Ekonomika
Not a member yet
1672 research outputs found
Sort by
The Efficiency of Public Procurement in the Republic of Kosovo: an Econometric Approach
Get PDF[full article and abstract in English]
This study aims at investigating and assessing the efficiency of the public procurement system and its main factors in the Republic of Kosovo. For this purpose, we collect data for a random sample of 243 economic operators (companies) eligible to benefit from public funds. We analyzed the data using descriptive analysis as well as econometric modeling, and we have used classical and ordinal logistic (o-logit) econometric models. In the absence of a direct indicator, the efficiency of procurement is measured by two proxy variables, discrimination- tendering criteria and a favor made to specific companies to win tenders, by their average as a third optional variable. Discrimination and favor are found to be present to a large extent, meaning that efficiency is very low. Among the major factors of the low efficiency of public procurement were political intervention, the non-transparency of the procurement process, a lack of capacity to implement procurement legislation and manage contracts, corruption and insufficient knowledge about procurement. Based on these results, important implications would lie in introducing measures for enhancing transparency, improving legislation, recruiting especially qualified staff or providing continuous training for the current procurement staff as well as improving the motivation of the staff to properly implement legislation and manage the procurement contracts
Islamic Banking as an Alternative to Banks in the Western Countries
Get PDFAfter the last banking crisis in the Western world, which provoked an economic recession in many countries, the attention to Islamic banking has increased. Islamic banking took a more important place in global banking, since the economic and financial crisis there was of smaller scope than in the banks of Western countries.The principles of Islamic banking are based on Shariah requirements, which emerged from the Koran. The most important fact is that Islamic banks cannot seek profit, which does not require any risk or efforts. They do not use any financial instruments, which are not covered by assets (derivatives). On the other hand, Islamic banks, while granting loans, assume all or a part of risk, if in the case of implementation of project some losses appear. They responsibly appreciate the possibility of granting the loans, the main goal of which is to finance projects and promote business development; they share the risk with the clients and value mutual cooperation.The goal of the article is to investigate the peculiarities of Islamic banking. The article investigates the formation of Islamic banking’s main characteristics and principles, its accounting peculiarities and the instruments that are applied.Research methods include the analysis of collected information, comparison, critical assessment and induction
The Knowledge Economy and the Activation of Scientific and Technological Progress: Contemporary Challenges
Get PDFThis article is dedicated to the problems and processes of the activation of scientific and technological progress in the context of contemporary challenges of the creation of a knowledge-based society and knowledge economy. The main focus here is on activating innovations, scientific and technological progress and creating various preconditions for the development of a knowledge-based society and knowledge economy.The contemporary processes and phenomena of innovations of scientific and technological progress and of its activation are analyzed in a complex manner; the needs for the purposeful activation and acceleration of scientific and technological progress, in particular in response to the aspirations of the knowledge-based society and the creation of a knowledge economy, are investigated in the presented material.The role and importance of innovation activities and the acceleration of scientific and technological advance in the context of the creation of a knowledge-based society and a knowledge economy are revealed and highlighted. New ideas of the search and use of synergetic effects, as well as a new theoretical approach based on the so-called universal principle of the creation of a “new quality,” are described.The results of the presented research can be used for preparing practical recommendations and methodologies that could be applied in the creation and implementation of the managerial and economic instruments and support systems aimed at the purpose of activating the processes of innovations and scientific and technological progress. These recommendations and methodolies could also be utilized in the development of international relations in the context of what is required in the creation of a knowledge-based society and knowledge economy.It is shown that the problems and processes of scientific and technological progress can be appreciated as an extremely important and viable field of scientific research on the creation and development of a knowledge economy.
