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Late to the Game? Capital Flows to the Western Balkans 迟到了?资本流向西巴尔干
IF 0.4
Croatian Economic Survey Pub Date : 2017-04-07 DOI: 10.5089/9781475593501.001
Z. Kóczán
{"title":"Late to the Game? Capital Flows to the Western Balkans","authors":"Z. Kóczán","doi":"10.5089/9781475593501.001","DOIUrl":"https://doi.org/10.5089/9781475593501.001","url":null,"abstract":"The boom and bust in capital flows to the New Member States of the European Union have received a considerable amount of attention; foreign direct investment and bank flows to the region and countries’ participation in regional supply chains have been well-documented. Relatively little has, however, been written about capital flows to the Western Balkans economies, which are often perceived to be ‘late arrivals’ to large capital flows. This paper aims to examine how capital flows to the Western Balkans compare with flows to the New Member States, in terms of levels as well as dynamics. We find that while financial integration took off somewhat later in the Western Balkans than in the New Member States, it has increased rapidly, despite still much lower capital account openness. Capital inflows as a share of GDP are comparable to those observed in the New Member States, (perhaps surprisingly) diverse in terms of source countries and broadly similar in composition, though with equity shares higher than they were in the New Member States at comparable levels of GDP per capita.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2017-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43371928","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}
引用次数: 2
Cross-Country Entrepreneurial Intentions Study: The Danube Region Perspective 跨国创业意向研究:多瑙河地区视角
IF 0.4
Croatian Economic Survey Pub Date : 2016-12-23 DOI: 10.15179/CES.18.2.2
Urban Sebjan, P. Tominc, Darja Boršič
{"title":"Cross-Country Entrepreneurial Intentions Study: The Danube Region Perspective","authors":"Urban Sebjan, P. Tominc, Darja Boršič","doi":"10.15179/CES.18.2.2","DOIUrl":"https://doi.org/10.15179/CES.18.2.2","url":null,"abstract":"In this article, we investigate how entrepreneurial intentions of individuals in the eight countries of the Danube region are shaped by different components of individuals’ personal attitudes, the subjective norm and personal behavioral control. We analyze the internal structure of these components as well as some demographic and human capital factors. Cultural and developmental differences influencing variation in causal effects among variables in the model are analyzed. Structural equation modeling is used for data obtained by adult population surveys within the GEM research. Results of our study show that the entrepreneurial intention model is applicable across countries and that the internal effects among components of motivational antecedents exist, although not all hypothesized relationships are confirmed. Our study suggests that the process from perception to intention is similarly shaped across the eight countries of the Danube region, although there are several differences in the magnitude of causal effects as well as differences regarding influential factors.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"39-76"},"PeriodicalIF":0.4,"publicationDate":"2016-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.2.2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322395","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}
引用次数: 15
Cost Accounting as a Possible Solution for Financial Sustainability of Croatian Public Hospitals 成本会计作为克罗地亚公立医院财务可持续性的可能解决方案
IF 0.4
Croatian Economic Survey Pub Date : 2016-12-23 DOI: 10.15179/CES.18.2.1
I. Lutilsky, Berislav Žmuk, Martina Dragija
{"title":"Cost Accounting as a Possible Solution for Financial Sustainability of Croatian Public Hospitals","authors":"I. Lutilsky, Berislav Žmuk, Martina Dragija","doi":"10.15179/CES.18.2.1","DOIUrl":"https://doi.org/10.15179/CES.18.2.1","url":null,"abstract":"The purpose of this paper is to present the current usage of cost accounting methodology in Croatian public hospitals through conducted empirical research and to provide opinions of accountants and financial officers regarding possible implementation of cost accounting methodology in public hospitals. In the paper, the authors analyze the accounting system in Croatian public hospitals, identifying the flaws of the current accounting system with regard to the recording and allocation of costs. National healthcare systems of different European countries provide a theoretical background for the