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Methodological aspects of qualifying academic papers preparation concerning defenitions of its theme, goals, objectives, subject and object of study are analyzed with business risk serves as example. It is shown than the research should be based on the principles of modern but not postmodern methodology.

This is the third in a trilogy of papers concerning the reform of Economics. This paper tackles the subject of Economic modelling, If modelling is a representation of reality then the concept of "what is real" must be discussed. A description of the purpose of modelling and the processes involved in creating models then follows. The debate then switches to Economic modelling, its purpose and its effectiveness. Traditional Economic modelling is still a useful tool for understanding and teaching but Data Analytics and intelligent algorithms are better for economic predictions.

The European Unions social policies of the last years aimed at improving the social conditions of youths across Europe. The goal of this paper is to comparatively analyse the characteristics of youths and their social conditions in the EU-27, during 20062016, using the following indicators associated to the young population: youth education and training, employment and unemployment rates, health, social inclusion, culture and creativity, participation and youth in the digital world. The paper also reviews the impact and efficiency of the EUs social policies in the current economic background, trying to catch the improvements in young peoples social conditions. For this purpose, there were used Employment and Social Conditions Indicators and Europe 2020 Strategy Indicators. Our analysis reveals that over time the youths aspirations and needs have changed along with their social conditions. The EU is obviously making progress in improving the social policies addressed to young people, but there are still visible differences between the member states and new, innovative approaches are required to respond to youths needs in the fast-changing economic and political context of Europe.

The European Union's social policies of the last years aimed at improving the social conditions of youths across Europe. The goal of this paper is to comparatively analyse the characteristics of youths and their social conditions in the EU-27, during 2006- 2016, using the following indicators associated to the young population: youth education and training, employment and unemployment rates, health, social inclusion, culture and creativity, participation and youth in the digital world. The paper also reviews the impact and efficiency of the EU's social policies in the current economic background, trying to catch the improvements in young people's social conditions. For this purpose, there were used Employment and Social Conditions Indicators and "Europe 2020" Strategy Indicators. Our analysis reveals that over time the youths' aspirations and needs have changed along with their social conditions. The EU is obviously making progress in improving the social policies addressed to young people, but there are still visible differences between the member states and new, innovative approaches are required to respond to youths' needs in the fast-changing economic and political context of Europe.

The paper considers the ways to optimize financing public higher education institutions of Ukraine. Public higher education institutions acutely feel the lack of financial resources. The study describes that it is necessary to reform the models, methods and forms of financing higher education institutions. The paper explains the impact of autonomy of higher education institutions on their development. The autonomy level of university determines the possibilities for diversification from additional sources. The results found that more autonomy of higher education institutions will allow them effectively generate and use financial resources. The review outlines the diversification of financial resources public universities. One of the key factors of the university success is to implement the diversification strategy into the overall academic strategy and mission of the higher education institution. The analysis recommends the performance-based funding system and public higher education institutions achieve certain performance indicators. The performance-based funding system will promote higher competitiveness of education institutions and improve the quality of higher education in general. The conclusions suggest the development trends of financing public higher education institutions of Ukraine.

The urgent question for Ukraine arised to look into the future with regard to the position of views on the future, which are divided by the world and authoritative international organizations. The possibility of Navigation in 2030 in terms of economic, environmental, demographic and investment securities is considered in the policy paper. The global environment with which Ukraine is facing in terms of security is changing rapidly and demands that the government understood and appreciated the challenges that threaten the future and integrity of the nation and the state. To achieve this understanding is only possible with a consistent and structured policy dialogue. Intellectual rigor and science-based approach should support this dialogue and can facilitate recognition of organizational factors that outline these challenges and threats. In this policy paper we have tried to combine drivers, futures, and effects.

The method of comparison, analysis and synthesis, induction and deduction in devoted paper for the purpose of summarized modern theoretical approaches to the investment activity of the enterprise are used. The research is based on the analysis of scientific papers of leading scientists about investment activity of the enterprise under crisis economic conditions. The relationship between corporate management, technological modification of the production process, the government protection of the property rights of investors under crisis conditions and investment activity of Ukrainian enterprises are analyzed. The paper is shown that lack of the investment activity in Ukraine is a negative consequence of the presence a high degree of risk as a result of banking crisis and serious legal violations in the activity of enterprises.

