Abstract We investigate the impact of the budget transparency of local governments on debt using a panel data analysis of all 556 Croatian cities and municipalities over the 2014-2021 period. The analysis shows that increased budget transparency is associated with lower local government debt, i.e., budget transparency enables better public control of unnecessary debt. Additionally, regarding the legal regulation according to which higher own revenues enable higher borrowing, we examine the link between budget transparency and own revenues. The results show that local governments with higher budget transparency have higher own revenues, i.e., budget transparency can help local governments better control opportunistic borrowing and simultaneously increase their own revenues. Finally, we detect political budget cycles related to local government revenues and debt. This paper constitutes the first attempt to explore the effect of budget transparency on debt and own revenues in all local governments in one young democracy.
{"title":"The Impact of Local Governments’ Budget Transparency on Debt in Croatia","authors":"P. Mourão, Mihaela Bronić, B. Stanić","doi":"10.2478/jeb-2023-0016","DOIUrl":"https://doi.org/10.2478/jeb-2023-0016","url":null,"abstract":"Abstract We investigate the impact of the budget transparency of local governments on debt using a panel data analysis of all 556 Croatian cities and municipalities over the 2014-2021 period. The analysis shows that increased budget transparency is associated with lower local government debt, i.e., budget transparency enables better public control of unnecessary debt. Additionally, regarding the legal regulation according to which higher own revenues enable higher borrowing, we examine the link between budget transparency and own revenues. The results show that local governments with higher budget transparency have higher own revenues, i.e., budget transparency can help local governments better control opportunistic borrowing and simultaneously increase their own revenues. Finally, we detect political budget cycles related to local government revenues and debt. This paper constitutes the first attempt to explore the effect of budget transparency on debt and own revenues in all local governments in one young democracy.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138623896","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 This study aimed to investigate determinants of purchase cheeses with GIs in developing country and to analyze to what extent these factors affected individuals’ purchasing intention, because there is a growing interest in geographical indications of origin (GIs) as a tool for product differentiation. An extension of the theory of planned behavior (TPB) is used as the framework of the study. To get a deeper insight into the influence of unobserved exogenous latent variables on consumers’ intentions to purchase GI cheeses, SEM and Logit models were combined and the SEM-Logit integration model was constructed. The study supports extended model of TPB, which includes trust and loyalty, as a useful framework to understand the consumers’ intentions to buy the investigated product category. The results from SEM-Logit show that attitude, subjective norms, perceived behavioral control, trust, loyalty, education and monthly income have significant impacts on intention to purchase cheeses with GIs. The findings of this research provide important contribution for understanding GI cheeses’ consumption intention and behavior.
{"title":"Understanding Consumers’ Intention to Purchase GI Cheeses Based on the SEM-Logit Model","authors":"Dubravka Užar, Jelena Filipović","doi":"10.2478/jeb-2023-0020","DOIUrl":"https://doi.org/10.2478/jeb-2023-0020","url":null,"abstract":"Abstract This study aimed to investigate determinants of purchase cheeses with GIs in developing country and to analyze to what extent these factors affected individuals’ purchasing intention, because there is a growing interest in geographical indications of origin (GIs) as a tool for product differentiation. An extension of the theory of planned behavior (TPB) is used as the framework of the study. To get a deeper insight into the influence of unobserved exogenous latent variables on consumers’ intentions to purchase GI cheeses, SEM and Logit models were combined and the SEM-Logit integration model was constructed. The study supports extended model of TPB, which includes trust and loyalty, as a useful framework to understand the consumers’ intentions to buy the investigated product category. The results from SEM-Logit show that attitude, subjective norms, perceived behavioral control, trust, loyalty, education and monthly income have significant impacts on intention to purchase cheeses with GIs. The findings of this research provide important contribution for understanding GI cheeses’ consumption intention and behavior.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138624732","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 This paper aims to examine the relationship between the bargaining power of farmers in trade and their plans for future economic activity. While there is existing evidence shedding light on the factors influencing trading power and its consequences, there remains a compelling exigency for scientific substantiation clarifying the aforementioned nexus. A questionnaire was designed and utilized to collect primary data from farmers in Albania (with a sample size of 640). Factor analysis, reliability test and non-parametric statistical methods were used. Evidence was found in support of the aforesaid relationships. Hence, farmers who have plans for investments reflect a higher bargaining power in trading, as opposed to those without such plans. Moreover, interest in increasing farm activity is significantly associated with improved bargaining power in trade. This study enriches the literature, especially in the agribusiness field, by offering additional insights from a transition and developing country.
