bluuebunny/crossref_metadata_2025 huggingface dataset:
ECONOMIC IMPACTS OF EU–BELARUSIAN TRADE
Authors: Miškinis Algirdas , Dultsau Ihar
Published: January 2019

The main goal of the research is to assess the efficiency of Belarus–EU trade and to develop an econometric model to find out which goods Belorus should export in order to ensure its GDP growth. Authors have made an analysis of the main trade theories, reviewed the common EU trade policy, determined a relationship between Belarusian trade in goods with the EU and its economic growth, studied the consequences of the potential free trade agreement with the EU. The research used secondary data that have been analysed by means of a system of indicators, the matrix method, and regression correlation analysis. The analysis revealed that the trade balance between Belarus and the EU in most years has been negative, that the degree of trade concentration between Belarus and the EU is low, and that trade between the two parties has both intra-industry and inter-industry features. The econometric model has revealed a negative impact of the Belarusian export of agricultural products and iron and steel on its GDP growth rate. The study has also shown that so far it is difficult to forecast the timelines and consequences of Belarus–EU free trade agreement.
ESTIMATION OF DEFAULT PROBABILITY FOR LOW DEFAULT PORTFOLIOS
Authors: Dzidzevičiūtė Laima
Published: January 2019

This article presents several approaches to estimating the probabilities of default for low default portfolios, their advantages and disadvantages, and provides exemplary calculations using data of one external credit register of Lithuania. The results show that three approaches seem to be most appropriate: those of K. Pluto and D. Tasche (2005) without correlation, and those of N. M. Kiefer (2006) and A. Forrest (2005) without correlation. The first one could be easily implemented by banks; however, if the ordinal ranking of obligors is incorrect, then the monotony of probabilities of default is not ensured. The same problem exists with the second approach. The A. Forrest (2005) approach without correlation ensures the monotony of default probabilities and allows estimating conservative PDs; however, it requires programming skills, otherwise iterative recalculation will be very time-consuming.
CORPORATE SOCIAL RESPONSIBILITY STRATEGIC IMPLEMENTATION IN FOREIGN MARKET: GLOBAL VS. LOCAL POLICY
Authors: Diskienė Danuta , Krapchilo Daria
Published: January 2019

Corporate social responsibility (CSR), understood as a concept of socially responsible business behaviour, is becoming one of the important and actual business practices. Globally more and more MNEs are engaging themselves into CSR activities and see CSR as part of their corporate strategy. This paper presents an analysis of existing CSR strategic options for international companies to choose, and reveals what influences international companies’ decision what strategy and instruments to choose for implementing in a host country or market. In particular, the implementation of CSR strategic options and instruments in Belarus are analysed. The concept of this paper is based on the integration of a theoretical idea and business management practices. Since the object of the research is complex, it required the application of different research methods, such as theory analysis, system analysis, meta-analysis, survey, content-analysis, and expert interview methods. The findings of the study could be useful for foreign companies deciding to enter the Belarusian market, make M&A with local companies, for local managers responsible for CSR at their company, as well for researchers interested in CSR implementation in Eastern Europe.
MODERN CHALLENGES IN GOVERNMENTAL REGULATION OF LABOUR FORCE MIGRATION IN UKRAINE
Authors: Chernyak Oleksandr , Chernyak Yevgen
Published: January 2019

The work includes an analysis of the main modern challenges in the sphere of the labour force migration in Ukraine. The development of governmental regulations of labour force migration will give Ukraine a chance to improve the quality of workforce coming from abroad and to avoid the quitting of scientists by making them able to be employed in Ukraine. Also, changes in migration policy will help to decrease the unemployment rate in the country. The influence of labor force migration on the country’s economic development is also measured. The necessity of changes in governmental regulation of labor force migration in Ukraine is described in the paper. The government should make several steps to stimulate the usage of local labor force instead of cheap and unqualified foreigners by national enterprises. The first step is to provide the “quality rate” of a foreigner to be employed. The second step is the governmental support of enterprises that will act according to the mentioned rules and carefully regard the professionalism of employees. Such enterprises should receive subsidies.
THE ECONOMETRIC MODELING OF UKRAINIAN MACROECONOMIC TENDENCIES
Authors: Stavytskyy Andriy , Martynovych Daria
Published: January 2019

