Abstract The significance and methods of measuring inefficiency of local communities has been gaining prominence in the last decade. The purpose of this paper is to empirically investigate the level of technical inefficiency in the sample of local communities in Bosnia and Herzegovina (BiH) for the year of 2017. We implement parametric stochastic frontier analysis (SFA) to conduct an input-oriented stochastic parametric approach to measuring technical inefficiency of local communities in BiH. The results of our work are complementary to previous research indicating relative technical inefficiency of local communities in BiH. On average, BiH local communities’ total expenditures can be reduced by 46.8 percent without reducing output levels to achieve the result of the local community on the best practice frontier. Since our analysis and selection of variables are driven by data availability, the future research plans to include more variables.
{"title":"A Stochastic Frontier Approach to Measuring Inefficiency of Local Communities in Bosnia and Herzegovina","authors":"Lejla Lazović-Pita, Lamija Šćeta","doi":"10.2478/jeb-2021-0002","DOIUrl":"https://doi.org/10.2478/jeb-2021-0002","url":null,"abstract":"Abstract The significance and methods of measuring inefficiency of local communities has been gaining prominence in the last decade. The purpose of this paper is to empirically investigate the level of technical inefficiency in the sample of local communities in Bosnia and Herzegovina (BiH) for the year of 2017. We implement parametric stochastic frontier analysis (SFA) to conduct an input-oriented stochastic parametric approach to measuring technical inefficiency of local communities in BiH. The results of our work are complementary to previous research indicating relative technical inefficiency of local communities in BiH. On average, BiH local communities’ total expenditures can be reduced by 46.8 percent without reducing output levels to achieve the result of the local community on the best practice frontier. Since our analysis and selection of variables are driven by data availability, the future research plans to include more variables.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2021-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41758762","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 Total public debt of ten cantons in the Federation of Bosnia and Herzegovina (FBiH), one of the two entities in BiH, have substantially increased in recent years. Since it is relatively small in nominal terms, this galloping trend have not attracted enough attention of decision makers. If these developments continue in the future, the public debt at cantonal level in FBiH might create serious fiscal problems and become one of central issues for policy makers. This has motivated our investigation of determinants that caused the increase in public debt over the period 2012-2018. We apply a panel regression analysis and investigate how budget deficit, trade balance, unemployment rate, size of population and institutional changes affect public debt. We find that public debt is positively associated with budget deficit but negatively associated with trade balance, the size of population and institutional changes. These findings motivated policy recommendations presented in the paper.
{"title":"Analysis of Public Debt at Subnational Government Levels: Evidence from Cantons in the Federation of Bosnia and Herzegovina","authors":"Jasmin Halebić, Amina Močević","doi":"10.2478/jeb-2020-0019","DOIUrl":"https://doi.org/10.2478/jeb-2020-0019","url":null,"abstract":"Abstract Total public debt of ten cantons in the Federation of Bosnia and Herzegovina (FBiH), one of the two entities in BiH, have substantially increased in recent years. Since it is relatively small in nominal terms, this galloping trend have not attracted enough attention of decision makers. If these developments continue in the future, the public debt at cantonal level in FBiH might create serious fiscal problems and become one of central issues for policy makers. This has motivated our investigation of determinants that caused the increase in public debt over the period 2012-2018. We apply a panel regression analysis and investigate how budget deficit, trade balance, unemployment rate, size of population and institutional changes affect public debt. We find that public debt is positively associated with budget deficit but negatively associated with trade balance, the size of population and institutional changes. These findings motivated policy recommendations presented in the paper.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48402583","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 The aim of this paper is to explore the potential link between gross capital formation and CO2 emissions by using the Toda and Yamamoto approach. The annual time-series data were collected for the period 1971-2014. Due to the fact that Kuwait aims to become a major trading hub by 2035, it has made significant efforts to improve the infrastructure. Moreover, Turkey is also making strong efforts to improve the manufacturing sector as well as infrastructure, and represents an important trading hub that links Europe with the Middle East. Thus, Turkey and Kuwait are expected to strengthen their economic ties and expand trade, which was the motivation for comparing the link of interest in these two countries. The study’s findings confirm the bidirectional links between all of the variables of interest not only in the case of Turkey but also in the case of Kuwait, suggesting some important policy implications.
