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THE IMPERATIVE OF IMPROVING THE FINANCIAL REGULATORY FRAMEWORK UNDER CRISIS CONDITIONS - A CONTRADICTIO IN ADJECTO OF THE NEOLIBERAL PARADIGM

Author(s): Borko Krstić,Mirjana Jemović / Language(s): English Issue: 1/2015

The global financial crisis has caused massive interventions by monetary and fiscal authorities, such as the rehabilitation of failed banks, insurance companies and other financial institutions and insertion of huge amounts of money into the financial system, with a view to their rescuing and preventing further spread of the crisis. Such an environment has challenged the basic postulates underlying neoliberalism as the ruling economic doctrine of the 1980s. In this regard, the question is whether the imperative requirements for improving the financial regulatory framework have caused a substantial relativization of the hitherto dominant neoliberal paradigm.

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ENVIRONMENTAL ASPECTS OF THE PROCESS OF GLOBALIZATION – NEGATIVE IMPLICATIONS AND CRISIS

Author(s): Ivana Ilić,Petar Hafner / Language(s): English Issue: 2/2015

Growing environmental problems of modern age capture attention of the global society. Man, as a major factor in the process of disturbing the optimal environmental balance, is considered to be the most responsible for the emergence of the environmental crisis that manifests itself in all spheres of life. Due to a growing number of environmental problems that require urgent attention, it is necessary to increase awareness of the problems that surround us. In the future, it is necessary to develop environmental (“green”) economy, rationalize consumption, and instill a higher level of environmental awareness into future generations, in order to reduce environmental problems to a minimum level. It should be borne in mind that the environmental dimension is the underlying component of sustainable development of modern mankind. In line with this, the Environmental Performance Index (EPI) methodology has been developed. On the basis of this methodology and the presentation of ranking of countries according to the environmental performance, the work analyzes the state of environmental development in Serbia and neighboring countries.

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Volatility Informed Trading in the Options Market: Evidence from India

Author(s): Pathak Rajesh / Language(s): English Issue: 1/2016

The purpose of this paper is to investigate the trading activity in options market based on information about expected future volatility in spot market. We employ Common Implied Volatility as a measure of expected volatility and options volume and changes in Open Interests as measures of options trading activity. We first test for simultaneous information flow in the two markets using multiple regression technique. Next, we test for information based or hedge based use of options using Trivariate Vector-auto Regression framework. We further consider the classes of options moneyness and the market trends in our analysis to examine if the trader’s preference of options changes with change in description of options intrinsic value and market environment. We use daily closing data of S&P CNX Nifty Index options traded on National Stock Exchange, India. We, for the most part, find negative and significant relationship in contemporaneous regression suggesting active trading by arbitrageurs. A feedback relationship is observed in vector auto regression analysis suggesting that options are traded in India for both information based trading and hedging purposes. We also observe the relationship to be varying when market trends and classes of options moneyness are considered. This indicates that traders are not indifferent in their choice of trading venue when market conditions and factors change. The results of this study are helpful for traders in managing the risk and return of their portfolio based on volatility forecast. This study is distinctive as it examines the scarcely researched area of volatility informed trading in an emerging market set up.

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ДИСТРИБУЦИЈА БОГАТСТВА НА ВЕШТАЧКИМ ФИНАНСИЈСКИМ ТРЖИШТИМА СА АДАПТИБИЛНИМ АГЕНТИМА

Author(s): Ognjen Radović,Jovica Stanković,Ivana Marković / Language(s): English Issue: 4/2015

The aim of this paper is to analyze the influence of the process of adaptation and network structure on the final wealth distribution of trading agents. The analysis was conducted on an electronic financial market represented by a complex scale-free network. In a trading simulation, the flow of information between the network nodes (traders) influences the decision-making process in terms of investment. The Widrow-Hoff algorithm for adaptation and the size of a complex network are the key aspects of the process. The analysis indicated that the ability to adapt the level of self-confidence and imitate wealthy agents decreases the effect of increase in the network size and maintains the wealth distribution at approximately the same level. Using Pareto’s model, we will show a two-fold outcome. On the one hand, the increase in the size of the network and the distance between the nodes increases the even distribution of wealth among the wealthier traders, and increases the gap between the poorer trading agents. The cause of this model behavior can be found in the relatively quick exchange of information between the wealthier trading agents, and the slower exchange between the poorer trading agents. This behavior is a consequence of the increase in the average distance between the network nodes with an increase in the network diameter. The computer model included in the analysis was designed in the NetLogo modeling environment, while the statistical analysis of the complex network was performed using the Pajek and Origin programs.

