Pub Date : 2021-03-01DOI: 10.2478/ethemes-2021-0008
Kristijan Ristić, Mirjana Jemović
Abstract After the financial deregulation that marked the last two decades of the 20th century, banks lost their monopolistic position and faced a number of competitors on the financial market. Fighting for their market share, banks began to grant loans under more relaxed terms. This policy increased the share of non-performing loans (NPLs) and ultimately increased credit risk in the banking sector. The share of non-performing loans in total loans indicates the quality of bank assets, so their analysis and trend are an important parameter in assessing the stability of the banking and overall financial sector. The paper aims to analyze the NPL trend in the banking sector of the Republic of Serbia in the period from 2010-2019 and, thus, identify determinants that significantly affect the extent of credit risk. The research uses vector autoregressive model (VAR), and the results confirm that gross domestic product, inflation, unemployment, return on total assets (ROA), cost efficiency, capital adequacy ratio, and income diversification affect NPLs. The analysis shows that the level of non-performing loans depends on a number of factors, both macroeconomic and bank-specific, which regulatory authorities must keep in mind when assessing the credit risk that banks face.
{"title":"Analysis of Non-Performing Loans’ Determinants in the Banking Sector of the Republic of Serbia","authors":"Kristijan Ristić, Mirjana Jemović","doi":"10.2478/ethemes-2021-0008","DOIUrl":"https://doi.org/10.2478/ethemes-2021-0008","url":null,"abstract":"Abstract After the financial deregulation that marked the last two decades of the 20th century, banks lost their monopolistic position and faced a number of competitors on the financial market. Fighting for their market share, banks began to grant loans under more relaxed terms. This policy increased the share of non-performing loans (NPLs) and ultimately increased credit risk in the banking sector. The share of non-performing loans in total loans indicates the quality of bank assets, so their analysis and trend are an important parameter in assessing the stability of the banking and overall financial sector. The paper aims to analyze the NPL trend in the banking sector of the Republic of Serbia in the period from 2010-2019 and, thus, identify determinants that significantly affect the extent of credit risk. The research uses vector autoregressive model (VAR), and the results confirm that gross domestic product, inflation, unemployment, return on total assets (ROA), cost efficiency, capital adequacy ratio, and income diversification affect NPLs. The analysis shows that the level of non-performing loans depends on a number of factors, both macroeconomic and bank-specific, which regulatory authorities must keep in mind when assessing the credit risk that banks face.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125257897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-03-01DOI: 10.2478/ethemes-2021-0004
M. Nikodijević, Blagoje M. Novićević, M. Rogan
Abstract The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.
{"title":"Empirical Study of the Implementation of Certain Budgeting Concepts in Manufacturing Companies in Serbia","authors":"M. Nikodijević, Blagoje M. Novićević, M. Rogan","doi":"10.2478/ethemes-2021-0004","DOIUrl":"https://doi.org/10.2478/ethemes-2021-0004","url":null,"abstract":"Abstract The basic indicators of manufacturing industry’s level of development are still at an unenviable level, although it provides the majority of tradable goods of Serbian economy and has the most significant share in gross domestic product. This state of the manufacturing industry in Serbia is the result of an unstable macroeconomic environment and institutional insecurity, as well as an inadequate management approach in companies of this sector. Taking into account the situation, there is an obvious need to change management approach in these companies, which includes improving their budgeting processes and systems. Budgeting, as a management instrument, has become important in companies in Serbia only in the last decades, that is, after the change of the economic system. The results of the conducted empirical study, aiming to perceive the current state and relevant management attitudes regarding the implementation of certain budgeting concepts in manufacturing companies in Serbia, are presented in this paper. The study aims to determine the current presence of certain budgeting concepts, as well as which concepts the management of the sample companies intends to implement in the future, since it considers them an appropriate and a good solution for its company, taking into account the specifics of its environment and business. The presented results will show whether manufacturing companies in Serbia follow global trends in budgeting practices that relate to the implementation of modern budgeting concepts with flexibility, customer focus and performance based as their key features.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124916240","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2021-02-08DOI: 10.2478/ethemes-2021-0009
Ivana Kostadinović, S. Stanković
Abstract Organizational learning, innovation and creating value for tourists are the main issues in a successful tourism research. From that point of view, the aim of the study is to examine the relationship between the variables included in the research: organizational learning, innovation and creating value for tourists. The tested conceptual model didn’t fit well, so it was corrected based on the recommendations for a possible revision of the model. The analysis results indicated a significant impact of organizational learning on innovation and on creating value for tourists. Innovation, also, has a significant impact on creating value for tourists. Furthermore, the results indicated that innovation established the relationship between organizational learning and creating value for tourists. These results show the importance of organizational learning and innovation to improve creating value for tourists.
