Suchergebnisse

The hereby submitted article deals with the Financial Arbiter (Ombudsman) and the payment systems regulation in the Czech Republic. The article focuses mainly on the proceeding before the Czech Financial Arbiter. However, the author also deals with the Financial Ombudsmen in Europe, especially those who are the members of FIN-NET (the Cross-Border Out-of-Court Complaints Network for Financial Services). The legal regulation this work describes covers up (between others) the Payment Systems Act and the Act on the Financial Arbiter, both effective from 1 January 2003. These acts were adopted by the Czech Parliament under the harmonization of the Czech law with the European Community law standards, e.g. with the European Community Directive No. 97/5/EC, on cross-boarder transfers, which requires the possibility for consumers to settle disputes in an efficient and appropriate manner with transfer institutions through out-of-court procedures.

The hereby submitted article deals with the Financial Arbiter (Ombudsman) and the payment systems regulation in the Czech Republic. The article focuses mainly on the proceeding before the Czech Financial Arbiter. However, the author also deals with the Financial Ombudsmen in Europe, especially those who are the members of FIN-NET (the Cross-Border Out-of-Court Complaints Network for Financial Services). The legal regulation this work describes covers up (between others) the Payment Systems Act and the Act on the Financial Arbiter, both effective from 1 January 2003. These acts were adopted by the Czech Parliament under the harmonization of the Czech law with the European Community law standards, e.g. with the European Community Directive No. 97/5/EC, on cross-boarder transfers, which requires the possibility for consumers to settle disputes in an efficient and appropriate manner with transfer institutions through out-of-court procedures.

In the master thesis structural-dynamical and time-series (vertical and horizontal financial statements) analysis, budget fulfilment analysis during during the 2012 - 2018 time period are made. In the first chapter, based on the scientific litherature and Lithuania^ legislations, country's budgeting and financial statements formation principles, assets, turnover and expenditures structure, liabilities and deficit financing problems, main analytical financial statements ratios are analysed. In the second chapter, the methodology of the empirical analysis are presented: structural-dynamical and time-series (vertical and horizontal financial statements) analysis, budget fulfilment analysis. In the third chapter, based on the methodology, country's assets, turnover, expenditures, reserves, liabilities structural- dynamical analysis, turnover, liquidity ratios and budget fulfilment analysis during the 2012-2018 period is made. At the end, based on the analysis made, conclusions and recommendations are presented.

In the master thesis structural-dynamical and time-series (vertical and horizontal financial statements) analysis, budget fulfilment analysis during during the 2012 - 2018 time period are made. In the first chapter, based on the scientific litherature and Lithuania^ legislations, country's budgeting and financial statements formation principles, assets, turnover and expenditures structure, liabilities and deficit financing problems, main analytical financial statements ratios are analysed. In the second chapter, the methodology of the empirical analysis are presented: structural-dynamical and time-series (vertical and horizontal financial statements) analysis, budget fulfilment analysis. In the third chapter, based on the methodology, country's assets, turnover, expenditures, reserves, liabilities structural- dynamical analysis, turnover, liquidity ratios and budget fulfilment analysis during the 2012-2018 period is made. At the end, based on the analysis made, conclusions and recommendations are presented.

The purpose of the Master's Paper is to review the peculiarities of the Local Governments' financial system functioning and the associated theoretical and practical problems. The paper consists of four parts, in which the essential aspects of the topic are considered. In the first part the concept of the local governments' financial system functioning, its methods and forms are introduced. The institutions, whose purpose is to put into practice the above-mentioned financial activity are presented and its specific functions are defined. The definition of pecuniary funds, whose aim is to accumulate the local governments' money resources, is also given in this part. At the beginning of the second part the concept of the local governments' budget as the basis of any local governments' pecuniary fund is introduced. Then the sources of the local governments' budget revenue and the ways of spending the pecuniary funds are explained. At the end of this part I tried to define the problems of balancing out the local governments' budgets and to show the ways how to solve these problems. The aim of the third part of the paper is to discuss the process of the formation of the local governments' budget. The methods and principals of forming the budgets are presented and the order of formation, confirmation and implementation are introduced here in detail. The accountability and control of the implementation of the budget as the important means of the financial clearness are discussed here as well. The purpose of the fourth part is to review the loans as they are very important to balance the local governments' budgets and to sponsor certain projects. The concept of the loans is introduced and the subjects, from whom the local governments can borrow are defined. The limits for loans and the problem of the local governments' bonds, which give an extra opportunity for loans are mentioned at the end of the fourth part. In the last part the conclusions are given, which were formulated considering the results of the analysis of the local governments' financial system done in this paper.