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АНАЛИЗА ЧИНИЛАЦА ИЗВОЗНИХ ПЕРФОРМАНСИ ПРЕДУЗЕЋА ИЗ РЕПУБЛИКЕ СРБИЈЕ У ПРОЦЕСУ ЕВРОПСКИХ ИНТЕГРАЦИЈА

Author(s): Jelena Vapa Tankosić,Svetlana Ignjatijević,Jovana Gardašević / Language(s): English Issue: 4/2015

This paper focuses on the analysis of export problems and export strategies of enterprises from the Republic of Serbia, with the aim of identifying the major export problems and examining their impact on export performance in the light of European integration and future entry in international markets. The research model integrates export problems and export strategy as independent variables and then explores the relational connections of these variables with export performance. The study includes SMEs from the territory of the Republic of Serbia. We used a questionnaire to test the direct and indirect effects of variables on short-term export performance using the method of factor analysis. Research findings indicate that enterprises that have the personnel qualified for export into foreign markets have the most effective impact on improving export performance, and that the most important problems in entering the foreign market, especially the EU market, for the Serbian exporters are the complexity of export documentation, poor organization of the firm’s export department, poor product design, high transportation costs, and inadequate promotion of enterprises on export markets.

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E-biznes, tradycyjny biznes a zjawisko kanibalizacji w kontekście modeli biznesu

Author(s): Ewa Grzywa / Language(s): Polish Issue: 3/2015

The aim of this article is to place the interest on cannibalization of existing business model as a consequence of introducing to the company's activity new business based on digital technologies. The article is structured as follows: in the first part the business model notion is presented, further its relation with technology, especially digital technology, is underlined, then in the third part research methodology is discussed, whereas the fourth part analyses enterprises' reactions to revolutionary change triggered by digital technologies in the business model context. Considerations presented in the article has been formulated on the basis of systematic literature review, including 139 publications from the period between 2010 and 2014, Polish-language and English-language, and represent part of wider research conducted on business models. Quoted in the article the Deseret News case points to the dual-transformation approach as the most effective reaction to digital revolution. Firstly, the transformation encompasses reorganizing existing business in order to adjust it to the current market reality. Secondly, new innovative business based on digital technologies is being developed within separate structures with the intention to become the future core of the company's performance.

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Wpływ porozumień handlowych na synchronizację gospodarki meksykańskiej z gospodarką światową

Author(s): Wojciech Grabowski,Ewa Stawasz,Justyna Wieloch / Language(s): Polish Issue: 12/2015

In this paper we evaluate the role of trading channels in the transmission of shocks on the basis of the business cycle synchronization between the Mexican and the world economy. In order to evaluate business cycle synchronization, parameters of 2-variate VAR models for GDP growths are estimated. Measures of instantaneous quasi-correlation coefficients are calculated for the period preceding the signing of an agreement and the period of validity of the agreement.

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Spaţiul cibernetic – un nou mediu de confruntare

Author(s): Cătălin-Iulian Balog / Language(s): Romanian Issue: 4/2015

Over the past 20 years, information technology has developed greatly. From an administrative tool to offi ce processes optimize, it is now a strategic instrument of industry, government or military. Before September 11, topics related to risks and threats in cyberspace, and those about cyber confrontation were discussed only in small groups of experts. But since September 11, it is obvious that cyberspace is not only about the serious vulnerabilities, but also the possibility of confrontation at the level of whole society.

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Augmented Gravity Equation and Incomplete Specialization in Production

Author(s): Andrzej Cieślik / Language(s): English Issue: 1/2015

After several decades of research theoretical foundations of gravity equations are still not well understood. Many studies use gravity equations in its basic form that relates bilateral trade flows to GDPs of trading partners and distance between them. However, to improve the fit of regressions empirical gravity equations are often augmented with other characteristics of trading partners. While the gravity equation in its basic form can be derived from several competing theories that assume complete specialization in production, factor proportions augmented gravity equations are still perceived as having less theoretical justification. The main goal of this paper is to derive augmented gravity equations from models that assume incomplete specialization in production and to provide a theoretical justification for the inclusion of factor proportion measures in empirical gravity equations.

