The Innovative Impact of Insurance for Economic Growth: The Evidence from New EU Member States

Insurance market activity, both as a financial intermediary and a provider of risk transfer and indemnification, may contribute to economic growth by allowing different risks to be managed more efficiently and by mobilizing domestic savings. During the last decade, there has been faster growth in insurance market activity, particularly in emerging markets given the process of liberalization and financial integration, which raises questions about its impact on economic growth.The aim of this paper is to examine relationship between insurance sector development and economic in 11 new EU member states from CentralandEasternEurope, using annual data fortheperiod 1999-2018. We apply dynamic and fully modified ordinary least squares to estimate the relationship between the variables. The results of our study indicate there are a positive and a significant relationship between insurance, measured through penetration, and economic growth Thus, functions of insurance companies - providing means of risk management and performing mobilization and allocation of resources - are important for economic growth and is in line with previous studies and with our hypothesis These results could be useful for regional governments that seek to improve economic growth as they suggest the need for implementation of stimulative policies for the development of insurance industry

The relative effectiveness of law enforcement policies aimed at reducing illegal trade: Evidence from laboratory markets

Despite recent emphasis and implementation of national and international anti-money laundering policies, illegal product markets, and their associated illicit profit remain a global problem. In addition to law enforcement aimed at reducing money-laundering, enforcement also takes place during (1) the production (e.g. crop eradication) and (2) sale (e.g. seizure of products during transportation that interrupts buyer and seller transactions) of the illegal product. Since funds for enforcement come from limited budgets, understanding where in this production-trade-laundering cycle law enforcement is most impactful becomes a global question. Using laboratory experimental markets and a seizure rate of 20%, we find that law enforcement focused on seizing laundered profits does little to reduce illegal market activity when compared to no law enforcement, suggesting that focusing law enforcement on money laundering will likely be ineffective at reducing crime. Results further show the amount of illicit trade is nearly 32% lower when law enforcement is focused at the point of sale, and there may be additional economic incentives that reduce illicit trade in the long run when compared to no law enforcement. Enforcement at the point of production also reduces market activity, but not as effectively as enforcement at the point of sale. Lastly, the empirical findings deviate from equilibrium predictions, suggesting law enforcement policy based on theory alone may lead to inefficient allocation of limited law enforcement resources.

The Market for Online Influence

Recent developments in social media have morphed the age-old practice of paying influential individuals for product endorsements into a multibillion dollar industry, extending well beyond celebrity sponsorships. We develop a parsimonious model in which influencers trade off the increased revenue they obtain from paid endorsements with the negative impact that these have on their followers’ engagement and, therefore, on the price influencers receive from marketers. The model provides testable predictions that match suggestive evidence on pricing of paid endorsements, reveals a novel type of inefficiency that emerges in this market, and clarifies the role of search technology and advice transparency in shaping market activity. In particular, we show that recent policies that make paid endorsements more transparent can backfire, whereas an increase in the effectiveness of the search technology that matches followers to influencers has both direct and strategic positive welfare effects. (JEL D83, L82, L86, M31.)

Information Resolution, Information Content, and City Debt

This chapter furthers an understanding of how information resolution relates to borrowing and debt composition at the city level. The study examines the role of credit ratings, as well as the key informational components of credit quality, for city borrowing levels and debt structure. The informational components of credit quality include economic, fiscal, debt and financial, and governance factors. This chapter evaluates city debt for the largest cities in select countries with SNG market activity across the globe by asking: What debt levels do cities have, and what is the composition of that debt? How does information resolution, both information resolution institutions and the underlying components of credit quality information assessment, influence subnational-level borrowing?

