There are still debates in the scientific literature about the factors influencing countries&rsquo ; sustainable socioeconomic development. Therefore, the current article aims at determining the factors of sustainable socioeconomic development and assessing its level in the EU countries. The following methods were employed for the research: an evaluation based on distance from average solution (EDAS) and hierarchical cluster analysis (HCA). EDAS was used to reveal which countries have the highest level of sustainable socioeconomic development, and which have the lowest. The ranking was done based on the appraisal score, which is an outcome of EDAS. Hierarchical cluster analysis (HCA) was used for clustering the countries based on the appraisal scores in order to distinguish groups of countries having a similar level of sustainable socioeconomic development. The results revealed that the highest level of sustainable socioeconomic development is in Germany, and the lowest in Portugal. Based on HCA, the countries were divided into three groups. The first cluster&rsquo ; s countries have the weakest sustainable socioeconomic development, and countries assigned to the third cluster have the best. In the current research, the third cluster consists of one country, Germany, which supports the results obtained with the EDAS method, i.e., Germany is the country with the highest level of sustainable socioeconomic development in the EU.
This paper aims to identify the main risk groups according to their significance on imports of agricultural products. After analysis of the scientific literature, eight groups of risks associated with agricultural products import were determined: supply risks, demand risks, production risks, management plus operational risks, logistical plus infrastructural risks, political risks, policy plus regulatory risks and financial risks. In order to assess the importance of all import risk groups, three Multicriteria decision support methods (MCDM)-SAW, TOPSIS and Geometric means-for expert evaluation are used. The article introduces a new import risks assessment framework CIRA (Country's Imports Risk Assessment) contributing to the systematic approach of a country's international trade risks management. The results order risk groups according to their importance in the following order: production (the most crucial risk group), logistical plus infrastructural, financial, management plus operational, political, supply, policy plus regulatory and demand risks.
Satisfaction with the policy of commercial banks concerning SMEs is one of the most important factors affecting the success of commercial banking activities. This paper analyses the scientific approaches to importance of SME satisfaction with the commercial banks. The analysis of scientific publications revealed that one of the most important factors affecting the satisfaction of small and medium-sized enterprises with banks is the policy concerning SMEs. Comparisons of the results of two studies, analysing satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs, are presented in this article. One study was conducted in Canada in 2002, another one – in Lithuania in 2011. These studies identified and investigated the factors influencing satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs, i.e., granting of loans corresponding business needs, offering appropriate financial services to business, creating favourable loan conditions, flexible response to changing business needs, business support by a bank during successful company activities period, business support by a bank in the critical moments of company activities, making timely financing decisions. It was found that all relationships between the factors and the satisfaction with the policy of commercial bank are linear and the correlation coefficients are quite high, indicating that the relationship between the factors is strong enough. However, these studies did not reveal statistical significance of the elements and their possible impact on the satisfaction with commercial banks policy. The current study includes all previously investigated factors and was conducted using the questionnaire method. The respondents were employees of Lithuanian small and medium-sized companies. Statistical analysis shows that only granting of loans corresponding business needs, offering appropriate financial services to business, creating favourable loan conditions, flexible response to changing business needs are statistically significant elements for satisfaction of small and medium-sized enterprises with the policy of commercial banks concerning SMEs. In addition, it was found that there is no multi-colinearity, there are no outliers among investigated factors. The regression equation of satisfaction of small and medium- sized enterprises with the policy of commercial banks concerning SMEs indicating the weight of each statistically significant factor to the overall satisfaction with the commercial bank policy was created. In other words, the equation shows how satisfaction with the policy of commercial bank varies changing one of the most important factors and helps predicting changes in satisfaction. ; Smulkiojo ir vidutinio verslo įmonių pasitenkinimas komerciniais bankais yra vienas iš svarbiausių veiksnių, darančių