{"title":"Organizational Learning and Innovation in the Tourism Industry as a Basis for Creating Value for Tourists","authors":"Ivana Kostadinović, S. Stanković","doi":"10.2478/ethemes-2021-0009","DOIUrl":"https://doi.org/10.2478/ethemes-2021-0009","url":null,"abstract":"Abstract Organizational learning, innovation and creating value for tourists are the main issues in a successful tourism research. From that point of view, the aim of the study is to examine the relationship between the variables included in the research: organizational learning, innovation and creating value for tourists. The tested conceptual model didn’t fit well, so it was corrected based on the recommendations for a possible revision of the model. The analysis results indicated a significant impact of organizational learning on innovation and on creating value for tourists. Innovation, also, has a significant impact on creating value for tourists. Furthermore, the results indicated that innovation established the relationship between organizational learning and creating value for tourists. These results show the importance of organizational learning and innovation to improve creating value for tourists.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"14 5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129865680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0031
Sunčica Milutinović, O. Grljević, D. Dimitrijevic
Abstract The focus of the paper is on identification of hidden patterns in the opinion of accounting professionals, in order to identify the deficiencies in the legal accounting regulations and to examine their perspective on international and legal accounting regulations. The data collected through the questionnaire was divided using clustering data mining technique. We identified different groups of accountants with specific patterns regarding the expressed attitudes towards both regulations, as well as different groups of accountants with specific patterns regarding the way of obtaining information. The findings point to the prevailing negative attitude towards the legal accounting regulations quality, and differences in the habits and attitudes of certified and non-certified accountants, i.e. accountants who (don’t) use International Financial Reporting Standards. Since there are four developed models, we used them as a basis for proposing a model of information seeking that could mitigate negative views on accounting regulations in the national economy. The key points of the proposed model are the introduction of compulsory continuous professional education and certification of all accountants, as well as activities for the popularization and accessibility of the international accounting regulations.
{"title":"Assessment of the Accounting Regulations in the Republic of Serbia: Application of Cluster Analysis","authors":"Sunčica Milutinović, O. Grljević, D. Dimitrijevic","doi":"10.2478/ethemes-2020-0031","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0031","url":null,"abstract":"Abstract The focus of the paper is on identification of hidden patterns in the opinion of accounting professionals, in order to identify the deficiencies in the legal accounting regulations and to examine their perspective on international and legal accounting regulations. The data collected through the questionnaire was divided using clustering data mining technique. We identified different groups of accountants with specific patterns regarding the expressed attitudes towards both regulations, as well as different groups of accountants with specific patterns regarding the way of obtaining information. The findings point to the prevailing negative attitude towards the legal accounting regulations quality, and differences in the habits and attitudes of certified and non-certified accountants, i.e. accountants who (don’t) use International Financial Reporting Standards. Since there are four developed models, we used them as a basis for proposing a model of information seeking that could mitigate negative views on accounting regulations in the national economy. The key points of the proposed model are the introduction of compulsory continuous professional education and certification of all accountants, as well as activities for the popularization and accessibility of the international accounting regulations.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"53 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128190706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ETHEMES-2020-0032
B. N. Čečević, Milica Đorđević
{"title":"ASSESSMENT OF THE ACCOUNTING REGULATIONS IN THE REPUBLIC OF SERBIA: APPLICATION OF CLUSTER ANALYSIS","authors":"B. N. Čečević, Milica Đorđević","doi":"10.2478/ETHEMES-2020-0032","DOIUrl":"https://doi.org/10.2478/ETHEMES-2020-0032","url":null,"abstract":"","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"352 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114744302","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0027
S. Mladenovic, I. Mladenović, Marija Ranđelović
Abstract The main purpose of this paper is to investigate the relationship between the emerging markets and retail internationalization, with a special focus on the markets of Brazil, Russia, India and China, also known as BRIC countries. The paper relies on the fact that the emerging markets, especially the markets of BRIC countries, have recently attracted an increasing attention of the scientific and professional community, as well as international retail companies. After the economic crisis in 2008, the internationalization of retail, as a key business strategy, is changing its direction and form, in order to focus on the emerging markets. Based on the available secondary data sources considering the operations of the largest international retail companies and the attractiveness of the emerging market from 2014 to 2018, we test the hypotheses set in this research. One of the key hypotheses is that a certain number of international retail companies present on the BRIC country market is determined by its ranking on the list of the most attractive markets. We test this hypothesis by constructing a simple regression model for each country individually. Another key hypothesis is that the ranking of a BRIC country on the list of the most attractive markets is the result of various factors. We test this hypothesis using the method of descriptive statistics for each country individually. The obtained research results have economic validity and they fill a scientific niche in the research of the relationship between the attractiveness of the BRIC market and the internationalization of retail. In addition, the obtained results represent the basis for further research of this issue, given the large-scale changes caused by the global coronavirus pandemic.
