM-based Granger causality tests and variance decomposition, and considering quarterly data that covers 2000-2015 period, we established that residential property price growth is principally driven by strong demographic performance and population growth and is backed by the low interest rate environment and rising consumer prices. Household income and level of GDP do not appear to contribute to property price growth. Certain distortions and asymmetries in the Malaysian real estate markets are documented: oversupply in the higher price segment of the market coupled with the lack of affordable housing in the lower price segment; household income growth lagging behind GDP and property price growth, thereby dampening housing demand; growing rental markets in major urban areas as a result of the affordability crisis; and a quality mismatch between buyers’ preferences and housing supply.

Open access

Brian P. Simpson

Abstract

Shawn Ritenour provides a review of my two-volume book titled Money, Banking, and the Business Cycle in the winter 2016 issue of The Quarterly Journal of Austrian Economics. This paper constitutes a response to some of the criticisms of the book in his review. In this response, I discuss topics such as the nature of profits, the sustainability of changes in time preference, the role of changes in prices versus changes in spending in the business cycle, the relationship between interest rates and the rate of profit, the nature of fraud, and the nature of value. I also discuss whether the structure of production can be measured using the average period of production. I address other issues raised by Ritenour as well. This discussion sheds light on Austrian business cycle theory and the nature of the business cycle.

Open access

Pinkovetskaia Iuliia and Ginzburg Maria

Abstract

The purpose of this study was to examine if it makes sense to further stimulate the development of small and medium-sized businesses in Russia by the State. For this purpose, the authors formulated the following hypotheses: production functions can be used to explore opportunities to promote SMEs in Russia (hypothesis 1). However, if the values of degrees of factors are positive, it can be argued that SMEs development can be achieved by State measures to facilitate an increase in labour costs and investment in fixed assets of SMEs (hypothesis 2). To check formulated hypotheses we have developed production functions, which reflect dependences between SMEs turnover from investments in fixed assets and employees wage. Regression analysis was used to determine the parameters of production functions. While conducting calculations, we used the data of total observation of SMEs activities, provided by the Federal Statistical Service in 83 regions of the Russian Federation for the year 2015. Taking into consideration an important role of SMEs in Russian economy, the results of this research might help government bodies in resource distribution for particular regions and sectors of economy in these regions. From methodological point of view this research shows, that production functions might be used in Development Strategy of SMEs for the period of up to 2030, which establishes double production growth in SMEs.

Open access

Alexandru Tăbuşcă, Silvia-Maria Tăbuşcă and Gabriel Garais

Abstract

The new realities brought on us by the growing usage of IoT devices should be paralleled by new sets of paradigms and regulations, in order to not only accomplish the raise in the living standards of people but also to increase their level of human security. The IoT devices, as well as, in whole, the virtually completely internet connected society we live in today, need strong and clear rules and regulations, need laws that can help maintain and improve the cyber-security level. While being able to electronically track one’s children, by a multitude of IoT and other electronic devices, it is a great and useful feature we have to take into account that the same information, now shared over the internet, might also get into the wrong hands and lead to unpleasant or even dangerous situations.

Open access

Oana Raluca Ivan

Abstract

Integrated Reporting (IR), the latest approach in corporate reporting, is one of the most discussed topics of the past several years. Recently, companies and companies have realized that the former business model, which was based only on profit-taking without regard to employees, the environment and society, needs to be revised and should take into account wider objectives than financial ones. Therefore, current societies adopt a pluralistic approach and aim to include in their concerns stakeholders’ needs, sustainability, business ethics and transparency. From the aforementioned aspects derives the research question of the present study, aiming in this way to determine the degree of adoption of the integrated reporting of the Romanian companies listed on the Bucharest Stock Exchange, as well as the analysis of the corporate governance reporting degree of the companies included in the study. The results show us the current state of the art for this issue.

Open access

Claudio Ruff Escobar and Marcelo Ruiz Toledo

Abstract

Currently, higher education faces the great challenge of promoting the enduring improvement of its actions, and thus achieve not only satisfaction and integral formation of its students, but also a permanent growth and institutional development. At the World Conference of Higher Education, CMES 2009, the subject of quality and university management was emphasized, understanding that both favor the decision-making that directly benefits the continuous progress by incorporating mechanisms and instruments that ensure quality, such as: the hiring of qualified personnel, the optimization of resources and the accomplishment of institutional goals.

The Universidad Bernardo O’Higgins has defined and specified in its 2016-2020 institutional strategic plan, strategic objectives and indicators that show their degree of effectiveness through a Balanced Scorecard System. For this, it was necessary to select and specify indicators of relevant performance (KPIs) which would allow to execute a more specific follow up to overall performance and results. By using a similar methodology to the Dupon analysis a crossed-impact matrix was designed, which classified the 31 identified indicators in 4 KPIs of general matrix performance that allowed to systematically evaluate the institution and assess its integral overall performance by looking at only 4 indicators referring to the degree of advancement and institutional quality.

Thus, achieving the study’s goal by designing and implementing a modern management model sustained in key indicators that might influence the institutional quality, measured through the institutional and careers accreditation and the correlation analysis between years and accreditation areas and the selected indicators.

Open access

Olga Almabekova, Roman Kuzmich and Elena Antosik

Abstract

In crisis times, making the choice of a company to invest becomes challenging for a potential investor due to the uncertainty of business environment and dim future prospects. As for industries, the decision is often made in favor of the companies satisfying consumers’ basic needs. The value of a business is known to be the main indicator of the company’s reliability and investment attractiveness. The article provides substantiation of the reliability of income approach for business valuation in the time of economic crisis in Russia and presents an algorithm for implementing the cash flow discounting method within the framework of income approach using the case for a middle-sized construction company. The choice of the object for the research is due to the investment attractiveness of the construction industry in a big industrial city of Krasnoyarsk in the North East of Russia.