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1
Stef, Nicolae. "Institutions and corporate financial distress in Central and Eastern Europe." European Journal of Law and Economics 52, no. 1 (May 28, 2021): 57–87. http://dx.doi.org/10.1007/s10657-021-09702-9.
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Bohl, Martin T., and Hans-Jürgen Wagener. "Emerging financial systems in Central and Eastern Europe: financial institutions and asset pricing." Economic Systems 28, no. 2 (June 2004): 109–10. http://dx.doi.org/10.1016/j.ecosys.2004.05.001.
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Brada, Josef C., Roland Schönfeld, and Ben Slay. "The Role of International Financial Institutions in Central and Eastern Europe." Journal of Comparative Economics 20, no. 1 (February 1995): 49–56. http://dx.doi.org/10.1006/jcec.1995.1003.
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Natalina, Nataliia. "Democracy and Institutional Political Subjectness: Comparative Study for Europe and Central Asia." Przegląd Politologiczny, no. 3 (October 27, 2022): 17–34. http://dx.doi.org/10.14746/pp.2022.27.3.2.
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This article presents the results of a comparative analysis of political institutions in different types of regimes through indicators of their political subjectness, namely governance effectiveness, government’s future orientation and institutional trust. The correlation between these indicators and the level of democratisation for 50 countries in Europe and Central Asia as of 2021 and in the dynamics of the last 15 years is calculated on the basis of a broad empirical database. The influence of new world order trends, such as the development of a network society, the digitalisation of the political field and the influence of international financial institutions, on institutional political subjectness is explored. The author concludes that consolidated democracies and autocracies have a higher level of political subjectness than hybrid regimes. Democracies are more effective in governance, but autocracies are more perceived by their citizens as capable of providing political stability and a long-term vision for the future. As a result, autocratic regimes have a higher dynamic of institutional trust. Hybrid regimes demonstrate a greater propensity for authoritarian political institutions and traditions than for democratic ones.
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PAMUK, ŞEVKET. "The evolution of financial institutions in the Ottoman Empire, 1600–1914." Financial History Review 11, no. 1 (April 2004): 7–32. http://dx.doi.org/10.1017/s0968565004000022.
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For most of its 600-year existence, the economic institutions and policies of the Ottoman Empire were shaped to a large degree by the priorities and interests of a central bureaucracy. The influence of landowners, merchants and moneychangers remained limited. The central bureaucracy managed to contain the many challenges it faced with pragmatism, flexibility and negotiation. This study examines long-term changes in Ottoman fiscal, monetary and financial institutions from this perspective of pragmatism, flexibility and adaptiveness. Ottoman institutions of private and public finance retained their Islamic lineage until the end of the seventeenth century. European financial institutions began to grow in influence during the eighteenth century. With the onset of the Ottoman reform movement and greater economic interaction with Europe during the nineteenth century, institutional change accelerated. Ultimately, however, Ottoman pragmatism and flexibility remained selective and was utilised for the defence of a traditional order led by the central bureaucracy. Many of the key institutions of the traditional order such as state ownership of land, urban guilds and restrictions on private capital accumulation remained intact until the nineteenth century.
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Nistor, Simona. "Banks’ Vulnerability and Financial Openness across Central and Eastern Europe." Studia Universitatis Babes-Bolyai Oeconomica 62, no. 3 (December 1, 2017): 47–66. http://dx.doi.org/10.1515/subboec-2017-0013.
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Abstract This paper investigates the impact of the degree of capital account openness on banks’ exposure to extreme events during the period 2005-2012 using a sample of financial institutions from Central and Eastern Europe. The empirical output highlights a positive and strongly significant impact of a higher degree of financial openness on banks’ systemic vulnerability. Robust findings suggest that this harmful effect is lower for foreign owned banks or for those whose bank holding company signed one or more Vienna Initiative commitment letters. On the other side, tighter capital regulations and private monitoring policies enhance the positive impact of a higher degree of capital accounts openness on banks’ vulnerability to systemic events.
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GRESKOVITS, BÉLA. "The postsocialist transformation in Central and Eastern Europe." Brazilian Journal of Political Economy 22, no. 4 (December 2002): 579–93. http://dx.doi.org/10.1590/0101-31572002-1270.
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ABSTRACT What is attempted in the East is catching up with the West from a recent position of worse-than-Latin-American economic backwardness. Until now, populations that were sentenced to political patience by the logic of poor democracies have reluctantly backed this enormous effort. Central and Eastern Europe’s post-socialist path is characterized by an increasingly discredited ideology of a return to Europe and a non- European combination of substitute institutions of development: radical opening towards the world economy, damaged institutions of labor representation, eroded state capacity, and often strong private and foreign dominance in the financial and other strategic sectors. There is a chance for a few countries to succeed. Yet various development traps may be more likely in the end than a “Great Spurt” in the Gerschenkronian sense.
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Anginer, Deniz, Asli Demirgüç-Kunt, and Davide Salvatore Mare. "Bank regulation and risk in Europe and Central Asia since the global financial crisis." Risk Governance and Control: Financial Markets and Institutions 10, no. 1 (2020): 75–93. http://dx.doi.org/10.22495/rgcv10i1p6.
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This paper examines changes in bank capital and capital regulations since the global financial crisis, in the Europe and Central Asia region. It shows that banks in Europe and Central Asia are better capitalized, as measured by regulatory capital ratios, than they were prior to the crisis. However, the increase in simple equity ratios for the same banks has been smaller over the past 10 years. The increases in regulatory capital ratios have coincided with a reduction in the stringency of the definition of Tier 1 capital and reduction in risk-weights. We further analyze the relationship between bank capital and bank risk using individual bank data. We show that bank risk in Europe and Central Asia is more sensitive to changes in simple leverage ratios than changes in regulatory capital ratios, consistent with the notion that equity ratios only include high-quality capital and do not rely on internal risk models to compute risk-weights. Although there has been some effort to increase capital and liquidity requirements for institutions deemed systemically important, the region has been lagging in addressing the resolution of these institutions. In line with Demirguc-Kunt, Detragiache, and Merrouche (2013), our findings show the importance of the definition of bank capital to assure bank financial stability in Europe and Central Asia.
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Soulsby, Anna, Graham Hollinshead, and Thomas Steger. "Crisis and change in industrial relations in Central and Eastern Europe." European Journal of Industrial Relations 23, no. 1 (March 2017): 5–15. http://dx.doi.org/10.1177/0959680117693686.
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This article introduces the Special Issue on industrial relations in Central and Eastern Europe since the financial and economic crisis. Already dependent economically on funding from the west and lacking the robust industrial relations institutions traditional in much of Western Europe, countries in the region were particularly vulnerable. However, there are important cross-national differences, and the strategies of key actors have significantly affected the outcomes.
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Hashimoto, Tom. "The agency of reformers in new European financial centres: A historically informed financial geography." Finance and Society 7, no. 1 (May 4, 2021): 57–75. http://dx.doi.org/10.2218/finsoc.v7i1.5591.
