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Stock Markets Integration between Western Europe and Central and South-Eastern Europe: Latest Trends
Get PDFThe aim of the paper is to examine the stock market integration between Western Europe and selected countries of Central (Austria, Czech Republic, Poland, Hungary, Slovakia, and Slovenia) and South-Eastern Europe (Greece, Croatia, Serbia, Bosnia, Bulgaria, and Romania). In order to achieve this goal, we used a bivariate BEKK model to obtain time-varying covariances and correlations for the period April 15, 2013 - March 29, 2019. Our results showed that Austria has the highest degree of integration among countries in Central Europe, followed by the Czech Republic, Poland and Hungary. Additionally, Greece has the highest degree of integration among all countries in South-Eastern Europe, followed by Romania, and Croatia. Thus, stock markets of Central Europe are more integrated with Western Europe than stock markets of South-Eastern Europe
Crop Receipts as Alternative Financial Instruments
Get PDFThe aim of the paper is to provide insights into the
lending against crop receipts mechanism. Crop receipts
emerged as promising financial instruments creating an
additional type of collateral for agricultural producers
that pledge their future agricultural production in order to
finance ongoing production activities. At the same time,
they offer an alternative investment opportunity to banks
through the creation of a new asset class. European Bank
for Reconstruction and Development supported Serbia in
establishing a crop receipt system with the aim to serve as
a pilot project for Europe. This is the first analysis of the
crop receipts system in Serbia. The methodology applied
consists of interviews with bank representatives, extensive
literature research, descriptive statistics and comparative
analyses. Results are indicating that the main shortcomings
in the crop receipts system include the lack of specialised
shareholders’ knowledge, the absence of subsidization of
interest rates on loans against crop receipts followed by the
lack of appropriate Central bank policy, standardization
and securitization
Drivers of e-Relational Capital in the Retail Industry
No full textRelational capital in the retail industry is a paramount driver of growth and financial success. Although relational capital might not be a novel topic, measuring e-relational capital and tracing down its antecedents attracts immense scholarly attention worldwide. The aim of this paper is to measure the e-relational capital of the fast-moving consumer goods retailers (FMCG retailers) in Serbia and to explore and examine the predicting power of a number of drivers of e-relational capital. To fulfill this aim, we narrowed the components of the relational capital to the relationship with customers, on one side, and suppliers, on the other, and accordingly conducted two separate, but interrelated studies. By using the structured questionnaires, we collected primary data from customers (N1 = 651) and suppliers (N2 = 159). The results indicate that customer loyalty and brand awareness play pivotal role in the customers’ side of e-relational capital formation, whereas supplier trust and relationship performance have crucial importance in the suppliers’ side of e-relational capital building
Digitalne veštine kao uslov za uspešnu primenu inovacija u turizmu - šansa ili ograničenje za Srbiju
Get PDFProces digitalne transformacije ubrzan je tokom pandemije Covid-19, što
je karakteristično za većinu sektora, a posebno za turistički sektor koji predstavlja
lidera u primeni digitalnih inovacija u poslovanju. Republika Srbija prepoznala je
značaj turizma, ali i digitalnih inovacija u ovom sektoru i predvidela brojne mere i
inicijative u javnim politikama. Međutim, postavlja pitanje da li nivo digitalnih
veština stanovništva predstavlja šansu ili ograničenje za njihovu realizaciju.
