Ekonomika
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ASPECTS OF INTERNATIONAL TAX COMPETITION: LITHUANIAN EMPIRICAL EVIDENCE BASED ON SVAR APPROACH
Get PDFAbstract. This paper aims to investigate the effects of tax policy on macroeconomic variables in the context of tax competition issues. Incentives to invest in a country are determined by a prospective rate of return, which is partially determined by the level of capital taxation. However, high labour mobility, which is a particular characteristic of the Lithuanian economy, raises the hypothesis that the analysis of the negative aspects of tax competition is important not only for capital taxes, but also for labour taxation.Key words: tax competition, SVAR model, capital tax, labour taxes, foreign direct investmentJEL classification: E62, H25, F21
ASSESSMENT OF THE FINANCIAL POSITION OF A COMPANY: THEORETICAL ASPECT
Get PDFAbstract. The article provides evidence on company’s financial position and its perspectives depending on rational methods of analysis providing reliable and exact evaluations. It is stated that if the absolute and relative financial indicators are not provided, indicator standardization and the analysis of standardized values are not defined, and the complex indicator which shows the synthetic financial position of a company is not presented; without the analysis and assessment of structural changes of the indicator it would be difficult to ensure a company’s successful position in the competitive environment. The article presents methods of analysis of the compound indicator structural changes.Key words: financial position, methods of analysis, analysis of compound indicator structur
WAVELET ANALYSIS OF THE CRISIS EFFECTS IN STOCK INDEX RETURNS
Get PDFAbstract. The article considers local peculiarities of the world stock indices in 2007–first half 2012 and offers a comparative analysis of the indices. The research is based on the time series decomposition of the most liquid European, Asian, USA, and Brazil stock indices. The aim of the research was to localize and describe the crisis effects on index dynamics in time and scope by using wavelet decomposition techniques. This approach allows to identify clusters of stock indices and to study their common and individual features. The window transformation method is used for the investigation of index returns’ volatility dynamics. This method allows to investigate the nature and characteristics of the identified critical waves in the stock markets studied. The combined application of wavelet transform, neural networks and SSA is proposed for the prediction purposes. This approach is used for the return forecast of the German index DAX30.Key words: economic crisis, stock index returns, the wavelet transform, neural networks, SS
THE ECONOMIC CRISIS VERSUS THE CRISIS OF ECONOMICS AS A SCIENCE
Get PDFAbstract. The paper starts with arguments against forming causative links between crisis phenomena in the economy, both in its real and regulatory sphere, and the crisis of the economic science as such, in terms of its cognitive and predictive values. According to the author, it is also true with respect to the current economicfinancial crisis.The second part of the paper is an attempt of explaining what should be considered a ‘normal’ way of development of economic science. The author puts and justifies a thesis that this development is a journey of ideas being brought about by numerous causes, with a significant role played by inspirations related not to observation of the real world but to the ‘world of economists’ (ideas shared by academic communities) and the phenomena appearing in the external environment of economics as a science: new political and social ideologies, cultural and technological trends, as well as geopolitical changes.In the subsequent part of the paper, starting with the recognition of the so-called logical and historical factors in the development of economic science or, following the distinction made by D. Ross (2005), the distinction of philosophical and historical-sociological strategies in this development, the author tries to prove that over the last half-century the development of economic science has been heavily influenced by the broadening acceptance of the criterion of instrumental effectiveness (Laudan–Mongin) in the appraisal of its scientific progress. It is argued in the paper that this has the effect of diminishing the ability of economic science to recognize and explain some major contemporary civilizational and technological trends (a kind of crisis in terms of the cognitive realism criterion). However, with respect to the emergence of new and cognitively valuable schools and currents (e.g., New Institutional Economy), this should not be considered a common feature of today’s economics. Secondly, the increasing role attributed to the instrumental effectiveness criterion in the evaluation of progress in economic science, has resulted in some crisis phenomena with respect to the predictive strength of economic models and theories.The paper ends with some more general reflections attempting to identifiy the civilization and technological trends and structural changes in modern economies that are not sufficiently addressed and analyzed in the mainstream economics, thus leading to some crisis phenomena (but not a general crisis) in its development in terms of the cognitive, predictive, and utilitarian value. With regard to the latter (perceived from the point of view of various economic policies), the author postulates the need for a more eclectic approach. It is understood as a postulate to look for the nature, manifestations of and reasons for both growth and crisis processes in contemporary economies, as well as for the instruments of growth state policy, in various (sometimes even competing) theories and schools in today’s economics.Key words: economic crisis, crisis of economics as a science, criteria of scientific progress in economics, migration of economic ideas, logical and historical factors in the development of economic science, instrumental and cognitive realism, civilizational and technological trend
THE SAFE CEILING OF LITHUANIAN BUDGET DEFICIT
Get PDFAbstract. The paper deals with the impact of the budget deficit on the outstanding debt of Lithuania. The ceiling of 3%, which is set in the Maastricht Treaty, is used as a benchmark to simulate changes of the outstanding debt. In addition, the influence of the interest paid on the debt to the primary budget deficit is analysed. The analysis shows that the rule of the Maastricht Ttreaty concerning the ceiling of 3% for a budget deficit is not sufficient to have a steady or non-increasing state of the debt of Lithuania. Great varieties of GDP growth and the initial outstanding stock of the debt in the EU countries allow a very substantial growth of the debt as well as a decrease of the debt for an individual country, despite the limit of 3% being in place. In order to a have non-increasing debt of Lithuania, the ceiling of the budget deficit should be flexible and lower than that set by the Maastricht Treaty. The conclusion is based on statistical data of the EU countries and the model of integral presentation form of the debt applied in the Lithuanian case.Key words: budget, deficit, debt, sustainabilit