{"title":"The Relationship Between CO2 Emissions and Gross Capital Formation in Turkey and Kuwait","authors":"Elma Satrovic, Adnan Muslija, Sadeq J. Abul","doi":"10.2478/jeb-2020-0013","DOIUrl":"https://doi.org/10.2478/jeb-2020-0013","url":null,"abstract":"Abstract The aim of this paper is to explore the potential link between gross capital formation and CO2 emissions by using the Toda and Yamamoto approach. The annual time-series data were collected for the period 1971-2014. Due to the fact that Kuwait aims to become a major trading hub by 2035, it has made significant efforts to improve the infrastructure. Moreover, Turkey is also making strong efforts to improve the manufacturing sector as well as infrastructure, and represents an important trading hub that links Europe with the Middle East. Thus, Turkey and Kuwait are expected to strengthen their economic ties and expand trade, which was the motivation for comparing the link of interest in these two countries. The study’s findings confirm the bidirectional links between all of the variables of interest not only in the case of Turkey but also in the case of Kuwait, suggesting some important policy implications.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46989698","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 Constantly growing health needs, changing demographic situation resulting in often prolonged treatment process, technological progress in the field of highly specialised medical procedures and the associated increase in patient awareness translate into an increase in the operating costs of the healthcare sector. The main aim of the study was the assessment of the relationship between the labour costs of medical staff and in-patient curative care costs financed by the main payer over the next decade. The research results confirmed that the assumed increase of expenditures on healthcare sector to the level of 9% of GDP in 2027 (proposed by management units) is unlikely to happen. The research findings were obtained by the implementation of scenario analysis supported by the development trend analysis.
{"title":"Inpatient Costs in the Perspective of Polish Health Policy: Scenario Analysis","authors":"Katarzyna M. Miszczyńska, Piotr M. Miszczyński","doi":"10.2478/jeb-2020-0014","DOIUrl":"https://doi.org/10.2478/jeb-2020-0014","url":null,"abstract":"Abstract Constantly growing health needs, changing demographic situation resulting in often prolonged treatment process, technological progress in the field of highly specialised medical procedures and the associated increase in patient awareness translate into an increase in the operating costs of the healthcare sector. The main aim of the study was the assessment of the relationship between the labour costs of medical staff and in-patient curative care costs financed by the main payer over the next decade. The research results confirmed that the assumed increase of expenditures on healthcare sector to the level of 9% of GDP in 2027 (proposed by management units) is unlikely to happen. The research findings were obtained by the implementation of scenario analysis supported by the development trend analysis.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43944461","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 A recent survey found that the unadjusted average hourly net wage rate of female employees in Kosovo exceeded that of male employees. This reverse gender wage gap makes Kosovo a curiosity, though results from other countries suggest that there is an inverse relationship between the size of the gender pay gap in a country and its female labour force participation rate. In the analysis below we estimate earning functions for female and male employees in Kosovo. Using decomposition analyses we then examine the size of the explained and unexplained gender wage gaps. A novel feature of the investigation is that we incorporate into the analysis gender differences in the allocation of time. We find that the superior productivity-related characteristics of female employees in Kosovo hides the magnitude of the difficulties they still face in the labour market. Hence, we conclude that once we focus on workers with similar observed productivity-related characteristics, women in Kosovo are paid significantly less than men.
{"title":"Are Women Really Paid More than Men in Kosovo? Unpicking the Evidence","authors":"Ardiana Gashi, N. Adnett","doi":"10.2478/jeb-2020-0017","DOIUrl":"https://doi.org/10.2478/jeb-2020-0017","url":null,"abstract":"Abstract A recent survey found that the unadjusted average hourly net wage rate of female employees in Kosovo exceeded that of male employees. This reverse gender wage gap makes Kosovo a curiosity, though results from other countries suggest that there is an inverse relationship between the size of the gender pay gap in a country and its female labour force participation rate. In the analysis below we estimate earning functions for female and male employees in Kosovo. Using decomposition analyses we then examine the size of the explained and unexplained gender wage gaps. A novel feature of the investigation is that we incorporate into the analysis gender differences in the allocation of time. We find that the superior productivity-related characteristics of female employees in Kosovo hides the magnitude of the difficulties they still face in the labour market. Hence, we conclude that once we focus on workers with similar observed productivity-related characteristics, women in Kosovo are paid significantly less than men.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47842235","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 Over the last few decades, many countries in the world have been struggling with high indebtedness. This has been especially emphasized in periods of crisis, and this was not an exception during the last global economic crisis in 2009. The advent of the crisis has further increased the need for borrowing. Increasing indebtedness after the crisis was also characteristic of BiH economy, the country in our research focus, which had an increase of public external debt by over 100% over the last two decades. The paper focuses on the external indebtedness of Bosnia and Herzegovina (BiH) over the period 2004-2017. The empirical part relies on dynamic modelling - Vector Autoregression Model, which is used to explore total external indebtedness. The empirical investigation implies that foreign-trade exchange deficits have had the greatest impact on rising indebtedness in BiH, while movements in EURIBOR interest rates have little influence in explaining this variability. The empirical investigation implies that macroeconomic policy in BiH, if it wants to keep the external debt under control over the longer time horizon, does need to focus on deficits in its foreign exchange more. One of inevitable priorities is to work on supporting production based of export from this economy.
