{"title":"Can the Phillips curve be applied in selected European countries today?","authors":"A. Živković","doi":"10.5937/aneksub2300017z","DOIUrl":"https://doi.org/10.5937/aneksub2300017z","url":null,"abstract":"The Phillips curve is one of the most important economic postulates, which indicates inversion between inflation rate and unemployment rate. Even though it has been empirically confirmed many times, in past research there has been evidence of rejecting it in some countries. The aim of this research is to analyse whether the Phillips curve exists in selected European countries: Bulgaria, Greece, Slovenia and Romania, during time period Q1 2009-Q3 2021 and to conclude if there are any differences between countries that are using Euro as national currency and those that are not. Panel analysis and choosing the appropriate model has led to the conclusion that there is a statistically significant inverse correlation between these two variables, which confirmed the presence of the Phillips curve. When analysing countries separately, results differ between them-the strongest inverse correlation is present in Greece and it is followed by Bulgaria. In Slovenia, correlation is slightly negative and in Romania slightly positive, pointing to the conclusion that correlation in these two countries is so weak, that it can be considered that it does not exist. Since obtained results differ between observed countries, this makes correlation between inflation rate and unemployment rate an important indicator for policy makers of individual countries to take into consideration when making decisions for future economic policy.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197942","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The determinants of government expenditures in Serbia: The application of ARDL model","authors":"V. Mirović, Branimir Kalaš, Milica Inđić","doi":"10.5937/aneksub2300020m","DOIUrl":"https://doi.org/10.5937/aneksub2300020m","url":null,"abstract":"Government expenditures represent one of the most important issues for policymakers both in ordinary and extraordinary conditions. The aim of this paper is to estimate and identify the effects of selected macroeconomic determinants on government expenditures in Serbia from 2002 to 2020. Using the ARDL technique, the empirical findings confirmed that there is a long-run relationship between gross domestic product, government revenues, inflation, and population size and government expenditures for the observed period. The significant and positive effects of explanatory variables are confirmed in the long run, except for inflation, whose impact is not significant in the short run. Specifically, GDP growth, higher inflation rate, greater government revenues and population contribute to the higher government expenditures level. The obtained findings give certain directions to fiscal authorities in creating and defining optimal government expenditures level in the context of influences of chosen macroeconomic variables.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198007","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Oligopoly structure in the cryptocurrency market","authors":"Nenad Tomić","doi":"10.5937/aneksub2300026t","DOIUrl":"https://doi.org/10.5937/aneksub2300026t","url":null,"abstract":"Blockchain technology has been announced as the driving force behind the democratization of digital business. Various interest groups believed that cryptocurrencies would enable fast, cheap and anonymous payments over the Internet. The absence of a central institution and the possibility of the participation of the wider community in the maintenance of the system should have created electronic money adapted to individuals, not the financial elite. However, the question arises whether cryptocurrencies really provide equal opportunities for all participants. The subject of the paper is the degree of centralization of the most famous cryptocurrency systems in terms of wealth distribution and the possibility of participation in their maintenance. The goal of the paper is to determine the degree of inequality in various aspects of the functioning of the cryptocurrency system. The results of the analysis indicate that cryptocurrencies function separately from the traditional financial system, but do not enable the financial inclusion of marginalized social groups. No current cryptocurrency community provides equality of participants, neither in terms of mining, nor in terms of wealth distribution. It can be concluded that the mining of cryptocurrencies and their secondary circulation show clear characteristics of oligopolistic structures.