The impact of hydropower plants on the environment varies greatly, depending on site-specific mitigation measures and production strategies: if badly managed, hydropower production can reduce biodiversity and can significantly degrade fluvial ecosystems and associated ecosystem services.Ocean waves are an immense, unused source of energy. Since global attention is nowadays constantly being drawn to the fact that the level of CO2 is rising, creating the so called “greenhouse effect”, and influencing further climate changes, the focus on generating electricity from renewable sources forces itself as an important area of future research. The possibility to exploit the energy potential created by sea waves indisputably exists. Various researches conducted in the field of unused energy sources prove the necessity of seriously considering this potential of sea waves. The illustration of this point in noted in a recently performed estimation that up to 15 per cent of current UK electricity demand could be met by wave energy, and when this is combined with tidal stream generation, even up to 20 per cent of the UK demand for electrical power could be met. This paper introduces the readers to the topic of water power, as a natural source of renewable energy, investigating the possibility of using power of waves as one of the technically and ecologically appropriate solutions of exploiting this renewable natural source. It is a fact widely acknowledged that climate change and global warming are the number-one challenge of the contemporary world; practically every available research predicts that with the current rate of development the world is heading for at least 2, and even more likely 3-4, degrees warmer climate by the end of this century. As energy production and use account for two-thirds of global greenhouse-gas emissions, the energy industry is in a key role to cut emissions – while powering economic growth, boosting energy security and increasing energy access. In view of this, hydropower can make a major contribution to climate change mitigation. Not only is hydropower practically CO₂-free, thus eliminating its possible contribution to the greenhouse effect, but it is also both more efficient and flexible compared with existing fossil alternatives for base load and balancing power. Even though the world is aware of the potential of hydropower, and despite the fact that many wave energy devices are nowadays being investigated, most of these are currently at the research and development stage, with only a small range of devices having been tested at large scale, deployed in the oceans. Thus, one of the goals of this paper would be to present the technology used to turn the power of waves unto electric power, as well as the various types of turbines and devices which represent the latest technological achievements in this area. The goal of this paper is also to present the existing devices, their manner of functioning, and their efficiency and safety
{"title":"ECONOMIC VIABILITY OF THE HYDROPOWER PLANTS OF THE FUTURE","authors":"M. Šmelcerović, Pavle Trpeski","doi":"10.35120/kij4701191s","DOIUrl":"https://doi.org/10.35120/kij4701191s","url":null,"abstract":"The impact of hydropower plants on the environment varies greatly, depending on site-specific mitigation measures and production strategies: if badly managed, hydropower production can reduce biodiversity and can significantly degrade fluvial ecosystems and associated ecosystem services.Ocean waves are an immense, unused source of energy. Since global attention is nowadays constantly being drawn to the fact that the level of CO2 is rising, creating the so called “greenhouse effect”, and influencing further climate changes, the focus on generating electricity from renewable sources forces itself as an important area of future research. The possibility to exploit the energy potential created by sea waves indisputably exists. Various researches conducted in the field of unused energy sources prove the necessity of seriously considering this potential of sea waves. The illustration of this point in noted in a recently performed estimation that up to 15 per cent of current UK electricity demand could be met by wave energy, and when this is combined with tidal stream generation, even up to 20 per cent of the UK demand for electrical power could be met. This paper introduces the readers to the topic of water power, as a natural source of renewable energy, investigating the possibility of using power of waves as one of the technically and ecologically appropriate solutions of exploiting this renewable natural source. It is a fact widely acknowledged that climate change and global warming are the number-one challenge of the contemporary world; practically every available research predicts that with the current rate of development the world is heading for at least 2, and even more likely 3-4, degrees warmer climate by the end of this century. As energy production and use account for two-thirds of global greenhouse-gas emissions, the energy industry is in a key role to cut emissions – while powering economic growth, boosting energy security and increasing energy access. In view of this, hydropower can make a major contribution to climate change mitigation. Not only is hydropower practically CO₂-free, thus eliminating its possible contribution to the greenhouse effect, but it is also both more efficient and flexible compared with existing fossil alternatives for base load and balancing power. Even though the world is aware of the potential of hydropower, and despite the fact that many wave energy devices are nowadays being investigated, most of these are currently at the research and development stage, with only a small range of devices having been tested at large scale, deployed in the oceans. Thus, one of the goals of this paper would be to present the technology used to turn the power of waves unto electric power, as well as the various types of turbines and devices which represent the latest technological achievements in this area. The goal of this paper is also to present the existing devices, their manner of functioning, and their efficiency and safety","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88739860","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}
The main purpose of this paper is to identify the impact of training and development on service sector. In the methodology of this paper we used the quantitative and qualitative method conducted with respondents in travel agencies. The questionnaire was structured with types of training and training needs for service sector employees, the research refers the level of trainings that are conducted in the travel agencies. Introduction of the information technology and different application programmes has increased the need of trainings of travel agency workers. The simple random technique is used to collect data from targeted travel agencies. The T test and correlation matrix is used to see the impact of training to employee’s performance. As a strategic activity, the training is related to the mission of the travel agency and its long-term objectives and is a major contributor to the development of skilled, flexible and dedicated employees while providing training in combination with other human resource management functions. In businesses that are in service sector that have experience in their field professional consultants - people who have the necessary skills and knowledge to implement the training, are responsible for staff training. However, in terms of transferring practical knowledge, managers are much more efficient. Their practical experience and skills, knowledge of their company, network of business contacts, and personal knowledge of the human resources of their organization make them qualified than the professional trainers, responsible for human resources.Training can be developed on the job and of the job depending on the organisation needs and employees skills, while communication skills are usually needed in travel agencies this is one together with use of software packages are the most important trainings that were identified in our research.