Characteristics of Market Activity of International Tourism Investment Association (PRC)

The article examined the characteristics of the market activity of the innovative travel company International Tourism Investment Association (ITIA), which operates in the markets of outbound, inbound and domestic tourism of the People's Republic of China, as well as in related markets: transport and investment services, hospitality services and project activities. The purpose of the research was to study the factors of the main activity, namely tourism. The research collected and analyzed information about the factors of external and internal environment of the company's market activity. The results of the PEST analysis showed that the macro-environment is quite favorable to the development of tourism business in China. However, this situation also creates negative effects for ITIA, including increased competition, high consumer demands for the quality services, and environmental issues in a number of regions. The results of the SNW analysis showed the overall success of the company among its competitors in the tourist market. At the same time, the research identified the need to strengthen some positions. In this regard, we suggested ways to improve the company's activities in the travel services market.

A népesség munkaeőpiaci aktivitásának jellemzői

A tanulmány a szak- és felnőttképzésben dolgozó szakemberek számára – elsősorban az oktatás és szakképzés társadalmi hasznossága/hasznosulása iránt érdeklődőknek – kívánja bemutatni a problémakör egyik vetületét: az iskolai/szakmai végzettség és a munkaerőpiaci eredményesség összefüggéseit. A vizsgálat célcsoportja a 15–64 éves, munkavállalási korú népesség, tekintettel arra, hogy a teljes foglalkoztatás társadalmi célja közvetlenül erre a korosztályra tűzhető ki. A vizsgálat időszaka a 2001 és 2019 közötti évek, melynek praktikus oka az, hogy a nyilvánosan hozzáférhető KSH adatbázis erre az időszakra tartalmazott a munkavállalási korú népességre vonatkozó adatokat. A vizsgálat áttekinti, illetve elemzi az emberi erőforrás társadalmi-gazdasági szerepével kapcsolatos elméleteket;a népesség iskolai végzettség szerinti alakulását iskolafokonként (alap-, közép- és felsőfok) – és a legmagasabb iskolai végzettség szerint (befejezett és befejezetlen általános iskola, középfokú szakképzettség érettségi nélkül, érettségi szakmai képzettséggel vagy anélkül, főiskola v. alapszak, egyetem v. mesterszak);a végzett tanulói létszámok alakulását iskolafokok szerint;a népesség iskolai végzettség szerinti, főbb munkaerőpiaci jellemzőinek alakulását (a gazdasági aktivitásnak, a foglalkoztatásnak, a munkanélküliségnek a száma és aránya). A vizsgálat eredményei alapján a közlemény következtetéseket, valamint javaslatokat fogalmaz meg. The goal of our research to show the development of the schooling and the professional qualifications in the last twenty years (2001-2019), and their effect the position change of population at the labour market.We chose the working-age population (15-64 years) as the social goal of full employment can be achieved for the working-age population.In the frame of the research first, we have made a short overview about labour market theories and about viewpoints.After that we analyzed the development of the number and proportion of population groups by different school types and school levels. In the second part of research we have examine the labour market activity of the different schooling groups, namely economically activity, the employment and the unemployment by number and by rate. In the all analyse we have show the datas of processes and start- and end-points.On the basis of the research results we had draw conclusions and proposals.Between conclusions are trend-type, too, which are valid for a long-time distance. In the present summary we show shortly the theoretical background, the causes and goals of the research, the change of work-age population by the schooling qualifications, and the change of labour market activity in economically activity and employment by numbers and rates. From the results we stress the economic activity proportions by the different schooling qualifications groups as their values are permanent and are characteristic to the group.

E-CONSUMERS AS CREATORS OF INNOVATION IN THE ERA OF INDUSTRY 4.0.

The article presents the profile of an e-consumer as a co-creator of the offer, whose market activity is intensified thanks to the use of modern techniques and technologies, mainly the Internet. Through the Internet, consumers connect with other consumers and producers, becoming a knowledge reserve. And this knowledge is a valuable source necessary for innovation. Thus, it can be concluded that e-consumers are the creators of such innovations of various types. The purpose of this article is to follow this process. For this purpose, the profile of the modern e-consumer has been outlined, emphasizing that his behavior is determined by the digitization of societies, as a derivative of the era of Industry 4.0. The role of innovation in a modern enterprise is presented. It was noted that a large part of them is created by e-consumers. The conclusion of the considerations is the original model of creating innovation by e-consumers.