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Factors Impacting Airport Performance: the Case of Prishtina and Tirana
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The market liberalization, airport privatization and increased number of low-cost carriers have significantly affected airport performance lately. The aim of this study is to determine and analyze passengers’ demographics and their interaction with the external macro environment by providing empirical evidence of their impact on airport performance. The combined two-group proportion test and loglinear analysis were applied as the main analytical methods, whereas a PESTEL analysis was used as an auxiliary tool to help explain quantitative findings. The results show that due to a large diaspora and difficult socioeconomic situation, there is a gap for more direct point-to-point flights offered by the low-cost carriers in general and, more specifically, if more direct flights are being offered from Prishtina Airport, their likelihood ratio is to increase twice in its absolute value, whereas in Tirana Airport, their likelihood ratio is to increase twice if they offer more connection flights. This confirms the conclusion that there is a gap for additional services to be provided, which could significantly affect the airport performance in return. In the end, this study also raises a new hypothesis: whether the younger generation of the diaspora, members of which were born and educated abroad, will negatively affect airport performance due to their decreasing tendency and interest to visit the homeland of their parents
“Euro Sustainability”: Five Policy Proposals to Make the Euro Sustainable for the European Economy
Get PDFThe provided economic analysis and the economic policy proposed in this article are the natural verifications and continuations of a research that was started with the author’s described theory in Single Currency, Economic Development and Local Economies. A Critical Analysis of the Economic Policy of the Euro (1998). He emphasized the presence of important critical factors on the Economic and Monetary Union (EMU) which, if not solved, would undermine its existence; however, the importance of EMU’s policy was not questioned. This article offers a sustainability strategy of the Euro, called a “push investment approach,” which provides complementary public and private investment, strengthens the euro area governance and gradually eliminates the Maastricht criteria. Furthermore, the policy makes the Euro sustainable for all the acceding countries, constitutes development as well as the competitive factor and it is not critical to enterprises
The Influence of Intellectual Capital and Knowledge Management on Organizational Performance in Lithuanian Software Companies
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In the contemporary information and knowledge society, it is important to evaluate the intangible organizational resources that generate long-term value for organizations. Among others, these include intellectual capital and management of knowledge. The research fields of intellectual capital and knowledge management address such issues as (but not limited to) the abilities of employees to create and accumulate knowledge, share and apply it in everyday activities, develop new, sustainable and long-term relationships with various stakeholders. During the last decade, there has been a shift in research toward linking these two previously separate fields of activity in order to demonstrate their interrelations and influence on organizational performance. However, this is problematic due to the difficulties of expressing the value of intellectual capital and knowledge management in a tangible form. The aim of this article is to analyze and define the influence of intellectual capital and knowledge management on organizational performance. For this task, we built a conceptual model for assessing the influence of intellectual capital and knowledge management on organizational performance, which was applied in a study conducted in IT companies operating in Lithuania
Income Inequality and Carbon Emissions in Post-soviet Nations, 1992–2009
Get PDFWe assess the relationship between national-level income inequality and carbon dioxide emissions for a sample of eleven post-Soviet nations during the 1992 to 2009 period. Our findings suggest that both total and per capita emissions are positively associated with income inequality, measured as a Gini coefficient. These results are consistent with analytical perspectives that highlight how income inequality could lead to increases in carbon emissions as well as recent sociological research on income inequality and emissions for samples of nations in other structural and geographical contexts
The Profitability and Risk Effects of Russian Banking Institutions’ Involvement in Bancassurance: Merger Simulation Methodology
Get PDFThis paper presents the methodology taken to evaluate the potential profitability and risk effects of Russian banking institutions’ involvement in bancassurance. An original methodology is applied, which was developed by Boyd and Graham, to conduct merger simulations between commercial banks and insurance companies. The methodology is based on mergers between firms, like the accounting principle of consolidation by pooling. This principle entails summing up the balance-sheet indicators of previously independent firms to simulate a hypothetical merger
