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The editorial board: prof. habil. dr. B. Blažys, Ph. D. M. Chandler, prof. habil. dr. V. Jankauskas, doc. dr. Z. Lydeka, prof. habil. dr. J. Mackevičius, prof. habil. dr. A. Marčinskas, prof. habil. dr. V. Pranulis, prof. habil. dr. K. Pučinskas, prof. habil. dr. A. Staškevičius, prof. habil. dr. A. Vasiliauskas. Editor-in-chief
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This article investigates currency risk problem. This problem becomes more apparent when the Litas will be related with currency basket, which includes EURO and USD according to 1997-1999 monetary policy Bank of Lithuania.
The internal and external ways of currency risk management ways, counting methods of derivative financial means are also discussed in this article.
Some recommendations how companies can minimize currency risk under existing conditions
in Lithuania are provided.
The article analyses business valuation theoretical methodologies and their application to Lithuanian environment. Authors poses clear distinction between methods used in practice and methods having scientific value, which are based more on indept business analyses and usage of mathematical methods. After having analysed different valuation methods, the authors have proposed to use Component Discounted Cash Flow in valuation of big local enterprises.
In the article authors has revealed main problems, connected to Discounted cash flow
method. Article covers calculation of discount rate, based on Weighted Average Cost of
Capital and proposes concrete ways how to deal with it, as WACC is the main blocking
factor of usage of Discounted Cash Flow valuation in Lithuania and Eastern Europe.
Straipsnio tikslas - remiantis pirminiais šaltiniais sistemiškai
ištirti Lietuvos kooperatinę bankininkystę, nustatyti jos ribas, sandarą, patikslinti
kredito kooperacijos sampratą ir vaidmenį, rekonstruoti kooperatinių kredito įmonių
organizaciją ir veiklos pagrindus. Tarpukario Lietuvoje domėtasi tik vienu kooperatinės
bankininkystės segmentu - smulkaus kredito draugijomis. Apie jų veiklą iki 1925 m.
rašė M. Ragevičius, P. Šalčius, D. Trimakas. Šį klausimą bendrais bruožais P.
Šalčius apžvelgė ir vadovėlyje "Kooperacija" (Kaunas, 1931). Be to, apie
smulkaus kredito draugijas, veiklą ir problemas daug rašė tuometinė spauda, ypač
kooperatininkų leistoji. Apie jas 1994-1995 m. V. Terleckas paskelbė
("Aljanse") platų tęstinį straipsnį. Kiti kooperatinės bankininkystės
sektoriaus segmentai ir jo visuma iki šiol neištirta.
Unemployment prevention is analysed in the article as barring the way by which unemployment appears and develops. Measures that would allow to decrease unemployment to its natural level or might slow down increase of unemployment are discussed in the article.
Prevention of unemployment as independent problem is not explored yet and exists in decomposed form of separate surveys and programs now.
Structure of unemployment prevention system on the macro level consists of: population quality improvement, bringing up of person in a family and at school, training, long-life-learning, economy regulation measures, employment policy. Unemployment prevention measures on the micro level are being realized at the enterprises.
In order to guaranty unemployment all-round prevention measures it is purposeful to
format unemployment prevention program on the national level. Labour market monitoring
needs to become an important element of such program.
In the article is presented an overview over some of the competing theories aimed at
explaining the basis and gains of international trade. Key classical concepts such as
absolute and comparative advantage are explained and extended to include modern-day
realities. The article also deals with important new trade theories, which base trade on
economies of scale and imperfect competition, as well as on competitive advantage. This
leads to the theoretical evaluation of a country's trade policies and their impact on
export performance.
The interest in relationships marketing has grown in recent years and is now beginning to take center stage in marketing thought and research. Relationships marketing covers the whole spectrum of marketing's sub-disciplines and also integrates concepts and theoretical paradigms from several social science disciplines, including economics, sociology, psychology and political science. The full potential of relationships marketing has implications for organizational changes and for creating superior marketing value. Several indications suggest that it will have a broad appeal and would encourage widespread academic inquiry.
At the initial stage of its extensive development the system of property evaluation, though late, has institutionalized in the context of economic development. Because of objective and subjective reasons the system became one which temporarily included unacceptable elements. Western experience has not been taken into proper consideration.
The project of the new system of assessing the qualifications of property evaluators was oriented towards gradual transition to the European model. A four - stage assessment system of property evaluators was established and it became an institutionalised supervisory body which could at the same time fulfil the functions of developing the whole system. However, owing to otirons opportunist behaviour the principles of specialization and education of property evaluators were not legalized. The new system lacks regulations and clear European orientation.
The concept of developing the system of property evaluation can be based on its
functionalism and adaptability. This can be achieved through a comprehensive analysis of
the system and its envizonment and the consolidation of property evaluation monitoring. At
the same time there must be a definite plan of the development of the system with all the
necessary elements in order to ensure that the property evaluators education is
informative and psychologically sound. The organizational model of the development under
discussion is based on the principles of stage and component comprehensiveness as well as
adequacy of lecture diversity and cooperation of trainees.
The effective supervision of banking institutions is the essential component of a strong economic environment. Banking supervision is a dynamic function, which reacts to the changes in the market, constantly reevaluats supervisory policy taking into consideration new trends and developments. One of the prudential requirements used by banking supervisors is Basle Committee proposed capital adequacy ratio. The methodology of calculating this ration has been strongly criticized by economists and bankers. It is predicted that this methodology will be replaced by contemporary capital adequacy measuring models: Value at Risk, "Building Block", Empirical Simulation, Monte Carlo Simulation Methods.
The authors of the article suggest to supplement methodology of capital adequacy
calculation in Lithuanian regulatory system.
History the research the development of economic conjuncture is closeness connected with the history of economic statistics practices, with the history of national accounts in Lithuania. System of national accounts is important source to research the development of economical conjuncture.
Make of economic indicators is important problem for the research of economic conjuncture. In the research of economic conjuncture often use the list of usual indicators. They may be joining by methods: standardization of data, PATTERN (Planning Assistance Thrum Technical Evaluation of Relevance Numbers) and others.
The time series of economic indicators consist trend, seasonal, cyclical and irregular
components. To eliminate they components often use procedures which in basis lay methods:
moving averages, least-squares. These procedures are ordinary. Anther's way of identifying
the components is to use procedures which in basis lie only the method least-squares. In
the article this method explains by using gross domestic product of Lithuania.
In the course of the overall privatization of the housing stock in Lithuania it was necessary to abandon the mechanism of massive provision of population with the living space from the public funds. The state ownership dominating the housing stock in the period of planned economy backed functioning of such mechanism, and provision of population with the housing stock was one of state's principle functions. State assistance in providing the population with living space must be adjusted to the needs of market economy, simultaneously integrating this assistance in the country's overall economic and social policy. One of the methodological alternatives for the design of the system of state assistance in providing the population with housing could be the object-oriented - subject-oriented - subjectivity-based method.
The method relies on the analysis of the chosen system in terms of three aspects: 1) object-oriented; 2) subject-oriented; 3) subjectivist. All the three aspects are considered the most significant parameters, revealing the three-dimensional nature of any socio-economic system. On the basis of the said three aspects, the article proposes the parameters of the system applied in Lithuania by distinguishing them at the levels of self-sufficient, commodity, and financial and credit sections of economy, and treating the subjectivist aspect as preferential.