{"title":"External Debt in Bosnia and Herzegovina – An Empirical Analysis","authors":"Jasmina Hurić-Bjelan, A. Hadžiahmetović","doi":"10.2478/jeb-2020-0016","DOIUrl":"https://doi.org/10.2478/jeb-2020-0016","url":null,"abstract":"Abstract Over the last few decades, many countries in the world have been struggling with high indebtedness. This has been especially emphasized in periods of crisis, and this was not an exception during the last global economic crisis in 2009. The advent of the crisis has further increased the need for borrowing. Increasing indebtedness after the crisis was also characteristic of BiH economy, the country in our research focus, which had an increase of public external debt by over 100% over the last two decades. The paper focuses on the external indebtedness of Bosnia and Herzegovina (BiH) over the period 2004-2017. The empirical part relies on dynamic modelling - Vector Autoregression Model, which is used to explore total external indebtedness. The empirical investigation implies that foreign-trade exchange deficits have had the greatest impact on rising indebtedness in BiH, while movements in EURIBOR interest rates have little influence in explaining this variability. The empirical investigation implies that macroeconomic policy in BiH, if it wants to keep the external debt under control over the longer time horizon, does need to focus on deficits in its foreign exchange more. One of inevitable priorities is to work on supporting production based of export from this economy.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43615232","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 investigates the impact of risk classification on life insurance ratemaking with particular reference to Bosnia and Herzegovina (BiH). The research is based on a sample of over eighteen thousand insurance policies for passenger vehicles collected over the period 2015-2020. In our empirical investigation we develop a standard risk model based on the application of Poisson Generalized linear models (GLM) for claims frequency estimate and Gamma GLM for claim severity estimate. The analysis reveals that GLM does not provide a reliable parameter estimates for Multi-level factor (MLF) categorical predictors. Although GLM is widely used method to deter insurance premiums, improvements of GLM by using the data mining methods identified in this paper may solve practical challenges for the risk models. The popularity of applying data mining methods in the actuarial community has been growing in recent years due to its efficiency and precision. These models are recommended to be considered in BiH and South East European region in general.
{"title":"Classification Ratemaking Using Decision Tree in the Insurance Market of Bosnia and Herzegovina","authors":"Amela Omerašević, Jasmina Selimović","doi":"10.2478/jeb-2020-0020","DOIUrl":"https://doi.org/10.2478/jeb-2020-0020","url":null,"abstract":"Abstract This paper investigates the impact of risk classification on life insurance ratemaking with particular reference to Bosnia and Herzegovina (BiH). The research is based on a sample of over eighteen thousand insurance policies for passenger vehicles collected over the period 2015-2020. In our empirical investigation we develop a standard risk model based on the application of Poisson Generalized linear models (GLM) for claims frequency estimate and Gamma GLM for claim severity estimate. The analysis reveals that GLM does not provide a reliable parameter estimates for Multi-level factor (MLF) categorical predictors. Although GLM is widely used method to deter insurance premiums, improvements of GLM by using the data mining methods identified in this paper may solve practical challenges for the risk models. The popularity of applying data mining methods in the actuarial community has been growing in recent years due to its efficiency and precision. These models are recommended to be considered in BiH and South East European region in general.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46584922","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 mixed method study aims to examine the relationship between big-five personality traits and workplace spirituality from a managerial perspective by analyzing its potential effects on management. In the quantitative step, the cross-sectional survey was employed as the data collection, and the data were obtained from a sampling group through the simple random sampling. Further, the qualitative part of the study was designed as a purposive sampling technique. The quantitative research data were obtained from 238 participants working in a public university in Turkey. The qualitative data were obtained by interviewing a group of 14 people from the same sample of participants working as administrators at the same university. The qualitative data of the study were analyzed by content analysis. The findings indicate that the harmony between the perception of personality structures and workplace spirituality has an important function in the adoption of workplace values by the employees.
