Pub Date : 2021-01-01DOI: 10.5937/ekonomika2102023k
M. Knežević
In this paper, the author examines the domestic and international legal framework for the contract of carriage of passengers and its presence in different transport modes and offers a response to the current challenges. The purpose of the paper is to analyze the international and domestic regulations and present the rights and obligations of contracting parties in order to facilitate its application in the emerging practice. The author recognizes passenger transport as a field full of modern challenges caused by novel, still under-researched risks to passengers' health. Special attention is paid to the contract of passenger carriage by rail. The advantages of this transport mode are examined, the obligations of railway carriers and passengers are presented, while the obligation of the railway carrier to accept transporting any interested person if they have vacancies is underlined. The analysis focuses on the significance of the contract of passenger transport in the modern environment where risks to passengers' healthcare present. The author recognizes passenger transport by rail as a convenient and perspective branch of passenger transport for both international and domestic passenger transport. This sort of passenger transport already has the potential to respond to the challenges of preserving and strengthening the protection of passenger's rights, above all the right to safe and secure transportation.
{"title":"Passenger transport: The challenges in the modern world","authors":"M. Knežević","doi":"10.5937/ekonomika2102023k","DOIUrl":"https://doi.org/10.5937/ekonomika2102023k","url":null,"abstract":"In this paper, the author examines the domestic and international legal framework for the contract of carriage of passengers and its presence in different transport modes and offers a response to the current challenges. The purpose of the paper is to analyze the international and domestic regulations and present the rights and obligations of contracting parties in order to facilitate its application in the emerging practice. The author recognizes passenger transport as a field full of modern challenges caused by novel, still under-researched risks to passengers' health. Special attention is paid to the contract of passenger carriage by rail. The advantages of this transport mode are examined, the obligations of railway carriers and passengers are presented, while the obligation of the railway carrier to accept transporting any interested person if they have vacancies is underlined. The analysis focuses on the significance of the contract of passenger transport in the modern environment where risks to passengers' healthcare present. The author recognizes passenger transport by rail as a convenient and perspective branch of passenger transport for both international and domestic passenger transport. This sort of passenger transport already has the potential to respond to the challenges of preserving and strengthening the protection of passenger's rights, above all the right to safe and secure transportation.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211301","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 : 2021-01-01DOI: 10.5937/ekonomika2104037r
O. Radović, Maša Georgiev, Milica Đorđević
Cloud Computing offers significant cost benefits for SMEs that often do not manage internal IT infrastructure and start-up companies that do not have their own IT infrastructure. This paper presents a total cost of ownership (TCO) approach for cloud computing services with an emphasis on the infrastructure as a service (IaaS) model. Also, the paper presents a methodology for estimating total cost of ownership (TCO) when running computer instances in the IaaS cloud using the GARCH model to predict transaction volatility. The research results show that it is possible to successfully use GARCH models when there is historical data on the number of transactions. In addition, simulation shows that, when there are large oscillations in the number of transactions, the best choice is to reserve instances according to the Partial-Upfront price model. In contrast, if the transaction number is relatively stable, the best choice is the All-Upfront model.
{"title":"Total cost of ownership of infrastructure as a service for SME","authors":"O. Radović, Maša Georgiev, Milica Đorđević","doi":"10.5937/ekonomika2104037r","DOIUrl":"https://doi.org/10.5937/ekonomika2104037r","url":null,"abstract":"Cloud Computing offers significant cost benefits for SMEs that often do not manage internal IT infrastructure and start-up companies that do not have their own IT infrastructure. This paper presents a total cost of ownership (TCO) approach for cloud computing services with an emphasis on the infrastructure as a service (IaaS) model. Also, the paper presents a methodology for estimating total cost of ownership (TCO) when running computer instances in the IaaS cloud using the GARCH model to predict transaction volatility. The research results show that it is possible to successfully use GARCH models when there is historical data on the number of transactions. In addition, simulation shows that, when there are large oscillations in the number of transactions, the best choice is to reserve instances according to the Partial-Upfront price model. In contrast, if the transaction number is relatively stable, the best choice is the All-Upfront model.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211387","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 : 2021-01-01DOI: 10.5937/ekonomika2104055l
Isidora Ljumović, Krsto Jakšić, Slaviša Trajković
Given the importance of digital financial services on financial inclusion, the authors examined the socio-demographic characteristics of users of digital financial services in the Republic of Serbia. The authors hypothesized that age, education, employment, and income are key socio-demographic characteristics that have influenced digital financial services. The Global Findex database of the World Bank was used to analyze the socio-demographic characteristics of digital financial service users in the Republic of Serbia, with a sample of 1000 inhabitants older than 15 years. To test differences between the analyzed characteristics, a t-test was applied using SPSSv25. The results show a difference among most of the analyzed characteristics. Socio-demographic characteristics, apart from gender and income, are statistically significant. The results show a statistically significant difference in the age of users of digital financial services and non-users of digital financial services. Also, users of digital financial services are highly educated and more often employed. Based on the results, it can be concluded that the average user of digital financial services is younger, more educated, more often employed and uses various banking services, such as credit and debit cards, savings and borrowing more often than non-users of these services.
