Journal of Advances in Economics and Finance

4

Authors: Shengquan Che

Around the globe the understanding and assessment of the sustainability of farming enterprises is among the most topical academic and practical issues. Despite its importance there are few profound studies on sustainability of different types of farming enterprises during European Union Common Agricultural Policy (EU CAP) implementation. This book review tries to present and assess a recently published book called “Sustainability of Farming Enterprises in Bulgaria” by one of the biggest academic publishers in the world and written by an internationally recognized expert in the area - Professor Hrabrin Bachev of the Institute of Agricultural Economics in Sofia, Bulgaria. In this book, the author suggests a practical and holistic approach for assessing the sustainability of farming enterprises in the conditions of EU CAP implementation in Bulgaria. He incorporates the later developments in the area and suggests an interdisciplinary, holistic and practical approach for assessing the sustainability of farming enterprises. Particularly, he successfully includes “new” important governance and institutional aspects in the overall sustainability assessment. The first of its kind evaluation is made on integral, governance, economic, social and environmental sustainability of farming enterprises of different juridical type, size, production specialization, and ecological and geographical location in the country. Critical components enhancing or compromising the aspects and overall sustainability of farming enterprises of diverse type are also identified and perspectives for farming development in Bulgaria envisaged. In conclusion directions for further research as well as for amelioration of farm management and public intervention in the sector are elaborated. The suggested approach could be easily adapted and used by farmers and other interested parties in the country and abroad. This work is a must read and further expands on the previous studies in this important and rapidly evolving area.

5

Authors: Zhuang Chen

In the new era, in China, urbanization is constantly making progress, and the boundaries between the urban and rural areas are increasingly blurred. From an economic perspective, the concept of rural ecotourism is currently emerging. In this paper, the issues in rural ecotourism development is taken as the starting point, and the purpose is to come up the with right solutions for the corresponding issues in order to implement the sustainable development and virtuous circle of rural ecotourism through measures including system improvement, local conditions, cultural integration, brand building, talent development, and the Internet, etc. thus achieving the major strategic goal of wellbeing of the people and the protection on the ecological environment.

9

Authors: Arshad Hayat, Philip Katz

The main aim of this paper was to estimate the exchange rate pass-through into import prices and the overall inflation rate in the Czech Republic in the light of the Czech National Bank exchange rate intervention policy. We used monthly data from 2000-2017 and used Markov Switching model, as developed by Hamilton (1989), in an attempt to capture the non-linear relationship of the exchange rate-pass through in different regimes of exchange rate intervention vs no intervention in the exchange rate by the CNB. The paper found the presence of two states in the economy and further found that although the exchange rate (ECzk/Eur) does not have a significant effect during state 1, the effect becomes significant in state 2 where the pass-through rate into Czech import prices is 42%. This pass-through did not follow into the overall inflation rate. Furthermore, we estimated an 86% probability of staying in state 2 when the economy is in state 2. This means that the Czech economy will spend considerably more time in state 2 where the pass-through into import prices is 42%.