{"title":"Big Five Personality Traits and Workplace Spirituality: A Mixed Method Study","authors":"H. Tutar, Emre Oruç, A. Erdem, Harun Serpil","doi":"10.2478/jeb-2020-0018","DOIUrl":"https://doi.org/10.2478/jeb-2020-0018","url":null,"abstract":"Abstract This mixed method study aims to examine the relationship between big-five personality traits and workplace spirituality from a managerial perspective by analyzing its potential effects on management. In the quantitative step, the cross-sectional survey was employed as the data collection, and the data were obtained from a sampling group through the simple random sampling. Further, the qualitative part of the study was designed as a purposive sampling technique. The quantitative research data were obtained from 238 participants working in a public university in Turkey. The qualitative data were obtained by interviewing a group of 14 people from the same sample of participants working as administrators at the same university. The qualitative data of the study were analyzed by content analysis. The findings indicate that the harmony between the perception of personality structures and workplace spirituality has an important function in the adoption of workplace values by the employees.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48890761","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 aims to analyze the effect of financial deepening on economic growth, income inequality, and poverty rates in 73 countries during the period 1991–2015. Panel data regression and the interaction of dummy variables are used to measure the effect. The results indicate that financial deepening has positive effects on economic growth, but negative effects on income inequality and poverty rates; has significant effect on economic growth in advanced economies (AEs) and significant effect on income equality and poverty rates in emerging markets and developing economies (EMDEs). These findings show that countries have to be selective in developing their financial sectors as it either can have positive or negative effect.
{"title":"The Effect of Financial Deepening on Economic Growth, Inequality, and Poverty: Evidence from 73 Countries","authors":"Catur Sugiyanto, Zefania Yolanda","doi":"10.2478/jeb-2020-0012","DOIUrl":"https://doi.org/10.2478/jeb-2020-0012","url":null,"abstract":"Abstract This study aims to analyze the effect of financial deepening on economic growth, income inequality, and poverty rates in 73 countries during the period 1991–2015. Panel data regression and the interaction of dummy variables are used to measure the effect. The results indicate that financial deepening has positive effects on economic growth, but negative effects on income inequality and poverty rates; has significant effect on economic growth in advanced economies (AEs) and significant effect on income equality and poverty rates in emerging markets and developing economies (EMDEs). These findings show that countries have to be selective in developing their financial sectors as it either can have positive or negative effect.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43542876","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 European monetary integration must be understood as an additional step towards strengthening the close ties that have been fostered after the Second World War. The aim of this research is to determine the effect of adopting the euro in terms of productivity growth, measured as the total factor productivity (TPF) variation. We used a panel data analysis with two-way fixed effects to estimate the effects of Euro adoption on the productivity growth. Two panels from 1996 to 2016 were used –one comprised 28 countries of EU members; the other only included 13 countries which joined the EU since 2004. Our findings suggest that the productivity growth of the countries that joined in 2004 and adopted the euro was higher compared to those that maintained their own currency. In addition, we find that FDI was the main channel through which the adoption of the euro influenced productivity growth.
{"title":"Can Monetary Integration Improve Productivity? Empirical Evidence of Eurozone","authors":"León Padilla","doi":"10.2478/jeb-2020-0015","DOIUrl":"https://doi.org/10.2478/jeb-2020-0015","url":null,"abstract":"Abstract European monetary integration must be understood as an additional step towards strengthening the close ties that have been fostered after the Second World War. The aim of this research is to determine the effect of adopting the euro in terms of productivity growth, measured as the total factor productivity (TPF) variation. We used a panel data analysis with two-way fixed effects to estimate the effects of Euro adoption on the productivity growth. Two panels from 1996 to 2016 were used –one comprised 28 countries of EU members; the other only included 13 countries which joined the EU since 2004. Our findings suggest that the productivity growth of the countries that joined in 2004 and adopted the euro was higher compared to those that maintained their own currency. In addition, we find that FDI was the main channel through which the adoption of the euro influenced productivity growth.","PeriodicalId":43828,"journal":{"name":"South East European Journal of Economics and Business","volume":null,"pages":null},"PeriodicalIF":1.0,"publicationDate":"2020-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47929831","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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