Financial Policy

The purpose of the article is to study the experience of the Baltic countries in financial support of regional sustainable development systems. In the research process, the axiomatic method is used, which allows us to formulate a system of inference rules, which allows us to turn the starting points and move from one position to another, as well as introduce new terms (concepts) into the theory of stimulating sustainable development. The comparison method is also used, it allows you to carry out a cognitive operation that underlies the judgments about the similarities or differences in financial support of regional sustainable development systems in different countries.

Offshore financial centres: The aim of this article is to introduce the concept of offshore financial centres (so‑called "tax havens”). The first section briefly reviews definitions and characteristics of a tax haven. Next, the categorisation of offshore financial centres is presented. The last section examines financial and economic competitiveness of offshore financial centres. In the context of the EU’s fiscal harmonisation special attention is given to overseas territories of EU member states that can be classified as offshore financial centres.

The paper analyzes the financial policy of the state in the field of higher education. Attention is paid to the funding structure of the various levels of education and the allocations for higher education in the country budget in relation to GDP. The statistical data of the country and the legislative acts are studied, the problems of promoting the development of higher education and access to higher education in the country are identified and the mechanisms for overcoming it are proposed.

The article investigated the financial and economic consequences of the dangerous coronavirus infection Covid-19. The fall in world GDP will be due to lower consumption, as well as losses in tourism, trade, consumption, the impact of the affected financial markets and a reduction in investment. If the coronavirus epidemic is not taken under control until the summer of 2020, it can lead to a decrease in global GDP growth, and especially to hit developing countries. The issue of not only finding a highly effective treatment and high-quality vaccine, but the introduction of the most effective financial levers and methods that can stop or slow down the sharp deterioration of the economic situation in the world today is becoming very urgent. It is also worth exploring the financial and economic manifestations of Covid-19 in Ukraine, since the slowdown in economic growth and the problems in the financial sector that existed before the epidemic will only aggravate and push the country to a severe recession.
Key words: Covid-19, financial policy, fiscal policy, financial and economic crisis, international economic relations.

Any country's national interest is dictated by the nature of international cooperation perspectives. In countries which pursue independent development processes of national market assembly, foreign capital inclusion and international cooperation are limited by the means of national control tools and are opposed by inner market defence strategies, limitation of vital foreign investments of national interest, encouragement of local, national producing companies and by the encouragement of the rise of their competitiveness, as well as by the rise of their own leading companies, which will be able to successfully compete and take over the role of the "locomotive" in conditions of the international market. Moreover, the better the elite of the one or the other country realizes the competitive advantages in its economy and the national interests of its country the bigger are the chances for efficiently exploiting the possibilities of its production's international cooperation aimed to improve the social-economic development.

Este libro es el resultado de las Conferencias Bianuales "Rethinking Macroeconomic Policy" organizadas por el Fondo Monetario Internacional (FMI) junto con el Peterson Institute for International Economics (PIIE). En él, se expone el estado del arte, así como el estado de las políticas macroeconómicas en el actual entorno postcrisis financiera, con especial atención a los retos y problemáticas en los países desarrollados. El compendio ha sido coordinado por Olivier Blanchard y Lawrence Summers, dos de las principales figuras en materia macroeconómica a nivel internacional. El primero fue Economista Jefe del Fondo Monetario Internacional durante prácticamente una década, y actualmente es profesor en el PIIE y el MIT. El segundo fue secretario del Tesoro con Bill Clinton, El libro se estructura en seis partes. Cada parte cuenta con un texto introductorio, que sitúa el tema y los principales interrogantes y retos de política macroeconómica en ese ámbito. Los textos introductorios se complementan con respuestas/comentarios sintéticos de otros autores sobre aspectos específicos o situaciones particulares a nivel nacional o sectorial. Las seis partes se estructuran siguiendo la siguiente secuencia: i) resumen introductorio de los editores con las principales conclusiones y retos en materia macroeconómica tras la gran recesión; ii) presentación de las políticas monetarias acometidas por los principales Bancos Centrales (BCs) a nivel internacional, así como los retos a futuro en entornos de bajos tipos de interés; iii) reflexiones en torno al nuevo papel de la política fiscal ante el desgaste de la política monetaria; iv) descripción de las principales medidas en materia de regulación financiera y la necesidad de adaptación progresiva; v) breves apuntes sobre el impacto en la desigualad del nuevo contexto macro y vi) aproximación a nivel global de la política macroeconómica. La presente revisión trata de ser, primero, un resumen de las principales ideas y planteamientos derivados del libro sobre la transición conceptual en que se haya la disciplina macroeconómica, y segundo, un aporte original sobre las implicaciones de estos planteamientos en relación al papel del Estado en esta nueva conceptualización macroeconómica. Para ello la revisión se estructura en tres apartados: i) se presenta el planteamiento genérico realizado por parte de los editores, ii) se presentan las principales líneas en materia de política macroeconómica (monetaria, fiscal, financiera e internacional). Se suman aquí los aportes en materia de desigualdad dentro del apartado de política fiscal; y iii) finalmente se reflexiona sobre algunas de las implicaciones de las tesis expuestas sobre el papel, funciones y herramientas del Estado en el nuevo contexto de política macroeconómica.