įtaką sėkmingai komercinių bankų veiklai. Straipsnyje analizuojami mokslininkų požiūriai į smulkiojo ir vidutinio verslo įmonių pasitenkinimo komerciniais bankais svarbą. Analizuojant mokslines publikacija nustatyta, kad vienas iš svarbiausių veiksnių, darančių įtaką smulkiojo ir vidutinio verslo įmonių pasitenkinimui banku, yra komercinių bankų vykdoma politika smulkiojo ir vidutinio verslo įmonių atžvilgiu. Straipsnyje yra lyginami smulkiojo ir vidutinio verslo įmonių pasitenkinimo komercinių bankų vykdoma politika SVV įmonių atžvilgiu dviejų tyrimų rezultatai. Vienas tyrimas buvo atliktas Kanadoje 2002 m., kitas – Lietuvoje 2011 m. Šiuose tyrimuose išskiriami ir nagrinėjami veiksniai, darantys įtaką SVV įmonių pasitenkinimui komercinių bankų vykdoma politika jų verslo atžvilgiu, t. y.: kreditų, atitinkančių verslo poreikius, teikimas; kitų reikiamų finansinių paslaugų verslui teikimas; palankių paskolų sąlygų sudarymas; lankstus reagavimas į kintančius verslo poreikius; verslo rėmimas sėkmingu įmonės veiklos laikotarpiu; verslo rėmimas kritiniais įmonės veiklos momentais; finansinių sprendimų priėmimas laiku. Nustatyta, kad visi ryšiai yra tiesiniai ir koreliacijos koeficientai gana aukšti, kas parodo, kad ryšiai tarp veiksnių yra pakankamai stiprūs. Tačiau šiuose tyrimuose nebuvo nustatyta, ar visi elementai yra statistiškai reikšmingi ir ar jie tikrai turi įtakos pasitenkinimui komercinių bankų vykdoma politika. Į dabartinį tyrimą įtraukti visi veiksniai, kurie buvo tirti ankstesniuose tyrimuose. Tyrimui atlikti taikytas anketinės apklausos metodas. Respondentai buvo Lietuvos smulkiojo ir vidutinio verslo įmonių darbuotojai. Atlikus statistinį tyrimą, buvo nustatyta, kad tik kreditų, atitinkančių verslo poreikius, teikimas; reikiamų finansinių paslaugų verslui teikimas; palankių paskolų sąlygų sudarymas; lankstus reagavimas į kintančius verslo poreikius yra statistiškai reikšmingi elementai SVV pasitenkinimui komercinių bankų vykdoma politika. Be to, buvo nustatyta, kad tarp šių veiksnių nėra multikolinearumo, nėra išskirčių, todėl, buvo sudaryta smulkiojo ir vidutinio verslo įmonių pasitenkinimo komercinių banko vykdoma politika SVV įmonių atžvilgiu regresinė lygtis, kuri parodo, kokį svorį kiekvienas iš statistiškai reikšmingų elementų turi pasitenkinimui komercinio banko vykdoma politika. Kitaip tariant, lygtis parodo, kaip pasikeičia pasitenkinimas komercinių bankų vykdoma politika pasikeitus lemiančiam veiksniui, kas leidžia prognozuoti pasitenkinimo kitimą.
Targeted allocation of EU support in Lithuania can help resolving a number of problems and achieving significant results in a variety of areas. However, rush to absorb support may lead to a little, zero or even negative impact on national economy. In addition, EU support opportunities may distort investment motivation. This paper deals with issues related to the impact of EU support and problems of its absorption. The impact of EU support on the national economy has been established in three areas: attraction of foreign direct investment state investments into capital formation, and experience of companies, which are EU support beneficiaries. The paper proposes using regression analysis in search and evaluation of relations while obtaining more information about programmes, priorities and the impact of structural support on different indicators. In addition, it focuses on ascertaining the effectiveness of governmental and company spending. Furthermore, as companies – EU support beneficiaries – are engaged in different economic activities, their experience cannot be ascertained from statistical data; consequently, findings of an expert survey are presented to demonstrate the experience acquired by business companies as well as problems they face. Limitation of research was a short period of time to evaluate (only four years of the current funding period)
Thearticle dealswith the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews the relation between the funds and the Government. According to the venture capital accessibility ratio, Lithuania is above the European Union average and overtakes such countries as Poland, Czech Republic and even Germany. However, the analysis of particular private capital transactions demonstrates that Lithuania could only compete with Central and Eastern European countries. Santrauka Straipsnyje nagrinėjami sparčiai populiarėjantys, bet Lietuvoje įmonėms finansuoti dar retai naudojami rizikos kapitalo fondai, jų ypatumai, investicijų pritraukimo ir investavimo į įmonę procesas. Apibūdinami pagrindiniai rizikos kapitalo fondų privalumai ir trūkumai, jų sąsaja su šalies ekonomikos plėtra. Nagrinėjami Lietuvoje veikiantys rizikos kapitalo fondai, jų investavimo strategija, atliktų investicijų dinamika, apžvelgiamas šalies vyriausybės sąryšis su šiais fondais. Pagal rizikos kapitalo prieinamumo rodiklį Lietuva viršija Europos Sąjungos vidurkį ir lenkia tokias šalis, kaip Lenkija, Čekija, net ir Vokietija. Tačiau, analizuojant konkrečius privataus kapitalo sandorius, Lietuva gali konkuruoti tik su Centrinės ir Rytų Europos šalimis. Rizikos kapitalo fondai: teoriniai aspektai Reikšminiai žodžiai: įmonių finansavimas, privatus kapitalas, rizikos kapitalo fondai, rizikos kapitalo fondų bruožai, įmonės investicinio patrauklumo vertinimas.
