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Globalisation brings significant challenges to economies worldwide. Smart specialisation is one of the tools that helps countries improve their innovation potential, thus improving their economic performance and competitiveness. Smart specialisation involves identifying a country's competitive advantages in order to develop targeted strategies aimed at enhancing its competitiveness. The main objective of the paper is to identify innovation and smart specialisation challenges the European Union economies are facing. The paper aims to provide an overview of current innovation performance of the European Union Member States, as well as their smart specialisation strategies, focusing on their chosen thematic priority areas. In doing so, the contribution of the paper is twofold. First, it gives an overview of the main features of smart specialisation concept. Second, it provides an overview of innovation performance of the European Union Member States and their smart specialisation strategies.

Cilj ovoga rada je prikazati rezultate inovacijske izvedbe zemalja članica Europske unije. Najsveobuhvatniji uvid u inovacijsku izvedbu zemalja daju Globalni indeks inovacija, Bloombergov indeks inovacija i Europska ljestvica uspjeha u inovacijama. Navedeni indeksi imaju različite metodologije izračuna inovacijske izvedbe zemalja, a ovisno o vrsti indeksa i metodologiji zemlje ostvaruju različite rezultate. Komparativna analiza indeksa inovacija pokazala je da su, ovisno o vrsti indeksa i metodologiji izračuna, vodeće zemlje svijeta Švicarska i Južna Koreja, a najinovativnije zemlje članice Europske unije Švedska i Nizozemska. Unatoč tome, prema sva tri indeksa i metodologije, neke zemlje članice Europske unije pokazuju slabu inovacijsku izvedbu, poput Hrvatske, Bugarske i Rumunjske. Komparativna analiza predmetnih indeksa upućuje na najslabije karike ekonomije koje je nužno jačati kako bi se poboljšala razina inovativnosti, a posljedično i konkurentnost, zbog čega su navedeni rezultati smjernice vođenja te definiranja ciljeva, prioriteta i mjera inovacijskih politika. ; The aim of this paper is to show the results of the innovation performance of the member states of the European Union. The most comprehensive insight into the innovation performance of countries is provided by the Global Index of Innovation, the Bloomberg Index of Innovation and the European Innovation Success Scale. These indices have different methodologies for calculating innovation performance of countries, and depending on the type of country index and methodology they produce different results. Comparative analysis of the innovation index has shown that, depending on the type of index and methodology of calculation, the leading countries of the world are Switzerland and South Korea, and the most innovative countries of the European Union are Sweden and the Netherlands. Nevertheless, according to all three indices and methodologies some European Union member states show weak innovation performance, such as Croatia, Bulgaria and Romania. The comparative analysis of the indices in question points to the weakest links of the economy that needs to be strengthened in order to improve the level of innovation and, consequently, competitiveness, which is why the listed results represent guiding and defining principles, guideline priorities and innovation policies measures.

The main objective of this paper is to explore the relationship between merchandise exports and revealed comparative advantage (RCA) indicators of Croatian exports on the European Union (EU) market. For this purpose the main hypothesis is defined as follows: a Croatian merchandise export is positively correlated with RCA indicators on the EU market. Based on the empirical tests and using the defined econometric model for the period 1995-2012, the main hypothesis of research was confirmed; meaning correlation between indicators of RCA in merchandise exports on the EU market in the long and short run is confirmed. Positive and statistically significant relationship was found between RCA in export of raw materials excluding fuel and level of merchandise export as well as RCA in export of machinery and transport vehicles and level of merchandise export.

Osnovni je cilj ovog rada utvrditi potencijalno učinkovit smjer razvoja politike razvojne suradnje Republike Hrvatske kao države članice Europske unije i države donatora. Radom se predlaže praćenje globalnih i europskih trendova razvoja te politike primjenom modela delegirane razvojne suradnje kojim je moguće ostvarivati vlastite ciljeve i stjecati koristi ne upotrebljavajući isključivo vlastita nacionalna sredstva i resurse, nego podjelom donatorskih aktivnosti, uz ekspertize i resurse svih uključenih donatora te istodobno ostvarivanje učinkovitih rezultata. Imajući u vidu ograničene financijske resurse za provedbu te politike te preuzete obveze primarno spram Europske unije, provedena analiza u radu ukazuje na model delegirane razvojne suradnje kao na moguće strateško opredjeljenje Republike Hrvatske u provedbi predmetne politike u idućem razdoblju. Holistički pristup razvoju te politike, specijalizacija za određena područja djelovanja te integracija s drugim donatorima identificirani su kao predstojeći izazovi za Republiku Hrvatsku, a ujedno i kao preduvjeti primjene modela delegirane razvojne suradnje. ; The main aim of this study is to determine possible strategic guidance for increasing the effectiveness of implementing the development cooperation policy in the Republic of Croatia, bearing in mind its membership of the European Union and the fact that, since 2011, the Republic of Croatia has been officially classified as an international donor. Thus, taking into consideration the limited financial resources available for the implementation of this policy, the analysis in this study proposes a model of delegated cooperation as a possible strategic commitment on the part of the Republic of Croatia in policy implementation in the coming period. The delegated cooperation model should be considered in the context of the Republic of Croatia's meeting its commitments towards the European Union and the global donor community, as well as guidance for alignment with current global donor trends in policy implementation. Furthermore, it should be seen as beneficial in terms of achieving the visibility of the Republic of Croatia as a donor country, its proliferation through comparative advantage, and the withdrawal of European Union funds in order to achieve its own benefits and ultimate fulfillment of global development goals. In order to achieve this, structural changes should be introduced regarding the necessary political commitments and appropriate institutional and procedural reforms. In this respect, the need to introduce changes in the existing political system of the Republic of Croatia should be considered.

