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Međunarodna razmjena hrvatske kemijske industrije

Author(s): Goran Buturac / Language(s): Croatian Issue: 1/2009

In this paper Croatian chemical industry in international trade is analyzed by applying k-means cluster method. The work is oriented toward the role and contribution of individual product groups in total trade patterns of chemical industry. The RCA indicator, GL index, RUV indicator and the share of individual chemical products in the total export of chemical industry are used as variables. The products at the four-digit level of the SITC are used as objects. The cluster of chemical products in which Croatia has comparative advantages contributes significantly in export structure. At the same time this cluster consists of a few product types thus indicating strong export concentration of Croatian chemical industry. Regarding of the value of RUV indicator, Croatian chemical industry benefits most in the international trade with antibiotics and medicines that contain antibiotics. Beside fertilizers, these two products have the greatest share in the export structure. The great majority of the chemical products have the low level of intra-industry trade specialization.

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Analysing of Differences in Terms of Exposure Level to Over-Confidence Bias Considering Socio-Economic Factors

Author(s): Fatih B. Gümüş,Yusuf Dayioglu / Language(s): English Issue: 31/2015

Over- confidence is a bias of that many entrepreneurs is under influence. There are several studies showing that entrepreneurs, who are under the influence of over- confidence bias, tend to trade inordinately, make more investments in risky financial instruments and less product diversification. This study aims to test over- confidence bias level of 100 entrepreneurs in terms of their trading volume and risky investments in their portfolio for the last three consecutive years. While previous studies mostly analyze the issue from theoretical perspectives, this study focuses on more verifiable facts such as transactions in BIST (Borsa Istanbul). This study shows that in terms of both trading volume and portfolio diversification, entrepreneurs’ professions, education levels, income levels, marital status and genders differ according to exposure level to overconfidence. The study reveals a difference in age profile of entrepreneurs in terms of exposure to overconfidence bias considering trading volume, but not in portfolio diversifications.

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The Causal Relationships Among Corruption, Political Instability, Economic Development and Foreign Aid: Evidence from the Economic Community of West African States

Author(s): Nurudeen Abu,Mohd Zaini Abd Karim / Language(s): English Issue: 31/2015

Although the determinants and impacts of economic development, corruption, political instability and aid have been investigated, little has been done to examine the causal relationships among them. This paper investigates the causal relationships among economic development, corruption, political instability and aid in the Economic Community of West African States (ECOWAS) from 1999 to 2012, using several techniques that include the granger causality test within a multivariate cointegration and error- correction framework, and forecast error variance decomposition and impulse response function analyses. The results of the analyses indicate there is a short-run positive unidirectional causality from political instability to aid and a negative unidirectional causality from political instability to economic development; a long- run positive unidirectional causality from political instability to corruption and a negative unidirectional causality from political instability to economic development; a long- run positive unidirectional causality from aid to corruption and a negative unidirectional causality from aid to economic development; including a long- run positive bidirectional causality between economic development and corruption in ECOWAS countries. Thus, policies that promote political stability would foster economic development, lower corruption and reduce the reliance on aid; policies that lessen the reliance on aid would reduce corruption and promote economic development; and policies that reduce corruption would enhance economic development which in turn leads to lower corruption in the long- run in the region.

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Flexicurity Model and its Application in the Slovak Republic

Author(s): Pavol Baran,Adriana Ducova,Lukas Pinka / Language(s): English Issue: 31/2015

A good example for the EU countries which want to improve their labor market policy could be the Danish model. This complex model can modernize and improve the labor market within the country, it can improve the relationships among employers and employees and it can also minimize the poverty and discrimination within the labor force. This paper focuses on the main aspects of the Flexicurity system and on the situation on the Slovak employment and unemployment market. It also summarizes up the conditions and assumptions of Slovak Republic and its labor market. The main goal of the paper is presenting the significant aspects of the Flexicurity system implementation under Slovak conditions.