The purpose of the Master's Paper is to review the peculiarities of the Local Governments' financial system functioning and the associated theoretical and practical problems. The paper consists of four parts, in which the essential aspects of the topic are considered. In the first part the concept of the local governments' financial system functioning, its methods and forms are introduced. The institutions, whose purpose is to put into practice the above-mentioned financial activity are presented and its specific functions are defined. The definition of pecuniary funds, whose aim is to accumulate the local governments' money resources, is also given in this part. At the beginning of the second part the concept of the local governments' budget as the basis of any local governments' pecuniary fund is introduced. Then the sources of the local governments' budget revenue and the ways of spending the pecuniary funds are explained. At the end of this part I tried to define the problems of balancing out the local governments' budgets and to show the ways how to solve these problems. The aim of the third part of the paper is to discuss the process of the formation of the local governments' budget. The methods and principals of forming the budgets are presented and the order of formation, confirmation and implementation are introduced here in detail. The accountability and control of the implementation of the budget as the important means of the financial clearness are discussed here as well. The purpose of the fourth part is to review the loans as they are very important to balance the local governments' budgets and to sponsor certain projects. The concept of the loans is introduced and the subjects, from whom the local governments can borrow are defined. The limits for loans and the problem of the local governments' bonds, which give an extra opportunity for loans are mentioned at the end of the fourth part. In the last part the conclusions are given, which were formulated considering the results of the analysis of the local governments' financial system done in this paper.

The purpose of the Master's Paper is to review the peculiarities of the Local Governments' financial system functioning and the associated theoretical and practical problems. The paper consists of four parts, in which the essential aspects of the topic are considered. In the first part the concept of the local governments' financial system functioning, its methods and forms are introduced. The institutions, whose purpose is to put into practice the above-mentioned financial activity are presented and its specific functions are defined. The definition of pecuniary funds, whose aim is to accumulate the local governments' money resources, is also given in this part. At the beginning of the second part the concept of the local governments' budget as the basis of any local governments' pecuniary fund is introduced. Then the sources of the local governments' budget revenue and the ways of spending the pecuniary funds are explained. At the end of this part I tried to define the problems of balancing out the local governments' budgets and to show the ways how to solve these problems. The aim of the third part of the paper is to discuss the process of the formation of the local governments' budget. The methods and principals of forming the budgets are presented and the order of formation, confirmation and implementation are introduced here in detail. The accountability and control of the implementation of the budget as the important means of the financial clearness are discussed here as well. The purpose of the fourth part is to review the loans as they are very important to balance the local governments' budgets and to sponsor certain projects. The concept of the loans is introduced and the subjects, from whom the local governments can borrow are defined. The limits for loans and the problem of the local governments' bonds, which give an extra opportunity for loans are mentioned at the end of the fourth part. In the last part the conclusions are given, which were formulated considering the results of the analysis of the local governments' financial system done in this paper.

The purpose of the Master's Paper is to review the peculiarities of the Local Governments' financial system functioning and the associated theoretical and practical problems. The paper consists of four parts, in which the essential aspects of the topic are considered. In the first part the concept of the local governments' financial system functioning, its methods and forms are introduced. The institutions, whose purpose is to put into practice the above-mentioned financial activity are presented and its specific functions are defined. The definition of pecuniary funds, whose aim is to accumulate the local governments' money resources, is also given in this part. At the beginning of the second part the concept of the local governments' budget as the basis of any local governments' pecuniary fund is introduced. Then the sources of the local governments' budget revenue and the ways of spending the pecuniary funds are explained. At the end of this part I tried to define the problems of balancing out the local governments' budgets and to show the ways how to solve these problems. The aim of the third part of the paper is to discuss the process of the formation of the local governments' budget. The methods and principals of forming the budgets are presented and the order of formation, confirmation and implementation are introduced here in detail. The accountability and control of the implementation of the budget as the important means of the financial clearness are discussed here as well. The purpose of the fourth part is to review the loans as they are very important to balance the local governments' budgets and to sponsor certain projects. The concept of the loans is introduced and the subjects, from whom the local governments can borrow are defined. The limits for loans and the problem of the local governments' bonds, which give an extra opportunity for loans are mentioned at the end of the fourth part. In the last part the conclusions are given, which were formulated considering the results of the analysis of the local governments' financial system done in this paper.

The main issue of this master paper is financial activity forms of the state and municipalities. This work is divided into three parts. In the first part of this work, there is made a brief survey of the state's and municipalities' financial activity. The second part concerns questions about the financial activity forms of the parliament, government and other institutions in the budgetary process of the State budget, State Social Security Fund and Compulsory Health Insurance Fund. Also in this part there are some other issues discussed, concerning parliament, government, tax administrators (State Tax Inspectorate under the Ministry of Finance and territorial tax offices) and other institutions financial activity forms not in the budgetary process. Furthermore, in the end of the second part, the financial activity forms of some institutions, acting in the national dept management procedure, are analysed. Finally, in the third part of this paper, the financial activity forms of municipalities are analysed in the same way, as the state's ones in the second part.

The main issue of this master paper is financial activity forms of the state and municipalities. This work is divided into three parts. In the first part of this work, there is made a brief survey of the state's and municipalities' financial activity. The second part concerns questions about the financial activity forms of the parliament, government and other institutions in the budgetary process of the State budget, State Social Security Fund and Compulsory Health Insurance Fund. Also in this part there are some other issues discussed, concerning parliament, government, tax administrators (State Tax Inspectorate under the Ministry of Finance and territorial tax offices) and other institutions financial activity forms not in the budgetary process. Furthermore, in the end of the second part, the financial activity forms of some institutions, acting in the national dept management procedure, are analysed. Finally, in the third part of this paper, the financial activity forms of municipalities are analysed in the same way, as the state's ones in the second part.

