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  FORECASTING THE EFFECTIVENESS OF NON-STATE PENSION FUND INVESTMENT STRATEGIES: THE CASE OF GEORGIA

  This paper evaluates the effectiveness of Georgia’s non-state pension fund using monthly data for 2022–2023 and develops short-to-medium-term forecasts to 2030. We assemble indicators on pension contributions, investment returns, and the exchange rate, and define a fund-effectiveness measure to capture the system’s ability to meet obligations. ... This paper evaluates the effectiveness of Georgia’s non-state pension fund using monthly data for 2022–2023 and develops short-to-medium-term forecasts to 2030. We assemble indicators on pension contributions, investment returns, and the exchange rate, and define a fund-effectiveness measure to capture the system’s ability to meet obligations. Ordinary Least Squares (OLS) regression is used to estimate the relationship between effectiveness and its determinants; we verify time-series properties with Augmented Dickey–Fuller tests, assess Granger causality, and construct an ARIMA model to forecast dynamics under current policies. The results indicate a positive and statistically significant association between contribution inflows and effectiveness, while the link between investment returns and effectiveness is weak or negative during the sample period, consistent with portfolio transition, limited diversification, and market volatility. Exchange-rate movements appear positively associated with effectiveness, reflecting the valuation of foreign assets, but also imply additional risk to beneficiaries’ purchasing power. Forecasts suggest that, absent reforms, effectiveness is unlikely to rise materially by 2030. We discuss implications for policy design and governance. Priority actions include: strengthening risk management and diversification; aligning asset duration with liabilities; instituting foreign exchange risk hedging where appropriate; publishing clearer performance and risk disclosures; and enhancing default portfolio design and member choice architecture. The findings inform the calibration of contribution policy and investment guidelines for Georgia’s non-state pension system.

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  CHALLENGES AND SOLUTIONS FOR SUSTAINABLE TRANSPORT IN THE ERA OF NEW ENVIRONMENTAL REQUIREMENTS IN BULGARIA AND TÜRKIYE

  The background of the research is based upon the conclusions of the International Transport Forum (OECD, 2-21) that one of the big challenges for the environment comes from the transportation sector, which is responsible for approximately 23% of the discharged CO2 emissions; this quantity is expected to increase to 40% by 2030 and to 60% by 2050. ... The background of the research is based upon the conclusions of the International Transport Forum (OECD, 2-21) that one of the big challenges for the environment comes from the transportation sector, which is responsible for approximately 23% of the discharged CO2 emissions; this quantity is expected to increase to 40% by 2030 and to 60% by 2050. The already expressed negative tendency is calling for new models for freight transport represented in the form of inter-modality. This means the logistics side of international economic relations, represented by land mode of transport (road and rail), inland waterways, short-sea shipping, and even airborne transport at short distances, should make use of viable combinations to decrease the harmful substances; it also concerns domestic transport policy which should stimulate non-road transportation solutions. The European Green Deal practically outlines the plan for the decarbonization of the economies of the member states of the union until 2050, with the aim of improving the well-being and health of European citizens and future generations with an accent over transport activities. Usually, logistics providers offer transport solutions, combining several modes, led by stakeholders’ expectations for reduced time and costs of transferring goods, reliability, and frequency of services. The biggest challenge is to design a resilient transport network, where the users can easily switch between transport modes in real time, while there is enough evidence that combined transport solutions are in accordance with the contemporary requirements towards freight transport. Infrastructure investments, easing transborder connections and interoperability in general have a positive effect over the development of combined transport. This paper is addressing the opportunities and difficulties in employing combined transport solutions using the methodology SWOT-TOWS and applying the research results to the existing possibilities in Bulgaria and Turkey as a neighbor non-EU country in the role of advanced competitor in the development of combined transport solutions. The conclusions confirm that economic development and its interaction and dependence on international logistics development is the most important factor of the environment encouraging or detaining the combined transport solutions. It also affects investments in transport infrastructure, the application of ITS and AI, the technological factors influencing the general trends of transport development and in particular, freight transport.

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  CORPORATE TRANSPARENCY AND DISCLOSURE: METRICS OF MACEDONIAN JOINT STOCK COMPANIES

  The disclosure and transparency of joint stock companies is fostering safe and sound governing of joint stock companies and reduces the risks of corporate crises and scandals. The purpose of the research is to identify the transparency level of the Macedonian listed companies that are obligated to comply with the Corporate Governance Code of the ... The disclosure and transparency of joint stock companies is fostering safe and sound governing of joint stock companies and reduces the risks of corporate crises and scandals. The purpose of the research is to identify the transparency level of the Macedonian listed companies that are obligated to comply with the Corporate Governance Code of the Macedonian Stock Exchange, according to 20 indicators related to the publication of information on the company's website and in their annual reports. The study adopts a mixed methods approach, combining qualitative and quantitative techniques. Qualitative component involved collecting and examination of data for 20 corporate governance indicators obtained from reliable sources. Quantitative analysis entailed assessing and scoring each indicator based on predefined criteria, followed by statistical processing and graphical representation of the results using Microsoft Excel. The research has shown that the average transparency level of analysed joint stock companies belongs to the “good” level. Considering the findings, the study provides recommendations aimed to enhance the transparency practices of Macedonian joint stock companies.