Source: http://docplayer.net/315500-Please-invest-in-our-country-how-successful-were-the-tax-incentives-for-foreign-investment-in-transition-countries.html
Timestamp: 2017-01-22 04:30:00
Document Index: 473784350

Matched Legal Cases: ['art.4', 'art.45', 'art.61', 'art.173', 'art.235', 'art 3', 'art 3']

⭐Please invest in our country how successful were the tax incentives for foreign investment in transition countries?
Please invest in our country how successful were the tax incentives for foreign investment in transition countries?
Download "Please invest in our country how successful were the tax incentives for foreign investment in transition countries?"
1 Communist and Post-Communist Studies 35 (2002) Please invest in our country how successful were the tax incentives for foreign investment in transition countries? J. Beyer Max Planck Institute for the Study of Societies, Paulstr. 3, Koln, Germany Abstract Because of the scarcity of capital the attraction of FDI became an objective which was followed with topmost priority in many post-socialist countries. But how effective were the introduced incentives? The comparative analysis shows that in spite of the advantageous effects of FDI on the transition process, the introduction of tax concessions appears to be of little value. No significant relationship between tax incentives and the level of FDI could be found. This, however, does not mean that the development of FDI was detached from political control. The way in which privatization took place had a big impact and a comparatively low general level of taxes influenced investments positively. Beyond this the general success of transformation was of importance for the attractiveness of a country The Regents of the University of California. Published by Elsevier Science Ltd. All rights reserved. Keywords: Foreign direct investment; Tax incentives; Political economy; Comparative analysis Introduction Can capitalism be set up without capital? The question points to a specific problem, which confronted the governments of post-socialistic countries undergoing economic transformation. In view of the extraordinary shortage of capital, the incentives to attract FDI (Foreign Direct Investment) became a focus of political activity to which great importance was attached. The introduction of tax incentives for FDI could be justified by a number of Tel.: / ; fax: / address: (J. Beyer) X/02/$ - see front matter 2002 The Regents of the University of California. Published by Elsevier Science Ltd. All rights reserved. PII: S X(02)2 192 J. Beyer / Communist and Post-Communist Studies 35 (2002) reasons. The technological standard of production in post-socialist countries was low at the time of transition; on the other hand the occupational skills of the employees were high. FDI induced spill overs (OECD, 1995; Liu et al., 2000; de la Potterie and Lichtenberg, 2001 promised to bridge technological and capacity gaps. Every transfer of know how has an effect on local suppliers and customers as well as on the competing firms which are struggling to adapt to the given changes. The strategic decisions of foreign investors could thus contribute to a fundamental change of the economic climate (Jermakowicz, 1995; Barrell and Holland, 2000). Furthermore the cross border networking of production facilities brought about by FDI gave rise to the hope that the problem of economic isolation could be eliminated (Laski, 1998). The academic discussion whether there are negative effects which are at least as important as the positive ones has been going on for a long time (see Dunning and Hamdani, 1997; Dees, 1998; de Soysa and Oneal, 1999; Zhang, In view of the peculiar starting point, the pessimistic side of the debate (Bornschier and Chase- Dunn, 1985; Kentor, 1998; Aitken and Harrison, 1999) has met with little response in the post-socialistic countries. Although nationalistically oriented critics enjoyed public support, they had surprisingly little influence on government policies. 1 Of the 15 transforming countries compared below, 2 only Poland did not make use of tax concessions to facilitate FDI. With this in mind the question whether or not the introduced incentives in the form of tax concessions were successful becomes important. Was it possible to stimulate FDI activity by tax incentives or does one now, in retrospect, see that the steps undertaken did only have a low impact on the level of FDI? It may have been possible that the level of investment was largely dependent on factors which politics had no influence on. First of all the different legacies of the past of the countries have to be considered. If these differences were so significant that it was possible to control the propensity of foreigners to invest at best marginally the resources could have been saved and utilized elsewhere for a more useful purpose. A further possibility is that the level of FDI could be influenced not by tax incentives but by other political measures. Under the special conditions of post-socialist countries the privatisation process might have been of special significance. The financial resources for tax incentives equally could have been used better elsewhere, if this was the dominant factor for FDI. Central to the following analysis is, therefore, the question to what extent the incentives have contributed to an increase in FDI. Firstly the peculiarities and compl- 1 Controversy about unwelcome foreign takeover is usually confined to parliamentary and press debates and has no decisive influence on government policies (Hunya, 1992, p. 507). 2 This concerns those transforming countries that were not influenced by wars or the radical changes following such events (Bulgaria, Czech Republic, Estonia, Hungary, Kazakhstan, Latvia, Lithuania, Poland, Romania, Russian Federation, Sloval Republic, Slovenia, Ukraine, Uzbekistan and Belarus). Kyrgyzstan and Turkmenistan could not be considered because of insufficient data.3 J. Beyer / Communist and Post-Communist Studies 35 (2002) icacies of regulations for FDI will be considered (Section 2). In the second step, by means of a comparison of 15 post-socialist countries, we shall look at whether there is a connection between investment incentives and levels of FDI (Section 3). With multivariate regression models it then will be examined which other factors could help to explain the variance in the distribution of FDI (Section 4). In the fourth part we shall focus on the connection between the progress of transformation and the level of FDI (Section 5). In conclusion we will evaluate whether the high priority accorded to the promotion of FDI in the context of transformation was generally justified or not (Section 6). The uncertain effectiveness of incentives for FDI The effectiveness of policies intended to attract foreign investment is highly uncertain. The introduction of incentives is directed towards changing the decision making structure in prospective foreign investors. As the focus group of such investors is not homogenous, one may also expect different areas of interest. According to whether the investors are large or small, whether they have