The main issue of this master paper is financial activity forms of the state and municipalities. This work is divided into three parts. In the first part of this work, there is made a brief survey of the state's and municipalities' financial activity. The second part concerns questions about the financial activity forms of the parliament, government and other institutions in the budgetary process of the State budget, State Social Security Fund and Compulsory Health Insurance Fund. Also in this part there are some other issues discussed, concerning parliament, government, tax administrators (State Tax Inspectorate under the Ministry of Finance and territorial tax offices) and other institutions financial activity forms not in the budgetary process. Furthermore, in the end of the second part, the financial activity forms of some institutions, acting in the national dept management procedure, are analysed. Finally, in the third part of this paper, the financial activity forms of municipalities are analysed in the same way, as the state's ones in the second part.

The main issue of this master paper is financial activity forms of the state and municipalities. This work is divided into three parts. In the first part of this work, there is made a brief survey of the state's and municipalities' financial activity. The second part concerns questions about the financial activity forms of the parliament, government and other institutions in the budgetary process of the State budget, State Social Security Fund and Compulsory Health Insurance Fund. Also in this part there are some other issues discussed, concerning parliament, government, tax administrators (State Tax Inspectorate under the Ministry of Finance and territorial tax offices) and other institutions financial activity forms not in the budgetary process. Furthermore, in the end of the second part, the financial activity forms of some institutions, acting in the national dept management procedure, are analysed. Finally, in the third part of this paper, the financial activity forms of municipalities are analysed in the same way, as the state's ones in the second part.

The global economics goes cycle after cycle. After every boom follow recession, after every recession follow boom. Governments made different sollutions of their politics for every cycle of economics. The subject of research is the impact of financial crises on economics, the objective of the work – to sift the impact of financial crises on economics and to make the system of recovery of economics. In order to achieve this goal, are set these basics tasks: to analyse basic consequences of financial crises, to analyze basic means, which were made to recover economics, to analyze results of a few researchs, to make a forecast of recovery of economics in Lithuania and to compare with the recovery of the world. In this paper are presented basic financial crises from 1636. These financial crises are allocated related to their main reason. There are written the impact of financial crises and means, which were made by governments to help for countries and people. In theory, it is simple to know all the best means for economics, but it is difficult to practise them in specific country and situation. All means can affect economics not like it is necessary. The forecast confirm actual values with error of 1-3%. Because of this, the conclusion is made, that predictive values in 2010 happened in the world and in Lithuania too. The paper consists of three parts. The size of this paper is 45 pages. There are 6 tables and 14 pictures in this paper. 52 sources of literary are used.

The global economics goes cycle after cycle. After every boom follow recession, after every recession follow boom. Governments made different sollutions of their politics for every cycle of economics. The subject of research is the impact of financial crises on economics, the objective of the work – to sift the impact of financial crises on economics and to make the system of recovery of economics. In order to achieve this goal, are set these basics tasks: to analyse basic consequences of financial crises, to analyze basic means, which were made to recover economics, to analyze results of a few researchs, to make a forecast of recovery of economics in Lithuania and to compare with the recovery of the world. In this paper are presented basic financial crises from 1636. These financial crises are allocated related to their main reason. There are written the impact of financial crises and means, which were made by governments to help for countries and people. In theory, it is simple to know all the best means for economics, but it is difficult to practise them in specific country and situation. All means can affect economics not like it is necessary. The forecast confirm actual values with error of 1-3%. Because of this, the conclusion is made, that predictive values in 2010 happened in the world and in Lithuania too. The paper consists of three parts. The size of this paper is 45 pages. There are 6 tables and 14 pictures in this paper. 52 sources of literary are used.

This article examines comovements between stock and government bond markets in the EU countries. Previous authors mostly indicated significant highly volatile comovements between the markets. In addition, it was proven in several markets that in times of financial crisis the comovements between financial markets are becoming stronger and negative correlations appear indicating flight-to-quality from stocks to government bonds. Despite of that, there exists a tendency to analyze only financial markets of Eurozone countries leaving the rest of the EU members behind. The aim of this research was to fill this gap by providing insights of co-movements between stocks and government bond markets of al thel EU countries together with recommendations for portfolio diversification. The first stage of the research was implemented by using Pearson's correlation coefficient. Logarithmic returns on 52 market indices were used for calculations of correlation coefficients in the period of 1993–2012. The second stage of the research included the estimation of correlations in the period of 2008–2013, commonly referred to as financial crisis. In addition, statistical significance of coefficients was evaluated by testing Fisher's null hypothesis. The results of the research show that majority of correlation coefficients between stock and government bond indices were rather small and not significant during the full sample period with the exception in financial markets of Greece, Hungary, Lithuania and Romania (weak-medium statistically significant correlations). The results indicate financial markets in the countries mentioned being more related than in the rest of the EU countries, not being suitable for diversification between asset classes. [.]