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Economic Analysis
Number of Followers: 3  

  This is an Open Access Journal Open Access journal
ISSN (Print) 1821-2573 - ISSN (Online) 2560-3949
Published by Institute of Economic Sciences Homepage  [2 journals]
  • Global Economy 1987-2017 – Unpredictability of Predictability

    • Authors: Gordana Pešaković
      Pages: 1 - 8
      Abstract: In this paper critical developments that shaped the global economy from 1987 until 2017 were analyzed. The globalization process was addressed from the perspectives of convergence or divergence paths and outcomes. The lessons learned were presented. The need for historical perspective is emphasized. Instead of “superior or inferior model” qualifications, the plurality of ideas is recognized. The arrogance of perceived, yet fragmented knowledge proved to be devastating in the number of economic episodes.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Economic Efficiency of Implementation of the Concept of Sustainable
           Development of the Urbanized Territories in Russia

    • Authors: Kseniia Lapshina, Natalia Bakaeva, Olga Sotnikova
      Pages: 9 - 19
      Abstract: The necessity of transition to sustainable development of the urban territories is proved. The concept of the natural-socio-technical model of urban territories is offered. Green building as one of the aspects of unity in urbanized areas and the natural environment is presented. The basic
      principles of the paradigm of safe and comfortable urban environment that is compatible with the biosphere are formulated. The structure of the humanitarian balance and the methodology for quantifying them are described. The model of sustainable development of the environment through
      the comparison of human capacities and parameters of the environment is simulated. The criteria for the compatibility of urbanized territories with the biosphere were formulated as a measure of the sustainability of their development. The example of calculation of an indicator of biospheric
      compatibility of urbanized areas in relation to transport construction and road infrastructure of the city is given. It shows the economic efficiency of realization of the concept of sustainable development and the creation biospherically of the urban environment on the example of road infrastructure of the city.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Disruption in Banking in Emerging Market Economy: An Empirical Study of

    • Authors: Reena Agrawal
      Pages: 20 - 31
      Abstract: The present study was taken up to capture the ongoing disruptions in banking in the Indian economy. The objective of this research was to: (1) study the initiatives taken by Reserve Bank of India to stimulate the payment market, (2) explore the disruptions in the Indian payment space, (3) examine the digitization at banks in India and (4) identify the challenges faced by traditional Indian banks and (5) propose measures to cope with threats posed by non-bank players. The study found that as technology companies and other non-bank players have successfully penetrated into large customer segments by offering basic banking services, to the customers at their doorsteps and at
      their convenience; it is obligatory for the traditional banks to expand market outreach and enrich service quality via digital podia, strategic alliances and disruptive innovations, in case they wish to avoid the risk of being relegated to back-office utilities.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Influence of Trade and Institutions on Economic Growth in Transitional
           Economies: Evidences from Countries from Central and Eastern Europe and
           Western Balkans

    • Authors: Katerina Kocevska Shapkova, Elena Makrevska Disoska
      Pages: 32 - 42
      Abstract: The importance of institutions and free trade for economic growth is widely acknowledged in recent economic literature. In this paper we are focused on determining the fractional effects of changes of institutions and trade on economic growth as dependent variable. The analysis includes selected transitional economies from Central and Eastern Europe and Western Balkans. In order to estimate the effect on the institutions and trade on growth rates we develop an ordinary least squares (OLS) panel regression model. The model examines 16 cross section units (countries) in the period 2000-2016. The novelty of our work is that this is the first organized effort to inspect the importance of
      institutions and trade on economic prosperity in this specific geographic area. Cross-country log-log regressions models demonstrate that both institutions and trade are statistically significant determinants the gross domestic product per capita in the selected economies.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Assessing a Currency Substitution Persistency in the Western Balkan Region

    • Authors: Mehmed Ganić, Alina Dizdarević, Agim Mamuti
      Pages: 43 - 54
      Abstract: The study aims to examine the euroization phenomenon in seven Western Balkan countries (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Romania, Serbia and Macedonia) between 2000 and 2015 and a number of –specific challenges faced by the region. More precisely, the paper analyzes the impact of the latest global financial crisis on the extent of currency substitution persistency by exploring the trends before, in wake of the financial crisis, and after the financial crisis. The study employed several indicators as a proxy variable for measuring of the overall level of currency substitution or euroization and cross country analysis in selected countries (liability euroization,
      credit euroization and deposit euroization and asset substitution- overall euroization index). Finally, the study found that deposit euroisation, credit euroization, and liabilities euroization in seven Western Balkan countries is still high with relatively high degree of heterogeneity. In some countries of the Western Balkan region the process of euroisation was further intensified in spite of the consequences of the latest global financial crises, while in the other ones the crisis years were marked by the trend of de-euroisation. In overall, this study does not find any significant evidence on significantly increases or decreases in currency substitution at the region sub-samples. Finally,
      Student t-test results indicate that there is no significant difference in means of before, in wake and after the financial crises at level of Western Balkan region.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Economic and Tax Competitiveness in Selected South East European Countries