adequate international experience, whether they come from a particular branch of business, certain incentives which could be of interest to some investors are not at all interesting to others. The exemption of tax on profits, over a relatively short period of time, can only be of interest to those investors who can rely on profits from the very beginning. Incentives, which presuppose a certain volume of investment, do not appeal to small investors. The problem controlling these mechanisms is further complicated by the fact that investors pursue different objectives with their investments. Certain investors may have the opening of new markets in mind; others are interested in taking advantage of low labor costs, others in exploiting natural resources. These differing objectives can usually be achieved in several ways. For the companies that are mainly interested in selling their products to the people in the transition societies, the setting up of a production facility is not absolutely necessary. Firms, which are interested in low labor costs, can try to reduce costs in their existing locations. Cheap raw materials can also be imported from the region. The final choice of strategy depends not only on a cost benefit calculation, but also to a large extent on the overall strategic orientation of the companies in question (Melin, 1992). The propensity to invest on the part of the foreign investor will be primarily influenced by the specific situation of the individual investor. According to the analyses of Klaus Meyer and Saul Estrin the decision to adopt a specific form of direct investment (Joint Venture, acquisition, formation of a new company) can better be explained on the basis of the investors different characteristic features rather than by factors that distinguish the transforming countries. 3 3 Meyer and Estrin (1997); Meyer (1998).4 194 J. Beyer / Communist and Post-Communist Studies 35 (2002) A further problem for the political control of the investment volume is related to the variability in the terms of reference. The efficacy of an investment always depends at least on the competing conditions of the different post-socialist countries, if not on the changing alternatives, which are given worldwide. If all transforming countries were to offer similar incentives then their effects would in turn cancel each other out. The individual countries land themselves into a competitive situation, which consumes a lot of resources without a proportionate impact. The deterioration of the relationship with other political and economic players within the country has also to be reckoned with. The introduction of incentives may fuel nationalistic campaigns by political opponents. Moreover, encouraging FDI puts existing domestic companies and investors to a disadvantage. The negative effects, which are caused because of this, could possibly outweigh the positive ones which might be achieved through FDI. Irrespective of these many-faceted control problems almost all transforming countries have implemented incentives for FDI. In most of the countries these measures are not being followed up consistently (Beyer, 2001). Only Hungary and Romania have offered incentives from the beginning of the transformation process till now. In some countries these measures were stopped at a particular point in time (Latvia, Lithuania, Slovak Republic, Ukraine), in some others new measures were taken up again after a certain interval (Czech Republic, Belarus). In Slovenia tax incentives were introduced only very late and in the case of Bulgaria, we can notice several rapid changes in policy towards FDI. The most common means of favoring foreign investors are tax holidays, 4 that is, tax exemptions that are limited for a certain period in time. Frequently, restrictions are introduced so that the incentives only apply for certain types of investment. Such limitations would usually stipulate a specific threshold level of investment, whereby below this level no incentives are offered. A variation of this procedure came about in Estonia and Latvia. Here investors were given incentives according to the volume of money brought in (FAZ et al., 1995). In many post-socialist countries certain economic sectors were given priority or the incentives were graded depending on the branches of the industry. In the Hungarian case the appropriation of incentives is furthermore linked to the condition that a certain percentage of commodities are produced in Hungary. For Joint Ventures there are regulations in many countries whereby a certain percentage of foreign investment is necessary, so that this type of investment is eligible for incentives. In later years one finds regulations that are particularly narrowly specified. 5 A 4 Besides tax holidays, in some cases advantageous rates of depreciation were made use of, e.g. in the incentives offered in the Czech Republic in The current Romanian regulation can serve as an example. A 50% reduction in taxes is offered when profits are reinvested or if money is spent on environmental protection measures. A 25% reduction is offered for complying with the following regulations: (1) Import of at least 50% of the requirements of raw materials, energy or fuels; (2) Export of at least 50% of the production or services; (3) At least 10% to be spent on R&D in Romania; (4) Creation of at least 50 new jobs (FAZ et al., 1999).5 J. Beyer / Communist and Post-Communist Studies 35 (2002) general trend towards stricter specifications cannot be deduced from this, as some countries continue to rely on simple criteria for incentives. Incentives and their importance for the inflow of FDI To what extent did the special regulations for foreign investors succeed? Let us first of all have a close look at the development of FDI between 1989 and (Table 1). It becomes clear that the level of FDI fluctuates considerably between the countries concerned. Whereas Belarus between 1989 and 1999 could attract FDIs worth only US$ 739 million, Poland received US$ million in the same period., i.e. more than 27 times as much. According to the level of cumulative investments, Hungary, Czech Republic and the Russian Federation lie considerably lower than Poland. If one considers FDI per capita, Hungary (US$ 1764) comes before the Czech Republic (US$ 1447) and Estonia (US$ 1115), and the lowest levels of per capita FDI are found in Belarus, Ukraine and Uzbekistan. 