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Jan Hagemejer and Mahdi Ghodsi

such as the USA, France and Germany as well as Canada, Spain, Mexico and Brazil. The most upstream countries in that sector include Japan and China providing upstream intermediate inputs. Changes over time are mild, most notable shifts are Korea moving strongly upstream and USA moving visibly downstream. More apparent changes can be seen within the group of the NMS economies. There, the largest transport equipment producers (Poland, Slovakia, Hungary and Czech Republic) have converged over time to the level of upstreamness slightly higher than that of Germany, from

Open access

Yu Hsing

Abstract

Employing an extended IS-MP-AS model to study the effects of the exchange rate, fiscal policy and other related variables in Montenegro, the paper finds that real depreciation of the Euro, a lower government spending-to-GDP ratio, a lower real lending rate in the Euro area, a lower lagged real oil price, a higher lagged real GDP in Germany, and a lower expected inflation rate would promote economic growth.

Open access

Bartosz Stawiarski

Abstract

We investigate several promising algorithms, proposed in literature, devised to detect sudden changes (structural breaks) in the volatility of financial time series. Comparative study of three techniques: ICSS, NPCPM and Cheng’s algorithm is carried out via numerical simulation in the case of simulated T-GARCH models and two real series, namely German and US stock indices. Simulations show that the NPCPM algorithm is superior to ICSS because is not over-sensitive either to heavy tails of market returns or to their serial dependence. Some signals generated by ICSS are falsely classified as structural breaks in volatility, while Cheng’s technique works well only when a single break occurs.

Open access

Dragan Mandić, Zoran Borović and Mladen Jovićević

Summary

In this paper, we will present the results of our survey on economic freedom and entrepreneurial activity. We have conducted our analysis on EU 11countries (Belgium, Denmark, France, Germany, Greece, Ireland, Italy, Netherlands, Spain, Sweden and United Kingdom) for the time period 2000- 2014. To measure the entrepreneurial activity we have used data from the Global Entrepreneurship Monitor, and to measure economic freedom, we have used data from Fraiser Institute. Our results suggest strong positive and statistically significant, long term impact of economic freedom on entrepreneurial activity.

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Tanja Rihtaršič and Matjaž Rihtaršič

Summary

This article starts with a review of different recent theoretical views and positions on culture, menstruation taboos, and ethical consumer behaviour. We performed a quantitative research in England, Germany, Slovenia and Sweden on 1,081 responding female students about the effect of cultural and sociological factors on female consumer behaviour when buying feminine hygiene products. Countries were selected depending on different cultures, religions and consumer behaviour. Based on the acquired results, we established a structural model of female consumer behaviour in the selected countries. This model showed a spiral transfer of cultural limitations and prejudices to the respondent students through the environment.

Open access

Martin Dahl

Abstract

Western Germany introduced the model of a Social Market Economy after World War II. This model has become an example of socio-economic reforms for many European countries. In the initial phase of the development of the new socio-economic policy concept, the postulate of "prosperity for all" was especially appealing as it considers economic policy and social policy as a whole. In subsequent years of development, particularly at the end of the twentieth century, the model of a Social Market Economy has become a source of foundation for creating new concepts and ideas that would include more aspects of responsible and sustainable development combined with proper care for resources and the natural environment. In the view of this, the aim of this paper is to attempt to answer the question of to what extent the Social Market Economy model can lay the foundation for sustainable, responsible and ecological development. In order to be able to answer such a research question, the author based his reasoning and analyses on the theory of ordoliberalism and the following research methods: factual analysis, comparative analysis and analysis of selected publications. The main findings of the research are that the concept of Social Market Economy contains numerous elements that can foster the implementation of the sustainable, responsible and ecological development of countries and societies.

Open access

Mateusz Buczyński and Marcin Chlebus

Abstract

In the literature, there is no consensus as to which Value-at-Risk forecasting model is the best for measuring market risk in banks. In the study an analysis of Value-at-Risk forecasting model quality over varying economic stability periods for main indices from stock exchanges was conducted. The VaR forecasts from GARCH(1,1), GARCH-t(1,1), GARCH-st(1,1), QML-GARCH(1,1), CAViaR and historical simulation models in periods with contrasting volatility trends (increasing, constantly high and decreasing) for countries economically developed (the USA – S&P 500, Germany - DAX and Japan – Nikkei 225) and economically developing (China – SSE COMP, Poland – WIG20 and Turkey – XU100) were compared. The data samples used in the analysis were selected from the period 01.01.1999 – 24.03.2017. To assess the VaR forecast quality: excess ratio, Basel traffic light test, coverage tests (Kupiec test, Christoffersen test), Dynamic Quantile test, cost functions and Diebold-Marino test were used. Obtained results show that the quality of Value-at-Risk forecasts for the models varies depending on a volatility trend. However, GARCH-st (1,1) and QML-GARCH(1,1) were found to be the most robust models in the different volatility periods. The results show as well that the CAViaR model forecasts were less appropriate in the increasing volatility period. Moreover, no significant differences for the VaR forecast quality were found for the developed and developing countries.

Open access

Aleksandar Stojanović

Economies in Transition, OECD, 1991. 7. Schwidetzky, W.D., A Comparison Of The Income Tax Systems In The United States And Germany, University Of Baltimore School Of Law 8. Statistiques des recettes publiques, OECD, Paris, 2004. 9. SAFE, Projekat Vlade Kraljevine Švedske, Sarajevo, 2015.

Open access

Rodica Perciun, Tatiana Petrova and Corina Gribincea

университета - Высшей школы экономики: Глава 11. Сбережения, накопление капитала и ВВП. с. 233 -254. ISBN978-5-7598-0556-4 9. Перчун Р., Петрова Т. (2014) Финансовая безопасность Республики Молдова, LAP Lambert Academic Publishing, Germany, 119 p, ISBN: 978-3-659-45754-8, 2014 10. Сенчагова В.К. (2005) Экономическая безопасность России: Общий курс: Учебник / 2-е изд. - М.: Дело, 896 с. ISBN 5-7749-0391-5. 11. Федоров В. (2006) Рост без развития, Журнал Современная Европа, issue 2, p.5-29 http://www.sov-europe.ru/2006.htm