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«European Journal of Economic Studies»
(Европейский журнал экономических исследований) – международный двуязычный научный журнал.

E-ISSN 2305-6282

Периодичность – 2 раза в год.
Издается с 2012 года.

1 March 15, 2017

Articles and Statements

1. Hamed Alavi
Risk Management Techniques and their Application to Documentary Discrepancy in Letter of Credit Transaction

European Journal of Economic Studies, 2017, 6(1), 4-17.
DOI: 10.13187/es.2017.6.4CrossRef

With emergence of new economies in globalized world issue of international trade is gaining more ground in economic, political and development debates. Economic liberalization as well as removing tariff and non-tariff barriers to trade, has significantly contributed to globalization of production and flow of business. At the same time increasing trade with emerging economies and moving production to low cost countries resulted in increasing trade risk more than before. Among others, payment risk can impose serious amounts of loss on involved parties in international trade while traders try to mitigate it by using different methods of payment like documentary credits. LCs are used to reduce the payment risk of buyer with irrevocable guarantee of issuing bank to pay contractual price to seller against presentation of complying documents by him. However, application of Strict Compliance Principle and reliance of banks on mere documentary nature of presentation rather than trade realities between partners can create different problems. A prominent example of such problem is rejection of payment by bank due to bad processing and noncompliance of presented documents by beneficiary. In fact, non-compliance is a huge risk for beneficiary which can result in his significant financial loss. By focus on potential financial loss due to mismanagement of risk, current paper tries to study most prominent risk management techniques and their applicability to mitigate the risk of documentary discrepancy in LC transaction from the perspective of exporter beneficiary and find answer to the question of which Risk management model can be suitable to reduce such risk in LC operation. Research consists of three parts. First, it will review history and different business risk management philosophies. Second part will discuss to nature of LC transaction and risk of documentary discrepancy while final part will analyses different business risk management techniques and their usefulness in mitigating the risk of documentary discrepancy in international LC transaction.

URL: http://ejournal2.com/journals_n/1489575772.pdf
Number of views: 679      Download in PDF

2. Vahagn Artur Amirkhanyan
IT Sector as the Most Perspective High-Tech Industry in the Republic of Armenia

European Journal of Economic Studies, 2017, 6(1), 18-24.
DOI: 10.13187/es.2017.6.18CrossRef

Nowadays the economic growth and economic stability are the main state strategic directions for any economy. The Republic of Armenia is not an exception for that issue. Moreover, during 2016 the country faced with many political and economic challenges which made the Government reorganize as it had not been able to provide economic growth and higher results in many economic areas. Nevertheless, there are some spheres where the growth was noticed and one of that spheres is considered to be the Armenian IT sector, which comes to be the most sustainable and perspective in the country as it does not mostly depend on geographic location, borders, political and other competitive advantages. The article describes the trends of growth of the Armenian IT sector, the current positions of Armenian IT products and the regulatory policy held by the Government of the state, which fosters the sector growth and gains more and more productive results.

URL: http://ejournal2.com/journals_n/1489575841.pdf
Number of views: 680      Download in PDF

3. Amassoma Ditimi, Adeniran Oluwagbenga
A Reappraisal of the Link between External Debt and Domestic Investment in Nigeria

European Journal of Economic Studies, 2017, 6(1), 25-41.
DOI: 10.13187/es.2017.6.25CrossRef

This study explores external debt and economic growth nexus in Nigeria. Although external borrowing is targeted to put an economy on the pedal of growth cycle, provided such resources obtained are utilized efficiently in a well-directed manner. This has not been the case with Nigeria due to lack of optimally utilizing this contracted loans for its original goal hence making repayment a burden which has culminated a lot of contention among scholars, policy makers, and government agencies to mention a few. This study was carried out to investigate the nexus between external debt and domestic investment via economic growth in Nigeria between the periods 1980 to 2014. The study employed OLS regression method to ascertain the said relationship. The results shows that external debt exerts a negative and significant effect on private in Nigeria, while domestic debt had a positive and significant influence on private investment in Nigeria during the study periods, indicating that external debt impedes private investment in Nigeria. So the study concludes that external debt is inversely related to private investment, meaning that an increase in external debt goes a long way in reducing private investment which slows down economic growth in the country. Owing from the above, the study recommends there is the need for the government to focus more on domestic investment and lessen the concentration on private investment. In addition, the government should enforce appropriate macroeconomic policy that will foster private investment couple with an enabling environment that will attract foreign investors to invest in the country by addressing the security challenges, providing investment friendly environment, by improving regulatory framework, introduction of some legal framework which should be met to apprehend any contractor, agencies, public office holders found to have embezzle funds stipulated for any developmental project; and encourage domestic investment. Future study should be conducted on effective management of resources for achieving the desired economic growth in Nigeria.