The paper consider of the long-term innovation strategy, on the groung of which a small business can be devolopped. Also the paper deals with main ways of activization of investment and innovation activity in Zakarpat region. The advantages is purely an innovative model of growth and source of inexhaustible resource which performs human creativity, initiative, entrepreneurship, knowledge and intelligence. At present in Ukraine is dominated by elements of the model of absolute advantage and commodity -export, while the foundations of an innovative model of economic development at the stage of formation. Insufficiently involved is the potential of science , business, intellectual, and low wages. Addressing these issues is the foundation of small business through the implementation of innovative strategies.

Contemporary economic science is looking for ways of research actualisation to resolve the challenges under the world financial crisis. Besides existing challenges in private de-regulated sector, one of the efficient innovations can be found in broadening ERP applications in the Public Sector. This paper approaches to the ERP applications mainly from the economical rather than from technical perspective. Comparative analysis of New Zealand public sector is supported by relevant international practical experience (implementations), and by core fundamental analysis of economical nature of business processes used by public entities. The key advantage (based on a historical timeline) comes from a full integration of financial scope and operational activities. Using the example of ERP (as one of the drivers of productivity and performance improvement), the paper is aiming to underline how to bring the best practice and technology (data management and logical architecture) from the private sector into the public sphere.

Contemporary scientific reunions and debates are focusing, for several years, on economic crisis. As a result, there are an unnumbered ways to analyse and to interpret the crisis. Our intention, in the present paper, is to analyze the economic crisis through another perspective: through the role played by institutions. Our scientific approach aims to examine whether public institutions play a role in the onset, progression or solve an economic crisis. For this we choose as representative public institution the U.S. Federal Reserve System. To meet our purpose we focus only on Federal Reserve actions and their consequences, of any, by taking a short inside look to the Great Depression and 2007-2008 crisis. We tried to figure out which were FED’s actions, were they suitable and effective? Could they be better, more appropriate to the specific situations? Those are questions that we try to answer in the present paper.

The purpose of the present paper is to identify if the congruence of the consumers personality with the perceived brand per-sonality increases their brand preferences. To achieve this purpose, the paper was structured in two parts; the first part contains a general literature review of the consumer behaviour theory and its influence factors and a more specific one regarding the consumer’s and brand personality concepts. The second part describes the used research methodology for achieving the paper’s purpose. The results of the underlying exploratory research confirmed the hypothesis that an overlapping of the consumers’ personality and the brand personality they perceive is positively correlated with their brand preferences.

The goal of this paper is to highlights some thoughts about regulation and self-regulation for e-commerce, to present cases and the importance of co- and self-regulation in e-commerce. There are a couple of question that rise in this area and we will try to answer with this paper: What are the benefits and disadvantages of self- and co-regulation, how can online industry be a cause and effect for self and co-regulation, should our web portal and search engines be a subject to any kind of regulation, what is the impact of the Internet and self and co-regulation on the e-commerce.

The paper deals with the peculiarities of formation of relationships in the reform of social security. Examines institutional support provided social insurance accidents with the latest trends reform of the sector. The study notes that the organization of social security is lost insurance principle, the general principles of the Social Insurance Institute, added other excess principles that form the basis for misappropriation of funds and various abuses. These problems are urgent and require research. The paper reviews the basic principles to achieve the optimal balance of economic and social needs of providing social protection of citizens of Ukraine. The results emphasize the need for heightened security procedures for consolidation of compulsory state social insurance against industrial accidents and the State Mandatory Social Insurance against disability.

This paper develops the vector autoregression model of the Ukraine’s economy for exploring the dynamics of key indicators of the domestic economy in response to the shocks from systemically important economies. The foreign variables in the model are growth rates of real GDP, consumer price indices in the advanced economies and in countries of emerging and developing Asia and oil price. The results suggest that the shocks from the “large” economies are absorbed by the domestic economy for a long time. A significant part of the variability of real GDP growth index in Ukraine is due to external factors. Inflation in advanced countries has the most significant influence on this variability (among other external shocks) that confirms inflation import from these economies. At the same time the price of oil does not significantly contribute to the explanation of the mentioned variability. Given the euro area share increase in foreign trade and China’s impact on metal market conditions this paper also explores the influence of these economies’ indicators (notably production indices and consumer price indices) on Ukraine’s economy.

