During the World War I, most of the countries stopped coin production and began converting paper money into gold. Various forms of exchange were later abolished during the "Great Depression" in 1929-1933. Later, gold lost the value of money in most of the economies worldwide. Multiple price rise of gold caused a real rise in the value of gold reserves and their potential ability to cover the balance of payment deficit. At the same time, it shows that gold still plays an important role in terms of monetary aspect. The aim of this study was to determine whether ARIMA models are suitable for determining the short-term volatility of gold prices. The calculations show that ARIMA model is suitable only for short-term gold price forecasts (max. 1 year). Thus, it is necessary to apply other models (multi-regression ones) that also can reveal the relationship between gold price and its determinants.

The development of an appropriate export promotion strategy in any country calls for consideration of such country-level determinants as macroeconomic indicators and cultural elements. Small economies, like Lithuania, must have a clear understanding of which macroeconomic factors most significantly contribute to the competitiveness of their exports. This article is aimed at assessment of the competitiveness of Lithuanian export in the macroeconomic context. The main purpose of the research is to assess the determinants of the competitiveness of Lithuanian export in the macroeconomic context. For accomplishment of the defined purpose, the following objectives were raised: 1) to review the general determinants of export competitiveness; 2) to develop the methodology for assessment of the country’s export competitiveness in the macroeconomic context; 3) to empirically assess the impact of macroeconomic determinants on the competitiveness of Lithuanian export over the period 2007–2015. The research methods include comparative and systematic literature analysis, correlation and regression analysis. It has been found that GDP (gross domestic product) per capita and general state’s revenue from taxes and social contributions explain the trends of Lithuanian export by 99.1 percent. A very strong correlation has been estimated between Lithuanian export and terms of financing for exporting enterprises, a negative medium-strong correlation has been estimated between the country’s export and its general tax level, while a positive medium-strong correlation has been captured between the country’s export and its minimum wages. Novelty. The results lead to the conclusion that the competitiveness of Lithuanian export is mainly affected by the state’s tax policy, terms of financing for exporting enterprises and social wage strategies. By improving the above-mentioned areas, the country could occupy stronger competitive positions in international markets.

An analysis of the scientific literature has revealed that companies in advanced countries have mixed capital structures, whereas companies in less advanced countries mostly depend on bank credits and loans. The reason for dependence on bank funding lies in the fact that corporate bonds are profitable only to large companies with a high credit rating, while small and medium companies-as well as large companies with lower credit ratings-find bank loans to be a more attractive method of external financing. This article focuses on the impact of particular financial and economic determinants on corporate borrowing in Lithuania. With a view to providing not only theoretical, but also practical insight in the problems of corporate financing, we have included such financial determinants as interest rates and bond yields. ARTICLE HISTORY

Due to extremely high degree of responsibilities, bank activities have to be by far the most transparent in comparison to other enterprises or finance institutions since any participant of the finance market may become a bank customer. Considering this reason, activities of commercial banks have to be supervised by particular authorities. What is more, requirements for banking activities must be clearly defined; banks must be obliged to capture particular data and publically submit the required information, ensuring its transparency. This article is aimed at assessment of the transparency of information submitted to business enterprises by Lithuanian commercial banks. The results of the empirical research have revealed that the key problems related to commercial banking include bank activity supervision gaps and insufficiency of legal requirements. In addition, since, with reference to the experts' opinion, reliance on commercial banks is, to the largest extent, determined by staff competence, service quality, quantity of submitted information and bank image, to ensure information transparency, commercial banks should focus on the submission of truthful and comprehensive information without concealment of any essential data.

This article is aimed at the assessment of the current situation and prospects of e-business in Lithuania on the basis of legal and statistical data analysis. The results of the research have revealed that absence of any special law on e-business regulation determines fierce competition between traditional and e-business and so burdens e-business development in the country. Large business enterprises are more inclined to employ e-business than smaller enterprises, which confirms the theoretical proposition that e-business development, among all other determinants, is influenced by the size of an enterprise. The opportunities of e-business development in the country are comparatively wide considering the changes in consumers' habits and advancement of IT. Rising perception that IT may significantly contribute to retention of competitive advantage in the market and business inclination to innovations also determine e-business development, although main barriers of new technology implementation in Lithuania include high costs of innovation, lack of internal funds, lack of external funds and dominance of the largest enterprises