The article evaluates the process of Lithuanian economic development by sustainability aspect. According to the collected theoretical and practical material, the assessment of Lithuanian economy sustainablity from the viewpoint of principles and systems of environmental economics, strategical management and sustainable development are reviewed.

Keywords: Lithuanian economy, development, sustainable development, assessment, indicators.

JEL Classifications: Q01/O47

Violeta PUKELIENĖ, Arūnė LINKEVIČIENĖ

GROWTH FACTORS IN SMALL ECONOMIES: THE OPENNESS IMPACT TO LITHUANIAN ECONOMIC GROWTH

The comparative analysis of small and large economies was accomplished in this paper. The openness impact on economic growth in small and large economies was examined. The openness impact on Lithuanian economic growth was determined.

Keywords: small economy, openess, economic growth.

JEL Classifications: F01/F41/F43

INDUSTRIAL AND PRODUCTION ECONOMICS

Rimgailė VAITKIENĖ, Vestina PILIBAITYTĖ

MODEL INTEGRATING THE PROCESSES OF CONSUMER PERCEIVED VALUE CREATION AND CONSUMER RELATIONSHIP DEVELOPMENT

The article analyses the links between the consumer perceived value creation and relationship development processes. It overviews relationship profitability as a constituent of consumer perceived value, consumer relationship development process and its stages, the process of consumer perceived value creation within the context of relationship marketing and presents the model integrating the processes of consumer perceived value creation and consumer relationship development.

Keywords: consumer perceived value, relationship marketing, consumer perceived value creation process, relationship life cycle

JEL Classifications: D46/M31/M39

FINANCE AND FINANCIAL ECONOMICS

Eugenija BUŠKEVIČIŪTĖ, Audronė LEŠKEVIČIŪTĖ

risk management in insurance business

Keywords: consumer perceived value, relationship marketing, consumer perceived value creation process, relationship life cycle

JEL Classifications: D46/M31/M39

Andrius JAKUTIS

THE INNOVATIVE BLACK-SCHOLES AND TRADITIONAL INVESTMENT EVALUATION METHODS, THEIR APPLICATION OPPORTUNITIES

In the article the innovative Black-Scholes investment evaluation method is analyzed and compared to traditional methods. Through the specific case of Lithuanian company, it is demonstrated, how Black-Scholes method can be practically applied for technological investment evaluation and how the results should be interpreted.

Keywords: investment evaluation, Black-Scholes, real options, innovative investment evaluation methods.

JEL Classifications: D92

Renata LEGENZOVA, Inga KANCEREVIČIŪTĖ

The analysis of financial audit reports of Lithuanian corporations and the assesment of their changes

The paper analyses audit reports of financial statements of Lithuanian corporations, their content, structure and assesses changes of these audit reports in the period of 2000-2006.

Keywords: audit, audit report, financial statments

JEL Classifications: M42

Dalius RAŠKINIS, Sigita ZIGMANTIENĖ

Art as an investment: worldwide accepted modern instrumentality for portfolio diversification

This article analyses art as an investment tool for the divesification of investment portfolio. It compares the return on investment in art objects and other financial investments, shows the effects of investment into art for portfolio diversification. Moreover, this paper represents possible development directions of Lithuanian art market.

Keywords: Art as an investment, alternative investment tool, portfolio diversification, portfolio optimization.

JEL Classifications: G11/G12/Z10

PUBLIC AND SOCIAL ECONOMICS

Algirdas BARTKUS

INFLUENCE OF MACROECONOMIC FACTORS ON LITHUANIAN RETIREMENT PENSION SYSTEM

The influence of macroeconomic factors on Lithuanian retirement pension system are overviewed and evaluated and the cycles of Lithuanian social insurance system development are determined in this article.

Keywords: public retirement pensions, indexation of pensions, replacement rate.

JEL Classifications: H55/H59