Baltic Business and Socio-Economic Development 2007

Name: Baltic Business and Socio-Economic Development 2007 | 3rd International Conference Tallinn, Estonia, June 17-19, 2007
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3rd International Conference Tallinn, Estonia, June 17-19, 2007

Jost W. Kramer Gunnar Prause Jüri Sepp(Editor)

Berliner Wissenschafts-Verlag

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1109 pages

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Intro
Baltic Business and Socio-Economic Development 2007
Contents
Preface
Eight Years of EMU - What are the Benefits?
1. Welcome Address
2. What changes has the euro brought about?
3. Monetary policy
4. Looking ahead
Monetary Policy, Currency and Finance
On the road to EMU: Which Exchange Rate System Performs Best for Estonia? Karen Cabos, Jörn Eckhoff
1. Introduction
2. How do the exchange arrangements of CEECs look like?
3. The Estonian Currency Board
4. Problems of the existing currency board arrangement
5. What are the alternatives?
6. What should be done?
References
Technical Annex
1. Estimation output for Estonian exports
3. Estonian inflation dynamics
2. Estimation output for Estonian Imports
Comparison of Price Stickiness in the Euro Area and Estonia Aurelijus Dabusinskas, Martti Randveer
Abstract
1. Introduction
2. General information about the firm and its market
3. Price stickiness
4. Summary
References
Empirical Analysis of Capital Structure and Dividend Decisions Under the Distributed Profit Taxation Regime of Estonia1 Aaro Hazak
Abstract
1. Introduction
2. Distributed Profit Taxation in Estonia
3. Key Related Literature
4. Data and Methodology
5. Results
6. Conclusions
References
Estimates of Money Demand Functions for Estonia Hans-Eggert Reimers, Kairi Roht
Abstract
1. Introduction
2. Money demand framework
3. Econometric framework
4. Basic analysis of the data and graphs
5. Analysing the model
6. Conclusion
References
Monetary Aggregates, Portfolio Shifts, and Monetary Policy Armin Rohde, Agnes Oestreich
Abstract
1. Functional Definition of Money
2. The relevant monetary aggregate
3. The relevance of the M-Aggregates
4. Relevant monetary components outside the monetary aggregate M3
5. The impact of portfolio decisions on the relevance of the monetary aggregates
6. Alternative definitions of monetary aggregates compared with the monetary aggregate M3
7. Conclusions
References
Discussion of Euro Adoption in the New EU Member Countries - Stylized Facts Stanislav Saroch
Abstract
1. Introduction
2. Fact a) Real and nominal convergence of new Member States
3. Fact b) Maastricht convergence criteria were created for a different group of countries, in a period with diverse parameters of an economic development
4. Fact c) Maastricht exchange rate and inflation Maastricht criteria under the EU economic conditions accomplish the condition of so called "impossible trinity"
5. Fact d) A long-term effort to keep fixed nominal exchange rate and very low inflation rate at the same time is in contradiction to the process of real and nominal convergence
6. Fact e) The euro adoption in new Member States would not significantly threaten price stability (inflation target) specified by the ECB