THE DEVELOPMENT OF ECONOMIC STRUCTURE AND INTER-INDUSTRY LINKAGES IN THE BALTIC COUNTRIES
Get PDFAbstract. The article presents an analysis of the production and trade structure in three Baltic countries. Both exports and imports were emphasized, pointing out the importance of regional shifts and specialization patterns. The research was performed using the input–output model to determine the relative importance of respective production changes over time and the key differences among the Baltic countries. The paper also analyses the backward and forward inter-industry linkages of manufacturing and service industries. The results have indicated that during the period under analysis the share of sectors creating a lower value added has decreased, and a deeper economic integration was observed in the majority of industrial sectors of the Baltic countries with manifesting stronger forward linkages.Key words: inter-industry linkages, economic structure, the Baltic countrie
INTERFIRM RELATIONSHIPS: EVOLUTIONARY PERSPECTIVE
Get PDFAbstract. The aim of the study was to demonstrate that the inter-organizational relationships form the framework of modern business. The common analysis of interfirm relationships is based exclusively on the relational view. The article is focused on the evolutionary and relational approach to management. In this respect, relationships are exemplified in the form of the adaptation mechanism used in the environment while making a selection. The author argues that organizational relationships are an expression of the variation processes that organizations use as the mechanisms of adaptation. Such a perspective is an original approach to the explanation of evolution and of the mechanisms of contemporary competitive advantage.The article is based on the reasoning based on a critical analysis of the existing research in this area, supported by results of the author’s own qualitative research.The main findings of the study outline the possibilities to survive in the current business settings and are related to the relationships; in a wider sense, interfirm relationships are an important mechanism driving evolution.Key words: evolution, interfirm relationships, variation, adaptatio
ANALYSIS OF THE ECB MONETARY POLICY MATCH FOR THE NEEDS OF THE EURO AREA COUNTRIES NEEDS
Get PDFAbstract. In this paper, using the Taylor rule (Taylor, 1993), the European Central Bank (ECB) monetary policy in 2000–2012, as well as individual interest rate needs of the euro area (EA) countries are analysed. It is assumed that the estimated Taylor rule interest rates are optimal for individual members. We have analysed whether the actual ECB interest rates and the calculated rates are different and have become more balanced towards individual countries’ needs. The work focuses attention on the last period (2008–2012) when the EA faced economic problems and an asymmetric shock. The analysis shows controversial results: on the one hand, the interest deviation mean decreases (just a little), but an increasing gap between individual needs can be seen: some countries are becoming increasingly divorced from the general EA needs. It makes them very vulnerable, and there is a risk that these countries in the face of asymmetric challenges can be “left behind” by the ECB focusing on the EA as a whole. Also, in this paper, the stationarity of the calculated deviations is analysed to help understand their nature. This approach is new, and the author is unaware of similar works. Analysis of the optimal interest rate dynamics has revealed that Germany needed the interest rates that were opposite to the needs of Spain and Greece and susceptible to divergence, so this led to the ECB difficulties in determining the proper interest for all countries’ needs. The EA as a currency area is most optimal for Belgium, Cyprus, Finland, France, Italy, and the Netherlands from the interest rate setting perspective.Key words: the Taylor rule, optimal monetary policy, asymmetric shocks, optimal currency are
COMPARATIVE ANALYSIS OF THE PROSPECTS OF UKRAINIAN COAL MINES BY THE COPRAS-G METHOD
Get PDFAbstract. The article covers the elaboration of a methodical toolkit of assessing the prospects of coal mines, which allows for the differentiation of enterprises by an integrated index of their prospects as regards mining and the geological conditions of each coal mine. Is proposed An algorithm for the coal mine prospects assessment, of containing the stages of selecting the characteristics of mining and geological conditions, the use of a multi-attribute assessment by the COPRAS-G interval data, and the rating of coal mines. A comparative analysis of the prospects, employing the COPRAS-G method, was tested on an the example of 14 coal mines of the Central district Donbass of Ukraine.Key words: comparative analysis, prospects, coal mines, multi-attribute assessment, imprecise data, COPRASG method, CE
THE FINANCIAL MARKET OF UKRAINE AND THE ROLE OF FOREIGN DIRECT INVESTMENT
Get PDFAbstract. The main objective of this paper is to investigate the characteristics of the institutional structure of the Ukrainian financial market and to analyze the impact of foreign direct investment on it. The following methods of research were used by the authors: economic-statistical, tabular, and comparative (in empirical analysis; to make comparisons across different types of financial institutions, to investigate and evaluate the volumes of foreign direct investment by countries and their relation to the size of the domestic financial sector); systematic and logical (determining and analyzing the scope of the positive and negative effects of foreign investment on the financial market of Ukraine).The conclusions are as the follows: the structure of the financial market of Ukraine is rather nonbalanced and fragile; most foreign investors have changed their strategies on the Ukrainian financial market from aggressive to share-keeping; more attention should be paid to the development of the constructive policy concerning FDI to ensure the stability and even the development of the domestic financial market as well as to raise its investment attractiveness.Key words: financial market, commercial bank, non-bank financial institutions (NBFIs), foreign investment, investment attractivenes