Econometric models are widely used in economic policies of many states. They help to build a great variety of econometric systems for every country and take into account the specifics of each economy.In this article, the structural macroeconomic models that describe the main aspects of the economic policy were applied. The interdependence between the level of inflation, the value of investment, savings, consumption, export and import transactions, taxes on the foreign trade were defined based on the analysis of the key macroeconomic parameters of Ukraine. After investigating all economic indicators, they were transformed into stationary time series for a correct use in the model. In addition, heteroscedasticity and autocorrelation of residuals were excluded in all econometric equations.As a result, the research shows that a large share of black economy leads to a rather high level of inflation in the state, because its value is primarily determined by expectations of the population under such circumstances. The paper indicates that the further export growth leads to a lower consumption growth and also to a lower growth of savings. Such a situation indicates an insufficient development of the domestic market. Investment growth has been fund not to be directly linked to consumption increase and economic development in general. Unfortunately, the main sources of investment in Ukraine are the funds of enterprises and foreign sources. The analysis shows a need to encourage public involvement into investment processes. For example, the creation of public–private partnerships is especially useful while implementing infrastructural projects.
FLUCTUATIONS OF LITHUANIAN ECONOMY: IDENTIFICATION RULES AND FEATURES
Authors: Valkauskas R.
Published: January 2019

This article is focussed on the problem of economic-statistical calculations and includes an economic-statistical research of economic fluctuations. The author also discusses the rules for statistical identification of economic welfare, economic development features of Lithuania after it became a member of the European Union. The notion of specific economic indicators, their classification issues, and the role and place of economic indicators presenting a systemic view of the country’s economy through identification of economic activities and their development are also discussed.The article deals also with the methodologies based on various statistical methods and offers a methodology for revealing the components of economic fluctuations. A common notion is that the methodologies using analytical time series smoothed with the least squares method for revealing economic fluctuation components are best. The author proposes a methodology for calculating and evaluating the components of economic fluctuations, based on gross domestic product data.
THE FINANCIAL MARKET OF UKRAINE AND THE ROLE OF FOREIGN DIRECT INVESTMENT
Authors: Lyutiy Igor , Borovikova Mariya
Published: January 2019

Abstract. 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 attractiveness
INTEGRATED SCHEME OF REGIONAL SUSTAINABLE DEVELOPMENT DRIVERS
Authors: Jazepčikas Darius
Published: January 2019

Abstract. The complexity of sustainable development and the diversity of regions generate lots of challenges for the implementation of sustainable development at the regional level. In the process of implementation of the global sustainable development objectives, regions are taking different development paths because they are impacted by a unique internal interaction of the drivers. The problem is how the initial conditions of a region define the drivers and their interactions in the process of sustainable development policy implementation.The purpose of the study was to define a tool for the analysis of the interaction of drivers in the process of regional development moving towards sustainable development.The study methods were scientific literature analysis, conceptual, methodological, and visual modeling, and synthesis of the ideas.The paper concludes that an integrated scheme of drivers was used as an analytical method to explain how the difference in a region’s development level defines the path towards sustainable development. Synergy between the dimensions of a well-developed eco-centered region would be achieved by reforms in the economic and institutional dimensions. The scheme of a well-developed techno-centered region reveals a productive amalgamation among the institutional power, welfare level, and market mechanism. The scheme of a less-developedtechno-centered region reveals that reform actions are needed in all dimensions of sustainable development synchronically. Also, some extraordinary events or shocks have to happen to spur the reforms. The holistic view of the drivers suggests that a less-developed eco-centered region has to go the evolution path of social and environmental development, but with rapid reforms in both the institutional system and market relations.Key words: sustainable development, region, institutions, development dynamics
INSURANCE SERVICE PURCHASE DECISION-MAKING RATIONALE: EXPERT-BASED EVIDENCE FROM LITHUANIA
Authors: Ulbinaitė Aurelija , Kučinskienė Marija
Published: January 2019

Abstract. This paper deals with the examination of the rationale for insurance service purchase decision making with a focus on Lithuania and its possible implications for both Lithuania and other developing insurance markets. This work proposes a model that reflects the several stages of the insurance service purchase decision making process, including the time dimension. This model is constructed on the basis of three hypotheses; these hypotheses are tested based on data collected by means of an insurance expert survey. The results confirm the existence of two stages of insurance service purchase decision making, where one’s intellect and income determine the inclination towards insurance and where the price and quality of an insurance service determine its purchase decision. The research reveals a relatively equivalent impact of both consumers’ intellect and income on their inclination towards insurance in general; however, it strongly indicates the consumers’ strong focus on the price of the service as opposed to its quality when deciding to purchase an insurance service. The research also discloses the higher complexity of the decision making process when purchasing life insurance services as compared to non-life insurance services.Key words: insurance consumer behaviour rationale, insurance service purchase inclination and decision stages, intellect vs. income, price vs. quality, complicated vs. trivial process
ASPECTS OF INTERNATIONAL TAX COMPETITION: LITHUANIAN EMPIRICAL EVIDENCE BASED ON SVAR APPROACH
Authors: Klyvienė Violeta
Published: January 2019

