European Journal of Economic Studies

206-210

Authors: Amelia Correa, Romar Correa

We detail the monetary context within which fiscal policy must operate. The monetary and the fiscal organs of the State must coordinate so as to “stabilize an unstable economy” (Minsky). The specific instruments that will emerge to fulfil the task are the rate of interest on government bills and the income tax rate.

225-240

Authors: Liliane Jodkowski

Change of society’s demographic structure (society’s ageing) causes a need to reform a statutory free health care system. New expensive medical technologies, growing costs of treatment as society is getting older and older together with stagnated tendencies in inflows from health fees make it essential to look for changes that should ease finances of the system. In this paper, some important reforms of German health care system (after 2000) in the context of looking for solutions for a Polish health care system. The Polish healthcare system is regularly criticised, and evaluated negatively in comparison with other EU countries. The problems are not only difficult access to medical services (long waiting lists, especially to specialists), corruption, providing services out of turn, low earnings in the sector and resulting outflow of highly qualified workforce to countries providing better working conditions and higher salaries, but also low quality of services (meaning high level of complications) and high patient co-payment (medication charges and so-called “expressions of gratitude”). This situation is not affected by changes in Polish demography, but, among others, the gaps in the healthcare system regulations and insufficient supervision over medical units, enabling and facilitating corruption and creation of monopsony (there is only one recipient - NFZ. This concept is especially relevant to the labour market, with only one employer in the region and many dependent employees or, for example, one state company purchasing goods or services from multiple suppliers) in the market of statutory medical services (NFZ). The German system is also criticized but for different reasons. In particular it is thought to be ineffective in fund management, which results from the system organization and is expressed in relatively low quality of services by relatively high costs. The aim of this paper is to compare the health care systems in Poland and Germany, to indicate their specific problems and steps taken to adapt these systems to challenges caused by the change in the structure of society and the development of modern technologies as well as the costs increase while maintaining, at the same time, fair access to free health services, reasonable expenditures and ethical principles.

247-251

Authors: Irina Yu. Potashova, Larisa V. Charhifalakjan

This article examines existing approaches to construing the essence of services and defining them and addresses the specifics in understanding the character of services. The authors conduct an analysis of the major characteristics of services covered in relevant literature, which leads them to conclude that the majority of researchers point up as the major property of services the process character of their provision. Based on their analysis, the authors fine-tune the essence and major characteristics of services, based on which they put forth a process definition of services.

263-267

Authors: Michail Yu. Puchkov, Ramazan M. Faiziev

Cluster policy is one of the most important methods to manage economic development of the country. It secures manufacture’s high profitability, increase of manufacture’s competitive ability and expansion of sales of goods. Authors describe basic aspects of cluster’s creation, its purposes and constituents, and also particular qualities and cluster’s organization conditions in agro industrial cluster’s development in Astrakhan region. Two subclusters of Astrakhan region’s agro industrial clusters were chosen as an object for consideration – cotton-growing and seed-growing subclusters.

279-284

Authors: Bushra Zulfiqar, Zeeshan Fareed, Umer Shehzad, Farrukh Shahzad, Sadaf Nabi

This paper intends to explore the impact of terrorism on FDI in Pakistan. Secondary data with a sample of 13 years from 2001 to 2013 is used. Augmented Dickey-Fuller is used to check the stationary/non stationary of data while ordinary least square method is employed to check the relationship between terrorism and FDI. The results reveals that there is negative and significant relationship exist between terrorism and FDI in Pakistan. The findings also show the behavior of international investors which are not willing to invest in Pakistan due to terrorist activities.

135-142

Authors: Zeeshan Fareed, Muhammad Awais Baloch, Rab Nawaz Lodhi, Farrukh Shahzad, Bushra Zulfiqar

This research paper examines the impact of inflation with M2 (broad money) and private sector credit in Pakistan and helps to forecast inflation and its affect in Pakistan during the year 1975 to 2008. Inflation is defined as too much money chasing too few goods. Inflation leads to high prices and that affect all mechanism of the market. The rate of inflation is an important macroeconomic indicator that can affect the economic growth. Inflation was in lime light throughout the year, as the rise of global inflation witnessed during the most part of 2008. This paper finds out that an increase in money supply over long-run results in higher rate of inflation. Thus it establishes that inflation is essentially a monetary phenomenon. The results indicate that monetary factors have played a dominant role in recent inflation. Changes in wheat support price influence inflation in short-run, but not in long-run. Thus by using data from 1975-1976 to 2007-2008 period, applying Augmented Dickey-Fuller tests, its finds that the most important determinants of inflation in 2007-2008 were adaptive expectations private sector credit and rising import prices whereas fiscal policy’s contribution to inflation was nominal. Analysis of price multiplier indicates that increase in wheat procurement prices have relatively small effects on overall price levels.

150-154

Authors: Nadezhda A. Keschyan

The paper is concerned with the four big groups of strategies, aimed at the attraction of guests and residents, export of regional goods or industry development, in particular: marketing of image, attractiveness, infrastructure and population (personnel).