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While institutional frameworks are the dominant approach to analysing the geography of finance, this article focuses on how individual policymakers influence the characteristics of financial institutions and set, or even alter, financial centre development. The historical narratives from Central and Eastern Europe (CEE) that this article presents reveal post-socialist reformers’ contrasting philosophies and approaches, despite their shared goals of market liberalisation and European integration. These reforms (or lack thereof) differentiated the securities markets in Warsaw, Prague, and Budapest, especially with respect to financial intermediary mechanisms. Although the legacies of such reforms continue to shape an uneven landscape of financial centres in CEE, this article proposes reformer-centred narratives as an alternative to deterministic institutional thinking. The article argues that historical narratives that foreground the actions and ideas of key policymakers need to be included in the observation framework of financial centre development, in a similar way to how scholars analyse foreign policy by focusing on the heads of governments and ministers.
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Bilenko, Yuriy. "ECONOMIC AND INSTITUTIONAL FUNDAMENTALS OF THE DIVERGENCE OF DEVELOPMENT PATHS IN CENTRAL AND EASTERN EUROPE." Ekonomika 92, no. 3 (January 1, 2013): 24–40. http://dx.doi.org/10.15388/ekon.2013.0.1625.
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Abstract. An analysis of the divergence of economic development paths of Eastern European countries (Poland, Hungary, Latvia, Lithuania, Czech Republic, Slovakia, Slovenia) that joined the EU in 2004 and of the European post-Soviet states (Ukraine, Russia, Belarus, Moldova) for the past twenty years with an emphasis on trade and financial openness is carried out in the article. A detailed description of institutional mechanisms and institutional changes in the economies of these two groups of countries is presented. In my opinion, in order to ensure a sustainable economic development and sustainable economic growth, the macroeconomic equilibrium has to be supplemented by the institutional equilibrium. The equilibrium criteria have to match the actual functions of the institutions, assigned to them by society, and contribute to the development of the whole society along with formation of the middle class.Key words: economic development, economic growth, institutional change, transition economy, Central and Eastern Europe
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Gierusz, Jerzy, and Katarzyna Koleśnik. "The influence of culture on disclosures in financial statements prepared under International Financial Reporting Standards." Zeszyty Teoretyczne Rachunkowości 2019, no. 101 (157) (March 25, 2019): 111–32. http://dx.doi.org/10.5604/01.3001.0013.0758.
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The primary objective of this article is to investigate the impact of culture (as measured by Hofstede) on disclosures in financial statements prepared under International Financial Reporting Standards (IFRS) by firms from different countries. The sample comprises 2011−2013 consolidated financial statements of stock companies (excluding banks, insurance, and other financial institutions) from four countries repre- senting different cultural areas: the United Kingdom (Anglo), Germany (Germanic), Poland (Central Eastern Europe; CEE) and Kuwait (Arab). The research material came from 312 annual consolidated financial statements from 104 companies. The results reveal that cultural values have a significant impact on financial disclosures even after the use of IFRS. The paper is one of the few comparative studies attempting to assess the effects of culture on financial disclosures in Western Europe countries, CEE countries and Arab countries. Most of the international comparative studies in this research area have neglected CEE and Arab countries.
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Sheremenko, Ganna, Cesar L. Escalante, and Wojciech J. Florkowski. "Financial Sustainability and Poverty Outreach: The Case of Microfinance Institutions in Eastern Europe and Central Asia." European Journal of Development Research 29, no. 1 (January 2017): 230–45. http://dx.doi.org/10.1057/ejdr.2016.12.
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Shnyrkov, Oleksandr, Rita Zablotska, and Oleksii Chugaiev. "THE IMPACT OF INSTITUTIONS ON SERVICES EXPORTS OF CENTRAL AND EASTERN EUROPEAN COUNTRIES." Baltic Journal of Economic Studies 5, no. 5 (February 8, 2020): 9. http://dx.doi.org/10.30525/2256-0742/2019-5-5-9-17.
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Besides labor, capital and technology, institutions are another important factor of production and exports. They set a framework of motivation for economic activities and their efficiency. The previous research provided evidence for the effect of institutions on international trade and development. This paper focuses on the effect of institutional progress on export competitiveness of several services sectors in Central and Eastern Europe in the post-crisis period (2011-2017). In the analyzed period the services exports growth turned out to be more stable than the goods exports growth. The multi-country models showed that several types of institutional improvements affected the exports growth in the medium run. Excluding outliers, using weighted enlarged sample and alternative method for measuring exports growth were applied to assess robustness of the research results. Labor force growth, GDP and GDP per capita were initially used as control variables, but in most cases their effect for exports growth was insignificant in Central and Eastern Europe. Sector specific approach to the analysis turned out to be the most effective to understand the transmission mechanism of the effect under the situation of services heterogeneity. Monetary freedom (currency stability and market-based prices) stimulates exports of transport services. The rule of law (contract enforcement, property rights, efficiency of police and courts, absence of crime and violence etc.) is important for raising international tourism receipts. Information and communication technologies services exports depend primarily on voice and accountability (democratic principles, respects human rights and free media). As for financial and insurance services exports, no significant institutional factor was found. Control of corruption, political stability, labor freedom, government integrity, government effectiveness and lower government size also may be important, but their effect is not robust or cannot be distinguished from the effect of the abovesaid factors. It is more likely that fighting corruption may have a positive impact on the services exports than on the goods exports. The latter depend positively on the level of investment freedom. Using the selected EU Member States in Central and Eastern Europe as a benchmarking level enabled us to estimate a potential effect for services exports in case of Ukraine if it reaches their level of institutional development. In particular the institutional progress can boost Ukrainian transport, tourism, information and communication technologies services exports by 30-200% or by 10-15% of its GDP.
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Hudec, Martin. "CREDIT INDEBTEDNESS AS CONVERGENCE CATALYST OF ECONOMIC REGENERATION IN THE VISEGRAD GROUP OF COUNTRIES." CBU International Conference Proceedings 4 (September 21, 2016): 172–78. http://dx.doi.org/10.12955/cbup.v4.758.
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Financial institutions perform an important role as financial intermediaries in the financial market of the Visegrad group of four countries. These institutions ensure the smooth transfer and redistribution of funds from the various economic players with surplus savings to those who need freely obtainable funds through loans. This transfer and redistribution essentially accelerates the convergence of the four countries economics, through creating consumer debt closer to that of the developed and competitive western economies. The purpose of this paper is to research available statistics to evaluate and compare different aspects, conditions, and development of consumer credits in these four countries in terms of their progress with economic recovery, as a part of convergence after the crisis period, in Central Europe.
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Vunjak, Nenad, Miloš Dragosavac, Jelena Vitomir, and Petra Stojanović. "Central and South – Eastern Europe Banking Sectors in the Sustainable Development Function." ECONOMICS 8, no. 1 (June 1, 2020): 51–60. http://dx.doi.org/10.2478/eoik-2020-0009.