Abstract. 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.
EVALUATION OF THE EFFICIENCY OF ECONOMIC POLICY UNDER THE EUROPE-2020 STRATEGY IN SMALL EUROPEAN UNION COUNTRIES
Authors: Banelienė Rūta
Published: January 2019

Abstract. The evaluation criteria to measure the efficiency of a state’s economic policy in terms of integration processes in the European Union were determined in the Europe 2020 Strategy endorsed by the European Council in June 2010. According to the Strategy, the European Union has committed to seek progress in the fields of employment, investment in R&D, climate change and energy, education, and poverty reduction. With a view to assessing the economic impact of the above commitments by the European Union vis-a-vis small European Union countries, this article provides an evaluation of the three objectives of the Europe 2020 Strategy – employment, education, and investment in R&D – and their impact on the economic growth in smaller countries of the European Union.This article concludes that many of the smaller European Union countries choose not to be ambitious enough in their national objectives of employment, education, and investment in R&D areas under the Europe 2020 Strategy and, during the 2011–2020 period, they show on average a 4.8% lower annual GDP growth than it could potentially be, i.e. they abandon far-reaching ambitious targets.Key words: economic policy, small European Union countries, Europe 2020 Strategy, employment, education, R&D
ASSESSMENT OF THE FINANCIAL POSITION OF A COMPANY: THEORETICAL ASPECT
Authors: Valkauskas Romualdas
Published: January 2019

Abstract. 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 structure
FAMILY POLICY AND ITS REALIZATION TRENDS IN LITHUANIA FOR 2005–2012
Authors: Gavelis Vytautas , Visockas Evaldas
Published: January 2019

Abstract. The purpose of the article is an overview of the objectives and criteria of theclassification used in state family policy in the sphere of economic relations, a discussion of family policy types and sub-types, relations between forms and types, and their characteristics in contemporary conditions. It discloses the significance of a systemic approach to family policy, emphasizes that family policy can be investigated both as a separate system and as a subsystem emphasizes that a particular family policy must reflect the inherent relations of the subsystems and components, i.e. an implementation area of family policy, its targets, goals, priorities, directions and state’s ability to provide economic support draws attention to the fact that family policy should be associated not only with the family as a general institution but also with individual family forms, describes the trends of public financial social assistance for families raising children and for poor residents in 2005–2012.Key words: family policy, types of family policy, family forms, benefits for families raising children, financial social assistance for poor residents
THE SAFE CEILING OF LITHUANIAN BUDGET DEFICIT
Authors: Kregždė Arvydas
Published: January 2019

Abstract. 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, sustainability
TRANSFORMATIONAL RESEARCH OF THE FRAUD TRIANGLE
Authors: Mackevičius Jonas , Giriūnas Lukas
Published: January 2019

Abstract. Fraud is one of the most negative factors of society. Because of frauds, some companies experience many financial and even business continuity problems. The article analyses the theory of the fraud triangle and its transformation into a square. Their various elements – motives, possibilities, pressure, rationalisation, incentive and others – suggested by different authors are presented. The article provides a theoretical analysis of fraud scales and their elements: motives, conditions, possibilities, and performance.Key words: fraud triangle, motives for fraud, fraud scales
OPTIMIZATION MODELS OF THE UKRAINIAN POWER INDUSTRY
Authors: Slushaienko Nataliia
Published: January 2019

Abstract. The paper deals with the environmental aspect of power industry development and uses unilateral and bilateral auction and games theory optimization modeling to simulate competitive market introduction to the Ukrainian electric power industry. The main goal of the research is to investigate how the transition will influence prices’, volumes’ dynamics and benefit distribution among market players while also addressing the problem of possible market fluctuations due to price sensitivity.Key words: electric power market, environment, competitive market introduction, auctions, games theory
RELATIVE CAPITALIST SYSTEMS AND FAIRNESS IN THE BALTICS: THE CASE OF LITHUANIA
Authors: Huettinger Maik , Zirgulis Aras
Published: January 2019

