Economic and Business Review (EBR)
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A DSGE Model for the Slovenian Economy: Model Estimates and Application
No full textThe paper presents the estimation of a dynamic stochastic general equilibrium (DSGE) model for the Slovenian economy and its applications. The model, which is built in the tradition of New Keynesian models, closely follows the structure of the model developed by Adolfson et al. (2007) and Masten (2010). We estimate the model using a Bayesian method on quarterly Slovenian macroeconomic data covering the period 1995-2014. Beyond evaluating the properties of the estimated model, we discuss the role of various shocks in explaining macroeconomic fluctuations in the Slovenian economy to illustrate the model’s potential in structural business cycle analysis
Inflation – Harrod-Balassa-Samuelson Effect in a DSGE Model Setting
No full textThis paper sets up a two-country two-sector dynamic stochastic general equilibrium model that introduces sector specific productivity shocks with quality improvement mechanism of goods. It provides a model-based theoretical background for the Harrod-Balassa-Samuelson phenomenon that describes the relationship between productivity and price inflation within different sectors in a particular economy. Both, the calibrated and the estimated model are able to show that the Harrod-Balassa-Samuelson effect is confirmed by inducing tradable sector productivity shocks as they drive the non-tradable sector price inflation higher than the tradable sector price inflation. By doing this, we overcome the problem that the tradable productivity increase in a typical open economy specification reduces the relative price of domestic tradable goods relative to the foreign ones
Podlage za presojanje etičnosti dejanj: ali študenti različnih študijskih smeri izhajajo iz različnih filozofskih konstruktov?
No full textThis paper examines differences in the basis for judging the ethical acceptability of selected actions between genders and between accounting and auditing students and other business and economics majors. The empirical part is based on multiple regression analysis on a sample of 144 first-year students at the Faculty of Economics, University of Ljubljana. We found that students\u27 different bases for judging ethics in relation to the five philosophical constructs were statistically significant both between genders and between fields of study. Females primarily assess the ethics of an action based on the construct of justice, while the importance of justice is less prevalent among males. Compared to the other fields of study, auditing students evaluate ethics primarily in terms of compliance with rules, contracts, and promises (construct of contractualism)
Prekomeren ali podmeren turizem – primerjalna analiza ekonomske trajnosti slovenskega turizma
No full textThe aim of this paper is to provide a comparative analysis of the scale of Slovenian tourism in terms of economic sustainability and to contribute to an economic and social consensus on the scale of tourism Slovenia needs and is willing to support. The main thesis is that Slovenian tourism is in a phase of unsustainable underturism, as it lags far behind its regional competitors in the main economic indicators of sustainable scale. Tourism growth brings both positive and negative economic impacts to a destination. In crowded destinations, overtourism becomes a negative development force, while in less developed destinations, undertourism does not have the power to fully activate the potential positive effects and become economically sustainable. The topic is relevant in the light of the current theoretical and practical discourse on overtourism. The paper assumes that the Austrian model is an example of sustainable tourism development and comparatively analyses the tourism volume indicators of both countries. The results suggest an increase in Slovenian tourism, but this requires a consensus among stakeholders on the growth and volume of tourism, which Slovenia does not yet have
Independent Cinema in the Digital Age: Is Digital Transformation the Only Way to Survival?
No full textDevelopment of digital technologies has resulted in the creative and cultural industries having to adapt business models in light of evolving consumer preferences. This paper aims to examine how independent cinemas can transform their delivery in light of the challenges posed by digital disruption, and more specifically, whether this has to focus entirely on digital transformation. This conceptual paper examines one independent cinema in Scotland, concluding that digitalisation should be used to complement existing activities, along with exploring other innovative business models. It is crucial to understand that the old-time patterns of running a business have irrevocably changed
Change Ready, Resistant, or Both? Exploring the Concepts of Individual Change Readiness and Resistance to Organizational Change
No full textThis paper is a qualitative review of two concepts: change readiness and resistance to change. We review their use, clarify their conceptual underpinnings, and address the assumption of them being the opposite poles of the same continuum. We juxtapose the two concepts and analyze their dimensions which commonly represent a source of ambiguity about their meaning, review their evolution, and compare them to similar concepts. We argue that resistance to change addresses two important aspects: resistance as behavior and resistance as attitude. We argue that because resistance to change and change readiness share attitudinal roots, they should be looked at in conjunction – not on a bipolar continuum but as coexisting orthogonal dimensions – to grasp the full complexity of change-related attitudes. We discuss implications and offer guidance for future research
Tragedija slovenskega nacionalnega patentnega sistema
No full textThe current Slovenian national patent system is supposed to provide incentives for innovation activity in the Slovenian economy while preventing the granting of unjustified monopolies, but the question arises whether this is the case. An empirical study shows that only 12% of patents filed with the Slovenian Intellectual Property Office are still valid nine years after the patent application, which could be a direct consequence of the current legislation. This de facto legitimises the examination of novelty only nine years after the filing of the patent application, by obliging the patent holder or the holder of an exclusive right under a patent to submit written evidence to the Office, no later than the end of the ninth year of the patent term, that the patented invention meets all legal requirements. Such a rule is not only unique in the entire European Union, but also contradicts all previous findings of economic science, is a source of inefficiency, gives unjustified monopolies, and creates undue incentives for opportunistic patent applications
Digital Transformation – A Hungarian Overview
No full textDigital transformation is considered as an increasingly important process for organizations today, critical for the survival of companies. The spreading of digital technologies throughout our societies brings along various changes in organisational culture, people, business processes and business models. The perception of digital transformation’s importance among the management of companies is lower in some European countries, among others in Hungary. Our research aims to provide an overview of digital transformation in Hungarian companies from the dimensions of strategy, technology and digital innovation capabilities. We discuss the objectives of digital transformation and the role of IT departments in digital transformation. The research is part of an ongoing research, in which IT-related practice of Hungarian organizations is explored on a yearly basis, starting in 2009. 167 organizations participated in our last study, in 2018. As our survey results revealed, there is a moderate-strong demand for digital transformation, but the consciousness and perception of how technology will change the nature of business varies among industries. Most of the questioned Hungarian companies deal with digitalization at the strategic level; however, there is still a large group of firms that manage digital transformation as an IT problem. Although the objectives of digital transformation are clear, organizations heavily lack preconditions for successful transformation
Financializacija gospodarstev in doseganje pametne, trajnostne in vključujoče rasti
No full textSince the 1980s, economies have been under the influence of the process of financialization, i.e., the role of financial motives, financial markets, and institutions (DOSI et al., 2016). These processes can affect firm innovation and growth through several mechanisms, one of which is executive compensation
Spreminjajoča se vloga razvojnih bank in izzivi njihovega delovanja v prihodnosti
No full textThis article provides a focused overview of development banking with an eye toward the challenges that development banks will face in the future. The economic basis of development banking is market gaps due to information asymmetries, positive externalities, and imperfect competition in the financial system. Recently, there has been a growing emphasis on the role of development banks in transformation in the context of major structural breaks, highlighting the importance of their financial sustainability and good management practices. Based on the experience of countercyclical policies during the crisis, addressing socioeconomic challenges such as climate change, reviving industrial policy in the face of rapid technological change, and increasing protectionism, the role of development banks is likely to be strengthened in the future