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Factors Influencing Local Tourists’ Decision-making on Choosing a Destination: a Case of Azerbaijan
Get PDFThe purpose of the article is to analyse factors influencing the behaviour and decision-making of local tourists in choosing Azerbaijan as a destination. The main attributes, elements and types of tourism destinations are analysed. The understanding of consumer behaviour is defined and the peculiarities of decision-making process are presented. The main internal and external factors influencing tourist’s behaviour and decision-making are summarised. The current situation of tourism in Azerbaijan is examined. The analysis of social, cultural, personal and psychological factors influencing the decision-making of local Azerbaijani tourists to travel to various types of tourism destinations with different attributes like, attractions, available amenities, accessibility, image, price and human resources is done. The research includes both primary and secondary data. Secondary data is used to give insight to the topic and assess conclusions. Primary data is collected by surveying domestic travellers of Azerbaijan. Survey results are analysed by implying descriptive statistics, non-parametric tests and Factor analysis. The research results show that the age, monthly income and marital status of local Azerbaijani travellers affect their travel behaviour especially in the duration of their trip. Destination amenities, tourism infrastructure, environmental features, human resources and price are the important attributes for local tourists in choosing tourism destination
An Impact Assessment of Negative Interest Rates of Central Banks
Get PDFThe central bank community has been split into those who started to employ negative interest rates (NIR) and those who do not intend to do so, irrespective of the similarity of the economic situation. Moreover, while five central banks have applied negative policy rates from 2012, the launch time, scope and motives behind differ significantly. The fact that central banks have simultaneously pursued NIR at a time when the global financial system is not in a crisis is unprecedented and is a consequence of several fundamental and mutual factors. So, the purpose of this paper is to find out the motivation behind employing negative policy rates and assess how NIR affect different economic sectors. The statistical analysis reveals that the overall outcome is highly controversial, depending on the weight assigned to each economic sector as well as to short- and long-term goals. On the one hand, NIR lead to an overall positive impact on aggregate consumption, increased well-being of net borrower, investing NFCs, indebted governments and even financial institutions in the short run. On the other hand, savers and banks with high excess reserves and less room to reduce net interest margins are the most negatively affected. The impulse-response functions of created vector autoregression model for the euro area confirms these results: an interest rate reduction shock decreased borrowing and deposit rates, net interest margins but positively affected confidence, bond and equity prices, leading to somewhat higher expectations of economic growth and inflation in the longer term. While the lower bound of NIR remains uncrossed, further rate cuts in the negative territory or keeping them for a prolonged period of time might alter negative externalities. If expectations start looming over the material policy change or materialization of financial systematic vulnerabilities, positive effects of NIR could become more muted in the longer term
A Quantitative Analysis of the Main Lithuanian Taxes and their Optimisation during an Economic Crisis
No full textSeeking to contribute to the analysis of anti-crisis economic policy decisions, the authors of the current article have developed an economic analysis modelling system of the main tax rates, which makes it possible to carry out research into modelling economic scenarios in order to determine the variables of optimal tax rates. By applying this modelling system in practice, it is possible to measure the maximum probability rates of Value Added, Profit, and Personal Income Taxes for the collection of necessary revenues to the state budget. This method presents a possibility to accurately evaluate the impact of fiscal policy measures on the state budget as well as to reflect economic processes more comprehensively and model accurate short- and long-term projections
The Impact of Taxes on the Consumption to Income Ratio
Get PDFThis article, in the statistical analysis of possible cointegration relationships among the variables from the expenditure approach to the GDP formula, explains how taxes affect the consumption to income ratio. A causal relationship that defines investment as the leading factor in GDP formation was rearranged and applied for the study of taxation effects under various income levels. The technique that was used for the estimation of taxation effects was based on the deterministic part of causal relationship, though the results must be interpreted very carefully. This analysis demonstrates that, when taken to the extreme, higher taxes have a huge negative effect on consumption and a very small effect on savings; in addition, these effects depend on the level of income. The higher the incomes are, the more deteriorating the effects of taxes on consumption can be observed; therefore, an economy cannot afford a high level of taxes, even when the income level is also high. As taxes have negative effects on consumption and, with lesser extent, on savings, tax-based fiscal consolidation has to be avoided at any cost, and governments should rely on tax-based fiscal consolidation only if no other option is available
Key Factors of Non-performing Loans in Baltic and Scandinavian Countries: Lessons Learned in the Last Decade