Abstract. This paper deals with the concept of fairness as it is applied to economic decision making in different cultures. The objective of the research is to determine whether the concept of fairness can be applied universally throughout all cultures by doing a study in Lithuania and comparing it to similar studies done in other countries. Lithuania was chosen because it belongs to the group of the Baltic advanced transition countries with their own unique form of capitalism. We find that Lithuanians are more apt to consider price or wage changes as fair as long as there is an underlying macroeconomic reasoning for the price change. These effects were found to hold true in spite of the framing effects of loss aversion found in previous studies.Key words: behavioral economics, fairness, capitalism, Baltics, Lithuania
RESEARCH ON AGRICULTURAL PRODUCERS’ BEHAVIOUR IN THE MARKET OF MINERAL FERTILIZERS IN POLAND
Authors: Piwowar Arkadiusz
Published: January 2019

Abstract. The paper outlines the problems associated with market decisions and their extra-economic determinants in the scope of purchase of mineral fertilizers by farmers. Every purchase of fertilizers for an agricultural holding is preceded by a selection made according to an individual, complex set of criteria and factors. The complexity of the entire decision-making process undertaken by farmers increases along with the development of the market of mineral fertilizers. This intensifies the need of identifying the factors affecting the decision of an agricultural producer regarding the purchase and use of a specific fertilizer. The main goal of this publication is to present the results of studies on the behaviour of agricultural producers in the market of mineral fertilizers in Poland. The correspondence analysis was used for analysing the determinants affecting the behaviours of farmers. The results of the studies have showed that the three most important factors affecting the purchase of fertilizers by farmers are the price of a fertilizer, its quality, and the nutritional requirements of crops. The results of the analyses have also indicated that all the investigated factors were dependent on the age of agricultural producers. Besides, the other major determinants of behaviours were the education of agricultural producers and the area of their agricultural holdings.Key words: behaviours of farmers, mineral fertilizers, correspondence analysis
CREDIT UNIONS’ ACTIVITY AND FACTORS DETERMINING THE CHOICE OF THEM IN LITHUANIA
Authors: Jasevičienė Filomena , Kėdaitis Vytautas , Vidzbelytė Simona
Published: January 2019

Abstract. In the recent years, the role of credit unions in the financial sector of Lithuania has gradually become more significant. The number of credit unions grew together with their assets, number of members, and deposits. The beginning of a rapid process of credit unions’ establishment and development caused unmeasured risks which led to a suspended activity of several credit unions in 2013. This caused an insignificant migration of credit unions’ shareholders (members) from one union to another, retirements, etc. Although residents haven’t lost the confidence, this fact demands to investigate and analyse the factors determining the choice of a credit union. After a survey of credit union members in Lithuania, the factors most significant for shareholders were determined. Also, the factors least significant for the choice of a credit union were determined, and conclusions and recommendations for managers of credit unions were given. Conclusions and recommendations can help the management to choose the strategy which would result in a higher level of new members’ involvement in the union.Key words: credit union, credit union members, credit union performance, factor analysis, criteria of choice
A CAUSAL MACROECONOMIC MODEL OF DEVALUATION AND INFLATION IMPACT ON THE ECONOMY OF UKRAINE
Authors: Vasylenko Yuriy , Bazhenova Olena
Published: January 2019

Abstract. The macroeconomic model of Ukraine, based on a complete system of real microeconomic mechanisms (formation of prices, costs, salary, manufacturers’ and state incomes, taxes, etc., trade and transfers among all agents) has been developed. The groups of goods, producers and consumers behaving equally in the conditions of devaluation and inflation have been formed. The core of modeling the interrelation between price, cost price and income is dividing all goods into those of final and intermediate consumption. The traditional macroeconomic hypotheses (equilibrium, SNA balances, influence of money supply, etc.) turned out to be particular cases. The model can be modified for any country. It was has been found that both devaluation and inflation always reduce the real GDP. Conditions of the growth of the value added of exports have been defined. A relationship among emission, devaluation, and inflation has been derived.Key words: macroeconomic model, microeconomic mechanisms’ system, intermediate consumption, non-equilibrium, new goods’ aggregation, devaluation, inflation
MACROECONOMIC FACTORS OF NON-PERFORMING LOANS IN COMMERCIAL BANKS
Authors: Mileris Ričardas
Published: January 2019