{"title":"IMPACT OF HUMAN RESOURCES TRAININGS AND KNOWLEDGE SHARING IN TRAVEL AGENCIES","authors":"Theranda Beqiri, Fjolla Trakaniqi","doi":"10.35120/kij4701165b","DOIUrl":"https://doi.org/10.35120/kij4701165b","url":null,"abstract":"The main purpose of this paper is to identify the impact of training and development on service sector. In the methodology of this paper we used the quantitative and qualitative method conducted with respondents in travel agencies. The questionnaire was structured with types of training and training needs for service sector employees, the research refers the level of trainings that are conducted in the travel agencies. Introduction of the information technology and different application programmes has increased the need of trainings of travel agency workers. The simple random technique is used to collect data from targeted travel agencies. The T test and correlation matrix is used to see the impact of training to employee’s performance. As a strategic activity, the training is related to the mission of the travel agency and its long-term objectives and is a major contributor to the development of skilled, flexible and dedicated employees while providing training in combination with other human resource management functions. In businesses that are in service sector that have experience in their field professional consultants - people who have the necessary skills and knowledge to implement the training, are responsible for staff training. However, in terms of transferring practical knowledge, managers are much more efficient. Their practical experience and skills, knowledge of their company, network of business contacts, and personal knowledge of the human resources of their organization make them qualified than the professional trainers, responsible for human resources.Training can be developed on the job and of the job depending on the organisation needs and employees skills, while communication skills are usually needed in travel agencies this is one together with use of software packages are the most important trainings that were identified in our research.","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89545085","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}
The process of committing time, resources and money in order to produce useful things in the future is, from an economic point of view a defining part of what business, governments and individuals do. Over the last few decades, the nature of investment has been changing to large extent. The type of investment that has risen dramatically is intangible: investment in ideas, in knowledge, in aesthetic content, in software, in brands, in networks and relationship. The paper describes this change and why has happened. Any investments, tangible or intangible, is a step into the unknown. No businesses know for sure what the return will be. First of all, owing to its invisibility, intangible investments tend to be worth less if they fail. It’s harder to recover their value by simply selling them. The upside of an intangible investment is potentially much higher, since it is more likely to benefit from scale (so a modest investment can reap a big return) or synergies (increasing its value directly). So when things go wrong, intangibles tend to be worth less, and when they go well, they tend to be worth much more. The tendency of intangible investments to generate spillovers makes radically harder to estimate the future returns to the company. And the absence of markets for many intangibles (which contributes to their sunkenness) makes it harder to form a realistic estimate of their value. Intangibles also tend to be contested. People and businesses will often vie to see who control them, own them, or benefit from them. This is partly a function of spillovers. Intangibles have four unusual economic properties. These properties can exist with tangible investments, but on the whole intangible assets exhibit them to a greater degree. The numerous reasons for the growth of intangible investment, including the changing balance of services and manufacturing in the economy, globalization, the increased liberalization of markets, development in IT and management technologies, and the changing input costs of services(which play a greater role in intangible investment). This paper looks at the role of intangibles in secular stagnation, the puzzling fall in investment and productivity growth seen in major economy in recent years. We argue the increasing importance of intangible investment may have an important role to play in this troubling phenomenon.