The article deals with the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews the relation between the funds and the Government. According to the venture capital accessibility ratio, Lithuania is above the European Union average and overtakes such countries as Poland, Czech Republic and even Germany. However, the analysis of particular private capital transactions demonstrates that Lithuania could only compete with Central and Eastern European countries.
Thearticle dealswith the form of corporate financing, which is becoming more popular yet is still underused, i.e. venture capital funds as well as their peculiarities and the procedure for attracting investments into a company. The paper summarises the main advantages and disadvantages of venture capital funds as well as their relation with national economic development. It analyses venture capital funds operating in Lithuania, investment strategies and dynamics. Additionally, it overviews the relation between the funds and the Government. According to the venture capital accessibility ratio, Lithuania is above the European Union average and overtakes such countries as Poland, Czech Republic and even Germany. However, the analysis of particular private capital transactions demonstrates that Lithuania could only compete with Central and Eastern European countries. Santrauka Straipsnyje nagrinėjami sparčiai populiarėjantys, bet Lietuvoje įmonėms finansuoti dar retai naudojami rizikos kapitalo fondai, jų ypatumai, investicijų pritraukimo ir investavimo į įmonę procesas. Apibūdinami pagrindiniai rizikos kapitalo fondų privalumai ir trūkumai, jų sąsaja su šalies ekonomikos plėtra. Nagrinėjami Lietuvoje veikiantys rizikos kapitalo fondai, jų investavimo strategija, atliktų investicijų dinamika, apžvelgiamas šalies vyriausybės sąryšis su šiais fondais. Pagal rizikos kapitalo prieinamumo rodiklį Lietuva viršija Europos Sąjungos vidurkį ir lenkia tokias šalis, kaip Lenkija, Čekija, net ir Vokietija. Tačiau, analizuojant konkrečius privataus kapitalo sandorius, Lietuva gali konkuruoti tik su Centrinės ir Rytų Europos šalimis. Rizikos kapitalo fondai: teoriniai aspektai Reikšminiai žodžiai: įmonių finansavimas, privatus kapitalas, rizikos kapitalo fondai, rizikos kapitalo fondų bruožai, įmonės investicinio patrauklumo vertinimas.