Abstract. This article presents an analysis of macroeconomic factors and their impact on the percentage of non-performing loans (NPLs) in commercial banks of the EU countries. This problem is relevant because in recent years many EU countries had the economic downturns that can be visible in the main macroeconomic indicators. Also, banks have met the growth of non-performing loans when the debtors were not able to meet their financial obligations. The Basel III Agreement notes the necessity to consider the economic conditions of a country when assessing the credit risk of loan applicants. The results of this research can be useful for banks, because the main relations between macroeconomics and non-performing loans have been revealed. Since 2009, Lithuania has one of the highest NPL percentage in the EU, and the meaningful impact of economic deterioration on the debtors‘ ability to repay debts to banks has been proven. The same situation was ascertained in other EU countries with imperfect economic conditions. Conversely, it has been estimated that banking systems in the EU countries with developed economies are not very sensitive to the business cycle fluctuations. So, in Lithuanian banks, when managing credit risk, the consideration of economic conditions is very important.Key words: banks, credit risk, macroeconomics, non-performing loans
THE COMPETITIVE SOCIAL ADVANTAGES OF A COUNTRY AND ITS COMPETITIVE POSITION: A COMPARATIVE ANALYSIS
Authors: Chornodid Ihor S.
Published: January 2019

Abstract. In the article, the concept of competitive social advantages is considered. Social competitiveness, the potential of social competitiveness, and the social competitive status are characterized. Competitive advantages are shown to have various forms of expression due to certain determinants. A classification of competitive advantages is carried out. The framework of competitive advantages is described. The determinants of competitive social advantages of a country, among which the components of the level and quality of life, the maturity of the human, intellectual and social capital, the quality of public institutions, conditions of business development and innovations are suggested. The trends and means of achieving social competitive advantages are considered. The assessment of Ukraine’s position according to freedom indicators, the indicator of network readiness, Ukraine’s competitiveness index and index of travel and the tourism competitiveness is conducted.Key words: social competitiveness, social advantages, competitive social advantages, social potential, social capital
MODELLING THE FOOD SECURITY IN UKRAINE
Authors: Stavytskyy A.V. , Prokopenko O.O.
Published: January 2019

In the present paper, regional food security in Ukraine is investigated. Food security level is estimated using the developed integral indicator based on food availability and accessibility. The relationship between this indicator and some macroeconomic parameters is estimated with the help of the panel regression methods that allow to evaluate some specific features for each region and to summarize some general development trends.
DYNAMIC PRICE AS BARGAINING RESULT FOR REVENUE MAXIMIZATION IN RETAIL
Authors: Deksnytė Indrė , Lydeka Zigmas , Pukelienė Violeta
Published: January 2019

The application of dynamic price and its modeling was an authentic revolution for the traditional concept of price setting in business environment. The article reviews the essence and the main principles of dynamic price as a bargaining basis. Dynamic price fluctuation range in this paper is collated with the zone of agreement and introduced as an overlap between the maximum purchase price that the buyer is willing to pay and the minimum sell price that the seller is willing to accept. Therefore, the aim of this paper is to analyse the dynamic price as the bargaining basis, research problems, and to assess the dynamic price efficiency based on the dynamic price setting model experiment results. The experimental results suggest that dynamic price is a successful tacit bargaining practice.
CAPITALISM: ITS VARIETIES AND RELATIONSHIP WITH THE CORRUPTION PERCEPTIONS INDEX
Authors: Šečkutė Vaiva , Giedraitis Vincentas R. , Rastenienė Aušra
Published: January 2019

Given the current economic crisis and increasing competition both for foreign investment and in international markets, we think that this economic analysis is timely and useful as the corruption level is a significant factor in the investment decision-making process. In this article, we investigate whether different types of economic regulation (different types of capitalism) might be fostering corruption. We think that countries with the liberal market economics system might have a lower corruption. We use the theoretical approach of Hall, Soskice (2001) to the varieties of capitalism to analyse countries’ competitiveness according to the competitiveness indices of the World Economic Forum (WEF) and the International Institute for Development Management (IMD). We use the Knell and Srholec (2005) methodology to calculate the index of coordination that determines a country’s type of capitalism. The index consists of 9 variables which are later divided into 3 groups according to the factor analysis results. For the corruption estimate, we use the Transparency International corruption perceptions index. Regression analysis revealed that coordinated market economies (CME) are more conducive for corruption.
TOWARDS A GLOBAL CURRENCY? CONDITION AND SCENARIOS FOR EVOLUTION OF THE INTERNATIONAL MONETARY ORDER
Authors: Jędrzejowska Karina
Published: January 2019

