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EMPIRICAL ANALYSIS OF LONG MEMORY AND ASYMMETRY EFFECTS FOR THE EFFECTIVENESS OF FORECASTING VOLATILITY OF RETURNS ON THE COMMODITY MARKET BASED ON THE EXAMPLE OF GOLD AND SILVER

Bogdan Włodarczyk, Ireneusz Miciuła

Risk management is one of the most dynamically developed areas in economic sciences. One of the main driving forces for this development has been the practical challenge resulting from increasing financial risk. Risk management is a process in which key role is played by risk measurement (Jajuga, 2016). Comparison of various forecasting models and selection of the best ones for particular markets is of key importance in many fields of economics and finance. Theoretic aspects concerning commodity markets very often concentrate on relations between changes in commodity prices and on the news impact on rates of return. However, up until now studies concerning conditional volatility of returns on commodity markets and market risk have been less comprehensive than those concerning conditions affecting prices and rates of return. Nevertheless, studies concerning market volatility are becoming increasingly popular due to the growth of market volatility itself and the significance of commodities as investment assets (Kang, 2013; Thuraisamy, 2013; Vivian, 2012). The growing interest also results from the fact that commodity rates of return have some empirically verifiable features such as non-normal distribution, asymmetry, structural breaks and fat tails (Aloui, 2010; Cheng, 2011).
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THE ROLE OF EDUCATION, INDIVIDUAL AND ECONOMIC FACTORS IN ENTREPRENEURIAL INITIATIVES: A MICROECONOMIC APPROACH FOR THE CZECH REPUBLIC, SLOVAKIA AND POLAND

Yuriy Bilan, Mihaela Simionescu, Grzegorz Mentel, Zoltan Rozsa

The purpose of this research is to assess the impact of university education and business environment on entrepreneurial initiatives and to make comparisons of the results between students coming from Poland, the Czech Republic and Slovakia. These countries were selected for the analysis since these are three of the V4 countries with common targets regarding the development of business environment and with an important location advantage. The International Visegrad Fund promotes mutual cooperation within the region in various fields, including the development of economic relations (in tourism, education, scientific research, cross-border cooperation). This Fund also implements own projects in these fields. The importance of the research is justified by the identification of the factors that mostly affect entrepreneurial initiatives; these factors could be developed more in order to increase the number of successful businesses in each of these country. Moreover, some obstacles to entrepreneurial initiatives are identified and suitable recommendations are provided to minimize these obstacles.
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A MONTE CARLO METHOD SIMULATION OF THE EUROPEAN FUNDS THAT CAN BE ACCESSED BY ROMANIA IN 2014-2020

Gheorghe Săvoiu, Emil Burtescu, Vasile Dinu, Ligian Tudoroiu

In the economic, econometric and demographic literature, there coexist a few concepts, seemingly similar but significantly different, whose purposes are predictive, intended to restructure and optimize, but also from a natural scientific need to know, understand, predict or prevent processes and systems; such concepts as forecasting, estimation, designing, assessing, planning, prediction and prospecting (Săvoiu, 2007, p. 351) and, last but not least, the simulation.
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IS CONSUMER CONFIDENCE INDEX A SUITABLE PREDICTOR OF FUTURE ECONOMIC GROWTH? AN EVIDENCE FROM THE USA

Jiří Mazurek, Elena Mielcová

In general, an economic growth is defined as an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. In macroeconomics, the economic growth is expressed by changes in real GDP. The existence of business cycles was observed and studied since 19th century.
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THE EFFECTS OF EUROPEAN ECONOMIC INTEGRATION AND THE IMPACT OF BREXIT ON THE UK IMMIGRANTS FROM THE CEE COUNTRIES

Mihaela Simionescu, Yuriy Bilan, Luboš Smrčka, Zuzana Vincúrová

Even if most immigrants come from nonEU states, the EU membership is often considered as the UK’s perceived migration issue. Immigration is an actual problem in the UK and one of the main causes of Brexit. The debate regarding the immigrants issue is mostly referred to less developed countries from Central and Eastern Europe which joined the EU the latest. Some Britons considered that immigrants exerted high pressure on public services.
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VALIDÁCIA PREDIKČNÝCH BANKROTOVÝCH MODELOV V PODMIENKACH SR

Radoslav Delina, Miroslava Packová

Problém súčasnej finančnej krízy, ktorá vedie k bankrotu mnohých firiem vyvoláva otázku, či sa dajú bankroty vopred predvídať. Problematika finančného zdravia, resp. finanančných problémov podnikov sa stala predmetom mnohých štúdií už od začiatku 19. storočia. Väčšina výskumov v tejto oblasti môže byť časovo rozdelená do dvoch častí: pred a po roku 1966. Pred rokom 1966 dominovali statické jednoperiódové modely, ktoré sa snažia nájsť unikátne vlastnosti, ktoré odlišujú podniky vo finančnej tiesni od prosperujúcich podnikov.
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