Suchergebnisse

A stabilised tax system is a necessary element of an efficient legal system. Assurance of stability of the tax system is crucial for tax payers, who can plan their undertakings over a longer period of time, without being exposed to the danger of tax rate changes. The most visible symptom of tax law stability is the stability of tax rates. The guarantee of fixed tax rates is one of the most important incentives for investors, who take it under consideration when estimating the risk connected with starting a new enterprise in a given market. Establishment of a stabilised tax system turns out to be very difficult in practice. There are several factors, amongst which the most important are: political background; sovereignty of lawmakers, who can almost unlimitedly define the level of tax burden; changes taking place in former socialist countries in the late 1980's and early 1990's causing radical tax system reforms; and, at last, the process of accession to the European Community, which required harmonisation of state law systems with the European one. The above makes one ask the question whether it is possible to create a stabilised tax system with all those factors around and eventually how to outline the area of stability.

A stabilised tax system is a necessary element of an efficient legal system. Assurance of stability of the tax system is crucial for tax payers, who can plan their undertakings over a longer period of time, without being exposed to the danger of tax rate changes. The most visible symptom of tax law stability is the stability of tax rates. The guarantee of fixed tax rates is one of the most important incentives for investors, who take it under consideration when estimating the risk connected with starting a new enterprise in a given market. Establishment of a stabilised tax system turns out to be very difficult in practice. There are several factors, amongst which the most important are: political background; sovereignty of lawmakers, who can almost unlimitedly define the level of tax burden; changes taking place in former socialist countries in the late 1980's and early 1990's causing radical tax system reforms; and, at last, the process of accession to the European Community, which required harmonisation of state law systems with the European one. The above makes one ask the question whether it is possible to create a stabilised tax system with all those factors around and eventually how to outline the area of stability.

Comparative Analysis of Crowdfunding Regulation in EU and the Lithuanian National Law The aim of this analysis is to study and evaluate the legal regulation of crowdfunding in Lithuania and the European Union. The goal is achieved through examining doctrinal positions, research conducted by financial market supervisory authorities and legal regulation of Lithuania and foreign countries. The first part of the work reviews the crowdfunding market, assesses the operation requirements for crowdfunding platform operators and explains the basis for the legal regulation in general. The second part of the work analyses which types of crowdfunding are chosen to regulate both in Lithuania and the EU, evaluates the requirements for owners of crowdfunding projects and explains the stimuli for the demand for the crowdfunding market. The third part of the work reveals the risks to investors in crowdfunding projects and measures set in place in order to protect their interests. The paper concludes that despite small differences, crowdfunding is regulated in a very similar way both under the current legal regulation in Lithuania and under the upcoming EU crowdfunding regulation. However, given the regulatory differences, it is warned that Lithuanian crowdfunding platform operators must responsibly assess their customers before exercising the right to operate throughout the EU under the crowdfunding regulation. It is established that peer-to-peer lending has been chosen not to be regulated by the Regulation. The changing role of supervisory authorities is also assessed.

Comparative Analysis of Crowdfunding Regulation in EU and the Lithuanian National Law The aim of this analysis is to study and evaluate the legal regulation of crowdfunding in Lithuania and the European Union. The goal is achieved through examining doctrinal positions, research conducted by financial market supervisory authorities and legal regulation of Lithuania and foreign countries. The first part of the work reviews the crowdfunding market, assesses the operation requirements for crowdfunding platform operators and explains the basis for the legal regulation in general. The second part of the work analyses which types of crowdfunding are chosen to regulate both in Lithuania and the EU, evaluates the requirements for owners of crowdfunding projects and explains the stimuli for the demand for the crowdfunding market. The third part of the work reveals the risks to investors in crowdfunding projects and measures set in place in order to protect their interests. The paper concludes that despite small differences, crowdfunding is regulated in a very similar way both under the current legal regulation in Lithuania and under the upcoming EU crowdfunding regulation. However, given the regulatory differences, it is warned that Lithuanian crowdfunding platform operators must responsibly assess their customers before exercising the right to operate throughout the EU under the crowdfunding regulation. It is established that peer-to-peer lending has been chosen not to be regulated by the Regulation. The changing role of supervisory authorities is also assessed.

Comparative Analysis of Crowdfunding Regulation in EU and the Lithuanian National Law The aim of this analysis is to study and evaluate the legal regulation of crowdfunding in Lithuania and the European Union. The goal is achieved through examining doctrinal positions, research conducted by financial market supervisory authorities and legal regulation of Lithuania and foreign countries. The first part of the work reviews the crowdfunding market, assesses the operation requirements for crowdfunding platform operators and explains the basis for the legal regulation in general. The second part of the work analyses which types of crowdfunding are chosen to regulate both in Lithuania and the EU, evaluates the requirements for owners of crowdfunding projects and explains the stimuli for the demand for the crowdfunding market. The third part of the work reveals the risks to investors in crowdfunding projects and measures set in place in order to protect their interests. The paper concludes that despite small differences, crowdfunding is regulated in a very similar way both under the current legal regulation in Lithuania and under the upcoming EU crowdfunding regulation. However, given the regulatory differences, it is warned that Lithuanian crowdfunding platform operators must responsibly assess their customers before exercising the right to operate throughout the EU under the crowdfunding regulation. It is established that peer-to-peer lending has been chosen not to be regulated by the Regulation. The changing role of supervisory authorities is also assessed.