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AbstractChanges in banking sectors with the onset of the global financial crisis were related to: globalization, sector deregulation, technological change and financial innovation. Structural changes within banking services (at the end of the 20th century) relate to: the consolidation of banks, the merging of banking and non-banking financial institutions and their competition with one another. Significant place in the part of sustainable development belongs to bank performance, vision and mission of banks. The corporate vision of banks should be the “framework” for the future development of a bank. The corporate mission should be a “roadmap” to the realization of the bank’s vision and an expression of the business philosophy of the bank in question.It is of particular importance for the banking sectors of the CEE countries to define: the vision, the mission, the situational analysis and the planned long-term goals of the bank. With the advent of the global financial crisis, the financial activity of banks in the Central and Southeastern European region decreased, as the number of attractive fusion and acquisition banks in the region concerned was reduced.The aim of the research is to determine the importance of the vision, mission and clearly set goals in banks, where the analysis of banking sectors in 13 countries over a period of 11 years was carried out. The analysis of GDP and its growth in the period from 2008 to 2018 indicates a dynamic growth in the countries of Central Europe and some countries of Southeast Europe. The analysis of the assets of the banking sector and its share in GDP indicates the dominant participation of the countries of Central and Southeastern Europe that are members of the European Union relative to the candidate countries for EU member states. Analysis of the banking sector of the influx countries shows that more than 70% of the banking market in Southeast European countries is influenced by foreign highly developed banking groups. Sustainable development can only be achieved through the active joint action of the banking sectors of the Central and Southeast European countries.
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Bondarchuk, Vitaliy, Alina Raboshuk, and Svitlana Shypina. "EFFECT OF THE ECONOMIC CRISIS 2007-2008 ON STRATEGIES OF MULTINATIONAL CORPORATIONS IN CENTRAL AND EASTERN EUROPE." International Journal of New Economics and Social Sciences 3, no. 1 (June 30, 2016): 82–89. http://dx.doi.org/10.5604/01.3001.0010.4618.
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The paper is aimed at the study of the effects of world financial crisis of 2007-2008 on the strategies of the multinational corporations operating in Central and Eastern Europe. The economic downturn has abruptly halted the successful economic growth of the Central and Eastern European countries in the years preceding the crisis. In this connection, the question arises whether these structural changes in the economy will lead to reevaluation of expansion strategy by the foreign multinational corporations in Central and Eastern Europe. t has been established that in the post-crisis period the middle and top managers have a tendency towards paying more attention to the state competitiveness, the quality of the state institutions, and its political leadership. Moreover, movement of production facilities and logistics systems from Western Europe to the Eastern and Central European countries will be continued, due to cheaper resources and loyal conditions of access to them.
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Horbaczewska, Bożena. "Comparative empirical analysis of financial intermediation systems in Central and Eastern Europe." International Journal of Management and Economics 55, no. 3 (September 30, 2019): 250–67. http://dx.doi.org/10.2478/ijme-2019-0016.
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Abstract The purpose of this paper is to evaluate the level of similarity between financial systems in selected Central and Eastern European countries (CEE11) and four models of capitalism in Western Europe identified by B. Amable [The diversity of modern capitalism, 2003]. A comparative analysis in this institutional area was done on the basis of six variables. Three of them represent inputs, that is, institutional determinants, and other three variables describe outputs of institutional regulations. For each of them coefficients of similarity between a CEE11 country and a selected Western European country were calculated, and based on it the similarity hexagons were created. In this paper, two pictures of the institutional arrangements were taken: for 2005 and for 2014. Additionally, an analysis of changes that took place in institutional solutions in the CEE11 countries, based on the variables and the coefficients of similarity, was carried out. The analyses showed that in the area of financial intermediation, the group of CEE11 countries in 2005 was characterized by the greatest similarity to the Continental model of capitalism. The same investigations carried out for 2014 indicate a significant shift in the analyzed area toward solutions typical of the Mediterranean model.
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Khan, Asif, and Saba Shireen. "Drivers of financial and operational efficiency of MFIs: empirical evidences from Eastern Europe and Central Asia." Benchmarking: An International Journal 27, no. 9 (September 16, 2020): 2679–97. http://dx.doi.org/10.1108/bij-11-2019-0515.
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PurposeThe study attempts to examine the bias-adjusted financial and operational efficiency estimates of microfinance institutions (MFIs) operating in the Eastern Europe and Central Asia (ECA) region during the financial year 2017–2018. In addition, the study also identifies the responsible factors determining the financial and operational performances of MFIs operating in the ECA region.Design/methodology/approachThe study employs two-stage bootstrap data envelopment analysis (DEA). In the first stage, the authors incorporate the bootstrap procedure in the DEA framework as suggested by Simar and Wilson (2000) to estimate the bias-corrected efficiency scores of 67 sample MFIs. In order to identify the drivers of efficiency level, the study deploys the bootstrap truncated regression model following the Simar and Wilson (2007) guidelines in the second stage of analysis.FindingsThe authors note from the empirical results that MFIs operating in the ECA region are relatively more financially efficient (0.588) than socially efficient (0.496). However, none of the MFIs were found to be operating at best-practice frontier while considering the bias-adjusted efficiency estimates. Further, the results of second stage of analysis confirm that corporate governance, that is, board size has positive and statistically significant impact on MFIs’ performances. In addition, the bad credit quality deteriorates both financial revenue and operational efficiency. Moreover, the MFIs’ size, profit status and debt-to-equity ratio were also found to be statistically significant to determine the operational and financial efficiency of MFIs in the ECA region.Practical implicationsThe study provides the robust efficiency estimates and factors responsible to determine the financial and operational efficiency of MFIs operating in the ECA region. Further, the empirical results of the study provide the inputs and further direction to the policymakers, regulators, practitioners and managers in framing the policy and optimal operating strategies for ECA MFIs industry.Originality/valueThe study extends the DEA analysis by incorporating the bootstrap procedure in DEA model to estimate the bias-adjusted efficiency scores which are more reliable and robust. In addition, bootstrap truncated regression has been applied to identify the drivers of efficiency. Moreover, in the literature there is no single study which has deployed the double bootstrap DEA framework to examine the financial and operational efficiency estimates and its drivers.
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Gledhill, John. "Integrating the past: regional integration and historical reckoning in Central and Eastern Europe." Nationalities Papers 39, no. 4 (July 2011): 481–506. http://dx.doi.org/10.1080/00905992.2011.580733.
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This article considers how regional integration in Europe has informed processes of collective remembrance and transitional justice in Central and Eastern Europe. By taking the cases of Romania, Poland and the Czech Republic, two claims are made. First, although European institutions have not initiated top-down projects of historical reckoning, activists who have an interest in promoting engagement with the recent past have been able to draw the political, financial and/or judicial weight of European institutions behind particular reckoning initiatives, on an ad hoc basis. Second, the nature of the projects that have been realized with the assistance of European resources has varied across the region, according to the extent of prior efforts to promote collective remembrance and transitional justice at the national level. Where there have previously been constraints on historical reckoning, activists have drawn “Europe” behind efforts to promote national-level confrontations with particularly national experiences of communist rule. By contrast, where there has previously been extensive state sponsorship of collective remembrance projects and/or processes of transitional justice, European resources have been used in support of efforts to raise awareness of the repressions of communist rule, and transitions from that system of rule, among a wider, international audience.