7. Timing the euro area entry for new Member States - A problem of optimalization or a political choice?
References
The Exchange Rate Pass-Through and the CEE Countries Euro Admission within the Exchange Rate Political Economy Jaromír Sindel
Abstract
1. Introduction
2. Exchange Rate Political Economy and the Exchange Rate Passthrough
3. Exchange rate and terms of trade in the CEE countries
4. Exchange Rate Pass-through into Terms of Trade
5. Exchange rate pass-through into Czech export prices
6. Exchange rate pass-through within the exchange rate political economy framework - discussion related to exchange rate appreciation within the pre-euro adoption period
7. Discussion over the PTM approach - a case of currency hedging
8. Conclusion
References
Phenomenon of Money Laundering as Threat to Development of Financial Systems of CEE Countries (Case Study of Poland) S awomir Smyczek
Abstract
Introduction
1. Money laundering - evolution and characteristics
2. The model of money laundering process
3. Factors stimulating the process of money laundering
4. The influence of money laundering upon modern economic and financial systems
Conclusions
References
E-Banking in Estonia: Regional Development and Risk Management Practices Dmitri Sokolov
Abstract
1. Introduction
2. Regional Development of E-Banking in Estonia
3. Risks of E-Banking
4. Studying E-Banking Risk Management Practices of the Estonian Banks
5. Board and Management Oversight of E-Banking Risks in Estonia
6. Security Control Processes for E-Banking in Estonia
7. Legal and Reputational Risk Management in Estonia
8. Conclusions
References
Commercial Banks in Estonia Support Socio-Economic Development Mart Sõrg
Abstract
Introduction
1. Development of the banking sector in Estonia has created objective preconditions for it to support social development
2. Estonian banks' practices of supporting socio-economic development
Conclusions
References
Appendix 1. Sponsoring principles of Hansapank
Appendix 2. Scholarships of Hansapank
SME and Entrepreneurship
The Importance of Developing Performance Appraisal Systems in Romanian Small Enterprises Maria-Madela Abrudan, Mirela Bucurean, Horia Demian
Abstract
1. Introduction
2. The obstacles of change
3. Suggestion for implementing an efficiently performance appraisal system
Bibliography
Economic Internationalization Potential of SMEs in the BSR- Comparative Analysis Anatoli Beifert
Abstract
Introduction
Research area and objectives
Uppsala Perspective
Network theory
Previous regional studies on business internationalization
BBDN-research project
Research approach
Research results
Background information
Evaluation of current state of transport and IT infrastructure
Evaluation of previous international experience and motivation
Problems and risks perceived by SMEs in regard to business internationalization
Evaluation of language and intercultural issues
Summary
References
Entrepreneurial Visions of International Competitiveness in Estonian SMEs Tiit Elenurm
1. Introduction
2. Internationalization strategies and SMEs
3. European integration and international competitiveness challenges for SMEs in a new EU member state
4. Combining quantitative and qualitative research
5. Questionnaire survey and interview results
6. Does the size of an enterprise make a difference?
7. Discussion and conclusions
References
Entrepreneurship's Development in Estonian Industrial Company-Towns During Post-Communist Transition Period: Impact of Local Factors Raigo Ernits
Abstract
Introduction
1. Possibilities for formation of sustainable entrepreneurship on regional level in contemporary era
2. Entrepreneurships' development factors in Estonian postsocialist company towns
2.1. General characterisation and development of observed settlements
2.2. Sustainability of entrepreneurship in observed settlements in the observation time
2.3. "Turning points" and their reasons in entrepreneurship's development
Conclusions
References
Problems and Perspectives of Co-operative Development and Corporate Governance Structures in German Co-operatives Jost W. Kramer
Abstract
1. Introduction
2. Co-operative Ideologies in Capitalism
2.1. Motives for the Development of the First Co-operatives
2.2. Social Aims of Early Co-operatives
2.2.1. Overcoming Capitalism
2.2.2. Reforming Capitalism
2.3. Current Social Ideology of Co-operatives
3. Co-operatives in a Market Economy
3.1. Definition of the Co-operative Concept
3.2. The European Co-operative Discussion
3.2.1. Distinction from Capitalist Enterprises
3.2.2. Co-operative Goals
4. Structural Economic Types of the Co-operative According to Dülfer
4.1. Executively Operating Co-operative (traditional co-operative)
4.2. Market-Linkage Co-operative (market co-operative)
4.3. Integrated Co-operative
5. Property Rights Theory and Co-operatives
6. Attenuation of Property Rights
7. Structural Influences of the Legal Form, the Registered Co-operative
7.1. General Structure
7.2. Structural Details
8. The Allocation of Property Rights within a Co-operative
9. Where are the Problems?
9.1. The Promotion Principle
9.2. The Identity Principle
9.3. The Democracy Principle
9.4. The Solidarity Principle
10. What could be done?
References
Administrative Costs of SMEs Kalle Määttä
Abstract
Introduction
Some Results about the Administrative Costs of Enterprises
Pitfalls in the Measurement of Administrative Costs
Simplification of Legislation or Legal Reliefs for SMEs?
