Eurasian Economic Perspectives

In this paper we study the direct effects of vocational training upon earnings, and bring empirical evidence for the case of Romania. In order to determine whether vocational training generates an increase in earnings, a quantitative analysis is conducted and econometric tools are applied on both a treatment and a control group. Survey micro-datasets are used together with a probit model, a Kernel matching algorithm and an ordered logit. The main findings are consistent with the international literature in the field, arguing in favor of a positive return on training, as higher earnings are to be expected after attending training programs.

The aim of this research is to assess a link between economic development and environmental pollution in the case of Lithuania. The research methods used in this research are as follows: systemic, logical and comparative analysis of literature, and statistical methods: descriptive statistics analysis, correlation analysis. Empirical analysis of this study focuses on the data of Lithuanian counties. The study covers 2000–2015 years using annual data. The cross-sectional data of Lithuanian counties showed that the pollution is higher in the higher GDP per capita counties. However, annual data analysis showed that there is a positive tendency in the sustainable development of the counties as there is the evidence that a strong negative correlation between the pollution and economic development exists in the majority of Lithuanian counties. It means that the decrease of pollution is related to the growth of economic development or vice versa.

Asian geometric options are path-dependent exotic options whose pay-off function is based on the geometric average price of the underlying instrument in the past (in a fixed period, leading up to the expiration date). This paper presents the issues connected with the geometric option: the instrument’s structure, types options, pay-off function, the pricing model, the effect of time to maturity and the price of underlying instrument on the option price and the value coefficients: delta, gamma, vega, theta, rho. These coefficients are the sensitivity measures. The sensitivity measures are important in managing the options risk. They indicate the influence the change in the option price for a change in the value of a risk factor. The objective of this paper is to present the effect of time to maturity on the price and the values of the risk measures (coefficients: delta, gamma, vega, theta, rho). The empirical illustrations included in the paper are presented based on a simulation of valuations of currency geometric call options (on the EUR/USD).

This chapter aims to provide some insights on the different definitions of smart city and smart community concepts which is done through a comprehensive literature review and gap recognition that exists between these terms. Besides this, the forthcoming issues and threats as a result of infrastructure dependence during smart city development are addressed, through integration of smart community elements to provide a comprehensive and balanced view to improve the quality of life. The implementation of smart city or community is presented through examples from China, Japan and Malaysia. Conclusion is drawn at the end of the paper that there is no absolute answer that which concept is preferred than the other while it is built upon the desired outcomes of the governments and developers within their own context that suit well for the country’s needs, social-culture, economic, technology advancement and values.

The goal of this research is to improve the Importance-Performance Matrix by more accurately fitting the attributes of quality into matrix quadrants. The working methodology implied the use of the mathematical apparatus, respectively of five validated mathematical indexes (Dunn validity index, Silhouette validity index, validity index Calinski-Harabasz, Pakhira-Bandyopadhyay-Maulik validity index and Davies-Bouldin validity index). It will consider the position of an attribute in a quadrant validated if it resulted in all five index-generated situations. It was tested the method for the data collected from the customers accommodated in the International Hotel in Băile Felix Spa, Romania. The result shows that the number of attributes that retain their quadrant position in all situations is greatly reduced, but the certainty about the position of the attributes is greatly increased. This method increases the rigor of IPA and helps managers in their decision-making about quality of services.

Contracts and management of public investment contracts are particularly vulnerable to fraud and corruption. This is due in large part to the large scale of these investments, which are followed by huge amounts of money and sometimes the difficulties associated with effective oversight of a large number of contracts. Disclosure of illegal payments often hinders public investment, leads to their failure or improper implementation. As a result, there are big losses incurred by the state budget. This paper examines 75 companies involved in the procurement process to identify the most common corrupt practices used by awarding entities at various stages of the proceedings. The paper also attempts to formulate recommendations concerning the economic policy of the state in the examined area.

This paper reviews the trends in the evaluation system used for public administration in the context of adopting the New Public Management principles in public administration in order to evaluate the gaps and underline the future developments. The research is focused on theoretical and practical aspects and proposes a new approach for the evaluation of governmental services. The proposed evaluation system is mainly focused on indicators connected with the evaluation of the employees of the public institutions activity and gives a central role to the opinion of citizens, as main beneficiaries of the governmental services. It quantifies both aspects concerning policy and culture quality and human resources. The development and implementation can contribute to the improvement of overall evaluation of the public sector governance.

The evaluation of the public management performance is the support for the public administration strategies and reforms. The paper reviews the trends in the management of the public administration which conduct to the New Public Management acceptation and implementation and explores the implication on the structure of the evaluation systems used to measure the performance of the public services. The research is focused on the theoretical and practical aspects and reviews the literature and the case studies in order to argue the necessity, the incentive factors and the general structure of an updated system of indicators for the public management performance who reflects the point of view of all the stakeholders as beneficiary of the public services and the influence of the new public management. The main influence factors that reshape the evaluation system are the change in the role of government in society and in the relationship between government and citizens, and the increasing importance given to the beneficiaries.

Following the United States, China is the second largest trade partner of the European Union (EU). In turn, the EU is China’s biggest partner in general trade. The prospects for the development of mutual trade relations are promising. Citizens of the EU and China constitute a quarter of the entire population of the world. The rapidly developing trade exchange between these two entities is subject of the analysis in this dissertation. The main objective of the dissertation is to assess the importance of agri-food products in trade turnover between the EU and China and to identify the main determinants of mutual trading. Three main factors determining the dynamic development of mutual turnover in the field of agri-food products were identified: (1) dynamic growth of GDP and demand for food products in China, (2) admission of China to the WTO, (3) Chinese policy of “New opening” in trade cooperation with the EU countries.

This paper presents the results of the empirical study for determining the factors affecting the environmental and economic per capita performance of national economies in the case of 15 post-Soviet republics over the period 1995–2013. The study shows that the growth of GDP per capita stimulates CO₂ efficiency of all countries. Other significant factors of CO₂ efficiency are energy efficiency, the increase of oil prices, the gross fixed capital formation and processes of small and large privatization. However, a multi-directional effect of some individual factors is established. Energy efficiency improvements are related to the growth of CO₂ efficiency. Oil prices and small-scale privatization also positively affect CO₂ efficiency, while large-scale privatization and the increase of gross fixed capital reduce the carbon efficiency. It was found that the growth of oil prices positively affects GDP per capita as well as carbon efficiency, while large-scale privatization has a negative impact on both indicators. The increase of gross fixed capital has a multi-directional influence on environmental and economic performance leading to per capita GDP growth and reduction of CO₂ efficiency.