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Chilosi, David, and Oliver Volckart. "Money, States, and Empire: Financial Integration and Institutional Change in Central Europe, 1400–1520." Journal of Economic History 71, no. 3 (September 13, 2011): 762–91. http://dx.doi.org/10.1017/s0022050711001914.
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By analyzing a newly compiled database of exchange rates, this article finds that in Central Europe money markets integrated cyclically during the fifteenth century. The cycles were associated with monetary debasements. Long-distance financial integration progressed in connection with the rise of the territorial state, facilitated by the synergy between princes and emperor, which helped to avoid coordination failures. For Central Europe, theories of state formation and market integration should therefore take interstate actors into account.
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Rapacki, Ryszard, and Adam Czerniak. "Emerging models of patchwork capitalism in Central and Eastern Europe: empirical results of subspace clustering." International Journal of Management and Economics 54, no. 4 (December 31, 2018): 251–68. http://dx.doi.org/10.2478/ijme-2018-0025.
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Abstract The main aim of this paper was to shed a new empirical light on the nature and most salient features of the evolving postcommunist capitalism in 11 Central and Eastern European (CEE11) countries against the backdrop of Western European models of capitalism. The research approach capitalizes on the conceptual framework put forward by Amable [2003, The diversity of modern capitalism, Oxford University Press, Oxford] , i.e., it seeks to identify the current clusters or models of capitalism in 25 European Union (EU) countries in six institutional areas. However, in contrast to the original Amable’s methodology, the subspace clustering method was used, what allowed to take into account a vast set of 132 institutional measures and to analyze their change between 2005 and 2014. The main finding is that CEE11 countries developed their own distinct model of capitalism dubbed “patchwork capitalism.” In all but two areas, i.e., product market competition and financial intermediation, postcommunist countries form their own institutional clusters that are substantially different from those observed in Western EU countries. In addition, the paper shows that each CEE11 country followed its own distinct vector of change, which eventually led to a unique patchwork of institutions. Yet, the institutional variance within the region is smaller than the difference between CEE11 countries and other country clusters in the EU.
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Andrieș, Alin Marius, Sabina Cazan, and Nicu Sprincean. "Determinants of Bank M&As in Central and Eastern Europe." Journal of Risk and Financial Management 14, no. 12 (December 20, 2021): 621. http://dx.doi.org/10.3390/jrfm14120621.
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This paper analyzes the determinants of bank mergers and acquisitions (M&As) from a bank-level perspective. The main objective of the study is to identify those mutual characteristics of all banking institutions from Central and Eastern Europe that are prone to be acquired versus acquirer, or national versus cross-border. Using a database of more than 200 M&As transactions between 2000 and 2018 within Central and Eastern Europe, we document the main characteristics that influence the decision of merging, including the size of the bank, profitability, lending activities, liquidity, bank concentration, banking system stability, government effectiveness, regulatory quality, and the level of inflation. Higher effective average tax rate, which is associated with reduced tax avoidance, influences banks in a positive manner to be involved in the M&A process, findings that hold for targeted banks and domestic transactions. Furthermore, the analysis highlights the changes the financial crisis has projected on investors’ behavior.
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Miurin, Paolo, Andrea Sommariva, and Andrea Sommariva. "Financial and Technical Assistance to Central and Eastern Europe: A Critical Appraisal of the Role of International Institutions." Washington Quarterly 17, no. 3 (September 1994): 91–105. http://dx.doi.org/10.1080/01636609409443410.
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Kaya, Halil D. "The Impact of the 2008-2009 Global Crisis on Manufacturing Firms’ Bank Accounts, Overdraft Facilities, And Loans." Financial Markets, Institutions and Risks 6, no. 3 (2022): 64–70. http://dx.doi.org/10.21272/fmir.6(3).64-70.2022.
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In this study, we focus on manufacturing firms in Eastern Europe and Central Asia and examine the impact of the 2008-2009 Global Crisis on these firms’ accounts, overdraft facilities, and loans. Our objective is to see if the crisis affected the number of manufacturing firms that have a checking/savings account, that have an overdraft facility, or that have a line of credit/loan. We also want to see whether firms changed the type of financial institution that they borrowed from (i.e. private commercial bank, state-owned bank/agency, or non-bank financial institution). Our results show that, post-crisis, a significantly lower percentage of manufacturing firms had an overdraft facility. Also, post-crisis, a significantly lower percentage of firms had a line of credit/loan. On the other hand, there was no significant change with respect to the % of firms having a checking or a savings account. Also, there was no significant change with respect to the percentage of firms borrowing from a private commercial bank, a state-owned bank/agency, or a non-bank financial institution. Overall, we conclude that, after the crisis, financial institutions in the region significantly cut their credit facilities to manufacturing firms while firms continued to transact with the same institution or a similar institution.
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Li, Dan, and Manuel Portugal Ferreira. "Institutional environment and firms' sources of financial capital in Central and Eastern Europe." Journal of Business Research 64, no. 4 (April 2011): 371–76. http://dx.doi.org/10.1016/j.jbusres.2010.08.013.
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Gervasio, Daniele, and Damiano Montani. "Credit Institutes’ Disclosure and Presentation of Derivatives after the Crisis." International Journal of Business and Management 12, no. 2 (January 25, 2017): 123. http://dx.doi.org/10.5539/ijbm.v12n2p123.
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Asked to reconstruct and interpret the causes of the current global crisis, an archaeologist of the fourth millennium could easily find himself sifting through the deluge of publications on the subject of financial instruments known as “derivatives”.The study analyses the disclosure methods adopted for derivative instruments reported in the balance sheets of major banks in central and southern Europe in the period from 2005 to 2012 for the purpose of outlining the types and methods of use in the trading markets amongst retail investors and bank intermediaries.In the light of the analysis conducted, it is possible to observe how the recent financial crisis has not changed the negotiation strategies of the international banking system with regard to derivatives; financial institutions reputed to be amongst the most famous in Europe are, in fact, still intoxicated by these derivative instruments.This paper presents an empirical-analytical approach with a series of keys to understanding the derivative market today in the post-crisis period.
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Greer, Scott L., and Holly Jarman. "European Citizenship Rights and European Fiscal Politics After the Crisis." Government and Opposition 53, no. 1 (March 9, 2016): 76–103. http://dx.doi.org/10.1017/gov.2016.2.
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The economic effects of the financial crisis in the eurozone have been much studied, but the impact of political and institutional changes made amidst crisis conditions have been less studied. This article examines the changes in the EU since 2008 through the lens of T.H. Marshall’s concept of citizenship, gauging the effects of different changes in the EU polity on the citizenship rights of individuals. The key changes are in fiscal governance, which includes a new treaty as well as substantial legislation changing the balance of powers within and competencies of the EU institutions, the European Central Bank’s role and the Troika arrangements for countries in crisis. We find that while the EU’s contribution to civil citizenship in Europe is relatively intact, the development of its fiscal governance is bringing serious negative consequences for political and social citizenship in all member states. The EU is adopting policies that entrust more power to less democratically accountable institutions with the objective of fiscal rigour rather than social citizenship.
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Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (December 15, 2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.
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The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.