Comparative Analysis of Crowdfunding Regulation in EU and the Lithuanian National Law The aim of this analysis is to study and evaluate the legal regulation of crowdfunding in Lithuania and the European Union. The goal is achieved through examining doctrinal positions, research conducted by financial market supervisory authorities and legal regulation of Lithuania and foreign countries. The first part of the work reviews the crowdfunding market, assesses the operation requirements for crowdfunding platform operators and explains the basis for the legal regulation in general. The second part of the work analyses which types of crowdfunding are chosen to regulate both in Lithuania and the EU, evaluates the requirements for owners of crowdfunding projects and explains the stimuli for the demand for the crowdfunding market. The third part of the work reveals the risks to investors in crowdfunding projects and measures set in place in order to protect their interests. The paper concludes that despite small differences, crowdfunding is regulated in a very similar way both under the current legal regulation in Lithuania and under the upcoming EU crowdfunding regulation. However, given the regulatory differences, it is warned that Lithuanian crowdfunding platform operators must responsibly assess their customers before exercising the right to operate throughout the EU under the crowdfunding regulation. It is established that peer-to-peer lending has been chosen not to be regulated by the Regulation. The changing role of supervisory authorities is also assessed.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

Severe global economic impacts of recent financial crises made it more important understanding how market patterns are transmitted, intensifying the need to determine the relationship between financial markets. With investment flows transferred from stock to government bond markets during financial crises, researchers draw their attention to bond markets, exposing strengthening comovements between them. The aim of this research was to prepare the methodology for identification and assessment of the factors influencing government bond market comovements and to test this methodology in the global environment. Research methodology was based on the proposed model that includes government bond market comovements and global, fundamental and bilateral factors influencing them. Empirical research was carried out in 75 government bond markets in 2008-2016. The results showed that government bond markets significantly commoved in clusters. The influence of global factors on government bond market comovements was less strong than expected, while fundamental factors had a strong influence on the comovements: the more similar two countries were in their fundamentals, the stronger their government bond markets commoved. Only one bilateral factor – foreign direct investment – had an influence on government bond market comovements. The fact that government bond market comovements were more dependent on fundamental rather than the global factors creates more diversification possibilities for investors as well as more possibilities for governments to reduce their cost of debt by improving their fundamentals.

The concept of competitiveness has always been a subject of a great interest for researches, politicians and people, involved in practical business. Initially, the notion of competitiveness was related to firm, i.e., micro-economic level. The competitiveness at macro-economic level was analyzed for the first time by M. Porter, who in 1990 has extended and applied his model of the competitive advantage of firms to the competitive advantage of nations, regions and places or "locations" generally. Due to the process of globalization, the concept of national and regional competitiveness has attracted a lot of attention and increasingly been adopted as a policy tool. The necessity of proper analysis of the regional competitiveness concept brings the recognition, that the drivers of national competitiveness have become more local and the regions increasingly become the engines of the global economy, as the globalization blurs national borders. The regionalization of public policies moves the economic coordination and steering functions from the national state up to the international and down to regional level. The compelling reason for focusing on the competitiveness of regions lies also in the changing patterns of private investment flows. Privatized companies, institutional investors and various investment funds are being forced to diversity their portfolios and to put substantial amounts of money in property – geographically dispersed over unfamiliar territories. As researches. [to full text]

The concept of competitiveness has always been a subject of a great interest for researches, politicians and people, involved in practical business. Initially, the notion of competitiveness was related to firm, i.e., micro-economic level. The competitiveness at macro-economic level was analyzed for the first time by M. Porter, who in 1990 has extended and applied his model of the competitive advantage of firms to the competitive advantage of nations, regions and places or "locations" generally. Due to the process of globalization, the concept of national and regional competitiveness has attracted a lot of attention and increasingly been adopted as a policy tool. The necessity of proper analysis of the regional competitiveness concept brings the recognition, that the drivers of national competitiveness have become more local and the regions increasingly become the engines of the global economy, as the globalization blurs national borders. The regionalization of public policies moves the economic coordination and steering functions from the national state up to the international and down to regional level. The compelling reason for focusing on the competitiveness of regions lies also in the changing patterns of private investment flows. Privatized companies, institutional investors and various investment funds are being forced to diversity their portfolios and to put substantial amounts of money in property – geographically dispersed over unfamiliar territories. As researches. [to full text]

The concept of competitiveness has always been a subject of a great interest for researches, politicians and people, involved in practical business. Initially, the notion of competitiveness was related to firm, i.e., micro-economic level. The competitiveness at macro-economic level was analyzed for the first time by M. Porter, who in 1990 has extended and applied his model of the competitive advantage of firms to the competitive advantage of nations, regions and places or "locations" generally. Due to the process of globalization, the concept of national and regional competitiveness has attracted a lot of attention and increasingly been adopted as a policy tool. The necessity of proper analysis of the regional competitiveness concept brings the recognition, that the drivers of national competitiveness have become more local and the regions increasingly become the engines of the global economy, as the globalization blurs national borders. The regionalization of public policies moves the economic coordination and steering functions from the national state up to the international and down to regional level. The compelling reason for focusing on the competitiveness of regions lies also in the changing patterns of private investment flows. Privatized companies, institutional investors and various investment funds are being forced to diversity their portfolios and to put substantial amounts of money in property – geographically dispersed over unfamiliar territories. As researches. [to full text]