usage of accrual accounting basis and cost accounting methodologies, showing better governance and financial sustainability of public hospitals which have introduced cost accounting methodology. The conducted empirical research shows that accountants and financial officers believe that the healthcare system in Croatia is ready for a change in the current accounting system based on the modified accrual basis through the implementation of accrual accounting basis and full costing approach to cost allocation. Full costing approach is also known as activity-based accounting method for cost allocation. The authors also recommend some initial steps for implementation of the new cost accounting system in Croatian public hospitals.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"39 1","pages":"5-38"},"PeriodicalIF":0.4,"publicationDate":"2016-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.2.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322350","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}
引用次数: 4
Is Creative Economy in Croatia a Myth or Reality? Some Evidence on the Impact of Creativity on Regional Economic Growth 克罗地亚的创意经济是神话还是现实?创新对区域经济增长影响的若干证据
IF 0.4
Croatian Economic Survey Pub Date : 2016-12-23 DOI: 10.15179/CES.18.2.4
N. Stojčić, K. Bačić, Zoran Aralica
{"title":"Is Creative Economy in Croatia a Myth or Reality? Some Evidence on the Impact of Creativity on Regional Economic Growth","authors":"N. Stojčić, K. Bačić, Zoran Aralica","doi":"10.15179/CES.18.2.4","DOIUrl":"https://doi.org/10.15179/CES.18.2.4","url":null,"abstract":"The objective of this paper is to explore the intraregional and interregional relationships between employment of creative individuals in creative industries and the economic growth of Croatian regions. Spatial panel analysis is applied to assess the interregional effects of regional growth as well as interregional and intraregional effects of cultural and creative industries on economic growth in 2006–2012. While there is empirical evidence of positive interregional economic growth effects, the contribution of the creative potential to the growth of Croatian regions is found to be negative. These findings can be explained by overall modest representation of creative industries, particularly in faster growing regions, and the growth impediments imposed on creative industries by Croatian producers that mostly compete in standardized price competitive segments of the market.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"113-138"},"PeriodicalIF":0.4,"publicationDate":"2016-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.2.4","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322431","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}
引用次数: 5
Determinants of Capital Integration among Strategic Alliance Members in the Retail Sector: Evidence from Central and Southeast European Countries 零售业战略联盟成员间资本整合的决定因素:来自中欧和东南欧国家的证据
IF 0.4
Croatian Economic Survey Pub Date : 2016-12-23 DOI: 10.15179/CES.18.2.3
N. Butigan, Đ. Benić
{"title":"Determinants of Capital Integration among Strategic Alliance Members in the Retail Sector: Evidence from Central and Southeast European Countries","authors":"N. Butigan, Đ. Benić","doi":"10.15179/CES.18.2.3","DOIUrl":"https://doi.org/10.15179/CES.18.2.3","url":null,"abstract":"Survival of firms requires continuous search for new and a restructuring of the existing competitive advantages. These can come either from firms’ internal factors or from cooperation with the environment. Cooperation among firms commonly takes place through the formation of strategic alliances. However, such form of cooperation presents only one stage in the integration of business entities. In the long run, strategic alliances can cease to exist or transform into a higher form of association based on capital integration. The objective of this paper is to explore the determinants of capital integration among strategic alliance member firms in retail sectors of several Central and Southeast European countries. Overall, the obtained findings suggest that business entities engage in integration with the aim of reaching hidden knowledge and skills, accessing distribution and supply channels, and developing new products and services. Integration is also driven with the aim of risk diversification and possible better market positioning, achieving the economies of scale, and improving organization and marketing. The opportunistic behavior of partners and limited managerial control represent its strongest barriers.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"77-112"},"PeriodicalIF":0.4,"publicationDate":"2016-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.2.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67321961","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}
