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1
Honningdal Grytten, Ola, and Viktoriia Koilo. "Financial instability, institutional development and economic crisis in Eastern Europe." Investment Management and Financial Innovations 16, no. 3 (September 6, 2019): 167–81. http://dx.doi.org/10.21511/imfi.16(3).2019.16.
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This paper sheds light on the financial crisis of 2008–2010 in eleven emerging Eastern European economies (EE11): Armenia, Azerbaijan, Belarus, Bulgaria, Georgia, Kazakhstan, the Kyrgyz Republic, Moldova, Romania, Tajikistan and Ukraine. The aim is twofold. In the first place it seeks to find out if the financial instability hypothesis, as put forward by Minsky and Kindleberger, is a valid explanatory factor for the crisis. Secondly, it tries to map if general institutional frameworks of these countries were developed in order to stand against the factors leading into the financial crisis.To answer these research problems the paper maps cycles of three parameters representing the real economy, i.e. gross domestic product, manufacturing output and unemployment and four parameters representing the financial markets, i.e. money supply, credit volumes, inflation and government debt. The cycle approach is carried out with the help of a structural time series analysis to isolate cycles in time series. The paper concludes that there were substantial positive financial cycles previous to the financial crisis mirrored by similar cycles in the real economy. Similarly, the results show negative cycles in the same parameters during the years of crisis. It seems that an uncontrolled increase in money and credit caused the economy to overheat and thereafter contract into financial and real economy crises.Also, the paper compiles twelve different indices of institutional development. These are standardized and presented in an institutional development matrix, showing that the general institutional framework for the eleven economies was weak previous to and under the meltdown of the economies. The construction of an integrated institutional development index on the basis of the same twelve parameters confirms institutional shortcomings, which may have made the economies less able to guard themselves from a crisis initiated by both domestically and internationally financial instability.
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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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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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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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Popic, Tamara, and Simone M. Schneider. "An East–West comparison of healthcare evaluations in Europe: Do institutions matter?" Journal of European Social Policy 28, no. 5 (February 13, 2018): 517–34. http://dx.doi.org/10.1177/0958928717754294.
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Differences in welfare attitudes of Eastern and Western Europeans have often been explained in terms of legacies of communism. In this article, we explore evaluations of healthcare systems across European countries and argue that East–West differences in these evaluations are explained by differences in the current institutional design of healthcare systems in the two regions. The empirical analysis is based on the fourth round of the European Social Survey, applying multilevel and multilevel mediation analysis. Our results support the institutional explanation. Regional differences in healthcare evaluations are explained by institutional characteristics of the healthcare system, that is, lower financial resources, higher out-of-pocket payments, and lower supply of primary healthcare services in Eastern compared to Western European countries. We conclude that specific aspects of the current institutional design of healthcare systems are crucial for understanding East–West differences in healthcare evaluations and encourage research to further explore the relevance of institutions for differences in welfare state attitudes across socio-political contexts.
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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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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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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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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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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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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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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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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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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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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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Krawczyk-Jezierska, Agnieszka, and Jarosław Jezierski. "Zastosowanie normy ISO/EIC 27001 w sektorze finansowym — zakres i korzyści." Ekonomia 24, no. 2 (October 23, 2018): 107–21. http://dx.doi.org/10.19195/2084-4093.24.2.8.
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Application of ISO/EIC 27001 in the financial sector — scope and benefitsIn the face of technological advances and, as a result, the increasing threat of the loss of growing amount of data collected by financial institutions, it seems necessary to employ effective security measures in the process of information management. The necessity to implement information security management systems ISMS by all institutions processing personal data is reflected in national legislation. The requirements resulting from contemporary hazards and legal provisions are concurrent with the requirements of the international standard ISO/IEC 27001, concerning the designing of the information security management system. This standard is most widely used by IT companies, however, the financial sector that collects and a processes huge amount of personal data, constitutes its significant recipient. Most of the companies certified by this standard come from the Eastern Asia and Pacific region, dominated by Japan, and from Europe, where the United Kingdom is the leader. In Poland the use of ISO/IEC 27001 is growing, yet the financial institutions that fulfill its requirements are still in a minority. It seems that from May 2018 on, national regulations imposing greater responsibility for the security of personal data on the institutions processing it, will bring the above-mentioned standard into focus.