{"title":"Socio-demographic characteristics of digital financial services users: Evidence from Serbia","authors":"Isidora Ljumović, Krsto Jakšić, Slaviša Trajković","doi":"10.5937/ekonomika2104055l","DOIUrl":"https://doi.org/10.5937/ekonomika2104055l","url":null,"abstract":"Given the importance of digital financial services on financial inclusion, the authors examined the socio-demographic characteristics of users of digital financial services in the Republic of Serbia. The authors hypothesized that age, education, employment, and income are key socio-demographic characteristics that have influenced digital financial services. The Global Findex database of the World Bank was used to analyze the socio-demographic characteristics of digital financial service users in the Republic of Serbia, with a sample of 1000 inhabitants older than 15 years. To test differences between the analyzed characteristics, a t-test was applied using SPSSv25. The results show a difference among most of the analyzed characteristics. Socio-demographic characteristics, apart from gender and income, are statistically significant. The results show a statistically significant difference in the age of users of digital financial services and non-users of digital financial services. Also, users of digital financial services are highly educated and more often employed. Based on the results, it can be concluded that the average user of digital financial services is younger, more educated, more often employed and uses various banking services, such as credit and debit cards, savings and borrowing more often than non-users of these services.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211394","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 : 2021-01-01DOI: 10.15388/ekon.2021.100.2.6
Senem Çakmak Şahin, İ. Kılıç
The availability of longitudinal data allows researchers to analyse the dynamics of poverty. By using the Turkish Statistical Institute’s (TurkStat) Income and Living Conditions Survey micro dataset, we analyse the households’ long-term monetary poverty conditions. We categorise poverty as transitory and chronic and employ the multinomial logit method to analyse determinants of each types of poverty. Results indicate that education and household size are the most effective factors for reducing transitory poverty, and for chronic poverty, the most effective factors are having a regular job and having a skilled occupation; insurance, home ownership, and number of children are important determinants for both types of poverty.
{"title":"Poverty Dynamics in Turkey: A Multinomial Logit Model","authors":"Senem Çakmak Şahin, İ. Kılıç","doi":"10.15388/ekon.2021.100.2.6","DOIUrl":"https://doi.org/10.15388/ekon.2021.100.2.6","url":null,"abstract":"The availability of longitudinal data allows researchers to analyse the dynamics of poverty. By using the Turkish Statistical Institute’s (TurkStat) Income and Living Conditions Survey micro dataset, we analyse the households’ long-term monetary poverty conditions. We categorise poverty as transitory and chronic and employ the multinomial logit method to analyse determinants of each types of poverty. Results indicate that education and household size are the most effective factors for reducing transitory poverty, and for chronic poverty, the most effective factors are having a regular job and having a skilled occupation; insurance, home ownership, and number of children are important determinants for both types of poverty.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66922702","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 : 2021-01-01DOI: 10.5937/ekonomika2103063m
M. Mihajlović, J. Tadić, Jelena Jotić
The aim of this paper is to point out the existence of differences in the application of quality management systems as well as the level of maturity in the companies of the dairy industry in the Republic of Serbia. The initial assumption is based on the defined goal which states that the application of quality management systems and the level of maturity in these companies differ depending on their size. The research was conducted on the basis of QMMG - Quality Management Maturity Grid model of maturity. The initial assumption test was performed using the Kruskal-Wallis test as a nonparametric alternative to one-way analysis of variance of different groups. In addition to this method, the methods analysis, the synthesis method and descriptive statistics were also used. Using the mentioned statistical methods, six aspects of the quality management system were processed (Management understanding and attitude, Quality organisation status, Problem handling, Cost of quality as percent of sales, Quality improvement actions and Summary of company quality posture) as well as the entire quality management system in selected companies. Statistically significant deviations were found in five of the six aspects as well as in the overall quality management system. The contribution of this research is reflected in the diagnosis of the level of maturity in the companies covered by this research together with the possibility of improving certain aspects of the quality management system in order to develop the skills needed to increase the companies ' quality performance.