Concluding Remarks
References
Choice of Performance Measurement Indicators in Estonian SMEs Ülle Pärl, Toomas Haldma
Abstract
1. Introduction
2. Theoretical framework
3. Research method and design
4. Findings and discussion
5. Conclusion
References
Logistics-related Entrepreneurship and Regional Development - An Empiric Study Gunnar Prause
Introduction
I. LogOn Baltic & InterBaltic
II. Expert Interviews
III. Regional expectations: Mecklenburg-Vorpommern
IV. Strategic location: Gateway MV
V. Knowledge
VI. Soft factors
VII. Economic effects of logistics
VIII. Logistics investments
IX. The Seaport of Rostock: A closer look
X. Conclusions
Bibliography
SME in Service Cluster - A Regional Study Gunnar Prause
Introduction
Logistics in Mecklenburg-Vorpommern
Seaport Rostock
Seaport Cluster
I. Cluster structure
II. Cluster governance
The Performance of the Rostock Seaport Cluster
Structure Variables for the Rostock Seaport Cluster
I. Cluster structure
a. Strength of Rostock Seaport Cluster
b. Weakness of Rostock Seaport Cluster
II. Cluster governance
a. Strength of Rostock Seaport Cluster
b. Weakness of Rostock Seaport Cluster
Case Studies
References
How Can Small and Medium-Sized Companies Participate in Emerging Markets? - Theoretical Approach for a Market Entry in Lithuania - Kirsten Schröder
Abstract
1. Introduction
2. Theoretical Approaches in strategy making
3. The Lithuanian Market
3.1. General Information about Lithuania
3.2. Political Situation
3.3. Lithuanian Economy
3.4. Technological Analysis
3.5. Social Analysis
4. The Logistics Market in Lithuania
4.1. Transportation Business
4.2. The Role of SME in Lithuania
4.3. Logistics service providers
4.4. SME in Germany's logistics business
5. Possibilities (and advantages) of a market entry in Lithuania
5.1. Structure of the Transportation market in Lithuania
a) Former Lithuanian Companies
b) Branches of International Companies
c) Entrepreneurial Start-ups
5.2. Market entry modes
6. Opportunities and threats entering the Lithuanian market
6.1. Opportunities in Lithuania
6.2. Possible threats in Lithuania
6.3. Strength and weaknesses
7. Recommendations for a market entry: Summary and conclusion
Literature
Development of Rural Entrepreneurship Eve Tomson, Andro Roos
Abstract
Introduction
Rural Population and Employment
Rural Development Strategy
The diversification of entrepreneurship in the country
Investments into agricultural entrepreneurship
Alternative financing of rural economy
Summary
References
Entrepreneurial Activity in Estonia and Implications for SME Policy Urve Venesaar
Abstract
1. Introduction
2. Data and methodology
3. Analysis of firm formation rates across regions and sectors.
4. Managers' opinions about the constraints of newly established firms
Conclusion
References
Regional Policy and Regional Development
Promoting Dynamic Interaction of Universities and Regional Stakeholders1 Valery Belyakov, Alexandra Izosimova, Ari Koski, Gunnar Prause, Marika Rudzite
