The Innovation Union flagship initiative, with its accompanying policies and actions, strives to ensure stronger involvement of SMEs in EU R&I programs. The main idea behind this paper is to review and discuss the impacts of SMEs’ participation in EU R&D programs as a way of boosting their innovation activities. The paper addresses several research questions that help us to present the effects of increased availability of EU R&D funding on boosting innovation activities of SMEs across EU. We start by examining the current innovation performance of EU SMEs based on selected descriptive statistics and indicators. After that, we turn to elaborating the empirical and theoretical foundations and rationale for increased public funding through the EU R&D programs targeting SMEs. Then we discuss the impact of FP7, CIP, Eurostars, and Horizon 2020 funding on SME recipients. We briefly survey the results of available empirical studies that use both quantitative and qualitative evidence, and examine their outcomes in terms of direct and indirect impacts on innovation activities in EU member state SMEs. The examined empirical evidence points to several positive effects of participating in EU R&D programs on incentivizing innovation activities, output, and performance of recipient SMEs.
{"title":"EU R&D Funding as a Way of Incentivizing Innovation of SMEs: A Review of Impacts","authors":"Nevenka Čučković, V. Vučković","doi":"10.15179/CES.20.2.4","DOIUrl":"https://doi.org/10.15179/CES.20.2.4","url":null,"abstract":"The Innovation Union flagship initiative, with its accompanying policies and actions, strives to ensure stronger involvement of SMEs in EU R&I programs. The main idea behind this paper is to review and discuss the impacts of SMEs’ participation in EU R&D programs as a way of boosting their innovation activities. The paper addresses several research questions that help us to present the effects of increased availability of EU R&D funding on boosting innovation activities of SMEs across EU. We start by examining the current innovation performance of EU SMEs based on selected descriptive statistics and indicators. After that, we turn to elaborating the empirical and theoretical foundations and rationale for increased public funding through the EU R&D programs targeting SMEs. Then we discuss the impact of FP7, CIP, Eurostars, and Horizon 2020 funding on SME recipients. We briefly survey the results of available empirical studies that use both quantitative and qualitative evidence, and examine their outcomes in terms of direct and indirect impacts on innovation activities in EU member state SMEs. The examined empirical evidence points to several positive effects of participating in EU R&D programs on incentivizing innovation activities, output, and performance of recipient SMEs.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.20.2.4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44770480","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}
This paper examines the stochastic implications of permanent income hypothesis for speculative prices from a sample of economic data from 1967 to 2017 in the United States. One of the standard assumptions of the Consumption-Based Capital Asset Pricing Model (CCAPM)—the time separability of utility—is relaxed in the model specification of Mankiw and Shapiro (1985) and finds that the expected change in earnings has no obvious connection with stock price changes for monthly and yearly data. This finding, while accepting the excess sensitivity of consumption to income, suggests that the past consumption—unconstrained by expected change in income of that period—influences the utility of future consumption. Disposable income and consumption expenditure are highly autoregressive and non-stationary for monthly, quarterly, and yearly time series. The hypothesis that disposable income follows a random walk is clearly rejected for three-time horizons and the consumption is excessively sensitive to income for monthly and yearly data. The rejection of income follows a random walk due to liquidity constraint for quarterly data. The results of impulse response functions question the OLS/AR type of (univariate) regressions used to test the randomness of disposable income and the excess sensitivity. Equity price changes are, however, found to be completely independent from disposable income for frequent observations of income, which suggests that the use of consumption as a variable in capital asset pricing is a subjective assessment. Furthermore, the empirical evidence shows that the equity price changes cannot be effectively forecasted by the predictable change in disposable income.