Targeted allocation of EU support in Lithuania can help resolving a number of problems and achieving significant results in a variety of areas. However, rush to absorb support may lead to a little, zero or even negative impact on national economy. In addition, EU support opportunities may distort investment motivation. This paper deals with issues related to the impact of EU support and problems of its absorption. The impact of EU support on the national economy has been established in three areas: attraction of foreign direct investment state investments into capital formation, and experience of companies, which are EU support beneficiaries. The paper proposes using regression analysis in search and evaluation of relations while obtaining more information about programmes, priorities and the impact of structural support on different indicators. In addition, it focuses on ascertaining the effectiveness of governmental and company spending. Furthermore, as companies – EU support beneficiaries – are engaged in different economic activities, their experience cannot be ascertained from statistical data; consequently, findings of an expert survey are presented to demonstrate the experience acquired by business companies as well as problems they face. Limitation of research was a short period of time to evaluate (only four years of the current funding period)
This paper discusses housing financing process using the system approach, including the influence of external factors such as economic, social, competitive and legal environment. The article presents the characteristics of participants of the housing crediting system and interrelationship between them that helps to describe the influence of the elements to each other ant for the system in whole. The main housing financing systems, used in foreign countries, are discussed. Article in Lithuanian Gyventojų būsto kreditavimo analizė sisteminiu požiūriu Santrauka Straipsnyje analizuojamas gyventojų būsto kreditavimo funkcionavimas taikant sisteminį požiūrį, atskleidžiama išorinės aplinkos įtaka būsto kreditavimo procesui, aprašant ekonominius, politinius, socialinius, konkurencinius ir teisinius veiksnius. Įvardijami pagrindiniai būsto kreditavimo sistemos dalyviai, juos siejantys ryšiai. Pagal šiuos tarpusavio ryšius apibūdinama dalyvių įtaka vienas kitam bei visai būsto kreditavimo sistemai. Aprašomos pagrindinės būsto kreditavimo sistemos, naudojamos užsienio šalyse. Reikšminiai žodžiai: būstas, būsto kreditas, kreditavimo sistema, būsto kreditavimo sistemos elementas, tarpusavio ryšiai.
This paper discusses housing financing process using the system approach, including the influence of external factors such as economic, social, competitive and legal environment. The article presents the characteristics of participants of the housing crediting system and interrelationship between them that helps to describe the influence of the elements to each other ant for the system in whole. The main housing financing systems, used in foreign countries, are discussed. Article in Lithuanian. Gyventojų būsto kreditavimo analizė sisteminiu požiūriu Santrauka.Straipsnyje analizuojamas gyventojų būsto kreditavimo funkcionavimas taikant sisteminį požiūrį, atskleidžiama išorinės aplinkos įtaka būsto kreditavimo procesui, aprašant ekonominius, politinius, socialinius, konkurencinius ir teisinius veiksnius. Įvardijami pagrindiniai būsto kreditavimo sistemos dalyviai, juos siejantys ryšiai. Pagal šiuos tarpusavio ryšius apibūdinama dalyvių įtaka vienas kitam bei visai būsto kreditavimo sistemai. Aprašomos pagrindinės būsto kreditavimo sistemos, naudojamos užsienio šalyse. Reikšminiai žodžiai: būstas, būsto kreditas, kreditavimo sistema, būsto kreditavimo sistemos elementas, tarpusavio ryšiai.
It is important for youth to participate successfully in the labour market from the viewpoint of economy de-velopment. The increase of youth employment and decrease of unemployment determines a longer period of economic activity of a particular generation and faster development of national economy. The tendency of growing employment of Lithuanian population is inherent for middle aged and elder people, but not for the youth. Employment of young people up to 25 years declines mostly because of increased emigration to the Western countries. A lot of clever, educated young people leave our country every year. A part of them is going to continue their studies, acquire some experience or find a job according to speciality. others exchange their diplomas for unqualified but better paid than in Lithuania work. Due to one–sided emigration of manpower (especially qualified) our country sustains obvious losses: lost investments in human capital; decline of production, etc. Scientific literature notes that the ownership of a home promotes