Monetary Policy Before and After the Financial Crisis and Its Economic and Legislative Impacts – Case of The Czech Republic

The article analyses monetary policy response to the world financial crisis and focuses more closely on the monetary policy of the Czech National Bank (CNB) at this time. Until 2007, the implementation of monetary policy in OECD countries was perceived very positively. However, the financial crisis has clearly shown that the world’s financial markets are highly interconnected, and this can have a major impact on individual national economies. Therefore, the monetary policy strategy has changed from a policy based on the so-called flexible inflation targeting. Ensuring price stability is emphasised as part of the monetary policy role of the CNB in the provisions of Article 98 of the Constitution, in the Czech Republic. CNB is perceived as one of the most independent central banks, the contituional dimension of its independence being confirmed by case law of the Czech Constitutional Court. In response to the financial crisis, CNB was forced to pursue unconventional monetary policy in the form of foreign exchange interventions between 2013 and 2017. However, during the time period of these interventions, CNB policy did not lead to achievement of the inflation target. Following the completion of foreign exchange interventions, CNB returned to conventional monetary policy through interest rates.

Challenges, Advantages and Disadvantages in Implementation of Ifrs 15 in Different Industries

The accounting rules related to revenues’ recognition and measurement have not been changed for many years, and have been listed in International Accounting Standard 18 – Revenues, which has been in use since 1984. Practice has shown that the standard is no longer an adequate basis for revenue recognition and therefore the International Accounting Standards Board (IASB) in cooperation with American FASB has created and published a new accounting standard that addresses the issue of revenue recognition – IFRS 15 – Revenues from Contracts with Customers. This standard supersedes the application of IAS 18 as of January 1, 2018. Since revenue is a very important element in determining the profit or loss of an entity and therefore its performance, preparers of financial statements should pay full attention to accounting principles related to revenues’ recognition and measurement while preparing financial statements. New accounting standard for revenues introduces certain innovations in the field of revenue calculation as well as in time of revenues’ recognition. These changes will have a significant impact on the amount of revenues for certain industries, such as the telecommunications and construction industry, which have significant share of revenues from contracts with customers. The aim of the research is to identify the challenges and problems that appears in the initial phase of application of a new standard on revenues such as; the need to consider a larger volume of documentation, inadequate existing IT infrastructure, multiple sources of documentation that must be considered in revenue recognition, including commercial, legal and financial documentation etc. In addition, we plan to identify benefits form the application of the new standard for the entities preparing the financial statements. In this context, it is expected to identify the sectors that have the most dilemmas in the application of this standard and to propose potential solutions to address these problems.

The Analysis of Coalition Parties´ Election Programme Fulfillment: Czech Case Study

In multi-party democratic systems, where there is no absolute majority, the political parties are forced to cooperate. The cooperation is built on negotiations that result in several side effects including also concessions and compromises in the program. This analysis focused on the fulfillment of the coalition party promises in the Czech Republic, specifically on Prime Minister Bohuslav Sobotka´s government. The input data of the research consisted of a prepared set of testable political promises from the pre-election programs of selected political parties. The promises were compared with the contents of the coalition agreement, the government’s policy statement. It was found that coalition political parties selected by the government within the framework of coalition cooperation managed to enforce approximately 36 % of their election promises. At the program level, 24 % of promises were enforced. In areas that increase the personal budget of voters, government political parties have pushed 76 % of promises. Regardless of their cooperation, they made approx. 52 % of the election promises during the parliamentary term. The dominant party of the government was the CSSD.

