Pub Date : 2018-12-13DOI: 10.17535/CRORR.2018.0013
S. Chión, V. Charles
Today, innovation is perceived as a source of competitive advantage for firms, playing a vital role in both the survival and growth of firms. A general look at the existing literature on innovation points toward a lack of studies that explore the risk and reward topic in the conformation of innovation portfolios in a firm. Hence, the main purpose of the present paper is to analyse the relationship between investment in innovation and the gain of the process and how this relationship is affected by the type of industry in which the firm operates and by the intervention of the authorities (legal protection of innovation). Among others, results indicate that, contrary to what could be expected, firms would tend to invest in disruptive innovation projects in hard innovative industries, wherein the potential, disruptive innovation is much harder to generate given the natural protection against potential competition that characterizes these industries. On the other hand, investment in disruptive innovation in soft innovative industries would require a framework of legal protection in accordance with the level of natural innovativeness of the industry. In terms of practical implications, the management of the legal protection would be socially desirable for achieving a balanced innovation development framework in the economy, as well as for resource allocations in disruptive innovation in industries where, although it is easier to be successful, its usufruct is difficult.
{"title":"The Risk and Reward Management in Innovation Portfolios: A Markovian Approach","authors":"S. Chión, V. Charles","doi":"10.17535/CRORR.2018.0013","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0013","url":null,"abstract":"Today, innovation is perceived as a source of competitive advantage for firms, playing a vital role in both the survival and growth of firms. A general look at the existing literature on innovation points toward a lack of studies that explore the risk and reward topic in the conformation of innovation portfolios in a firm. Hence, the main purpose of the present paper is to analyse the relationship between investment in innovation and the gain of the process and how this relationship is affected by the type of industry in which the firm operates and by the intervention of the authorities (legal protection of innovation). Among others, results indicate that, contrary to what could be expected, firms would tend to invest in disruptive innovation projects in hard innovative industries, wherein the potential, disruptive innovation is much harder to generate given the natural protection against potential competition that characterizes these industries. On the other hand, investment in disruptive innovation in soft innovative industries would require a framework of legal protection in accordance with the level of natural innovativeness of the industry. In terms of practical implications, the management of the legal protection would be socially desirable for achieving a balanced innovation development framework in the economy, as well as for resource allocations in disruptive innovation in industries where, although it is easier to be successful, its usufruct is difficult.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0013","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47804619","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-13DOI: 10.17535/CRORR.2018.0018
Nikola Kadoić
The Analytic Network Process (ANP) is one of the most complex multi-criteria decision-making methods. It was developed by Professor Thomas Saaty, who
网络分析法（ANP）是最复杂的多准则决策方法之一。它是由托马斯·萨蒂教授开发的，他
{"title":"Characteristics of the Analytic Network Process, a Multi-Criteria Decision-Making Method","authors":"Nikola Kadoić","doi":"10.17535/CRORR.2018.0018","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0018","url":null,"abstract":"The Analytic Network Process (ANP) is one of the most complex multi-criteria decision-making methods. It was developed by Professor Thomas Saaty, who","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0018","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43073535","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0017
V. Novoselac, Zlatko Pavić
The paper studies the problem of a cluster detection in the noisy environment. The solution of this problem is based on the well known Expectation Maximization (EM) algorithm. By utilizing the Mahalanobis distance, and modifying the hidden variable, the rejection procedure is constructed so that it omits data from calculation of the current iteration step. Thus we construct the adaptive framework for solving the above problem. Several numerical examples are presented to illustrate the proposed algorithm.
{"title":"Cluster Detection in the Noisy Environment by Using the Modified EM Algorithm","authors":"V. Novoselac, Zlatko Pavić","doi":"10.17535/CRORR.2018.0017","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0017","url":null,"abstract":"The paper studies the problem of a cluster detection in the noisy environment. The solution of this problem is based on the well known Expectation Maximization (EM) algorithm. By utilizing the Mahalanobis distance, and modifying the hidden variable, the rejection procedure is constructed so that it omits data from calculation of the current iteration step. Thus we construct the adaptive framework for solving the above problem. Several numerical examples are presented to illustrate the proposed algorithm.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45270805","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0025
E. Edionwe, J. I. Mbegbu, N. Ekhosuehi, H. Obiora-Ilouno
In production, manufacturing and several other allied industries, appropriate tool is applied in the analysis of data in order to enhance the opportunity for product and process optimization. A statistical tool that has successfully been used to achieve this goal is Response Surface Methodology (RSM). A recent trend in the modeling phase of RSM involves the use of semi-parametric regression models which are hybrids of the Ordinary Least Squares (OLS) and the Local Linear Regression (LLR) models. In this paper, we propose a modification in the current structure of the semi-parametric Model Robust Regression 2 (MRR2) with a view to improving its sensitivity to local trends and patterns in data. The proposed model is applied to two multiple response optimization problems from the literature. The results of goodness-of-fits and optimal solutions confirm that the proposed model performs better than the MRR2.