6 In most countries the investments increased over the years. In almost all countries the investments made in 1999 are substantially higher than those made in Only in the case of Hungary one can note an exception, as here the rates of investment were comparatively high from the very early stages of the transition process. The most remarkable increases are to be found in Lithuania (the value for 1998 is 30 times higher than in 1993), in Romania ( times), Bulgaria ( times) and Poland ( times). The big variation existing between the countries calls for an explanation. The comparatively high investments per capita in the Hungarian case suggest that tax incentives provided by the state are of prime importance. The continuing promotion of FDI in Hungary ever since the beginning of the transformation process has caused many analysts to proclaim a close connection between FDI and tax incentives (Csáki, 1995; Hunya, 1998). The second country in which FDI incentives have continually existed Romania shows, however, a propensity to invest that is below average. The remarkable increase in FDI in Poland also proved the expectation wrong that incentives are of pivotal importance, since Poland consistently did it without preferential incentives. Likewise, the above-average increase in Lithuania cannot be a result of incentives as the increase was achieved at a time when no incentives were offered. A correlation in which all country/time points between 1993 and 1998 are combined shows the insignificantly negative correlation coefficient of r= This speaks also against the assumption that incentives play a central role. But the result of this correlation might be influenced by the way of comparison. 6 Most analysts have come to the conclusion that the levels of investments achieved have been surprisingly low in general (Sinn and Weichenrieder, 1997; Cornia et al., 1998). As an exception refer to the analysis of Brenton et al. (1998) who, basing their analysis on gravitation theory, showed no abnormally low levels of investment. Case specific reasons for two levels of FDI in the Ukraine are analysed in Ishaq (1999).6 196 J. Beyer / Communist and Post-Communist Studies 35 (2002) Table 1 Foreign direct investment (net inflows recorded in the blance of payments) Country per capita Hungary Czech Republic Estonia Latvia Slovenia Lithuania Poland Kazakhstan Slovak Republic Bulgaria Romania Russia Belarus Ukraine Uzbekistan Source: EBRD Transition Report, 2000, UNCTAD World Investment Report Note: FDI inflows in million US$, last column: FDI inflows per capita in US$.7 J. Beyer / Communist and Post-Communist Studies 35 (2002) Because of this, complementary analyses are required. On the assumption that an appreciable attraction is given by incentives, every change in FDI policy should result in changes in the level of annual investment. A comparison between the year preceding the one in which the tax incentives were introduced and the following two years should make evident that the level of investment in the succeeding years exceeded the level of investment of this year. Conversely, the abolishing of the regulation or expiration at the end of its duration should lead to a reduction in the investment. Between 1993 and 1998 there were 14 cases of such changes between incentives and no incentives (Table 2). In five cases an advantageous regulation was introduced, whereas in 9 cases an existing regulation was abolished or expired. In three of the five cases in which a preferential treatment was introduced an increase in investment was observed in the first year (Czech Republic/1998, Bulgaria/1996, Bulgaria/1998). In regard to the second year the number of expected results was increased by Belarus/1998. In the Slovenian/1998 case, in spite of the introduction of a special regulation, a reduction in investment took place in both years rather than the expected increase. In the 9 cases in which an existing regulation was not continued, in the first year Table 2 Effects of tax incentives in the two years after introduction or expiration Country/Year 1. year 2. year Comparison with expectation Introduction of Belarus a tax incentive Bulgaria for foreign Bulgaria investors Czech Republic Slovenia Mean Expiration or Belarus abolition of a Bulgaria tax incentive for Bulgaria foreign Estonia investors Kazakhstan Latvia Lithuania Slovakia Ukraine Mean Source: EBRD Transition Report, 2000, FAZ et. al. (eds) Osteuropa Perspektiven Jahrbuch, own calculations. Note: Net inflows of foreign direct investment in per cent of the level of inflows at the time of introduction or expiration/abolition (t 0 = 100) of a tax incentive. + in last column indicates an expected result, stands for unexpected results.8 198 J. Beyer / Communist and Post-Communist Studies 35 (2002) not a single case of FDI was reduced; in the second year only in a solitary case did the investment fall below the initial investment (Slovakia/1996). In general, noticeably more cases were found which contradicted the expected trend than those which can be interpreted according to our initial considerations. Furthermore if we compare the changes in the group of those cases where tax incentives are introduced with those where tax incentives expired or were abolished we can observe an increase in the second group which is on average much higher (Table 2, t 1 =119.8 to 229.4, t 2 =243.5 to 354.3) than in the first group. If we omit the extraordinary case of Belarus/1996 in this calculation comparable changes in both groups are found (t 1 =119.8 to 197.2, t 2 =243.5 to 233.6). To summarize, the bivariate comparison speaks clearly against the impact of incentives. In the next step of analysis, this result will have to be examined as to whether it is sustainable in a multivariate analytical design. Multivariate analyses for the explanation of different FDI levels Principally it is possible that the results of a bivariate analysis will not be validated in a multivariate design. This is always the case when other relevant factors overlap an existing effect. In the discussion of the varying success of transformations of post-socialistic countries particularly the different starting conditions of the countries undergoing transformation are usually considered to be meaningful (Karl and Schmitter, 1991; Stark, 1992; Beyer and Wielgohs, 2001). Some authors argue that the legacies of the past are so important and the freedom of action of the players so inhibited that the result of transformation can be judged completely as dependent on the past (Jowitt, 1992; Murrell, 1996; Panagiotou, 2001). In the literature on transformation, two sets of explanations are often viewed as alternatives, which exclude each other: the legacies approach vs. approaches that focus on the policy choices of actors. In a multivariate perspective this antagonism might be resolved. The controlling inclusion of variables, that define the starting conditions, in fact can lead to a picture where the impact of incentives becomes evident for the first time. It would, for example, be possible that the big difference of the levels of FDI can be put down to the different starting positions of the different countries. However in the case of similar starting positions incentives become decisive. The support for FDI in this case would not be a suitable instrument to bridge the differences in the starting situations, but could at least work as a compensatory factor. To check this possibility several multivariate regression models have been worked out. In the case of a dependent variable we always consider the logarithm of the annual per capita level of FDI. The data was pooled for a maximum of 6 years (1993 to 1998) 15 countries that is 90 points of observation. Because of the availability of data, however, the number of observation points to be analyzed is reduced in the majority of the models to 4 years (1995 to 1998) 15 countries = 60.9 J. Beyer / Communist and Post-Communist Studies 35 (2002) The models have been constructed in such a way that specific variables are always contained in the model and further variables are introduced subsequently. Table 3 gives an overview of the variables used. Apart from the variables for the starting situation and for (tax) incentives for FDI in particular, additional variables for the economic and political context after transition and the differences in the privatization process have been taken into account. In the first block of models (models 1 10) we control for the initial conditions with the two variables PRIN1 and PRIN2, which resulted from a factor analysis by de Melo et al. (1997). The variable PRIN1 represents above all the following background variables: for one, initial economic distortions, which are made operational by the level of suppressed inflation, the extent of dependence on foreign trade and the difference between official and black market values as well as the regional historical experience of the market and the degree of the country s independence before De Melo et al. describe the variable PRIN1 as follows: PRIN1 might largely be interpreted as an index of the degree of macro economic distortions in the beginning of transition and a measure of unfamiliarity with market processes. With liberalization these distortions would translate into shocks to the economy and therefore be viewed as a measure of the intensity of transitory shocks. (de Melo et al., 1997, p.17). In contrast to this PRIN2 covers the following variables: Level of per capita GDP (PPP), level of growth rates reported in the 80s, availability of natural resources, degree of over industrialization, and level of urbanization. According to de Melo et al. PRIN2 therefore can be interpreted as an index of the overall level of development, incorporating the so called socialist development overhang (de Melo et al., 1997, p.18) Each one of the models 1 10 contains apart from the described variables PRIN1 and PRIN2 also the variables regarding the structure of incentives for direct investment TIFI and RLTZ and BUY (Table 4). TIFI is the dichotomous variable known from the bivariate comparison, which covers the existence and non-existence of tax incentives. Likewise the variable RLTZ concerns the setting up of special low tax zones. The variable BUY refers to the possibility for foreigners to purchase land and real estate. In surveys the exclusion of the ownership of land/real estate was often mentioned as a decisive hurdle for FDI. The possibility to own is no real incentive but has a similar effect. The models 2 10 differentiate themselves from the basic model 1 in so far as an additional variable is taken up in each model, which improves the explanatory power of the model. Insignificant complementary variables were not considered in the presentation. As a result of a regression analysis we can say that the expectation has not been confirmed whereby a larger influence of tax incentives turns out when we control for starting conditions. The variable TIFI (tax benefits) is not significant in any model. The same applies to the variable RLTZ. Solely the variable BUY (ownership of land) is weakly significant in one regression model taken together with the variable ITAX (maximum level of income tax) and in all other models equally insignificant. This speaks clearly against the impact of incentives. On the other hand, the significance of the variables for the starting conditions is10 200 J. Beyer / Communist and Post-Communist Studies 35 (2002) Table 3 Overview of independent variables in regressions Initial conditions PRIN1 Aggregated index - degree of macro economic distortions, de Melo et. al PRIN2 Aggregated index - intensity of transitory shocks, de Melo et al., 1997 NATR Natural resources, Dummy 1 = high, 0 = low, de Melo et al., 1997 GNP89 Gross National Product US$ (PPP0, 1989, World Bank). YUCP Years under communist pressure, de Melo et al., 1997 DRI89 Freedom House Democratic Rights Index 1989, Murrell, 1996 EFI89 Freedom House Economic Freedom Index 1989, Murrell, 1996 Economic and political context RMCP Reformed or marginilized communist parties, Dummy 1 = yest, 0 = no, Fish, 1998 ELEC Index - outcome of first election after transition, Fish, 1998 LR1 Influence of trade unions and works councils (according to law), Scale 1 (low) to 7 (high), Yearbook Osteuropa Perspektiven. LR2 Influence of trade unions and works councils (in practice), Scale 1 (low) to 7 (high), Yearbook Osteuropa Perspektiven. WL1 Wage level - wage in DM of a secretary, bilingual, Yearbook Osteuropa Perspektiven. WL2 Wage level - wage in DM of an executive, bilingual, Yearbook Osteuropa Perspektiven. CTAX Maximal level of corporate tax in per cent,yearbook Osteuropa Perspektiven. ITAX Maximal level of incomes tax in per cent, Yearbook Osteuropa Perspektiven. EF-IX Freedom House Economic Freedom Index, Freedom House. Incentives BUY TIFI RLTZ Purchase of real estate is allowed for foreigners, Dummy Variable 1 = yes, 0 = no, Yearbook Osteuropa Perspektiven. Tax incentives for foreign investors, Dummy Variable 1 = yes, 0 = no, Yearbook Osteuropa Perspektiven. Regional low tax zone, Dummy Variable 1 = yes, 0 = no, Yearbook Osteuropa Perspektiven. Privatisation P1 Effectiveness of privatisation authority, Scale 1 = low, 7 = high, Yearbook Osteuropa Perspektiven. P2 Practicability of privatization law, Scale 1 = low, 7 = high, Yearbook Osteuropa Perspektiven. P3 Influence of companies/traditional management in the decision making process, Scale 1 = low, 7 = high, Yearbook Osteuropa Perspektiven. P4 Direct sales as primary or secondary method for privatisation, Dummy Variable 1 = yes, 0 = no, EBRD Transition Report, 199811 J. Beyer / Communist and Post-Communist Studies 35 (2002) Table 4 Testing the importance of incentives (multivariate regressions) CONSTANT PRIN1 PRIN2 BUY TIFI RLTZ + F R 2 Model 1: Initial conditions Model 2: RMCP Model 3: ELEC Model 4: FRI Economic context Model 5: CTAX Model 6: ITAX Model 7: EF-IX Privatisation Model 7: P Model 8: P Model 9: P CONSTANT NATR GNP89 YUCP DRI89 + F R 2 Model 10: Incentives Model 11: BUY Model 12: TITI Model 13: RLTZ Economic context Model 14: LR Model 15: LR Model 16: WL Model 17: WL (continued on next page)12 202 J. Beyer / Communist and Post-Communist Studies 35 (2002) Table 4 (continued) CONSTANT PRIN1 PRIN2 BUY TIFI RLTZ + F R 2 Model 18: CTAX Model 19: ITAX Model 20: EF-IX Privatisation Model 21: P Model 22: P Model 23: P Model 24: P Note: significance levels: 0.05, 0.01, 0.001, dependent: lgfdi = log of FDI-inflows per capita. View more
12 Globalization and International Trade Globalization refers to the growing interdependence of countries resulting from the increasing integration of trade, finance, people, and ideas in one global marketplace. More information Privatization in Central and Eastern Europewe
Privatization in Central and Eastern Europewe ŁukaszZalicki, Partner at Ernst & Young Privatization - what s next Warsaw May 13th, 13 Central and Eastern European Countries - CEECs Czech Rep., Estonia, More information Why a Floating Exchange Rate Regime Makes Sense for Canada