Cilj ovog istraživanja je testirati Heckscher-Ohlinov teorem komparativnih prednosti na uzorku trgovine Republike Hrvatske i ostalih članica Europske unije. Heckscher-Ohlinova teorija komparativnih prednosti u većoj mjeri može objasniti međunarodnu trgovinu u slučajevima kada je uzorak zemalja heterogen, u smislu većih razlika u dosegnutom stupnju razvoja i obilnosti proizvodnih faktora. Na temelju dobivenih rezultata proizlazi zaključak da je međunarodna robna trgovina između Republike Hrvatske i ostalih članica Europske unije kako pretpostavlja Heckscher-Ohlinov teorem komparativnih prednosti. U svrhu testiranja osnovne hipoteze rada koristi se više regresijskih modela. Razlika u opskrbljenosti proizvodnim faktorima između Republike Hrvatske i ostalih članica Europske unije bolje objašnjava razlike u jediničnim cijenama proizvodnih faktora nego neto robnu trgovinu Republike Hrvatske s ostalim članicama Europske unije. Empirijska je provjera potvrdila kako neto robna trgovina Republike Hrvatske s ostalim članicama Europske unije pozitivno korelira s relativnom ponudom kapitala. Nije pronađena značajna korelacija između robne trgovine i relativne obrazovanosti hrvatske radne snage, u odnosu na druge članice Europske unije. Na temelju provedene empirijske provjere, može se zaključiti da je Republika Hrvatska, u odnosu na prosjek EU27, relativno opskrbljenija radom kao proizvodnim faktorom te je neto robni izvoz prerađivačke industrije Republike Hrvatske radno intenzivan. Rezultati provedenog istraživanja ukazuju na važnost faktora proizvodnje kao osnove za rast robnog izvoza te gospodarskog razvoja u cjelini. Zaključno, Republika Hrvatska treba više napora uložiti u privlačenje investicija i porast omjera kapitala i rada. ; The goal of this research is to test the Heckscher-Ohlin' theorem of comparative advantages on the sample of the Republic of Croatia and other European Union member countries. Heckscher-Ohlin theorem of comparative advantages can largely explain international trade in cases where the sample of countries is heterogeneous, in terms of the achieved level of development and the production factors abundance. In regards to aforementioned research hypothesis was tested using several regression models. Based on the research results, it can be concluded that the international merchandise trade between Croatia and other European Union (EU) members is in accordance with the assumed by Heckscher-Ohlin comparative advantages theory. The difference in production factors abundance between Croatia and other European Union members better explains differences in production factor unit prices than net merchandise trade. Empirical testing show that merchandise trade between Croatia and other European Union members is correlated with the capital abundance. We found no significant correlation between merchandise trade and relative education level of Croatian labor force in regards to other EU countries. Furthermore, based on the empirical testing, it can be concluded that Croatia in regards to EU27 average, is a labor abundant country and net exports of Croatian manufacturing is labor intensive. Estimated results point out the production factor importance as a base for further merchandise exports development and economic development as a whole. Finally, basic conclusion is that Croatia needs to put more effort on investment attraction and therefore capital to labor ratio increase.

Prema Sporazumu potpisanom u Abuji 1991. stvaranje Afričke monetarne unije i uvođenje jedinstvene afričke valute navodi se kao krajnji cilj afričkog regionalnog integriranja. Zajedničko integriranje se u Africi smatra pokretačem ekonomskog i socijalnog razvoja, trgovine i konkurentnosti. Postojećih osam afričkih regionalnih ekonomskih integracija predstavljalo bi temelje buduće kontinentalne integracije, iako se njihovo integriranje ne odvija jednakom brzinom. Na putu do dublje ekonomske integracije Afrika se suočava s mnogim izazovima poput niske intraregionalne trgovine, slabe financijske integracije, nerazvijene infrastrukture i velikih razlika između afričkih zemalja. Cilj ovog rada je sagledati dosadašnji napredak u regionalnom ekonomskom integriranju te postavljene temelje za kontinentalnu integraciju na području Afrike, analizirati ispunjavanje kriterija konvergencije te definirati specifične izazove u regionalnom integriranju Afrike. Očekivani doprinos rada ogleda se u provedenom istraživanju i sistematizaciji dosadašnjih postignuća na području ekonomske i monetarne integracije Afrike koja čine temelj formiranja Afričke monetarne unije kao i definiranju izazova budućeg razvoja ove regionalne ekonomske integracije.