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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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Shostak, Svetlana Nikolaevna. "PUBLIC REGULATION OF COOPERATION WITH INTERNATIONAL FINANCIAL ORGANIZATIONS: EXPERIENCE OF THE COUNTRIES OF EASTERN EUROPE." UKRAINIAN ASSEMBLY OF DOCTORS OF SCIENCES IN PUBLIC ADMINISTRATION 1, no. 11 (January 24, 2018): 313–20. http://dx.doi.org/10.31618/vadnd.v1i11.37.
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The article analyzes the effectiveness of the activities of internatio- nal financial organizations in the context of their cooperation with the countries of Eastern Europe. The article clarifies that financing by international financial organizations of the private sector of Eastern Europe creates preconditions for raising their economic and social efficiency and for creating not only collective but also social goods. The main goals of the Eastern European countries, financed by international financial organizations, are considered in detail.It is proved that the financing of the private sector of the Eastern European countries of the EBRD creates the preconditions for raising their economic and so- cial efficiency and for creating not only collective but also public goods. However, the implementation of these prerequisites depends on a sound economic policy of the country, the timely formation of a new institutional structure for the function- ing of the public sector, etc. It is noted that for the effective provision of this area of cooperation with the EBRD to the countries of Eastern Europe it is necessary:• facilitate the transition from the capital and labor-intensive export of indus- trial products to high-tech and innovative;• to provide state aid for the formation of foreign capital by creating special zones of export production with a favorable tax regime;• implement a planned approach to regulating the development of the national economy on the basis of optimization of the state procurement process, the forma- tion of subsidies and other forms of state regulation of investment activity, etc.It is noted that in general, the experience of cooperation of the countries of Eastern Europe with international financial organizations and for Ukraine is im- portant. After all, in Ukraine there are a number of political factors that hinder the development of foreign investments due to the non-adaptation of domes- tic enterprises to the world market conditions of cooperation. In order to solve this problem, it is necessary to reorganize the structure of state management of industrial objects and to establish mechanisms for legislative regulation of this process.
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Shostak, Svetlana Nikolaevna. "PUBLIC REGULATION OF COOPERATION WITH INTERNATIONAL FINANCIAL ORGANIZATIONS: EXPERIENCE OF THE COUNTRIES OF EASTERN EUROPE." UKRAINIAN ASSEMBLY OF DOCTORS OF SCIENCES IN PUBLIC ADMINISTRATION 1, no. 12 (February 14, 2018): 313–20. http://dx.doi.org/10.31618/vadnd.v1i12.72.
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The article analyzes the effectiveness of the activities of international financial organizations in the context of their cooperation with the countries of Eastern Europe. The article clarifies that financing by international financial organizations of the private sector of Eastern Europe creates preconditions for raising their economic and social efficiency and for creating not only collective but also social goods. The main goals of the Eastern European countries, financed by international financial organizations, are considered in detail.
It is proved that the financing of the private sector of the Eastern European countries of the EBRD creates the preconditions for raising their economic and social efficiency and for creating not only collective but also public goods. However, the implementation of these prerequisites depends on a sound economic policy of the country, the timely formation of a new institutional structure for the functioning of the public sector, etc. It is noted that for the effective provision of this area of cooperation with the EBRD to the countries of Eastern Europe it is necessary:
• facilitate the transition from the capital and labor-intensive export of industrial products to high-tech and innovative; • to provide state aid for the formation of foreign capital by creating special zones of export production with a favorable tax regime; • implement a planned approach to regulating the development of the national economy on the basis of optimization of the state procurement process, the formation of subsidies and other forms of state regulation of investment activity, etc.
It is noted that in general, the experience of cooperation of the countries of Eastern Europe with international financial organizations and for Ukraine is important. After all, in Ukraine there are a number of political factors that hinder the development of foreign investments due to the non-adaptation of domestic enterprises to the world market conditions of cooperation. In order to solve this problem, it is necessary to reorganize the structure of state management of industrial objects and to establish mechanisms for legislative regulation of this process.
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Ismatov, Aziz. "Do Hybrid Legal Systems Matter in Foreign Legal-Aid Programmes? Some Philosophical Aspects of Legal Aid in Uzbekistan as Provided by the Donor States." Asian Journal of Law and Society 8, no. 2 (June 2021): 351–71. http://dx.doi.org/10.1017/als.2020.44.