{"title":"Linking Farmers’ Bargaining Power in Trade to their Plans for Future Economic Activities","authors":"I. Lushi, Gentjan Çera, Arif Murrja, Sead Ujkani","doi":"10.2478/jeb-2023-0026","DOIUrl":"https://doi.org/10.2478/jeb-2023-0026","url":null,"abstract":"Abstract This paper aims to examine the relationship between the bargaining power of farmers in trade and their plans for future economic activity. While there is existing evidence shedding light on the factors influencing trading power and its consequences, there remains a compelling exigency for scientific substantiation clarifying the aforementioned nexus. A questionnaire was designed and utilized to collect primary data from farmers in Albania (with a sample size of 640). Factor analysis, reliability test and non-parametric statistical methods were used. Evidence was found in support of the aforesaid relationships. Hence, farmers who have plans for investments reflect a higher bargaining power in trading, as opposed to those without such plans. Moreover, interest in increasing farm activity is significantly associated with improved bargaining power in trade. This study enriches the literature, especially in the agribusiness field, by offering additional insights from a transition and developing country.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138620505","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 Recent research has highlighted the adoption of blockchain technology (BCT) and the increasing recognition of its multiple capabilities for users. The main objective of this paper is to delineate different consumer segments based on their BCT beliefs and attitudes. Using a survey method, 934 questionnaires were collected and subjected to hierarchical and K-Means cluster analysis and contingency analysis. The results reveal four identifiable user segments with respect to BCT adoption: Innovators (enthusiastic about BCT), Cautious (careful about BCT), Sceptics (doubtful about BCT), and Suspicious (very distrustful about BCT). These results provide valuable insights into understanding behavioral intentions and serve as a basis for future research.
{"title":"Consumer Segments in Blockchain Technology Adoption","authors":"A. Tanković, M. Prodan, Dragan Benazić","doi":"10.2478/jeb-2023-0025","DOIUrl":"https://doi.org/10.2478/jeb-2023-0025","url":null,"abstract":"Abstract Recent research has highlighted the adoption of blockchain technology (BCT) and the increasing recognition of its multiple capabilities for users. The main objective of this paper is to delineate different consumer segments based on their BCT beliefs and attitudes. Using a survey method, 934 questionnaires were collected and subjected to hierarchical and K-Means cluster analysis and contingency analysis. The results reveal four identifiable user segments with respect to BCT adoption: Innovators (enthusiastic about BCT), Cautious (careful about BCT), Sceptics (doubtful about BCT), and Suspicious (very distrustful about BCT). These results provide valuable insights into understanding behavioral intentions and serve as a basis for future research.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138617247","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 Migration of higher-educated individuals from Croatia is damaging the long-term perspective of the Croatian economy as lower levels of the participation rate in the Croatian economy may endanger the feasibility of the social, healthcare and pension systems. With Croatia’s accession to the EU, a wave of migration was facilitated as a result of easier access to foreign labour markets. The paper focuses on the causes of migration from Croatia given the relatively limited research devoted to this topic. While there is robust evidence of corruption being one of the main causes of migration globally, this paper questions this assertion specifically in the case of Croatia. The paper analyses information from a survey with a random sampling approach of 223 respondents from the Varaždin County. The data is analysed by implementing different logit regression models. The paper conceptualizes economic and political factors that may cause migration as different variables in order to conduct a robustness check. The main finding of the paper is that monetary causes and a belief that individuals could earn more income abroad are the primary motivator of migration from Croatia. This is contrary to much of the existing literature that identifies corruption as the driving force of migration. Knowing individuals who have migrated abroad also makes it more likely for an individual to migrate from Croatia. While the paper found a significant degree of lacking faith in public institutions, this was common to participants regardless of whether or not they considered migrating from Croatia. As such, the paper considers monetary conditions rather than corruption to be the key driving force behind migration from Croatia.
