Volume 3

The financial sector is living a profound crisis in order to keep pace with the continuous technological breakthroughs that come out daily, while other sectors seem to be historically more growth-by-innovation-based (e.g., the pharma/biotech sector). This work focuses on an interdisciplinary approach to innovation, and on insights that the banking sector can draw from the pharmaceutical one. Hence, a unique dataset has been built, and it collects information on the most relevant players for both the fields. Different indicators have been created as well in order to empirically test whether the financial industry is actually less innovative with respect to the pharmaceutical one, and to understand the best growing strategy for the banking industry. The results confirm that there is an innovation gap between the two industries, as well as identify the corporate venture capital as the best mean to drive business growth through innovation.

Housing bubbles have been discussed and closely linked to current world economics since 2008. This paper takes a case study approach to the situation in Spain in terms of its economy, the housing market and the ongoing economic crisis. Unique aspects of the Spanish culture and historical idiosyncrasies are included for the reader to compare and contrast various international settings and economic machinations. Micro and macro factors are incorporated in order to allow the reader to evaluate the complexity of the ongoing crisis, options and potential alternatives. The unique burden the Spanish housing bubble places on young adults, those most dramatically affected by Spanish unemployment levels, is also broached.

This article tries to analyze the characteristics of the accounting standard for business enterprises, which is based on the idea of evolutionary game, in order to build a game model between stakeholders, and to conduct the simulation of the game model with NetLogo software. It shows the performance of all participants in the course of the game in a dynamic process, and the simulation results are analyzed, accordingly.

A complementary relationship between money and physical capital, emphasis on liberalization, financial liberalization theory and increased real interest rates will lead to a surge in money demand and investment. In this research paper, the validity of this hypothesis, which is also known as McKinnon's complementarity hypothesis, in terms of financial liberalization policy has been tested empirically to examine the performance, money demand, interest rate and investment size in order to attempt to designate the respective relationship in Turkey. In this study, over the period of 1999Q1-2014Q4 in Turkey, the relationship between money and physical capital for available data is investigated through the BOUND and ARDL test methods. Empirical analysis of the findings suggests that Turkey's economy is based on a limited complementary relationship between money and physical capital.

Tax policy is a tool that state uses on economic, social and financial fields. Funding public expenditure is its financial goal, providing economic stability and development is its economic goal and contributing to fair distribution of income and wealth is its social goal. In result of high debt load, rupture between taxes and economic goals, being not established a document and registration order and lacking in management of administration and control functions, significantly increasing tax loss and evasion and factors such as unfair competition that it leads to show that our tax system is ineffective and have a negative influence in economic life. In order to succeed in tax policies, “taxes should be minimalistic, should consider the ability to pay with respect to income level, should prevent the luxurious consumption and waste, should decrease tax evasion and loss, should tax informal economy, should encourage export, employment and development, should be reformed in a permanent way and implementing tax consciousness into whole society” is inevitable.

This paper aims to test the relevance of the advanced warning indicators in the prediction of systemic banking crises in 6 Asian emerging countries over the period 1973-2012. Based on multivariate panel logit model, our empirical results suggest that among 6 determinants of banking crises ranged into macroeconomic, financial and external variables, inflation demonstrates the most significant predictive power on systemic banking crises.