{"title":"The Stochastic Implications of Permanent Income Hypothesis for US Speculative Traders: Implications for Consumption-Based Asset Pricing","authors":"Chamil W. Senarathne, Jianguo Wei","doi":"10.15179/CES.20.2.1","DOIUrl":"https://doi.org/10.15179/CES.20.2.1","url":null,"abstract":"This paper examines the stochastic implications of permanent income hypothesis for speculative prices from a sample of economic data from 1967 to 2017 in the United States. One of the standard assumptions of the Consumption-Based Capital Asset Pricing Model (CCAPM)—the time separability of utility—is relaxed in the model specification of Mankiw and Shapiro (1985) and finds that the expected change in earnings has no obvious connection with stock price changes for monthly and yearly data. This finding, while accepting the excess sensitivity of consumption to income, suggests that the past consumption—unconstrained by expected change in income of that period—influences the utility of future consumption. Disposable income and consumption expenditure are highly autoregressive and non-stationary for monthly, quarterly, and yearly time series. The hypothesis that disposable income follows a random walk is clearly rejected for three-time horizons and the consumption is excessively sensitive to income for monthly and yearly data. The rejection of income follows a random walk due to liquidity constraint for quarterly data. The results of impulse response functions question the OLS/AR type of (univariate) regressions used to test the randomness of disposable income and the excess sensitivity. Equity price changes are, however, found to be completely independent from disposable income for frequent observations of income, which suggests that the use of consumption as a variable in capital asset pricing is a subjective assessment. Furthermore, the empirical evidence shows that the equity price changes cannot be effectively forecasted by the predictable change in disposable income.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2018-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.20.2.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48855751","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 present study had three goals: to construct a relevant questionnaire of economic attitudes, to examine the role of socio-demographic variables in explaining the economic attitudes as measured by that questionnaire, and to check whether moral foundations, as a psychological construct, can contribute to understanding the economic attitudes beyond socio-demographic variables. The results indicated that the economic attitudes were better explained by two factors instead of one: the Role of the State in the Economy (ROSE) and the Problems with the Current Economic System (PCES). Both socio-demographic variables and moral foundations explained significant amounts of the variance in the results on the two subscales. Regarding the ROSE subscale, socio-demographic variables explained 25 percent, while moral foundations explained the additional 21 percent of the variance, resulting in this model explaining 46 percent of the variance in the ROSE results. Regarding the PCES subscale, the socio-demographic variables explained 20 percent of the variance, and moral foundations added another 10 percent resulting in 30 percent of the variance on PCES results being explained by this model. The results speak in favor of including the psychological variables in the studies of economic attitudes and behaviors, and indicate that economic concerns are not only economic in their nature, but also moral.
{"title":"The Psychology of Economic Attitudes – Moral Foundations Predict Economic Attitudes beyond Socio-Demographic Variables","authors":"Nikola Erceg, Zvonimir Galić, Andreja Bubić","doi":"10.15179/CES.20.1.2","DOIUrl":"https://doi.org/10.15179/CES.20.1.2","url":null,"abstract":"The present study had three goals: to construct a relevant questionnaire of economic attitudes, to examine the role of socio-demographic variables in explaining the economic attitudes as measured by that questionnaire, and to check whether moral foundations, as a psychological construct, can contribute to understanding the economic attitudes beyond socio-demographic variables. The results indicated that the economic attitudes were better explained by two factors instead of one: the Role of the State in the Economy (ROSE) and the Problems with the Current Economic System (PCES). Both socio-demographic variables and moral foundations explained significant amounts of the variance in the results on the two subscales. Regarding the ROSE subscale, socio-demographic variables explained 25 percent, while moral foundations explained the additional 21 percent of the variance, resulting in this model explaining 46 percent of the variance in the ROSE results. Regarding the PCES subscale, the socio-demographic variables explained 20 percent of the variance, and moral foundations added another 10 percent resulting in 30 percent of the variance on PCES results being explained by this model. The results speak in favor of including the psychological variables in the studies of economic attitudes and behaviors, and indicate that economic concerns are not only economic in their nature, but also moral.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":" ","pages":""},"PeriodicalIF":0.4,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.20.1.2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43814238","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}