the decrease of emigra-tion. The article deals with the influence of purchasing conditions of living space for the youth's integration into the national labour market. Accomplished sociological survey of the last year students in higher schools showed that the most of young people are seeking to start working as quickly as possible and to receive salaries as high as possible in order to take a loan for purchasing their own home. The government can't participate directly increasing salaries (except fixing the minimum salary level), and while raising salaries for budgetary and office employees influences budgetary expenses. Therefore this article after the analysis of the structure of housing market in Lithuania, possibilities for house purchase and problems of state support for youth provides some suggestions that could help young people to acquire their own homes. Article in Lithuanian. Būsto įsigijimo sąlygų įtaka jaunimui įsitvirtinti nacionalinėje darbo rinkoje Santrauka.Ekonomikos raidos požiūriu svarbu, kad jaunimas sėkmingai dalyvautų darbo rinkoje. Didesnis jaunimo užimtumas ir mažesnis nedarbas reiškia ilgesnį atskiros gyventojų kartos ekonominio aktyvumo laikotarpį ir spartesnę šalies ūkio plėtrą. Lietuvos gyventojų užimtumo didėjimo tendencija būdinga vidutinio ir vyresnio amžiaus asmenims, bet ne jaunimui. Jaunimo iki 25 metų užimtumas daugiausia mažėja dėl padidėjusios emigracijos į Vakarų šalis. Kiekvienais metais mūsų šalį palieka nemažai protingų, išsilavinusių jaunų žmonių. Dalis jų vyksta tęsti mokslų, stažuotis arba randa darbą pagal specialybę. Kiti savo diplomą iškeičia į nekvalifikuotą, bet geriau nei Lietuvoje mokamą darbą. Vykstant vien-pusei darbo jėgos, ypač kvalifikuotos, emigracijai, šalis patiria akivaizdžių nuostolių – prarandamos valstybės investicijos, įdėtos į žmogiškąjį kapitalą; mažėja sukuriamas produktas ir kt. Mokslinėje literatūroje pažymima, kad nuosavo būsto turėjimas prisideda prie emigracijos stabdymo. Straipsnyje nagrinėjama, kokią įtaką turi gyvenamojo būsto įsigijimo sąlygos jaunimo įsitvirtinimui nacionalinėje darbo rinkoje. Atlikta sociologinė aukštųjų mokyklų studentų apklausa parodė, kad dauguma jaunų žmonių siekia kuo greičiau pradėti darbinę veiklą ir kuo didesnių atlyginimų, kad galėtų paimti būsto paskolą. Vyriausybė negali tiesiogiai dalyvauti atlyginimų didinimo procese (išskyrus minimalaus atlyginimo nustatymą), o keldama darbo užmokestį biudžetiniams darbuotojams bei valstybės tarnautojams, tik prisideda prie biudžeto išlaidų didinimo. Todėl straipsnyje, išanalizavus būsto rinkos struktūrą Lietuvoje, gyvenamojo būsto įsigijimo galimybes, valstybės teikiamos paramos jaunimui problemas, teikiami pasiūlymai, galintys daryti įtaką jaunimo apsirūpinimo būstu problemos sprendimui. Reikšminiai žodžiai: būsto rinkos struktūra, gyvenamojo būsto įsigijimo finansavimas, valstybės parama jaunimui apsirūpinant būstu ir būsto įsigijimo įtaka jaunimo įsitvirtinimui darbo rinkoje. First published online: 16 Jun 2008
It is important for youth to participate successfully in the labour market from the viewpoint of economy de-velopment. The increase of youth employment and decrease of unemployment determines a longer period of economic activity of a particular generation and faster development of national economy. The tendency of growing employment of Lithuanian population is inherent for middle aged and elder people, but not for the youth. Employment of young people up to 25 years declines mostly because of increased emigration to the Western countries. A lot of clever, educated young people leave our country every year. A part of them is going to continue their studies, acquire some experience or find a job according to speciality. others exchange their diplomas for unqualified but better paid than in Lithuania work. Due to one–sided emigration of manpower (especially qualified) our country sustains obvious losses: lost investments in human capital; decline of production, etc. Scientific literature notes that the ownership of a home promotes the decrease of emigra-tion. The article deals with the influence of purchasing conditions of living space for the youth's integration into the national labour market. Accomplished sociological survey of the last year students in higher schools showed that the most of young people are seeking to start working as quickly as possible and to receive salaries as high as possible in order to take a loan for purchasing their own home. The government can't participate directly increasing salaries (except fixing the minimum salary level), and while raising salaries for budgetary and office employees influences budgetary expenses. Therefore this article after the analysis of the structure of housing market in Lithuania, possibilities for house purchase and problems of state