Suchergebnisse

The factor proportions model is one of the main models in international trade theory. It was developed by Swedish economists Eli Heckscher and Bertil Ohlin in the early 1920's. Based on the merchandise trade data between Croatia and the countries of the European Union and the world and the relative availability of key factors of production, the factor proportions model was tested in the case of Croatia. The sign test was used for this purpose. It compares the expected sign according to the factor proportions model with the sign of the revealed comparative advantages index (RCA). The results of the analysis showed that the factor proportions model does not apply in the case of Croatia. According to the factor proportions model, Croatia does not use its comparative advantages effectively due to the lack of specialization in the production of products which intensively use the country's relatively abundant factor of production. Limitations of the model are reflected in the fact that some of the assumptions of the factor proportions model are not satisfied.

The factor proportions model is one of the main models in international trade theory. It was developed by Swedish economists Eli Heckscher and Bertil Ohlin in the early 1920's. Based on the merchandise trade data between Croatia and the countries of the European Union and the world and the relative availability of key factors of production, the factor proportions model was tested in the case of Croatia. The sign test was used for this purpose. It compares the expected sign according to the factor proportions model with the sign of the revealed comparative advantages index (RCA). The results of the analysis showed that the factor proportions model does not apply in the case of Croatia. According to the factor proportions model, Croatia does not use its comparative advantages effectively due to the lack of specialization in the production of products which intensively use the country's relatively abundant factor of production. Limitations of the model are reflected in the fact that some of the assumptions of the factor proportions model are not satisfied.

The process of evaluating a country's risk involves numerous intricate factors that must be examined and considered prior to determining the ultimate credit rating. This paper will examine the pertinent factors that are taken into account when assessing an EU member state's creditworthiness. Some of the most significant factors considered when generating a credit rating evaluation include GDP growth, GDP per capita, inflation, governmental debt, and past performance in paying financial obligations. Examining the role of credit rating agencies and their evaluations in the economy, with a particular emphasis on the EU market and regulatory structure as well as the financial crisis of 2007, is crucial for gaining a deeper comprehension of the research. The empirical part of the paper looks into the connection between factors within certain nations and the credit ratings they are given. The paper aims to ascertain the significance of these determinants in EU member states as well as any potential variations in the relative relevance of particular determinants. It will be investigated whether and to what degree determinants affect country credit ratings using the multiple regression analysis method. In the end, a determination on the significance and relationship of factors to the assignment of credit rating assessments will be made on the basis of the analysis performed. The analysis's anticipated outcomes ought to be significant from an economic standpoint. The coefficient of multiple determination will enable comparisons between each nation, enabling an evaluation of the results' representativeness.

This paper provides
a detailed empirical study of trade creation and trade diversion effects
arising from Croatia's two regional trade agreements, the Central European Free
Trade Agreement (CEFTA) and the European Union (the EU). It offers a foundation
for discussion about future trade policies in terms of benefits and drawbacks
from those regional trade agreements. Croatia's imports, exports and total trade
flows with 180 trading partner countries were examined for the period of 2000 –
2016. Cross-country panel regression using gravity model of international trade
assessed pooled OLS, fixed and random effects, as well as more robust Tobit and
PPML estimator models. The random effects model found positive effects of
Croatia-CEFTA integration evident in trade creation in imports, exports and
total trade flows. Croatia-EU integration exhibits no significant effect of
trade creation in neither imports, exports nor total trade flows. Nonetheless,
there is a trade diversion effect in cases of imports and total trade flows. In
the Tobit model CEFTA created trade in imports, exports and total trade flows, while
the EU diverted trade in imports and total trade flows. Finally, the robust
PPML estimator found that: (1) CEFTA membership created trade in imports,
exports and total trade flows, and (2) the EU membership diverted trade in
imports and exports, and created trade in total trade flows.

Two main regularities
in the field of urban economics are Zipf's law and Gibrat's law. Zipf's law
states that distribution of largest cities should obey the Pareto rank-size
distribution while Gibrat's law states that proportionate growth of cities is
independent of its size. These two laws are interconnected and therefore are
often considered together. The objective of this paper is the investigation of
urban regularities for Croatia in the period from 1857 to 2011. In order to
estimate and evaluate the structure of Croatian urban hierarchy, Pareto or
Zipf's coefficients are calculated. The results have shown that the coefficient
values for the largest settlements in different years are close to one,
indicating that the Croatian urban hierarchy system follows the rank-size
distribution and therefore obeys Zipf's law. The independence of city growth
regarding the city size is tested using penal unit roots. Results for Gibrat's law testing using
panel unit root tests have shown that there is a
presence of unit root in growth of settlements therefore leading to the
acceptance of Gibrat's law.