The paper considers the problems of financing higher education institutions and focuses on formation of estimates of higher education institutions in Ukraine. The study established that the public and municipal education institutions financed by estimate and budget, which is determined by the amount and directions of use funds for implementation of functions and achieving the goals. The estimate has 2 components: general and special fund. The paper describes the practice of using general and special funds of higher education institutions. The results present the features of financing public and private higher education institutions. Public higher education institutions acutely feel the lack of financial resources. Tuition fees at public higher education institutions are calculated according to the requirements of the budget legislation. The conclusions suggest the prospects of financing higher education institutions in Ukraine. Higher education institutions need to give special attention to financial planning, optimization of financing sources and expenditures. It is necessary to reform the models, methods and forms of financing higher education sector.

This paper examines the international experience of the restructuring coal mining industry. The paper highlights the issue of inefficiency public restructuring and features of its the implementation of developed countries. The research identified socio-economic consequences of reform and formulated measures to improve the investment activity to coal mining regions carrying out restructuring.

This paper examines the activities of patent trolls in the transition to a postindustrial society. The paper determined the impact of patent trolling for development innovative. The study analyzes dynamics of patent lawsuits in the largest high-tech companies in the world over the past five years. Considerable attention is paid to the peculiarities of patent trolling in Ukraine. The paper defines the role of patent trolls in the structure of financing innovation and analyses global instruments to combat patent trolling.

The paper substantiates an innovation constituent of sustainable development along with environmental, social and economic pillars of the concept. Determining of implementation details of innovation activity by J. Schumpeter is a theoretical prerequisite to understanding of innovation constituent. An innovator-entrepreneur provides a customer with an information image of 'new combinations.' The image is created by identifying customer's future needs, which outline business aims, subject and appropriate means for creating the innovation products. However, consumer choice is largely motivated by values and specific rules of behavior. The rules of consumer society that in the industrial age become the motive, morality and institution, did not consider the reproductive capabilities of the environment. This disagreement was previously presented in The Limits to Growth by the Club of Rome and was reflected in the concept of sustainable development, which gained immense significance after the report of the World Commission on Environment and Development in 1987 (Our Common Future). The study highlights importance for establishment of new social values that motivate innovators to change their thinking, comprehend their responsibility not only to consumers but also to the environment and future generations. The Rio+20 Corporate Sustainability Forum: Innovation and Collaboration for the Future We want, organized by the UN Global Compact, demonstrates the interest of entrepreneurs in practical implementation of the concept of sustainable development, through an effective innovation activity. The paper summarizes management tools for implementing business commitments to action in priority areas of ensuring sustainable development: Energy & Climate, Water & Ecosystems, Agriculture & Food, Economics & Finance of Sustainable Development, Social Development, and Urbanization & Cities. Main stages of changes in companies are outlined for making responsible innovation solutions and implementing the innovation constituent of sustainable development.

Actual status of management confirms usefulness and necessity for development of scientific modeling tools for decision-making processes based on distributed artificial intelligence. The paper presents opportunities of the agent – oriented approach to support operative and strategic management decisions at the pharmaceutical enterprise. It is argued that the combination of intelligent agents technology and Data Mining (DM) produces a powerful synergistic effect. The basis of the intellectual agent – oriented DSS (AODSS) is proposed to put a hybrid approach to the use of DM. Hybrid intelligent AODSS is represented numerous network of small agents, it provides concurrent operation execution, solutions distribution, knowledge management. Agents can be divided into groups: data agents, monitoring agents, agents for solutions search, modeling agents, impact agents and presentations agents. The result of research is development of AODSS created as a multi-level system wherein the project, process and environment levels are intercommunicated. The combination of intelligent technologies in AODSS allows involve rules, cases, a wide range of DM methods and models. The paper proposes a variant of AODSS implementation within the real enterprise IT-infrastructure based on SAP NetWeaver. The analysis results of the semi-commercial operation of the system assures that it can improve managerial decisions inasmuch as accuracy, consistency, flexibility, speed together form the basis of actual efficient solutions.

In this research paper, we shall consider the application of classical 0-1 knapsack problem with a single constraint to selection of television advertisements at critical periods such as prime time news, news adjacencies, break in news and peak times using the WINQSB software. In the end of this paper we shall formulate the task of investigation of the post optimality solution of optimal Television Adverts Selection with respect to time allocated for every group adverts.