The main goal of the paper is to examine the key features of the current international monetary system and provide an overview of scenarios for the future global monetary arrangements. It is noted that just a few years back there seemed to be a bipolar monetary system based on the U.S. dollar and the euro in the making. The rise of China and the possible emergence of the Chinese renminbi as an international currency gave way to a debate on a tripolar monetary system. Today, the future of the international monetary system is still open. It needs reforming in order to meet the requirements of the new global order with multiple growth centers, the growing role of transnational actors, and the increasing global influence of the major emerging economies.The analysis reveals that the relations among the major international currencies are changing, and today at least three scenarios for the future monetary order seem possible. These are the maintenance of the U.S. dollar domination, a shift towards a multipolar currency order, and the gradual regionalization of the currency order. The concept of a single currency – though theoretically attracting – seems impossible to be implemented in the foreseeable future. The analysis is based on monetary and economic theories, historical patterns of the development of monetary regimes, and an extensive literature overview backed by the data provided by the International Monetary Fund (IMF) and the Bank for International Settlements (BIS).
THE UNIVERSAL INFORMATION TECHNOLOGY MODEL FOR DEPOSIT INSURANCE PAYOUTS
Authors: Žilinskas Raimundas , Skyrius Rimvydas
Published: January 2019

Abstract. The basic function of all deposit insurance schemes is to pay deposit insurance payouts to depositors promptly for the losses they otherwise would suffer in the event of an insured financial institution’s closure. As a result, depositors are relieved of both the recovery-rate and time risks of a liquidation process up to the insured level of their deposits. Deposit insurance payouts – including the speed and convenience – vary across countries and can affect public confidence in the deposit insurance scheme. Information technology support in the payout process is essential. However, one of the major problems in the insurance payout process is the lack of the proper information technology. This paper addresses the factors related to the payout process, discusses the advantages and disadvantages of various approaches, and makes recommendations on the establishment of a universal information technology model for a deposit insurer to accomplish the procedures of insurance payouts.Key words: deposit insurance, deposit insurance payouts, information technology support
ANALYSIS AND PREDICTION OF THE BANKRUPTCY RISK IN ROMANIAN BUILDING SECTOR COMPANIES
Authors: Bărbuţă-Mişu Nicoleta , Codreanu Elena-Silvia
Published: January 2019

Abstract. In this study, the bankruptcy risk of the companies acting in the Romanian building sector was evaluated. The main purpose of this paper is to present, using the scoring method, the classification of enterprises according to their financial performance into both successful and bankrupt companies, To achieve this goal, we used two well-known models: Conan & Holder, and Altman. Based on financial data for the period 2008–2012, we performed a comparative analysis of bankruptcy risk and noted that the same company could be classified differently by these two models. The results may constitute a landmark for Romanian companies in substantiating decisions and in order to analyze the financial failure from at least two perspectives.Key words: scoring method, failure risk, bankruptcy prediction, financial ratios, discriminant analysis
RESOURCE POLICY OF BANKS WITH FOREIGN CAPITAL IN UKRAINE: PECULIARITIES AND PRIORITIES
Authors: Rysin Vitaliy
Published: January 2019

Abstract. The goal of the research was to reveal the characteristic features of resource policy in banks with foreign capital during the period of the Ukrainian banking sector post-crisis recovery. Modern changes of the banking system’s structure are described. The reasons for foreign capital outflow and foreign banks’ withdrawal from the market are identified. The peculiarities and distinctions of resource policy implementation by Ukrainian and foreign banks are investigated. Changes of resource policy riskiness in the post-crisis period are estimated by using the loan-to-deposit ratio. The mechanisms of risk reduction are recommended.Key words: bank, resource policy, deposit, loan, foreign capital
MACROECONOMIC DETERMINANTS OF LITHUANIAN GOVERNMENT SECURITY PRICES
Authors: Jurkšas Linas , Kropienė Rūta
Published: January 2019

This paper deals with the impact of macroeconomic fundamentals on Lithuanian government securities’ prices using quarterly data for the period 2000–2013, applying five major macroeconomic variables: gross domestic product, consumer prices, interest rates, money supply, and foreign direct investment. The two main goals of the paper are: 1) to identify macroeconomic variables which are the main driving forces behind debt security prices and 2) due to the lack of sufficient data on the Lithuanian government security index, to create and calculate a similar index from the primary and secondary market sovereign security prices. The research has been conducted using the methods of descriptive statistics, the vector autoregression model, the impulse response function, and the forecast error variance decomposition. The paper finds that, when consumer prices or interest rate rise up, sovereign security prices decline significantly and, on the other hand, money supply is the only factor that significantly and directly influences the government security prices. However, the effects of the gross domestic product and foreign direct investment were found to be statistically insignificant. Finally, the government security index is inert and rarely changes its long-term trend. These conclusions provide related persons with rich information in establishing the investment strategy or fiscal / monetary policy.
PRODUCTIVITY SHOCKS, FOREIGN DIRECT INVESTMENT, AND CAPITAL TAXES
Authors: Zirgulis Aras
Published: January 2019