{"title":"Implementation of quality management system and the level of maturity of the company in the dairy industry of Serbia","authors":"M. Mihajlović, J. Tadić, Jelena Jotić","doi":"10.5937/ekonomika2103063m","DOIUrl":"https://doi.org/10.5937/ekonomika2103063m","url":null,"abstract":"The aim of this paper is to point out the existence of differences in the application of quality management systems as well as the level of maturity in the companies of the dairy industry in the Republic of Serbia. The initial assumption is based on the defined goal which states that the application of quality management systems and the level of maturity in these companies differ depending on their size. The research was conducted on the basis of QMMG - Quality Management Maturity Grid model of maturity. The initial assumption test was performed using the Kruskal-Wallis test as a nonparametric alternative to one-way analysis of variance of different groups. In addition to this method, the methods analysis, the synthesis method and descriptive statistics were also used. Using the mentioned statistical methods, six aspects of the quality management system were processed (Management understanding and attitude, Quality organisation status, Problem handling, Cost of quality as percent of sales, Quality improvement actions and Summary of company quality posture) as well as the entire quality management system in selected companies. Statistically significant deviations were found in five of the six aspects as well as in the overall quality management system. The contribution of this research is reflected in the diagnosis of the level of maturity in the companies covered by this research together with the possibility of improving certain aspects of the quality management system in order to develop the skills needed to increase the companies ' quality performance.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71210984","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 : 2021-01-01DOI: 10.15388/ekon.2021.100.2.1
Jaunius Karmelavičius
Following the financial crisis of 2009 there was an emergence of macroprudential policy tools, as well as a need to model the macroeconomy and the financial sector in a coherent framework. This paper develops and calibrates a small open economy DSGE model for Lithuania to shed some light on the interactions between the macroeconomy and the banking sector, regulated by macroprudential policy. The model features housing market, and endogenous credit risk a la de Walque et al. (2010), whereby the household can default on mortgage repayments, what leads to housing collateral seizure. Foreign-owned banks, that are subject to risk-sensitive macroprudential capital requirements, take into account not only the mortgage default rate but also the cap on loan to value (LTV) ratio when making lending decisions. Using this mechanism, we show that while a more stringent LTV constraint reduced credit demand, it can also lead to an expansion in credit supply via lower credit risk. Therefore, a tightening of LTV requirement should result in only a slight reduction in mortgage lending, coupled with lower interest rate margins. The article compares the impact of the tightening of three macroprudential tools, namely, bank capital requirements, mortgage risk weights and LTV limit. We find that broad-based capital requirements, such as the counter-cyclical capital buffer, are less efficient in leaning against the housing credit cycle, because of a relatively large cost incurred on the firm sector.