The paper encapsulates the essence of university social responsibility. The study explores basic directions of universities social responsible activities in Ukraine and in western countries. A comparative assessment is conducted as to distribution of social responsibility in national universities activities. The paper specifies priority areas of social responsibility education.

World experience shows that in most developed countries of the world innovations are crucial prerequisite for sustainable long-term economic development. The paper deals with state financial support innovation publishing companies in Ukraine. The main factors that hinder the promotion of innovative activities publishing companies have been analyzed. The paper considers with different sources of financial support innovation publishing companies. The recommendations for priority actions to enhance innovative activity publishing companies in Ukraine have been done. Also, offered the most effective mechanisms for financial support innovation publishing companies in current economic realities companies have been analyzed. Allocated that the main sources of financial support for innovation activities of domestic publishing companies are methods of direct state financial assistance to business entities.

The paper exposes key aspects of company’s competitiveness. An absence of competitive enterprises in Ukraine is proved. Internal reasons of low level of their competitiveness caused by activity of Ukrainian companies are characterized. External reasons of low level of Ukrainian companies’ competitiveness which are caused by special issues of their macroeconomic and microeconomic environment are exposed. the role of competition in ensuring of competitiveness of Ukrainian companies is shown. The author argues that under the absence of efficient competitive environment and formation of civilized market relations Ukrainian enterprizes do not use established ways of reaching competitive advantages. The paper proves that such reasons determine a necessity of improvement of current mechanisms and methods of solving this problem or searching new ones. Recommendations towards increase of competitiveness of companies in Ukraine are suggested. Among them are increase of quality of government institutions, development of competition institute, implementation of “efficient competitor” strategy, debureaucratization of economy; reduction of market entry and exit barriers; improvement of the system of providing benefits and state aid for a companies, etc.

The paper deals with the dichotomy and the cointegration of two categories: economic security and its investment component. The scope of this paper is to consider the dynamics of the investment component of economic security and its synergy. Granger test is used to assess the causal relationship between indicators of investment and economic security.

The paper is devoted to the principles of the reorganization of the economic system of Ukraine. The principles of the economic system reorganization presented in the paper as a consequence Schumpeter’s theory of economic development. The main idea of the article is that institutions of modern society should systematically promote the establishment, operation and development of a new appropriation form that follows from both the role of innovation as a factor in Schumpeter’s theory of economic development and the role of social factors.

The article provides the conceptual study on the emerging and further development of the corporate social responsibility (CSR) starting from the late 1880es. The paper covers the most important transformations of the concept, starting from its understanding as a mechanism of redistribution of the wealth and continuing till the formation of the modern business strategy. The study investigates the main principles of CSR, the key arguments for and against the social performance of business, potential positive impact on society and challenges of CSR. The study concludes that key goals of CSR are modifying with other economic and social changes, shifts in public needs and requirements towards business, the possibility of public sector to provide and support basic human rights etc. The outcomes of the research are useful for business in order to implement correctly principles of CSR and avoid possible challenges, to impact positively social life and standards, as well as public sector while the process of institutionalization and forming the legal background of CSR.

Large systems are notoriously difficult to analyse. This paper explores how a combination of three proven systemic tools can be combined to provide a suitable framework for such analysis. It uses the Gulf Cooperation Council as a case study.

In our previous studies, the authors argued that Economic Science in particular thesub –field of macroeconomics needed a profound reset and upgrade. It must use the systemic and cybernetic tools that are now available. This paper promotes a new paradigm and presents three examples that illustrate how a judicious application of systems theory can help to better understand the problem and offers a tool (System Dynamics) as a means of obtaining meaningful solutions.

The paper considers the issue of ensuring the level of economic security in Europe. Based on the panel gravity model, a regression was estimated for 49 European countries for 1991–2017. The investigation tested six different hypothesis about the channels of dissimilation of economic security level in Europe. The results provided an opportunity to determine the factors affecting the spread of a high level of economic security to neighbouring countries. It was stated that some factors play an important role in the process of exchanging best practices, technologies, human capital, etc. In particular, such factors can be mentioned: the economic security index of the neighbouring country, the difference in the indices of economic security between countries, the distance between countries, the existence of common borders, the country's participation in the European Union, the introduction of the euro in the country. It was shown that European countries have not yet exhausted the potential of developing their own economic security. For example, the expansion of the European Union, of course, subject to the principles of its functioning, can increase the general security level by about 1,5 %. Also, it was stated that distances cease to play a decisive role for the spreading the technologies, goods, services. This means that taking into account the development of Europe's transport infrastructure, it is possible to quickly disseminate the latest trends in economic security among countries. Economic growth and equalization in economic conditions offset the differences between countries. The growth of the economic security index in neighbouring countries is sufficiently significant. Thus, it is beneficial for all countries to have prosperous neighbours around them. At the same time, an increase in the economic security index is possible only with a significant increase in competition.