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AbstractSince the fall of socialism in Eastern Europe, the former Soviet Union, and some states of Southeast Asia, the international financial institutions and individual donor states have initiated wide-scale legal-aid programmes to assist these states in their transition from socialism to a market economy. Whereas the aid from financial institutions vis-à-vis recipient states is often agreed upon specific conditionalities, the donor states design their foreign legal aid according to individual preferences, although sometimes with references to universal goals. Currently, various donor states provide legal aid to Uzbekistan. Given the fact that Uzbekistan is the former Soviet Republic that still bears multiple traces of a socialist legal system and additionally integrates indigenous informal law, this research provides an analysis of how different donor states base their legal-aid activities on entirely different philosophies and levels of gravity, and how receptive the hybrid structure of Uzbekistan’s law is towards such aid.
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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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Murphy, A., and Z. Sabov. "Financial institution structures in a developing two-tier banking system: An empirical perspective from Eastern Europe." Journal of Banking & Finance 15, no. 6 (December 1991): 1131–42. http://dx.doi.org/10.1016/0378-4266(91)90054-p.
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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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Grosjean, Pauline. "The institutional legacy of the Ottoman Empire: Islamic rule and financial development in South Eastern Europe." Journal of Comparative Economics 39, no. 1 (March 2011): 1–16. http://dx.doi.org/10.1016/j.jce.2010.05.003.
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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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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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Ivanov, Alexander. "Activities of the ORT-OZE Committees: from the history of Jewish transnational philanthropy in 1920s – 1940s." Judaic-Slavic Journal, no. 2 (6) (2021): 200–233. http://dx.doi.org/10.31168/2658-3364.2021.2.10.
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The article examines activities of two large Jewish philanthropic organizations – the Union of Societies of Handicraft and Agricultural Work among Jews (ORT Union) and the Union of Societies for the Protection of the Health of the Jewish (OZE Union), that actively cooperated in the period between the First and Second World Wars. The main goal of cooperation between these organizations was to provide urgently needed assistance to the Jewish population of Eastern Europe, which was in a state of permanent crisis and therefore sought to emigrate to the more prosperous countries of Western Europe and to the United States. The author analyzes of previously unpublished archival sources and limited editions of the 1920s – 1930s shows how the ORT-OZE transnational network, which included the local branches, regional public committees, financial corporations, vocational and medical institutions, was able to function successfully, to mobilize all available resources for its constructive work and to conduct a number of social and educational programs directed toward rehabilitation of the Jewish emigrants, despite the difficult political situation in the world. The institutional ideologies of ORT and OZE played an important role in the success of these activities, due to which it was possible to overcome the mistrust between emancipated and religious Jews, between Westjuden and Ostjuden.
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Lemonakis, Christos, Alexandros Garefalakis, Xanthos Georgios, and Hara Haritaki. "A study of the banks’ efficiency in crisis: Empirical evidence from Eastern Europe, Balkans and Turkey." Journal of Governance and Regulation 7, no. 3 (August 10, 2018): 8–12. http://dx.doi.org/10.22495/jgr_v7_i3_p1.
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This study focuses on the efficiency measures of banking institutions from sixteen Eastern European countries, the Balkans and Turkey. Authors use a two-step approach to study the efficiency of banks at the regional level during the critical period 2007-2011. First, the study examines whether banks are actively operating differently at a regional level during the under-review period to focus on the development of the crisis. Secondly, authors use the performance measure (Technical Efficiency -TM) that was obtained from the analysis using basic banking accounting characteristics such as capital ratios, assets quality, leverage, liquidity, and operations financial ratio as independent variables. Authors also use Global Governance Indicators to describe the ability of the respective governments to formulate effectively and properly policies related to Political Stability and the Rule of Law. Their results suggest that bank accountant and managers of all regions should focus upon profit efficiency, proper capitalization, in order to increase their banks’ profitability. In all regions, there is a need for a benchmark in lowering Banks’ operating expenses, in order for them to become more efficient. Finally, credit expansion in Eastern Europe and Balkans countries needs to be under a cautious umbrella in order banks should take the momentum for reaching their more efficient operational levels.
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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.