Social Security in Ecuador is not universal. The Ecuadorian Social Security Bank (Biess) was legally established in 2009, and began to operate formally one year later. The Biess uses social security resources to offer housing mortgages to its members: obtaining financial returns up to three percentage points higher, while at the same time offering more benefits to its affiliates. Loans are insured through income and asset guarantees. The policy boosted housing construction, increased liquidity in the real economy and reduced interest rates on housing loans by 2.2 percentage points, as direct provision by Biess produced more competition and social security affiliates were able transfer their privately financed mortgages to the Biess. House ownership among social security affiliates increased by almost four points between 2007 and 2018. The households who most changed their participation from owning their own homes were located in quintiles 2 and 3. The presence of the Biess and its portfolio purchases modified financial regulation in the housing sector. This article takes stock of the results of direct provision by means of a public operator as an alternative form of financial regulation and of interest rates in particular.

This article deals with the relationship existing between the emotional aspect and decisionmaking processes. More specifically, it examines the links between managerial optimism level,
debt decision and board of director’s efficiency. This Stream of research argues that the CEO
optimism level is affected by the Board of Directors efficiency. In this regard, an empirical study
was conducted using a questionnaire as a data collection method adapted to a sample of 75
Tunisian firms. Regarding, The optimism level they have been measured by means of a
questionnaire comprising several items. Our analyzes revealed the importance of CEO optimism
in the debt decision. It has been found that an optimistic leader prefers more debt even in
companies ruled by independent boards. On the other hand, the results’ analyzing the hypotheses
2 and 3 regarding the size of the board and the combination of CEO and Board Chair does not
confirm our theoretical analysis.

La economía mexicana en tiempos de López Obrador 103 La economía mexicana en tiempos de López Obrador LUIS IGNACIO ROMÁN MORALES* Resumen: el artículo aborda algunas de las posibles estrategias económicas que podrían caracterizar la administración de Andrés Manuel López Obrador en la presidencia de México. Se plantea la paradoja de llagar al poder con una significativa fuerza política, derivada del resultado electoral del 1 de julio, pero con una igualmente significativa debilidad económica, ante la concentración del poder privado en el país. Ante este escenario, se abordan cinco posibles ejes de po-lítica, en materia de: austeridad gubernamental, crecimiento económico, empleo y salarios, política social, financiera y de relaciones económicas con el exterior, particularmente con Estados Unidos. Palabras clave: estrategia socioeconómica, López Obrador, elecciones, política económica.

Abstract: The article addresses some of the economic strategies that might characterize Andrés Manuel López Obrador's presidential term. It looks at the paradox of assuming office with considerable political strength, on the heels of the electoral landslide of July 1 st , but with an equally considerable economic weak

Cases examined in different countries, including the case of Luxembourg leaks, reveal the existence of a certain phenomenon in the area of state financial (fiscal) policy. It consists in tax authorities approving certain actions performed by taxpayers despite the fact that these allow them to avoid taxes and regardless of the existence of legal instruments designed to combat such tax avoidance. The purpose of this paper is to show that Poland should also be included in the group of countries that apply the presented financial policy. The paper refers to the practice of Polish tax authorities concerning a group of banking products that were very popular in Poland in the years 2008-2012. They emerged as a result of Polish tax law being interpreted in a way that could have been and quite often was indeed classified as tax avoidance. Polish tax authorities could have relied on the judicial doctrine based on the established Polish case law to counteract tax avoidance, yet they have never done that. On the contrary, they issued advance tax rulings that confirmed the legality and admissibility of such banking products. Although the authorities have never officially confirmed that this was a way to conduct a certain form of financial policy, there is no other convincing explanation for the presented practice.

Widespread sentiment that the government had forsaken ‘Main Street’ to advance the interests of the financial sector led to significant investigation into the nature of business-state relations with respect to TARP’s formation and implementation. This paper seeks to explore the possibility that the United States finance sector influenced the implementation of TARP. Using a theoretical framework drawn from the works of Jacob Hacker and Paul Pierson, Ben Schneider, and David Broockman, this paper analyzes quantitative research for the use of pathways of influence by the finance sector on the TARP legislation. This paper aims to evaluate the possibility that TARP’s implementation was influenced by the finance sector to achieve its preferred policy outcomes. This paper finds evidence that instrumental mechanisms such as political contributions, lobbying, and networking were all both incentivized by the opportunity structure of the US political system and intensively used by actors in the finance sector. Additional evidence suggests that structural power complemented and compounded instrumental mechanisms of influence, contextualizing their usage.