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Gitana Dudzevičiūtė and Agnė Šimelytė

Energy Consumption and Economic Growth in Lithuania. The Engineering Economist, 22 (5), 510-518. doi: http://dx.doi.org/10.5755/j01.ee.22.5.969 Campo, J., and Sarmiento, V., 2013. The Relationship between Energy Consumption and GDP: Evidence from a Panel of 10 Latin American Countries. Latin American Journal of Economics, 50 (2), 233-255. doi: http://dx.doi.org/10.7764/LAJE.50.2.233 Chen, P. Y., Chen, S. T., and Chen, C. C., 2012. Energy Consumption and Economic Growth - New Evidence from Meta Analysis. Energy Policy, 44 , 245-255. doi: http

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Gintaras Cernius, Liucija Birskyte and Arturas Balkevicius

, A., 2009. Guidelines for E-Government in Lithuania: Insights for the Future. Vilnius: Publication Centre of Mykolas Romeris University. Sonnier, B. M., Hennig, C. J., Everett, J. O., and Raabe, W. A., 2012. Reporting of book-tax differences for financial and tax purposes: A case study. Journal of Accounting Education, 30(1), 58-79. doi: http://dx.doi.org/10.1016/j.jaccedu.2012.06.009 Taylor, G., and Richardson, G., 2012. International corporate tax avoidance practices: Evidence from Australian firms. The International Journal of

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Valentinas Navickas and Mantas Svazas

Abstract

The Future production systems’ increasing significance will impose work, which maintains not a competitive, but a collaboration basis, with concentrated resources and expertise, which can help to reach the general purpose. One form of collaboration among medium-size business organizations is work in clusters. Clusterization as a phenomenon has been known from quite a long time, but it offers simple benefits to researches at micro and medium levels. The clusterization process evaluation in macroeconomic dimensions has been comparatively little investigated. Thereby, in this article, the clusterization processes is analysed by concentrating our attention on macroeconomic factor researches. The authors analyse clusterization’s influence on country’s macroeconomic growth; they apply a structure research methodology for clusterization’s macroeconomic influence evaluation and propose that clusterization processes benefit macroeconomic analysis. The theoretical model of clusterization processes was validated by referring to a biomass cluster case. Because biomass cluster case is a new phenomenon, currently there are no other scientific approaches to them. The authors’ accomplished researches show that clusterization allows the achievement of a large positive slip in macroeconomics, which proves to lead to a high value added to creation, a faster country economic growth, and social situation amelioration.

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Piotr Wiśniewski, Tomasz Kamiński and Marcin Obroniecki

Abstract

The Central and Eastern European (CEE) capital markets (of Poland, Lithuania, Latvia, Estonia, the Czech Republic, Slovakia, Hungary, Ukraine and, to a limited extent, Belarus) are gradually evolving towards increased breadth (diversity) and depth (liquidity), however, they are still exposed to considerable cross-country volatility and interdependence spill-overs - especially in times of capital flight to more established asset classes (“safe havens”). Sovereign Wealth Funds (SWFs) have widely been censured for their undesirable political interference and chronic operational opacity. This paper demonstrates that in CEE, contrary to widespread perceptions attributable to developed markets, SWFs can act as natural and powerful risk mitigators (contributing to a more stable capital base and reduced systemic volatility). Such a proposition is premised on several factors specific to SWFs oriented to CEE. They comprise: strategic long-termism and patience in overcoming interim pricing deficiencies, commitments to elements of a broadly interpreted infrastructure, and absence of overt conflicts of interest with the CEE host economies. The paper, besides reviewing the utilitarianism of SWFs in the CEE’s risk mitigation context, highlights regulatory and technical barriers to more SWF funding for CEE. It also recommends policy measures to the CEE economies aimed at luring more host-friendly SWF investment into the region.

Open access

Marta Świerczyńska and Mariola Węglińska

. Beer, Ch., Ongena, S., Peter, M. (2010a). The Austrian Carry Trade: What Are The Characteristics of Households Borrowing in Foreign Currency? OeNB Financial Stability Report , no. 16. Beer, Ch., Ongena, S., Peter, M. (2010b). Borrowing in Foreign Currency: Austrian Households as Carry Traders. Journal of Banking & Finance, 34 (2010), 2198-2211. Board Decision Dated 20 of Jan. 2009 Regarding Granting a Medium Term Financial Help for Lithuania, EU Official Journal, 2009/290/WE. Brief Outline of the Regulation Concerning FX Lending In Hungary (2013

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Ada Domańska and Robert Zajkowski

R eferences Aidis, R., Mickiewicz, T. (2006). Entrepreneurs, Expectations and Business Expansion: Lessons from Lithuania. Europe-Asia Studies, 58 , 855-880. Afonso, A., Schuknecht, L., Tanzi, V. (2005). Public Sector Efficiency: an International Comparison. Public choice, 123 (3-4), 321-347. Benedek, D., Crivelli, E., Gupta, S., Muthoora, P. (2014). Foreign Aid and Revenue: Still a Crowding-Out Effect?.FinanzArchiv: Public Finance Analysis, 70 (1), 67-96. Boix, C. (2001). Democracy, Development, and The Public Sector. American Journal

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Edyta Marcinkiewicz

between these indicators and several distinguishing factors. The data cover 10 countries (Bulgaria, Croatia, Czechia, Hungary, Latvia, Lithuania, Poland, Romania, Slovakia and Slovenia) studied in the period of 2006−2014. The paper is structured as follows. First, it discusses previous studies that are related. Then, it presents an overview of the funded pension schemes in the countries under investigation, as well as some quantitative information on voluntary pension plans in the CEE region. Next, the description and the results of empirical research are provided

Open access

Karolina Wojcicka

, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. (17.08.2010). Retrieved from http://www.riksbank.se/Upload/Dokument_riksbank/Kat_AFS/2010/8a37263c.pdf. Craig, B.R., Dinger, V. (2010). Deposit Market Competition , Wholesale Funding, and Bank Risk. European Banking Center Discussion Paper, No. 210-17S, 1-34. Davis, K. (2007, August). Banking Concentration, Financial Stability and Public Policy. Paper presented at the Conference on The Structure and Resilience of the Financial System, Sydney, Australia. De