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Nikolay Stoenchev and Yana Hrischeva

Abstract

The aim of the present article is to research the availability of rules in the change of the prices of the most spread flats in the neighbourhoods of Sofia. The results from a research in the change of the offered prices of the residential real estates by months for an annual period of time (from October 2016 to September 2017) have been presented. The presence of an uprising tendency for the bigger share of the neighbourhoods has been proven. For those of them where there is a tendency missing are calculated indices for seasonality by the method of the mean chronological value. Upcoming seasonal deviations of the mean monthly prices from the average annual by the separate types of flats (studios, one-bedroom and two-bedroom flats), whereas the highest values are registered in the summer and the early autumn - the months August and September, and the lowest in the late autumn - the months October and November. The most significant are the fluctuations in the variation of the prices in the studios, followed by the two-bedroom flats and one-bedroom flats. The results could be useful to some potential investors.

Open access

Mohsen Rasoulian, Ali Akhavan Ghannadi and Alireza Nojoomi

Abstract

In the contemporary world, the insurance industry is considered one of the crucial factors of the development and progress of countries, and the insurance condition is an indicator of this phenomenon. The aim of the study is to assess risk taking of insurance companies from the perspective of senior managers and experts. The methods of research are questionnaire and interview with experts and senior managers of life insurance of active insurance companies in the city of Tehran using random sampling. In the present study, among 60 senior managers and experts, descriptive statistics in the field of demography such as gender, background, and educational level of respondents have been studied, and then they have been asked for the confirmation and rejection of statistical assumptions in the form of known criteria and opinions of experts and decision-makers. To prioritise the factors from the hierarchical analysis process for factor ranking, the results have indicated that inflation, governmental policies and lack of expertise are the major factors affecting risk taking in the industry of life insurance.

Open access

Pavlos Metallinos

Abstract

The manuscript focuses on the situation before the execution of construction activities starting and after the crystallization of the contractual object between Public Authority and contractor. The aim of the article is to investigate the interpretation of mathematical model of measurement of a public work cost after contractor’s selection and before the start of contractual activities. Our study results have been drawn through the interpretation of equations, which have been extracted by the study of the multiparameter polynomial, as these have been developed and proven in the study “Measurement of the Cost of a Public Works Project: The Case of Greece”. Taking advantage of the mathematical model, which was defined in the previous study, we develop the comprehension of critical conditions, which determine finally the equivalent in money of cost of each technical commodity for the purchaser and shape the execution conditions of competition in the construction market. Due to the relation of Hellenic legislation with that of EU, the suggested mathematical cost measurement model of a public work and the conclusions of the present article can be used in further study related to a critical evaluation between Earned Value Management Method and Earned Schedule Method. Despite the Hellenic experience, the approach of cognitive object and the conclusions which are reached could be applied in the international practice, if we take into consideration that the process of contractor’s selection that is used at least in the European Union, is similar.

Open access

Shumank Deep, Mohd Asim, Neeti Kesarwani and Shweta Kandpal

Abstract

Indian construction is a vital domain with an enormous employment potential and its contribution to the economy. Real estate is an essential domain of construction that tackles the housing demands. In the present scenario, this sector is experiencing a slowdown often failing projects. Thus, the aim is to identify the project participant and attributes that lead to delays in the schedule of real estate projects. In this process, we apply the hierarchical analytical process to identify the actor and the causes that result in an overrun. Our findings suggest that to a significant extent delays occur due to contractors under the influence of distinct factors discussed in the study.

Open access

Lutfi Zharku

Abstract

The aim of the paper is to analyse the irregular budget receipts, their behaviour and impact on budget deficits in Kosovo. Since its independence, Kosovo has been engaging in large infrastructure projects based mainly on initially high cash balances and overestimation of revenue capacity, in particular of irregular receipts. This led to the creation of future liabilities and budget deficits, which had to be financed by public debt. Further, the politically motivated increase of wage and salary bill and social transfers increased the burden on budget deficit already caused by infrastructure projects. Thus, budget deficits became the lasting feature of Kosovo economy. All this was supported by a lack of legal infrastructure or fiscal rules for several years. There is extensive literature on the causes of budget deficit, its definition and measurement. The literature review method is adopted in the present study, and research is refined by including selected papers that contain empirical and theoretical studies on budget deficit. Therefore, special-purpose deficit, the so-called “regular” budget deficit, which considers only regular receipts and outlays, has been defined and measured in the present study. This analysis leads to the conclusion that irregular receipts used by the government to engage in large infrastructure projects and/or the politically motivated increase of wage and salary bill and social transfers lead to a budget deficit that has to be financed through public debt. This is a case study of Kosovo and research has been carried out using primary data drawn from Kosovo budget annual financial reports. The implications of the paper may be of high importance for policymakers as well as for academic issues. This is a unique approach to the issues of Kosovo budget deficit and irregular receipts.

