Dejan Molnar1, Sonja Josipović2 i Bojan Baškot3
U radu su predstavljeni različiti modeli regionalnog ekonomskog rasta prema kojima obrazovna struktura radno sposobnog stanovništva i preduzetnička aktivnost značajno doprinose unapređenju ekonomskih performansi. Takođe, analizira se uloga koju preduzetnička aktivnost i kvalitet ljudskog kapitala imaju na regionalni ekonomski rast u Republici Srbiji u periodu 2011-2020, na uzorku od 25 subregiona NUTS 3 nivoa. Rezultati ocenjivanja tri izabrana modela panela ukazuju da preduzetničke aktivnosti imaju vitalnu ulogu za rast bruto dodate vrednosti na nivou subregiona. S obzirom da glavni teorijski i brojni empirijski nalazi upućuju na to da nosioci regionalnog razvoja treba da budu preduzetnici koji poseduju odgovarajuća znanja, sposobnosti, kreativnost i veštine, preporuka za kreatore javnih politika je da kontinuirano rade na unapređenju poslovne klime i izgradnji stimulativnog preduzetničkog okruženja. Takav ambijent može podstaći visokoobrazovane pojedince da postanu ključni nosioci preduzetničkih aktivnosti.
Ivan D. Trofimov
This paper examines profitability disparities across the European economies using the aggregate and sectoral data for the period from 1995 to 2019 and applying a combination of panel unit root tests and the club convergence procedure. For most of the sectors, no convergence was identified at the aggregate level. Convergence within the clubs to multiple equilibrium levels, however, was identified. This convergence pattern was the most typical in the knowledge-intensive service sectors. The exogenous shocks had temporary effects on the economies’ profit rates (thus contributing to convergence), whereas the country- and sector-specific profitability components were characterized by stochastic behavior (attesting to nonconvergence). Overall, the persistence of profitability disparities was demonstrated. The findings suggest the importance of the firm-specific and local profitability drivers and the limited effects of the macroeconomic and competition policies on profit rates.
Darko Lazarov and Emilija Miteva Kacarski
The main goal of the paper is to investigate the intraregional trade performance of the Western Balkan region in the last five years and identify future intraregional trade opportunities and potentials for the period from 2023 to 2027. The methodology applied in order to explore intraregional trade is based on an analysis of the growth sources of trade at the country and product levels, while the identification of untapped regional trade potentials is based on the methodology developed by the International Trade Center (ITC), which applies the Export Potential Indicator (EPI) at the product level. The results estimated in the paper found that intraregional trade inside the Western Balkan region had had positive trends in the last five years. However, regional trade is still highly concentrated and based on a small number of traded products. The paper, however, found significant untapped regional trade potentials in the future which should be a huge motivation for each country and policymakers to work on further improvements of trade and economic conditions and circumstances for the purpose of intensifying regional trade and accelerating economic growth in these countries through it.
Teodora Tica, Bojana Vuković, Kristina Peštović i Ivana Medved
Cilj ovog rada je da se sagleda uticaj odabranih finansijskih pokazatelja na profitabilnost kao ključno merilo uspešnosti poslovanja preduzeća. Uzorak obuhvata 473 akcionarska društva u Republici Srbiji koja su aktivno poslovala u periodu 2017-2021. Panel analiza podataka pokazala je da postoji značajan pozitivan uticaj veličine preduzeća, rasta i novčanih tokova na profitabilnost, kao i značajan negativan uticaj strukture kapitala i sredstava. Sa druge strane, uticaj likvidnosti i poreza na dobit na profitabilnost nije bio statistički značajan. Dobijeni rezultati služe prvenstveno menadžmentu koji može da razmotri indikatore preduzeća u cilju poboljšanja profitabilnosti i obezbeđivanja pravilne alokacije resursa. Oni takođe služe investitorima u planiranju investicionih i operativnih aktivnosti kako bi se efektivnije i efikasnije realizovali ciljevi profitabilnosti. Rezultati su usmereni i na druge stejkholdere u cilju kreiranja strategije rasta profitabilnosti i korporativnih performansi radi obezbeđenja dugoročnog rasta.
Zoran Borović, Dalibor Tomaš and Jelena Trivić
The paper is mainly aimed at identifying the sources of total factor productivity (TFP) growth within the framework of convergence for the Republic of Srpska (RSRP). The main research question is what it is that drives technological progress for a small transition country. The current study focuses on the RSRP, as the follower, and the Republic of Serbia (RSRB), as the technological leader. The analysis carried out in this research study confirms the presence of convergence at the industry level, which means that the farther away from the technological frontier a country is, the higher the TFP growth rate. The research results enable policymakers to design and implement policies capable of enhancing domestic development and increase productivity growth.