{"title":"INTANGIBLE ECONOMY","authors":"Nikolce Runcev, Trajanka Makrevska","doi":"10.35120/kij4701197r","DOIUrl":"https://doi.org/10.35120/kij4701197r","url":null,"abstract":"The process of committing time, resources and money in order to produce useful things in the future is, from an economic point of view a defining part of what business, governments and individuals do. Over the last few decades, the nature of investment has been changing to large extent. \u0000The type of investment that has risen dramatically is intangible: investment in ideas, in knowledge, in aesthetic content, in software, in brands, in networks and relationship. \u0000The paper describes this change and why has happened. \u0000Any investments, tangible or intangible, is a step into the unknown. No businesses know for sure what the return will be. First of all, owing to its invisibility, intangible investments tend to be worth less if they fail. It’s harder to recover their value by simply selling them. \u0000The upside of an intangible investment is potentially much higher, since it is more likely to benefit from scale (so a modest investment can reap a big return) or synergies (increasing its value directly). So when things go wrong, intangibles tend to be worth less, and when they go well, they tend to be worth much more. \u0000The tendency of intangible investments to generate spillovers makes radically harder to estimate the future returns to the company. And the absence of markets for many intangibles (which contributes to their sunkenness) makes it harder to form a realistic estimate of their value. \u0000Intangibles also tend to be contested. People and businesses will often vie to see who control them, own them, or benefit from them. This is partly a function of spillovers. \u0000Intangibles have four unusual economic properties. These properties can exist with tangible investments, but on the whole intangible assets exhibit them to a greater degree. \u0000The numerous reasons for the growth of intangible investment, including the changing balance of services and manufacturing in the economy, globalization, the increased liberalization of markets, development in IT and management technologies, and the changing input costs of services(which play a greater role in intangible investment). \u0000This paper looks at the role of intangibles in secular stagnation, the puzzling fall in investment and productivity growth seen in major economy in recent years. We argue the increasing importance of intangible investment may have an important role to play in this troubling phenomenon. ","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89195944","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}
The main purpose of this paper is to analyze the impact of interest rates, government expenses, money supply and real exchange rates on the economic growth of the Republic of North Macedonia. A country's economic groëth refers to the growth of that country's Gross Domestic Product (GDP). The interest rate is one of the determining factors of economic groëth. Despite the challenging macroeconomic environment and other influencing factors, the Republic of North Macedonia in recent years has maintained low inflation rates and interest rates. Empirical analysis of the paper is based on data obtained from the Central Bank of Republic of North Macedonia on a quarterly basis for the period from 2008 to 2020. Through the use of co integration tests (Johanensen test), Granger causality test, autocorrelation test, VAR, ARCH and GARCH process, it is verified that the rate interest rate is a determining variable and has a long-term relationship with economic groëth. The co integration test (Johannesen test) shoës that in all equations the results are statistically significant and the variables have a long-run relationship betëeen them. Then the use of the Granger test of causality notes that money supply causes interest rate changes; they also cause a change in economic groëth. The unit root test is used to determine the level of integration of variables .The use of the Granger causality test then points out that the money supply causes changes on interest rate ; GDP also causes interest rate changes. The interest rate causes the change of economic groëth. Government spending causes the change of economic groëth. The effective exchange rate causes the change of economic growth. Evidence of co integration allowed the application of the VAR model, which enabled the identification of variables that affect economic groëth in the Republic of North Macedonia, both in the short and long term. In the end, all variables are tested together and it turns out that logarithmic GDP and interest rates have an impact on economic growth. The conclusions from the data analysis are that all variables are interrelated and have an impact on economic growth. Also there can be identified and other economic factors that have impact on economic growth that are not included on this paper.
{"title":"EMPIRICAL EVIDENCE OF THE IMPACT OF INTEREST RATE, GOVERNMENT EXPENSES, MONEY SUPPLY AND REAL EFFECTIVE EXCHANGE RATE ON ECONOMIC GROWTH – THE CASE OF NORTH MACEDONIA","authors":"Liridona Seferi, Zufer Seferi, Harun Mustafa","doi":"10.35120/kij4701123s","DOIUrl":"https://doi.org/10.35120/kij4701123s","url":null,"abstract":"The main purpose of this paper is to analyze the impact of interest rates, government expenses, money supply and real exchange rates on the economic growth of the Republic of North Macedonia. A country's economic groëth refers to the growth of that country's Gross Domestic Product (GDP). The interest rate is one of the determining factors of economic groëth. Despite the challenging macroeconomic environment and other influencing factors, the Republic of North Macedonia in recent years has maintained low inflation rates and interest rates. \u0000Empirical analysis of the paper is based on data obtained from the Central Bank of Republic of North Macedonia on a quarterly basis for the period from 2008 to 2020. Through the use of co integration tests (Johanensen test), Granger causality test, autocorrelation test, VAR, ARCH and GARCH process, it is verified that the rate interest rate is a determining variable and has a long-term relationship with economic groëth. \u0000The co integration test (Johannesen test) shoës that in all equations the results are statistically significant and the variables have a long-run relationship betëeen them. Then the use of the Granger test of causality notes that money supply causes interest rate changes; they also cause a change in economic groëth. \u0000The unit root test is used to determine the level of integration of variables .The use of the Granger causality test then points out that the money