Abstract
1. Universities as powerhouses of their regions
1.1. Importance of network knowledge
1.2. Universities´ third role
1.3. University-region dynamic interaction
2. Promoting university-region dynamic interaction within the A.S.A.P. project
2.1. BSR INTERREG IIIB NP project A.S.A.P.
2.1.1. Questionnaire concerning cooperation between universities and regional stakeholders
2.1.2. Questionnaire concerning the role of universities in regional development
2.1.3. Benchmarking university-region interaction practices
2.1.4. First conclusions of the work package 4 activities
2.2. Approach to the realization of the A.S.A.P. activities in Russia
2.2.1. Background
2.2.2. Luga pilot district
2.2.3. Volosovo pilot district
2.2.4. Priozersk pilot district
2.3. The regional development activities at Wismar University, Germany
2.3.1. The environment of Wismar University
2.3.2. Areas of competence and activities of Wismar University
2.3.3. Regional cooperation of Wismar University
2.3.4. Economic activities of Wismar University
2.3.5. Outlook
Reference
Changes of Elderly Consumers' Potential in Ageing Societies of the Baltic Sea Region Countries Miroslawa Gazinska, Magdalena Kaminska, Magdalena Mojsiewicz
Introduction
1. The elderly consumers' potential from the perspective of human resource
2. Elderly people as consumers on the goods and services market
Summary
Bibliography
Data source
From Research on Mortality of Old People in EU Countries of the Baltic Sea Region Miroslawa Gazinska, Magdalena Kaminska, Magdalena Mojsiewicz
Introduction
1. Life duration models for elderly people
2. Analysis of mortality among people aged 80 and more in the EU countries of the Baltic Sea Region
3. Mortality models of people aged 80 and more in the EU countries of the Baltic Sea Region
Summary
Bibliography
The Significance of Cluster Membership of Companies for Their Competitive Potential - Illustrated by the Case of a Furniture Cluster in Wielkopolska1 Marian Gorynia, Barbara Jankowska
Abstract
1. Introduction
2. Competitive potential of a firm - the area of cluster's influence
3. Knowledge spill-over effects as a symptom of the cluster's influence on company competitiveness
4. Poland's experiences with regard to cluster initiatives
5. Furniture cluster in the region of Wielkopolska
5.1. Findings to date
5.2. Empirical research among members of the furniture-industry cluster
5.2.1. Object of research
5.2.2. Research method
5.2.3. Questionnaire
5.2.4. Research sample
6. Conclusion
Bibliography
Operation Research Methods in Regional Health Policy Stefan Grzesiak
Abstract
1. Introduction
2. Areas of mathematical methods application in medical services
3. Choice of targets and functionality effectiveness of medical services units
4. Methods of solving multi-criteria decision tasks
Bibliography
Socio-economic Dimensions of Migration from Poland to Sweden Agata Jarmoszka
Abstract
Introduction
International Migration - The Theoretical Approach
Current Migration Flows from Poland
Sweden as one of the most important destinations of immigrants
The socio-economic situation in Poland and Sweden
How to measure the socio-economic integration of immigrants
Preliminary conclusion
References
Regional Development: Qualification Measures as an Instrument of Regional Development - Focusing the Logistics Field in the Metropolitan Region of Hamburg Wolfgang Kersten, Meike Schröder
Abstract
1. Introduction
2. Influencing Factors for Logistics and the Role of the Employee
3. Development in the Metropolitan Region of Hamburg
3.1. Development of Economy
3.2. Development of Employment
4. Changes in Qualification and Requirements
5. Regional Educational Development in the Field of Logistics
5.1. Hamburg's Regional Development Agencies
5.1.1. The Wachstumsinitiative Süderelbe AG
5.1.2. The Logistics Initiative Hamburg
5.2. Regional Development Measures
5.2.1. Logistics 50+
5.2.2. Hamburg's Regional Centre of Further Education (FZH)
6. Recommendations for Further Education and Regional Development
7. Summary
Literature
ICT Competence and Regional Development - A Regional Study Eric Kron, Gunnar Prause
Abstract
Introduction
General situation of the ICT in Mecklenburg-Vorpommern
The RAIN project
LogOn Baltic: Expert Interviews
LogOn Baltic: the ICT Survey
LogOn Baltic: Findings from the Survey
Use of ICT systems
Use of Internet