Na uzorku mjesečnih podataka o realnom efektivnom tečaju kune od siječnja 1996. godine do listopada 2018. godine, u radu se analizira teorija pariteta kupovne snage u Hrvatskoj. Testovi jediničnog korijena sugeriraju nestacionarnu vremensku seriju realnog efektivnog tečaja kune. Temeljem modela kvantilne autoregresije u radu su analizirani endogeni šokovi različitog predznaka i magnitude. Rezultati sugeriraju postojanje asimetrija. Aprecijacijski šokovi u realnom efektivnom tečaju kune perzistiraju kraće u odnosu na deprecijacijske šokove. Nadalje, endogeni šokovi oko medijana imaju najizraženiju tendenciju perzistencije. Zaključno, rezultati svih provedenih istraživanja u ovom radu ne podržavaju teoriju pariteta kupovne snage na primjeru iz Republike Hrvatske.

Ovaj rad ima za cilj ispitati elastičnost potražnje za uvozom u Republici Hrvatskoj na promjene u dohotku i relativnim cijenama, istovremeno dopuštajući vremensko variranje parametara potražnje za uvozom. Uzorak podataka sastoji se od kvartalnih podataka vremenskih serija između prvog kvartala 2000. i trećeg kvartala 2018. godine. Korištenjem modela prostora stanja s vremenski različitim parametrima dobivene su i testirane procjene pristupa. Rezultati su pokazali trajnu i visoku dohodovnu elastičnost uvozne potražnje u Hrvatskoj. Međutim, uloga relativnih cijena promijenila se u promatranom razdoblju i na kraju se ne može razlikovati od nule. Rezultati ovog istraživanja podržali su hipotezu konvergencije cijena u Hrvatskoj prema cijenama u zemljama članicama Europske monetarne unije. Nadalje, rezultati nisu pokazali značajan utjecaj na potražnju za uvozom u Republici Hrvatskoj nakon ulaska Hrvatske u Europsku uniju. Rezultati istraživanja pokazuju da bi, zbog relativno visoke dohodovne elastičnosti uvozne potražnje i konvergencije uvoznih cijena, trebalo poticati proizvodnju inovativnih i sofisticiranih proizvoda. ; The paper aims to examine Croatian import demand elasticities to changes in income and relative prices while allowing time variation in parameters of import demand. Data sample consist of quarterly time series data over the period 2000 q1 -2018 q3. Following state space model with time-varying parameters approach estimates were obtained and tested. The results revealed persistent and high income elasticity of import demand in Croatia. However, the role of relative prices has changed over the observed period and eventually cannot be distinguished from zero. The findings from this research supported the hypothesis of prices convergence in Croatia towards the prices within European Monetary Union member countries. Furthermore, results found no significant effect on Croatian import demand when Croatia joined the European Union. The research results indicate that, due to a relatively high income elasticity of import demand and convergence of import prices, production of innovative and sophisticated products should be facilitated.

This research examined the sustainability of merchandise trade flows between Croatia and other European Union (EU) member states. Merchandise exports and imports were disaggregated into bilateral merchandise trade flows between Croatia and nineteen EU trading partners for the period 1999-2014. Following Granger-causality and cointegration tests for panel data, we specified the model to be estimated. Using a pooled mean group (PMG) estimator for dynamic heterogeneous panel data, the relationship between Croatian merchandise export and import was assessed empirically. Research results revealed unsustainable Croatian merchandise exports and imports vis-?-vis nineteen EU partners.

The aim of this paper is to establish and clarify the relationship between corruption level and development among European Union countries. Out of the estimated model in this paper one can conclude that the level of corruption can explain capital abundance differences among European Union countries. Also, explanatory power of corruption is higher in explaining economic development than in explaining capital abundance, meaning stronger relationship between corruption level and economic development than between corruption level and capital abundance. There is no doubt that reducing corruption would be beneficial for all countries. Since corruption is a wrongdoing, the rule of law enforcement is of utmost importance. However, root causes of corruption, namely the institutional and social environment: recruiting civil servants on a merit basis, salaries in public sector competitive to the ones in private sector, the role of international institutions in the fight against corruption, and some other corruption characteristics are very important to analyze in order to find effective ways to fight corruption. Further research should go into this direction.