supply causes changes on interest rate ; GDP also causes interest rate changes. The interest rate causes the change of economic groëth. Government spending causes the change of economic groëth. The effective exchange rate causes the change of economic growth. \u0000Evidence of co integration allowed the application of the VAR model, which enabled the identification of variables that affect economic groëth in the Republic of North Macedonia, both in the short and long term. \u0000In the end, all variables are tested together and it turns out that logarithmic GDP and interest rates have an impact on economic growth. \u0000The conclusions from the data analysis are that all variables are interrelated and have an impact on economic growth. \u0000Also there can be identified and other economic factors that have impact on economic growth that are not included on this paper.","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"4 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90164958","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}
Cvetko Smilevski, Gorazd Smilevski, Biljana Galovska, Ivan Gjorgjievski
This paper presents the findings of the preliminary empirical research for mapping practices of organizational learning in organizations in North Macedonia. This research has a diagnostic character – its intention is to record emerging forms of organizational learning practices resulting from the approaches in treatment of human resources. Based on that, the team of authors will more realistically define the subject dimensions of the action research carried out by BAS Institute of Management – Bitola, titled "Effectiveness of Action Interventions for Systemic Introduction of organizational learning in the practices of organizations in North Macedonia." The intention of this action research is to test in real life circumstances the feasibility and effectiveness of our integrated model of organizational learning already presented at the 13th IFKAD conference in Zagreb in 2013. The paper provides a brief overview of current research on similar topics, focusing on the findings of the preliminary empirical research – the key findings from the distribution of organizational learning practices and their effects on Peter Senge’s Five Disciplines: personal mastery and organizational wisdom; team learning and effective teamwork; mental models and organizational culture in organizational change; shared vision and strategic thinking, and system thinking and organizational intelligence.
{"title":"MAPPING ORGANIZATIONAL LEARNING PRACTICES IN ORGANIZATIONS IN NORTH MACEDONIA","authors":"Cvetko Smilevski, Gorazd Smilevski, Biljana Galovska, Ivan Gjorgjievski","doi":"10.35120/kij4701017s","DOIUrl":"https://doi.org/10.35120/kij4701017s","url":null,"abstract":"This paper presents the findings of the preliminary empirical research for mapping practices of organizational learning in organizations in North Macedonia. This research has a diagnostic character – its intention is to record emerging forms of organizational learning practices resulting from the approaches in treatment of human resources. Based on that, the team of authors will more realistically define the subject dimensions of the action research carried out by BAS Institute of Management – Bitola, titled \"Effectiveness of Action Interventions for Systemic Introduction of organizational learning in the practices of organizations in North Macedonia.\" The intention of this action research is to test in real life circumstances the feasibility and effectiveness of our integrated model of organizational learning already presented at the 13th IFKAD conference in Zagreb in 2013. The paper provides a brief overview of current research on similar topics, focusing on the findings of the preliminary empirical research – the key findings from the distribution of organizational learning practices and their effects on Peter Senge’s Five Disciplines: personal mastery and organizational wisdom; team learning and effective teamwork; mental models and organizational culture in organizational change; shared vision and strategic thinking, and system thinking and organizational intelligence.","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84460333","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}
Measures imposed in mid-March 2020 to halt the spread of Covid-19 limited and halted a number of businesses and raised serious questions and unexpected uncertainty throughout economic life. With this study we aim to assess the impact of the emergency situation on the investment activity of two selected Balkan stock exchange – The Croatian and The Bulgarian in the past year since its introduction. Subject of the study are the dynamics of stock exchange activity and market liquidity in parallel for the selected stock exchanges, which can be considered on the one hand with the price indicators and on the other with the natural measures. The input of our analysis are the main broad stock exchange indices for each of the two selected stock exchanges. For ZSE - CROBEX, whose sample includes 20 companies and for BSE – BGBX-40. As a basis for the stated analysis we set the price indicators - the stock exchange indices, after which we consistently consider the primary indicators and the analytical measures for the stock exchange activity. The main goal is to track the change in stock market activity, in parallel with the reaction of stock indices. As a starting point for changes in stock market activity, we take the previous year before the emergency situation and consider the trend in the coming quarters. Based on the applied different categories of specialized measures and the conducted empirical analysis, we can highlight the following more significant conclusions: The price measures - popular stock indices and market capitalization show a more tangible dependence on the looming uncertainty of the impending pandemic before the introduction of social and economic constraints. And this is more pronounced for the Croatian stock exchange. The natural indicators of the stock exchange activity - the stock exchange volume and the number of transactions show a weaker dependence on the restrictive measures. We explain this first with their generally much greater variability than that of price measures. Secondly, this can be interpreted as the absence of panic withdrawal from stock market activity, which is observed in times of crisis and is more typical of small and low-liquid capital markets. In conclusion, we can summarize that the investment activity on the capital markets of Croatia and Bulgaria is affected to a lesser extent than some sectors of the real economy. The main problem remains the humanitarian impact on the health of the affected population.