In this paper we utilize a stochastic differenced logistic process to model the annualized Kuwaiti GNPfor the years2002 to 2012 incorporating the world oil price collapse that occurred in the third quarter of 2008 late 2009 .The fitted stochastic differenced logistic model is then used to investigate the properties and behaviour ofKuwait real GDP given the impact of the 2008 price crash on short run economic growth.The derived stochastic differenced logisticaloutput is shown to be robust in terms of goodness of fit, capturing the jumpeffect of the oil price collapse on the real GDP .This approach is unique in estimating oil price shock effects on the GDP for oil export dependent economies. Finally, the approach delivers robust estimation parameters passing standard diagnostic tests.

Changes in the geopolitical situation in the world create risks and threats to the economy of the state as for its economic security. The paper considers possible risks caused by geopolitical confrontation between great powers and blocs of countries, economic preconditions for conflicts, struggle for resources and energy supply. It is shown that geopolitical challenges will have a significant impact on the economic component of the countries of the world for a sufficiently long time, especially for Ukraine, which, due to its small economy, can not play a significant role in the international arena.

This paper applies the interdisciplinary New Institutional Economics framework, identifies diverse market, private, collective, public and hybrid modes of governance and assesses their impact on agrarian sustainability in Bulgaria. First, the methodological framework of the study is outlined. After that dominating governing modes in Bulgarian farms of different juridical type, size, specialization, ecological and geographical location are identified, and their impacts on agrarian sustainability and its economic, social, and environmental pillars evaluated. In conclusion implications for further research, public policy improvement, and private managerial strategy formation are presented. Agricultural producers of different type use quite unlike mixture of effective market, private, collective and hybrid modes for governance of their activities and relations. Individual factors and modes most contributing to improvement of agrarian sustainability at the current stage of development are: managers personal convictions and initiatives, farms resources and innovation potential, near future profit and benefits strategies, market prices levels and dynamics, area-based EU subsidies, and informal agreements.

Our paper investigates the location attributes of a large sample of emerging economies from the perspective of foreign direct investments and multinational companies presence abroad. We use several macroeconomic variables that take into account the relevant location attributes for the decision of multinational companies to invest abroad and include them in a Principal Components Analysis to reveal the most relevant locational attributes or combination of such attributes that influence the decision of multinational companies to invest abroad. We find that only four variables had the most important contributions to the principal components: GDP per capita, international reserves, mobile phones subscriptions and labour force. Labour force is the variable that contributes the most to the first factor and its contribution grows in importance as we depart from 1994. At the same time GDP per capita has become less important in recent years.

In the context of the online environment and the pressure created by the new information and communication technologies, when the Internet is used by more than 40% of the world population, when the penetration rate of the online has reached more than 75% in Europe (52% in Romania) and almost 90% in North America and when the smartphone has become a constant companion of the individuals, todays companies must adapt or develop new marketing strategies that will help them win and retain the consumers, otherwise they will slowly perish. This paper aims to present several important marketing strategies based on the usage of the Internet tools like: search engine optimisation (SEO), content marketing, social media/online social networks, email marketing, lead generation, sales etc., that can be implemented by the Romanian companies. We are presenting several important advantages and disadvantages of these marketing strategies. We will also bring forth several important statistics regarding the Internet usage and of the online marketing tools and we shall underline future trends related to these aspects, all this being designed to support future managerial decisions and to better understand the need for the companies to implement and use them successfully.

This paper gives the possibility to analyze the application of renewable energy sources (RES) at different stages of their implementation to energy supply. Through the world experience we research the dynamics of energy consumption by its types; determine, what kinds of alternative sources are demanded most of all. In addition, we assess the efficiency of the application of RES in Ukraine. According to statistical and correlation analysis, it was proved that for Ukraine it is the most profitable to use biomass energy, while solar energy remains relatively expensive for our country. At the same time situation may change if costs for the solar panel will decrease in the future. It is shown that use of alternative energy sources decrease the energy intensity of GDP, while fossil resources increase this parameter. Unfortunately, Ukraine faces difficulties in attracting investments for development of RES as they are not so profitable at this time. It means that government should change its policy, increasing electricity prices to the European level, giving the chance for energy independence. In any case, in Ukraine, it will be necessary to increase the introduction of RES, as our country has only about 2% of RES in energy balance, while European countries in average have 17% and some of them have more than 60%.