This paper provides empirical evidence on the determinants of net interest margins in Central, Eastern, and Southeastern European countries (CESEE) during the period 1999–2009, with a particular focus on the relationship between banking sector competition and net interest margins. Using countrylevel Panzar-Rosse H-statistic estimates as a measure of competition, and the General Method of Moments, it has been determined that banking sector competition had a negative impact on net interest margins. In order to check for consistency, alternative measures of competition, such as the Lerner index and the Herfindahl-Hirschman index, have also been used. The results appear consistent and suggest that higher market power is associated with higher interest margins. Arben Mustafa University “Kadri Zeka”, Faculty of Economics, Gjilan, Republic of Kosovo arben.mustafa@uni-gjilan.net Valentin Toçi University of Prishtina “Hasan Prishtina”, Faculty of Economics, Prishtina, Republic of Kosovo valentintoci@gmail.com CroEconSur Vol. 20 No. 1 June 2018 pp. 5-36 Received: March 10, 2017 Accepted: December 6, 2017 Research Article doi:10.15179/ces.20.1.1
本文提供了1999-2009年期间中欧、东欧和东南欧国家(CESEE)净息差决定因素的实证证据，特别关注银行业竞争与净息差之间的关系。使用国家级Panzar-Rosse h统计估计作为竞争的衡量标准，以及一般时刻法，已经确定银行业竞争对净息差有负面影响。为了检查一致性，也使用了其他竞争指标，如勒纳指数和赫芬达尔-赫希曼指数。结果似乎是一致的，并表明较高的市场支配力与较高的利差相关。阿尔本·穆斯塔法大学“Kadri Zeka”，经济学院，吉兰，科索沃共和国arben.mustafa@uni-gjilan.net Valentin toi普里什蒂纳大学“Hasan普里什蒂纳”，经济学院，普里什蒂纳，科索沃共和国valentintoci@gmail.com CroEconSur Vol. 20 No. 1 June 2018 pp. 5-36收稿日期:2017年3月10日接收日期:2017年12月6日研究文章doi:10.15179/ces.20.1.1
{"title":"Banking Sector Competition in the Panzar-Rosse Framework and Net Interest Margins: An Empirical Analysis Using the General Method of Moments","authors":"Arben Mustafa, Valentin Toçi","doi":"10.15179/ces.20.1.1","DOIUrl":"https://doi.org/10.15179/ces.20.1.1","url":null,"abstract":"This paper provides empirical evidence on the determinants of net interest margins in Central, Eastern, and Southeastern European countries (CESEE) during the period 1999–2009, with a particular focus on the relationship between banking sector competition and net interest margins. Using countrylevel Panzar-Rosse H-statistic estimates as a measure of competition, and the General Method of Moments, it has been determined that banking sector competition had a negative impact on net interest margins. In order to check for consistency, alternative measures of competition, such as the Lerner index and the Herfindahl-Hirschman index, have also been used. The results appear consistent and suggest that higher market power is associated with higher interest margins. Arben Mustafa University “Kadri Zeka”, Faculty of Economics, Gjilan, Republic of Kosovo arben.mustafa@uni-gjilan.net Valentin Toçi University of Prishtina “Hasan Prishtina”, Faculty of Economics, Prishtina, Republic of Kosovo valentintoci@gmail.com CroEconSur Vol. 20 No. 1 June 2018 pp. 5-36 Received: March 10, 2017 Accepted: December 6, 2017 Research Article doi:10.15179/ces.20.1.1","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2018-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/ces.20.1.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42902089","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}
Strategic alliances in the retail sector are based on cooperation in a variety of activities, ranging from supply and marketing to knowledge sharing and branding. For their members, they are a source of sustainable competitive advantage. Ever since the 1990s, a growing number of firms from the retail sector have attempted to improve their performance through participation in strategic alliances. The objective of this paper is to explore how participation in strategic alliances influences profitability of firms in the retail sector. A dynamic panel analysis is applied to the data on nearly 3,700 firms obtained from Amadeus, a large firm-level database, for eight countries (Croatia, Bosnia and Herzegovina, the Czech Republic, Slovakia, Slovenia, Poland, Hungary and Estonia) for the 2007–2012 period. The results of the investigation suggest that participation in strategic alliances positively influences a firm’s performance.