Role of Ergonomics in Medium Scale Apparel Manufacturing Industry in Sri Lanka

Ergonomics or science of human factors are used as methods and measurements to develop and design machine and work suit the employees. Encountered challenges in applying ergonomics in apparel industry in Sri Lanka are Inadequacy of equipment, assessments and inadequate knowledge on ergonomics norms. Both qualitative and quantitative was use to evaluate the present ergonomics situations at the manufacturing plant. A questionnaire was developed based on the evaluated current phenomenon of ergonomics in order to investigate the ergonomics through systematic observation at apparel industry to discover the malpractices and to implement the ergonomic standards. Prior to beginning the questionnaire, current ergonomics of the plants was observed, simple discussions were carried out with the randomly selected workers to get their ideas about the problems they have confronted was noted. Sample of size was 250 employees and was drawn randomly. Walk through survey was conducted in all the departments and the type of issue related to ergonomics encountered was recorded. As per the feedback, 78% of the operators identified their work load as light, 44%of the sample visit the medical Centre rarely.69% of the sample claims that their working posture is comfortable. The researcher observes that 41% workers claimed that they experienced lower back pains and 59% of the sample claims that the heat is high in the work place. Postural discomfort was common within the sewing operators. The study concludes that the management has to take some steps to improve work place ergonomics by considering on environmental factors.

Dimensions of Health Tourism in Turkey

Recently, many people in various countries have preferred private healthcare organizations in Turkey for treatment. The most important reason for this situation is that medical operations performed with modern techniques in source countries are also performed in Turkey and at affordable prices. Because of the low cost, high quality, and technology standards, foreign patients prefer Turkish health institutions in almost every field such as plastic and aesthetic surgery, hair transplantation, eye surgery, in vitro fertilization, open-heart surgery, dermatological diseases, checkups, cancer treatments, otorhinolaryngology, dialysis, cardiovascular surgery, gynecology, neurosurgery, orthopedics, dentistry, spa, physiotherapy, and rehabilitation. The 2013 report of the United Nations World Tourism Organization (UNWTO) states that the number of international patients in Turkey has increased in recent years but is still behind the numbers of patients traveling for treatment purposes around the world. Important achievements, particularly in the fields of transplantation, genetic testing, eye surgery, cardiology, orthopedics, plastic surgery, and dentistry, bring Turkey to the forefront of health tourism. This study emphasizes the economic dimensions of health tourism by discussing the improvement of health tourism in Turkey. Advantages, disadvantages, and future opportunities for health tourism in Turkey are examined in terms of diversification of the country’s tourism, economic dimensions, and alternative tourism opportunities. In this context, the study mentions the notion of health tourism, boosting health tourism around the world and in Turkey, and the place and economic dimension of Turkey within world health tourism.

Revealing the importance of cooperative ties and R&D support within Czech manufacturing industry

The importance of cooperation in the field of application knowledge and skills in creative processes is a constantly discussed topic. In general, these processes are described by a many study, but each of them acknowledges the need to take into account the specificities of individual countries and industries. All firms in the knowledge processes use cooperative links with their partners and often also public funds, which the state provides to support increased competitiveness or innovative absorption. Therefore, the aim of this paper has been defined as (i) to verify whether cooperation on innovation activities lead to growth or decrease of firms’ turnover and (ii) to find ways to allocate public funds more effectively, because most of innovation activities and cooperation are supported from public funds. Two linear regression models were employed. Data was sourced from a harmonized questionnaire of selected EU Member States from the Community Innovation Survey carried out in the Czech Republic for the period 2010-2012. Analyses have confirmed that collaborative links are at the heart of innovation processes, as well as the manufacturing industry has significant public resources that support these links and influence the growth of their turnover.

Training System and Skills Development within Algerian Companies

Business success is strongly associated with developing the skills of their employees. Companies are actually spending more and more money on employee training to improve their skills in changing laws, procedures, organizational change, or simply to improve or perform; this learning, this training brings us to a specific goal is to develop skills.The central question is:” how to build a good training system that will help develop skills?”In this article, we will explain the training system established by Algerian companies as well their motivations and their enthusiasms to obtain their fixed objectives; indeed, the field study speaks about the type of training established in an echoes of (35) Algerian companies in the department of accounting and finance since accounting standardization IAS / IFRS, that is to say the application of the financial accounting system from 2011 to the present day.