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Aliya Zhakanova Isiksal, Huseyin Isiksal, Rakhmetullina Shynar Zhakanovna, Savanchiyeva Armanay Sagatbayevna and Alibek Zhakanov

SUMMARY

This article analyses the current environmental aspects and the mechanisms of environmental regulation in Kazakhstan with specific emphasis of Pavlodar Region for the development of tourism. The study showed that the environmental situation in Pavlodar Region requires the adoption of a number of activities and legal regulation for improvement and development of tourism. The improvement of tourism is very important for the regional budget and for the overall economic development of the area. It is argued that for the effective management and the development of the tourism industry, the existing taxation system that is the Tax Code of the Republic of Kazakhstan requires some amendments, sustainable development measures should put into the practice with the introduction of technological systems that based upon the use solar and wind energy, and “Green Economy” strategy should be implemented into the practical life and monitored effectively.

Open access

Sebastian Tocar

Abstract

When investigating foreign direct investment, scientists focus on different combinations of factors. They often emphasize the economic ones, while underestimating the others. Among the non-economic factors, there are several problems regarding the identification of relevant FDI determinants. The aim of this paper is the provision of a comprehensive review of the factors that are considered to impact the attraction of FDI and the identification of relevant FDI determinants. From the variety of factors, mentioned in the specialty literature, we identified eleven categories of FDI determinants. We also provided a comprehensive review of categorical and methodological interferences of the identified factors, proposing potential working hypothesis for future researches in the field. The final assessment of this study is the creation of a Synthesis of the factors influencing FDI.

Open access

Anita Todea

Abstract

This paper examines the impact of culture on stock price informativeness in a sample of firms from 23 developed stock markets. We find that the information content of private information in stock prices is higher in more individualistic countries and in low uncertainty-avoiding countries. Moreover, financial openness stimulates the incorporation of private information into individualistic countries and in low uncertainty-avoiding countries.

Open access

Mladen Rebić, Milica Bojat and Nemanja Šarenac

SUMMARY

There is no universal model of local economic development. Development strategies vary from country to country, city to city, and depend on the level of development, political system, development potential, social values, available resources, etc. Republic of Srpska faces with significant differences in the level of development of its territory. Local communities in the Republic of Srpska are increasingly facing with several obligations - providing support to business, creating a favorable business environment for attracting investment and providing an adequate infrastructure. The biggest problems that most of municipalities in the Republic of Srpska encounter are reflected in the emptying of cities, the departure of young people, low average wages and high unemployment rates. They are trying to solve these problems by attracting investments. However, it is very important to say that an effective investment policy must be based on the creation of new enterprises with capitalintensive production. The average wage level in local communities of the Republic of Srpska is low, due to the fact that most of the investments have a labor-intensive character. The subject and aim of this paper is to determine the competitiveness and level of development of local communities in the Republic of Srpska. Municipal competitiveness will be higher if it has a positive trade balance, higher average wages, high natural increase, low unemployment rate and positive migration. Higher natural increase, favorable trade balance and low unemployment rate are in direct correlation with the degree of local development. The results of the research have shown that the key problems of underdeveloped municipalities in the Republic of Srpska are demographic aging, population migration, underdeveloped infrastructure, high unemployment rates, low average wages, low level of investment, low export activity, weak institutional capacities, etc.

Open access

Emrah Gulay

Abstract

The gross capital formation (GCF), which helps to gradually increase GDP itself, is financed by domestic savings (DS) in both developed and developing countries. Therefore, forecasting GCF is the key subject to the economists’ decisions making. In this study, I use simple forecasting methods, namely dynamic relation model called “Autoregressive Distributed Lag Model (ARDL)”, and complex methods such as Adaptive Neuro Fuzzy Inference System (ANFIS) method and ARIMA-ANFIS method to determine which method provides better out-of-sample forecasting performance. In addition, the contribution of this study is to show how important to use domestic savings in forecasting GCF. On the other hand, ANFIS and hybrid ARIMA-ANFIS methods are comparatively new, and no GCF modeling using ANFIS and ARIMA-ANFIS was attempted until recently to the best of my knowledge. In addition, Autoregressive Integrated Moving Average (ARIMA) method and Vector Autoregressive (VAR) model serve as benchmarks, allowing for fair competing for the study.

