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Sa razvijanjem privrede raste i važnost grada, kojemu su time date nove snage i nove uloge koje će vršiti; on postaje središtem društvenog života, nosiocem socijalnog progresa. Na razvitak i važnost današnjih gradova primaran uticaj imaju momenti ekonomske prirode.
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Analyzing the Bulgarian raw material, crude oil and natural gas markets is an important step in setting up an early warning system (EWS). The Comprehensive Price Index is based on the weighting of imports from the energy and non-energy sectors, including the crude oil sector. The explanatory variables that describe the crisis index are analyzed and predicted by the ordered Probit model. The EWS system developed in this study takes into account the most important measurable variables that affect the raw material market, and based on this understanding, we focus on which variables can represent risk.
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Food industry has a strategic role in the global economy and it greatly contributes to achieving the Sustainable Development Goals, but at the same time it causes significant ecological pollution and resource depletion. Maximizing the benefits and minimizing the costs of the food industry is therefore a challenging task. The subject of this paper are contemporary global trends and factors of competitiveness of the food industry. The purpose of the paper is to determine what contributes to the competitiveness of the food industry and to analyze recent global trends in the food industry in order to draw conclusions about the role and contribution of this industry to sustainable development and competitiveness. The analysis has shown that innovation in the production and processing of food and also diversification of the supply are key contributing factors. The main driver of innovation in the food industry are new consumer expectations and requirements. Consumers are increasingly concerned about their own ecological footprint, which increases the demand for those food products whose production has a minimal negative effect on the environment, and they often choose products of enterprises with socially responsible business practices.A
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Globally, the COVID-19 pandemic crisis is considered as one of the worst global recessions in history, caused by non-economic factors such as the coronavirus pandemic. The pandemic crisis has increased the financial stability and vulnerability across different markets and sectors. These changes required the central banks, governments, and other authorities to take a variety of policy assistance steps to help limit immediate financial stability threats. The goal of this study is to examine how the monetary policies of the Republic of North Macedonia and Republic of Albania, as one of the two key macroeconomic policies, have reacted in response to COVID 19 for the year 2020. This study looks at how the central banks of both countries have altered conventional and unconventional monetary policy tools to combat the pandemic. The analysis is based on the data published by the monetary officials in both countries. The results show that interbank interest rates in the Republic of North Macedonia and Republic of Albania were reduced from 2.00% to 1.50% and from 1.00% to 0.50%, respectively, while overnight loan interest rates were reduced from 2.50% to 2.00% and from 1.90% to 0.90%, respectively. An overview of the unconventional measures is also presented.
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Since January 2020, the global community has faced what may be tagged a biological war against the ravaging COVID-19 pandemic. While many countries in the world have been hard hit by this virus, response patterns to the pandemic have varied from country to country and, expectedly, with varying success rates. The global community witnessed a surge in socialist policies as a response pattern to the COVID-19 pandemic. This paper argued that the countries with poor COVID-19 responses are predominantly capitalist economies under the curse of overlooking secondary consequences. The paper examined concepts such as socialism, capitalism, free market and command economy. The paper then offered philosophical argumentation for its conclusion that the COVID-19 reality is strong evidence that adopting socialist policies in an economy is more reliable than a predominantly capitalist economy, and should be the background to rebuilding the post COVID-19 economies.
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This paper provides a comparative evaluation of the behaviour of long-term sovereign yields in Czechia, Hungary and Poland from 2001 to 2019. An affine term structure model developed by Adrian, Crump and Moench (2013) is used as an empirical framework for the decomposition of the bond yields into term premium and risk-neutral components. We document a substantial compression in term premia which started in Central European economies around 2013 and played a decisive role in the changes that occurred in 10-year sovereign yields. This pattern, however, was more prevalent in Czechia and Poland than in Hungary. We show that long-term rates in all three economies remained higher than in Germany due to relatively large risk-neutral components. Nevertheless, cross-country correlations became increasingly dependent on term premium dynamics, both among Central European economies and between each of them and Germany. These results are robust to bias-correction in the baseline models and interpreted in the light of the general interest rates decline in the global economy. Potential policy implications are also discussed.
