Pub Date : 2017-12-22DOI: 10.18045/ZBEFRI.2017.2.331
M. Buric, Julija Cerović Smolović, Milena Bozovic, A. Filipović
Life insurance market in Western Balkan countries is underdeveloped compared to other European countries, but in the recent decade it has been developing moderately under the influence of various factors, primarily economic, but also demographic, political and other. The aim of this manuscript is to analyze and indicate the most significant economic factors that have important influence on life insurance products purchase. In order to prove the hypothesis established in the manuscript, panel data analysis is used to examine the impact of GDP, unemployment rate, wages and interest rate on total life premium in Western Balkans in the period 2005 to 2015. The results of the analysis showed that the above-mentioned economic factors mainly affect total life premium in countries of the Western Balkans. GDP and wages have a significant and positive impact on demand for life insurance, while the impact of unemployment rate and interest rate is negative.
{"title":"Impact of economic factors on life insurance development in Western Balkan Countries","authors":"M. Buric, Julija Cerović Smolović, Milena Bozovic, A. Filipović","doi":"10.18045/ZBEFRI.2017.2.331","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2017.2.331","url":null,"abstract":"Life insurance market in Western Balkan countries is underdeveloped compared to other European countries, but in the recent decade it has been developing moderately under the influence of various factors, primarily economic, but also demographic, political and other. The aim of this manuscript is to analyze and indicate the most significant economic factors that have important influence on life insurance products purchase. In order to prove the hypothesis established in the manuscript, panel data analysis is used to examine the impact of GDP, unemployment rate, wages and interest rate on total life premium in Western Balkans in the period 2005 to 2015. The results of the analysis showed that the above-mentioned economic factors mainly affect total life premium in countries of the Western Balkans. GDP and wages have a significant and positive impact on demand for life insurance, while the impact of unemployment rate and interest rate is negative.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48089325","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 : 2017-12-22DOI: 10.18045/ZBEFRI.2017.2.551
K. Bačić, Zoran Aralica
The purpose of this paper is to do research on regional conditions that are most conducive to maximising the positive effects of the implementation of “New industrial policy” (policy based on Smart specialisation strategy) to regional competitiveness in Croatia. Rather than using the standard but fragmented system of counties, this small post-transition economy is first mapped into five regions following the concept of regional innovation systems (RISs). Essentially, RIS concept rests on an idea that interactions among regional agents lead to the creation of optimal innovation output, while policy based on Smart specialisation strategy in Croatia is a national policy that promotes creation of innovative products and services in five promising domains and 13 sub- thematic areas. Analysis is carried out in two steps, firstly using a data-driven approach employed in a multidimensional framework for assessing regional accessibility, absorptive capacity and diffusion of knowledge in the context of Smart specialisation strategy (S3) implementation. In the second step, the assumption of post-transition reliance on the external knowledge and technology in producing innovation output is examined via regional presence of high-technology firms, GDP per capita and international trade and investment variables and patents per 100.000 inhabitants using cluster analysis (Ward method). The results show that highly internationalised regions with higher density of hightechnology firms already produce relatively more innovation output per capita. With already favourable conditions in place, these progressive regions are most likely to reinforce their competitive advantages through the transformation of their economic structures enabled by implementation of S3.