{"title":"The Impact of Membership in Strategic Alliances on the Profitability of Firms in the Retail Sector","authors":"N. Butigan, Đ. Benić","doi":"10.15179/CES.19.2.2","DOIUrl":"https://doi.org/10.15179/CES.19.2.2","url":null,"abstract":"Strategic alliances in the retail sector are based on cooperation in a variety of activities, ranging from supply and marketing to knowledge sharing and branding. For their members, they are a source of sustainable competitive advantage. Ever since the 1990s, a growing number of firms from the retail sector have attempted to improve their performance through participation in strategic alliances. The objective of this paper is to explore how participation in strategic alliances influences profitability of firms in the retail sector. A dynamic panel analysis is applied to the data on nearly 3,700 firms obtained from Amadeus, a large firm-level database, for eight countries (Croatia, Bosnia and Herzegovina, the Czech Republic, Slovakia, Slovenia, Poland, Hungary and Estonia) for the 2007–2012 period. The results of the investigation suggest that participation in strategic alliances positively influences a firm’s performance.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"47-82"},"PeriodicalIF":0.4,"publicationDate":"2017-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.2.2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47242037","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}
Energy efficiency, renewable energy sources, and environmental protection projects play a pivotal role in tourism. The World Tourism Organization (UNWTO) addresses resource management and energy use as one of the major issues. The main goal of the paper is to present the economic-financial analysis and the assessment of investment projects in the construction of a conventional mid-size hotel using fossil fuels and a mid-size hotel based on sustainable principles and renewable energy sources. Comparative analysis of conventional and energy-efficient hotels is used to calculate the key financial indicators in decision-making. Case study shows that the introduction of renewable energy sources meets the needs of modern guests and increases the hotel's competitiveness, while the effects of energy sustainability reflect on the environment and reduced CO2 emissions. Based on the results, the paper suggests measures for improving energy sustainability in hotels and other tourism facilities. The paper is intended for those who deal with theoretical and practical issues of energy sustainability in tourism, tourism certificates, renewable energy sources and investment costs-scientists, researchers, PhD candidates and students as a basis for further comparative studies and benchmarking. It can also be useful for a considerably wider circle of users-managers at all levels and other business decision makers, as well as proprietors, investors, and creditors.
{"title":"Energy Sustainability and Its Impacts on Croatian Tourism","authors":"M. Nižić, Z. Grdić, R. Endres","doi":"10.15179/CES.19.2.3","DOIUrl":"https://doi.org/10.15179/CES.19.2.3","url":null,"abstract":"Energy efficiency, renewable energy sources, and environmental protection projects play a pivotal role in tourism. The World Tourism Organization (UNWTO) addresses resource management and energy use as one of the major issues. The main goal of the paper is to present the economic-financial analysis and the assessment of investment projects in the construction of a conventional mid-size hotel using fossil fuels and a mid-size hotel based on sustainable principles and renewable energy sources. Comparative analysis of conventional and energy-efficient hotels is used to calculate the key financial indicators in decision-making. Case study shows that the introduction of renewable energy sources meets the needs of modern guests and increases the hotel's competitiveness, while the effects of energy sustainability reflect on the environment and reduced CO2 emissions. Based on the results, the paper suggests measures for improving energy sustainability in hotels and other tourism facilities. The paper is intended for those who deal with theoretical and practical issues of energy sustainability in tourism, tourism certificates, renewable energy sources and investment costs-scientists, researchers, PhD candidates and students as a basis for further comparative studies and benchmarking. It can also be useful for a considerably wider circle of users-managers at all levels and other business decision makers, as well as proprietors, investors, and creditors.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"83-104"},"PeriodicalIF":0.4,"publicationDate":"2017-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.2.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41933881","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}
Contemporary trade analysis indicates the necessity of calculating trade in value added (TiVA) which is created through global value chains (GVCs). This paper aims to determine the characteristics and importance of GVC trade in the EU new member states (EU NMS) with special emphasis placed on the industry level. The results demonstrate different levels of GVC participation of the EU NMS, where Hungary is the most integrated country and Croatia the least integrated. Regional GVCs exist because a huge part of value added (VA) comes from EU member states, as in gross export as well as in final demand (Europe as a hub). The most important source countries are Germany and Italy and there is also evidence of geographical and historical relations between the countries. The domination of backward participation has been found in the analysis made on the industrial level, i.e. the EU NMS are highly dependent on the import of intermediates for the production and export of final products. Strong interconnections between imports of intermediate products and exports of final products have been found in the manufacture of computers, electronics and optical products; manufacture of wood, paper, printing and reproduction. This research has contributed to the scarce literature concerning GVC (TiVA) in EU NMS and has opened up new possibilities for further research and analysis.