Remarks by Gordon Thiessen Governor of the Bank of Canada to the Chambre de commerce du Montréal métropolitain Montreal, Quebec 4 December 2000 Why a Floating Exchange Rate Regime Makes Sense for Canada More information Foreign direct investment financing of capital formation in central and eastern Europe
Foreign direct investment financing of capital formation in central and eastern Europe Libor Krkoska Abstract This paper looks at the relation between foreign direct investment (FDI) and gross fixed capital More information Econ 102 Economic Growth Solutions. 2. Discuss how and why each of the following might affect US per capita GDP growth:
Econ 102 Economic Growth Solutions 2. Discuss how and why each of the following might affect US per capita GDP growth: a) An increase of foreign direct investment into the US from Europe is caused by a More information CESEE DELEVERAGING AND CREDIT MONITOR 1
CESEE DELEVERAGING AND CREDIT MONITOR 1 November 4, 214 Key Developments in BIS Banks External Positions and Domestic Credit In 214:Q2, BIS reporting banks reduced their external positions to CESEE countries More information PART TWO POLICIES FOR ADJUSTMENT AND GROWTH
PART TWO ICIES FOR ADJUSTMENT AND GROWTH Economic Survey of Europe, 22 No. 1 CHAPTER 4 TECHNOLOGICAL ACTIVITY IN THE ECE REGION DURING THE 199s While the task of estimating the contribution of technical More information The Effect of Mergers & Acquisitions and Greenfield FDI on Income Inequality
Zhuang and Griffith, International Journal of Applied Economics, March 2013, 10(1), 29-38 29 The Effect of Mergers & Acquisitions and Greenfield FDI on Income Inequality Hong Zhuang* and David Griffith* More information ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO
ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO The NATO Week 2014, held in Tbilisi in the week of April More information Running a Business in Georgia
Enterprise Surveys Country Note Series Georgia World Bank Group Country note no. 6 rev. 1/211 Running a Business in Georgia N ew data from the Enterprise Surveys indicate that senior managers in Georgian More information The Role of Small Business Development in Stimulating Output and Employment in the Polish Economy
32 Problems and Perspectives in Management, 1/2006 The Role of Small Business Development in Stimulating Output and Employment in the Polish Economy Abstract Lucyna Kornecki With the fall of Communism More information A Short review of steel demand forecasting methods
A Short review of steel demand forecasting methods Fujio John M. Tanaka This paper undertakes the present and past review of steel demand forecasting to study what methods should be used in any future More information REMITTANCE TRANSFERS TO ARMENIA: PRELIMINARY SURVEY DATA ANALYSIS
REMITTANCE TRANSFERS TO ARMENIA: PRELIMINARY SURVEY DATA ANALYSIS microreport# 117 SEPTEMBER 2008 This publication was produced for review by the United States Agency for International Development. It More information The Tax Burden of Typical Workers in the EU 27 2013 Edition
(Cover page) The Tax Burden of Typical Workers in the EU 27 2013 Edition James Rogers & Cécile Philippe May 2013 Data provided by NEW DIRECTION Page 1 of 16 The Tax Burden of Typical Workers in the EU More information Economic cost of cheap Russian gas
Policy Briefing Series [PB/05/2011] Economic cost of cheap Russian gas Analysis and Policy Recommendations Ricardo Giucci, Georg Zachmann Germany Advisory Group Ukraine Berlin/Kyiv, April 2011 Motivation More information Competitive Advantage of Libyan Business Environment
Economics World, ISSN 23287144 May 2014, Vol. 2, No. 5, 325332 D DAVID PUBLISHING Competitive Advantage of Libyan Business Environment Salem Abdulla Azzaytuna University, Tripoli, Libya The economic development More information Monetary policy rules and their application in Russia. Economics Education and Research Consortium Working Paper Series ISSN 1561-2422.
Economics Education and Research Consortium Working Paper Series ISSN 1561-2422 No 04/09 Monetary policy rules and their application in Russia Anna Vdovichenko Victoria Voronina This project (02-230) was More information Emerging Markets Value Stock Fund
SUMMARY PROSPECTUS PRIJX March 1, 2016 T. Rowe Price Emerging Markets Value Stock Fund A fund seeking long-term growth of capital through investments in undervalued stocks of companies in emerging market More information The Balance of Payments, the Exchange Rate, and Trade
Balance of Payments The Balance of Payments, the Exchange Rate, and Trade Policy The balance of payments is a country s record of all transactions between its residents and the residents of all foreign More information The Profitability of Austrian Foreign Direct Investment. Reinvestment or Repatriation?
FIW Studien FIW Research Reports FIW Research Report N 010 June 2008 The Profitability of Austrian Foreign Direct Investment Reinvestment or Repatriation? Altzinger, W. Abstract Austrian foreign direct More information The relationship between carbon dioxide emissions and economic growth
The relationship between carbon dioxide emissions and economic growth Oxbridge study on CO2-GDP relationships, Phase 1 results Michael Grubb, 1 Benito Müller, 2 and Lucy Butler 1 1 Department of Applied More information The Contribution of Human capital to European Economic Growth: An empirical exploration from a panel data
The Contribution of Human capital to European Economic Growth: An empirical exploration from a panel data Menbere Workie Tiruneh 1 Marek Radvansky 2 Abstract The paper empirically investigates the extent More information The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by
(Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course More information Location choices of multinational companies in transition economies: A literature review
WP2/05 SEARCH WORKING PAPER Location choices of multinational companies in transition economies: A literature review Daria Zvirgzde, Daniel Schiller and Javier Revilla Diez January 2013 DELIVERABLE 2.1 More information Finland must take a leap towards new innovations
IMMIGRATION TO AND EMIGRATION FROM GERMANY IN THE LAST FEW YEARS Bernd Geiss* Germany, Destination for Migrants Germany is in the middle of Europe and has common borders with nine countries. Therefore, More information Lisa Evers (ZEW), Christoph Spengel (University of Mannheim and ZEW), Julia Braun (ZEW)
No. 1 April 2015 ZEWpolicybrief Lisa Evers (ZEW), Christoph Spengel (University of Mannheim and ZEW), Julia Braun (ZEW) Fiscal Investment Climate and the Cost of Capital in Germany and the EU Essential More information Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments
January 20, 2015 ShadEcEurope31_January2015.doc Size and Development of the Shadow Economy of 31 European and 5 other OECD Countries from 2003 to 2015: Different Developments by Friedrich Schneider *) More information Capital Market Development in CESEE and the Need for Further Reform
