KARABAKH'S TOURISM PROSPECTS AS A KEY FACTOR IN THE DEVELOPMENT OF THE NATIONAL ECONOMY

In the modern world, tourism is perceived as a socio-economic event that directly and indirectly affects the development of all related infrastructure. Modern tourism is based on a high level of development of transport, social and service sectors, which ultimately makes it a highly profitable sector of the economy. According to the World Tourism Organization (WTO), tourism is one of the most profitable and dynamic sectors of the world economy today. It is the second most profitable after oil production and refining. Tourism accounts for about 6% of the world's gross domestic product, 7% of global investment, every 16th job, 11% of global consumption spending and 5% of all tax revenues. In this regard, the tourism sector is actively developing in many countries with state support. The main purpose of the study is to analyze the prospects for the development of tourism in Karabakh. Nagorno-Karabakh has great tourism potential, and the restoration of lost infrastructure communications in the liberated territories is expected to create favorable conditions for business, including the development of tourism. The article discusses the features of tourism in Karabakh, the concept of tourism development prospects, as well as its problems. Keyword: Karabakh, tourism, development, economy, prospects

Resilience of commercial banks of Bangladesh to the shocks caused by COVID-19 pandemic: an application of MCDM-based approaches

PurposeThe purpose of this study is to analyze and forecast the financial sustainability and resilience of commercial banks of Bangladesh in response to the negative effects of COVID-19 pandemic.Design/methodology/approachEighteen publicly listed commercial banks of Dhaka Stock Exchange (DSE) have been taken as a sample for this study. To measure the riskiness of banks' credit portfolio, nine industries of DSE have been considered to determine probable loss of revenue arising from the COVID-19 pandemic shock. Moreover, two commonly used multiple-criteria-decision-making (MCDM) tools namely TOPSIS method and HELLWIG method have been used for analyzing the data.FindingsBased on the performance scores under TOPSIS and HELLWIG method, banks are categorized into three groups (six banks each) namely top resilient, moderate resilient and low resilient. It is found that EBL and DBBL are the most resilient banks, and ONEBANK is the worst resilient bank in Bangladesh in managing the COVID-19 pandemic shock.Research limitations/implicationsThis study concludes that banks with low capital adequacy, low liquidity ratio, low performance and higher NPLs are more vulnerable to the shocks caused by the COVID-19 pandemic. The management of commercial banks should emphasize on maintaining higher capital base and reducing default loans.Originality/valueResilience of the Bangladeshi banking sector under any adverse economic event has been examined by only using stress testing approach. This study is empirical evidence where both TOPSIS and HELLWIG MCDM methods have been used to make the result conclusive.

PRESENTATION OF SEMANTIC CATEGORIES OF EXCLUSIVITY IN ECONOMIC DISCOURSE

The relevance of the research is determined by the need to improve the economic literacy of the population, economic communications, and therefore study the specifics of discursive practices recorded in the economic media text. This will allow us to form full-fledged axiological guidelines in the economic sphere as a whole, including in the aspect of the process of deprivation, and on this basis form a fragment of the value picture of the world. It will undoubtedly be able to affect the material well-being of both the individual and the entire society as a whole. Since superfluous semantics basically contains a negative connotation, and the reader, perceiving the economic event described, introduces it into a certain social context, it is necessary to study the reader's perception of statements with superfluous semantics. This can help to improve the content and formal means used, as well as the methods of presenting economic information in Newspapers.

Blame Attribution and Disclosure Propensity

We find that firms are less likely to disclose information regarding a negative economic event for which the firm is likely to be blamed than a negative event for which the firm is likely to be perceived as blameless. We identify 383 material negative events (casualty accidents, oil spills, catastrophes, investor class action lawsuits) and find that firms are approximately four times less likely to disclose information following a negative blamed event than a blameless event. Consistent with disclosure of blamed events resulting in greater costs to the firm, we find that firms that disclose after a blamed, but not a blameless, event experience greater reputation and litigation costs than firms that do not disclose. We find that blame attribution provides incremental information over manager career concerns in the disclosure decision. These findings suggest that an event-specific factor-blame attribution-affects firms' propensity to provide disclosures about negative economic events.

El Espíritu Santo en su índole trinitaria y esponsal según Guillermo de Saint Thierry

In his writings, the theologian and mysticist William of St-Thierry (early 12th century) elaborates a pneumatological conception centering around espousal dynamism. From this place, the author’s main formulations are reflected in the work Expositio super Cantica canticorum: First, William of St-Thierry understood love as a primacy of the Spirit; second, he elucidated the progress of beauty as the source of every good, referring to lovers’ reciprocity; and finally, he speaks of the union of the two lovers which brings them into only one Spirit. From these axes, we intend to understand and analyze Unitas spiritus, as an economic event in the life of a believer, from which our author articulates that the Holy Spirit makes possible the unity of Father God and Son, as well as that of God and mankind.