Open access

Marin Fotache, Alexandru Tică, Ionuț Hrubaru and Teodor Marius Spînu

Abstract

The most prominent Big Data solutions – such as NoSQL systems, Hadoop Frameworks, Spark, etc. – have been open-sourced. Nevertheless, commercial providers have targeted niches of this huge market with products more or less viable and affordable. This paper addresses the problem of benchmarking Big Data platforms with a focus on Oracle Exadata solution provided by one the most important data technologies vendor. Many classical benchmark approaches, such as TPC-H, are based on a predefined set of queries, and consequently they are not prone to predictive modeling. By contrast, for the TPC-H benchmark schema, we generate a set of 500 random queries containing not only tuple filters (WHERE), but also tuple grouping (GROUP BY) and group filters (HAVING), we collected results of the queries execution on four Oracle Exadata settings. Query duration was the outcome variable. Various query parameters, such as the number of joins, the number of attributes of different types within SELECT and WHERE clauses, and also some environment metrics served as predictors. Results were interpreted using exploratory data analysis and also Multivariate Adaptive Regression Splines (MARS) for both predicting the performance and explaining the main drivers of the system performance.

Open access

Mu Tong and Yi He

Abstract

Based on the payments and settlement system, the influence of the topology of capital flow networks on the extra short-term liquidity demand is investigated. Through modelling the circulating mechanism of liquidity in a network, its different influencing factors are analysed. The factors relating to the strength of nodes and leakage of liquidity that influences the liquidity demands of real-time settlements are studied from the perspective of both the system and members, using different simulation methods. The results show that strength will lead the member’s liquidity demand to increase but the strength distribution will lead the system’s liquidity demand to decrease, in cases with no leakage effect or unchanged leakage effect. The liquidity demand of the entire system is positive compared to the amount of leakage effect but uncorrelated to the distribution of the leakage effect among members, if the effect of strength distribution is unchanged. If the effects of strength, strength distribution and leakage are changed together, the latter is the dominant factor that influences the liquidity demand of both system and members. The above findings are useful for the management and supervision of short-term liquidity demand in complex financial systems, and for liquidity risk management and liquidity rescue policymaking.

Open access

Leszek Wincenciak

Open access

Jacek Lewkowicz and Anna Lewczuk

Abstract

Which institutions may be important in terms of trade union density and how significant they are? Although the status of trade unions may be very different among states, unions are still a very meaningful component of labour markets. In this paper, we contribute to the debate about the institutions that may affect the outcome of trade unions in different legal systems. Firstly, we draw on the theoretical underpinnings of trade union activity and density. Then, we conduct an empirical analysis of the relationships between trade union density in a particular country, country’s legal origins and government’s ideology. In this way, the paper enriches an underexploited niche in institutional research devoted to labour market issues.

Open access

Stanisław Gomułka

Abstract

This paper compares three lists of basic ‘stylized facts’ of global economic growth and proposes a list of five ‘stylized trends’ that describe the main developments of the global economy in the 20th century. The author’s main purpose is to answer the question whether, in the light of the contemporary growth theory and demographic forecasts, these trends are likely to continue in the 21st century. Considering this theory, it is argued that the global economy rate of growth of the per capita gross domestic product (GDP) is likely to continue to be high in the first half of the current century, but decline significantly in the second half. This paper offers forecasts for the average growth rates during this century, and the levels by its end, of the per capita GDP for the technology frontier area (TFA) of the world, and for the countries outside the TFA. According to these forecasts, the strong divergence trend of the 19th and 20th centuries will be replaced by a strong convergence between the TFA and the other countries during the 21st century.