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Bijan, Aref, and Ehsan Ejazi. "Investigating the role of the International Monetary Fund in the process of resolving financial crises: case study of Greece." RUDN Journal of Economics 29, no. 3 (December 15, 2021): 524–36. http://dx.doi.org/10.22363/2313-2329-2021-29-3-524-536.
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The economic crisis in the United States and its spread to continental Europe caused a financial crisis in European stock markets, which in turn reduced production in Europe, resulting in rising unemployment, that eventually led to protests against the current economic situation. These political unrests have prompted international and regional governments and financial institutions such as the International Monetary Fund, the World Bank and the European Central Bank to find a way to end this severe financial crisis. Greece, as one of the EU member states that has been affected by this global crisis, has made efforts to improve its economic situation. The main question of this study is to what extent the International Monetary Fund was able to help resolve the financial crisis in Greece? The hypothesis is that due to the conditionality of financial aid from the International Monetary Fund to Greece in crisis and Greeces lack of attention to the full implementation of austerity programs, such financial aid has not been able to save the Greece economy from financial crisis. One of the aims of this study is to what extent developing countries can rely on IMF recommendations to overcome the financial crisis. The aim of the research is to find out why International Monetary Fund could not adopt proper monetary and financial policy to settle the financial crisis in Greece. Moreover, the reasons behind failed attempts of Greeces policymakers to implement IMFs austerity measures in their country are sought.
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Ha, Sha. "Recent Personnel Reforms of Public Universities in China and in Italy: A Comparison." International Journal of Higher Education 7, no. 1 (January 26, 2018): 87. http://dx.doi.org/10.5430/ijhe.v7n1p87.
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Purpose of the present research is an investigation of the most recent personnel reforms of higher education institutions in China and in Italy. A one-to-one comparison between the two realities would have been unrealistic, given the enormous differences between the two Countries in size and historical development. We focused our analysis on some basic issues common to both higher education institutions, such as the degree of the academic autonomy from the political power in the academic governance and the quality of the knowledge production and transfer to the society. The Sun Yat-Sen and the Guangzhou Universities in the Guangdong Province of China, and the Universities of Padua and Ca’ Foscari in Venetian Region of Italy, have been chosen as case studies.In China the personnel reforms introduced by the central government in the period 1995-2014, were accompanied by a relevant financial support by the central and regional authorities, thus helping the national universities to attain high standards of excellence in the technological domain. Those remarkable financial investments by the central and regional authorities are paying off, contributing to the technological advancement of the Country.As for the Italian public universities, a very innovative reform law was introduced by the ‘Ministry of Education, University and Research’ in December 2010, which granted a high level of governance autonomy to those institutions. Unfortunately, the great financial crisis that hit the Country in the same period of time caused a strong reduction of the public funds to universities and a consequent brain drain of young post graduates toward Northern Europe and North America.In spite of this temporary shortage of funds, Italian public universities have maintained their high level of excellence in science, technology and humanities, as evidenced by the increasing number of their bilateral cooperation agreements, concerning student mobility and joint research activities, with foreign universities all over the world, China included.
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Kresic, Ognjen, and Miroslav Pavlovic. "Institution of collective surety (kefalet) in the Ottoman legal theory and practice during the transitional period." Zbornik Matice srpske za drustvene nauke, no. 174 (2020): 167–83. http://dx.doi.org/10.2298/zmsdn2074167k.
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Institution of surety is an integral component of the Islamic legal tradition. Sharia law recognizes two types of surety, or kef?let: for a person and for material property. Collective surety gradually developed as a part of the administrative and judicial practice in the Ottoman Empire. The application of collective surety as means for establishing and warranting the security in the provinces is known in the historiography. In the paper, examples of a different legal practice are researched - collective suretyship predominantly concerning the financial transactions. Ottoman sources produced in the provinces and by the central administrative institutions were analysed. We examined cases dating mostly from the 18th century, connected with the sancak of Semendire, the ey?let of Bosnia, and other Ottoman provinces in Europe. Special attention was given to the connection between the institution of collective suretyship and mercantile enterprises. The collective suretyship in front of the sharia courts and in the cases of joint appellations testifies to the increasing importance of local communities and reflects their transformations and the ways of their representation in front of the local and central authorities. These changes often led to the establishment of local communities? territorial jurisdictions, and they were greatly influenced by the Ottoman taxation policies. Through ever closer and more complex association and grouping (based on confession, territory, or financial interests), the non-Muslim population succeeded to successfully counter local structures of power and to gain access to important capital flows.
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Darvas, Peter. "The future of higher education in Central-Eastern Europe: problems and possibilities." European Review 6, no. 4 (October 1998): 489–503. http://dx.doi.org/10.1017/s106279870000363x.
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The main beliefs, strategies and problems marking the road of higher educational change in the Central–Eastern European countries are analysed and distinction is made between three main actors: government, clients and the academic community. At governmental level the focus is on the handicapping effects of conflict between short and long-term reform and the internal nature of the government-higher education relationship. Government initiated reforms should offer transitory and contextual solutions rather than permanent and substantive ones. The traditional lack of distinction between higher education as public versus private good and the problems and consequences of expanding higher education is examined. The political power of the academic community can hamper the effectiveness of reforms and external accountability. Reforms should separate the merged functions of supervision, allocation and professional accreditation. At the institutional level, executive leadership should be separated from the traditional academic hierarchies. Institutional leaders need to be given more independence and need to improve their skills of financial management, institutional planning and self-evaluation. As for academic control, new institutional patterns of cooperation should be assisted at the expense of the traditional hierarchies of higher knowledge.
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Wysocki, Maciej. "Institutional Complementarity of Poland in Terms of Diversity of Capitalism." Ekonomia Międzynarodowa, no. 14 (June 30, 2016): 133–57. http://dx.doi.org/10.18778/2082-4440.14.03.
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Poland is one of the most significant examples of a transition country in Central and Eastern Europe. After 45 years of being a centrally planned economy Poland emerged at the end of the 1980’s a free-market economy. In 2004 Poland became a member of the European Union, which was another milestone in the transition process. Undoubtedly, institutions were a very important factor in Poland’s economic transition. It seems that the horizon of 25 years since the fall of communism has created a decent prospect to evaluate the balance of economic transition in terms of the quality of institutions. However, comparative studies do not analyse institutions separately, but consider them together in an institutional framework.The purpose of this essay is to examine the scope of the institutional complementarity of Poland in terms of Diversity of Capitalism. The main thesis of the article is that after more than two decades since the first stage of the economic transition, and one decade after joining the European Union, Poland’s institutional complementarity is, in general, at a satisfactory level. However, there is a very low level of institutional complementarity in the case of interaction between the labour market and the financial system. Furthermore, the Polish model of capitalism seems to be quite different from other countries from the peer group of transition economies (for example the Czech Republic or Hungary). The research method which was used in this essay includes statistical methods (in particular the K-Nearest Neighbours Method, K-Mean Method and Principal Component Analysis).
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Růčková, Petra, and Nicole Škuláňová. "THE DETERMINATION OF FINANCIAL STRUCTURE IN AGRICULTURE, FORESTRY AND FISHING INDUSTRY IN SELECTED COUNTRIES OF CENTRAL AND EASTERN EUROPE." E+M Ekonomie a Management 24, no. 3 (September 2021): 58–78. http://dx.doi.org/10.15240/tul/001/2021-03-004.