E-commerce and E-business
General assessment of ICT usage
Final comments
References
Position of Capital Cities in Baltic Sea Economic Area Sulev Mäeltsemees
Abstract
Defining Baltic Sea Region
Capital City in Human Habitation System
Capital City and Legal Environment, including Relationship with Central Government, and Regional Co-operation
Economic Environment in Capital City
Capital Cities in Urban and Structural Policies
References
Regional Income Disparities and Convergence in EU: Catching Up or Falling Behind? Tiiu Paas, Friso Schlitte
Abstract
1. Introduction
2. Theoretical and empirical considerations
3. Data
4. Regional income disparities and their decomposition
4.1. Regional income disparities and growth
4.2. Decomposition of regional disparities
5. Convergence analysis
5.1 Absolute and conditional ß-convergence
5.2 Spatial interactions
6. Estimation results
6.1 The non-spatial estimations
6.2 ß-convergence and spatial dependence
7. Conclusions
References
About Regional and Local Government Policy in Estonia Matti Raudjärv
Abstract
Introduction
1. Major aspects influencing the Estonian regional and local government policy
2. Positions on regional and local government policy in literature on economics concerning shortcomings in Estonia
3. Some major problems which require solutions
4. Suggestions for the development of the regional and local government policy
5. Assessment of possible mergers of Estonian county centres with the surrounding rural municipalities, and alternatives
Conclusion
References
Employment, Human Resource Management, and Innovation
Employment Growth within BSR Countries: Some Predictive Aspects of Shift-share Analysis Barbara Batóg, Jacek Batóg
Abstract
Introduction
Methodology
Data
Empirical results
Conclusions
References
Enhancing the Efficiency of Estonian Public Administration by the Process of Creating Staff (By the Case of Estonian Ministry of Agriculture and Estonian Agricultural Registers and Information Board) Reelika Irs
Abstract
Introduction
Personnel Selection Process and the methods used during selection
Personnel selection process in public service, patterns in Estonian public service
Personnel selection process in Ministry of Agriculture and the Estonian Agricultural Registers and Information Board (ARIB)
Conclusion
References
Social Capital and Institutional Quality as Factors of Innovation: Evidence from Europe Anneli Kaasa, Helje Kaldaru, Eve Parts
Abstract
1. Introduction
2. Theoretical background
3. Innovation activity and its utilisation in Europe
4. Measurement of factors of innovation
5. Determinants of innovation by different clusters
6. Discussion of the results: What determines innovation behaviour in different countries?
7. Limitations and future research
8. Conclusions
References
Appendix A: Indicators of innovation and its utilisation
Apendix B: Factor scores of patenting activity and standardised values of indicators of innovation and its utilisation
Appendix C: Welfare indicators and their average values in different clusters of innovation (UNDP 2006)
Appendix D: Indicators of social capital
Appendix E: Indicators of R&D and human capital
Appendix F: Results of exploratory factor analysis: rotated component matrix* of social capital indicators and% of total variance explained
Appendix G: Factor scores of dimensions of social capital and governance, and standardised values of general trust
Appendix H: Factor scores of R&D and human capital and standardised values of initial indicators
Business Rules Make Business More Flexible Uwe Lämmel
Abstract
1. Introduction
2. Business Rules
2.1. Basics
2.2. Applications
2.3. Benefits
2.4. Business Rules Manifesto
3. Business Rule Systems
3.1. Evaluation Criteria
3.2. Systems
3.3. Survey
4. Conclusion
References
Human Resources in Science and Technology in the Baltic Sea Region Magdalena Mojsiewicz, Miroslawa Gazi nska, Magdalena Kaminska
1. Introduction
2. Innovation measurement
3. Human resources in innovation measurement
3. Pro-innovative human resources in the Baltic Sea Region
4. Pre-academic and post-academic pro-innovative education
Conclusion
References
A Heuristic Approach for a Special Pick-Up-And- Delivery Problem Harald Mumm
Abstract
1. Introduction
2. The Problem
3. A Heuristic Algorithm for a special Pick-up-and-delivery Problem
4. An example for the optimal solution