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198150","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The influence of barriers on entrepreneurial intentions: Student entrepreneurship in Western Balkan countries","authors":"Milenko Matić, Bojan Leković, Dušan Bobera","doi":"10.5937/aneksub2300016m","DOIUrl":"https://doi.org/10.5937/aneksub2300016m","url":null,"abstract":"The paper is based on the findings of the research of students of business administration in the countries of the Western Balkans and aims to identify the impact of entrepreneurial barriers on their intentions to start entrepreneurial ventures. Barriers are classified into four categories. The first category is knowledge and skill barriers. The second group of barriers includes financial barriers. Subjective circumstances represent the third, and administrative procedures and fiscal burdens are the fourth groups of barriers. The research was conducted with 910 respondents, which consists of 71 questions. For the analysis, 6 questions related to the demographic profile and general information were used, while for the second part, 14 were used, which belong to the categories of barriers. The SPSS program was used for the empirical analysis of the results. The results showed that financial barriers, administrative procedures, and fiscal burdens harm entrepreneurial intentions. Within the group of barriers of knowledge and skills, the lack of business plan development skills and the lack of financial skills harm entrepreneurial aspirations, while the other barriers are not statistically significant. It was confirmed that statistically significant barriers to entrepreneurial intentions belong to subjective circumstances: lack of support from the environment and fear of failure.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71198372","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}
Aleksandra Fedajev, Danijela Voza, Marija Panić, Milica Veličković
{"title":"Economic challenges of entrepreneurs in the Republic of Serbia operating in the most prospective economic activities","authors":"Aleksandra Fedajev, Danijela Voza, Marija Panić, Milica Veličković","doi":"10.5937/aneksub2247049f","DOIUrl":"https://doi.org/10.5937/aneksub2247049f","url":null,"abstract":"High unemployment rate, low level of economic activity and low living standards are some of the most significant problems that the Republic of Serbia has been facing in the last few years. The development of small and medium enterprises and entrepreneurs as great potential to solve these problems to some extent is still not sufficiently exploited. Keeping in mind the importance of the development of this economy segment, this paper analyses the business economy of entrepreneurs by economic activities in 2018 in the Republic of Serbia to determine the economic activities that have the greatest prospects for entrepreneurship development in the future. The ratio analysis of operations was used as a starting point for comparative analysis. It was conducted using the data obtained from the Annual Bulletin of Financial Statements published by the Business Registers Agency for ten economic activities where entrepreneurs reordered the highest profitability in 2018. Using the entropy method and PROMETHEE method, the ranking of entrepreneurs according to economic activities was performed. The obtained results indicated that in 2018, the best-ranked entrepreneurs were those operating in Professional, Scientific, Innovative and Technical Activities, while the worst-ranked are entrepreneurs operating in Accommodation and Food Services.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197651","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Socio-demographic profile of organic food consumers in the Republic of Srpska","authors":"Jovana Galić","doi":"10.5937/aneksub2248003g","DOIUrl":"https://doi.org/10.5937/aneksub2248003g","url":null,"abstract":"The aim of this research is to determine the profile of organic food consumers in the Republic of Srpska according their socio-demographic characteristics and to analyse if there is a significant relation between consumer education level and intention to purchase organic food. For this purpose, a questionnaire was developed and a survey was conducted on a random representative sample. Consumers were segmented according to their purchase habits and a profile was developed for each segment. The results show that different socio-demographic characteristics partly determine each profile and that education level has a positive and low significant relation with intention to purchase organic food.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197897","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The influence of subjective norms on the use of heat pumps in achieving sustainable development","authors":"Dragana Nikolić-Ristić","doi":"10.5937/aneksub2200009n","DOIUrl":"https://doi.org/10.5937/aneksub2200009n","url":null,"abstract":"Sustainable development, use of renewable energy sources and energy efficiency have been the focus of interest of the scientific and professional public in recent decades. The aim of the research is to investigate the influence of subjective norms on the use of heat pumps within the framework of behavior in the function of energy efficiency. In addition, the profile of consumers is investigated in the context of their sociodemographic characteristics. Marketing research was conducted on a convenience sample of 208 respondents on the territory of Serbia, in August 2019. The measurement of subjective norms according to the heat pump was performed on the basis of a Likert scale, while the analysis of the sociodemographic characteristics of the respondents was performed using the SPSS program package. Based on the results of the research, it was concluded that the influence of subjective norms on the introduction of the use of heat pumps is closest to the score 3, which is neutral on a fivepoint Likert scale, as well as that subjective norms can be statistically significantly explained by income and the number of children under the age of 18 as sociodemographic characteristics of the respondent.