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The panel data analysis of the influence of change in real public debt, real private debt, and deflated house prices on the GDP in selected European countries is performed. Least squares and autoregressive AR(p) model was used with cross-section and period both fixed by dummy variables. The research has confirmed strong negative influence of public debt with zero, one and two year's lags as an independent variable on the GDP as the dependent variable. This is not surprising having in mind limited functionality of the European central bank as a lender of the last resort for the countries of the monetary union, that is, for the most of the analysed countries. This finding also confirms the necessity of the transformation of the European Monetary Union to the European Financial Union. Private debt has definite positive influence on the GDP as the dependent variable. It was confirmed by measuring this influence with zero, one and two and three years lags, but this positive influence was 2-3 times lower than the negative influence of public debt on the GDP. House prices unlagged have similar absolute value of positive influence on the GDP coefficient as the absolute value of the negative influence of lagged public debt, according to the regression coefficients received. However, house prices, leading by 2 years, have negative influence on the GDP, but this influence is almost 5 times weaker than the negative influence of unlagged public debt.DOI: http://dx.doi.org/10.5755/j01.ee.29.2.20000

The paper analyzes the international competitiveness of the multi-dimensional and quite complex phenomenon, his concept of relevance. In many countries, most of the export share of manufacturing output is, therefore, the competitiveness of the industries have a decisive impact on the country's international competitiveness. The analysis of the international competitiveness of the country in scientific publications, the number of factors which lead to some kind of international competitiveness of the country's climate. Key factors determining the competitiveness of human capital, patents, high technology, research and development of innovation through the development, determining the progress of society. Development of the economy is cyclical upturn replace declines, and vice versa, there is a debate in the scientific literature on the impact of the Government of the country's economic development. Because of this contradiction is more than one hundred ongoing scientific debate remains relevant today. According to scientific studies suggest that these countries have more resources to the development of innovative economy is more stable than in other countries that this activity is funding less.DOI: http://dx.doi.org/10.5755/j01.em.17.2.2188

The article analyzes the main possible dynamics of innovationsystem in enlarged European Union (EU). Thegovernance of the EU innovation policies, underlining thecooperation and emergence of national innovation culturesand governance structures are shown by presenting threepossible scenarios. The main issues concerned in the articleare: the challenges and opportunities in the innovationand science research fields of enlarged EU; the EuropeanResearch Area (ERA) creation, highlighting three componentsof knowledge management: production, disseminationand exploitation of knowledge. Also the article informsabout the Sixth Framework Programme (FP-6) and itsimplementation instruments that are focused on researchand technology activities and innovation. Based on theoreticalassumptions, were examined factors explaining thedifferences of innovation diffusion process in differentcountries, analyzing the impact of country, culture andtime to innovation diffusion. This study emphasizes that theERA is the broad heading for a range of connected policiesthat attempt to ensure the development of European researchand facilitate the research policies of MemberStates in order to improve the efficiency of European researchcapabilities. The final issue identified was to encourageR&D and innovation as part of corporate strategiesand management policies so that they were fully integratedinto the government, education and business sectorsacross the whole EU.

Historically the role of non-tariff barriers (NTBs) in the international textile trade gained strength when World Trade Organization (WTO) signed the Agreement on Textile and Clothing in 1995. The main emphasis of it was four stage gradual reductions of quotas as the most influential non-tariff trade barrier within 10 years period of time ending January 1, 2005. The Agreement also provided the reduction of all other types trade barriers in order to liberate international trade. However, the traditional non-tariff barriers to trade found replacement by modern trade distortions. There is no doubt about their existence but they are not widely investigated especially in terms of non-tariff barriers in the textile trade. The research is studying the classification of non-tariff barriers, the influence of the barriers to the international trade in textiles, discusses its specifics in the context of European Union. The survey is looking for the best option to classify non-tariff barriers in the international textile trade markets and examines variety of their aspects. Scientific and other sources do not provide any specific classification of non-tariff barriers to the textile trade. Though, the NTBs are widely and deeply investigated in terms of world and regional trade, separate industries, even individual companies and products. The aim of this survey is to analyse the classification of non-tariff barriers in the international textile trade markets and to ground its principles on EU and world trade. First, the article presents different definitions of non-tariff barriers and existing classification systems of NTBs. Comprehensive extensions are related to a few most general but scientifically explored enough grouping: administrative procedures, market structure and political, social and cultural or so called institutional factors. Each group includes a great number of variuos non-tariff barriers. The empiric test is based on the top EU textile export countries and seeks for the following aims: to identify non-tariff ...

