South East European Journal of Economics and Business
Not a member yet
250 research outputs found
Sort by
MEASURING THE NATURAL INTEREST RATE FOR THE MACEDONIAN ECONOMY: A MULTI-MODEL APPROACH
Full text linkThis paper identifies the natural interest rate for the Macedonian economy using quarterly data for 2001Q4- 2019Q3. To this end, the estimation is made by using different types of models, such as the Holston, Laubach, and Williams model and the full-fledged country-specific structural MAKPAM model. The empirical results show that the natural rate of interest in the Macedonian economy has declined over time, which is similar to the findings for other countries. The decomposition of the natural rate suggests that the main driver for the decline is the slowdown of the Macedonian potential GDP growth in the period after the global economic crisis, although there are signs of its recovery at the end of the sample period. In addition, the results indicate that the monetary policy conditions in the Macedonian economy have been broadly accommodative from 2011Q4 onwards. The substantive conclusions are unchanged across the multiple models used in this study
COVID-19 AND GLOBAL VALUE CHAINS PARTICIPATION: EXPORT PERFORMANCE OF CROATIAN FIRMS
Full text linkFor the last two-three years, the disruptions of the GVC caused by the COVID-19 pandemic have forced the business sector to restructure and adjust, sometimes very costly and painful. Moreover, with the recent war in Ukraine foreseeable negative implications, it is very certain that large-scale disruptions in the global economic trade and investment flows, and ultimately in the GVC, will dictate the survival and sustainability of business in many economic sectors in the years to come. The main goal of this paper is twofold. First, to review the existing research on the effects of the COVID-19 pandemic on global trends affecting the current reconfiguring and reshaping of the GVC. Second, to analyse the characteristics of Croatian firms that recorded a decrease in their (indirect and direct) exports in the COVID-19 period by performing a logit model and utilising the World Bank’s Enterprise Survey 2019, backed up by the Enterprise Surveys Follow-Up on COVID-19 (3 rounds up to now)
THE EXTENT INDIVIDUALS ARE WILLING TO UNDERTAKE ENERGY EFFICIENCY MEASURES: EVIDENCE FROM BOSNIA AND HERZEGOVINA
Full text linkThis paper studies the extent individuals are willing to undertake energy efficiency measures, with evidence coming from a developing country (Bosnia and Herzegovina). The goal of this paper is to analyze energy savings behaviors, aiming to understand what is typically meant under the term energy efficiency, who is more likely to know the meaning, and the extent individuals are willing to undertake some energy efficiency measures. The sample size used in this paper is a random stratified sample of 1,415 individuals coming from various backgrounds. Our logistic regression models found no statistically significant predictor across all ten measures used in the study. However, past experience, age, and being married are relatively common across these ten energy-saving behaviors. These results might be beneficial in defining policies in order to promote energy-saving behaviors
NAVIGATING DIVERSE FRONTIERS IN ECONOMICS AND BUSINESS OF SEE REGION - EDITORIAL
Full text linkEditoria
IS CORRUPTION THE DRIVING FORCE OF MIGRATION FROM CROATIA? EVIDENCE FROM A SURVEY
Full text linkMigration of higher-educated individuals from Croatia is damaging the long-term perspective of the Croatian economy as lower levels of the participation rate in the Croatian economy may endanger the feasibility of the social, healthcare and pension systems. With Croatia’s accession to the EU, a wave of migration was facilitated as a result of easier access to foreign labour markets. The paper focuses on the causes of migration from Croatia given the relatively limited research devoted to this topic. While there is robust evidence of corruption being one of the main causes of migration globally, this paper questions this assertion specifically in the case of Croatia. The paper analyses information from a survey with a random sampling approach of 223 respondents from the Varaždin County. The data is analysed by implementing different logit regression models. The paper conceptualizes economic and political factors that may cause migration as different variables in order to conduct a robustness check. The main finding of the paper is that monetary causes and a belief that individuals could earn more income abroad are the primary motivator of migration from Croatia. This is contrary to much of the existing literature that identifies corruption as the driving force of migration. Knowing individuals who have migrated abroad also makes it more likely for an individual to migrate from Croatia. While the paper found a significant degree of lacking faith in public institutions, this was common to participants regardless of whether or not they considered migrating from Croatia. As such, the paper considers monetary conditions rather than corruption to be the key driving force behind migration from Croatia