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Bank-Specific Determinants of Profitability: Some Evidence from Europe

Author(s): Giuliana Birindelli,Paola Ferretti / Language(s): English Issue: 31/2015

This paper aims to investigate how company- level factors affect European banks profitability over the period 2006- 2012. Our specification follows a panel data model selected according to the Hausman test and our regression estimates are derived using the Generalized Least Squares method. The profitability indicators are ROAA and ROAE; the profitability determinants are referred to size, revenue diversification, efficiency, credit portfolio, level and structure of capital, and funding. Overall our regression results indicate that the high bank profitability is associated with a good efficiency, a low percentage of net loans over total assets, a high growth of gross loans, and a high loan impairment charge over loans. Furthermore, our results generally show a negative impact of bank size and of the common equity over total equity. We also find an ambiguous relationship between funding indicators and profitability. We seek to analyze the impact of the recent financial crisis on profitability by splitting up the years observed into two sub- periods (the pre- crisis period and the crisis years), so that we generate new information about the impact of the crisis on European banks. Furthermore, our profitability determinants include some variables not considered in previous studies.

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Structural Change and Business Cycle Dynamics in Transition Economies

Author(s): Svitlana Kolosok,Iuliia Myroshnychenko / Language(s): English Issue: 31/2015

Presented research focuses on the consideration and analysis of peculiarities of the course of business cycles in the countries with transition economy. As starting point, a hypothesis on the business cycles nature change in the countries with transition economy after the financial crisis of 1997- 1998 in consequence of capital formation changes and structural changes within economy sectors was put forward. A cross- correlation analysis was defined and applied to the analysis of economic fluctuations and testing of put hypotheses. The empirical part of the research deals with data of GDP and output by sector of economic activity. The data were taken from UNCTADstat United Nations Conference of Trade and Development, National Bureau of Statistics of the Republic of Moldova and Federal State Statistics Service of the Russian Federation.

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Economic Policy Uncertainty and Stock Market Returns in Selected Eurozone Countries

Author(s): Yilmaz Bayar,Levent Aytemiz / Language(s): English Issue: 31/2015

The uncertainties in economic policies may affect macroeconomic variables by affecting the decision making process of the economic agents. This paper examines the impact of economic policy uncertainty in selected Eurozone member countries on stock market returns during the period January 2001- December 2014 by using Dumitrescu and Hurlin (2012) panel causality test. The causality results indicated that there was no causality from economic policy uncertainty at both country level and common level to stock markets, but there was causality from stock market to EPU indexes. On the other hand there was bidirectional causality between stock market and dollar/euro exchange rate.

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Foreign Direct Investment and Malaysia’s Stock Market: Using ARDL Bounds Testing Approach

Author(s): Muhammad Azam,Ibrahim Yusnidah / Language(s): English Issue: 30/2014

The broad aim of the present study is to examine the influence of Foreign Direct Investment (FDI) inflow and in addition, some other macroeconomic variables namely domestic investment, inflation rate, domestic saving and GDP on Malaysia’s stock market. This study is based on annual time series data covering the period ranging from 1988 to 2012. After checking the data for stationarity purpose, an Autoregressive Distributed Lag (ARDL) bounds testing approach has been employed for parameters estimation. The empirical results of ARDL bounds testing approach suggest that FDI inflow has a positive influence on the stock market. It is also found that domestic investment, domestic saving rate, GDP growth rate and inflation variables influence stock market. The estimated coefficient of FDI is found to be positive, which implies that the policy makers need to devise a friendly and conducive investment policy in order to enhance FDI inflow and encourage domestic investment. In addition, inflation rate needs to be controlled and the domestic savings should be encouraged in order to promote stock market. This study offers prodigious insights on the important implication of the FDI in stock market. The positive influence of FDI on stock market demonstrates the complementary role of inflows of FDI in the stock market. This study will certainly contribute to the growth of literature on the impact of FDI inflows on stock market capitalization.

