Month: December 2021

THE EUROPEAN RESPONSE TO OPEN SHIP REGISTRIES AND FLAGS OF CONVENIENCE THROUGH THE CREATION OF OFFSHORE AND INTERNATIONAL SHIP REGISTRIES

Panagiotis SAVIOLAKIS

Ph.D. Candidate, Department of Maritime Studies, University of Piraeus,

psaviolakis@unipi.gr

Michalis PAZARZIS

Professor, Neapolis University Pafos,

michalis.pazarzi@nup.ac.cy

Abstract

The main objective of this essay is to access the different forms of the European response to the challenge of the Open Ship Registries and the Flags of Convenience. The policies concerning the maritime sector adopted by the various European Countries differ significantly. The method followed to support this essay is bases mainly on the in-depth research in the regulatory framework established in the respective States as well as the European Institutions themselves. The analysis includes a multi-layered assessment of the key features of the Offshore and International Ship Registers. The findings of the current essay extend beyond the obligatory compliance to the legal restrictions posed by the Flag’s Authorities. They include important business characteristics such as the type of vessel, the geographical area of business activity and the tax regime. The novelty of this essay lies in the specialization in the shipping policies that were implemented by the European countries and the comparison among them.

Keywords:  Open Ship Registry, Flags of Convenience, Second Ship Registry, Offshore Ship Registry, International Ship Registry

JEL classification: F13, L92, O31, O38

 pp. 69-81

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INSURANCE-ECONOMIC GROWTH NEXUS – EVIDENCE FROM SELECTED WESTERN BALKAN’S COUNTRIES

Gentiana SHARKU

Prof. Assoc. Dr. Pedagogue in Finance Department, Faculty of Economy, University of Tirana

gentianasharku@feut.edu.al

Etleva BAJRAMI

Prof. Assoc. Dr. Pedagogue in Finance Department, Faculty of Economy, University of Tirana

etlevabajrami@feut.edu.al

Abstract

The insurance-growth nexus has attracted the attention of many academics and researchers, due to the huge potential the insurance industry constitutes for the economic development of developed and developing countries as well. The purpose of this paper is to investigate the impact the insurance industry has on economic growth of emerging countries, such as the Western Balkan’s countries. The impact is studied through two indicators of insurance industry: density and penetration, and for the total, life and non-life insurance market. The authors have applied a multiple regression analysis using annual data on insurance industry and GDP per capita from 2004 to 2019. This paper has contributed in the existing literature by exploring (i) whether insurance market has a positive or negative effect on economic growth of developing countries; (ii) which of the insurance indicators explains better the impact – insurance penetration or density indicator; and (iii) which of insurance activities has the largest effect on economic development: total, life or non-life insurance. The conclusions of this paper will serve to the public and private operators to evaluate the significance that each segment of insurance industry has on the economic development and to undertake the proper policies.

Keywords: Insurance penetration, insurance density, GDP per capita

JEL classification: G22, C23, O52

 pp. 53-68

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TOOLS AND TESTING OF THE ASSESSMENT OF BUDGET CAPACITY OF THE MUNICIPAL LEVEL (CASE STUDY OF THE RUSSIAN FEDERATION)

Mariya PECHENSKAYA-POLISHCHUK

PhD in Economics, Head of the Laboratory for Public Finance Development Issues Research, Leading Researcher, Vologda Research Center of the Russian Academy of Sciences, 49, Gogolya Street, Vologda, 160014, Russia

marileen@bk.ru

Abstract

Purpose. To detail the system of indicators and, on their basis, develop an integral index for assessing municipalities’ budget capacity level, which makes it possible to substantiate the choice of a model of financial support for the functioning of local budgets.

Design , methodology , approach. The information base includes works of leading Russian and foreign scientists on the issues under study, reports issued by the Federal Treasury of Russia and the Federal Tax Service of Russia, statistical data from the Federal State Statistics Service and the International Monetary Fund. The research is of complex nature, as it involves a set of fundamental general scientific and special methods, in particular, dialectical and logical methods, horizontal and vertical analysis of financial ratios, statistical and cluster analysis, etc.

Findings. The article presents a system of groups, indicators and author’s method for a comprehensive multidimensional assessment of the municipalities’ budget capacity level. On its basis it is possible to choose an optimal financial support model to support local budget functioning, worked out for municipal districts. The results of integral assessment of the data on the Vologda Oblast taken as a model region, indicate that budget capacity of most municipalities in 2006-2018 was at the average and below average level. Thus, the region misses certain opportunities for development of its budget capacity. At the same time, the conducted calculations show the prevalence of the fourth-type model of financial support for the settlement network, i.e. a differentiated approach depending on the indicator of budgetary provision of settlements.

Research , practical implications. The results obtained contribute to the development of theoretical science and form the foundation for applied use by state authorities and local governments in the implementation of methodological approaches, assessment methods, methodological tools for substantiating budget policy decisions, and can also be used in the scientific activity and educational process.

Originality , value. The scientific value of the research lies in the development of methodological tools for assessing the level of municipalities’ budget capacity when determining the model for financing settlements.

Keywords: Russian Federation, region, budget capacity, municipalities, local government, local budget, assessment

JEL classification: H77, G18, H61

 pp. 43-52

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