{"title":"PARALEL ANALYSIS OF THE INVESTMENT ACTIVITY ON THE CROATIAN AND THE BULGARIAN STOCK EXCHANGES IN CONDITIONS OF EXTRAORDINARY EPIDEMIOLOGICAL SITUATION","authors":"S. Simeonov, Aneliya Peneva","doi":"10.35120/kij4701107s","DOIUrl":"https://doi.org/10.35120/kij4701107s","url":null,"abstract":"Measures imposed in mid-March 2020 to halt the spread of Covid-19 limited and halted a number of businesses and raised serious questions and unexpected uncertainty throughout economic life. With this study we aim to assess the impact of the emergency situation on the investment activity of two selected Balkan stock exchange – The Croatian and The Bulgarian in the past year since its introduction. Subject of the study are the dynamics of stock exchange activity and market liquidity in parallel for the selected stock exchanges, which can be considered on the one hand with the price indicators and on the other with the natural measures. The input of our analysis are the main broad stock exchange indices for each of the two selected stock exchanges. For ZSE - CROBEX, whose sample includes 20 companies and for BSE – BGBX-40. As a basis for the stated analysis we set the price indicators - the stock exchange indices, after which we consistently consider the primary indicators and the analytical measures for the stock exchange activity. The main goal is to track the change in stock market activity, in parallel with the reaction of stock indices. As a starting point for changes in stock market activity, we take the previous year before the emergency situation and consider the trend in the coming quarters. \u0000Based on the applied different categories of specialized measures and the conducted empirical analysis, we can highlight the following more significant conclusions: The price measures - popular stock indices and market capitalization show a more tangible dependence on the looming uncertainty of the impending pandemic before the introduction of social and economic constraints. And this is more pronounced for the Croatian stock exchange. The natural indicators of the stock exchange activity - the stock exchange volume and the number of transactions show a weaker dependence on the restrictive measures. We explain this first with their generally much greater variability than that of price measures. Secondly, this can be interpreted as the absence of panic withdrawal from stock market activity, which is observed in times of crisis and is more typical of small and low-liquid capital markets. In conclusion, we can summarize that the investment activity on the capital markets of Croatia and Bulgaria is affected to a lesser extent than some sectors of the real economy. The main problem remains the humanitarian impact on the health of the affected population.","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"55 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86531016","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}
After reintegration with the world market and convergence towards the European Union which followed, the Serbian economy is no longer facing huge balance of payments deficits as earlier, which required improving the terms of trade, growth of exports and foreign direct investment. Furthermore, according to major international financial organizations, because of foreign trade and foreign exchange policies Serbian balance of payments nevertheless offers prospects for sustained economic growth and development in spite of the Covid-19 crisis. The general purpose in this paper is to review pre-pandemic and pandemic balance of payments experiences from Serbia with special emphasis on deficit mitigation performance as there is still a lingering balance of payments deficit. After classifying the internal and external factors of deficit, the specific purpose of this paper approaches research of the Covid-19 pandemic impact on the Serbian balance of payments at the end of the performance-rating period (2016-2020). Methodology of research of Serbian balance of payments is presented in the second section. It relied dominantly on IMF data sources, specifically IMF yearly data in million $ (2016-2020) and comparatively on Serbian statistical office (2019-2020). Eurostat GDP data (2020) was consulted for other countries, which are main trading partners of Serbia. Research included four main aspects: 1) Classification of Balance of Payments and International Investment Position according to the IMF Manual (BPM6); 2) Elaboration of Serbian balance of payments statistics and macroeconomic data for the period 2016–2019 (pre-pandemic); 3) Analysis and presentation of the evolution of the selected annual balance of payments statistics during the pandemic period (2020-2021); 4) Analysis and presentation of the rate of coverage of main balance of payments categories (2016-2020). The research results presented in third section reveal that deficits on major categories such as current and capital accounts still remain significant. In this regard, specific comparisons were made with 2019, the year before Covid-19 crisis, and a presentation of major Serbian trading partners is discussed briefly. At the end of July 2021, the future pattern of changes to the flows of the discussed categories based on the analysis of information from the pre-pandemic and pandemic period will significantly depend on pandemic developments in the second half of 2021 and in 2022. The pandemic is still underway and it is premature to draw any conclusions for any country. However, this research discovers and we conclude that the impact of the pandemic on Serbian balance of payments, at least through the end of 2020, was not as severe as in some other European and non-European countries. The main recommendation of the paper is therefore to maintain relative resilience of the observed Serbian balance of payments flows against potential new shocks from the ongoing pandemic. At the same time, economic po