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Technical, Economic and Managerial Structures in the Field of Energy in the Vision in the European Union

Author(s): Elena Bică / Language(s): English Issue: 30/2014

In the global context, emphasis is strongly placed on the attempt to render extractive mining and energy industry profitable with the help of improved or innovative technologies. Yet, in the field of mining energy there occurs a noticeable gap between the operational levels of highly developed, underdeveloped or emerging countries. The last have more flexible laws related to environment. The development of new technologies and cooperation to improve the situation of those in operation are topics for technical and commercial approach, but the demarches were marked by economic, contextual circumstances. Worldwide including Romania, they require a central qualitative and strategic parameter, in what concerns the the mining and energy technologies, to be taken into account, namely international competitiveness.

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Modelling the Demand for New Investment Credits to the Non-Financial Companies in the Slovak Republic

Author(s): Jozef Heteš,Ivana Špirengová,Michaela Urbanovičová / Language(s): English Issue: 30/2014

This article deals with modelling the demand for new investment credits to the non- financial companies in Slovakia. The main aim is to analyze what indicators determine the demand for new investment credits using Autoregressive distributed lag modelling approach to cointegration analysis. The time period under consideration lasts from January 2009 to September 2013. Applied econometric analysis has confirmed the existence of the long- run relationship between the examined variables. We have shown that the index of industrial production, cost of loans and inflation rate are important determinants of the investment credit to the non- financial companies in Slovakia. The employed ARDL approach to cointegration enabled us to examine the long- run and short- run relationships among the variables of interest. The signs of the coefficients indicate that the estimated function is a demand function for the investment credit to the non- financial corporations. Both the CUSUM and CUSUMQ tests confirm the stability of the estimated long- run coefficients of the demand function.

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Assessment Methodology for Resource-Efficient Development of Organizations in the Context of the Green Economy

Author(s): Irina A. Markina,Antonina V. Sharkova / Language(s): English Issue: 30/2014

The paper deals with the problem of forming comprehensive methodology for determining the level of economic, social and environmental performance of all organizations. The system of indicators that allow an individual to make a forecast of the development of economy under the conditions of its transition from “brown” to a “green” one is proposed by authors. These indicators can be grouped into three categories: indicators of economic transformation, indicators of progress and well- being, and indicators of resource efficiency. An assessment methodology for resource- efficient development at the macro level was created in accordance with the international standard of the Global Reporting Initiative and methodology for sustainable development of the industrial organizations. This methodology is based on specific categories of indicators of organization’s sustainable development, such as the indicators of economic sustainability, social sustainability and environmental sustainability. The main stages in the formation and implementation of the methodology in the performance of an organization are presented in the given paper.

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Modelling Volatility: Evidence from the Bucharest Stock Exchange

Author(s): Erginbay Uğurlu / Language(s): English Issue: 30/2014

Financial series tend to be characterized by volatility and this characteristic affects both financial series of developed markets and emerging markets. Because of the emerging markets have provided major investment opportunities in last decades their volatility has been widely investigated in the literature. The most popular volatility models are the Autoregressive Conditional Heteroscedastic (ARCH) or Generalized Autoregressive Conditional Heteroscedastic (GARCH) models. This paper aims to investigate the volatility of Bucharest Stock Exchange, BET index as an emerging capital market and compare forecasting power for volatility of this index during 2000- 2014. To do this, this paper use GARCH, TARCH, EGARCH and PARCH models against Generalized Error distribution. We estimate these models then we compare the forecasting power of these GARCH type models in sample period. The results show that the EGARCH is the best model by means of forecasting performance.