Foluso Modupe Adeyinka
The effects of a digital technologies uptake on firm efficiency in the Nigerian manufacturing sector were examined. The combined application of data envelopment analysis and the Tobit regression methods were employed to analyze the cross-sectional survey data derived from a sample of manufacturing firms. The research results showed that the uptake of digital technologies was still skewed to the low-end appliances/devices, whereas the uptake of the high-end digital technologies required to forge the digital transformation of firms was still low. Manufacturing firms in Nigeria need to make a quick transition to high-end digital technologies in order for them to increase their efficiency and competitiveness in the global marketplace. Challenges to the uptake of digital technologies need to be addressed as well. The training/retraining of personnel need be scaled up so as to build the digital capacity of the sector, bolster efficiency and improve the productivity of operations. The importation of digital devices may be an option in the short run, but local production should be ramped up in the long run.
Tijana Tubić Ćurčić i Nenad Stanišić
Predmet rada je analiza uticaja međunarodnih migracija na konvergenciju dohotka u evropskim tranzicionim zemljama u periodu 2000-2020. Konvergencija se može definisati kao proces sustizanja bogatijih zemalja od strane siromašnijih i kao posledica toga smanjuju se dispariteti u dohotku per capita između zemalja. Teorijski, ljudska migracija predstavlja mehanizam prilagođavanja regionalne neravnoteže koji doprinosi jačanju konvergencije. U istraživanju je korišćen panel regresioni model. Rezultati istraživanja pokazuju da, posmatrano na nivou celokupnog uzorka zemalja Centralne i Istočne Evrope i zemalja Zapadnog Balkana (CEE-11+WB), postoji pozitivan i statistički značajan uticaj emigracije na konvergenciju dohotka. Takođe, postoji i pozitivan uticaj emigracije na konvergenciju dohotka per capita zemalja CEE-11 ka prosečnom dohotku razvijenih zemalja EU-15. S druge strane, posmatrano samo na nivou zemalja Zapadnog Balkana, ne postoji statistički značajan efekat emigracije na konvergenciju dohotka. Doprinos istraživanja ogleda se u popunjavanju gepa koji postoji u literaturi u ovoj oblasti, budući da ne postoji veliki broj radova koji su ispitivali uticaj migracija na konvergenciju dohotka u zemljama CEE-11 i zemljama Zapadnog Balkana.
Muntazir Hussain1, Irfan Saleem1 and Usman Bashir2
This study aims to investigate the dynamics of the interest rates and exchange rates during the pandemic-induced crisis in the Chinese economy. In the study, rolling window detrended cross-correlation analysis (DCCA) was used. The DCCA coefficient was extracted based on detrended fluctuation analysis (DFA). The data used in the study are the daily data of the period from 2/1/2019 to 7/5/2021. The results obtained in the study suggest the presence of positive cross-correlation between China’s interest rate and exchange rate after the COVID-19 pandemic, and they also report the existence of weak positive cross-correlation during the initial days of the pandemic. However, the weak positive cross-correlation became stronger over time. Higher interest rates are associated with higher exchange rates after the COVID-19 pandemic. The results of the research study have policy implications in that conventional higher interest rates introduced to defend the exchange rate might fail during pandemic-induced crises.
Tuan Viet Le1 and Kyle Elliott2
This study investigates the correlation between state income tax and unemployment rates across the United States. Using panel data in 50 states pertaining to the period from 2006 to 2022 with different regression models, the results suggest that the state corporate and personal income tax rates are positively correlated with the state unemployment rate. Specifically, a 1% decrease in the personal income tax rate may lead to a 0.712% decrease in the state unemployment rate, and a 1% decrease in the corporate income tax rate may cause a drop of 0.328% in the state unemployment rate. In addition, the results show that a personal income tax hike is associated with an increase of 1.532% in the state unemployment rate, and a corporate income tax hike may increase the state unemployment rate by 0.78%. The results of this study are relevant in the context of increasing government spending in the US and the world. Policymakers and government officials may not want to abuse the tax policy to fund the budget deficits.
Nabil Alimi1 and Lassad Ben Dhiab2
This study is aimed at analyzing the effect of the governance index and the governance components index on economic growth in 48 developing countries over the period 2002-2020. Corruption control, the effectiveness of the government, political stability, and regulatory quality are but a few of the many variables taken into account by the governance components index. The findings of the study show that governance has an asymmetric effect on economic growth. Moreover, the results indicate that enhancing governance in developing countries can obstruct economic growth in them. This outcome should not surprise and cast doubt on the positive effects of sound governance on economic growth, as improving governance requires numerous resources currently lacking in these countries. Therefore, policymakers must boost economic growth at the initial stage so that they can identify resources for improving governance and capitalize on them as well.