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Every economic sector, every single industry, every economy, and even every firm has its specific financial structure. Given that it is not possible to examine thousands of individual companies for scientific purposes, it is necessary to at least examine the differences between individual sectors, industries and countries. At the same time, the formation and optimization of the financial structure is influenced by a myriad of diverse factors that financial managers should take into account in their decisions. Thanks to these facts, more and more researches had been created for over half a century. This research expands knowledge in seven selected countries of Central and Eastern Europe – the Visegrád Group, Bulgaria, Slovenia and Romania. The aim of the research is to evaluate, based on the Generalized Method of Moments, the relationship between the six selected factors and the indebtedness level in companies belonging to the agricultural, forestry and fishing industry. The subject of the research is medium, large and very large companies during the years 2009 to 2016. The research deals with the influence of profitability, liquidity, asset structure, economic development, inflation and interest rates on the total, long-term and short-term indebtedness of companies. The main finding of the research is that companies are influenced by both internal and external determinants. However, even though the industry should be neutral, external determinants – GDP growth rates, inflation rates and interest rates – have a more significant impact on the debt level. The results of this research will not only extend current knowledge in the field of corporate finance, but at the same time, the results may be stimulating in setting support rules for public administration and even European institutions, as the selected industry is strongly linked to subsidy policies.
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Tleulina Aigerim. "DEVELOPMENT OF COOPERATION BETWEEN CENTRAL ASIAN COUNTRIES AND CHINA IN ACCORDANCE WITH THE “ECONOMIC BELT OF SILK ROAD”." International Journal of Innovative Technologies in Economy, no. 1(28) (March 31, 2020): 48–60. http://dx.doi.org/10.31435/rsglobal_ijite/31032020/6964.
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The Economic belt of the Silk Road project (hereinafter referred to as the "EBSR") has formed China's new long-term strategy "One belt − one way". With a view to the practical implementation of the EBSR initiative, China, in cooperation with interested Asian countries, is creating two important financial development institutions: the Asian Infrastructure Investment Bank and the Silk Road Fund. The new Chinese initiative, judging by the available information available, can pursue three strategic objectives:expansion of international and regional trade; the creation of international transport corridors from China to Europe and the Middle East through the territory of Kazakhstan and Central Asia;gradual increase of China's economic presence in Central Asia as a strategically important partner. Kazakhstan, as well as other countries of Central Asia, it is important to participate in the implementation of the Chinese EEPS initiative, to effectively use the emerging new opportunities and advantages of regional cooperation, while achieving, at the same time, minimizing risks and threats.
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Guardiancich, Igor. "The Uncertain Future of Slovenian Exceptionalism." East European Politics and Societies: and Cultures 26, no. 2 (July 29, 2011): 380–99. http://dx.doi.org/10.1177/0888325411415518.
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The political-economy literature has so far almost unanimously regarded Slovenia as the social-democratic exception in Central and Eastern Europe, due to a combination of highly consensual democratic institutions, low party polarization, strong social partners, and developed social dialogue. However, the situation, since the fall of the Liberal Democracy of Slovenia (LDS), which governed in 1992–2004, seems to be swiftly changing. Polarization has increased, union legitimacy declined, and social dialogue—especially in the aftermath of the 2007–2009 financial crisis—has all but collapsed. The 2010 pension reform is an archetypical example of how Slovenia now much more resembles its quarrelsome Eastern neighbours than the idealized exception that political scientists usually point at.
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Madsen, Grant. "Becoming a State-in-the-World: Lessons Learned from the American Occupation of Germany." Studies in American Political Development 26, no. 2 (October 2012): 163–79. http://dx.doi.org/10.1017/s0898588x12000119.
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For students of American Political Development, the emergence of globalization and Americanization as themes of inquiry has spurred a growing interest in explaining America's rise as “a legal-economic and geopolitical hegemon.” An important episode in this rise came during the American occupation of Germany after World War II. In postwar Germany, America's military government realized that the American public remained unwilling to support (over the long term) the global projection of what Michael Mann has called “despotic power.” To achieve its fundamental goal of reorienting Germany toward a peaceful coexistence with the Unites States, military government turned instead to what Mann has called “infrastructural power” (power projected “through” society by state institutions). In pivoting from despotic to infrastructural power, three important consequences followed for the occupation. (1) Because it relied on the development of new infrastructures within a new German state, the occupation saw institutional “genesis” in which the Germans themselves influenced the pathway and timing of military government policy. (2) In creating new state institutions, military government performed “policybricolage,” creatively reconstructing institutions “from” the ruins of war-torn Europe (as opposed to “on” its ruins). (3) Financial policy took a central place in military government's focus because it allowed for “increasing returns” in advancing military government's interests. Collectively, military government's experience provided lessons for an American state in the world.
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García-Gallego, José Manuel, and Antonio Chamorro Mera. "COO vs ROO: importance of the origin in customer preferences towards financial entities." International Marketing Review 34, no. 2 (April 10, 2017): 206–23. http://dx.doi.org/10.1108/imr-03-2015-0069.
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Purpose The purpose of this paper is to determine the importance that customers give to the origin attribute when selecting a financial entity compared to other features directly related to the service that these institutions provide. In addition, this study aims at analysing what level of brand origin provides a greater utility for customers in their preference structure: regional, national or foreign. Design/methodology/approach The technique of conjoint analysis is applied via a survey of 427 customers to determine customers’ preference structure when choosing a financial entity. Findings Of particular note among the main results is the great importance the respondents give to the origin of the entity, preferring regional over national or foreign institutions. The existence of three different segments of customers based on their preference structure is also a remarkable result. Research limitations/implications Place-of-origin effect is not universal. Due to this fact, the results of the studies focussed on this research topic are difficult to extrapolate to other geographical areas. Practical implications The current situation in southern Europe financial sector obliges many small financial entities to undertake mergers in order to face the stability and solvency policies established by European Central Bank. In this sense, these institutions must decide whether or not to maintain their regional brand identity. The results of this study show the appropriateness of maintaining and communicating the regional origin of the entities. These findings will contribute to guiding decision making on brand management for financial entities. Originality/value To the best of the knowledge, there is a lack of research on the place-of-origin through different levels simultaneously. This paper provides a starting point for further research about this effect in the services sector.
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Somlyody, L. "Quo vadis water quality management in central and eastern Europe?" Water Science and Technology 30, no. 5 (September 1, 1994): 1–14. http://dx.doi.org/10.2166/wst.1994.0219.