Capital Market Development in CESEE and the Need for Further Reform Krisztina Jäger-Gyovai 1 Domestic capital markets in Central, Eastern and Southeastern Europe (CESEE) are still less developed than capital More information Ownership transfer Critical Tax Issues. Johan Fall, Anders Ydstedt March, 2010
Ownership transfer Critical Tax Issues Johan Fall, Anders Ydstedt March, 2010 Ownership transfer Critical Tax Issues 1 Ownership transfer Critical Tax Issues INTRODUCTION In tough economic times family More information EXECUTIVE SUMMARY. Measuring money laundering at continental level: The first steps towards a European ambition. January 2011 EUROPEAN COMMISSION
MONEY LAUNDERING IN EUROPE Measuring money laundering at continental level: The first steps towards a European ambition EXECUTIVE SUMMARY January 2011 EUROPEAN COMMISSION DG HOME AFFAIRS FIGHT AGAINST More information Corporate governance systems and codes of good practices in Central Eastern Europe
Corporate governance systems and codes of good practices in Central Eastern Europe (Systemy i kodeksy dobrych praktyk nadzoru (władania) korporacyjnego w Europie Środkowo- Wschodniej) The aim of the paper More information Trends in Foreign Direct Investment the Austrian Perspective
Trends in Foreign Direct Investment the Austrian Perspective René Dell mour Ladies and gentlemen! I have been invited to present the Austrian perspective on global trends in foreign direct investment. More information Advanced Financial Management
Progress Test 2 Advanced Financial Management P4AFM-PT2-Z14-A Answers & Marking Scheme 2014 DeVry/Becker Educational Development Corp. Tutorial note: the answers below are more comprehensive than would More information A New Dataset of Labour Market Reform/Rigidity Indexes for Up to 145 Countries since 1960: LAMRIG
A New Dataset of Labour Market Reform/Rigidity Indexes for Up to 145 Countries since 1960: LAMRIG Nauro F Campos Jeffrey B Nugent Brunel University, University of Southern California CEPR, KOF and IZA More information Market analysis on Factoring in EU 25+2
EIF Project "Jeremie" General Report on Factoring 1 Market analysis on Factoring in EU 25+2 prepared by International Factors Group (IFG) for European Investment Fund (EIF) project JEREMIE Preliminary More information The Determinants of Global Factoring By Leora Klapper
The Determinants of Global Factoring By Leora Klapper Factoring services can be traced historically to Roman times. Closer to our own era, factors arose in England as early as the thirteenth century, as More information The Elasticity of Taxable Income: A Non-Technical Summary
The Elasticity of Taxable Income: A Non-Technical Summary John Creedy The University of Melbourne Abstract This paper provides a non-technical summary of the concept of the elasticity of taxable income, More information News Flash. September, 2015. Tax guide for property investment in Hungary
News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation More information The River Devoll Project
EVN Hydropower Development in Albania The River Devoll Project Dr. Michael Laengle, CFO Agenda > EVN Overview and strategy > Albania Electricity market in SEE > The River Devoll project 2 Company profile More information New data from Enterprise Surveys indicate that firms in Turkey operate at least as well as
Enterprise Surveys Country Note Series Turkey World Bank Group Country note no. 1 rev. 7/211 Running a Business in Turkey New data from Enterprise Surveys indicate that firms in Turkey operate at least More information Automotive Suppliers Survey
The outlook for 2014 remains optimistic. The key to success will be innovation and R&D, the key to survive will be skilled labour. Automotive Suppliers Survey Slovakia, 2014 Consultancy firm PwC in cooperation More information Lucyna Kornecki Embry Riddle Aeronautical University
FDI IN CENTRAL AND EASTERN EUROPE BUSINESS ENVIRONMENT AND CURRENT FDI TRENDS IN POLAND Lucyna Kornecki Embry Riddle Aeronautical University ABSTRACT The Central and Eastern European Countries (CEEC) acknowledge More information Broadband and i2010: The importance of dynamic competition to market growth
Broadband and i2010: The importance of dynamic competition to market growth Richard Cadman & Chris Dineen 21 February 2005 Strategy and Policy Consultants Network Ltd Chapel House Booton Norwich NR10 4PE More information ENERGY PRIORITIES OF THE POLISH PRESIDENCY OF THE EU COUNCIL: THE CZECH PERSPECTIVE
ENERGY PRIORITIES OF THE POLISH PRESIDENCY OF THE EU COUNCIL: THE CZECH PERSPECTIVE Petr Binhack Energy Security as a Part of the EU Agenda Energy is an important precondition for European economic development. More information Impact of Foreign Direct Investment, Imports and Exports
Impact of Foreign Direct Investment, Imports and Exports Dr. A. Jayakumar, Professor of Commerce, Periyar University, Salem, India. Kannan.L, Research Scholar, Department of Commerce, Periyar University, More information The reform of the Hungarian pension system (A reformed reform)
The reform of the Hungarian pension system (A reformed reform) Focus The objective of the comprehensive pension reform currently under way in Hungary is to return to the two-pillar pension system, based More information NATIONAL BANK OF ROMANIA. REGULATION No.17/2012 regarding certain conditions on granting loans
NATIONAL BANK OF ROMANIA REGULATION No.17/2012 regarding certain conditions on granting loans Having regard to the provisions of art.4 Para. (1), art.45 Para. (1), art.61, art.173 4, let. b) and art.235 More information Private healthcare in Central Europe expected to recover from crisis between 2011 and 2013 FREE ARTICLE. www.ceepharma.com
FREE ARTICLE Private healthcare in Central Europe expected to recover from crisis between 2011 and 2013 Source: report Private healthcare market in Central Europe 2011. Development forecasts for 2011-2013 More information THE DEVELOPMENT OF FACTORING SERVICES IN ROMANIA. ANALYSES, EVOLUTIONS, POSITION IN EUROPE
THE DEVELOPMENT OF FACTORING SERVICES IN ROMANIA. ANALYSES, EVOLUTIONS, POSITION IN EUROPE Munteanu Irena Ovidiu University, Constanta, Faculty of Economic Sciences, Address: 23 Eftimie Murgu Street, Lazu, More information Outline feasibility study for ORET application in the health care sector
Outline feasibility study for ORET application in the health care sector In this section we outline the information needed for a proper assessment of your application for financing under the ORET program. More information DETERMINANT FACTORS OF FOREIGN DIRECT INVESTMENT FLOWS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES
DETERMINANT FACTORS OF FOREIGN DIRECT INVESTMENT FLOWS IN CENTRAL AND EASTERN EUROPEAN COUNTRIES Nicoleta Ciurila Academy of Economic Studies Bucharest Faculty of Finance and Banking, Money and Banking More information ARE YOU TAKING THE WRONG FX RISK? Focusing on transaction risks may be a mistake. Structural and portfolio risks require more than hedging
ARE YOU TAKING THE WRONG FX RISK? Focusing on transaction risks may be a mistake Structural and portfolio risks require more than hedging Companies need to understand not just correlate the relationship More information Re-entering Europe: Does European Union candidacy boost foreign direct investment?