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Does the Credible Fiscal Policy Reduce its Volatility? The Case of Indonesia

Author(s): Haryo Kuncoro / Language(s): English Issue: 29/2014

The objective of this paper is to investigate whether fiscal policy credibility, in form of explicit deficit rule or debt rule numerical constraints, can reduce the degree of its volatility. The main motivation behind this research is in one hand, a negative and robust correlation of fiscal policy volatility and long- run growth documented in several papers and on the other – relatively small number of works that discuss possible relation to the credibility. To test the hypotheses, we use the quarterly data in the case of Indonesia over the period 2001(1)-2013(4). By applying ordinary least squares method, we demonstrate that the impact of fiscal policy credibility on the fiscal policy volatility typically depends on characteristics of fiscal rule commitment. In one hand, the debt rule credibility significantly reduces the fiscal policy volatility. In contrast, the deficit rule incredibility increases the fiscal policy volatility. Those findings suggest the specific enforcement mechanism to promote automatic correction dealing with the dynamics of overall balance deficit.

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Financial Integration, Volatility of Financial Flows and Macroeconomic Volatility

Author(s): Rajmund Mirdala,Aneta Svrčeková / Language(s): English Issue: 29/2014

Macroeconomic instability is usually associated with increased short- term volatility in key fundamental variables. The recent literature that empirically examines implications of the macroeconomic volatility provides strong evidence of its negative growth effects. Stable macroeconomic environment represents a substantial fundamental pillar of a long- term economic growth. International financial integration as one of the phenomenon of last few decades still differentiate economists examining its direct and side effects on macroeconomic performance and volatility. In the paper we examine the relationship between international financial integration, volatility of financial flows and macroeconomic volatility. Examination of the international financial integration and its effects on macroeconomic volatility or stability is particularly important due to existence of generally expected positive relationship between macroeconomic volatility and economic growth, common trends of decreased macroeconomic instability worldwide and occurrence of negative sides of financial integration - financial crises. Following our results we suggest that relationship between financial integration, volatility of financial flows and macroeconomic volatility is positive, however not significant. More over the relationship is stronger in case of developing countries.

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Topsis Method and its Application to the Local Selfgovernment of the Slovak Republic

Author(s): Roman Vavrek,Rastislav Kotulic,Peter Adamišin / Language(s): English Issue: 29/2014

The economy of municipalities in the Slovak Republic is regulated by a law that regards the indebtedness of municipalities as the only and the most important criterion. The aim of the paper is to propose an alternative to the legal perspective on the evaluation of the municipality economy. The paper focuses on the characterization of the chosen MCDM method – the TOPSIS method as a suitable alternative for the complex evaluation of the municipalities’ economy and their mutual comparison. This method is applied to a set of municipalities in the Presov Self- Governing Region in 13 independent districts aiming at ranking municipalities based on their economy according to selected criteria. Results of the application are further statistically studied focusing on the identification of the correlation between the result achieved and the size of the municipality.

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Türkiye’de tarim sektöründe bilgi altyapisi

Author(s): Pınar Topçu / Language(s): Turkish Issue: 34/2017

Although there has been significant progress as a result of macroeconomic stability and structural reforms in recent years in many areas in Turkey, the ongoing problem of productivity needs to be solved. Particularly, small and scattered scale agricultural enterprises, high rate of informality in agriculture, living dissemination deficiencies on development of R&D and innovation and information and communication technologies; other factors reduce agricultural productivity and this is the barrier of agricultural leaps. However, technological advances in agriculture plays a significant role in the increase of production. In this context, in article, the state of the information infrastructure was examined in agriculture sector that has a significant percentage in the Turkish economy and in this respect have been taken.

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Beveridge curve shifts – Europe 2020 perspectives

Author(s): Marina Ferent Pipas / Language(s): English Issue: 3/2016

The present paper aligns to the economic policy body of research granting intensive efforts to the sphere of analysing the unemployment rate’s evolution as well as its primary drivers and effects in the context of the Europe 2020 strategy. Considering one of the agenda’s main targets – increasing employability among the European Union’s states, this paper analyses the areas funded by the European Social Fund as well as the country policy specifics in deriving the behaviour of the Beveridge curve associated with the EU-13 countries given the shift of European Union’s funds from old member states to newer ones. As such, the study employs the tools of Simultaneous Equations Systems and examines the impact of four categories of components on the Beveridge curve’s behaviour - structure of the unemployed, labour market and business environment factors as well as business cycles.

