Issue 3, 2018

А variety of perspectives for the in-depth study and systematization of trainings within the framework of the Active Labor Market Policy (ALMP) are presented, including formal and non-formal trainings, emphasizing their role as a component in the leading progress indicator in the implementation of the National Strategy for Lifelong Learning (NSLLL) 2014-2020 – “the participation of the population aged 25-64 in education and training”. Proposals for improving the methodical approach for systematizing the formal and non-formal trainings conducted within the framework of the ALMP were formulated as a basis for improving the methodological approach of the reporting system of the Annual Review of the Employment Agency and the Annual Report on the Implementation of the National Strategy for Life Long Learning 2014-2020. This creates a prerequisite for improving the links and interaction between the institutions involved in the ALMP and for ensuring the synergy of their efforts and activities.
JEL: J48; J21

The study of large urban centers as tourist destinations is done from different perspectives. Their analysis is important since they are carriers of important features for selecting the destination and its attractiveness. These arguments form the basis for defining the concept of "urban tourist destination" and define approaches that are relevant to the formation of conceptual and practical models to measure its attractiveness. The paper examines the different methods of measuring the attractiveness of the urban tourist destination. An emphasis is placed on research methodology based on the Global Power Index. An overview of the results of the application of this method is made and the ranking of the ten most attractive urban tourist destinations in the world for the period 2014-2016 is analyzed.
JEL: C4; F23; L1

This paper presents a study on the identification and calculation of logistics costs at the macro level in relation to different approaches to reflecting the cost of logistics operations in the statistical reporting of different countries. An analysis of international accounting practices and classifications of the logistics costs in different countries and their impacts on the competitiveness and performance of the national economy was conducted. The hypothesis that the cost of logistics significantly affects the competitiveness of goods and services but it does not reflect the performance of logistics operations in the country was proven. In that regard, a comparative analysis of the macroeconomic indicators of different countries and their rankings in terms of global competitiveness and logistics performance was elaborated. The estimation of the cost of logistics in Ukraine on the basis of statistical reporting was reviewed in greater details. The estimation of the logistics costs in Ukraine was carried out on the basis of the regression model and the MALC method. A review and a comparative analysis of the approaches to the assessment of logistics costs in Ukraine and China was made; the factors affecting their magnitude and dynamics were examined. Practical recommendations on the control and analysis of logistics costs in Ukraine and the development of logistics infrastructure were formulated.
JEL: N70

The chances for fiscal and monetary influence on the business cycle of Bulgaria under a currency board arrangement have been analyzed. The determinants of Bulgaria’s business cycle phase and output gap from the first quarter of 2000 till the second quarter of 2017 have been identified. The effects of minimum reserve requirements, fiscal balance, government revenue, government expenditure and government debt on the business cycle phase and the output gap have been studied. Two research methods have been employed – logistic regression and ordinary least squares regression of times series data. The study results imply that all mentioned variables except for government debt have a statistically significant impact on the output gap. The business cycle phase is significantly affected by all mentioned variables with the exception of government expenditure.
JEL: E32; E52; E62; E63

The types of
tax systems of the EU countries and their impact on the economic growth are analyzed. Differences are tracked as well as the trends in the three types of systems - income, consumer and hybrid. The survey is based on the experience of all 28 member states and covers the time period 1999-2015. For the empirical analysis, a linear regression model is used in the form of MPNC, on which the dependencies of different tax systems are derived. The results show that for countries with a consumer tax system, redistribution over the budget is lower than in those with income and hybrid systems. There is also a link with economic growth - the countries that maintain an income system show higher economic growth, those with consumerism are weaker, and in countries with a hybrid tax system there is a high and low growth.
JEL: H24; H25; H63

The main differences between the neoclassical financial theory and behavioural finance are presented. They include the concept of rational economic agents, the notion of objective probability, the capital asset pricing models, the portfolio theory and the efficient market hypothesis. The theory of expected utility and the prospect theory are the most distinguished scientific achievements in conventional and behavioural finance respectively. The theoretical assumptions and the practical implementations, on which they are built, are summarized. The psychological effects, determining the decision making process of economic agents in uncertainty, are alleged and compared to the notions of the normative theory. The two different viewpoints of the two opposing fields in finance are presented with regard to the financial markets and instruments, the decisions made by investors and the portfolios constructed by them.
JEL: D81; D91; G11; G12; G14; G40; G41