{"title":"An Improved Robust Regression Model for Response Surface Methodology","authors":"E. Edionwe, J. I. Mbegbu, N. Ekhosuehi, H. Obiora-Ilouno","doi":"10.17535/CRORR.2018.0025","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0025","url":null,"abstract":"In production, manufacturing and several other allied industries, appropriate tool is applied in the analysis of data in order to enhance the opportunity for product and process optimization. A statistical tool that has successfully been used to achieve this goal is Response Surface Methodology (RSM). A recent trend in the modeling phase of RSM involves the use of semi-parametric regression models which are hybrids of the Ordinary Least Squares (OLS) and the Local Linear Regression (LLR) models. In this paper, we propose a modification in the current structure of the semi-parametric Model Robust Regression 2 (MRR2) with a view to improving its sensitivity to local trends and patterns in data. The proposed model is applied to two multiple response optimization problems from the literature. The results of goodness-of-fits and optimal solutions confirm that the proposed model performs better than the MRR2.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0025","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44763934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0024
Aydin Ulucan, Kazim Baris Atici, Akin Ozkan
Quality Assurance is one of the core elements of the Bologna Process in European Higher Education and the Bologna Process data of the programs can serve as a rich resource for assessing program quality and benchmarking since the data follow a standardized framework for any program. Despite the standardized framework, the data of each program require an organization in order to come up with comprehensive measures so that such measures can become comparable between programs. This paper aims to propose an analytical approach for academic program quality assessment utilizing the Bologna declarations of the programs. First, we propose a methodology on data organization. Second, the organized data are used for assessments at program and subdivision levels via Data Envelopment Analysis. We illustrate our proposed methodology in an application to Business bachelor degree programs in Turkish universities. We discuss the implications to various stakeholders of higher education from policy makers to students.
{"title":"Benchmarking in Higher Education Using Data Envelopment Analysis and the Bologna Process Data","authors":"Aydin Ulucan, Kazim Baris Atici, Akin Ozkan","doi":"10.17535/CRORR.2018.0024","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0024","url":null,"abstract":"Quality Assurance is one of the core elements of the Bologna Process in European Higher Education and the Bologna Process data of the programs can serve as a rich resource for assessing program quality and benchmarking since the data follow a standardized framework for any program. Despite the standardized framework, the data of each program require an organization in order to come up with comprehensive measures so that such measures can become comparable between programs. This paper aims to propose an analytical approach for academic program quality assessment utilizing the Bologna declarations of the programs. First, we propose a methodology on data organization. Second, the organized data are used for assessments at program and subdivision levels via Data Envelopment Analysis. We illustrate our proposed methodology in an application to Business bachelor degree programs in Turkish universities. We discuss the implications to various stakeholders of higher education from policy makers to students.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0024","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45200350","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0019
M. Hladík
We consider a linear programming problem, in which possibly all coefficients are subject to uncertainty in the form of deterministic intervals. The problem of computing the worst case optimal value has already been thoroughly investigated in the past. Notice that it might happen that the value can be infinite due to infeasibility of some instances. This is a serious drawback if we know a priori that all instances should be feasible. Therefore we focus on the feasible instances only and study the problem of computing the worst case finite optimal value. We present a characterization for the general case and investigate special cases, too. We show that the problem is easy to solve provided interval uncertainty affects the objective function only, but the problem becomes intractable in case of intervals in the righthand side of the constraints. We also propose a finite reduction based on inspecting candidate bases. We show that processing a given basis is still an NP-hard problem even with non-interval constraint matrix, however, the problem becomes tractable as long as uncertain coefficients are situated either in the objective function or in the right-hand side only.