support for youth provides some suggestions that could help young people to acquire their own homes. Būsto įsigijimo sąlygų įtaka jaunimui įsitvirtinti nacionalinėje darbo rinkoje Santrauka Ekonomikos raidos požiūriu svarbu, kad jaunimas sėkmingai dalyvautų darbo rinkoje. Didesnis jaunimo užimtumas ir mažesnis nedarbas reiškia ilgesnį atskiros gyventojų kartos ekonominio aktyvumo laikotarpį ir spartesnę šalies ūkio plėtrą. Lietuvos gyventojų užimtumo didėjimo tendencija būdinga vidutinio ir vyresnio amžiaus asmenims, bet ne jaunimui. Jaunimo iki 25 metų užimtumas daugiausia mažėja dėl padidėjusios emigracijos į Vakarų šalis. Kiekvienais metais mūsų šalį palieka nemažai protingų, išsilavinusių jaunų žmonių. Dalis jų vyksta tęsti mokslų, stažuotis arba randa darbą pagal specialybę. Kiti savo diplomą iškeičia į nekvalifikuotą, bet geriau nei Lietuvoje mokamą darbą. Vykstant vien-pusei darbo jėgos, ypač kvalifikuotos, emigracijai, šalis patiria akivaizdžių nuostolių – prarandamos valstybės investicijos, įdėtos į žmogiškąjį kapitalą; mažėja sukuriamas produktas ir kt. Mokslinėje literatūroje pažymima, kad nuosavo būsto turėjimas prisideda prie emigracijos stabdymo. Straipsnyje nagrinėjama, kokią įtaką turi gyvenamojo būsto įsigijimo sąlygos jaunimo įsitvirtinimui nacionalinėje darbo rinkoje. Atlikta sociologinė aukštųjų mokyklų studentų apklausa parodė, kad dauguma jaunų žmonių siekia kuo greičiau pradėti darbinę veiklą ir kuo didesnių atlyginimų, kad galėtų paimti būsto paskolą. Vyriausybė negali tiesiogiai dalyvauti atlyginimų didinimo procese (išskyrus minimalaus atlyginimo nustatymą), o keldama darbo užmokestį biudžetiniams darbuotojams bei valstybės tarnautojams, tik prisideda prie biudžeto išlaidų didinimo. Todėl straipsnyje, išanalizavus būsto rinkos struktūrą Lietuvoje, gyvenamojo būsto įsigijimo galimybes, valstybės teikiamos paramos jaunimui problemas, teikiami pasiūlymai, galintys daryti įtaką jaunimo apsirūpinimo būstu problemos sprendimui. Reikšminiai žodžiai: būsto rinkos struktūra, gyvenamojo būsto įsigijimo finansavimas, valstybės parama jaunimui apsirūpinant būstu ir būsto įsigijimo įtaka jaunimo įsitvirtinimui darbo rinkoje.
Political unrest inevitably has consequences for a national economy. International trade in a globalised world has great importance for countries. Unfortunately, due to various political events, countries apply some restrictions to each other. In 2014, Western countries imposed sanctions on trade with Russia, due to the annexation of Crimea. As a response, Russia announced an embargo on importing of some goods from European and North American countries, as well as Australia. The current study investigates the economic impact on EU countries due to the mentioned embargo. The EU countries were grouped according to the average for 1998-2018 exports of products to Russia using a cluster analysis. After the clustering, the gravity model was employed to develop the equations representing the international trade between each cluster and Russia. Although Russia declared an embargo on countries associated with the same group of goods, the economic impact on their economies was different. This study has a couple of limitations. The research reflects only the impact of the embargo on exports regardless of some possible indirect effects; the study assesses the export of all sectors due to limited data; and because the restrictions are applied only to the food sector, the research shows only relative changes in exports.
Political unrest inevitably has consequences for a national economy. International trade in a globalised world has great importance for countries. Unfortunately, due to various political events, countries apply some restrictions to each other. In 2014, Western countries imposed sanctions on trade with Russia, due to the annexation of Crimea. As a response, Russia announced an embargo on importing of some goods from European and North American countries, as well as Australia. The current study investigates the economic impact on EU countries due to the mentioned embargo. The EU countries were grouped according to the average for 1998–2018 exports of products to Russia using a cluster analysis. After the clustering, the gravity model was employed to develop the equations representing the international trade between each cluster and Russia. Although Russia declared an embargo on countries associated with the same group of goods, the economic impact on their economies was different. This study has a couple of limitations. The research reflects only the impact of the embargo on exports regardless of some possible indirect effects; the study assesses the export of all sectors due to limited data; and because the restrictions are applied only to the food sector, the research shows only relative changes in exports