MODELLING NATIONAL ECONOMIC SYSTEM: A CASE OF THE CROATIAN ECONOMY
Full text linkIn this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario
HRM PRACTICES AND ORGANIZATIONAL PERFORMANCE: MEDIATION EFFECT OF INNOVATION
Full text linkThe main aim of this study is to explore the mediating effect of innovation in the relationship between human resource management (HRM) practices and organizational performance. HRM practices are observed through selective hiring, training, participative decision-making, and rewarding. Innovation is conceptualized over behavioral, product, process, and market innovation. The study relies upon the principles of social exchange theory and resource-based theory. Data were collected from 408 managers in an emerging economy context. The proposed conceptual model is evaluated with structural equation modeling using Lisrel 8.8 and SPSS 22. Study findings suggest that innovation influences the relationship between selective hiring, training, and participative decision-making and organizational performance. However, no mediating effect of innovation was found in a relationship between rewarding and organizational business performances. Since human resources and innovation are among the leading sources for building competitive advantage for companies, the study findings contribute to HRM and innovation
WEALTH INEQUALITY AND INSTITUTIONAL DEVELOPMENT: MACROECONOMETRIC EVIDENCE FROM A GLOBAL SAMPLE
Full text linkThis paper examines the empirical relationship between institutions, particularly financial institutions, and wealth inequality using a global panel data set for the period 2010–2016. We conduct a dynamic economet- ric analysis of these relationships based on the Credit Suisse and World Bank data. Our results reveal that control of corruption and government effectiveness do not have statistically significant effects on wealth inequality. However, the findings indicate an unfavourable effect of domestic credit on wealth inequality as measured by the Gini coefficient for wealth. The long-run effect of domestic credit is persistent and cumulates over time. We also find evidence of relationships between wealth inequality on one hand, and inflation rate, employment in agriculture and government expenditure on the other. The findings imply that policy makers need to re-examine the role and rules in the financial intermediation sector to address the issue of wealth inequality and equal opportunities
DOES TOTAL FACTOR PRODUCTIVITY GROWTH AMELIORATE SOCIO-ECONOMIC STANCE? NEW FINDINGS FROM CENTRAL AND EASTERN EUROPE
Full text linkNational income calculations may not include knowledge that directly concerns the socioeconomic stance in an economy. Knowledge plays a significant role in promoting the economic growth of a country; however, its socio-economic role has received little attention in the literature. Total factor productivity, which is the main source of long-term economic prosperity, expresses the increase in productivity in all production factors. This paper attempts to quantify the effects of total factor productivity growth on economic prosperity. The analysis is conducted for the 2007-2020 period and 18 Central Eastern Europe countries. The “Legatum Prosperity Index” is utilized in the econometric analysis, in line with the purpose of the study. Results of the study with panel ordinary least squares, panel fixed-effects, panel random effects, panel-corrected standard errors (robustness check), and system-generalized method of moments (robustness check) confirm that total factor productivity growth positively correlated with economic prosperity
CONSUMER SEGMENTS IN BLOCKCHAIN TECHNOLOGY ADOPTION
Full text linkRecent research has highlighted the adoption of blockchain technology (BCT) and the increasing recognition of its multiple capabilities for users. The main objective of this paper is to delineate different consumer segments based on their BCT beliefs and attitudes. Using a survey method, 934 questionnaires were collected and subjected to hierarchical and K-Means cluster analysis and contingency analysis. The results reveal four identifiable user segments with respect to BCT adoption: Innovators (enthusiastic about BCT), Cautious (careful about BCT), Sceptics (doubtful about BCT), and Suspicious (very distrustful about BCT). These results provide valuable insights into understanding behavioral intentions and serve as a basis for future research