Prompt implementation of the right to deduct input tax in light of EU regulations

In a situation where the taxpayer [resp. person taxable] holds an invoice prior to submittal of the return/statement for the settlement period in which the tax obligation occurred on the part of the contracting party, the term laid down in Article 178 (a) of Directive 112 has been met. Whilst the holding of an invoice is the only formal requirement, the notion of ‘holding’ ought to be interpreted in a manner compliant with its colloquial understanding. In turn, ‘holding’ is not equal in meaning to ‘receiving’/‘receipt’. In the event that an economic event has occurred and the taxpayer is capable of giving evidence for it, as he holds the invoice at the moment the tax settlement is made in the return/ statement, there are no grounds that would be legitimate under the EU laws for arguing that the taxpayer must shift his vested right to have the input tax deducted to the subsequent month, being the months in which he receives the invoice. The rule of prompt implementation of the right to deduct input tax should be taken into account. If the national regulations provide for shifting the above-specified moment through formulating any additional conditions are contrary to Directive 112. It is therefore apparent that Article 86, clause 10 (b), item 1 of the Polish Value-Added-Tax Act of 11th March 2004 is not in agreement with Article 178 (s) of Directive 112 as the former sets forth a condition that is not provided in the said EU regulation–namely, the right to have the output tax reduced by the input tax only as part of the settlement for the month in which the taxpayer receives the invoice.

2008 Global Financial Recession Impact on Yemen’s Economy and Oil Industry

Yemen as an oil exporting country with relatively larger populations and modest oil resources has witnessed a sharp deterioration in their public finances and current account balances in 2008-2009, as a result of financial crisis mainly lower oil prices leading to a weakening of the economy.This study targeting the global crisis impact on Yemen’s economy, by analysis the macroeconomic indicators to understand how much the government achieve in term of economic efficiency which reflected in economic growth, full employment, trade balance and price stability. Yemen has less developed monetary banking system and relatively minor exposure to foreign banks, which result in fair impact from the financial global crisis. However, the government can’t sustain exchange rate and stabilize the price the non-oil declined by 3% of the determined gross domestic product (GDP) in 2009, from 6.98% in 2008. This paper found that the crisis has negative impact on the government revenues, trade balance and significant reduction in foreign direct investment (FDI), caused reduction in spending and widened the deficits in the budget and the balance of payments. Real growth has been achieved relatively high rates and through precisely the crisis. The revenues declined more than 10% in 2009 and government expenditures reduced with regards to decline in oil revenues and service delivery. The government responses were successful in the monetary policy side, but with lots of blurred in the fiscal policies which was subject for critical discussion and assessment. This paper concluded that to improve the overall Yemen’s economy and avoid any unpleasant economic event in the future, government should have a strategic plan to achieve sustain growth rate by diverse outcome resources, support the private sector and encourage investments.

Creative Accounting and Its Impact on Financial Statements

Creative accounting responds to the same issue faced by the management, but the answer lies at the boundary between the legal and de facto recording of the economic event, leaving accountants to create the entity's economic reality. The manager of the entity can choose from the multitude of accounting treatments and policies, the one that is most convenient and responds best to their own interests, which implies that the outcome may be convenient and not necessarily true. This chapter presents the implications and challenges of creative accounting on financial statements. The results show that the main controversy raised by the standards refers to the need for periodic reassessments and the possibility of choosing a method of measuring the value, which creates premises for the practice of creative accounting.

The Asset Structures of Emerging Technology Providers

ABSTRACT The cash reserves of IT firms, which have been important providers of emerging technologies, have undergone increasing scrutiny as their market valuations have reached unprecedented levels. Coincidentally, no previous research has investigated the asset structures of IT firms at a time when their managers are facing constant pressure to develop and support ever more sophisticated emerging technologies. First, we propose an investigation into six categories of asset holdings to inspect differential strategies of IT firms. We are interested in exploring the nature of asset holdings among this important sector of the economy. Next, we will empirically test for changes in asset holdings over three economic event periods commonly referred to as The Early 1990s Recession, the Dot Com Era, and the Great Recession. Applying the theories of asset specificity and the resource-based view, we hope to provide insight into whether asset strategies of IT firms change over time.