The present study deals with the effect that productivity and capital taxes have on foreign direct investment through a panel consisting of 41 countries utilising the GMM system on a dynamic spatial model. Evidence reveals that an increase in the domestic capital tax rate leads to less FDI inflows, and higher levels of domestic productivity growth lead to less FDI inflows. Foreign competition did not have a significant effect on domestic FDI inflows.
DISCLOSURE ON INTELLECTUAL CAPITAL IN ANNUAL REPORTS OF NASDAQ OMX BALTIC-LISTED COMPANIES
Authors: Ramanauskaitė Agnė , Laginauskaitė Marija Rita
Published: January 2019

According to the current accounting standards, only a minor part of intellectual capital is presented in financial statements. Nevertheless, more and more companies in Lithuania and abroad reveal information about their intellectual capital in their annual statements. Therefore, the object of this paper is the disclosure of information on intellectual capital, and the aim is to reveal the trends of disclosure of information on intellectual capital based on annual reports by Nasdaq OMX Baltic-listed companies in the years 2010 to 2012. The main method applied in the present article is content analysis. Results. On the grounds of the described research methodology, the content analysis of annual reports dated from 2010 to 2012 by Nasdaq OMX Baltic-listed companies was performed. By applying the “QDA Miner” software, intellectual capital-related terms were calculated and distributed into three categories (human, relational, and organizational) in terms of the assets and liabilities. The obtained results of the three countries were compared in order to reveal the trends of development; furthermore, a correlation analysis was conducted to reveal the relationship between the market capitalization of a specific country and the level of disclosure on the intellectual capital of enterprises. Conclusions. The present research reveals that the total disclosed information on the intellectual capital of the Nasdaq OMX Baltic-listed companies was increasing each year from 2010 to 2012. On the other hand, the research shows that the trends and the structure of the disclosed information on the intellectual capital are different in each Baltic country. The highest amount of information was revealed by Lithuanian enterprises and the lowest amount is shared by Estonian enterprises. The best-covered information on the intellectual capital presents the employees as an asset while the most scantily revealed information describes intellectual liabilities.
Co-Movements of Lithuanian and Central European Stock Markets Across Different Time Horizons: a Wavelet Approach
Authors: Kregždė Arvydas , Kišonaitė Karolina
Published: January 2019

[full article and abstract in English]

This paper investigates equity market risk and co-movements between the Lithuanian stock market and the Central European stock markets. We cover the equity market returns both in time and frequency domains. We focus our studies on the changes of the market risk and co-movements of the Lithuanian and the Central European markets returns during the period of 2000–2018. The wavelet analysis was applied to segregate the returns across different time horizons (frequencies). Our findings corroborate the findings from other authors, namely that crisis periods have a great impact on the interrelations of the Central European and Lithuanian markets. We discover that volatility is concentrated in the medium and long periods (medium and low frequencies) from 1 to 3,5 years for all the markets under consideration. The absolute maximum of volatility is achieved at the period of the frequencies corresponding to the period of 3 years. We found that the co-movements with Poland, the Czech Republic and Hungary are slightly lower after the announcement of the introduction of the euro in Lithuania by the European Commission. From the investment diversification point of view, the investment horizon plays a crucial role for the level of co-movements. Our conclusion is that for Lithuanian investors, diversification with Central European markets is not useful for long horizons, because of the high co-movements. The benefit of the diversification can be achieved for the investors with time horizons less than 1 year.
Pradinio ir specialiojo ugdymo Lietuvoje analizė informacinių technologijų naudojimo požiūriu
Authors: Dagienė Valentina , Krapavickaitė Danutė
Published: January 2019