Open access

Jānis Zvirgzdiņš, Kaspars Plotka and Sanda Geipele

Abstract

Economic models are built primarily following the classical economic theories, but a challenge to build good models with classical theories is needed to define the exact value of the Earth, which is hardly definable. Quite often national gross product indicator calculation reuses the same performance indicators, where the resource and income distribution system is not linked to production factors. The resource and income distribution system is primarily associated with low productivity (execution of a sales plan, execution of a profit plan, profitability level, increase in market share, personnel turnover rate, hours worked per employee). Changes in the productive and economic structures of the markets result in new innovative growth patterns which, based on customer motivation, are linked to the concentration of capital in regional and national markets, the growth of transnational markets and the development of technology. At the same time, extensive economic development through natural resources leads to deforestation, landscape changes, desertification, swamping and soil fertility renewal. So far, it often has been assumed that economic growth depends on the use of natural resources, and natural resources are unlimited. The results are “resource crisis”: resources are running out and resource prices are rising, thus invalidating a particular model. On the other hand, the eco-economy approach is a sustainable future for the economic modelling. The principle of eco-economy is based on a production system, which relies on re-cyclicality (the basis is the production of zero waste production). For this to happen, a transition to a completely new mind-set is needed. The research results were previously approbated during the graduate meeting of the Baltic DBU scholarship holders from 4 to 6 May 2018 in Latvia.

Open access

Lekë Pula and Alban Elshani

Abstract

The aim of the study is to examine the impact of public expenditure on economic growth of Kosovo. Time series data span for the period of time 2002-2015. The structure of the econometric model is built on Keynesian theories and endogenous growth model. The model estimation is performed only after implementing the Augmented Dickey-Fuller (ADF) Unit Root test to estimate if time series are stationary. Several tests have been implemented to determine model validity. The model has met all the assumptions of statistical tests: error term residuals have a normal distribution (Jarque-Bera test), there is no auto-correlation between variables (Breusch-Godfrey Serial test), and error variances are constant, known as the principle of homoscedasticity (Breusch-Pagan-Godfrey test). Gross domestic product is used as a dependent variable in the model, while public expenditure (G), foreign direct investment (FDI), export (EXP) and total budget revenue (TrTax) are used as the endogenous variables. The study results have revealed that there is a positive and statistically significant effect of public expenditures and exports on economic growth. Total budget revenue has a positive impact on economic growth but this has not been proved to be statistically significant. The authors of the research have also found out that FDI is negative and statistically insignificant.

Open access

Vlora Prenaj and Hysen Ismajli

Abstract

The aim of the present study is to review the definitions of the enterprises in the European Union, Western Balkans and Kosovo. The study also proposes the classification and comparison of small, medium-sized and large enterprises in the European Union, Western Balkan countries, such as Albania, Montenegro, Macedonia, Croatia, Bosnia and Herzegovina, Serbia, and in Kosovo. The study has been performed using the legal, economic, comparative and practice methodology. The results of the study suggest that states should have control over the categorization of enterprises, so the enterprises with higher economic power cannot have the opportunity to hurt those with lesser economic power, all based on the regulation law and its implementation in practice.

Open access

Arben Sahiti, Skender Ahmeti and Hysen Ismajli

Abstract

Unlike the other forms of investment strategies, foreign direct investment (FDI) involves the long-term commitment in the host country. FDI determinants are complex and multi-dimensional phenomena that result from both macro-economic and firm strategy considerations. The main objective of the present research is to review the empirical studies on FDI determinants in order to find out what motives international corporations are pursuing since the FDI policies and nation-specific business environment are directly affecting international corporations’ activity involvement. The literature and document review research method is adopted for this research, and the research is refined by including only papers that contained empirical studies on FDI determinants. Research has been carried out using secondary data drawn from a diverse pool of materials, including books, journals and other credible reports from international institutions. This research concludes the evidence of the mixed results on such a linkage.

Open access

Iveta Puķīte, Ineta Geipele and Armands Puķītis

Abstract

The scientific publication aims to identify risks in the maintenance of the rental housing stock. Access to housing is an essential precondition for the development and integration of the personality of each individual into society. Despite the rapid development of the state in certain sectors of the economy, the issue of inadequate accessibility and quality of housing for low-income groups of the population is becoming more and more acute. Therefore, one of the state policies is to create an adequate and rational space for all categories of Latvia’s population. The aim of the article is to identify and evaluate the risks of management of rental houses owned by the municipality, their impact on efficient and high-quality maintenance and high-quality maintenance of the housing stock.