{"title":"Emerging Markets and Internationalization of Retail: The Case of BRIC Countries","authors":"S. Mladenovic, I. Mladenović, Marija Ranđelović","doi":"10.2478/ethemes-2020-0027","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0027","url":null,"abstract":"Abstract The main purpose of this paper is to investigate the relationship between the emerging markets and retail internationalization, with a special focus on the markets of Brazil, Russia, India and China, also known as BRIC countries. The paper relies on the fact that the emerging markets, especially the markets of BRIC countries, have recently attracted an increasing attention of the scientific and professional community, as well as international retail companies. After the economic crisis in 2008, the internationalization of retail, as a key business strategy, is changing its direction and form, in order to focus on the emerging markets. Based on the available secondary data sources considering the operations of the largest international retail companies and the attractiveness of the emerging market from 2014 to 2018, we test the hypotheses set in this research. One of the key hypotheses is that a certain number of international retail companies present on the BRIC country market is determined by its ranking on the list of the most attractive markets. We test this hypothesis by constructing a simple regression model for each country individually. Another key hypothesis is that the ranking of a BRIC country on the list of the most attractive markets is the result of various factors. We test this hypothesis using the method of descriptive statistics for each country individually. The obtained research results have economic validity and they fill a scientific niche in the research of the relationship between the attractiveness of the BRIC market and the internationalization of retail. In addition, the obtained results represent the basis for further research of this issue, given the large-scale changes caused by the global coronavirus pandemic.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"52 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115385351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0028
Milica Vukajlović, Tamara Milenković Kerković, D. Jocic
Abstract Serbia has been following a policy of subsidizing foreign direct investments since 2006 and it pays great attention to this type of investment capital in the field of development of our economy. Whether this can be considered as justified is a question to which this paper aims to provide an answer. Do the positive aspects of foreign direct investment necessarily come to the leading position in the country importing capital? The analysis of the positive effects of foreign direct investments on the economy of the host country shows that the multiple benefits of such attracted capital certainly exist, but that their manifestation is not unconditional and will depend on numerous factors. Due to the fact that the subsidy policy is current, the criteria for granting state incentives defined by the current regulation should be set so as to contribute to the manifestation of positive effects of foreign direct investments on the Serbian economy. However, their analysis shows that this is not the case. In addition, the impact that foreign direct investment has had on the Serbian economy indicates that the subsidy policy has not given the expected results. Having this in mind, the impact that the treatment of foreign direct investments in domestic legislation has on the economic development of the Republic of Serbia cannot be assessed as satisfactory.