Get PDFA cross-country panel data regression was performed for non-performing loans (NPL) in Denmark, Estonia, Finland, Latvia, Lithuania and Sweden covering a period of years 1998-2014. The main objective was to determine the major factors that were driving the NPL in the selected countries. Also, we expected to draw the differences in the banking industry between emerging economies in the Baltic countries and Western economies in the Scandinavian region. The selected variables were banking industry-related (net interest margin, ROA, ROE) and macroeconomic variables (GDP growth, RE prices, Unemployment), of which the majority is included as the Financial Soundness Indicators by the IMF. Key findings of the research show that NPL in both regions were mostly dependent on GDP growth and Unemployment, whereas the banking industry variable ROA had a very moderate effect only on a country level. The research is contributing to a better understanding of financial stability in the banking industry during the last decade, and it may have possible implications for the macroprudential policy
The Impact of Oil Refinery Market Power on Retail Fuel Prices in the European Union
Get PDFThe present study investigates the degree to which imperfect competition in the oil sector affects end retail prices. Specifically, we test how positive and negative price shocks in the oil market translate to final retail prices for petrol, diesel, and heating oil prices, focusing on the asymmetry of the price changes. We assume that the higher the level of imperfect competition, the more asymmetric the price change between the initial oil and final retail products will be. In addition, we also test the degree to which uncertainty, or oil price volatility, affects the final prices for these same products. We find that our proxy for market power does affect retail price asymmetries and that increasing volatility lowers retail price asymmetries
An Analysis on Turkish Market Entry Opportunities: the Case of Lithuanian Dairy Companies
Get PDFIn the present research, authors examine Turkish market entry opportunities for three leading dairy companies in Lithuania. This study focuses on evaluating firms’ export performance opportunities and combining them with selected export market potential factors. For this purpose, the case-study method was used through personal interviews with export managers of three leading Lithuanian dairy companies in 2016, conducted in order to determine the factors affecting their Turkish market entry. Using a cross-case analysis, comparisons were made between different companies’ entry opportunities. According to the results, Lithuanian dairy companies can be described as being passive about the Turkish market. Its market protection politics, implemented by the Turkish government, could be named among the main reasons. From the first sight, this fact makes the Turkish market unattractive for European dairy producers. However, the study shows that, after doing some more detailed market research, new potential opportunities can appear
The Search for Modern Methods for Statistical Quality Control of Services
Get PDFThe countries with developed market economies have vast experience in using the statistical methods in running business. In this respect, the use of Six Sigma techniques and tools to control the output (service) quality is worthwhile. This technique, if introduced in Georgia, can be much beneficial for the businessmen. Different-profile companies use different statistical methods for the output (service) quality control. However, it is the Six Sigma techniques that yield the most pragmatic outputs. This tool enables the different-tier managers to rely not only on their intuition in making managerial decisions but also on the quantitative data obtained through the introduction of 6σ to their companies. The measures to search for the modern methods of introduction and better use of the 6σ concept seek to improve the output (production) quality of different sites of a corporation, while also meeting the changing demands of customer markets and shareholders. In the search of such measures, the authors of the present article attempted to examine the effect of the 6σ set beyond the limits of a corporation and, by considering the public opinion about the corporation, conduct the statistical control of the output (service) offered by the corporation to its clients. The pilot study, accomplished with this purpose by the authors of the article, together with their students, gave quite interesting results
The Gravity Model for Assessing Trade Patterns: the Case of Baltic States
Get PDFInternational trade is the key element of globalisation and closer economic and political cooperation between countries. Regional integration is an important driver of closer trade ties among countries. In this context, the article focuses on analysing the factors, influencing the dynamics of trade patterns of the Baltic States. The research method used in the article is the gravity model of trade, which rests on the key assumption that trade between countries is defined by the size of the economies and the distance between the countries. The gravity equation estimates showed that the membership of the Baltic States in the EU had a positive effect on the export levels of the Baltic States to other EU members. On the other hand, the membership in the EU is not the main trade stimulating factor. The more important factor for the Baltic States’ exports is the former economic ties with Russia. An analysis also revealed that the Baltic States have many important trade partners with different levels of income. This finding does not support the Linder hypothesis which states that the main trading partners should have a rather similar level of income
On the Irrelevance of Methodological Individualism
Get PDFSo far, methodological individualism has been the cognitive paradigm that permeates economic thinking in the epistemic community, in economic policy, and holds a place within the wide public at large. On the other hand, the tide of criticism addressed towards traditional economic philosophy is on the rise. The gist of this study is to demonstrate the weakness and antinomic character of the individualistic paradigm and to suggest an alternative worldview – methodological holism