引用次数: 1
Greek Sovereign Debt Crisis: Causes, Fiscal Adjustment Programs and Lessons for Croatia 希腊主权债务危机:原因、财政调整计划和克罗地亚的教训
IF 0.4
Croatian Economic Survey Pub Date : 2016-06-28 DOI: 10.15179/CES.18.1.3
Mislav Brkić
{"title":"Greek Sovereign Debt Crisis: Causes, Fiscal Adjustment Programs and Lessons for Croatia","authors":"Mislav Brkić","doi":"10.15179/CES.18.1.3","DOIUrl":"https://doi.org/10.15179/CES.18.1.3","url":null,"abstract":"This paper investigates the factors that have led to the Greek sovereign debt crisis in order to derive policy lessons for Croatia and other highly indebted countries. In the first years after euro adoption, it seemed that membership in the monetary union facilitated a catching-up process for Greece, given that it enjoyed high growth rates and a rapid convergence of per capita income. However, the global crisis has revealed that the previous economic expansion was an unsustainable process based on excessive inflow of debt-creating foreign capital. In this paper, it is argued that the government sector contributed the most to the rising vulnerability of the Greek economy. Data are presented showing that extensive government borrowing was the main factor behind the rapid accumulation of Greece's external debt, which made it highly vulnerable to external shocks. Besides the procyclical fiscal policy, some other factors also contributed to the overheating of economic activity in Greece. Hence, this paper reviews the literature that deals with the compression of peripheral countries' sovereign bond yields after the creation of the monetary union, the doubtful suitability of the ECB's expansionary policy stance from the perspective of then booming peripheral states, and the institutional shortcomings of the EMU. The main motivation of this paper is to identify the key roots of the Greek debt crisis in order to derive lessons for policy-makers in Croatia. Since the beginning of the recession in 2008, Croatia has seen a significant deterioration in fiscal fundamentals, with high public debt becoming the main source of macroeconomic vulnerability. Reducing the debt-to-GDP ratio has emerged as a key policy challenge that needs to be addressed in order to reduce the likelihood of a debt crisis.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"71-99"},"PeriodicalIF":0.4,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.1.3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322078","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}
引用次数: 3
Palgrave Dictionary of Emerging Markets and Transition Economics: Insights from Archival Research, Jens Hölscher and Horst Tomann, eds., Basingstoke: Palgrave Macmillan UK, 2016, pp. XX + 589, ISBN 978-1-137-37137-9 新兴市场和转型经济学帕尔格雷夫词典:从档案研究的见解,延斯Hölscher和霍斯特·托曼,编辑。,贝辛斯托克:Palgrave Macmillan UK, 2016, pp. XX + 589, ISBN 978-1-137-37137-9
IF 0.4
Croatian Economic Survey Pub Date : 2016-06-28 DOI: 10.15179/CES.18.1.5
B. Cerović
{"title":"Palgrave Dictionary of Emerging Markets and Transition Economics: Insights from Archival Research, Jens Hölscher and Horst Tomann, eds., Basingstoke: Palgrave Macmillan UK, 2016, pp. XX + 589, ISBN 978-1-137-37137-9","authors":"B. Cerović","doi":"10.15179/CES.18.1.5","DOIUrl":"https://doi.org/10.15179/CES.18.1.5","url":null,"abstract":"","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"107-120"},"PeriodicalIF":0.4,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.1.5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322235","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}
引用次数: 5
Loan Supply Shocks in Macedonia: A Bayesian SVAR Approach with Sign Restrictions 马其顿的贷款供应冲击:一个带有符号限制的贝叶斯SVAR方法
IF 0.4
Croatian Economic Survey Pub Date : 2016-06-28 DOI: 10.15179/CES.18.1.1
Rilind Kabashi, Katerina Suleva