{"title":"Is Corruption the Driving Force of Migration from Croatia: Evidence from a Survey","authors":"Petar Kurecic, Filip Kokotović, Vesna Haluga","doi":"10.2478/jeb-2023-0001","DOIUrl":"https://doi.org/10.2478/jeb-2023-0001","url":null,"abstract":"Abstract Migration of higher-educated individuals from Croatia is damaging the long-term perspective of the Croatian economy as lower levels of the participation rate in the Croatian economy may endanger the feasibility of the social, healthcare and pension systems. With Croatia’s accession to the EU, a wave of migration was facilitated as a result of easier access to foreign labour markets. The paper focuses on the causes of migration from Croatia given the relatively limited research devoted to this topic. While there is robust evidence of corruption being one of the main causes of migration globally, this paper questions this assertion specifically in the case of Croatia. The paper analyses information from a survey with a random sampling approach of 223 respondents from the Varaždin County. The data is analysed by implementing different logit regression models. The paper conceptualizes economic and political factors that may cause migration as different variables in order to conduct a robustness check. The main finding of the paper is that monetary causes and a belief that individuals could earn more income abroad are the primary motivator of migration from Croatia. This is contrary to much of the existing literature that identifies corruption as the driving force of migration. Knowing individuals who have migrated abroad also makes it more likely for an individual to migrate from Croatia. While the paper found a significant degree of lacking faith in public institutions, this was common to participants regardless of whether or not they considered migrating from Croatia. As such, the paper considers monetary conditions rather than corruption to be the key driving force behind migration from Croatia.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44294090","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 This paper studies the extent individuals are willing to undertake energy efficiency measures, with evidence coming from a developing country (Bosnia and Herzegovina). The goal of this paper is to analyze energy-savings behaviors, aiming to understand what is typically meant under the term energy efficiency, who is more likely to know the meaning, and the extent individuals are willing to undertake some energy efficiency measures. The sample size used in this paper is a random stratified sample of 1,415 individuals coming from various backgrounds. Our logistic regression models found no statistically significant predictor across all ten measures used in the study. However, past experience, age, and being married are relatively common across these ten energy-saving behaviors. These results might be beneficial in defining policies in order to promote energy-saving behaviors.
{"title":"The Extent Individuals Are Willing to Undertake Energy Efficiency Measures: Evidence from Bosnia and Herzegovina","authors":"Ljiljan Veselinović, Jasmina Mangafic, Danijela Martinović","doi":"10.2478/jeb-2023-0006","DOIUrl":"https://doi.org/10.2478/jeb-2023-0006","url":null,"abstract":"Abstract This paper studies the extent individuals are willing to undertake energy efficiency measures, with evidence coming from a developing country (Bosnia and Herzegovina). The goal of this paper is to analyze energy-savings behaviors, aiming to understand what is typically meant under the term energy efficiency, who is more likely to know the meaning, and the extent individuals are willing to undertake some energy efficiency measures. The sample size used in this paper is a random stratified sample of 1,415 individuals coming from various backgrounds. Our logistic regression models found no statistically significant predictor across all ten measures used in the study. However, past experience, age, and being married are relatively common across these ten energy-saving behaviors. These results might be beneficial in defining policies in order to promote energy-saving behaviors.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47959631","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}
S. Sovilj, Marina Tkalec, Dominik Pripužić, Z. Kostanjčar
Abstract In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario.
{"title":"Modelling National Economic System: A Case of the Croatian Economy","authors":"S. Sovilj, Marina Tkalec, Dominik Pripužić, Z. Kostanjčar","doi":"10.2478/jeb-2023-0009","DOIUrl":"https://doi.org/10.2478/jeb-2023-0009","url":null,"abstract":"Abstract In this study we evaluate a national economic model using a system dynamics approach. We use a set of macroeconomic data for a transition economy to validate the model behaviour in the past, and then simulate the alternative paths of key macroeconomic variables. Instead of studying only a fraction of the economy, or using simple and abstract models, we build a large-scale national economic model. As the study is based on system dynamics information feedback, it provides additional insights about the macroeconomic effects of the economic policy, making it a valuable tool for economic policy analysis. Such insights are instrumental for understanding the total effects of economic policies and their full economic consequences. To demonstrate this, we have simulated one actual economic policy intervention and its alternative scenario.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46579766","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 Social spending in Croatia is mainly based on social protection, public healthcare and education policies. There are two forms of investing in children through the social spending provided by central and local governments: cash and in-kind transfers. This paper describes the impacts of such social spending on households with children in Croatia and its capital, Zagreb. Making use of a microsimulation model, the income distribution of cash and in-kind transfers and their impacts on poverty and inequality are assessed. Compared to cash transfers, in-kind transfers, including local government subsidies, are relatively evenly distributed, income independent, and thus roughly equally important for the entire population. Their value greatly exceeds that of monetary transfers. Results demonstrate the progressive effect of transfers in kind on income distribution by reducing income inequality and poverty. This research seeks to emphasise the importance of using augmented income in the analysis of income inequality and poverty, instead of solely monetary disposable income.