{"title":"The Influence of Foreign Direct Investment Treatment in Domestic Legislation on the Economic Development of the Republic of Serbia","authors":"Milica Vukajlović, Tamara Milenković Kerković, D. Jocic","doi":"10.2478/ethemes-2020-0028","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0028","url":null,"abstract":"Abstract Serbia has been following a policy of subsidizing foreign direct investments since 2006 and it pays great attention to this type of investment capital in the field of development of our economy. Whether this can be considered as justified is a question to which this paper aims to provide an answer. Do the positive aspects of foreign direct investment necessarily come to the leading position in the country importing capital? The analysis of the positive effects of foreign direct investments on the economy of the host country shows that the multiple benefits of such attracted capital certainly exist, but that their manifestation is not unconditional and will depend on numerous factors. Due to the fact that the subsidy policy is current, the criteria for granting state incentives defined by the current regulation should be set so as to contribute to the manifestation of positive effects of foreign direct investments on the Serbian economy. However, their analysis shows that this is not the case. In addition, the impact that foreign direct investment has had on the Serbian economy indicates that the subsidy policy has not given the expected results. Having this in mind, the impact that the treatment of foreign direct investments in domestic legislation has on the economic development of the Republic of Serbia cannot be assessed as satisfactory.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"214 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115507733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0025
Milojko Arsic
Abstract Since the industrial revolution, technological innovations have enabled rise in productivity, employment, standard of living and the total population several times. In the last 15 years productivity growth has slowed-down in the most of large economies, probably due to slow diffusion of advanced IT solutions, but also due to inadequate statistical measurement of the value of IT services and slow progress in complementary and other technologies. The acceleration of productivity growth in the future is possible to foster through larger public investment in infrastructure and fundamental research, tax incentives and subsidies attached to innovations in the private sector, as well as through promotion of entrepreneurship and the reform of education system. The development and diffusion of digitalisation and other technologies is expected to trigger a slight acceleration in productivity, while explosive growth in productivity, as predicted by some theoreticians, is not likely to happen. The net effect of digitalisation on employment will be probably negative, but it is uncertain how much will be offset by a rise in availability of goods and services and creation of new types of goods and services. Employment will depend on the speed of adjustment of education system to technological changes and labour market requirements, as well as on the possibilities for vocational education and change in qualifications. An important reserve, which may reduce a drop in employment and enhance the welfare of citizens, lies in additional reduction of the working hours. In the long run, it is expected that the world population growth is to slowdown and then become negative, which will lead to a decrease in the labour force. In that case, full employment will be attained even with the decline in the number of jobs. In case of long-term massive unemployment, there is also an option for introduction of universal basic income or other type of social benefits, in order to prevent a significant rise in economic inequality.
{"title":"Impact of Digitalisation on Economic Growth, Productivity and Employment","authors":"Milojko Arsic","doi":"10.2478/ethemes-2020-0025","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0025","url":null,"abstract":"Abstract Since the industrial revolution, technological innovations have enabled rise in productivity, employment, standard of living and the total population several times. In the last 15 years productivity growth has slowed-down in the most of large economies, probably due to slow diffusion of advanced IT solutions, but also due to inadequate statistical measurement of the value of IT services and slow progress in complementary and other technologies. The acceleration of productivity growth in the future is possible to foster through larger public investment in infrastructure and fundamental research, tax incentives and subsidies attached to innovations in the private sector, as well as through promotion of entrepreneurship and the reform of education system. The development and diffusion of digitalisation and other technologies is expected to trigger a slight acceleration in productivity, while explosive growth in productivity, as predicted by some theoreticians, is not likely to happen. The net effect of digitalisation on employment will be probably negative, but it is uncertain how much will be offset by a rise in availability of goods and services and creation of new types of goods and services. Employment will depend on the speed of adjustment of education system to technological changes and labour market requirements, as well as on the possibilities for vocational education and change in qualifications. An important reserve, which may reduce a drop in employment and enhance the welfare of citizens, lies in additional reduction of the working hours. In the long run, it is expected that the world population growth is to slowdown and then become negative, which will lead to a decrease in the labour force. In that case, full employment will be attained even with the decline in the number of jobs. In case of long-term massive unemployment, there is also an option for introduction of universal basic income or other type of social benefits, in order to prevent a significant rise in economic inequality.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"119 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116387278","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0030
N. Vasilić, Dusica Semencenko, Sanja Popović-Pantić
Abstract The main objective of the paper is to evaluate ICT usage in enterprises in 31 European countries. For that purpose, ICT usage in enterprises index (ICTEI) was developed using the TOPSIS approach based on the entropy method. Subsequently, having used the cluster analysis, countries were classified into clusters according to the observed indicators of ICT usage. Results show that Finland, Denmark, Norway, Sweden and Ireland are the top 5 countries when the advanced ICTs are prioritized. Based on the k-means clustering, Finland is a leader in a cluster of a very high ICT usage in enterprises and it is followed by Denmark, Norway, and Sweden. The cluster of high ICT usage in enterprises includes Ireland, Netherlands, Slovenia, Spain, and United Kingdom. Finally, the countries characterized by moderate and modest ICT usage are positioned in the remaining two clusters. The results of this research will facilitate the perception of a country’s position in relation to others, but will also signal the need to take measures to strengthen the ICT capacity of the business sector in the countries with a low value of ICTEI.