{"title":"Loan Supply Shocks in Macedonia: A Bayesian SVAR Approach with Sign Restrictions","authors":"Rilind Kabashi, Katerina Suleva","doi":"10.15179/CES.18.1.1","DOIUrl":"https://doi.org/10.15179/CES.18.1.1","url":null,"abstract":"This paper analyses the effects of loan supply, as well as aggregate demand, aggregate supply and monetary policy shocks between 1998 and 2014 in Macedonia using a structural Vector Auto Regression with sign restrictions and Bayesian estimation. The main results indicate that loan supply shocks have no significant effect on loan volumes and lending rates, as well as on economic activity and prices. The effects of monetary policy on lending activity are fairly limited, although there is some evidence that it affects lending rates more than loan volumes. Monetary policy shocks have strong effects on inflation, while the central bank reacts strongly to adverse shocks hitting the economy. Baseline results are fairly robust to several extensions and robustness checks. According to historical decomposition, the lending activity was supporting economic growth before and during the crisis, but its contribution became negative during the recovery and it was a drag on growth until the end of the period. Pre-crisis GDP growth is mostly explained by the supportive interest rate of the main monetary policy instrument. However, the restrictive policy during the crisis for the purposes of maintaining monetary policy goals was associated with a fall in GDP, while the policy became supportive again during the early stages of the recovery. Policy rates in the recent years mostly reflect subdued lending activity and aggregate supply factors, which the central bank tries to counteract with a more accommodative policy.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"5-33"},"PeriodicalIF":0.4,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.1.1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322268","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}
引用次数: 5
Youth and the Crisis: Unemployment, Education and Health in Europe, Gianluigi Coppola and Niall O’Higgins, eds., Abingdon: Routledge, 2016, pp. XIII + 293, ISBN 978-1138897779 《青年与危机:欧洲的失业、教育和健康》,詹路易吉·科波拉和尼尔·奥希金斯编。,阿宾登:劳特利奇出版社,2016年,第XIII + 293页,ISBN 978-1138897779
IF 0.4
Croatian Economic Survey Pub Date : 2016-06-28 DOI: 10.15179/CES.18.1.6
K. Roberts
{"title":"Youth and the Crisis: Unemployment, Education and Health in Europe, Gianluigi Coppola and Niall O’Higgins, eds., Abingdon: Routledge, 2016, pp. XIII + 293, ISBN 978-1138897779","authors":"K. Roberts","doi":"10.15179/CES.18.1.6","DOIUrl":"https://doi.org/10.15179/CES.18.1.6","url":null,"abstract":"","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"121-123"},"PeriodicalIF":0.4,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.1.6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322295","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}
引用次数: 0
Human Capital as a Binding Constraint to Economic Growth: The Case of Macedonia 人力资本对经济增长的约束:以马其顿为例
IF 0.4
Croatian Economic Survey Pub Date : 2016-06-28 DOI: 10.15179/CES.18.1.2
D. Lazarov, Goce Petreski
{"title":"Human Capital as a Binding Constraint to Economic Growth: The Case of Macedonia","authors":"D. Lazarov, Goce Petreski","doi":"10.15179/CES.18.1.2","DOIUrl":"https://doi.org/10.15179/CES.18.1.2","url":null,"abstract":"The main objective of the paper is to explore the assumption if the lack of skilled and well-educated workforces (human capital) holds a potential of a binding constraint to economic growth of the Macedonian economy. Not neglecting growth econometrics’ insights for the investigation of the relationship between human capital and economic growth, the work is primarily based on a growth diagnostic approach. The empirical techniques used in this paper are: growth accounting decomposition production method; macro and micro assessment of the return rate on investment in human capital; and, comparative benchmark analysis concerns with regard to unemployment distribution according to education and age structure and companies’ perceptions about the quality of workforce. The estimated results indicate an important contribution of human capital to economic growth (its relative contribution in terms of growth rate composition is approximately 22 percent). The macro and micro assessment of the rate of return on investment in human capital shows that the rate of return to higher education is significantly superior to corresponding returns to secondary education. Finally, the international benchmark analysis helps in comparative human capital impact analysis (educational structure of labor force in the wider region). Predominantly, it is based on educational structure, unemployment distribution and the companies’ perception about the quality of the workforce.","PeriodicalId":42059,"journal":{"name":"Croatian Economic Survey","volume":"18 1","pages":"35-70"},"PeriodicalIF":0.4,"publicationDate":"2016-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.15179/CES.18.1.2","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"67322376","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}
引用次数: 2
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