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Central and Eastern European (CEE) countries are going through unique political, economic, institutional, and social changes associated with the heritage of serious pollution problems from the past. The purpose of this paper is to analyze the water quality management strategies CEE countries may take including the rationale of introducing Western policies in the short run. The policy to be selected must be viable under the existing pressing financial conditions and should feasibly be expanded towards a long-term sustainable scenario as economy improves. As a basis the present economic, social, and institutional setting is outlined, and the state of water quality and the role of emissions of various origins are summarized. A special focus is devoted to municipalities with low and unbalanced levels of infrastructure; the development of these infrastructures could be aburden even for stable economies. An overview and evaluation are given for the water supply, sewerage, and wastewater treatment for urban areas with populations greater than 25,000 in five countries of the CEE region together with a discussion of legislation issues. Major elements of cost-effective development strategies are discussed and illustrated by examples. They incorporate improved demand management and the closing of material cycles, the upgrading of wastewater treatment facilities to match the level of sewerage, the application of regionally variable effluent (and/or ambient) water quality standards and their gradual tightening based on a river basin approach, the innovative selection of combined chemical-biological technologies (for both upgrading and new design) depending on local conditions and the multi-stage development of wastewater treatment plants. The policy suggested for the next couple of decades is characterized by a number of non-uniformities which raises considerable implementation challenges.
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Avioutskii, Viatcheslav, and Mouloud Tensaout. "Does politics matter? Partisan FDI in Central and Eastern Europe." Multinational Business Review 24, no. 4 (December 12, 2016): 375–98. http://dx.doi.org/10.1108/mbr-07-2015-0028.
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Purpose While many studies have investigated the impact of institutional factors (i.e. financial risk factors) in the host country on inward foreign direct investment (FDI), fewer studies have researched on the locational aspects of FDI in relation to the political economy. This paper aims to fill this gap by examining the effects of the political economy on inward FDI in Poland’s regions and in other CEE (Central and Eastern Europe) countries. Design/methodology/approach The paper develops a theoretical argument postulating that political economy affects locational determinants of FDI inflow. To test this hypothesis empirically, several analyses were performed at the national level (Poland, Bulgaria, Romania, Slovakia and the Czech Republic) and at the subnational level (Poland’s provinces). First, the “footloose” nature of FDI inflows using the time series analysis was examined. Then a fixed-effect panel data regression model and a dynamic adjustment model to quantify the impact of political ideology and agglomeration effects were performed. Findings After controlling for economic and institutional determinants of FDI, the findings indicate that, in transitional economies, ideology affects the locational choice of multinational corporations (MNCs). At the national level, the results show that political risk, liberalization and economic reforms are important drivers of FDI inflows. At the subnational level, the vote for a liberal party positively affects the distribution of FDI in the provinces. Another finding is that electoral cycles also affect FDI inflows at regional levels in Poland. Finally, this study provides some supporting evidence for the “footloose” nature of FDI in case of external shocks. Originality/value This study contributes to the literature on the locational determinants of FDI by showing that ideology constitutes an important factor for locational choices by MNCs. The findings have important implications for public policy decision-makers who are seeking to improve the attractiveness of their country or region as an FDI destination.
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Stoika, Viktoriia. "Integration of Islamic banking in the national banking sector: foreign experience." SHS Web of Conferences 65 (2019): 09004. http://dx.doi.org/10.1051/shsconf/20196509004.
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The rules of banking management in Muslim countries are based on the Sharia Law, that is, a set of rules and laws relating to the management of the economy, social, political and cultural aspects of Islamic society. Sharia Law also prohibits the conclusion of immoral transactions and endorses social justice, which is ensured through the distribution of risks and returns, and the implementation of social investment. In the context of economic globalization, this phenomenon is already quite distinguished and is considered a worthy competitor to the traditional banking system. Features of Islamic banking institutions activities become their advantages in comparison with traditional banking institutions. That is why Islamic banks have become active participants in the global financial market, despite the specific nature of their operations and the difficulties of their adaptation to international practice. Islamic banking has spread not only in the developed countries of Western Europe, but also in Central Asia. The study of the process of Islamic banks activities in the financial markets of such countries as Great Britain, Germany, Kazakhstan and Uzbekistan allows us to identify two forms of their functioning: establishment of Islamic windows by banking institutions of these countries and direct entry of banks that originate from Islamic countries. The experience of the above-mentioned countries regarding the integration of Islamic banking into the national financial sector has shown, first of all, the need to develop an appropriate regulatory framework, to form an appropriate infrastructure, to conduct awareness-raising activities, to strengthen international cooperation with investor countries.
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Диденко, В. Ю. "Modern opportunities and threats of the banking sector of the Russian Federation." Audit and Financial Analysis, no. 6 (December 31, 2020): 103–8. http://dx.doi.org/10.38097/afa.2020.77.91.009.
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В статье приводятся возможности, позволяющие отечественному банковскому сектору предлагать клиентам конкурентные услуги на уровне кредитных институтов Центральной и Восточной Европы. Развитие филиальных сетей дает возможность максимизировать охват населения банковскими услугами с перекрестными продажами других финансовых и нефинансовых услуг. Сформулированы основные проблемы, составляющие угрозу банковскому сектору, среди которых – мошеннические операции. В связи с этим предлагается сосредоточить внимание банков на системах идентификации клиентов для локализации операционного риска. The article describes the opportunities that allow the domestic banking sector to offer customers competitive services at the level of credit institutions in Central and Eastern Europe. The development of branch networks makes it possible to maximize the coverage of the population with banking services with cross-selling of other financial and non-financial services. The main problems constituting a threat to the banking sector are formulated, including fraudulent transactions. In this regard, it is proposed to focus the attention of banks on customer identification systems to localize operational risk.
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Диденко, В. Ю. "Modern opportunities and threats of the banking sector of the Russian Federation." Audit and Financial Analysis, no. 6 (December 31, 2020): 103–8. http://dx.doi.org/10.38097/afa.2020.77.91.009.
Full textAbstract:
В статье приводятся возможности, позволяющие отечественному банковскому сектору предлагать клиентам конкурентные услуги на уровне кредитных институтов Центральной и Восточной Европы. Развитие филиальных сетей дает возможность максимизировать охват населения банковскими услугами с перекрестными продажами других финансовых и нефинансовых услуг. Сформулированы основные проблемы, составляющие угрозу банковскому сектору, среди которых – мошеннические операции. В связи с этим предлагается сосредоточить внимание банков на системах идентификации клиентов для локализации операционного риска. The article describes the opportunities that allow the domestic banking sector to offer customers competitive services at the level of credit institutions in Central and Eastern Europe. The development of branch networks makes it possible to maximize the coverage of the population with banking services with cross-selling of other financial and non-financial services. The main problems constituting a threat to the banking sector are formulated, including fraudulent transactions. In this regard, it is proposed to focus the attention of banks on customer identification systems to localize operational risk.
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Ryder, Nicholas. "The credit crunch – the right time for credit unions to strike?" Legal Studies 29, no. 1 (March 2009): 75–98. http://dx.doi.org/10.1111/j.1748-121x.2008.00113.x.
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The origins of the cooperative movement can be traced to the Rochdale Society of Equitable Pioneers in 1844, from which similar institutions emerged in Central Europe, the North American continent and the rest of the world. Modern credit unions evolved from these small cooperative societies and have developed into mainstream providers of financial services in many jurisdictions. However, credit unions in the UK have not made a similar impact. There are several factors that have limited their growth – an inadequate legislative framework, an ineffective credit union regulatory system, inappropriate development models, an over-reliance on state subsidies and a disunited movement. The aim of this paper is to re-examine these factors in light of the level of political support provided by the government since 1997.
