The aim of this study was to determine the influence of foreign direct investments (FDI) on regional development in Croatia and to contribute to previous studies that deal with regional FDI re-allocations. Our analysis was conducted at the NUTS 3 level (21 Croatian counties) and applied panel data analysis to determine the influence of FDI as well as other factors that proved to be significant in regional development in Croatia. The results point out that investment (i.e., both domestic and foreign direct investments), labor productivity, and export have a positive and significant influence on regional development, while absorptive capacity has a negative influence. It is therefore important to strengthen the absorptive capacity of Croatian regions to create a favorable investment environment and to provide good preconditions for the development of other factors of regional development. Findings are relevant for policy makers who should take more proactive roles in attracting FDI as a way of strengthening regional development in Croatia. This may help policy-makers to act locally to achieve cohesion, but it can also be important for foreign investors that observe regional FDI determinants in the European Union.
{"title":"The Influence of Foreign Direct Investments on Regional Development in Croatia","authors":"Ines Kersan-Škabić, Lela Tijanić","doi":"10.15179/CES.16.2.3","DOIUrl":"https://doi.org/10.15179/CES.16.2.3","url":null,"abstract":"The aim of this study was to determine the influence of foreign direct investments (FDI) on regional development in Croatia and to contribute to previous studies that deal with regional FDI re-allocations. Our analysis was conducted at the NUTS 3 level (21 Croatian counties) and applied panel data analysis to determine the influence of FDI as well as other factors that proved to be significant in regional development in Croatia. The results point out that investment (i.e., both domestic and foreign direct investments), labor productivity, and export have a positive and significant influence on regional development, while absorptive capacity has a negative influence. It is therefore important to strengthen the absorptive capacity of Croatian regions to create a favorable investment environment and to provide good preconditions for the development of other factors of regional development. Findings are relevant for policy makers who should take more proactive roles in attracting FDI as a way of strengthening regional development in Croatia. This may help policy-makers to act locally to achieve cohesion, but it can also be important for foreign investors that observe regional FDI determinants in the European Union.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"10 1","pages":"59-90"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321014","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}
Abstract Following the propositions of firm internationalization theories including the Melit’z dynamic model of export participation, this paper investigates the effects of human capital on the export decisions of Kosovo’s firms. Using a unique dataset of around 500 Small and Medium Enterprises, econometric estimates show mixed indications regarding the relationship between the propensity to export and longevity in export markets and human capital variables, measured by the education of the workforce, and investment in training. While education generally has a negative effect on exporting decisions, the latter shows a consistent positive effect. In the context of Kosovo, this dichotomy may reflect in part the effect of the underperforming education system in Kosovo, which does not produce the right level and/or mix of skills required by the private sector; this, in turn, forces SMEs to invest in increasing workforce capacities. Another Petrit Gashi Faculty of Economics, University of Prishtina, Kosovopetrit.gashi@uni-pr.eduCroEconSurVol. 16No. 2December 2014pp. 91-120Received: September 11, 2014Accepted: November 13, 2014Research Articledoi:10.15179/ces.16.2.4
{"title":"Human Capital and Export Decisions: The Case of Small and Medium Enterprises in Kosovo","authors":"Petrit Gashi","doi":"10.15179/CES.16.2.4","DOIUrl":"https://doi.org/10.15179/CES.16.2.4","url":null,"abstract":"Abstract Following the propositions of firm internationalization theories including the Melit’z dynamic model of export participation, this paper investigates the effects of human capital on the export decisions of Kosovo’s firms. Using a unique dataset of around 500 Small and Medium Enterprises, econometric estimates show mixed indications regarding the relationship between the propensity to export and longevity in export markets and human capital variables, measured by the education of the workforce, and investment in training. While education generally has a negative effect on exporting decisions, the latter shows a consistent positive effect. In the context of Kosovo, this dichotomy may reflect in part the effect of the underperforming education system in Kosovo, which does not produce the right level and/or mix of skills required by the private sector; this, in turn, forces SMEs to invest in increasing workforce capacities. Another Petrit Gashi Faculty of Economics, University of Prishtina, Kosovopetrit.gashi@uni-pr.eduCroEconSurVol. 16No. 2December 2014pp. 91-120Received: September 11, 2014Accepted: November 13, 2014Research Articledoi:10.15179/ces.16.2.4","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"91-120"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321063","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 objective of this paper is to analyze convergence in institutional, social, and macroeconomic conditions between EU member states. Our analysis covers the period 1995-2013 and considers the potential impact of the Great Recession. With this aim, we use a composite indicator that combines information from 51 hard and soft indicators, and we estimate convergence equations for the composite indicator and its seven dimensions considering different country groups. The obtained results show evidence of conditional convergence among EU member states but limited evidence of unconditional convergence over the considered period.