Economics of Transition Volume 13 (1) 2005, 77 103 Re-entering Europe: Does Blackwell Oxford, ECOT The 0967-0750 12 Original Clausing The Economics European UK Article Publishing, and Europe: Dorobantu More information NERI Quarterly Economic Facts Summer 2012. 4 Distribution of Income and Wealth
4 Distribution of Income and Wealth 53 54 Indicator 4.1 Income per capita in the EU Indicator defined National income (GDP) in per capita (per head of population) terms expressed in Euro and adjusted for More information European Bank for Reconstruction and Development
European Bank for Reconstruction and Development The Municipal Finance Facility Special Fund Annual Financial Report 31 December 2009 European Bank for Reconstruction and Development The Municipal Finance More information INTERNATIONAL OUTSOURCING: INCENTIVES, BENEFITS AND RISKS FOR THE COMPANIES IN SEE COUNTRIES
INTERNATIONAL OUTSOURCING: INCENTIVES, BENEFITS AND RISKS FOR THE COMPANIES IN SEE COUNTRIES Associate Prof. Matilda Alexandrova, PhD matildaa@unwe.acad.bg Department of Management University of National More information 8.1 Summary and conclusions 8.2 Implications
Conclusion and Implication V{tÑàxÜ CONCLUSION AND IMPLICATION 8 Contents 8.1 Summary and conclusions 8.2 Implications Having done the selection of macroeconomic variables, forecasting the series and construction More information THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS
THE ECONOMIC IMPACT OF CORPORATE TAX RATE REDUCTIONS Leadership makes the difference January 211 The Economic Impact of Corporate Tax Rate Reductions January 211 Canadian Manufacturers & Exporters Author: More information The Development of Self-Employment in Russia
The Development of Self-Employment in Russia Theodore February 2001 PONARS Policy Memo 186 University of Arizona Despite the important economic, social, and political roles the self-employed can potentially More information Improving Rural and Perifpheral Regions Supply Chain Management: Education and Training
An Assessment of Developing the Human Capital in Supply Chains Across Borders and Cultures in U.S. and Russia and CIS Government Programs By Dr. Eric P. Thor, S.A.M. and Dr. Olga Panteleeva 1 Overview More information National Small Business Network
National Small Business Network WRITTEN STATEMENT FOR THE RECORD US SENATE COMMITTEE ON FINANCE U.S. HOUSE OF REPRESENTATIVES COMMITTEE ON WAYS AND MEANS JOINT HEARING ON TAX REFORM AND THE TAX TREATMENT More information for Analysing Listed Private Equity Companies
8 Steps for Analysing Listed Private Equity Companies Important Notice This document is for information only and does not constitute a recommendation or solicitation to subscribe or purchase any products. More information Capital Gains Taxes: An Overview
Order Code 96-769 Updated January 24, 2007 Summary Capital Gains Taxes: An Overview Jane G. Gravelle Senior Specialist in Economic Policy Government and Finance Division Tax legislation in 1997 reduced More information THE EFFECT OF ECONOMIC GROWTH ON POVERTY IN EASTERN EUROPE
ZARZĄDZANIE PUBLICZNE 1 2(9 10)/2010 Zeszyty Naukowe Instytutu Spraw Publicznych Uniwersytetu Jagiellońskiego Institute of World and Regional Economics, University of Miskolc THE EFFECT OF ECONOMIC GROWTH More information THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING
THE CURRENT ACCOUNT OF ROMANIA EVOLUTION, FACTORS OF INFLUENCE, FINANCING Abstract Camelia MILEA, PhD The balance of the current account is a tool used to establish the level of economic development of More information Multinational Firms, FDI Flows and Imperfect Capital Markets
Multinational Firms, FDI Flows and Imperfect Capital Markets Pol Antràs Mihir Desai C. Fritz Foley Harvard University and NBER Brown Economics December 2006 Motivation (1) Great interest in contracting More information The Tax Burden of Typical Workers in the EU 28 2015
The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite More information RECOMMENDATIONS ON BUSINESS PLAN PREPARATION
RECOMMENDATIONS ON BUSINESS PLAN PREPARATION 1. General provisions Business plan must contain: name of the investment project, as well description of its essence and feasibility; substantiation of the More information DO FOREIGN DIRECT INVESTMENTS INCREASE THE ECONOMIC GROWTH OF SOUTHEASTERN EUROPEAN TRANSITION ECONOMIES?
South-Eastern Europe Journal of Economics 1 (2008) 29-38 DO FOREIGN DIRECT INVESTMENTS INCREASE THE ECONOMIC GROWTH OF SOUTHEASTERN EUROPEAN TRANSITION ECONOMIES? NENAD STANISIC University of Kragujevac More information Starting a Business in Israel
Starting a Business in Israel Inspiration Invention Innovation Content: Page 1. Business Entities....... 2 a. Company...... 2 b. Foreign Company (e.g. a branch)...... 2 c. Partnership...... 3 d. Self Employed...... More information REVIEW ONE. Name: Class: Date: Matching
Name: Class: Date: ID: A REVIEW ONE Matching Complete the following using these terms. a. outsourcing b. diversity c. entrepreneur d. competitive differentiation e. strategic alliance f. capital g. vision More information Introduction to Macroeconomics. Sebastian Koch Lauder Business School Summer term 2016
Introduction to Macroeconomics Sebastian Koch Lauder Business School Summer term 2016 Course Outline 2 LBS Intranet CIS Access to course description via LBS Intranet: https://cis.lbs.ac.at/ Check the course More information Social Housing Policy in Hungary. (a summary)
Social Housing Policy in Hungary (a summary) Prepared by József Hegedüs Metropolitan Research Institute 2003 May 1. The state of the public housing sector Social housing has been a neglected area of the More information DOCTORAL (Ph.D) THESIS
DOCTORAL (Ph.D) THESIS UNIVERSITY OF KAPOSVÁR FACULTY OF ECONOMIC SCIENCE Department of Finance and Economics Head of Doctors School: DR. GÁBOR UDOVECZ Doctor of the Hungarian Academy of Sciences Supervisor: More information Compensating Lost Revenue in Regional Trade Agreements
Compensating Lost Revenue in Regional Trade Agreements 25 Peter Walkenhorst.The proliferation of free trade agreements and customs unions since the early 1990s has been remarkable. Today most countries More information 4 Distribution of Income, Earnings and Wealth