2009年金融危机之后，出现了宏观审慎政策工具，也需要在一个连贯的框架内对宏观经济和金融部门进行建模。本文为立陶宛开发和校准了一个小型开放经济DSGE模型，以揭示宏观经济与银行业之间的相互作用，受宏观审慎政策的监管。该模型的特点是住房市场和内生性信用风险(la de Walque et al.， 2010)，即家庭可能拖欠抵押贷款还款，从而导致住房抵押品被扣押。外资银行受到风险敏感型宏观审慎资本要求的约束，在做出贷款决策时，不仅要考虑抵押贷款违约率，还要考虑贷款价值比上限。使用这一机制，我们表明，虽然更严格的LTV约束减少了信贷需求，但它也可以通过降低信贷风险导致信贷供应的扩张。因此，收紧LTV要求应该只会导致抵押贷款的小幅减少，同时息差也会降低。本文比较了银行资本金要求、抵押贷款风险权重和LTV限制这三种宏观审慎工具收紧的影响。我们发现，广泛的资本要求，如反周期资本缓冲，在抵御住房信贷周期方面效率较低，因为企业部门产生了相对较大的成本。
{"title":"Risky Mortgages and Macroprudential Policy: A Calibrated DSGE Model for Lithuania","authors":"Jaunius Karmelavičius","doi":"10.15388/ekon.2021.100.2.1","DOIUrl":"https://doi.org/10.15388/ekon.2021.100.2.1","url":null,"abstract":"Following the financial crisis of 2009 there was an emergence of macroprudential policy tools, as well as a need to model the macroeconomy and the financial sector in a coherent framework. This paper develops and calibrates a small open economy DSGE model for Lithuania to shed some light on the interactions between the macroeconomy and the banking sector, regulated by macroprudential policy. The model features housing market, and endogenous credit risk a la de Walque et al. (2010), whereby the household can default on mortgage repayments, what leads to housing collateral seizure. Foreign-owned banks, that are subject to risk-sensitive macroprudential capital requirements, take into account not only the mortgage default rate but also the cap on loan to value (LTV) ratio when making lending decisions. Using this mechanism, we show that while a more stringent LTV constraint reduced credit demand, it can also lead to an expansion in credit supply via lower credit risk. Therefore, a tightening of LTV requirement should result in only a slight reduction in mortgage lending, coupled with lower interest rate margins. The article compares the impact of the tightening of three macroprudential tools, namely, bank capital requirements, mortgage risk weights and LTV limit. We find that broad-based capital requirements, such as the counter-cyclical capital buffer, are less efficient in leaning against the housing credit cycle, because of a relatively large cost incurred on the firm sector.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66922643","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 : 2021-01-01DOI: 10.5937/ekonomika2102070v
Daria Palitsyna Vladimirovna
The development of the economic situation in Russia in recent years is characterized by the achievement of stabilization at the macro level, the strengthening of investment activity, the expansion of the scope of activities of the processing industry, the strengthening of public confidence in domestic goods and finished products. The research urgency is caused by the fact that in Russia economic competition becomes more acute in oil and fat processing sector, also has a problem of lack of training organizations to consider the impact of external factors and competitive advantages of the industry to ensure financial stability. The purpose of the study is to study the features of factors affecting the competitiveness of the oil processing complex. On the basis of sources of economic literature, the authors studied the competitiveness of vegetable oil production by comparison and identified the problems of insufficient methodological support for studying the impact of factors that determine the current state of the vegetable oil market, methods and approaches for assessing the competitiveness of organizations. The leading direction is a comprehensive approach presented by the authors in the article, including the study of domestic and international experience in determining the factors of internal and external environment that affect the development of the industry. The study of the traditional system of assessing the competitiveness of vegetable oils is given, proposed by Russian and foreign scientists. As a result of the conducted research it is established that modern domestic and foreign methods of the analysis of the competitiveness of vegetable oils do not differ in high quality and have shortcomings. The authors noted that the analysis of the concept of competitiveness of vegetable oils does not take into account the quality indicators are not always fully represented the composition and structure of the concept, not justified organizational and methodological approaches to the analysis of the concept of competitiveness applicable to vegetable oils. The researchers note the need for an objective assessment of the analysis of the concept of competitiveness of vegetable oils to supplement it with a more detailed study of improving the level of competitiveness. In their opinion, the lack of a single definition of the term "competitiveness of products" is one of the most difficult in the formation of an adequate approach to the assessment of the phenomenon. This leads to the fact that the most common assessment is a comparative assessment of similar vegetable oils with ethanol. The study conducted by the authors has scientific and practical significance and will allow to develop a methodological apparatus (parameters and criteria for assessing the level of competitiveness of vegetable oils) in accordance with the requirements of the industry in the world economy, as well as to form a set of strategic and tactical management decisions to improve t