Keywords: knowledge economy, scientific and technological progress, innovation, synergy, networkin
(Un)productive Use of Public Debt in Kosovo
Get PDF[full article and abstract in English]
The aim of this paper is to analyze how public debt is used in Kosovo and to find out if there is a direct link between public debt and public investment that has positive impact on economic growth. Since acquiring independence, Kosovo engaged in public investment on a large scale, mainly in developing road infrastructure. With the cash balance depleted, a growing budget deficit and facing liquidity difficulties due to ongoing large public investments and increasing wage & salary bill and social transfers, the Government of Kosovo had to start borrowing both abroad and domestically. However, public debt had continued to increase even though public investment had experienced a sharp decrease. Since the budget financial statements do not show any deficit composition, we have recalculated a special-purpose deficit, the so-called “regular” budget deficit, considering only regular receipts and outlays. By disaggregating the total public debt based on lenders and by tying the loans to specific capital projects, we came to the conclusion that only a small part of the public debt is directly tied with public investment, while the bulk of it is used to finance the budget deficit that was caused by a high increase in wage & salary bill and social transfers. The analysis confirms that the public debt is being used for unproductive purposes and therefore does not contribute to economic growth. All this was supported by a lack of legal infrastructure or fiscal rules for several years. There is extensive literature on both public debt and public investments as well as their impact on economic growth. The literature review method was adopted for this study, and our research was refined by including the selected papers that contained empirical and theoretical studies on these issues. This is a case study for Kosovo, and the research has been carried out using secondary research data drawn from Kosovo budget annual financial reports and annual bulletins on public debt. The implications of this paper may be of high importance for policymakers as well as for academics, as this happens to be one of the pioneering articles in this field in terms of studies conducted about Kosovo. Herein is presented a unique approach to the issues of public debt and public investment
An Analysis and Comparison of the Commercial Bank Competition Regimes in Lithuania and Denmark
Get PDF[full article and abstract in English]
The article itself is focused on the empirical researches that had challenged two different operational areas of the same entity, with a special emphasis on the challenges and opportunities for the banking segments of Lithuania and Denmark. The influencing factors of the banking sector within these two countries have been analyzed and compared. We have delved into the issue that the successful standing of a parent company within its home area of operations is not by default a guarantee of success for its foreign branch or subsidiary. The decisive factors for a successful competitive approach within the banking segment are compared on the national levels of Denmark and Lithuania
An Overview of Foreign Trade and Economic Relations of the Republic of Belarus with the EU and Lithuania
Get PDFForeign trade fosters not only companies but national economies to maximize their gains for the benefit of a better living standard. In developing countries, such as Belarus, the volume of foreign trade depends on the path of liberalization and integration into the trade with the EU. This paper analyzes foreign trade and economic relations between the EU, Lithuania and Belarus
On the Choice of Fiscal Adjustment to Financial Crises: Expansionary vs. Contractionary Policies
Get PDF[full article and abstract in English]
An everlasting debate over the economic policies to be implemented in the face of economic recessions tends to intensify every time such a crisis strikes. Two notably opposite schools have emerged: one that represent those who advocate for quantitative easing and increased government spending, and another that calls for austerity measures and disciplined public finance. The available empirical evidence cannot supply a definite solution to the spending vs. austerity debate if just one answer is to be provided, as there are numerous historical experiences when either strategy had worked or failed. The aim of this paper is to examine and assess the arguments of both schools of economic policies, to highlight the essential drawbacks and limitations of both and to identify the specific conditions under which each of the policy type can bring the desired impact. It is argued that both of the policy approaches rely on particular implicit assumptions and, if implemented recklessly, are liable to fail or create negative side-effects. A discussion of the relative merits and shortcomings of both types of recipes for curing economic recessions is illustrated by the references to the empirical historical cases. The main conclusion that stems out of the analysis is that a somewhat “medical approach” should be followed while attempting “to cure” ailing economies: regardless that the symptoms of a slump might be quite similar, one should start with an attempt to diagnose the underlying causes of the economic malady at hand, followed by the assessment of a “patient’s” health status, and only then proceed to the selection of an appropriate “cure” and treatment procedure
Credit-related Shocks in VAR Models: The Case of Lithuania
Get PDFThis article provides empirical evidence on the role played by credit-related shocks over the business cycle in Lithuania. To this end, we estimate a vector auto regression (VAR) with credit and housing variables and identify credit-related shocks. Using sign restriction, we identify credit supply shocks; while using zero restrictions, we identify credit spread shocks. We find evidence that credit-related shocks have a significant effect on housing and credit market variables, while the effect on GDP is less pronounced but still significant. While credit supply shocks weighed down on economic growth during the period from 2008 to 2014, the effect turned positive in 2014
Explaining The Changes of Agriculture Land Prices In Lithuania
Get PDFThis article investigates the recent changes of agricultural land prices in Lithuania and quantitively assesses the most important factors affecting it. Land is one of the main scarce resources and it distinguishes itself among others by the inelasticity of price change to quantity, meaning that the changes in land prices are affected by demand and in very limited extend by supply. Taking this into account, it is important – from the practical as well as the theoretical points of view – to know these factors and, if needed, take regulatory measures. As the case of Lithuania suggests, the recent rapid growth of land prices is mainly driven by general economic performance (GDP), EU and national financial support provided to the Lithuanian agriculture sector and the regulation of agriculture food prices (the setting of purchase prices)