{"title":"IMPACT OF COVID-19 CRISIS ON BALANCE OF PAYMENTS: RESEARCH HIGHLIGHTS FROM THE REPUBLIC OF SERBIA","authors":"Milan B. Vemić","doi":"10.35120/kij4701079v","DOIUrl":"https://doi.org/10.35120/kij4701079v","url":null,"abstract":"After reintegration with the world market and convergence towards the European Union which followed, the Serbian economy is no longer facing huge balance of payments deficits as earlier, which required improving the terms of trade, growth of exports and foreign direct investment. Furthermore, according to major international financial organizations, because of foreign trade and foreign exchange policies Serbian balance of payments nevertheless offers prospects for sustained economic growth and development in spite of the Covid-19 crisis. The general purpose in this paper is to review pre-pandemic and pandemic balance of payments experiences from Serbia with special emphasis on deficit mitigation performance as there is still a lingering balance of payments deficit. After classifying the internal and external factors of deficit, the specific purpose of this paper approaches research of the Covid-19 pandemic impact on the Serbian balance of payments at the end of the performance-rating period (2016-2020). Methodology of research of Serbian balance of payments is presented in the second section. It relied dominantly on IMF data sources, specifically IMF yearly data in million $ (2016-2020) and comparatively on Serbian statistical office (2019-2020). Eurostat GDP data (2020) was consulted for other countries, which are main trading partners of Serbia. Research included four main aspects: 1) Classification of Balance of Payments and International Investment Position according to the IMF Manual (BPM6); 2) Elaboration of Serbian balance of payments statistics and macroeconomic data for the period 2016–2019 (pre-pandemic); 3) Analysis and presentation of the evolution of the selected annual balance of payments statistics during the pandemic period (2020-2021); 4) Analysis and presentation of the rate of coverage of main balance of payments categories (2016-2020). The research results presented in third section reveal that deficits on major categories such as current and capital accounts still remain significant. In this regard, specific comparisons were made with 2019, the year before Covid-19 crisis, and a presentation of major Serbian trading partners is discussed briefly. At the end of July 2021, the future pattern of changes to the flows of the discussed categories based on the analysis of information from the pre-pandemic and pandemic period will significantly depend on pandemic developments in the second half of 2021 and in 2022. The pandemic is still underway and it is premature to draw any conclusions for any country. However, this research discovers and we conclude that the impact of the pandemic on Serbian balance of payments, at least through the end of 2020, was not as severe as in some other European and non-European countries. The main recommendation of the paper is therefore to maintain relative resilience of the observed Serbian balance of payments flows against potential new shocks from the ongoing pandemic. At the same time, economic po","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"11 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88416735","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}
Enterprise’s financial statements may be defined as structured presentation of the information about the financial position, financial performance and cash flows in the form of: assets; liabilities (payables); equity; revenue; expenses; cash inflows, outflows and net cash flows. Based on this information, one could analyse revenue and expenses, financial performance, financial position, cash flows and effectiveness of the overall business of the enterprise. The object studied in this publication refers to the revenue of enterprises, which apply the national accounting basis of the Republic of Bulgaria – the National Accounting Standards, and its subject – to the specific directions of the analysis and the methodologies for revenue analysis. The aim of this publication is to present the plenty of opportunities and methodological directions of the revenue analysis as reported by the enterprise’s financial statements, and in particular, the Statement of revenue and expenses. The data in the enterprise’s Statement of revenue and expenses may be used for analysis in the following methodological directions: overall evaluation of revenue; analysis of costs per revenue of BGN 100 (revenue effectiveness); analysis of net sales; analysis of revenue-based return with regard to the revenue effectiveness; analysis of net sales-based return (return of sales); analysis of return on the basis of net sales of products with regard to the total cost per products of BGN 100. In terms of the overall evaluation of enterprise’s revenue, their amount, composition, structure and dynamics are subject to analysis. Such analysis is aimed at identifying the change of revenue – in aggregate, by groups and specific types of revenue, for the current period in comparison to the reference period, both as an absolute and as a relative value. For management purposes, one can identify the average growth and increase rates of revenue for a long time period, characterise their development trends, forecast the expected sales, etc. When analysing the costs per revenue of BGN 100, one can identify the impact of the direct factors on the dynamics of this indicator. In their nature, these are the total amounts of costs and revenue of the enterprise. Their impact may be broken by groups and by specific items of enterprise’s costs and revenue. Therefore, one could define the impact strength and direction of any item of costs and revenues on the dynamics of revenue effectiveness. Based on the obtained information, the enterprise’s management is able to make timely, objective, justified and proper decisions for the management of enterprise’s revenue and its effectiveness. Costs per revenue of BGN 100 are directly related to the net revenue-based return. Therefore, the factors that affect the change of the indicator that characterises revenue effectiveness, have impact on the change of revenue-based return. The date from the Statement of revenue and expenses may be used to analyse the am