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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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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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SVIRIDOVSKA, Anastasiia. "Features of functioning national pension systems of Ukraine and the countries of Eastern Europe." Naukovi pratsi NDFI 2021, no. 1 (June 24, 2021): 132–42. http://dx.doi.org/10.33763/npndfi2021.01.132.
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An important component of social protection of the population of each country is the pension system, because its efficiency depends on the level of welfare of the population and the level of stability in society. The current pension system does not meet the requirements of today and therefore needs to be revised and reformed. The current demographic situation in Ukraine is characterized by a rapid increase in the number of people of retirement age, which leads to the inefficiency of the solidarity system of the pension fund, the increase in the demographic burden of the tax burden. The result is an insufficient level of pensions for many categories of pensioners. An important task at the present stage of socio-economic transformations in our country is to reform the pension system. After all, raising the level of social security of pensioners and ensuring the sustainable development of the state depend on this reform. Despite the fact that the government has taken a number of important steps in reforming the pension system, today we do not see progress in solving the most acute social problems. Poland’s experience in building its national pension system can be useful for Ukraine in the use of redistributive and funded pension programs, the activities of the main financial institutions of the pension sector, the mechanism for paying pension insurance contributions and the protection of pension assets. Its consideration would contribute to the development of a set of measures and their implementation at the current stage of pension reform in Ukraine.
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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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Whitley, Richard, and Laszlo Czaban. "Institutional Transformation and Enterprise Change in an Emergent Capitalist Economy: The Case of Hungary." Organization Studies 19, no. 2 (March 1998): 259–80. http://dx.doi.org/10.1177/017084069801900205.
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The collapse of state socialism in Eastern Europe has transformed many of the institutions governing state enterprises and was expected to lead to radical changes in enterprise structures and practices. This was especially so where ownership had changed. However, just as new constitutions do not create liberal democracies overnight, so too the withdrawal of the state from direct control over the economy and privatization does not automatically generate dramatic enterprise transformations. This study of 27 Hungarian enterprises in the early 1990s shows that products and the markets served changed remarkably little, and the employment and organizational changes that have taken place in most enterprises have been less radical than might be expected. Ownership changes have not always led to major shifts in control, nor have private owners implemented sharply different policies from state controllers. The highly fluid institutional environment limited the commitment to, and capacity for, major strategic changes in most substantial Hungarian enterprises. Where changes have occurred, they have been most significant in: (a) state enterprises that are in severe financial difficulties, and (b) companies controlled by foreign firms.
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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.
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PETRYK, Oleksandr. "RETURN TO SUSTAINABLE GROWTH OF UKRAINE’S ECONOMY AND RISKS OF FINANCIAL DESTABILIZATION." JOURNAL OF EUROPEAN ECONOMY 20, Issue Vol 20, No 2 (2021) (June 2021): 350–63. http://dx.doi.org/10.35774/jee2021.02.350.
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The article presents a systematic analysis of the risks of the Ukrainian financial system and offers suggestions that encompass a set of structural reforms aimed at expanding its role in returning the country to sustainable development. It is shown that the national economy has not managed to achieve an outstripping pace of development like most «post-planned» economies of Eastern Europe. The main reason for this has always been a lack of strong and independent governmental institutes and, consequently, structural reforms. Reforms in the real economy have been substantiated in the scope of the energy sector in view of the transition to market rules and use of anti-monopoly measures. Considering the financial system, the author justifies a higher degree of operational independence for the National Bank of Ukraine as a regulator, its broader authority to regulate non-banking institutions, transition to commercial and state banks using standardized principles of deposit insurance, and mandatory calculation of borrower’s credit rating when approving loans. In view of the sizable state budget deficit, improvements to the pension system are examined. It is argued that its improvement must focus mostly on eliminating privileges, revision of the retirement age for some population categories, creation of non-state pension funds and their introduction to the financial markets.
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Přečková, Lenka. "Evaluation of Bancassurance Functioning in Selected Countries of the Financial Groups Erste Group Bank and UniCredit Group." Financial Assets and Investing 7, no. 2 (July 31, 2016): 19–33. http://dx.doi.org/10.5817/fai2016-2-2.
