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The R.B.Q. (Rational, Behavioral and Quantified) Model
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This paper is about the classic methods used in the analysis of economics. More precisely, the R.B.Q. (Rational, Behavioral, and Quantified) model is about rational economics and behavioral economic analysis in conjunction with the quantification procedure (Q.E. method). Therefore, in this work are submitted the most common methodological approaches used in economics including a form of their combination. What follows is a critical examination that extendedly scrutinizes the terminology of axiomatic methods. One of the aims of this paper to represent the special characteristics of rational economics in comparison to the case of behavioral economics. Then provided is an analysis wherein the issues relevant to this are represented, and on the basis of which the main differences between the two concepts are showed. Hence, the aim here is to show the crucial attributes of these concepts. This study also uses a quantification method to show the behavior of these two economic theories within their relation to one another, demonstrating a complete view of them in a single economic model
A Comparison of Lithuanian and Swedish Old Age Pension Systems
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The aim of this study is to compare Lithuanian and Swedish pension systems from the point of view of their design and performance in order to elaborate reasonable recommendations to Lithuanian pension policy based on the best Swedish experience. Swedish income, premium and guaranteed old-age pensions system are compared with the analogous Lithuanian system of the “first,” “second” pillars and the “social” pensions. The main features of the systems are discussed, and the performance of the systems, mainly from the point of view of adequacy, is compared. The differences in system design and performance are identified, and the possible reasons of these differences are examined. Special attention is paid to differences in financing and the approach to the definition of benefits. The Lithuanian pension points approach is compared to the Swedish Notional Defined Contribution (NDC) approach. Each system is analyzed, and the relevance of transforming the Lithuanian first pillar pensions into a NDC system is examined
Are there Multiple Bubbles in the Stock Markets? Further Evidence from Selected Countries
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In this study, the existence of multiple bubbles in 15 selected countries is researched by means of the GSADF unit root test developed by Phillips, Shi, and Yu (2015). The data set consists of a weighted average of the monthly price/earnings ratios with the different start dates for countries whose data could accessed. As a result of the conducted analysis, the existence of multiple bubbles was detected for all the countries examined. The results demonstrate that bubbles in stock markets occur before the local and global crisis periods. We therefore conclude that the GSADF method may be used as one of the early warning systems of a financial crisis. It is significant for policymakers and investors to know these signs in terms of financial stability and profitable investments
A Simple Model for the Integration of Goods and the Capital Market with Unionized Labor Markets
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The present work analyzes the effects of goods and capital market integration on welfare. In an imperfectly competitive industry with unionized labor, openness to competition via exports, the possibility of holding minority stakes into a rival company and undertaking Greenfield Foreign Direct Investment (FDI) exemplify product and capital market liberalization, respectively. Challenging the “lieu commune” that liberalization a priori improves the social welfare of an economy, making use of a game-theoretic approach, it is shown that a domestic government should design the appropriate interventions in product and capital markets depending on the precise pattern of economic integration
The Importance of External Audit in Detecting Abnormalities and Fraud in the Financial Statements of Public Enterprises in Kosovo
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This paper focuses on determinants and their impact on the audit of public enterprises in Kosovo. In addition, it analyzes the impact of audit quality on improving the transparency and accountability of those enterprises. The study also assesses factors that affect the effectiveness and ineffectiveness of information in the audit reports of the Kosovo National Audit Office. The data were obtained based on observations, documentation, questionnaires, and interviews. Respondents were internal auditors of public enterprises in Kosovo as well as external auditors of the Kosovo National Audit Office. This research was designed using primary and secondary sources of data and was carried out in accordance with statistical analysis methods using the average algebraic size method and absolute variation indicators.
The findings of this paper suggest that external auditors consider the potential risk of errors and fraud as being high, that they have aversive attitudes against errors and fraud, and that there exists for them a negative relationship between errors, fraud and financial reporting. Also, the quality of external audit positively affects the detection of fraud and anomalies within financial statements
The Spread of the Shadow Economy as a Moral Dilemma?
Full text linkThe shadow economy remains a significant problem in post-Soviet countries and less economically developed economies. Even though there are a lot of economic and social arguments for the emergence of the shadow economy, it remains the question how much of the shadow economy, as well as an intrinsic willingness to pay taxes, could be explained by social norms, business ethics and illegal business practices that come from the cultural and historical background. This paper focuses on the ethical dilemma and tries to figure out how morality reflects in the tendency to participate in shadow economy. A qualitative approach is applied in this paper to find linkages between moral norms and an acceptance of the shadow economy. This paper supports the idea that people’s backgrounds, their moral norms and close relationships affect how they perceive tax evasion and how much they are willing to participate in such illegal activities
Price Rigidity in Norway in the Nineteenth Century
Full text linkThis paper analyzes nominal price development in Norway from 1830 to 1920 and fills a gap in the literature on nominal price rigidity in Europe during the nineteenth and the beginning of the twentieth centuries. The research question: how did the nominal price rigidity change in Norway during this time period? The focus on Norway is justified because of the availability of historical data and gaps in literature concerning the nominal rigidities.The analysis of some of the digitized data for Oslo, Bergen and Stavanger during the period of 1830–1913 indicate that: a) The flexibility of prices did not change much during the classical Gold Standard in Norway; b) The change in price rigidity mainly came because of the changing magnitude of price changes; c) The decrease in magnitude might have happened before the Gold Standard took effect in Norway