    • Authors: Branimir Kalaš, Vera Mirović, Miloš Pjanić
      Pages: 55 - 65
      Abstract: National competitiveness has become one of the central preoccupations of government in every nation. International capital flows affect diversification of business activities and intensifying competitive advantage. Market liberalization, open economy, and economic integration have become a key principle of globalization and the disregard of them reduces the possibility of a certain economy to be competitive in global terms. This assertion is primarily directed towards small countries and countries which aren't economic strong enough to withstand the competitive pressure and they are forced to economic integrated. The aim of the paper is to draw the attention to the significance of competitiveness and tax rates in the economy. The subject of the paper is showing the
      competitive position of Serbia with special emphasis on the WEF indicators and tax rates.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Process of Internationalization in Islamic Banking: The Case of Serbia

    • Authors: Aida Hanić
      Pages: 66 - 74
      Abstract: Islamic banks are financial institutions operating in accordance with religious Islamic law (Sharia). Although it is familiar as non interest banking, because the interest is forbidden, Islamic banking represents a complete set of moral and ethical activities that must be taken into account when making investment decisions and financing business activities. Share of Islamic banking in Islamic finance is around 80% with the value of approximately $ 1.57 trillion by the end of 2015 (IFSI Stability Report 2016). Islamic banking in Western Balkan is present only in Bosnia and Herzegovina (B&H) that has one Islamic bank, Bosna Bank International (BBI) established in 2000. Serbia, as a country that has attracted many Arab investors, doesn’t have any Islamic bank operating in the country. The aim of this research is to explore is there a public interest in Islamic banking, especially
      among the commercial banks in Serbia and are there possibilities for development of Islamic banking in this country. To explore these two main questions, author conducted a research by using a questionnaire among the chairmen and members of the administrative Board of 12 commercial banks in Serbia. The result of the research show that commercial banks in Serbia are not interested in this type of a banking activity. On the other hand they are also not sufficiently familiar with the concept of Islamic banking. The research showed that process of internationalization of Islamic banking is not present in Serbia.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • Methodology of Credit Analysis Development

    • Authors: Slađana Neogradi
      Pages: 75 - 85
      Abstract: The subject of research presented in this paper refers to the definition of methodology for the development of credit analysis in companies and its application in lending operations in the Republic of Serbia. With the developing credit market, there is a growing need for a well-developed risk and loss prevention system. In the introduction the process of bank analysis of the loan applicant is presented in order to minimize and manage the credit risk. By examining the subject matter, the process of processing the credit application is described, the procedure of analyzing the financial statements in order to get an insight into the borrower's creditworthiness. In the second part of the paper, the theoretical and methodological framework is presented applied in the concrete company. In the third part, models are presented which banks should use to protect against exposure to risks, i.e. their goal is to reduce losses on loan operations in our country, as well as to adjust to market conditions in an optimal way.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
  • The Impact of Human Resource Management of the Work Design Concept in

    • Authors: Dejana Pavlović
      Pages: 86 - 92
      Abstract: Human Recourse Management (HRM) has an important role in every organization. In addition, investment in human capital is not represented only in developed countries but also in non EU countries, such as Serbia.
      Hence, in the last two decades, a large number of EU countries started to analyze the role of HRM in companies. One of the studies conducted in this field is CRANET, which represents the academic network for conducting HRM research in practice worldwide. The first results of CRANET survey were presented in 1999 and at the beginning only 24 countries were a part of this network and now the number doubled.
      In the paper, the role of HRM will be analyzed in Serbian organizations by using the CRANET 2015 research results. According to the CRANET 2015 survey results, the role of HRM in Serbia is present but not to the extent that it is present in developed countries.
      PubDate: 2017-12-25
      Issue No: Vol. 50, No. 3-4 (2017)
School of Mathematical and Computer Sciences
Heriot-Watt University
Edinburgh, EH14 4AS, UK
Tel: +00 44 (0)131 4513762
Fax: +00 44 (0)131 4513327
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