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The paper aims to assess the impact of climate change on sustainable development in the case of the High Plateaux region of Algeria. A baseline “climate change” scenario and an “adaptation” scenario were assessed as part of our work. The methodological approach implemented is broken down into three interconnected evaluation phases, pre-modelling phase, modelling phase and post-modelling phase. The work has shown that these complex ex-ante evaluation approaches are adaptable and applicable in the context of Algeria. Our findings indicate that climate change would have a significant impact on economic aggregates on a regional scale. It also highlighted that the calculation of a single index of the impact of environmental policies on the sustainability of arid regions confirms the hypothesis of gaining sustainability by working towards a strategy of adaptation to climate change.
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The economic crisis of 2008 in the USA and globalized rapidly, generated macro and micro economic imbalances that had short, medium and long term effects on all countries of the world. A lot of measures have been taken in all countries of the world, including the European Union. This study aims to analyze some of those measures applied after the crisis of 2008, all the more so as the current state of global economies confirms the imminence of a new global economic and financial crisis.
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This study proposes an Early Warning System model composed of macrofinancial and company-specific indicators that could help to anticipate a potential market distress in the European insurance sector. A distress is defined as periods in which insurance companies’ equity prices crash and CDS spreads spike simultaneously. The model is estimated using a sample of 36 insurance companies that are listed. Based on a fixed-effects panel binomial logit specification, empirical evidence shows that economic overheating that could be manifested by high economic growth, inflation and interest rates have negative impact on insurance sector stability. At the company level, a drop in return on assets and price-to-book value or raising operating expenses increase the likelihood of distress occurrence.
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Despite the rising geoeconomic competition between the USA and China, no suggestions are offered in the contemporary literature as to what geoeconomic strategy middle powers can use towards the great powers in the face of the currently emerging bipolar world structure. In this paper, three ideal-typical models of geoeconomic strategies for middle powers are developed with the help of terminology borrowed from strategic studies: the concepts of balancing, bandwagoning and hedging lead to the concepts of geoeconomic balancing, geoeconomic bandwagoning and geoeconomic hedging. Further, the behaviour of Germany towards China is tested, and it is argued that Germany has chosen geoeconomic hedging as its strategy towards China. By simultaneously promoting and restricting economic relations with China, Germany seeks to protect its commercial interests in China and at the same time strengthen its partnership with the USA and EU members to avoid falling into the Chinese sphere of influence.
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Review of: Michael Pillsbury – „Maratonul de o sută de ani. Strategia secretă a Chinei de a înlocui SUA ca superputere globală”
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The decrease in physical cash usage, the excessive market power of BigTech companies, the largely unregulated market of crypto assets which poses risks to financial stability, as well as the need for more financial inclusion and for lower-cost crossborder payments are just as many arguments in favour of a central bank digital currency (CBDC). However, there are as many points urging caution. In this context, the purpose of the present paper is to analyse the specificity of the potential digital euro as part of the international payments’ architecture. The European Central Bank (ECB) is focusing on the digital euro project, running the investigation phase until October 2023. The debate on the digital euro adoption is in line with the international one, but there are several distinctive aspects. Various scenarios are taken into account, starting from general principles for retail CBDCs, results of the public consultation of a digital euro, experts’ opinions regarding privacy, security, usability, costs, offline use, acceptance, potential disintermediation, standards and international implications of the digital euro. The research also outlines the relations between major actors involved, while identifying the prerequisites for a swift functioning of the Eurozone payment system with digital euro at its core.
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Macroeconomic Dynamics are based on the evaluation of the macroeconomic performance of countries. And it is possible that these variables interacts with each other. In this research, the causality between public expenditure and growth, inflation, unemployment, total savings has been examined. These relationship is tested with Dumitrescu Hurlin Panel Causality Test. And BRICS-T countries has been selected for this research. As a result of empirical study there is a unidirectional causality relationship at the 5% significance level and a bidirectional causality relationship at the 10% significance level between growth and public expenditures has been determined between the years of 1995-2019. A unidirectional causality has been founded between unemploymend und public expenditures. There is no statistically significant causality relationship observed between inflation and public expenditures. A bidirectional causality relationship is observed between total savings and public expenditures. There are a limited number of studies examining the causality relationship between public expenditures and variables such as economic growth, inflation, unemployment and total savings in a single study. For this reason, it is expected that the study will contribute to the literature in terms of its relative comprehensiveness and originality.