In this paper we deal with the much touted and taunted upcoming transatlantic economic integration. We scrutinize the issue through the prism of both economic theory and historical development, in an attempt to contend that economic integration is no less lucrative on a transcontinental level than it used to be on a regional level. We use theoretical and historical arguments to emphasize the necessity and opportunity of a trade and investment agreement between the United States and the European Union, which is likely to turn the Atlantic into a redoubtable economic pole. We show that Europe and America are full readiness to enter into this paramount agreement.

The study considers the essence and structure of Ukraine's tax system and its institutional architectonics. The paper proves that in the broad sense institutional architectonics is the main principle of structuring, systematization, interconnection, and interdependence of elements of the whole concept. The study explains that the tax system as multisystem formation includes five interacting subsystems (systems) as certain integrity, which is in direct interconnections. The results found that the structure of the tax system includes: taxation system, the system of tax legislation, the system of taxes and fees, the system of relevant executive bodies, the system of taxes and fees administration. The analysis recommends that further reformation of the tax system should be pursued in the directions of congruence of tax system reforms in the system of reforms in other areas of public administration. One of the key factors is taking into account the links between the subjects of tax relations, the validity, and analysis of the relevance of changes that carry tax reforms. The conclusions suggest the main directions of reformation and modernization of Ukraine's tax system with the purpose of its further development.

This paper examines the dynamics of Ukrainian non-financial firms' capital structure within a historical perspective. It shows that firm financing since 1990 was a derivative from economic and institutional changes, and current levels of leverage are lower than ones of foreign peers. Whereas in the short-term we can expect some market recovery, long-term dynamics relies almost exclusively on the successof institutional reforms.

The paper systemizes existing studies devoted to agglomeration formation and functioning and exploring the peculiarities of agglomerations' development in CEE countries. The research is based on a comparison of indicators for industrial agglomeration development in 51 region of CEE countries. The assessing prospects for industrial agglomeration development were conducted using the following groups of indicators: localization level, availability of resources, the demand for the products of the agglomeration area. The study used methods of analysis and synthesis of scientific generalization, comparison, induction and deduction. Results of the research shows that an important feature for agglomeration development in Central and Eastern Europe were foreign investment resources in the region, which is associated with the emergence of clusters in these regions, although this investment was not the only determinant of success. The success of agglomeration origination with foreign investment was driven by the presence of industrial agglomerations in key areas and related supporting industries. It builds up a competitive advantage in the region and specialization in international supply chains, supply of resources (labor, production, logistical), unmet demand in the domestic markets of these countries. As the prerequisite of agglomeration development was availability of resources (natural; capital; technological). Primary lack of capital; technological resources was compensated because of the transfer of activities from abroad due to other competitive advantages of the regions. Availability of market opportunities and demand for agglomerations' products was an important aspect of determining the potential due to unsatisfied demand in national markets of the countries and proximity to customers in West European markets.

This paper studies the fallout of Brexit for insurance industry through a lens of future decisions to be made on the format and mechanism of this process. The operational and institutional aspects are analyzed, with focus on the leading role of the London insurance market in the formation of the capacity of the global insurance market and its dependence on the cash flows of other regional and national insurance as well as financial markets.

The article examines trends shaping the problem of "public sector". The research shows the history of the formation of the concept of "social economy", its relationship with the basic principles of theoretical economic analysis and development. The paper investigates process of establishing the structure of the phenomenon of the public sector and its interaction with the challenges of the modern world and the global economy. The article deals with the role of the public sector in the production of public goods. The researchers evaluated the effect of its scale in indicators of social, economic and i institutional development. The study singled out performance criteria for public sector institutions and analyzed changes of vectors public choice in terms of globalization changes. It was revealed the impact of global institutional transformation and structural reforms in the public sector, in-depth conceptual basis of improving the efficiency of public sector functions.