{"title":"Regional competitiveness in the context of “New industrial policy” – the case of Croatia","authors":"K. Bačić, Zoran Aralica","doi":"10.18045/ZBEFRI.2017.2.551","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2017.2.551","url":null,"abstract":"The purpose of this paper is to do research on regional conditions that are most conducive to maximising the positive effects of the implementation of “New industrial policy” (policy based on Smart specialisation strategy) to regional competitiveness in Croatia. Rather than using the standard but fragmented system of counties, this small post-transition economy is first mapped into five regions following the concept of regional innovation systems (RISs). Essentially, RIS concept rests on an idea that interactions among regional agents lead to the creation of optimal innovation output, while policy based on Smart specialisation strategy in Croatia is a national policy that promotes creation of innovative products and services in five promising domains and 13 sub- thematic areas. Analysis is carried out in two steps, firstly using a data-driven approach employed in a multidimensional framework for assessing regional accessibility, absorptive capacity and diffusion of knowledge in the context of Smart specialisation strategy (S3) implementation. In the second step, the assumption of post-transition reliance on the external knowledge and technology in producing innovation output is examined via regional presence of high-technology firms, GDP per capita and international trade and investment variables and patents per 100.000 inhabitants using cluster analysis (Ward method). The results show that highly internationalised regions with higher density of hightechnology firms already produce relatively more innovation output per capita. With already favourable conditions in place, these progressive regions are most likely to reinforce their competitive advantages through the transformation of their economic structures enabled by implementation of S3.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568393","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 : 2017-12-22DOI: 10.18045/ZBEFRI.2017.2.277
Selena Begović, S. Kreso
Most European transition countries have fixed or highly managed flexible exchange rate regimes. This exchange rate rigidity is sometimes argued to worsen the trade balance by keeping the currency overvalued. However, there is no unambiguous evidence that currency depreciation/devaluation positively affects trade balance and leads towards the adjustment, even in the short-run. Therefore, we examine the effect of real effective exchange rate (hereafter REER) on trade balance in European transition economies over the period 2000-2015. By using fixed effect model for static and generalised method of moments for dynamic estimation, we find that there is an adverse effect of the REER on trade balance in European transition countries over the period 2000-2015. Namely, depreciation of REER deteriorates trade balance in European transition countries, which could be explained by high import dependence and low export capacity. This implies that policymakers in European transition countries should not use exchange rate policy to improve trade balance. This is important in the light of their accession towards European economic and monetary integration, implying that these countries should focus more on using fiscal, rather than monetary (and exchange rate), policy to adjust trade balance, which is one of the required real convergence towards the EU standards.
{"title":"The adverse effect of real effective exchange rate change on trade balance in European transition countries","authors":"Selena Begović, S. Kreso","doi":"10.18045/ZBEFRI.2017.2.277","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2017.2.277","url":null,"abstract":"Most European transition countries have fixed or highly managed flexible exchange rate regimes. This exchange rate rigidity is sometimes argued to worsen the trade balance by keeping the currency overvalued. However, there is no unambiguous evidence that currency depreciation/devaluation positively affects trade balance and leads towards the adjustment, even in the short-run. Therefore, we examine the effect of real effective exchange rate (hereafter REER) on trade balance in European transition economies over the period 2000-2015. By using fixed effect model for static and generalised method of moments for dynamic estimation, we find that there is an adverse effect of the REER on trade balance in European transition countries over the period 2000-2015. Namely, depreciation of REER deteriorates trade balance in European transition countries, which could be explained by high import dependence and low export capacity. This implies that policymakers in European transition countries should not use exchange rate policy to improve trade balance. This is important in the light of their accession towards European economic and monetary integration, implying that these countries should focus more on using fiscal, rather than monetary (and exchange rate), policy to adjust trade balance, which is one of the required real convergence towards the EU standards.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2017-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568334","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 : 2016-12-22DOI: 10.18045/ZBEFRI.2016.2.333
Heri Bezic, Tomislav Galović, P. Misevic
The key goal of this research is to empirically determine the effects of terrorism on FDI of the selected EU and EEA member countries. The methodology is based on a system-GMM estimator for dynamic panel data models on a sample covering up to 29 countries, and 13-year periods from 2000 to 2013. The main results confirm that terrorism incidents, economic and institutional variables are found to depress FDI of analysed EU and EEA countries. It can be concluded that terrorism and institutional stability are most influential on FDI inflows of the observed EU and EEA countries. The results indicate that terrorist activities reduce security and confidence of investors in countries exposed to terrorist activities, reducing the inflow of foreign direct investment. The recommendations and proposals are given based on the results of empirical analysis.