Ever since its independence, Venezuela has based its economy on the manufacturing and export of a single product. In the 19th century, those products were cocoa and coffee beans, which were replaced by oil in the 20th century. This led to the Dutch disease which harmed other sectors of the economy, so the often corrupt governments bought social peace with socialist policies and government spending. During the 1980s, the first significant plunge in oil prices in the 20th century forced the Venezuelan government to conduct liberal reforms in order to receive assistance from the International Monetary Fund. These led to a significant decline in the standard of living and GDP, as well as, mass protests. Due to the popular discontent, the 1998 presidential elections were won by Hugo Chavez, a former military officer and the leader of the failed coup, who used the rebound in oil prices to start socialist reforms and economic recovery. Expropriations of privately owned assets and price controls weakened the domestic economy and led to inflation, while the rise in government spending strained the public finances. The big drop in oil price in 2014 caused the collapse of Venezuelan economy as well as social and political crisis. The data used in making this paper is from the Venezuelan government and its departments and institutes, as well as from the United Nations, the World Bank, other organisations and Venezuelan and foreign newspapers and web portals.

Venezuela je od svog osamostaljenja gospodarstvo temeljila na proizvodnji i izvozu jednog proizvoda. U 19. stoljeću to su bili kava i kakaovac koje je u 20. stoljeću zamijenila nafta. Navedeno je dovelo do nizozemske bolesti koja je gušila ostale gospodarske grane, pa su često korumpirane vlasti kupovale socijalni mir socijalističkim politikama i državnom potrošnjom. 1980-ih došlo je do prvog značajnijeg pada cijene nafte u 20. stoljeću te je Venezuela morala provesti liberalne reforme kako bi dobila pomoć Međunarodnog monetarnog fonda. Uslijedio je veliki pad standarda i BDP-a te masovni prosvjedi. Na valu tog nezadovoljstva na izborima 1998. godine pobjeđuje bivši vojni časnik i neuspjeli pučist Hugo Chavez kojemu oporavak cijene nafte omogućuje pokretanje socijalističkih reformi i gospodarski oporavak zemlje. Eksproprijacije vlasništva privatnih poduzeća i uvođenje cjenovnih ograničenja oslabili su domaće gospodarstvo i uzrokovali inflaciju, dok je rast državne potrošnje opteretio javne financije. Veliki pad cijene nafte 2014. uzrokovao je kolaps venezuelanskog gospodarstva kao i socijalnu i političku krizu. Prilikom izrade rada korišteni su službeni podatci venezuelanske vlade, ministarstava i instituta, te podaci Ujedinjenih Naroda, Svjetske Banke i ostalih organizacija kao i informacije iz venezuelanskih i inozemnih tiskovina i novinskih portala. ; Ever since its independence, Venezuela has based its economy on the manufacturing and export of a single product. In the 19th century, those products were cocoa and coffee beans, which were replaced by oil in the 20th century. This led to the Dutch disease which harmed other sectors of the economy, so the often corrupt governments bought social peace with socialist policies and government spending. During the 1980s, the first significant plunge in oil prices in the 20th century forced the Venezuelan government to conduct liberal reforms in order to receive assistance from the International Monetary Fund. These led to a significant decline in the standard of living and GDP, as well as, mass protests. Due to the popular discontent, the 1998 presidential elections were won by Hugo Chavez, a former military officer and the leader of the failed coup, who used the rebound in oil prices to start socialist reforms and economic recovery. Expropriations of privately owned assets and price controls weakened the domestic economy and led to inflation, while the rise in government spending strained the public finances. The big drop in oil price in 2014 caused the collapse of Venezuelan economy as well as social and political crisis. The data used in making this paper is from the Venezuelan government and its departments and institutes, as well as from the United Nations, the World Bank, other organisations and Venezuelan and foreign newspapers and web portals.

This research monograph consists of 17 papers under the framework of contemporary economic and business issues which we can structure into several main research fields. These fields relate to the regulation of economic and business activities, especially in the context of digitalization processes, fiscal and monetary issues, dealing with the impact of digitalization and COVID19 pandemics on traditional academic and business debates, as well as on innovation processes in both government and the corporate sector. We can borrow the phrase from one of our papers and confirm that the papers presented show that the innovative market and digital society, as the new global development and technology paradigm of the modern world, together with its capabilities and standards, has changed the character of entrepreneurship and the state/government in terms of their new interactions. Thus, the contributions from the research monograph are made more urgent by the main objective of introspection of the traditional economic and business sectors and activities under the prism of digital transformation. The researchers were particularly interested in the impact of the COVID19 pandemic on the economic and business sectors. Although the conference was held in the midst of the pandemics, researchers were able to present valuable studies showing the extent of the threat posed by COVID 19 to the public health and economic outcomes of EU citizens. Significant pressure was placed on member state spending, particularly in countries with lower fiscal capacity, resulting in a severe temporary deterioration in the fiscal deficit and public debt. It is also noted that the crisis COVID -19 will have an uneven impact on member states and could deepen their divergence. Therefore, new and creative fiscal policies to support investment in digital transformation, green transition and innovation are of utmost importance. This monograph provides some guidance.