{"title":"ANALYSIS OF REVENUE AS REPORTED IN THE ENTERPRISE’S FINANCIAL STATEMENTS","authors":"R. Ivanova","doi":"10.35120/kij4701071i","DOIUrl":"https://doi.org/10.35120/kij4701071i","url":null,"abstract":"Enterprise’s financial statements may be defined as structured presentation of the information about the financial position, financial performance and cash flows in the form of: assets; liabilities (payables); equity; revenue; expenses; cash inflows, outflows and net cash flows. Based on this information, one could analyse revenue and expenses, financial performance, financial position, cash flows and effectiveness of the overall business of the enterprise. \u0000The object studied in this publication refers to the revenue of enterprises, which apply the national accounting basis of the Republic of Bulgaria – the National Accounting Standards, and its subject – to the specific directions of the analysis and the methodologies for revenue analysis. \u0000The aim of this publication is to present the plenty of opportunities and methodological directions of the revenue analysis as reported by the enterprise’s financial statements, and in particular, the Statement of revenue and expenses. \u0000The data in the enterprise’s Statement of revenue and expenses may be used for analysis in the following methodological directions: overall evaluation of revenue; analysis of costs per revenue of BGN 100 (revenue effectiveness); analysis of net sales; analysis of revenue-based return with regard to the revenue effectiveness; analysis of net sales-based return (return of sales); analysis of return on the basis of net sales of products with regard to the total cost per products of BGN 100. \u0000In terms of the overall evaluation of enterprise’s revenue, their amount, composition, structure and dynamics are subject to analysis. Such analysis is aimed at identifying the change of revenue – in aggregate, by groups and specific types of revenue, for the current period in comparison to the reference period, both as an absolute and as a relative value. For management purposes, one can identify the average growth and increase rates of revenue for a long time period, characterise their development trends, forecast the expected sales, etc. \u0000When analysing the costs per revenue of BGN 100, one can identify the impact of the direct factors on the dynamics of this indicator. In their nature, these are the total amounts of costs and revenue of the enterprise. Their impact may be broken by groups and by specific items of enterprise’s costs and revenue. Therefore, one could define the impact strength and direction of any item of costs and revenues on the dynamics of revenue effectiveness. Based on the obtained information, the enterprise’s management is able to make timely, objective, justified and proper decisions for the management of enterprise’s revenue and its effectiveness. \u0000Costs per revenue of BGN 100 are directly related to the net revenue-based return. Therefore, the factors that affect the change of the indicator that characterises revenue effectiveness, have impact on the change of revenue-based return. \u0000The date from the Statement of revenue and expenses may be used to analyse the am","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90209415","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}
Knowledge commercially valorized into innovation has always played an important role in economic, and more broadly in social development. It occurs in various forms of expression and can range from highly abstract to very applicative. It is understandable that there is a wide range of knowledge between the aforementioned extremes, but in general it can be stated that all forms of knowledge have a pronounced role in the technological and economic development of countries. With the development of globalization during the last decades, the claim that knowledge is of essential importance in starting economic growth has become especially relevant and is directly related to the affirmation of so-called. new growth theories. For theorists of this direction, the possibility of manifesting non-declining returns of production factors at the aggregate level is quite realistic, primarily due to the growing application of knowledge as the primary driver of economic growth. Also, one of the conceptual starting points for endogenous explanations for growth is the view that the increase in knowledge funds is the result of purposeful decisions of economic actors and not some spontaneous activity. Thus, at the heart of the new explanations of economic growth is the view that knowledge, thanks to the properties of the unlimited growth factor, has an essential significance in its generation. Pointing to the growing importance of market valorization of knowledge into applicable technological procedures in the process of generating economic progress of countries and regions, new explications of the physiology of economic growth created at the end of the previous century paved the way for the emergence of knowledge economy. The knowledge economy is formed and expanded thanks to the resource of knowledge when it is not possible to replace it with any other factor of production. Applied knowledge is commercially valorized in product and process innovations as well as in new forms and methods of organization and forms of production management in most economic sectors, and not only in those directly related to the development of information and communication technologies. The policy of innovation, which unites scientific, technological and industrial policy into a single whole, has become an unavoidable means of stimulating economic growth g great efforts to increase the innovation of the economy, especially in the implementation of their own economic and improving national competitiveness. Recent experience at the global level shows that countries are makindevelopment strategies. In general, these development strategies are based on the messages of the new growth theory, which is based on views on the decisive role of knowledge in shaping modern economic trends. The new theory of growth claims that technological progress is the result of economic activity. In previous explanations of growth, technology was taken for granted, not as the end result of market forces. The new
