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.
Milena Jakšić
Sveska 3 Volumen 25 Godište 23 naučnog časopisa Ekonomski horizonti, nakon sprovedenog dvostruko anonimnog recenzentskog postupka, sadrži četiri izvorna naučna članka, dva pregledna članka i Pregled autora i naslova svih priloga publikovanih u Časopisu u 2023.
Malči Grivec1 and Srečko Devjak2
In this paper, the impact of the COVID-19 pandemic on the savings of Slovenian households in banks is explored. For this purpose, an econometric model is developed and the macroeconomic variables exerting a statistically significant impact on household deposits in banks are identified. Among all the macroeconomic variables considered in the paper, the research study has shown that there are only two macroeconomic variables with a statistically significant impact. These two macroeconomic variables are the Euro Overnight Index Average (EONIA) reference interest rate used as a proxy variable for the rate of return, and the price of one Bitcoin as a yield on an alternative investment opportunity. The results of this research study are important for both the Central Government in Slovenia and for Slovenia’s banks as household deposits are a source of funding for banks in the time of a crisis as well, and because of the fact that the volume of the loans granted accelerates the GDP growth, which shows the successful implementation of the economic policy.
Edvard Jakopin1 i Aleksandar Gračanac2
Privreda Republike Srbije je, nakon globalne recesije 2020, izazvane pandemijom COVID-19, u 2021. ostvarila jednu od najviših stopa rasta za protekle dve decenije tranzicije od 7,5% (jedino je u 2004. stopa rasta od 9% bila viša). Međutim, početkom 2022, Evropa se suočila sa novim globalnim potresom izazvanim ratom u Ukrajini sa nepredvidivim ekonomskim posledicama. Inflacioni pritisci su sve veći, u prvom redu usled snažnog rasta cena energije i hrane. Efekti globalnih recesija se odražavaju na usporavanje strukturnih reformi u svim tranzicionim ekonomijama. Rad istražuje strukturne performanse rasta privrede Republike Srbije između globalne recesije i usporavanja rasta. Poseban akcenat je usmeren na analizu srukturnih problema, čije rešavanje je bilo u senci privrednog rasta.
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.