{"title":"Trade in Value Added(TiVA) in EU New Member States (EU NMS)","authors":"Ines Kersan-Škabić","doi":"10.15179/CES.19.2.4","DOIUrl":"https://doi.org/10.15179/CES.19.2.4","url":null,"abstract":"Contemporary trade analysis indicates the necessity of calculating trade in value added (TiVA) which is created through global value chains (GVCs). This paper aims to determine the characteristics and importance of GVC trade in the EU new member states (EU NMS) with special emphasis placed on the industry level. The results demonstrate different levels of GVC participation of the EU NMS, where Hungary is the most integrated country and Croatia the least integrated. Regional GVCs exist because a huge part of value added (VA) comes from EU member states, as in gross export as well as in final demand (Europe as a hub). The most important source countries are Germany and Italy and there is also evidence of geographical and historical relations between the countries. The domination of backward participation has been found in the analysis made on the industrial level, i.e. the EU NMS are highly dependent on the import of intermediates for the production and export of final products. Strong interconnections between imports of intermediate products and exports of final products have been found in the manufacture of computers, electronics and optical products; manufacture of wood, paper, printing and reproduction. This research has contributed to the scarce literature concerning GVC (TiVA) in EU NMS and has opened up new possibilities for further research and analysis.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"105-133"},"PeriodicalIF":0.4,"publicationDate":"2017-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.2.4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46536639","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}
Nikica Mojsoska Blazevski, Marjan Petreski, Maja Ristovska
The aim of the study is to examine the factors that affect educational achievements of children from low-income households in Macedonia. In addition, we compare the two distinctive social programs that provide assistance for children from poor households in the country. Our empirical strategy is based on the education production function, which is estimated using the ordinary least squares (OLS) and ordered probit approach. We regress an indicator for educational achievement on three groups of factors: i) individual characteristics; ii) household characteristics; and iii) school-related characteristics/variables. The findings suggest that all three sets of factors are significantly related with the school performance of young individuals. Individual- and family-related factors are more important than the school climate, although this finding may be related to the availability (and hence, the choice) of the school-related variables. Gender, father’s education, and ethnicity were found to be significantly related to the educational achievement of students. Among the family factors, we find that the number of rooms at home and household consumption are positively related to school performance. On the other hand, household size, conditional cash transfers (CCTs) acceptance and the measures of parental involvement are negatively related to achievement. We find that only one measure of school context, the average grade in school, is significant.