{"title":"Institutional and Socio-Economic Convergence in the European Union","authors":"Jordi López-Tamayo, Raúl Ramos, Jordi Suriñach","doi":"10.15179/CES.16.2.1","DOIUrl":"https://doi.org/10.15179/CES.16.2.1","url":null,"abstract":"The objective of this paper is to analyze convergence in institutional, social, and macroeconomic conditions between EU member states. Our analysis covers the period 1995-2013 and considers the potential impact of the Great Recession. With this aim, we use a composite indicator that combines information from 51 hard and soft indicators, and we estimate convergence equations for the composite indicator and its seven dimensions considering different country groups. The obtained results show evidence of conditional convergence among EU member states but limited evidence of unconditional convergence over the considered period.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"5-28"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321390","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}
Having recognized the impact of innovation for the improvement of productivity in firms and for the growth of national economies, researchers have been exploring the innovation process and its underlying factors for over a decade now. Much of the empirical findings in this area have been based on national firm-level studies while research that encompasses several countries, particularly in transition economies, is still rare. This paper attempts to fill this gap by investigating the impact of innovation on firms’ productivity across a number of East and West European countries, using a structural model based on Crepon, Duguet and Mairesse (1998) and a firm-level dataset from the 2006 round of the Community Innovation Survey (CIS6). In contrast to previous studies that focused only on product innovation as the measure of innovation output, we distinguish between firms engaged in only one type of innovation activities (product or process) and those engaged in both types. The results of the investigation provide support for the relationship between different stages of the innovation process and confirm the impact of innovation output on productivity. In addition, we find differences in the productivity associated with the type of innovation activities undertaken.
{"title":"Firm Productivity and Type of Innovation: Evidence from the Community Innovation Survey 6","authors":"N. Stojčić, Iraj Hashi","doi":"10.15179/CES.16.2.5","DOIUrl":"https://doi.org/10.15179/CES.16.2.5","url":null,"abstract":"Having recognized the impact of innovation for the improvement of productivity in firms and for the growth of national economies, researchers have been exploring the innovation process and its underlying factors for over a decade now. Much of the empirical findings in this area have been based on national firm-level studies while research that encompasses several countries, particularly in transition economies, is still rare. This paper attempts to fill this gap by investigating the impact of innovation on firms’ productivity across a number of East and West European countries, using a structural model based on Crepon, Duguet and Mairesse (1998) and a firm-level dataset from the 2006 round of the Community Innovation Survey (CIS6). In contrast to previous studies that focused only on product innovation as the measure of innovation output, we distinguish between firms engaged in only one type of innovation activities (product or process) and those engaged in both types. The results of the investigation provide support for the relationship between different stages of the innovation process and confirm the impact of innovation output on productivity. In addition, we find differences in the productivity associated with the type of innovation activities undertaken.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"121-146"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321270","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 objective of this paper is to measure the currency misalignment of the Croatian kuna and to reveal whether it affects economic growth for the period 2001 (Q1) to 2013 (Q3). The estimate relies on recent cointegration techniques, VAR models and Granger causality tests. The findings show that there are two misalignment sub-periods for the Croatian kuna: undervaluation in the period from 2000Q1 to 2007Q4 and overvaluation in the period from 2008Q1 to 2013Q3. The evidence reveals that for the whole sample period, the Granger causality goes from misalignments (MISA) to GDP growth under the 10 percent significance level. However, for the two sub-periods no evidence of Granger causality from MISA to GDP growth or vice versa is found. The research also reveals that the currency misalignments in the observed period are relatively small.
{"title":"Does Misaligned Currency Affect Economic Growth? – Evidence from Croatia","authors":"Tonći Svilokos, Meri Šuman Tolić","doi":"10.15179/CES.16.2.2","DOIUrl":"https://doi.org/10.15179/CES.16.2.2","url":null,"abstract":"The main objective of this paper is to measure the currency misalignment of the Croatian kuna and to reveal whether it affects economic growth for the period 2001 (Q1) to 2013 (Q3). The estimate relies on recent cointegration techniques, VAR models and Granger causality tests. The findings show that there are two misalignment sub-periods for the Croatian kuna: undervaluation in the period from 2000Q1 to 2007Q4 and overvaluation in the period from 2008Q1 to 2013Q3. The evidence reveals that for the whole sample period, the Granger causality goes from misalignments (MISA) to GDP growth under the 10 percent significance level. However, for the two sub-periods no evidence of Granger causality from MISA to GDP growth or vice versa is found. The research also reveals that the currency misalignments in the observed period are relatively small.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"29-58"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67320958","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}
{"title":"Dorothee Bohle and Béla Greskovits: Capitalist Diversity on Europe's Periphery","authors":"Sonja Avlijaš","doi":"10.15179/CES.16.2.6","DOIUrl":"https://doi.org/10.15179/CES.16.2.6","url":null,"abstract":"","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"0-0"},"PeriodicalIF":0.4,"publicationDate":"2014-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.2.6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321416","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}
Nowadays, there is a growing interest in the application of quantitative methods in portfolio management, as the results of their application can be used as guidelines for managing a successful investment portfolio, i.e., a portfolio that outperforms the market. This paper deals with the Data Envelopment Analysis (DEA) approach and a Dynamic Slacks-Based Measure as a method of forming a portfolio which would predominantly outperform the market. In order to test the strategy, data on stocks listed on the Zagreb Stock Exchange were gathered for the period April 2009 – June 2012. Using the quarterly returns, standard deviations and coefficients of skewness as links, a dynamic slacks-based measure approach was applied to evaluate the relative efficiency of stocks in each quarter. The findings indicate that a portfolio based on the results of the optimization beats the market in terms of both returns and risk. This is the first implementation of the dynamic DEA model in stock trading. The results suggest that it is superior to basic DEA models.