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Education has always been linked to success. However, after the global economic crisis (in 2008) young people all over the world (especially in developing countries ) have started questioning if the mentioned idea is a proven fact. In order to view if a diploma is a guarantee of a bright future in both developing and developed countries, this article is focused on examining the relationship between tertiary education and work attainment in Europe. The paper provides theoretical perspectives concerning the latest employment realities and issues of the European youth. The statistic data presented in the work reflects on aspects like how much time is needed for a young person to find job and if the level of formal education defies success on the job market. The theoretical assessments of the European Union's youth education and employment enables to analyze current transformations in the learning system that the young Europeans are faced with. The conclusions drawn from the article will be the foundation of the examination of the youth employments trends in a developing country, like Georgia (to be discussed in the upcoming article).
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Furniture manufacturing is one of the most important sectors of the world economy. The world furniture market is developing dynamically and has undergone significant transformations over the last decade. The globalization of markets has led to changes in the structure of international trade. International furniture trade has been growing steadily since 2014 till outbreak of the COVID 19 pandemic in 2019. Population growth, high level of urbanization, development of construction business, increase in the number of business establishments, tourism development, demand for educational institutions, expansion of the medical sector, regular usage of outdoor spaces and many other factors contribute to the ever-increasing demand for furniture. The furniture manufacturing sector is one of the largest capital and labor-intensive sector, accounting for 4% of world production and providing jobs for 3% of the working population. China, USA, Germany and Italy are the largest exporters of furniture in the world. In the study we will look at the leading countries in the world of furniture production and the largest furniture manufacturers.
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The concept of Smart Specialisation Strategies (S3) is one of the key policy instruments for Europe's regional development. The strategy considers the regional sectoral diversity to build a competitive advantage and increase the position in the knowledge economy. Particularly less-developed regions can benefit in this context when Smart Specialisation is promoted as the primary instrument of European Cohesion Policy. One strategy to develop the competitive advantage of moderate innovator regions is to develop a common, collaborative strategy to overcome regional disparities by leveraging regional growth potential. A methodology is presented by the authors, which is suggested to be accompanied for the identification of Smart Specialisation Strategies in an interregional context. The objective of this is to supply a novel method for interregional Smart Specialisation development and to improve its outward-looking orientation .
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The monograph proposes a modern concept of sustainable development from the standpoint of security, which contains a general systematic idea of ways to move from the current position of the object of management to the desired. The necessity to adhere to the limits of safe existence of dynamic economic systems, which connects the problem of sustainable development with the problem of security, is substantiated. The presented concept is based on the methodology of identification and strategy of sustainable development from the standpoint of security and adaptive methods of regulation of management theory for the scientific justification of strategic planning in the medium and long term. It is proposed to take into account the shadow indicators in the components of sustainable development to reveal the adequacy of the real state of the economy using the developed method of its assessment and de-shadowing. The violation of the generality of macroeconomic identity of GDP by the end-use method at the regional level is proved and on this basis the method of determining the shadow net export due to violations at customs and in interregional movement of goods and services is proposed. Possibilities of application of the stated approaches at different levels of economic activity are shown. The dual role of the shadow economy is revealed: as obstacles to sustainable development and as a significant reserve for modernization and growth of Ukraine's economy.
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The article discusses the theological criticism of capitalism on the part of the Reformed Churches. The four main themes of criticism are: 1) immoderate accumulation of goods and capital and the commodification of man; 2) leading Third World countries to unpayable debt; 3) plundering of natural goods and environmental damage; 4) the trap of unrestrained growth. The idea of “degrowth” is proposed as an effective way out of these threats. This idea consists of moderation in the production of goods adapted in volume to real needs, respect for the environment by implementing the principles of sustainable development, and finally adopting the attitude of self-restraint as a necessary form of asceticism. “Degrowth” is therefore an idea that also brings together the ways to overcome the “economy of greed” and introduce the “economy of life.”
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