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For centuries, Estonia, Latvia, and Lithuania have enjoyed historic and economic ties with their Nordic neighbors in the Baltic Sea region. While the period since 1991 has been one of increased integration with the European Union, trade linkages with Finland and Sweden are particularly strong for Estonia and Latvia, respectively. This study addresses these connections by applying time-series econometric techniques, with the goal of highlighting where regional connections are strongest. Strong Nordic-Baltic linkages, while providing evidence that historical factors are still important, might also suggest that integration with the rest of the EU is relatively weak. Using quarterly data from 1994 to 2014 for Baltic, Nordic, and other partner countries, business cycles are modeled for output, consumption, and investment. Common regional cycles are also extracted via Principal Components Analysis for the three Baltic countries and for the Nordic countries of Denmark, Finland, Norway, and Sweden. Cross-correlation functions are then generated for various cycle pairs to assess whether any are “synchronized.” One key finding is that the Nordic region has two possible consumption cycles that behave in very different ways, suggesting that this region does not behave as a coherent whole. Norway and Denmark drive one cycle, while Sweden and Finland drive the other. Another key result is that each Baltic country behaves differently from one another. While regional differences are quite large - making it harder to describe this as a single “region” at all - Estonia does show significant connections to Finland, its historic and linguistic neighbor.
Marta Drozdowska, Magdalena Duda-Seifert and Agnieszka Faron
Pawlicz A., 2006, City Card as an Instrument of Tourism Promotion in Chosen Baltic cities, In Tourism in Scientific Research
in Poland and Worldwide, The University of Information, Technology and Management, Rzeszów, pp. 57-66.
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Ansari, M. I. (1993). Testing the Relationship between Public Expenditure and National Income in Canada, Employing Granger Causality and Co-integration Analysis. Managerial Finance, 31-46.
Ansari, M. I., Gordon, V. D., & Akuamoah, C. (1997). Keynes versus Wagner: public expenditure and national income for three African countries. Applied Economics, 543-550.
Anyadiegwu, Danladi, J. D., Akomolafe, K. J., Olarinde, O. S., & L., N. (2015). Government Expenditure and Its Implication for Economic
. The impact of supply chain management practices on competitive advantage and organizational performance. Omega, 34, 107-124.
Liao, K., Marsillac, E., Johnson, E., Liao, Y. 2011. Global supply chain adaptations to improve financial performance: supply base establishment and logistics integration. Journal of Manufacturing Technology Management, 22(2), 204-222.
Liao, T.Y. 2018. Reverse logistics network design for product recovery and remanufacturing. Applied Mathematical Modelling , 60, 145-163.
Ling-Yee, L., Ogunmokun, G.O. 2008. An empirical
In Croatia and other countries of Central and Eastern Europe, as a consequence of deep financial integration and abolition of capital controls, considerable loans to households indexed to the Swiss franc have emerged. Although all of researchers of the Swiss franc do not agree entirely on whether the Swiss franc is a safe haven currency, its property of continuous appreciation is commonly accepted. There was a continuous appreciation of the Swiss franc over the Croatian kuna. This paper examines the performance of several ARCH-based models for Swiss franc against the Croatian kuna on daily data sets within time period from 1997 to 2010. Evaluating the models through standard information criteria Component ARCH (1,1) is found to be the best-fitting model.
Vladan Martić, Ana Lalević-Filipović and Milivoje Radović
The EXtensible Business Reporting Language – XBRL appeared in the beginning of the 21st century and it represents one of the most important technological innovations in financial reporting, collecting and exchanging data since the introduction of electronic spreadsheets. However, although the XBRL standard is globally accepted, and it has been proved to be a standard sui generis, the implementation of the standard has not yet become a reality in Montenegro and the region. In this context, the goal of this article is to evaluate a new and, for our conditions unexplored, area from the point of application of modern methods of accounting theory and practice, highlighting both positive and negative aspects. This research is getting prominence having in mind that the EU integration process which Montenegro has already started would affect all areas of socioeconomic life and development, especially in terms of accounting practices harmonization.
This study examines financial regulation and banking sector performance in Nigeria. Specifically, the study determines the impact of reforms on banking sector performance and also assesses the nexus between capital adequacy and banking sector performance. Time series data for the period 1993 to 2014 was used. As an analytical tool, the study uses unit root test to determine the stationary state of the variables. We also employed the Johansson co-integration and error correction model (ECM) statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The empirical findings indicate that financial regulation significantly impacts the banking sector performance while financial regulation has both short-run and long-run dynamic relationships with the banking sector performance in Nigeria. It was found that the four-period lag of capital adequacy negatively affects banking sector performance and is not statistically significant. The paper suggests that the Central Bank of Nigeria (CBN) should continually make public the impacts that the various financial regulations and reforms have on the performance of Nigerian banks. Majority of the policies on financial regulation by the apex bank (CBN) need to be long-run which can enable confidence of stakeholders, shareholders and the general public in the Nigerian banking industry when critically evaluated.
This paper aims at specifying the determinants of 12-month ahead and 24-month ahead inflation expectations in Turkey by using monthly data from April 2006 to December 2016. Put differently, this paper tries to shed light on how inflation expectations respond to changes in past inflation rate, inflation target, output gap, USD/TL exchange rate, oil price, and EMBI in Turkey. To this end, the paper first conducts unit root tests in order to detect the order of integration of the variables. Then, the paper employs the autoregressive distributed lag approach to examine whether there is a cointegration relationship among variables and to estimate long-run parameters. According to the findings, 12-month ahead expected inflation rate is positively related to past inflation rate, inflation target, output gap, USD/TL exchange rate, and oil price and is negatively related to EMBI. Besides, 24-month ahead expected inflation rate is positively related to past inflation rate and USD/TL exchange rate and is negatively related to inflation target and EMBI. Upon its findings, the paper makes some inferences about the success of inflation targeting strategy in Turkey.
Māris Balodis, Valērijs Skribans and Poļina Ivanova
, V. (2009). Influence of the Crisis and 2009 Tax Policy Changes on the Latvian Economy. Latvijas Universitātes raksti: Ekonomika. Vadības zinātne, 743, 189-200.
Skribans, V. (2009). Taxes Income Modeling with System Dynamic Method. In: 50. RTU Starptautiskā zinātniskā konference: RTU IEVF Ekonomikas un uzņēmējdarbības zinātniskā konference (SCEE’ 2009): konferences rakstu krājums, 474-481.
Skribans, V., Pocs, R. (2012). Analysis of Latvian Integration Processes in EU Using System Dynamics Model. The 7th International Scientific