URL: http://ejournal2.com/journals_n/1489575965.pdf
Number of views: 671      Download in PDF

4. Bilal Ahmad Pandow, Khurshid Ahmad Butt
Risk and Return Analysis of Mutual Fund Industry in India

European Journal of Economic Studies, 2017, 6(1), 42-55.
DOI: 10.13187/es.2017.6.42CrossRef

The mutual funds is one of the important classes of financial intermediaries which enables millions of small and large savers spread across India as well as internationally to participate in and derive the benefits of the capital market growth. Thus the involvement of mutual funds in the transformation of Indian economy has made it urgent to view their services as they are playing role in mobilizing and allocation of investable funds through markets. The fact is that mutual funds have a lot of potential to grow but to capitalize the potential fully, it would need to create and market innovative products and frame distinct marketing strategies. Moreover, the equity culture has not yet developed fully in India as such, investor education would be equally important for greater penetration of mutual funds. As such mutual funds are expected to perform better than the market, therefore calls for a continuous evaluation of the performance of funds. From an academic perspective, the goal of identifying superior fund managers is interesting because it challenges the efficient market hypothesis. The present study looks into the risk and return analysis of the select mutual funds in India.

URL: http://ejournal2.com/journals_n/1489576212.pdf
Number of views: 618      Download in PDF

5. Gayane Tovmasyan
Tourism Sphere Development as a Main Factor for Regional Economic Advancement in the Republic of Armenia

European Journal of Economic Studies, 2017, 6(1), 56-65.
DOI: 10.13187/es.2017.6.56CrossRef

Tourism as a global phenomenon develops rapidly worldwide. In the Republic of Armenia tourism is announced as the main sector of economy. In the recent years the number of tourists has increased. The main tourism statistics, tourism competitiveness index, tourism assets of Armenia are presented and analyzed in the article. Some suggestions are made for tourism advancement in Armenia which will contribute to the regional economic growth. Obviously, our calculations and analyses indicate tourism sphere significance for our economic development. Tourism development is also very important for regional economic advancement as tourism destinations are also in the regions, and tourism directly or indirectly influences on the development of the other spheres of the economy as well. It is also obvious through the calculation of tourism multiplier effect. So tourism development plans by regions must be processed and implemented.

URL: http://ejournal2.com/journals_n/1489576287.pdf
Number of views: 683      Download in PDF

6. Saida Zainurossalamia Za, Syarifah Hudayah, Tetra Hidayati
Analysis of People’s Interests in Using E-Commerce Service from Tokopedia and Bukalapak based on the Quality of the Service, Design, and the Popularity of the Websites

European Journal of Economic Studies, 2017, 6(1), 66-74.
DOI: 10.13187/es.2017.6.66CrossRef

The aims of this research were to identify: 1) the display of the websites design of Tokopedia and Bukalapak, 2) the popularity of the Tokopedia and Bukalapak websites, 3) people’s interest in using the service from Tokopedia and Bukalapak based on the design and the popularity of the websites. The results of the research were the analysis of the service, design, and the popularity of the websites which drawn into a conclusion that excellent service is a must in the field of e-commerce websites to increase the satisfaction of the customers. Security assurance, the ease of doing transaction, fast response, and complete information must comprise the e-commerce websites. E-commerce websites must present attractive display of the websites, easy navigation system, updated content, and complete specification of the products. Website systems that are always being updated, promoting by social media, increasing back link, and updated content would increase index value of the e-commerce website, therefore it would be easier to find. The updated content indicated that the websites were professional and could facilitate the visitors to know the new information about the products, service, and information provided in the e-commerce websites.

URL: http://ejournal2.com/journals_n/1489576448.pdf
Number of views: 762      Download in PDF

full number
URL: http://ejournal2.com/journals_n/1489576477.pdf
Number of views: 660      Download in PDF

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