4 Distribution of Income, Earnings and Wealth Indicator 4.1 Indicator 4.2a Indicator 4.2b Indicator 4.3a Indicator 4.3b Indicator 4.4 Indicator 4.5a Indicator 4.5b Indicator 4.6 Indicator 4.7 Income per More information EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT
EUROPE 2020 TARGETS: RESEARCH AND DEVELOPMENT Research, development and innovation are key policy components of the EU strategy for economic growth: Europe 2020. By fostering market take-up of new, innovative More information EIOPA Stress Test 2011. Press Briefing Frankfurt am Main, 4 July 2011
EIOPA Stress Test 2011 Press Briefing Frankfurt am Main, 4 July 2011 Topics 1. Objectives 2. Initial remarks 3. Framework 4. Participation 5. Results 6. Summary 7. Follow up 2 Objectives Overall objective More information DIVIDEND POLICY, TRADING CHARACTERISTICS AND SHARE PRICES: EMPIRICAL EVIDENCE FROM EGYPTIAN FIRMS
International Journal of Theoretical and Applied Finance Vol. 7, No. 2 (2004) 121 133 c World Scientific Publishing Company DIVIDEND POLICY, TRADING CHARACTERISTICS AND SHARE PRICES: EMPIRICAL EVIDENCE More information The energy industry and energy price issues in Slovakia during recent years 1
The energy industry and energy price issues in Slovakia during recent years 1 Ing. Mikulá Cár, PhD. National Bank of Slovakia The energy industry and energy prices are becoming a subject of political decisions More information SMEs access to finance survey 2014
EUROPEAN COMMISSION MEMO Brussels, 12 November 2014 SMEs access to finance survey 2014 This memo outlines the results of a survey undertaken by the European Commission to provide policy makers with evidence More information ENTERPRISE DEVELOPMENT STRATEGY Small- and Medium-Sized Enterprises. I. Introduction
ENTERPRISE DEVELOPMENT STRATEGY Small- and Medium-Sized Enterprises I. Introduction I.1 Current Challenge: Most countries in the region are undergoing reforms that are opening their economies to greater More information Foreign Banks in Eastern Europe: Mode of Entry and Effects on Bank Interest Rates
Discussion Paper No. 95 Foreign Banks in Eastern Europe: Mode of Entry and Effects on Bank Interest Rates Sophie Claeys* Christa Hainz** February 6 *Sophie Claeys, Department of Financial Economics and More information Decomposition of External Capital Inflows and Outflows in the Small Open Transition Economy (The Case Analysis of the Slovak Republic)
PANOECONOMICUS, 2008, 2, str. 219-231 UDC 330.342(437.6) ORIGINAL SCIENTIFIC PAPER Decomposition of External Capital Inflows and Outflows in the Small Open Transition Economy (The Case Analysis of the More information THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES
Annals of the University of Petroşani, Economics, 11(3), 2011, 15-22 15 THE EVOLUTION AND THE FUTURE ROLE OF THE BRANCH IN DISTRIBUTION OF THE BANKING PRODUCTS AND SERVICES CĂTĂLIN NICOLAE BULGĂREA * ABSTRACT: More information IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE?
IS ENERGY IN ESTONIA CHEAP OR EXPENSIVE? Rita Raudjärv, Ljudmilla Kuskova Energy is a resource without which it is hard to imagine life in today's world. People seem to take it for granted that energy More information 55 Amendment of section 1 (interpretation) of the VAT Act 1972
54 Interpretation (Part 3) This section contains definitions of the legal citations used in Part 3. This is a conventional provision in Finance Acts. It allows abbreviated terms to be used in reference More information HUMAN RESOURCE MANAGEMENT AND LABOR RELATIONS REGULATION IN GEORGIA
HUMAN RESOURCE MANAGEMENT AND LABOR RELATIONS REGULATION IN GEORGIA Murtaz Kvirkvaia, Full Professor Grigol Robakidze University, Tbilisi, Georgia Abstract The article reveals the problems of formation More information In 2012, GNP in constant prices increased by 1.8% compared with 2011.
8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased More information PMR. IT outsourcing market in Poland FREE ARTICLE. www.itandtelecompoland.com. by Edyta Kosowska
FREE ARTICLE IT outsourcing market in Poland by Edyta Kosowska Source: IT market in Poland 2008. Development forecasts for 2008-2012 August 2008 PMR P U B L I C A T I O N S Edyta Kosowska IT&Telecoms Analyst More information FromDisappearance to Recovery? Family Farming in Central Europe
Centre d étude des mondes russe, caucasien et centre-européen FromDisappearance to Recovery? Family Farming in Central Europe Marie-Claude Maurel Directrice d études EHESS-Paris International Conference More information Vienna 2 Initiative. Working Group on the European Banking Union and Emerging Europe 12
1 Vienna 2 Initiative Working Group on the European Banking Union and Emerging Europe 12 General considerations The countries of Central, Eastern and South Eastern Europe (CESEE) have today very different More information Becoming Post-modern, Without Being Modern? Interpreting the Development of Welfare State in Estonia, Latvia and Lithuania Abstract
Becoming Post-modern, Without Being Modern? Interpreting the Development of Welfare State in Estonia, Latvia and Lithuania Abstract Prof. Dr. Anu Toots Professor of Comparative Public Policy Professor, More information Health Care Market - 8% Of GDP Out Of Pocket Spending - 72% Of Total Health Care Expenditure
GEORGIAN HEALTH CARE & INSURANCE MARKET INSURANCE COMPANY ALDAGI BCI Presenter: Nikoloz Gamkrelidze, ALDAGI BCI, CEO FEB 2011 Health Care Market - 8% Of GDP Out Of Pocket Spending - 72% Of Total Health More information Background Briefing. Hungary s Healthcare System
Background Briefing Hungary s Healthcare System By Shannon C. Ferguson and Ben Irvine (2003) In the aftermath of communist rule, Hungary transformed its healthcare system from centralised Semashko state More information A BRIEF HISTORY OF BRAZIL S GROWTH
A BRIEF HISTORY OF BRAZIL S GROWTH Eliana Cardoso and Vladimir Teles Organization for Economic Co operation and Development (OECD) September 24, 2009 Paris, France. Summary Breaks in Economic Growth Growth More information Mergers and Acquisitions in China
Mergers and Acquisitions in China In the past 20 years, since the adoption of the Open Door policy, most foreign investments have been Greenfield projects in the form of WFOE s or JV s. Whilst the structure More information Monitoring the social impact of the crisis: public perceptions in the European Union (wave 6) REPORT