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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 and UniCredit Group. The evaluation is performed as of May 1, 2016. There shall be selected six countries which are part of the region Central and Eastern Europe, namely the Czech Republic, the Slovak Republic, Hungary, Romania, Croatia and Serbia. This paper aims at ascertaining whether or not there are similarities in how bancassurance functions in selected financial groups and countries. This paper shall apply a qualitative research approach. Bancassurance shall be analyzed, compared and evaluated from the viewpoint of integration of financial groups as well as of bancassurance products. A critical analysis of literature available will frame the field of bancassurance models of cooperation and bancassurance functioning. This review will provide a theoretical base for evaluating the level of cooperation between banks and insurance companies and for evaluation an internal integration of bancassurance products. The theoretical base shall 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 shall contain a detailed analysis, sorting and comparing of set theoretical bases. Finally, this paper shall ascertain which characteristics are similar and which are different in integration of financial groups and bancassurance products.
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MORRIS, SHAD S., WARNER P. WOODWORTH, and SHON R. HIATT. "THE VALUE OF NETWORKS IN ENTERPRISE DEVELOPMENT: CASE STUDIES IN EASTERN EUROPE AND SOUTHEAST ASIA." Journal of Developmental Entrepreneurship 11, no. 04 (December 2006): 345–56. http://dx.doi.org/10.1142/s1084946706000489.
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This study proposes that cooperative efforts in microlending aid economic development and poverty alleviation in transitioning and developing countries by creating networking systems in which people can expand their businesses through working capital and community cooperation. Two field studies are used to validate the authors' claims. The first examines a microfinance cooperative structure in Bulgaria as a means to secure credit, savings, technical support and networking opportunities for cooperative members. The second looks at a cooperative microfinance institution in the Philippines that appears to create greater socio-economic growth for poor entrepreneurs as well as NGO financial viability. Both studies suggest that cooperative microlending leads to high survival rates and success of self-employed entrepreneurs by facilitating social capital through their organizational processes.
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Bednárová, Lucia, Silvia Michalková, and Stanislav Vandžura. "PUBLIC PROCUREMENT IN THE CONDITIONS OF THE SLOVAK REPUBLIC WITH REGARD TO THE PARTICIPANTS IN THE PROCUREMENT." International Journal of Entrepreneurial Knowledge 9, no. 1 (June 30, 2021): 67–80. http://dx.doi.org/10.37335/ijek.v9i1.124.
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Public finances are a term used to denote specific financial relations and operations taking place within the economic system between public administration institutions, on the one hand, and other entities, on the other. From an economic point of view, a public contract means an efficient allocation of resources with the aim of material and material provision of public administration bodies with such services that these bodies cannot or do not want to secure themselves. Through public procurement, a relatively high volume of public spending is realized in each developed country. Public procurement of goods, services and works by public institutions currently accounts for a relatively high percentage of GDP, estimated at more than 15% in the economies of Central and Eastern Europe. The area of procurement is one of the key areas where the public and private sectors interact financially with each other. As part of the paper, we primarily deal with below-limit and above-limit contracts in public procurement in the Slovak Republic. As part of the research, we focused on the period from 2016 to 2019. The paper provides an overview of the number of procedures in public procurement for the period from 2016 to 2019. In this comparison of data, we try to demonstrate the strength of public procurement in the public sector as well as the volume of financial flows spent on procurement. Within the issue of our research, the acquisition of relevant documents as well as verified procedures is very problematic, as we do not have a significant number of sources of professional and science publications related to these topics in the Slovak Republic.
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Ganev, Venelin I. "The “Triumph of Neoliberalism” Reconsidered: Critical Remarks on Ideas-Centered Analyses of Political and Economic Change in Post-Communism." East European Politics and Societies: and Cultures 19, no. 3 (August 2005): 343–78. http://dx.doi.org/10.1177/0888325405277924.
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This article offers a critical discussion of a widely popular ideas-centered interpretation of transformative processes in post-communism: the view that during the 1990s, politics in Eastern Europe was completely dominated by a particular ideology, neoliberalism, and hence observable patterns of socioeconomic change are best explained in terms of the impact of a set of ideas disseminated by international financial institutions and eagerly implemented by local elites. More often than not, such ideational analytical accounts rest on simplistic assumptions about elite behavior, demonstrably inaccurate depictions of the actual course of events in various East European countries, and acontextual forms of theorizing. The article concludes with a plea for novel approaches to the study of the role of ideas in post-communist politics, approaches that avoid the risks inherent in efforts to force evidence from the former socialist countries into preexisting “grand narratives” about the historical essence of the contemporary era.