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Francis, Patrick. "Financing Environmental Protection in Economies in Transition: The Role of Environmental Funds." Environment and Planning B: Planning and Design 27, no. 3 (June 2000): 365–77. http://dx.doi.org/10.1068/b2663.
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Most countries with economies in transition in Central and Eastern Europe and the New Independent States of the former Soviet Union use earmarked, environmental funds to channel subsidised finance for environmental protection. In some Central and Eastern European countries in particular, the funds are major financiers of environmental investments. The funds are typically governmental institutions capitalised by various revenue sources, including environmental charges and fines. They generally provide grants or soft loans for a wide range of environmental protection activities. Although a number of circumstances in economies in transition may justify the provision of subsidised finance for environmental investments, and though funds have been endorsed as potentially effective transitional mechanisms, a number of concerns remain as regards their role vis-à-vis other environmental policy tools, their effectiveness and efficiency, and their impact on the development of more market-based financing mechanisms. In this paper I will review development trends among the funds, examine issues critical to their role and operation, and identify institutional strengthening needs.
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Přečková, Lenka, and Eva Vávrová. "The Level of Integration of Bancassurance Products of Financial Groups Erste Group Bank, UniCredit Group and KBC Group in Selected Countries." Financial Assets and Investing 8, no. 2 (November 30, 2017): 49–60. http://dx.doi.org/10.5817/fai2017-2-4.
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This paper will evaluate the current state of cooperation between banks and insurance companies as well as internal integration of bancassurance products in financial groups Erste Group Bank, UniCredit Group and KBC Group. The evaluation is performed as of September, 2016. There shall be selected ten countries which are located in Central and Eastern Europe: Czech Republic, Slovak Republic, Poland, Hungary, Romania, Bulgaria, Croatia, Bosnia and Hercegovina, Slovenia and Serbia. The aim of this paper is to determine whether or not there is a similarity in integrated financial products belonging to different financial groups in individual countries. This paper will apply a qualitative research approach. A theoretical base for evaluating the level of cooperation between banks and insurance companies and for evaluation of an internal integration of bancassurance products will be set in the paper. The theoretical base is to be compared with the current bancassurance practice within financial groups and countries. To evaluate bancassurance practice, this paper shall use data available on web sites, financial and annual reports of financial institutions. The qualitative research is to contain a detailed analysis, sorting and comparison of set theoretical bases. The financial groups show differentness as far as integration is concerned. The research led to the conclusion that there is a similarity in bancassurance products which are offered in evaluated countries. A dissimilarity was found in the level of integration of bancassurance products.
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Konstantynov, Viktor. "Eastern Europe in the Policy of ‘Belt And Road’: Is There a Place for Ukraine?" Diplomatic Ukraine, no. XX (2019): 647–54. http://dx.doi.org/10.37837/2707-7683-2019-41.
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The article examines China’s policy in Eastern Europe within the framework of the ‘Belt and Road Initiative (BRI)’. The level of Ukraine’s involvement in the cooperation within the framework of this initiative and China’s policy in general is analyzed. It is stressed that in recent years, the ‘Belt and Road’ Initiative is not only economic but also political and security project of China. The main purpose of the initiative is to consolidate the role of Beijing as one of the leaders in the modern world. It is noted that Europe is becoming increasingly important in China’s foreign policy. How-ever, in this region, it cannot use the usual strategy of wielding its influence, worked out in Asia and Africa. Therefore, Central and Eastern Europe, new EU members and candidate countries are considered as objects for spreading Chinese influence in the Old World. The article identifies the principal reasons for Beijing’s particular attention to Central and Eastern Europe. The main one is the relative weakness of state and political institutions and their vulnerability to financial and political instruments of the spread of Chinese influence. Also, the importance of the European Union as a market for Chinese goods continues to grow, therefore making the transit through the territory of the Eastern European countries increasingly important for Beijing. The significance of the ‘16+1’ format on the formation of a specific role of China in the region is considered. It is argued that the formal ground of the absence of Ukraine in the Chinese strategy in Central and Eastern Europe is that our state is not involved in the ‘16+1’ format. However, bilateral relations with Ukraine do not differ from those with Central and Eastern European countries. An important factor is the lack of Ukraine’s influence on political decisions of the EU, which is the main criterion for China. This accounts for the insufficient level of Ukraine’s involvement in the cooperation within the framework of the ‘Belt and Road’ Initiative. Keywords: ‘Belt and Road’ Initiative, the People’s Republic of China, Eastern Europe, European Union, Ukraine, politics.
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Dietz, Sara Elisa. "The ECB as Lender of Last Resort in the Eurozone? An analysis of an optimal institutional design of Emergency Liquidity Assistance competence within the context of the Banking Union." Maastricht Journal of European and Comparative Law 26, no. 5 (October 2019): 628–68. http://dx.doi.org/10.1177/1023263x19855628.
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The latest financial crises in Europe and the United States have reminded us of the importance of the role of central banks as Lender of Last Resort. This article examines the current legal framework in the European Union with regard to the allocation of Lender of Last Resort competence, which until now has been exercised by the national central banks in the Eurozone. The new Emergency Liquidity Assistance Agreement 2017 sustains this institutional design, leaves the Emergency Liquidity Assistance competence with the national central banks and specifies the cooperation between the European Central Bank and the national central banks with regard to the veto-option of the European Central Bank to national Emergency Liquidity Assistance operations. Against this background, the paper discusses whether the current legal competence structure of the European and Monetary Union would also allow for more authority of the European Central Bank with regard to Emergency Liquidity Assistance powers. The paper concludes there is a sufficient legal basis in the monetary policy and financial stability mandate of the European Central Bank to allow it to grant Emergency Liquidity Assistance at least with regard to ‘significant’ banks, as defined under the current European Banking Supervision regime.
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Klun, Maja, and Renata Slabe-Erker. "Business views of the quality of tax, environment and employment regulation and institutions: the Slovenian case." International Review of Administrative Sciences 75, no. 3 (September 2009): 529–48. http://dx.doi.org/10.1177/0020852309337688.
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Eliminating administrative burdens or ‘cutting red tape’ is becoming a political priority in most developed countries. The main problem faced by business and individuals is that, over the past two decades, the regulations they deal with have become more complex, and the related procedures place a financial burden on both business and individuals. This article presents the results of the first comprehensive quality assessment of public institutions and regulations in the fields of tax, environment and employment in Slovenia. Business managers assessed the quality of institutions and regulations in all three areas and their impact on their operations. The research indicates that Slovenian businesses gave the lowest score to environment protection institutions, with environmental protection regulations also scoring poorly. The scores were also low compared to most OECD countries. Points for practitioners The transition process in the countries of Central and Eastern Europe, as well as in Slovenia, is coming to an end. In spite of several efforts to adapt regulations and competent institutions to the higher EU standards, they still remain rigid. In this article, the results of the lastest survey of administrative quality of regulations and institutions in Slovenia with international comparison are presented. As for instructions for improvements in practice, they should above all focus on simplifying the regulations and making them more transparent.