Istraživanje u ovom poglavlju ukazuje da nivo digitalnih veština stanovnika Srbije
nije podržavajući, već ograničavajući faktor za uspešnu primenu mera koje
podrazumevaju implementaciju digitalnih rešenja
The nexus between economic growth, banking sector depth, and foreign direct investment in select Central and Eastern European countries
Get PDFThe goal of this research is to consider the influences of foreign direct investment
and banking sector depth on economic growth, by analysing these factors in six
Central and Eastern European countries (Bulgaria, Croatia, the Czech Republic,
Hungary, Poland, and Romania) in the period between 2000 and 2018. Cointegration
among the variables was confirmed using the Westerlund panel cointegration test. The
outcomes of the panel autoregressive distributed lag model confirmed the positive
influence of foreign direct investment and the negative impact of the banking sector
depth on the economic growth in the observed countries. The results of the short-term
analysis revealed the insignificant influence of the banking sector depth and the
notable positive influence of foreign direct investment on economic growth
Financial development, trade openness and economic growth: panel analysis of selected CEE countries
No full textThe aim of the paper is to examine the impact of trade openness and financial development
measured by domestic credit to the private sector by banks on economic growth in selected Central
and Eastern European countries (CEEC). The analysis covered 19 years from 2000 to 2018. The
following countries were analyzed: Bulgaria, Croatia, Czech Republic, Hungary, Poland, and
Romania. Cointegration between variables is confirmed by the Westerlund cointegration test. Based
on the Mean Group (MG) estimator, outcomes exhibit that the trade openness in the long run has a
positive effect on economic growth, while domestic credit to the private sector by banks negatively
affects growth in the observed period. The negative impact of financial development on economic
growth is possible if the expansion of credit to the private sector is not accompanied by adequate
increase in real output
Macroeconomic Performance of WB Countries - Empirical Investigation
Get PDFThe subject of this paper is a comparative analysis of key
macroeconomic indicators (Real GDP, Inflation, Unemployment rate, and
Government debt) of the Western Balkans in the period 2018 – 2021. The
aim is to assess their relationship and position and accordingly draw adequate
conclusions and recommendations for policymakers. The research is based on
a descriptive analysis of secondary data from The Global Economy database.
A comparative analysis of the selected macroeconomic indicators indicates that the COVID-19 pandemic and the global slowdown have had the least
severe impact on Serbia compared to other Western Balkan countries. This
resulted from the Serbian economy’s achieved macroeconomic and financial
stability, previous growth dynamics, built fiscal position, timely implementation of the comprehensive package of measures, and its economic structure.
In the forthcoming period, it can be expected that the Western Balkan region,
with the implemented structural reforms, will ensure macroeconomic stability
and the creation of a favorable foreign direct investment environment, which
will undoubtedly impact their further economic growth and development
Business Process Innovation of Serbian Entrepreneurial Firms
Get PDFInnovations are vital for improving living standards and can affect not only individuals but also institutions, economic sectors, and the whole country in many ways. This paper investigates the innovation performances of Serbian entrepreneurial firms. It focuses on business process innovations related to product and business process development. The sample consists of Serbian start-ups, which were founded in 2015, from five industries. The data about these entrepreneurial firms were collected via a questionnaire. The respondents assessed various statements about product and business process development innovations on a five-point Likert scale (1-strongly disagree; 5-strongly agree). The statements were derived from several indicators within the Balanced Scorecard’s process perspective. They were modified to fit the new definition of business process innovation provided by the OECD/Eurostat (2018) and according to the context of Serbian entrepreneurial firms. The statistical analysis involved descriptive statistics, frequencies, reliability analysis, and One-way ANOVA. The results indicate that most of the entrepreneurial firms introduced innovations that enabled them to operate more efficiently, improve their processes, establish certain routines, respond to customer complaints faster than their competitors, and develop a product or a service more quickly than their competitors. No statistically significant differences were found regarding introducing business process innovations among entrepreneurial firms from different industries. This paper can help policymakers assess the contribution of innovation to economic goals and monitor and evaluate the effectiveness of their innovation policies
Eko+kulturni = odrast turizam : interdisciplinarne perspektive: ekonomike kulture, ekološke ekonomije, dekolonijalnih studija, komons i odrast teorije u funkciji kulturnog, prirodnog i živog nasleđa
No full textAn Evaluation of Modernised Vocational Profiles in Serbian Secondary Schools
Get PDFThis paper studies the labour market outcomes of graduates
of three modernised vocational profiles in Serbian schools six months
after finishing secondary school. As part of this process existing
vocational profiles were modernised and a close cooperation with
companies where pupils had their practical training was established. We
employ a difference-in-difference methodology to estimate employment
effects and self-reported quality of modernised educational profiles. Our
dataset consists of 32 schools and 723 interviewed pupils. Our findings
suggest a higher subjective quality of innovated profiles especially how
pupils perceive their secondary education experience. With regards to
employment, we do not find a higher employment rate for graduates of
innovated profiles, but we find that the quality of their jobs is higher
compared to the comparison pupils. While short-term impacts are
encouraging, the literature emphasises that one should consider also the
long-term perspective especially because vocational skills can
depreciate at a faster rate than general skills