{"title":"The Worst Case Finite Optimal Value in Interval Linear Programming","authors":"M. Hladík","doi":"10.17535/CRORR.2018.0019","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0019","url":null,"abstract":"We consider a linear programming problem, in which possibly all coefficients are subject to uncertainty in the form of deterministic intervals. The problem of computing the worst case optimal value has already been thoroughly investigated in the past. Notice that it might happen that the value can be infinite due to infeasibility of some instances. This is a serious drawback if we know a priori that all instances should be feasible. Therefore we focus on the feasible instances only and study the problem of computing the worst case finite optimal value. We present a characterization for the general case and investigate special cases, too. We show that the problem is easy to solve provided interval uncertainty affects the objective function only, but the problem becomes intractable in case of intervals in the righthand side of the constraints. We also propose a finite reduction based on inspecting candidate bases. We show that processing a given basis is still an NP-hard problem even with non-interval constraint matrix, however, the problem becomes tractable as long as uncertain coefficients are situated either in the objective function or in the right-hand side only.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0019","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44578177","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0022
Mario Pecaric, Ante Tolj
This paper analyzes how fiscal policy convergence impacts the business cycle synchronization between Croatia and eurozone countries and consequently indirectly affects the costs of monetary integration using panel data analysis. The main aim of the paper is to create a methodological framework for an empirical model based on critical examination of previous research. In the empirical model the dependent variable is business cycle synchronization, and the main independent variable is fiscal policy convergence. The problem of simultaneity (reverse causality) between dependent and independent variable is solved by using cyclically adjusted budgetary balance as indicator of discretionary fiscal policy. For control variables in the model we applied determinants of business cycle synchronization often used in this kind of research - financial integration, trade integration and sectoral structure similarity. Parameter estimation is performed using the fixed effects panel model. Our dataset involves Croatia and the eurozone countries and includes bilateral observations from 2001 to 2016. Unlike similar research which performed mostly cross-sectional analysis, this paper includes the time dimension and puts Croatia in the focus of research which has not been done before. Also, the paper contributes to research methodologically by estimating business cycles using the production function method and by measuring business cycle synchronization by using Cerqueira-Martins index. The results confirm that business cycle synchronization is positively influenced by fiscal policy convergence which indicates the necessity to comply with the rules proposed by the Stability and growth pact. It is also suggested that small open economies in process of accession, which is the case of Croatia, need to employ anticyclical discretionary fiscal policy.
{"title":"The Impact of Fiscal Policy Convergence on Business Cycle Synchronization between Croatia and Eurozone Countries - Panel Analysis","authors":"Mario Pecaric, Ante Tolj","doi":"10.17535/CRORR.2018.0022","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0022","url":null,"abstract":"This paper analyzes how fiscal policy convergence impacts the business cycle synchronization between Croatia and eurozone countries and consequently indirectly affects the costs of monetary integration using panel data analysis. The main aim of the paper is to create a methodological framework for an empirical model based on critical examination of previous research. \u0000In the empirical model the dependent variable is business cycle synchronization, and the main independent variable is fiscal policy convergence. The problem of simultaneity (reverse causality) between dependent and independent variable is solved by using cyclically adjusted budgetary balance as indicator of discretionary fiscal policy. For control variables in the model we applied determinants of business cycle synchronization often used in this kind of research - financial integration, trade integration and sectoral structure similarity. \u0000Parameter estimation is performed using the fixed effects panel model. Our dataset involves Croatia and the eurozone countries and includes bilateral observations from 2001 to 2016. Unlike similar research which performed mostly cross-sectional analysis, this paper includes the time dimension and puts Croatia in the focus of research which has not been done before. Also, the paper contributes to research methodologically by estimating business cycles using the production function method and by measuring business cycle synchronization by using Cerqueira-Martins index. The results confirm that business cycle synchronization is positively influenced by fiscal policy convergence which indicates the necessity to comply with the rules proposed by the Stability and growth pact. It is also suggested that small open economies in process of accession, which is the case of Croatia, need to employ anticyclical discretionary fiscal policy.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49393789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0015
M. Sivri, Inci Albayrak, Gizem Temelcan
In this paper, the quadratic fractional programming (QFP) problems involving a factorized or not-factorized objective function and subject to homogenous or non-homogenous constraints is considered. Our proposed approach depends on a computational method that converts QFP problem into a linear programming (LP) problem by using a Taylor series to solve the problem algebraically. This approach, based on the solution of LP problems can be applied to various types of of nonlinear fractional programming problems containing nonlinear constraint(s) and minimizes the total execution time on iterative operations. To illustrate the solution process, two examples are presented and the proposed approach is compared with other two existing methods for solving QFP problems.