5. Numerical Results
6. Conclusions
References
Social Capital and Welfare: Micro-and Macro-level Evidence from Central and Eastern Europe Eve Parts
1. Introduction
2. Theoretical background
3. Data and measurement
4. Relations between the factors of social capital
5. Relations between social capital and welfare
6. Conclusions
References
Appendix A. Indicators of social capital and individual welfare from WVS
Appendix B. Country mean factor scores for the latent variables of social capital
Appendix C. Indicators of economic development and individual welfare
Appendix D. Pearson Correlations between welfare indicators and social capital factors at individual level (lower left triangle) and aggregate level (upper right triangle)
Bureaucracy, and Law Making Mechanism: Their Influence on the Quality of Business Environment Tanja Põlajeva
Abstract
Introduction: Theoretical Approach
Empirical Results of Surveys, 1998-2006
A. Sample General Characteristics
B. Government Agencies' Behaviour
1. Civil Servants' Wilfulness
2. Will to Resist and Fight Back
3. Civil Servants' Power
4. Knowing the Civil Servants - Speeding Up the Procedure
5. Knowing the Civil Servants - Influencing his Decision
C. Law Making Procedures
1. Unexpected Changes in Law
2. Information Availability
3. Possibilities to Consult
4. Government's Announcements Credibility
D. Law Enforcement Mechanism
1. Objectivity of Courts
2. Power of Money on the Decisions
3. Knowing the Judge Personally
4. Turning to the Higher Court
E. Uncertainties in Government Agencies' Behaviour, Law Making Procedures, and Law Enforcement
Concluding Remarks
References
Appendix 1 Table 5: Estimates of Government Agencies Behaviour, Law Making Procedures, and Law Enforcement Mechanism in Different Countries
Appendix 2 Table 6: Estimates of Government Agencies Behavior, Law Making Procedures, and Law Enforcement Mechanism in Different Countries
Problems of Ensuring Sustainable Administration of Public Real Estate in Estonia1 Janno Reiljan
Abstract
Introduction
1. Apraisal of funding problems for public real estate development
2. Ownership or rent in public real estate management
3. Conceptual basis for real estate administration
References
Employment Structure in the Baltic Sea Region EU Members as a Factor of Economic Growth Monika Rozkrut, Dominik Rozkrut
1. Introduction
2. Employment structure
3. Methodology
4. Empirical study
5. Conclusion
References
Corporate Culture as a Factor of Institutional Development - Empirical Evidence from the West Pomeranian Healthcare Sector Iga Rudawska
Abstract
Reforming healthcare sectors in CEE
The health care sector in Poland - institutional approach
Corporate culture defined
Research methodology
The findings
Discussion
Final conclusions
References
Evaluation and Practical Application of Service Quality Measurement Methods Wieslaw Urban
Introduction
Disconfirmation Model - Servqual and Its Limitations
Customer's Perception Measurement - Servperf and Other Methods
Incident-Based Quality Measurement
Quality Measurement Using Service Providing Process
Mystery Shopping as a Service Quality Measurement Method
Service Quality Measurement from the Inside of an Organization
Empirical Research Method
Knowledge and Practice of Service Quality Measurement Methods
Reasons for Creating New Methods
Conclusion
Reference
How to Improve the National Innovation Systems of the Catching-up Economies? Urmas Varblane
Abstract
Introduction
Development of the concept of innovation system
Implementation of the national innovation system approach in developing and catching up economies
Advantages and disadvantages of latecomers
Problems in building up national innovation systems in catching up economies as the reflection of the path-dependency
Underestimation of the role of public sector in the national innovation system
Dominating role of the linear innovation model and neglecting demand
Confrontation between high- and low-tech industries
Overvaluation of the role of foreign direct investments
Lack of social capital and network failure
Weak innovation diffusion system and low motivation to learn
Policy recommendations and conclusions
References
Loyalty Between the Company and its Employees Adds Value - A Loyalty Model Applied on Empirical Studies of Employee Engagement in German and Estonian Companies Andreas von Schubert