{"title":"Breaking Up the Vicious Cycle of Poverty: How Can the School Performance of Children from Low-Income Households in Macedonia Be Improved?","authors":"Nikica Mojsoska Blazevski, Marjan Petreski, Maja Ristovska","doi":"10.15179/CES.19.2.1","DOIUrl":"https://doi.org/10.15179/CES.19.2.1","url":null,"abstract":"The aim of the study is to examine the factors that affect educational achievements of children from low-income households in Macedonia. In addition, we compare the two distinctive social programs that provide assistance for children from poor households in the country. Our empirical strategy is based on the education production function, which is estimated using the ordinary least squares (OLS) and ordered probit approach. We regress an indicator for educational achievement on three groups of factors: i) individual characteristics; ii) household characteristics; and iii) school-related characteristics/variables. The findings suggest that all three sets of factors are significantly related with the school performance of young individuals. Individual- and family-related factors are more important than the school climate, although this finding may be related to the availability (and hence, the choice) of the school-related variables. Gender, father’s education, and ethnicity were found to be significantly related to the educational achievement of students. Among the family factors, we find that the number of rooms at home and household consumption are positively related to school performance. On the other hand, household size, conditional cash transfers (CCTs) acceptance and the measures of parental involvement are negatively related to achievement. We find that only one measure of school context, the average grade in school, is significant.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"5-46"},"PeriodicalIF":0.4,"publicationDate":"2017-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.2.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46346165","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 unofficial sector is generally regarded as an important liability for the development of a post-transitional society. In this paper we adopt a new approach to estimate the unofficial economy by estimating the unrecorded consumption of households in Croatia. This is done by means of conducting a nationally representative survey on payment habits of the Croatian consumers and by pairing these data with the household consumption survey. Our main focus concerns cash payments without an issued receipt, which is assumed to represent the unofficial part of transactions. In this way we circumvent some notable deficiencies of direct surveys on income reporting and selective reviews. We find that the part of unofficial economy arising from household consumption was around 0.69 percent of GDP in 2014.
{"title":"Consumption in the Dark: Estimating Unrecorded Expenditures of Households in Croatia","authors":"B. Škrinjarić, Vedran Recher, Jelena Budak","doi":"10.15179/CES.19.2.5","DOIUrl":"https://doi.org/10.15179/CES.19.2.5","url":null,"abstract":"The unofficial sector is generally regarded as an important liability for the development of a post-transitional society. In this paper we adopt a new approach to estimate the unofficial economy by estimating the unrecorded consumption of households in Croatia. This is done by means of conducting a nationally representative survey on payment habits of the Croatian consumers and by pairing these data with the household consumption survey. Our main focus concerns cash payments without an issued receipt, which is assumed to represent the unofficial part of transactions. In this way we circumvent some notable deficiencies of direct surveys on income reporting and selective reviews. We find that the part of unofficial economy arising from household consumption was around 0.69 percent of GDP in 2014.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"135-167"},"PeriodicalIF":0.4,"publicationDate":"2017-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.2.5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42416666","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}
Using the Central and Eastern European model of capitalism, this paper compares the market economies of the Western Balkan countries to the post-socialist European Union member states. It analyzes the main institutional areas of a socio-economic system such as product markets, innovation system, financial system, labor market and industrial relations, social protection and the educational system. The comparison of institutional systems does not provide an unambiguous answer to the question of whether the Western Balkan market economies fit into the model. There are many similarities between the institutional arrangements of the two regions, and the differences seem to be a consequence of delayed reforms rather than of an alternative model. However, the question of whether the current differences will be institutionalized or whether they will create a new normality—a new, distinct model of capitalism—remains open.
{"title":"Market Economies of the Western Balkans Compared to the Central and Eastern European Model of Capitalism","authors":"Beáta Farkas","doi":"10.15179/CES.19.1.1","DOIUrl":"https://doi.org/10.15179/CES.19.1.1","url":null,"abstract":"Using the Central and Eastern European model of capitalism, this paper compares the market economies of the Western Balkan countries to the post-socialist European Union member states. It analyzes the main institutional areas of a socio-economic system such as product markets, innovation system, financial system, labor market and industrial relations, social protection and the educational system. The comparison of institutional systems does not provide an unambiguous answer to the question of whether the Western Balkan market economies fit into the model. There are many similarities between the institutional arrangements of the two regions, and the differences seem to be a consequence of delayed reforms rather than of an alternative model. However, the question of whether the current differences will be institutionalized or whether they will create a new normality—a new, distinct model of capitalism—remains open.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"19 1","pages":"5-36"},"PeriodicalIF":0.4,"publicationDate":"2017-06-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.19.1.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42101781","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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