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APPLICABLE ASPECTS OF ECONOMETRIC MODELING OF DYNAMIC RELATIONS
The paper is focused on the application of the statistical methods for the analysis of dynamic relationships. The relationships among the economic phenomena are realized not only in the distributions of the population, (static aspect) but also in the changes that have occurred into it with the time (dynamic aspect).
The thesis supported by the ...
The paper is focused on the application of the statistical methods for the analysis of dynamic relationships. The relationships among the economic phenomena are realized not only in the distributions of the population, (static aspect) but also in the changes that have occurred into it with the time (dynamic aspect).
The thesis supported by the authors is that statistical methods used for the analysis of dynamic relationships are both modern and powerful instruments for the researchers that allow to discover new characteristics of the interdependence among economic phenomenon but at the same time, their application is accompanied with many conditions that have to be known and taken into account.
The goal of the paper is to systematize the statistical methods for analysis of relationships based on time series data, and to point out their abilities in the advancement and enhancement of the analysis of the economic phenomenon. In order to achieve this goal, we have solved the following tasks: a) to describe the cross-correlation analysis; b) to characterize the distributed lag models (aka transfer function models); c) to study the vector auto regression (VAR) models; d) to describe the cointegration as advanced statistical method for the analysis of non-stationary time series.
The established results cover the advanced features of the dynamic relationship models: the interdependence between two (or more) time series; exploration of single relationships and distributed influence; the representation of multidimensional dynamic relationship; the survey of both long-term equilibrium relation and short-term interaction between the variables induced by the deviations from equilibrium state.
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CLASSIFICATION, EVALUATION
AND ACCOUNTING POSSIBILITIES
FOR DERIVATIVE FINANCIAL INSTRUMENTS
The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is ...
The undeniable interest of economic theory and practice towards financial derivatives makes them a current subject of analysis. The existence of derivatives raises the logical question about their purpose. If an investor participates in the distribution of a company’s profits by holding its shares, why do they apply another instrument that is related to owner’s equity? The derivative markets create favorable opportunities by improving the efficiency of the underlying assets markets. Derivatives have lower transaction costs compared to other transactions with basic instruments on the spot market, they are more liquid and the risk can be transferred into a more effective, simple and inexpensive way. Proof for the significance of derivative instruments is also the EU-accepted IFRS 9 Financial Instruments. Therefore, it is important that the management of every organization is aware of the regulatory framework for financial instruments, as well as the effects of each transaction with financial instrument.
The main purpose of the study is to define a classification of derivative instruments and to mark key points in their accounting. The specific objectives that have to be solved are to highlight the alternatives for classifying derivatives and to focus on their immediate current accounting. The thesis is that the adequate classification and evaluation of these instruments are important factors for their correct accounting. The main conclusion is that proper classification of derivatives has a practical significance because there has to be determined whether the instrument has a value at the beginning, which has a timely accounting impact. Their internal and time values have a significant role as well, because in the changes they must be clearly distinguished from the change in the fair value of the derivative itself.
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OPPORTUNITIES FOR DIRECT INVESTMENT
IN THE INFORMATION ECONOMY
As early as the second half of the twentieth century, it was already clear to all the scholars and researchers of the society and its inherent economy that the industrial economy was on the wane, and its place was gradually occupied by a new, post-industrial (information) economy.
The aim of the present paper is to highlight some aspects of the ...
As early as the second half of the twentieth century, it was already clear to all the scholars and researchers of the society and its inherent economy that the industrial economy was on the wane, and its place was gradually occupied by a new, post-industrial (information) economy.
The aim of the present paper is to highlight some aspects of the nature and characteristics of the information economy as à necessary intrinsic part of the information society and to identify the strategic and particular conditions for business investment in this new environment.
The problems to be solved in relation to the stated objective of the research are: to characterize the emerging information economy and its peculiarities; to outline the branch orientation of the foreign direct investments in the information economy; to highlight the motives that have the most significant impact on investment decisions in the post-industrial economy; to provide guidelines for adapting economic policy in line with the new realities.
The research thesis is that: the information economy changes the conditions for conducting business and also the behavior of enterprises, particularly transnational corporations, which necessitates the adaptation of the economic policy to the new realities.
The main results of the research can be summarized as follows: The theoretical foundations of the information society and economy have been clarified; The motives for direct foreign investment have been analyzed and the factors that are of major significance for FDI in the new conditions have been derived. On this basis, the relationship between the information economy and the opportunities for direct investment has been assessed; An analysis of FDI in the service sector has been made, with special attention paid to greenfield investments and mergers and acquisitions; Recommendations have been made to the economic policy so that it can be adapted to the new business and economic environment.