The issue of trade credit risk evaluation, from an exporter's point of view is analysed in the article, i.e. sources and evaluation possibilities of the risk. Assessing exporter-provided trade credit risk, it is essential for the exporter to identify to which obligor it is rather safe to provide trade credit (negligible or moderate default probability) and which obligor has large probability to default. Credit risk evaluation for exporting companies is more complicated than for firms trading with local partners only, because of the following reasons: firstly, customer is located in another country and therefore it is more complicated to get information about customer's reliability. Secondly, there are more factors influencing exporter's credit risk as the credit risk is influenced by foreign country's political situation, economic stability, etc. Exporter experiences the largest impact and, therefore, losses in the case of customer's (obligor's) default, since the creditor (exporter) has a scarce probability to get the money back. Therefore one of the main factors evaluating trade credit risk is obligor's default risk assessment. As the obligor and creditor are from different countries, the credit risk arises both from the obligor's intentions and financial situation (internal risk factors) and from obligor's business environment in his country (external risk factors). Internal factors of obligor default involve activity, competence, reaction to environment changes and moral attitudes towards exporter of company's management and employees. Dishonest intentions, however, cannot be expressed mathematically, therefore this aspect of the risk is not analysed in the article. External factors of international trade credit risk involve economic and political risk. Complex gathering and analysis of information about foreign country political and economic stability (country risk) is time and money intensive. Country risk can be evaluated by means of sovereign credit ratings provided by world-known credit rating agencies. ...

The article deals with the offshore centre activities inthe European Union economic area and their role in theinternational trade. The offshore centre activities areanalyzed taking into account the offshore companies registeredin the former colonies of the European Unionmember-states. The changes in activities of the offshorecompanies registered on the territory of the EuropeanUnion are examined within the context of the EuropeanUnion enlargement.There is no clearly and officially stated position ofthe European Union governing bodies on the offshorecentres and on the real assumptions on their process developmentnon-conformities.The new European Union member-states have had tolimit the activities of the offshore centres that were establishedon their territories including Cyprus, Malta, Hungaryand others. It should be noted that the offshore centrein Cyprus had been very popular among Russian businessmenuntil Cyprus became a member of the EuropeanUnion. In spite of that, some of the European Union member-states have preserved the opportunity to use offshorecentres that were established on the non-European Unionterritories. Both in Lithuania and Latvia, the offshore centresthat are registered in various states of the USA likeDelaware, Wyoming, Kentucky, are still very popular. Accordingto the Lithuanian legal acts, these offshore centresare not considered to be the territories where the tax ratesare lower than in Lithuania and the tax tariff of 29 per centis not applicable to them. The rapid development of the USoperating offshore centres has been observed by other authorswho claim that the majority of the offshore companieswere registered in the Caribbean Sea region and theWestern European states. Alongside these regions, the offshorejurisdiction zone has been expanding in the states ofthe Asia/Pacific region.Objective of the article – analyze factors impactingthe activities of the offshore centres after the enlargementof the European Union.Although the official position of the European Uniontowards offshore ...

Globalization and international trade has strongly affected world's economy in the recent decades. The importance of emissions loads distribution between countries participating in the supply chains is steadily growing. In the highly fragmented global supply chain structure, with the consumption and production separated geographically and politically, it is difficult to capture the distribution of carbon emission burden within the global production processes. Several recent scientific studies have emphasized that CO2 emissions embodied in international trade processes should be addressed. The CO2 emissions up to now are mostly evaluated on the base of domestic emission accounts. To address this research gap, our study applies multi-regional input-output (MRIO) method for the estimation of the CO2 emissions embodied in the EU clothing imports. The study evaluates carbon emissions of the EU clothing imports and provides suggestions for companies and policy makers. Our results show, that the EU has not reduced CO2 emissions t instead has outsourced them. MRIO and triangulation methods were used to evaluate the EU clothing sector embodied carbon emissions in imports from 2000 to 2016. CO2 emission reduction goal can be achieved by implementing the proposed consumption based emission accounting framework additionally to the country's emission inventory. Our results may help businesses and policy makers to establish more efficient strategies towards the EU's carbon emissions.