{"title":"The Distributional Impact of Social Spending on In-Kind and Cash Child Transfers in Croatia","authors":"M. Pezer, Nora Mustać, Chrysa Leventi","doi":"10.2478/jeb-2023-0011","DOIUrl":"https://doi.org/10.2478/jeb-2023-0011","url":null,"abstract":"Abstract Social spending in Croatia is mainly based on social protection, public healthcare and education policies. There are two forms of investing in children through the social spending provided by central and local governments: cash and in-kind transfers. This paper describes the impacts of such social spending on households with children in Croatia and its capital, Zagreb. Making use of a microsimulation model, the income distribution of cash and in-kind transfers and their impacts on poverty and inequality are assessed. Compared to cash transfers, in-kind transfers, including local government subsidies, are relatively evenly distributed, income independent, and thus roughly equally important for the entire population. Their value greatly exceeds that of monetary transfers. Results demonstrate the progressive effect of transfers in kind on income distribution by reducing income inequality and poverty. This research seeks to emphasise the importance of using augmented income in the analysis of income inequality and poverty, instead of solely monetary disposable income.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43213347","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 This paper examines the determinants of firm-level growth based on three eastern European countries – the Czech Republic, Hungary, and Poland. We investigate whether there exist common firm-level characteristics that play a significant role in determining firm-level performance across the three countries, and whether development in financial markets can facilitate the growth of individual firms, particularly for firms that require external financing (borrowing). Our empirical analysis shows that in the case of Poland, firm-level characteristics, such as firm age and firm size, turn out to be significant, and that the role of these factors on the sales growth of firms is quite consistent with the findings in the existing literature. The same firm-level characteristics do not appear to be significant in the cases of Czechia and Hungary, which suggests that these factors play a different role in the firm-level growth of these countries. However, a firm’s access to external financing matters for the determining the firm’s growth and its development of financial markets, which enables the firm to have easier access to external sources of financing, thereby especially facilitating the growth of the individual firm that might need external funds. Our findings provide additional empirical evidence on the existing literature that emphasizes the positive impact of financial development on the individual firms’ growth based on a cross-country analysis.
{"title":"Determinants of Firm-Level Growth: Lessons from the Czech Republic, Hungary, and Poland","authors":"Mihye Lee","doi":"10.2478/jeb-2023-0004","DOIUrl":"https://doi.org/10.2478/jeb-2023-0004","url":null,"abstract":"Abstract This paper examines the determinants of firm-level growth based on three eastern European countries – the Czech Republic, Hungary, and Poland. We investigate whether there exist common firm-level characteristics that play a significant role in determining firm-level performance across the three countries, and whether development in financial markets can facilitate the growth of individual firms, particularly for firms that require external financing (borrowing). Our empirical analysis shows that in the case of Poland, firm-level characteristics, such as firm age and firm size, turn out to be significant, and that the role of these factors on the sales growth of firms is quite consistent with the findings in the existing literature. The same firm-level characteristics do not appear to be significant in the cases of Czechia and Hungary, which suggests that these factors play a different role in the firm-level growth of these countries. However, a firm’s access to external financing matters for the determining the firm’s growth and its development of financial markets, which enables the firm to have easier access to external sources of financing, thereby especially facilitating the growth of the individual firm that might need external funds. Our findings provide additional empirical evidence on the existing literature that emphasizes the positive impact of financial development on the individual firms’ growth based on a cross-country analysis.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45257950","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 This paper identifies the natural interest rate for the Macedonian economy using quarterly data for 2001Q4-2019Q3. To this end, the estimation is made by using different types of models, such as the Holston, Laubach, and Williams model and the full-fledged country-specific structural MAKPAM model. The empirical results show that the natural rate of interest in the Macedonian economy has declined over time, which is similar to the findings for other countries. The decomposition of the natural rate suggests that the main driver for the decline is the slowdown of the Macedonian potential GDP growth in the period after the global economic crisis, although there are signs of its recovery at the end of the sample period. In addition, the results indicate that the monetary policy conditions in the Macedonian economy have been broadly accommodative from 2011Q4 onwards. The substantive conclusions are unchanged across the multiple models used in this study.
{"title":"Measuring the Natural Interest Rate for the Macedonian Economy: A Multi-Model Approach","authors":"Mite Miteski, M. Petrovska, Artan Sulejmani","doi":"10.2478/jeb-2023-0012","DOIUrl":"https://doi.org/10.2478/jeb-2023-0012","url":null,"abstract":"Abstract This paper identifies the natural interest rate for the Macedonian economy using quarterly data for 2001Q4-2019Q3. To this end, the estimation is made by using different types of models, such as the Holston, Laubach, and Williams model and the full-fledged country-specific structural MAKPAM model. The empirical results show that the natural rate of interest in the Macedonian economy has declined over time, which is similar to the findings for other countries. The decomposition of the natural rate suggests that the main driver for the decline is the slowdown of the Macedonian potential GDP growth in the period after the global economic crisis, although there are signs of its recovery at the end of the sample period. In addition, the results indicate that the monetary policy conditions in the Macedonian economy have been broadly accommodative from 2011Q4 onwards. The substantive conclusions are unchanged across the multiple models used in this study.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48814131","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}