JournalTOCs

Facta Universitatis, Series : Economics and Organization
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This is an Open Access Journal

Open Access journal
ISSN (Print) 0354-4699 - ISSN (Online) 2406-050X
Published by U of Niš

[11 journals]

NEW METHODOLOGY TO STUDY CONTAGION BETWEEN WESTERN AND EMERGING EUROPE: A
SWITCHING COPULA APPROACH
- Authors: Deyan Radev
  Pages: 407 - 420
  Abstract: This paper adapts and extends switching copula models to investigate whether financial contagion occurred between Western stock markets and their Central and Eastern European counterparts during the Global Financial Crisis. Our methodology focuses on tail dependence as a direct measure of codependence in crisis times and we apply it to two bespoke indices that cover the biggest Central and Eastern European stock markets. We find an overall increase in dependence between Western Europe and the transition region during the Great Recession. However, adding the Turkish stock market to our CEE regional indices reduces the duration of the impact of the crisis. These results suggest that the transition economies remain a valuable diversification source during periods of crisis.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210718029R
INTERNAL REPORTING ON PROCESS OPTIMIZATION MEASURES: COMBINATION OF
ECONOMIC AND ENVIRONMENTAL ASPECTS
- Authors: Rudolf Grünbichler, Barbara Petschacher, René Kollmann, Alexander Passer, Stefan Otto Grbenic
  Pages: 421 - 434
  Abstract: Optimizing the cost situation is part of everyday business in a company. The research field of controlling has developed many instruments and methods for calculating potential savings and communicating them to the decision-makers. In the future, in order for companies to operate more sustainably it is necessary to weigh up optimization measures from an economic and environmental point of view. This paper proposes to supplement controlling reports with a matrix opposing economic and environmental impacts by individual optimization measures. This reporting method should assist decision-makers in the selection of optimization measures, taking into account economic and environmental aspects. LCA and LCC based evaluation of a biotechnological process step for glycoside production served as a case study. An example for impact presentation of switching to a sustainable electricity mix is shown.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210622030G
THE COMPLEXITY PARADIGM: TOWARDS A MODEL FOR THE ANALYSIS OF SOCIAL
SYSTEMS AND PROBLEMS
- Authors: Artur Parreira, Ana Lorga Silva
  Pages: 435 - 455
  Abstract: The article proposes the complexity paradigm as an innovative reasoning for analyzing problems in behavioral sciences. It begins to explain the contributions of the major authors of the complex reasoning paradigm: Gödel, Prigogine and Morin. They offer the basis to a model of analysis and assessment of complex systems and problems (ACSIP Model). The four postulates of the Model are explained, emphasizing the principal hypothesis of the Model – the level of cognitive operations is the most important factor of complexity of a system; then to understand it, the cognitive level of analysis must be at minimum equal to that of the system or the problem under analysis. In the second part the article, an illustrative application of the ACSIP Model is applied to the analysis of the SDG 9 from the UN 20/30 agenda, showing the analysis of a complex problem, guided by the complexity reasoning model. Following that, an empirical research is presented, to verify the hypothesis underlying the fourth postulate of the model. The results confirm the hypothesis: the use of information by a group is inversely proportional to the use of power (authority). These results allow us to conclude that the complex reasoning paradigm is a promising tool to obtain synergic results in the scientific analysis and resolution of concrete social problems and to face the complex challenges brought by artificial intelligence systems.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210702031P
THE POSSIBILITY OF USING DISTRIBUTED LEDGER TECHNOLOGIES AS PAYMENT
INFRASTRUCTURE
- Authors: Zorana Kostić, Nenad Tomić
  Pages: 457 - 470
  Abstract: The Internet of Things represents a communication network that enables people to interact with things, machines and objects in the business and living environment. Adding the ability to perform transactions to the information component leads to the creation of the so-called Internet of Value. Modern payment processing mechanisms do not meet the needs of the Internet of Value. In order to achieve a fast and economical financial flow, it is necessary to overcome the fragmentation of traditional payment systems and adopt the organizational structure of the Internet. The subject of the paper is the characteristics of three distributed ledger technologies. The aim of this paper is to determine the possibility of their use in order to build a payment infrastructure for the realization of the Internet of Value concept. Although the issue of security of the new payment infrastructure is equally important, the paper will focus on three key performances of the observed distributed ledger technologies: costs, throughput and scalability. The qualitative analysis shows that none of the analyzed technologies in practice has adequate performance in terms of throughput and scalability. Most operational solutions, even in experimental conditions, achieve poorer results than theoretically predicted ones.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210702032K
THE DRIVERS OF PRIVATE SECTOR INVESTMENT IN BOTSWANA: AN EXPLORATORY
REVIEW
- Authors: Glenda Maluleke, Nicholas M. Odhiambo, Sheilla Nyasha
  Pages: 471 - 485
  Abstract: This paper reviews the drivers of investment by the private sector in Botswana for the period from 1980 to 2018. The paper discusses the investment policies that the government has adopted over the years, the incentives, as well as the institutions that have been established to promote private sector investment. The Botswana government’s economic development strategy is aimed at promoting economic growth through the private sector. Some of the key determinants of private investment, which have been analysed, include economic growth, public investment, credit to the private sector, gross domestic savings, trade openness, interest rates, inflation and foreign direct investment. Since the 1980s, the private sector investment has been fluctuating between 34.5 percent and 12.1 percent, with the highest level being recorded in 1980 and the lowest in 1996. The study shows that economic growth averaged 6.4 percent, public investment was 10.3 percent, credit to the private sector was 18.3 percent, gross domestic savings was 35.9, trade openness was 101.4 percent, interest rate was 3.6 percent, inflation was 8.9 percent and lastly, foreign direct investment was 2.6 percent during the study period.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210903033M
FLOOD RISK VULNERABILITY VISUALIZATION FOR SUSTAINABLE RISK MANAGEMENT -
THE CASE OF SERBIA
- Authors: Jovica Stanković, Zoran Tomić, Milan Gocić
  Pages: 487 - 498
  Abstract: The main objective of this study is to visualize the flood risk vulnerability of municipalities in the Republic of Serbia through mapping and spatial analysis of precipitation data and data related to the losses. GIS tools enable spatial analysis and visualization of historical data on losses combined with temporal and geo-spatial distribution of precipitation, and QGIS tool was used for visualization of precipitation data and data on damages caused by floods and flash floods. As a result of these analyses, areas with potential high risks of losses are detected, which enables undertaking appropriate steps and measures in order to minimize future losses.
  PubDate: 2021-12-26
  DOI: 10.22190/FUEO210817034S