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Determinants of bank’s profitability in EU 15

Author(s): Bogdan Căpraru,Iulian Ihnatov / Language(s): English Issue: 1/2015

In this paper we analyse determinants of bank profitability of EU15 banking systems for the period 2001- 2011. We use as proxy for banks profitability the return on average assets (ROAA), the return on average equity (ROAE) and net interest margin (NIM). We also measure the impact of the first and the largest wave of enlargement (10 new members in 2004) on EU15 bank profitability, introducing a dummy variable. The contribution of this paper for the empirical literature is that there are no other studies that deal bank profitability for all EU 15 countries for the period considered (2001-2011). The literature splits the factors that influence banks’ profitability in two large groups: bank-specific (internal) factors and industry specific and macroeconomic (external) factors. Our results are in line with the economic theory. Cost to Income Ratio, credit risk and market concentration had a negative influence in case of all measures of banks’ profitability, while bank liquidity only for ROAE and NIM. The size of banks had a negative impact on NIM, suggesting that bigger the bank is, smaller the net interest margin ratio is, but, on the contrary, in case of ROAA, had a direct effect. The market concentration had a negative influence, meaning that the increasing competition, as a structural point of view, increases banks’ profitability. The results show us that the process of European Union enlargement from 2004 does not have significant impact on EU15 banking systems’ profitability. It has a week and negative effect only in case of net interest margin. As policy recommendations, we suggest for authorities a better supervision for credit risk and liquidity and maintaining a competitive banking environment. For banks’ management we also recommend to monitor the credit risk indicators, optimizing costs and diversifying the sources of income.

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Важност нових димензија моћи за унапређењe имиџа државе: случај Србије

Author(s): Predrag D. Radojević / Language(s): Serbian Issue: 4/2010

This paper has a goal to mark new dimensions of power as crucial factors for nation’s image promotion in modern globalized word, in which media play a central role. Without the development of the all- inclusive strategy, founded on soft and smart power, and implementation of well- known marketing and management tools it is not possible to create and promote image of any nation. Field of new power dimension gives a good opportunity for creation and promotion of image of nations which don’t have traditional power resources, among which is Serbia as well. By creation and implementation of this kind of strategy it is possible to exceed limits and prejudices related to certain nations in international public, which is prerequisite for their joining to modern international political and economical relationships. This is a reason why nation image promotion should be seen as an investment in better future. In spirit of that, national identity and nation’s distinctions have fundamental importance, even though it is one of the contradiction of globalization.

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Корпоративни односи с јавношћу у институцијама (нео) либералне и социјалне државе

Author(s): Dragan Subotić / Language(s): Serbian Issue: 4/2010

In the paper author wrote on corporative public relations in institutions of (neo)liberal and social states, paying special attention to the notion, structure and functions within theoretical-methodological approach in, for example, the works of Jurgen Habermas, Luckman and other relevant authors in this field. In a dilemma regarding (neo)liberal and welfare state the author supports a social welfare state model, taking into account its all positive and negative consequences. Through an analysis of a model of corporative public relations, the author shows that essentially he supports the (neo)liberal state concept, in particular the ideas of Milton Friedman and other proponents of the monetary school in business economy, politics and more broadly in whole society. The corporative public relations are indeed a socio- economic and political indicator of possible modern state model in 21st century which after all, considering globalization of the world law, economy and politics, is going to be based on innovations, knowledge and communications or information society. Therefore the corporative public relations in the state institutions are the indicator of a social, political and economic character of a society, especially in case of a transitional society.

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