{"title":"The main factors affecting the competitiveness of the oil processing complex","authors":"Daria Palitsyna Vladimirovna","doi":"10.5937/ekonomika2102070v","DOIUrl":"https://doi.org/10.5937/ekonomika2102070v","url":null,"abstract":"The development of the economic situation in Russia in recent years is characterized by the achievement of stabilization at the macro level, the strengthening of investment activity, the expansion of the scope of activities of the processing industry, the strengthening of public confidence in domestic goods and finished products. The research urgency is caused by the fact that in Russia economic competition becomes more acute in oil and fat processing sector, also has a problem of lack of training organizations to consider the impact of external factors and competitive advantages of the industry to ensure financial stability. The purpose of the study is to study the features of factors affecting the competitiveness of the oil processing complex. On the basis of sources of economic literature, the authors studied the competitiveness of vegetable oil production by comparison and identified the problems of insufficient methodological support for studying the impact of factors that determine the current state of the vegetable oil market, methods and approaches for assessing the competitiveness of organizations. The leading direction is a comprehensive approach presented by the authors in the article, including the study of domestic and international experience in determining the factors of internal and external environment that affect the development of the industry. The study of the traditional system of assessing the competitiveness of vegetable oils is given, proposed by Russian and foreign scientists. As a result of the conducted research it is established that modern domestic and foreign methods of the analysis of the competitiveness of vegetable oils do not differ in high quality and have shortcomings. The authors noted that the analysis of the concept of competitiveness of vegetable oils does not take into account the quality indicators are not always fully represented the composition and structure of the concept, not justified organizational and methodological approaches to the analysis of the concept of competitiveness applicable to vegetable oils. The researchers note the need for an objective assessment of the analysis of the concept of competitiveness of vegetable oils to supplement it with a more detailed study of improving the level of competitiveness. In their opinion, the lack of a single definition of the term \"competitiveness of products\" is one of the most difficult in the formation of an adequate approach to the assessment of the phenomenon. This leads to the fact that the most common assessment is a comparative assessment of similar vegetable oils with ethanol. The study conducted by the authors has scientific and practical significance and will allow to develop a methodological apparatus (parameters and criteria for assessing the level of competitiveness of vegetable oils) in accordance with the requirements of the industry in the world economy, as well as to form a set of strategic and tactical management decisions to improve t","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71210920","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 : 2021-01-01DOI: 10.5937/ekonomika2103107c
Milica D. Cvetkovic, M. Cogoljević, Marija Ranđelović
A stable financial sector creates economic development. Speculative actions in financial markets cause disturbances and are an indicator of economic instability. The growth of a modern market economy more than two centuries ago is interconnected with the growth of the financial system. The averment that there is a connection between the growth of the financial and real sectors of the economy is as old as economics science. A developed financial system encourages competition, expands the market, and increases the efficiency of financial institutions. The depth and the breadth of financial markets are growing, which are transmission to the performance and structure of the economy. Through linking savings and investments, the financial system controls and manages the risks that are characteristic of financial operations and facilitates the interaction of production and consumption. The financial systems of transition countries are not sufficiently developed, so this paper aims to point out the interconnectedness and impact of the financial system on macroeconomic stability.