161-169

Authors: Svetlana Nefedkina, Ekaterina Gordeeva

The article features the key tendencies for development of recreation industry in Sochi in pre-Olympic period 2014. A key focus is made on marketing research in the framework of the TEMPUS project. The research was conducted on the basis of surveys of tourism sector consumers. The results of the research identify objective reasons for development of hospitality industry through the improvement of quality and quantity of high-comfort accommodation facilities.

177-183

Authors: Vladimir N. Sharafutdinov, Elena V. Onishchenko

The analysis, conducted in the work shows the worsening of the quantitative and qualitative parameters of the tourist product of the Crimea, the reduction of the efficient use of the richest tourist resources of the Crimea and highlights the problems, which have accumulated over the past years, including the ones of the town planning. Thus, the article justifies the necessity to change the existing economic paradigm of the tourist product of the Crimea reproduction, due to the fact that the existing approaches to the development of tourism don’t stimulate the economic development of the Crimea, but hinder it.

62-68

Authors: Ekaterina N. Khachemizova, Marco Cavedoni

During the pre-Olympic years, a great work has been done in different areas of life. Along with the development of transport telecommunication infrastructure, huge volumes of investments enabled the construction and redevelopment of sports venues, boosted the tourist influx and construction of commercial and residential estates. The mail goal of the post-Olympic Sochi is to become a year-round resort, pay off investments made to the hotel complexes. The study features ways for development of tourism sector in Sochi through advantages of business tourism in summer and winter period and low vacation costs.

75-84

Authors: Şerife Özlen

Investment analysis should be carefully performed in stock markets. Therefore, firms take necessary actions according to stock market behavior and macroeconomic variables. Therefore, the predictability of stock market determinants becomes important. This study aims to identify the effects of selected macroeconomic factors (interest rate, exchange rates, inflation-consumer price index, current account deficit, unemployment rates and sector indices) on stock returns of selected 48 companies in 11 different sectors of Istanbul Stock Exchange including electric, food, communication, paper, chemistry, metal-main, metal-product, stone, textile, commerce and transportation sectors. The study employs ARDL approach on the period between the second month of 2005 and the second month of 2012 including 85 monthly observations. According to the results, Sector Indices are found to be quite influential through the selected sectors. Exchanges rate is also significantly influential on almost all the sectors except Communication and Textile sectors. The impacts of Interest Rate, Inflation Rate, Current Account Deficit, and Unemployment Rate are various through the selected sectors. Moreover, the influence of Istanbul Stock Exchange Market on the stock returns of considered companies is significantly clear through the sectors except six companies (two companies from Paper sector, one company from Metal-Main sector, two companies from Stone sector and one company from Textile sector) out of 48 companies. Since it includes a wide range of companies and sectors, this study is expected to be useful for all policy makers and investment decisions.

93-98

Authors: Vladlena V. Siganova, Irina V. Kozhushkina

In modern economic conditions finances play the key role in the management of the enterprise. The indicators of financial stability characterize all activities in general, identify problem areas in cash flow management, planning and distribution. In this regard, the study of factors influencing financial stability, is very important for the financial management and the development of effective strategies. The link between investment activity and financial stability of business entities is not taken into consideration in economic literature, while it is clear that the impact of investment is complex, defining the situation in the industry and its competitiveness, the development and modernization of production. The interrelation of investment and financial sustainability are considered in the analysis of key financial-economic indicators of the leading industrial enterprises of the Russian economy. Research allowed to reveal general regularities of influence of investment activity on the financial stability, the absence of adequate methodological tools for assessing and forecasting financial stability, the need to develop a new system of indicators for measuring financial stability.

107-112

Authors: Garnik A. Simonyan, Igor V. Turitsyn

The article deals with the issues of tourism-recreation sector development in the post-Soviet era. Here we highlight the key issues and solutions.

120-124

Authors: Evgeniya V. Vidishcheva, Irina I. Potapova, I. Kirtskhalia

Building and development of tourist cluster is an important area for recreation zones. The out-of-country research has proved clusters to be a stimulator for innovations and productivity. Strengthening the cluster in the region helps to develop its own brand, which is undoubtedly, becomes a key competitive advantage.

9-14

Authors: Nailya M. Feizrakhmanova

This article examines a methodology for calculating tourist insurance rates. The author suggests introducing an adjustment coefficient for risk accumulation in calculating rates for insuring against the risk of harm to the life of a tourist during travel.

25-32

Authors: Marianna V. Kichurchak

This article focuses on the characteristics of the deformation of public goods production by the shadow economy. The author provides an assessment of the impact of different factors on the dynamics of the shadow sector’s development in the context of creation of favorable conditions for producing these goods in the national economy. On this basis, the author delineates the major dimensions to improving the efficiency of the reproduction process for public goods in Ukraine’s economy system.

38-47

Authors: Maria V. Shendo, Yana G. Levina

The tourism sector is one of the most promising sectors in terms of investment and territory development. Tourism, based on the region’s historical heritage and recreation potential, makes it possible to implement attractive investment projects. In conducting the analysis of tourism services in Astrakhan Oblast, one needs to first perform segmentation of consumers with reference to place of residence. It is also expedient to segment target the tourism market based on the types of tourism. In performing segmentation of target consumers of tourism services in Astrakhan Oblast with a view to depicting the portrait of the target consumer, it is expedient to employ a method that is based on the components of demand and supply for the tourism product.