{"title":"ESSENTIAL IMPORTANCE OF KNOWLEDGE IN NEW EXPLANATIONS OF KEY DRIVERS OF ECONOMIC GROWTH","authors":"Dragan Turanjanin, S. Cvetanović","doi":"10.35120/kij4701023t","DOIUrl":"https://doi.org/10.35120/kij4701023t","url":null,"abstract":"Knowledge commercially valorized into innovation has always played an important role in economic, and more broadly in social development. It occurs in various forms of expression and can range from highly abstract to very applicative. It is understandable that there is a wide range of knowledge between the aforementioned extremes, but in general it can be stated that all forms of knowledge have a pronounced role in the technological and economic development of countries. With the development of globalization during the last decades, the claim that knowledge is of essential importance in starting economic growth has become especially relevant and is directly related to the affirmation of so-called. new growth theories. For theorists of this direction, the possibility of manifesting non-declining returns of production factors at the aggregate level is quite realistic, primarily due to the growing application of knowledge as the primary driver of economic growth. Also, one of the conceptual starting points for endogenous explanations for growth is the view that the increase in knowledge funds is the result of purposeful decisions of economic actors and not some spontaneous activity. Thus, at the heart of the new explanations of economic growth is the view that knowledge, thanks to the properties of the unlimited growth factor, has an essential significance in its generation. Pointing to the growing importance of market valorization of knowledge into applicable technological procedures in the process of generating economic progress of countries and regions, new explications of the physiology of economic growth created at the end of the previous century paved the way for the emergence of knowledge economy. The knowledge economy is formed and expanded thanks to the resource of knowledge when it is not possible to replace it with any other factor of production. Applied knowledge is commercially valorized in product and process innovations as well as in new forms and methods of organization and forms of production management in most economic sectors, and not only in those directly related to the development of information and communication technologies. The policy of innovation, which unites scientific, technological and industrial policy into a single whole, has become an unavoidable means of stimulating economic growth g great efforts to increase the innovation of the economy, especially in the implementation of their own economic and improving national competitiveness. Recent experience at the global level shows that countries are makindevelopment strategies. In general, these development strategies are based on the messages of the new growth theory, which is based on views on the decisive role of knowledge in shaping modern economic trends. The new theory of growth claims that technological progress is the result of economic activity. In previous explanations of growth, technology was taken for granted, not as the end result of market forces. The new","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77380319","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}
The economic crisis caused by the COVID-19 pandemic has accelerated certain structural changes in the economy, especially in the labor markets. When analyzing the effects of the COVID-19 pandemic on labor markets, it should be noted that not all countries, industries and professions are equally affected. We are witnessing that most of the highly developed countries have more or less successfully overcome the shocks that appeared on the labor markets, the shutdown of some of the service sectors, the slowdown of the supply chains of raw materials, as well as the acceleration of some of the structural changes in the labor market. However, like any other recession, there are countries in this one that have largely felt the negative consequences of the COVID-19 pandemic, especially in the labor market. In addition, the workers in the so-called shadow economy or informal sector, low-skilled workers, workers who worked in the services sector (especially in the field of personal services), so greater impact is observed in developing countries, where this type of employment is a significant part of the total workforce. In the absence of empirical researches on the effect of the COVID-19 pandemic on the labor market in the Western Balkans (North Macedonia, Albania, Serbia, Bosnia and Herzegovina and Kosovo) it is considered necessary to make a comparative analysis of the negative effects on the labor market, the trend of the employment and unemployment rate, as well as a comparative analysis of the measures taken by the governments to mitigate the negative effects on labor market in response to the COVID-19 pandemic.
{"title":"COVID-19 AND LABOR MARKETS - COMPARATIVE ANALYSIS - THE CASE OF WESTERN BALKAN COUNTRIES","authors":"Borce Trenovski, Bilal Sucubasi, K. Kozheski","doi":"10.35120/kij4701037t","DOIUrl":"https://doi.org/10.35120/kij4701037t","url":null,"abstract":"The economic crisis caused by the COVID-19 pandemic has accelerated certain structural changes in the economy, especially in the labor markets. When analyzing the effects of the COVID-19 pandemic on labor markets, it should be noted that not all countries, industries and professions are equally affected. We are witnessing that most of the highly developed countries have more or less successfully overcome the shocks that appeared on the labor markets, the shutdown of some of the service sectors, the slowdown of the supply chains of raw materials, as well as the acceleration of some of the structural changes in the labor market. However, like any other recession, there are countries in this one that have largely felt the negative consequences of the COVID-19 pandemic, especially in the labor market. In addition, the workers in the so-called shadow economy or informal sector, low-skilled workers, workers who worked in the services sector (especially in the field of personal services), so greater impact is observed in developing countries, where this type of employment is a significant part of the total workforce. In the absence of empirical researches on the effect of the COVID-19 pandemic on the labor market in the Western Balkans (North Macedonia, Albania, Serbia, Bosnia and Herzegovina and Kosovo) it is considered necessary to make a comparative analysis of the negative effects on the labor market, the trend of the employment and unemployment rate, as well as a comparative analysis of the measures taken by the governments to mitigate the negative effects on labor market in response to the COVID-19 pandemic.","PeriodicalId":17821,"journal":{"name":"Knowledge International Journal","volume":"24 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89171235","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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