{"title":"A Novel Approach for Solving Quadratic Fractional Programming Problems","authors":"M. Sivri, Inci Albayrak, Gizem Temelcan","doi":"10.17535/CRORR.2018.0015","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0015","url":null,"abstract":"In this paper, the quadratic fractional programming (QFP) problems involving a factorized or not-factorized objective function and subject to homogenous or non-homogenous constraints is considered. Our proposed approach depends on a computational method that converts QFP problem into a linear programming (LP) problem by using a Taylor series to solve the problem algebraically. This approach, based on the solution of LP problems can be applied to various types of of nonlinear fractional programming problems containing nonlinear constraint(s) and minimizes the total execution time on iterative operations. To illustrate the solution process, two examples are presented and the proposed approach is compared with other two existing methods for solving QFP problems.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":"1 1","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2018.0015","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42237802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-12-11DOI: 10.17535/CRORR.2018.0016
M. Kampo, B. Ndiaye, G. Degla
This paper provides a method for an optimal and equitable schedule of public load shedding on any time interval and any number of sectors. By combining dynamic programming and knapsack techniques, the method gives a schedule that iterates over particular intervals. Simulation results with respect to actual schedules of a local energy company show the potential of this new approach for solving such a general problem that challenges many energy worldwide companies.
{"title":"Dynamic Programming for an Optimal and Equitable Public Load Shedding Schedule","authors":"M. Kampo, B. Ndiaye, G. Degla","doi":"10.17535/CRORR.2018.0016","DOIUrl":"https://doi.org/10.17535/CRORR.2018.0016","url":null,"abstract":"This paper provides a method for an optimal and equitable schedule of public load shedding on any time interval and any number of sectors. By combining dynamic programming and knapsack techniques, the method gives a schedule that iterates over particular intervals. Simulation results with respect to actual schedules of a local energy company show the potential of this new approach for solving such a general problem that challenges many energy worldwide companies.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45818339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2018-11-25DOI: 10.17535/CRORR.2019.0006
Boris Cota, N. Erjavec, Velibor Mačkić
During and after the sovereign debt crisis that hit most of the EU member states after the Great Recession, the question of the effectiveness of fiscal policy vis-à-vis ensuring sustainable growth rates and changing the economic structure of member states was highly debated. Accordingly, this paper investigates the effects of shocks in government purchases and net taxes on the export competitiveness of the eleven new EU member states: Bulgaria, the Czech Republic, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovenia and Slovakia. The countries are treated as a homogenous sample, but the empirical analysis extends beyond this. Namely, the paper examines two subsamples based on the exchange rate regimes of the eleven new EU member states: the fixed vs the flexible exchange rate regime. By applying the panel VAR analysis, over the 1999-2015 period, we have reached the following conclusions. First, fiscal austerity influences the level of exports in our sample. Second, the effects of shocks in fiscal policy on the level of exports are short-lived. Third, shocks in government purchases are the most important determinant for all the new EU member states. And fourth, shocks in net taxes influence the level of export only in the countries that have the flexible exchange rate regimes. Our results contribute to the literature that examines the effects of fiscal policy on the competitiveness of national economies by highlighting both the duration effect of fiscal policy on the level of export and also by pointing to the optimal economic instrument used with respect to the currency arrangement of the country.
{"title":"External competitiveness and the role of fiscal policy: does fiscal austerity matter?","authors":"Boris Cota, N. Erjavec, Velibor Mačkić","doi":"10.17535/CRORR.2019.0006","DOIUrl":"https://doi.org/10.17535/CRORR.2019.0006","url":null,"abstract":"During and after the sovereign debt crisis that hit most of the EU member states after the Great Recession, the question of the effectiveness of fiscal policy vis-à-vis ensuring sustainable growth rates and changing the economic structure of member states was highly debated. Accordingly, this paper investigates the effects of shocks in government purchases and net taxes on the export competitiveness of the eleven new EU member states: Bulgaria, the Czech Republic, Estonia, Croatia, Latvia, Lithuania, Hungary, Poland, Romania, Slovenia and Slovakia. The countries are treated as a homogenous sample, but the empirical analysis extends beyond this. Namely, the paper examines two subsamples based on the exchange rate regimes of the eleven new EU member states: the fixed vs the flexible exchange rate regime. By applying the panel VAR analysis, over the 1999-2015 period, we have reached the following conclusions. First, fiscal austerity influences the level of exports in our sample. Second, the effects of shocks in fiscal policy on the level of exports are short-lived. Third, shocks in government purchases are the most important determinant for all the new EU member states. And fourth, shocks in net taxes influence the level of export only in the countries that have the flexible exchange rate regimes. Our results contribute to the literature that examines the effects of fiscal policy on the competitiveness of national economies by highlighting both the duration effect of fiscal policy on the level of export and also by pointing to the optimal economic instrument used with respect to the currency arrangement of the country.","PeriodicalId":44065,"journal":{"name":"Croatian Operational Research Review","volume":" ","pages":""},"PeriodicalIF":0.7,"publicationDate":"2018-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.17535/CRORR.2019.0006","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48363212","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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