{"title":"The impact of terrorism on the FDI of the EU and EEA Countries","authors":"Heri Bezic, Tomislav Galović, P. Misevic","doi":"10.18045/ZBEFRI.2016.2.333","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2016.2.333","url":null,"abstract":"The key goal of this research is to empirically determine the effects of terrorism on FDI of the selected EU and EEA member countries. The methodology is based on a system-GMM estimator for dynamic panel data models on a sample covering up to 29 countries, and 13-year periods from 2000 to 2013. The main results confirm that terrorism incidents, economic and institutional variables are found to depress FDI of analysed EU and EEA countries. It can be concluded that terrorism and institutional stability are most influential on FDI inflows of the observed EU and EEA countries. The results indicate that terrorist activities reduce security and confidence of investors in countries exposed to terrorist activities, reducing the inflow of foreign direct investment. The recommendations and proposals are given based on the results of empirical analysis.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568673","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 : 2016-06-27DOI: 10.18045/ZBEFRI.2016.1.237
Zoran Ježić
Source / Izvornik: Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu, 2016, 34, 237 239 Journal article, Published version Rad u časopisu, Objavljena verzija rada (izdavačev PDF) https://doi.org/10.18045/zbefri.2016.1.237 Permanent link / Trajna poveznica: https://urn.nsk.hr/urn:nbn:hr:192:463626 Rights / Prava: Attribution 4.0 International Download date / Datum preuzimanja: 2020-12-27
{"title":"Book review: Inequality – What can be done?","authors":"Zoran Ježić","doi":"10.18045/ZBEFRI.2016.1.237","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2016.1.237","url":null,"abstract":"Source / Izvornik: Zbornik radova Ekonomskog fakulteta u Rijeci : časopis za ekonomsku teoriju i praksu, 2016, 34, 237 239 Journal article, Published version Rad u časopisu, Objavljena verzija rada (izdavačev PDF) https://doi.org/10.18045/zbefri.2016.1.237 Permanent link / Trajna poveznica: https://urn.nsk.hr/urn:nbn:hr:192:463626 Rights / Prava: Attribution 4.0 International Download date / Datum preuzimanja: 2020-12-27","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568617","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 : 2016-06-27DOI: 10.18045/ZBEFRI.2016.1.215
Zhang Jian-sheng, Tan Wei
The aim of this research is to investigate China’s urban green total factor productivity (TFP) under the background of progressing urbanization and intensifying environmental pollution, and found out its main influencing factors. In this paper, green TFP of 285 prefecture-level cities in China from 2005 to 2012 was estimated through Malmquist productivity index. Results showed that the annual growth of green TFP in main cities in China is 3.5% and the overall growth declines gradually. Viewed from decomposition of green TFP, technical progress is the main contributor of green TFP growth. Furthermore, the northern coastal region has achieved the highest annual growth of green TFP (4.5%) and the northwest region achieved the lowest growth of green TFP (1.24%), indicating the great regional differences of green TFP and economic growth quality in China. According to analysis on influencing factors of green TFP in main cities, it has been concluded that per-capita urban road area, number of Internet users, proportion of fiscal expenditures, environmental regulation level and technical input are significantly positively correlated with green TFP, while industrial structure and foreign direct investment (FDI) are significantly negatively correlated. Finally, policy suggestions to improve urban green TFP in China were proposed.
{"title":"Study on the green total factor productivity in main cities of China","authors":"Zhang Jian-sheng, Tan Wei","doi":"10.18045/ZBEFRI.2016.1.215","DOIUrl":"https://doi.org/10.18045/ZBEFRI.2016.1.215","url":null,"abstract":"The aim of this research is to investigate China’s urban green total factor productivity (TFP) under the background of progressing urbanization and intensifying environmental pollution, and found out its main influencing factors. In this paper, green TFP of 285 prefecture-level cities in China from 2005 to 2012 was estimated through Malmquist productivity index. Results showed that the annual growth of green TFP in main cities in China is 3.5% and the overall growth declines gradually. Viewed from decomposition of green TFP, technical progress is the main contributor of green TFP growth. Furthermore, the northern coastal region has achieved the highest annual growth of green TFP (4.5%) and the northwest region achieved the lowest growth of green TFP (1.24%), indicating the great regional differences of green TFP and economic growth quality in China. According to analysis on influencing factors of green TFP in main cities, it has been concluded that per-capita urban road area, number of Internet users, proportion of fiscal expenditures, environmental regulation level and technical input are significantly positively correlated with green TFP, while industrial structure and foreign direct investment (FDI) are significantly negatively correlated. Finally, policy suggestions to improve urban green TFP in China were proposed.","PeriodicalId":44594,"journal":{"name":"Zbornik Radova Ekonomskog Fakulteta u Rijeci-Proceedings of Rijeka Faculty of Economics","volume":null,"pages":null},"PeriodicalIF":1.2,"publicationDate":"2016-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67568604","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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