{"title":"The impact of economic development on the efficiency of the financial sector","authors":"Milica D. Cvetkovic, M. Cogoljević, Marija Ranđelović","doi":"10.5937/ekonomika2103107c","DOIUrl":"https://doi.org/10.5937/ekonomika2103107c","url":null,"abstract":"A stable financial sector creates economic development. Speculative actions in financial markets cause disturbances and are an indicator of economic instability. The growth of a modern market economy more than two centuries ago is interconnected with the growth of the financial system. The averment that there is a connection between the growth of the financial and real sectors of the economy is as old as economics science. A developed financial system encourages competition, expands the market, and increases the efficiency of financial institutions. The depth and the breadth of financial markets are growing, which are transmission to the performance and structure of the economy. Through linking savings and investments, the financial system controls and manages the risks that are characteristic of financial operations and facilitates the interaction of production and consumption. The financial systems of transition countries are not sufficiently developed, so this paper aims to point out the interconnectedness and impact of the financial system on macroeconomic stability.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211786","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 : 2021-01-01DOI: 10.5937/ekonomika2102059r
Nikola Radić, Vlado Radić, B. Grujić
The coronavirus pandemic is an unprecedented event in modern history, not only of aviation, but also of humanity. The negative consequences of the pandemic are not only related to the suspension of flights and the inability to transport passengers, but also have a great impact on other industries, such as the production of aircraft, systems and engines, tourism, the food industry, etc. The suspension of flights has led to many times lower revenues than planned, the dismissal of a large number of employees in this industry, as well as the cancellation of new airplanes ordered. Also, the prescribed health care measures that airlines must apply will affect a smaller number of passengers on planes, which means that each flight will be less cost-effective. Faced with large losses, airlines must organize in order to achieve maximum efficiency and a partial return to the levels of flying and transportation of people and goods that were achieved during 2019. The paper analyses the state and importance of the global aviation industry, the impact of the pandemic on business results and solving the problems of airlines.
{"title":"Economic impact of the coronavirus pandemic on air traffic","authors":"Nikola Radić, Vlado Radić, B. Grujić","doi":"10.5937/ekonomika2102059r","DOIUrl":"https://doi.org/10.5937/ekonomika2102059r","url":null,"abstract":"The coronavirus pandemic is an unprecedented event in modern history, not only of aviation, but also of humanity. The negative consequences of the pandemic are not only related to the suspension of flights and the inability to transport passengers, but also have a great impact on other industries, such as the production of aircraft, systems and engines, tourism, the food industry, etc. The suspension of flights has led to many times lower revenues than planned, the dismissal of a large number of employees in this industry, as well as the cancellation of new airplanes ordered. Also, the prescribed health care measures that airlines must apply will affect a smaller number of passengers on planes, which means that each flight will be less cost-effective. Faced with large losses, airlines must organize in order to achieve maximum efficiency and a partial return to the levels of flying and transportation of people and goods that were achieved during 2019. The paper analyses the state and importance of the global aviation industry, the impact of the pandemic on business results and solving the problems of airlines.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71210909","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 : 2021-01-01DOI: 10.5937/ekonomika2101017k
Branimir Kalaš, V. Mirović, Jelena Andrašić
The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal income tax, corporate income tax, value added tax, social security contributions and excises for the period 2005-2019. Tax elasticity manifest sensitivity of tax forms to a change in the gross domestic product, where results have shown that indirect taxes have higher coefficients of elasticity compared to direct taxes. Results of empirical analysis have manifested that tax revenues are elastic to a change in gross domestic product, where 1% increase in GDP makes to a change of tax revenues for 1.31%. Also, tax elasticity is the highest at corporate income tax, while revenues from value added tax and excises are also elastic in the observed period. On the other hand, personal income tax and social security contributions are inelastic to a change in the gross domestic product in the Republic of Serbia.
{"title":"Measuring and estimating tax elasticity in the Republic of Serbia","authors":"Branimir Kalaš, V. Mirović, Jelena Andrašić","doi":"10.5937/ekonomika2101017k","DOIUrl":"https://doi.org/10.5937/ekonomika2101017k","url":null,"abstract":"The paper analyzes tax elasticity in the Republic of Serbia in terms of tax revenues, personal income tax, corporate income tax, value added tax, social security contributions and excises for the period 2005-2019. Tax elasticity manifest sensitivity of tax forms to a change in the gross domestic product, where results have shown that indirect taxes have higher coefficients of elasticity compared to direct taxes. Results of empirical analysis have manifested that tax revenues are elastic to a change in gross domestic product, where 1% increase in GDP makes to a change of tax revenues for 1.31%. Also, tax elasticity is the highest at corporate income tax, while revenues from value added tax and excises are also elastic in the observed period. On the other hand, personal income tax and social security contributions are inelastic to a change in the gross domestic product in the Republic of Serbia.","PeriodicalId":36306,"journal":{"name":"Ekonomika Vilniaus Universitetas","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2021-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71211282","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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