Twenty-six years ago the international community witnessed one of the most dramatic changes in economic systems. Naturally, the fall of communism in Eastern Europe and its consequences were events difficult to judge and anticipate in their immediate aftermath. Today, we have gained a much more coherent perspective on their meaning. The political liberalization of Poland in 1989 and its transition to the market economy was generally perceived as the most successful of all post-communist countries. From 1990 to 2013, Poland experienced the most outstanding economic growth within the former communist bloc. It doubled its GDP in real terms and became the only country to experience economic growth during the financial crisis of 2008-09. However, the polish secret recipe lies in the "shock therapy" adopted at the beginning of the 90's. The aim of this paper is to examine the importance of the Balcerowicz's program in creating the basis for economic stability and growth through privatization, liberalization of foreign trade, monetary reform and an open economy. We will also review the impact of this unprecedented transformation in shaping a strong, market-oriented economy.

Technology change and the resulting increase in labour's productivityis the major contribution of bourgeoisie. Yet, as the path and the velocity of technology's evolution changes, the phenomenon induces systemic modifications challenging the very nature of capitalism itself. This in turn alters the role of the R&D and academic institutions in the modern society. The present paper contributes to this discussion. We follow a theoretical framework that combines epistemological and economic growth theories in order to suggest the induced changes. Next we discuss the modern role of academia and R&D. We conclude by presenting hypotheses for further research and discussing the induced policy implications.

The urge to increase the performance of company processes is ongoing. Surveys indicate however, that many companies do not measure the controlling performance with a defined set of key performance indicators. This paper will analyze three categories of controlling key performance indicators based on their degree of measurability and their impact on the financial performance of a company. Potential measures to optimize the performance of the controlling department will be outlined and put in a logical order. The aligning of the controlling activity with the respective management expectation will be discussed as a key success factor of this improvement project.

The aim of this paper is to evaluate the state of development of financial system from 3 of those countries that European Union has established relation through Partnership Program, added Romania also. The research is based on the empirical evidence about the structure and performance of financial systems from RBMU's countries (Romania, Belarus, Ukraine and Moldova). The results are correlated with the influence of remittances inflows in fostering the development of financial systems, especially banking systems, analyzed from the reverse casualty approach.

The paper considers and presents synthesis of theoretical models of balance of payment crisis and investigates the most effective ways to model the crisis in Ukraine. For mathematical formalization of balance of payment crisis, comparative analysis of the effectiveness of different calculation methods of Exchange Market Pressure Index was performed. A set of indicators that signal the growing likelihood of balance of payments crisis was defined using signal approach. With the help of minimization function thresholds indicators were selected, the crossing of which signalize increase in the probability of balance of payment crisis.

In the context of globalization, global financial crisis reflected the evolution of the relation global finance - global economy. The paper focuses on two issues. First, we review a part of the literature regarding the costs and benefits of financial globalization and the links between financial globalization, global imbalances and crises. Second, we discuss whether the financial globalization associated with global imbalances contributed to the 2008 global financial crisis. We conclude that global imbalances (GDP, current account, capital flows and international reserves) played a key role in determining the incidence and propagation of the global financial crisis both in advanced and developing economies. But they are still not resolved and so the risk to power a new global crisis remains high. Therefore economic and financial globalization has to redefine the links between international finance and global economy nowadays.

A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identi¬fied at international level.

In this paper we aim to analyse two paradigms, from the perspective of the mutual recursivity between them: telework and cloud computing. The main purpose of this scientific endeavour is to determine the level of support of each paradigm for the other and the synergic effect generated by their interdependence. We will approach functional, juridical and environmental issues. As result, we aim to highlight the way Cloud computing solutions may revolutionize all that is telework and who telework may be redefined through the transition to a superior level, called telework 2.0.

Today's economic development on a global scale is highly dependent on the free movement of factors of production across national borders in search of highest return in case of capital, highest compensation in case of technological and managerial capabilities, biggest pay envelope, in case of physical labor and so on. Although the latter has long been hampered from moving owing, on the one hand, to deterrence policies pursued by home countries' governments, and on the other hand, to barriers erected against immigration by host countries, legions of workers of various skills and abilities managed to shift to developed countries in order to find better-paid jobs. People heading for the West generally succeeded in saving significant shares of their earnings, which they would send to their families at home. The paper contains a comparative analysis aimed at ascertaining the effects of remittances on the economies of three ex-Soviet countries: Belarus, Moldova and Ukraine.