Lietuvos bendrojo lavinimo mokyklose kompiuterių skaičius artėja prie Europos Sąjungos šalių vidurkio (15 mokinių vienas kompiuteris). Itin palankus santykis pagrindinių ir vidurinių mokyklų vyresnėse klasėse (8 : 1). Tokia buvo poros dešimtmečių informacinių technologijų diegimo strategija: pirmiausia stengtis aprūpinti kompiuteriais vyresniąsias klases. Kaip rodo tarptautiniai tyrimai, gerų rezultatų pasiekiama naudojant informacines ir komunikacines technologijas pradinėse klasėse ir ypač – specialiajame ugdyme. Norint išsiaiškinti, kokia padėtis šiais klausimais Lietuvoje ir Europos Sąjungos šalyse, buvo atliekama kompleksinė tarptautinių tyrimų, mokslinių publikacijų, ataskaitų, kitų švietimo dokumentų analizė. Viena jos dalių – empirinis tyrimas, kaip informacinės technologijos naudojamos pradinėse klasėse ir specialiajame ugdyme. Buvo atlikta 250 mokyklų anketinė apklausa ir analizuojami jos duomenys. Straipsnyje nagrinėjami pagrindiniai šio tyrimo rezultatai, aptariami informacinių technologijų naudojimo pradiniame ir specialiajame ugdyme ypatumai, keliamos problemos, pateikiamos išvados.Analysis of primary and special education in Lithuania in respect of using information technologiesValentina Dagienė, Danutė Krapavickaitė
SummaryNumber of computers and other technologies is steadily increased over time. Many schools in Lithuanian have been achieving the baseline target for computerto-pupil rations. In recent years several surveys have been designed on Lithuanian schools capacity to integrate information and communication technology (ICT) into learning and teaching processes. The last one was developed in December 2006 – it was surveyed primary and special teachers, and school headmasters. The main goal of this survey is to analyze how ICT have been used in primary and special education. The paper deals with the main results of the survey.
Organizacijos žinių struktūrų ir jų vadybos prieigų analizė
Authors: Zalieckaitė Laima , Mikalauskienė Audronė Ona Ona
Published: January 2019

Organizacija, veikianti besikuriančios žinių visuomenės aplinkoje, privalėtų išmokti valdyti savo intelektinį kapitalą. Valdyti žinias – tai apibrėžti jų struktūrą, įsiminti ir pasirinkti tinkamus vadybos metodus ir priemones. Žinios organizacijoje yra struktūruotas informacijos kaupimo procesas, todėl jos įgauna apibrėžtas formas. Žinios turi naudą organizacijai, nes padeda efektyviau spręsti problemas ir išlikti sparčiai besikeičiančioje aplinkoje. Organizacija turi valdyti ir savo žinių aplinką, nes didėja darbų intelektualizavimas, trumpėja įgytų žinių aktualumo laikas ir intelektą veikia globalizacija, taip pat didėja ir intelekto kaina. Šios aplinkybės verčia organizaciją įsiminti ir valdyti savo žinių kapitalą. Žinių vadyba yra esminis organizacijos plėtotės veiksnys, nes žinios yra ekonominis kapitalas, strateginis išteklius, stabilumo veiksnys ir konkurencinės kovos įrankis. Žinių vadybos prieigų įvairovė yra didelė. Straipsnyje nagrinėjamos kelios jų, t. y. žinių vadybos sistemų, ontologijomis grįstas žinių vadybos On-To-Knowledge, Common-KADS ir MAS-CommonKADS metodai.Analysis of organizational knowledge structures and their management aproachesLaima Zalieckaitė, Audronė Ona Mikalauskienė
SummaryUne des forces de l’entreprise résulte d esa capacité à utiliser au mieux sa connaissance pour résoudre ses problèmes. Cette connaissace peut être orientée vers l’extérieur de l’entreprise: c’est le cas quand il s’agit d’augmenter ses parts de marché, d’assurer ses approvisionnements ou de respecter la réglamentation. Elle peut aussi être orientée vers l’intérieur de l’entreprise lorsqu’elle vise principalement à optimiser son fonctionnement interne et à réduire ses charges.Le caractère multiforme de la connaissance suscite bien des interrogation. Que est son rôle? Qui le déteint? Quels sont ses mécanismes? Ces questions loin d’être résolues. La connaissance demeure un enjeu de pouvoir et de responsabilité. Nous penson que les enjeux sont tels qu’il est nécessaire pour l’entreprise d’appréhender une vaision d’ensemble de sa connaissance. Elle se doit d’essayer d’évaluer son „capitale connaissance“ et de considérer sa connaissance comme une veritable immobilisation.Une première partie d’article propose un état de l’art sur les concepts associés à la connaissance l’entreprise. Notre objectif n’est pas d’apporter des réponses fermées sur des sujets qui font l’objet de grands débats scientifiques.Une seconde partie examine les problèmes de mémorasition de la connaissances, leurs contextes d’utilisation dans l’entreprise, et leurs mécanismes d’utilisation.Une troisième partie présente une démarche de gestion de la connaissance l’entreprise. Elle expose ensuite la problématique et les aproches de cette gestion.