Abstract
1. Corporate human resources are decreasing
1.1. The challenge of change management in times of shareholder value management
1.2. The particular challenge of change management in transition countries
2. A comparison of empirical findings on employee commitment
2.1. Employee Engagement in Germany
2.2. Attitude and Employee Engagement in Estonia
2.3. How to cope with "wrong" attitudes and limited employee engagement
2.4. Employees are important stakeholders
3. The ABC of intra-corporate loya lty: Activate - balance - control
3.1. Activate: Self-interest creates engagement
3.2. Balance: Engagement requires bilateral achievement of objectives
3.2.1. Esteem is the starting point of all loyalty management
3.2.2. Engagement despite of an indifferent attitude
3.2.3. Trust as an intermediate step
3.2.4. Bilateral investment as a reliable basis for loyal relationships within a corporation
3.3. Control: Loyalty is "self-financing"
4. Loyalty management adds value by balancing potentially conflicting goals
References
Economic Theory and Economic Policy
Benchmarking EU Countries Against Danish Flexicurity model Raul Eamets, Kaia Philips, Janika Alloja, Kerly Krillo
Abstract
1. Introduction
2. Flexicurity concepts and the Danish "golden triangle"
3. Measurement of labour market flexicurity
4. Flexicurity profiles of EU25 countries
5. Discussion and conclusion
References
Appendix
Estonian Wage Formation as a Macroeconomic Adjustment Mechanism: Comparative Analysis with Baltic and Nordic States1 Grigori Fainstein, Kaie Kerem
Abstract
1. Introduction
2. Theoretical models of wage determination
3. Comparative characteristics of the Estonian labour market
4. Empirical results
5. Regional labour market adjustment
6. Conclusions
References
The Energy Supply Market of the Baltic States: Russia's Role and Prospects for Integration Julie M. Korosteleva, Vladimir N. Zuev
Abstract
Introduction
Geopolitical situation
Russian business expansion
Problems
Prospects of energy dialog development between Russia and the Baltic States
1. Laying down a complex program for guaranteeing secure deliveries of Russian hydrocarbons to the Baltic States
2. Mutual trade relations
3. Joint participation in infrastructure projects
4. Mutually acceptable agreements for long-term energy supplies
5. Mutual diversification of Russia and the Baltic States deliveries
Conclusion
References
About a Way of Estimation of Weights Situated on Variance Ellipse and Method of Determination of Kind of Surface on Which Portfolio Weights are Located Henryk Kowgier
1. Introduction
2. Estimation of weights situated on variance ellipse
3. Empirical example
4. Researching of kind of surface on which weights of quaternary portfolio are situated.
5. Conclusions
References
Value Added by Maritime Industry in Poland Christian Lis, Dominik Rozkrut
Abstract
1. Introduction
2. Gross Value Added
3. Estimation
4. Conclusions
References
Prospects of Development of Russian Share Market During an Epoch of Globalization Alexander S. Selishchev
Abstract
Institutional changes of the Russian stock market
The Structure of Russian Stock Market
Growth of the stock market
The dynamics of RTSI
Russian investment ratings
Market of IPO in 2006
References
Income Level and Income Equality - Each Other Influencing Factors or Independent Dimensions of the Economic System?1 Jüri Sepp, Diana Eerma
Abstract
Introduction
1. Factors of income level and their impact range
2. Robustness analysis of the model
3. Classification of countries on income equality and relative income level base
I. Countries, which are relatively poor and also have unequal income distribution at the same time.
II. Countries, which are relatively rich and have equal income distribution at the same time.
III. Countries, which have relatively equal income distribution, but are poor at the same time.
IV. Countries, which have relatively unequal income distribution, but are rich.
4. Position of Baltic countries by relative income level and equality
Summary
References
Annex 1: Division of countries by income level and relative level of income equality
History and Development of Ownership Research1 Mike Franz Wahl
Abstract
1. Introduction
2. Material and Methods
3. History of Ownership Research
4. Conclusions
References
Authors

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