{"title":"Investment Strategy on the Zagreb Stock Exchange Based on Dynamic DEA","authors":"Tihana Škrinjarić","doi":"10.15179/CES.16.1.5","DOIUrl":"https://doi.org/10.15179/CES.16.1.5","url":null,"abstract":"Nowadays, there is a growing interest in the application of quantitative methods in portfolio management, as the results of their application can be used as guidelines for managing a successful investment portfolio, i.e., a portfolio that outperforms the market. This paper deals with the Data Envelopment Analysis (DEA) approach and a Dynamic Slacks-Based Measure as a method of forming a portfolio which would predominantly outperform the market. In order to test the strategy, data on stocks listed on the Zagreb Stock Exchange were gathered for the period April 2009 – June 2012. Using the quarterly returns, standard deviations and coefficients of skewness as links, a dynamic slacks-based measure approach was applied to evaluate the relative efficiency of stocks in each quarter. The findings indicate that a portfolio based on the results of the optimization beats the market in terms of both returns and risk. This is the first implementation of the dynamic DEA model in stock trading. The results suggest that it is superior to basic DEA models.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"129-160"},"PeriodicalIF":0.4,"publicationDate":"2014-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.1.5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67320974","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}
{"title":"Higher Education in the Digital Age, William G. Bowen, Princeton, NJ: Princeton University Press, 2013, pp. 172, ISBN 978-0-691-15930-0","authors":"B. Škrinjarić","doi":"10.15179/CES.16.1.7","DOIUrl":"https://doi.org/10.15179/CES.16.1.7","url":null,"abstract":"","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"171-185"},"PeriodicalIF":0.4,"publicationDate":"2014-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.1.7","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321348","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}
{"title":"Justin Yifu Lin: New Structural Economics: A Framework for Rethinking Development and Policy","authors":"V. Vučković","doi":"10.15179/ces.16.1.6","DOIUrl":"https://doi.org/10.15179/ces.16.1.6","url":null,"abstract":"","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"69 1","pages":"161-170"},"PeriodicalIF":0.4,"publicationDate":"2014-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/ces.16.1.6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321305","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 article incorporates both the new trade and the endogenous growth theories to study the determinants of import volumes of France and Germany so as to explain their individual industrial competitiveness strategies – price or quality competition. This article is different because it studies competitiveness of a country’s products by considering its resistance to foreign competition rather than considering exports of these countries. Using disaggregated bilateral data for 16 European countries including Japan and the United States across 15 distinctly classified industries over a period of 20 years (between 1991 and 2010), we use an import demand equation to compare the relative product performances of France and Germany vis-a-vis their exporting competitors. To eliminate the price endogeneity problem, we implement a Two Stage Least Squares (2SLS) estimation technique using the cost of production (which includes the unit labor cost and costs of capital and intermediates), mark-up and distance as instrumental variables for import prices. We also proxy innovation and hence product quality using research and development (R&D) intensity, reported in Product Field. We find that French products are highly substitutable vis-a-vis their foreign competitors in contrast to German products. Germany adopts better quality competitive strategies, thus rendering their products less substitutable and highly differentiated vis-a-vis their foreign counterparts.
{"title":"Resisting Foreign Competition – A Case Study of France and Germany","authors":"Thannaletchimy Thanagopal, P. L. Mouel","doi":"10.15179/CES.16.1.3","DOIUrl":"https://doi.org/10.15179/CES.16.1.3","url":null,"abstract":"This article incorporates both the new trade and the endogenous growth theories to study the determinants of import volumes of France and Germany so as to explain their individual industrial competitiveness strategies – price or quality competition. This article is different because it studies competitiveness of a country’s products by considering its resistance to foreign competition rather than considering exports of these countries. Using disaggregated bilateral data for 16 European countries including Japan and the United States across 15 distinctly classified industries over a period of 20 years (between 1991 and 2010), we use an import demand equation to compare the relative product performances of France and Germany vis-a-vis their exporting competitors. To eliminate the price endogeneity problem, we implement a Two Stage Least Squares (2SLS) estimation technique using the cost of production (which includes the unit labor cost and costs of capital and intermediates), mark-up and distance as instrumental variables for import prices. We also proxy innovation and hence product quality using research and development (R&D) intensity, reported in Product Field. We find that French products are highly substitutable vis-a-vis their foreign competitors in contrast to German products. Germany adopts better quality competitive strategies, thus rendering their products less substitutable and highly differentiated vis-a-vis their foreign counterparts.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"16 1","pages":"75-108"},"PeriodicalIF":0.4,"publicationDate":"2014-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.16.1.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67319915","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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