Suchergebnisse

The paper deals with the analysis of Serbian export competitiveness in regards to the EU market in the period between 2012 and 2021, using the location quotient and dynamic shift-share analysis, which breaks down changes in exports into three components: the national, the industrial, and the regional component. The results show that EU countries are suitable destinations for Serbian products. Also, products from several Serbian sectors are attractive in the European market. The location quotient shows that the most important export destinations are Bulgaria, Croatia, Romania, and Slovenia. The dynamic shift-share analysis results show that there was an increase in the competitiveness of Serbian exports to the European Union market in the observed period, mostly thanks to the national component. The regional component is expressed in some countries, such as Poland and Hungary, while the industrial component is the least represented.

Abstract

Research background: Economic relations between countries members of the EU and EU candidates are very strong. Germany and France have the leading economies of the EU, are in the top ten economies worldwide, and drivers of EU development. Serbia has strong economic relations with Germany and France, especially with Germany. Therefore, it is necessary to examine whether Germany and France impact the development of Serbia.

Purpose: The purpose of the study is to determine if there is a positive influence of a developed country on a developing country. The aim of the paper is to determine whether there is a long- and short-term positive relationship between Germany and France (EU members) and the Serbian economy (EU candidate).

Research methodology: A Vector Error Correction Model is used to analyze quarterly data from 2002Q2 to 2018Q2.

Results: The results showed a statistically significant long-term relationship between Germany and France and Serbia's real GDPs, so EU members have a long-term positive impact on the economy of EU candidates. In the case of the French, there is a short-run positive impact on the Serbian economy. For Germany, it is not the case.

Novelty: This paper fills the literature gap about the influence of a developed country on a developing country. Recommendations for policymakers in EU candidates could be that if they want to motivate people to accept the process of access to the EU, they must provide them with more information about long-run economic benefits from the association to the EU.

Abstract
In order to improve the competitive position and ensure continuous and sustainable economic growth in the international market, Western Balkan countries have recognized export sectors and branches as success generators. However, the low accumulation of economies in the region and insufficient export orientation have led to a major reliance on foreign direct investment (hereinafter: FDI), which have become the drivers of the economic growth of some sectors. The aim of this research is to evaluate the impact of FDI inflows on export trends in the Western Balkan countries, as well as in some Central and Eastern European countries, that have a similar political and economic history as the Western Balkan countries. These countries were used as a basis for comparing and interpreting results related to the Western Balkan countries. Panel regression with fixed-effects is a method that was applied in attempt to determine the real impact of FDI on export. The research that has been conveyed shows that there is a statistically significant positive effect of FDI on the growth of the Western Balkan countries export. Anyway, the model describes only a small impact on the export, which means that the growth of the export should be looking more into some other factors, rather than in the invested capital origin.

Globalizacija je proces svjetske ekonomske integracije koji vodi do globalne ekonomije bez granica. U radu se procjenjuje utjecaj globalizacije na gospodarski rast u slučaju zemalja Europske monetarne unije (EMU). Autori su koristili tri komponente globalizacije – ekonomsku, socijalnu i političku globalizaciju. Pooled Mean Group estimator (PMG) korišten je za procjenu dugoročne i kratkoročne veze između globalizacije i ekonomskog rasta. Rezultati su pokazali da u kratkom roku ekonomska i socijalna globalizacija ima pozitivan utjecaj na gospodarski rast, dok politička globalizacija negativno utječe na ekonomski rast zemalja EMU. Ekonomska globalizacija dugoročno ima statistički značajan pozitivan utjecaj na ekonomski rast zemalja EMU, dok društvena i politička globalizacija negativno utječe na ekonomski rast zemalja EMU. Autori preporučuju, za svaku zemlju, pojedinačni pristup prilikom prihvaćanja globalizacijskog procesa. Pristup ovisi o fazi razvoja zemlje, socijalnoj i političkoj pozadini. Jedan bi pristup mogao biti evolucijski za zemlje u razvoju i najmanje razvijene zemlje. Drugi pristup bi mogao biti brži način prihvaćanja globalizacije za razvijene zemlje. ; Globalization is a process of world economic integration which leads to the global economy without borders. The paper estimates the impact of globalization on economic growth in the case of European Monetary Union countries (EMU). Authors used three components of globalization – economic, social, and political globalization. Pooled Mean Group estimator (PMG) was used to estimate the long-run and short-run relationship between globalization and economic growth. The results showed that in the short-run, economic and social globalization has a positive impact on economic growth, while political globalization has a negative effect on the economic growth of EMU countries. In the long-run, economic globalization has a statistically significant positive impact on the economic growth of EMU countries, while social and political globalization has a negative effect on the economic growth of EMU countries. Authors recommend, for each country, case by case approach in accepting the globalization process. The approach depends on the country's development stage, social, and political background. Thus, the approach for developing and least developed countries could be an evolutionary way, while for the developed ones a faster way of acceptances of globalization, for developed countries.

In achieving price stability as the primary objective of monetary policy, the National Bank of Serbia uses the key policy rate as the main instrument of monetary policy, while other instruments have a supporting role - contribute to a smooth transmission of the key policy rate on the market, as well as the development of financial markets. However, because the conditions in which economic and financial system of the Republic of Serbia works, transmission mechanism of monetary policy is conducted mainly through the exchange rate channel, while the channel of interest rates almost did not work. The great impact the exchange rate channel is determined by the great influence of the single currency euro and the ECB on our country. Therefore, the aim of this paper is to analyse the efficiency of the key policy rate as a monetary policy instrument, because in recent years the primary instrument receives a secondary character in the monetary regulation.

The aim of this study is to assess the impact of certain socio-cultural factors on consumer ethnocentrism, as well as to measure the impact of consumer ethnocentrism on the purchase of domestic products. In this context, the paper presents and tests a new model that contains five potential antecedents of consumer ethnocentrism (national identity, cultural openness, patriotism, religiosity, animosity towards the European Union). The results indicate that patriotism stands out as the strongest antecedent of consumer ethnocentrism. Interestingly, the study confirmed the statistically significant and relatively strong impact of animosity towards the European Union (EU) on the general level of consumer ethnocentrism. On the other hand, cultural openness does not belong to the group of statistically significant drivers of consumer ethnocentrism. The originality of the study lies in the specific construction of the research model, which is coloured with sociocultural variables - especially patriotism, religiosity and animosity towards the EU.

The importance of this research stems from highly concentrated markets of voluntary pension funds, on the one hand, and intensive competition pressure among market participants, on the other. The main purpose of this paper is to evaluate the static and dynamic relationship between a pension fund's market share and value of its investment unit. The research was designed to monitor the changes in the size of market share and investment units in the period from 2008 to 2017 in the funds in the Republic of Serbia. The main findings suggest that the size of market share of individual voluntary pension funds has no influence on the growth of investment unit value. Contrary to the static approach, the dynamic approach argues that the changes of market share affect the performance of voluntary pension funds. The obtained results indicate that the performances of individual pension funds do not depend on their size, but rather on their ability to occupy a larger portion of the market and increase their market share. This paper provides a systematic review of the relevant empirical literature on internal and external determinants of a pension fund's performance. It represents a significant contribution to the understanding of market factors, such as market share and value of investment units.