{"title":"Evaluating ICT Usage in Enterprises in Europe: Topsis Approach","authors":"N. Vasilić, Dusica Semencenko, Sanja Popović-Pantić","doi":"10.2478/ethemes-2020-0030","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0030","url":null,"abstract":"Abstract The main objective of the paper is to evaluate ICT usage in enterprises in 31 European countries. For that purpose, ICT usage in enterprises index (ICTEI) was developed using the TOPSIS approach based on the entropy method. Subsequently, having used the cluster analysis, countries were classified into clusters according to the observed indicators of ICT usage. Results show that Finland, Denmark, Norway, Sweden and Ireland are the top 5 countries when the advanced ICTs are prioritized. Based on the k-means clustering, Finland is a leader in a cluster of a very high ICT usage in enterprises and it is followed by Denmark, Norway, and Sweden. The cluster of high ICT usage in enterprises includes Ireland, Netherlands, Slovenia, Spain, and United Kingdom. Finally, the countries characterized by moderate and modest ICT usage are positioned in the remaining two clusters. The results of this research will facilitate the perception of a country’s position in relation to others, but will also signal the need to take measures to strengthen the ICT capacity of the business sector in the countries with a low value of ICTEI.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132081095","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2020-12-01DOI: 10.2478/ethemes-2020-0029
T. Praštalo
Abstract A usury contract is a null and void contract whereby someone, using the condition of another’s misfortune or material hardship, lack of experience, recklessness, or dependency, obtains for himself or for a third party a benefit that is clearly disproportionate to what he or she has given or done in return or committed to give or do. The usury contract violates one of the basic principles of the law of obligations, which is the principle of equality of obligations, in other words, the equality of the value of mutual benefits of the contracting parties. Although the legal definition of the usury contracts (Law on Contracts and Torts, Article 141, paragraph 1) is comprehensive enough, it is not easy for the courts to decide whether one contract is usury or not, i.e. null and void. The subject of this paper is the analysis of the usury contracts through the current case law in the context of the justification of the existence of this institute in the legislation of Serbia, having in mind the division of opinions, and because as much as a party using a person’s difficult material situation is presented in a negative context, the contract of this type is nonetheless a product of the willing action of both parties. The topic of this paper is very sensitive and requires a reasoned methodological approach and analysis. The aim of the paper is also to encourage the affected party in the usury contract to enter into litigation to protect their rights.
{"title":"Justification of the Usury Contract in the Law of the Republic of Serbia: Advantages and Disadvantages","authors":"T. Praštalo","doi":"10.2478/ethemes-2020-0029","DOIUrl":"https://doi.org/10.2478/ethemes-2020-0029","url":null,"abstract":"Abstract A usury contract is a null and void contract whereby someone, using the condition of another’s misfortune or material hardship, lack of experience, recklessness, or dependency, obtains for himself or for a third party a benefit that is clearly disproportionate to what he or she has given or done in return or committed to give or do. The usury contract violates one of the basic principles of the law of obligations, which is the principle of equality of obligations, in other words, the equality of the value of mutual benefits of the contracting parties. Although the legal definition of the usury contracts (Law on Contracts and Torts, Article 141, paragraph 1) is comprehensive enough, it is not easy for the courts to decide whether one contract is usury or not, i.e. null and void. The subject of this paper is the analysis of the usury contracts through the current case law in the context of the justification of the existence of this institute in the legislation of Serbia, having in mind the division of opinions, and because as much as a party using a person’s difficult material situation is presented in a negative context, the contract of this type is nonetheless a product of the willing action of both parties. The topic of this paper is very sensitive and requires a reasoned methodological approach and analysis. The aim of the paper is also to encourage the affected party in the usury contract to enter into litigation to protect their rights.","PeriodicalId":118717,"journal":{"name":"Economic Themes","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116992043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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