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197442","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Economic security of Bosnia and Herzegovina as part of the national security system","authors":"Mladen Rebić, V. Antić","doi":"10.5937/aneksub2247031r","DOIUrl":"https://doi.org/10.5937/aneksub2247031r","url":null,"abstract":"Due to the specifics of the political and economic system in Bosnia and Herzegovina (BiH), in the recent history of the country it has not been possible to approach the problem and challenges of economic security comprehensively and seriously. The given circumstances reinforce the need for research and analysis of economic security in BiH in order to show the real situation. This paper analyses economic security as a part of national security, with the help of relevant indicators, and then the connection of economic security with the economic development of BiH. Methods of analysis, synthesis, compilation, correlation and linear regression were applied for research purposes. The aim of the research is an empirical analysis of economic security indicators in terms of determining the degree of interconnection of key variables of economic security (public debt, availability of financial resources, technological progress, investment in fixed assets, unemployment, military investment, foreign exchange reserves, budget deficit, GDP growth rate, etc.) for the period from 2008 to 2018. The results of the research clearly reveal that economic and national security are mutually interrelated, and that economic security is a precondition for national security, which confirms the main hypothesis of this paper.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197622","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}
Zorana Nikitović, Aleksandra Penjišević, Borko Somborac
{"title":"The impact of training on employees' performance in the entrepreneurial environment in Serbia: Empirical and statistical findings","authors":"Zorana Nikitović, Aleksandra Penjišević, Borko Somborac","doi":"10.5937/aneksub2200003n","DOIUrl":"https://doi.org/10.5937/aneksub2200003n","url":null,"abstract":"The efforts of organizations to improve their business processes, establish market competitiveness, achieve goals more efficiently and increase profitability are mainly made through an attempt to upgrade the performance of employees. Increasing the employees' work performance is directly correlated with the improvement of individual skills, as well as the level of ability to effectively transform new knowledge according to daily work obligations. In this process, synergies should be established between employees, on the one hand, who should be adequately motivated, committed, and focused on the acquisition of new knowledge, and on the other hand, organizations that should provide resources, support, and conditions for effective knowledge transfer from educational process to visible improvement indicators of different employees' performance levels. The purpose of this paper is to investigate the impact of training on increasing the individual and organizational performance of employees in entrepreneurial organizations in Serbia. Additionally, the correlation between the two groups of respondents, managers and non-managerial staff, will be tested, to determine more closely whether there is a distinction in relation to the position held by the respondent, for defined issues.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197796","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The nexus between FDI and external balance in selected Emerging European Economies: A panel data approach","authors":"D. Ercegovac, Emilija Beker-Pucar","doi":"10.5937/aneksub2247147e","DOIUrl":"https://doi.org/10.5937/aneksub2247147e","url":null,"abstract":"This research focuses on the nexus between foreign direct investments (FDI) and external balance in selected Emerging European Economies (EEEs). Emerging countries in convergence process tend to have problem of structural external imbalance that is covered with foreign capital inflows. FDI are long-term and sustainable source of financing the current account deficit. The aim of this paper is to test if FDI together with chosen macroeconomic indicators are relevant factors of trading balance in EEEs in order to give useful implications towards economic policy creators in emerging economies. The research hypothesis is tested with robust micro panel models for total sample and two subperiods: before and after the structural break caused with Global financial crisis (GFC). The results indicate that substantial FDI inflows are significantly related with negative sum of trading balance on the total sample level i.e. average external position deficit is financed with the FDI inflows. Also, dummy variable for the Western Balkans indicates that FDI are significant variable that finances external imbalance in this subsample. The government policy recommendations are directed towards incentive measures for attracting greater FDI inflows, especially greenfield investments motivated with greater efficiency and export stimulation in order to stabilize trading balance and foster economic growth.","PeriodicalId":33873,"journal":{"name":"Anali Ekonomskog fakulteta u Subotici","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2022-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71197887","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}