Electricity Price Forecasting Using Monte Carlo Simulation: The Case of Lithuania
Get PDFThe main purpose of this article is to determine the practical use of the Monte Carlo simulations in electricity markets for forecasting future prices. First, we review the structure of the electricity markets – how they work, what implications do they have and how they’ve evolved during the last decades. Second, we discover that there are only few researches that have been made on this topic as well as there haven’t being made any researches regarding the Lithuanian electricity market. Then, we will carry out an analysis on how to use a Monte Carlo simulation approach in electricity markets. A Mean-Reverting process method will be introduced, which, at first, was used to predict oil prices. Also, we analyze the essence of price spikes and find a solution on how to predict them
Co-Movements of Lithuanian and Central European Stock Markets Across Different Time Horizons: a Wavelet Approach
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This paper investigates equity market risk and co-movements between the Lithuanian stock market and the Central European stock markets. We cover the equity market returns both in time and frequency domains. We focus our studies on the changes of the market risk and co-movements of the Lithuanian and the Central European markets returns during the period of 2000–2018. The wavelet analysis was applied to segregate the returns across different time horizons (frequencies). Our findings corroborate the findings from other authors, namely that crisis periods have a great impact on the interrelations of the Central European and Lithuanian markets. We discover that volatility is concentrated in the medium and long periods (medium and low frequencies) from 1 to 3,5 years for all the markets under consideration. The absolute maximum of volatility is achieved at the period of the frequencies corresponding to the period of 3 years. We found that the co-movements with Poland, the Czech Republic and Hungary are slightly lower after the announcement of the introduction of the euro in Lithuania by the European Commission. From the investment diversification point of view, the investment horizon plays a crucial role for the level of co-movements. Our conclusion is that for Lithuanian investors, diversification with Central European markets is not useful for long horizons, because of the high co-movements. The benefit of the diversification can be achieved for the investors with time horizons less than 1 year
Profit Efficiency in Lithuanian Credit Unions – a DEA Approach
Get PDFThe paper proceeds by discussing the different definitions of credit unions. The research focuses on the efficiency of the credit unions in Lithuania. Indeed, efficiency is the degree to which the rational use of limited economic resources is ensured. More specifically, we focus on the economic efficiency of the credit unions.The methodology that is followed in the paper comprises the measures of cost and profit efficiency. Further on, profit efficiency is defined in terms of both standard profit efficiency and alternate profit efficiency. The measures of efficiency are implemented via the data envelopment analysis (DEA). The frontier model comprises the two outputs and the three inputs. The calculations confirm the operationality of the proposed methodology for rating credit unions according to the efficiency of their activity
The Relationship Between Public Expenditure and Economic Growth In Kosovo: Findings from a Johansen Co-Integrated Test and a Granger Causality Test
Get PDFIn the scientific literature, there are two opposing views on the relationship between public expenditure and economic growth. The Keynesian view states that public expenditure is an exogenous factor that influences economic growth and can be used as a policy instrument. This point of view is in contrast to the Wagner view that the public expenditure is seen as an endogenous factor or an outcome, not a cause, of economic growth. The primary objective of this study is to test the views of Keynes’s versus Wagner’s in the case of Kosovo by using Public Expenditure (G), Gross Domestic Product and three other components of GDP: Foreign Direct Investment (FDI), Export (EXP) and Total Budget Revenue (TRtax); the variables used in this analysis are quarterly time series data spanning from 2004–2016. To accomplish the set objectives, the Johansen co-integrated technique is used to investigate the long-run relationship between public expenditure and economic growth, while the Granger causality test is used to know the direction of flow between variables. This study discovers that there is a unidirectional causality between government expenditures and economic growth in Kosovo. It is also found that there is a bidirectional causality between total budget revenue and public expenditure. On the other hand, results also provide evidence that there is a bidirectional causality between export and economic growth. Moreover, the results for Kosovo indicate that data for the period considered support the Keynesian view