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WORLD CRISIS IN THE MIRROR OR THE UTOPIA OF A WORLD WITHOUT CRISIS

Author(s): Gabriela Bodea,Aurelian-Petruș Plopeanu / Language(s): English Issue: 1/2016

A world without crisis may seem an utopia. A crisis is a necessary feature that accompanies the evolution of a human society. The crisis from 2007 showed how difficult is to apply macroeconomic governance and regulations, taken on the contours of globalization. The policymakers did not have to deal with a “simple” macroeconomic imbalance, but with layered crisis which had to be cured using a network of solutions. Crisis are not pure, but combine features of several known theoretical patterns. The profligacy of governments and etatist institutions represents the core-triggering element. The financial institutions which performed risky and costly maneuvers made possible the return of Keynesianism in most of the cases. Although the exacerbated regulations may cause a decisive step towards the new failure of the state, these theories conduct to the evolution of the economic theory.

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GLOBALIZATION, INTELLECTUAL CAPITAL AND DECENT LABOUR

Author(s): Danilo Ž. Marković / Language(s): English Issue: 1/2016

In this paper, the author discusses the correlation between globalization as a social process and the process of intellectualizing labour, which has generated significant changes in the content and character of labour. In due course, it has resulted in the emergence of intellectual capital, where one’s labour activities demonstrate one’s knowledge and skills as the basic developmental resource. In terms of effectiveness, productivity and profitability, it necessarily presumes establishing a proper relationship with other participants in the labour process on the basis of freedom and equality. In this context, the author discusses the concept of decent and dignified labour, as an envisaged objective in the evolution of capitalism and human society at large, and elaborates on the prospects and effects of its exercise.

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HEALTHCARE IN THE LIGHT OF THE CONCEPT OF WELFARE STATE REGIMES – COMPARATIVE ANALYSIS OF EU MEMBER STATES

Author(s): Dorota Kawiorska / Language(s): English Issue: 2/2016

This paper addresses issues related to health care in the context of the debate about the typology of welfare state regimes and comparative studies conducted in reference to the debate. Particular attention has been paid to the phenomenon of decommodification as one of the key dimensions that define welfare regimes identified in the literature associated with this debate. The study presents a health decommodification index, on the basis of which an attempt has been made to assess the decommodification potential of health care, taking into account the situation in the 28 EU Member States in 2012. The identification of a widely understood accessibility of publicly funded health care as a basic measure for assessing the decommodifying features of health programs is an important result of the empirical analysis. The study has also confirmed the views expressed in the literature about the existence of practical obstacles standing in the way of developing a universal typology of welfare states.

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СБЛИЖАВАНЕТО НА СТРАНИТЕ ОТ БАЛКАНИТЕ В КОНТЕКСТА НА РЕГИОНАЛНАТА ПОЛИТИКА НА ЕС

Author(s): Stanka Tonkova,Margarita Bogdanova / Language(s): Bulgarian Issue: 2/2008

In last years European Union became a power attractive center for the all Balkan region and the only reasonable alternative for the countries on the peninsula. In this sense the research of the Balkan states’ cohesion in the context of the EU regional policy is extremely topical. The scope of this study is the differences between the countries, measured by common indicators – GDP per person, growth rate, employment, inflation etc. The expectations of the authors are that in the next years, the distance between countries will increase. The main reason is that there are member states and non member states (candidate). The first group has a set of objectives, directed to economic and social cohesion not only in the countries themselves, but in the whole European Union. They have access to structural funds and have a real opportunity to decrease the asymmetry.

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GLOBALIZATION, INTERNATIONAL TRADE, AND HUMAN DEVELOPMENT: A CASE OF CENTRAL AND EASTERN EUROPE

Author(s): Andrzej Cieślik,Jan Jakub Michałek,Jerzy Mycielski / Language(s): English Issue: 2/2016

Our paper focuses on estimating the effect of human development on international trade flows in the global economy with the help of the generalized gravity model. We are particularly interested in the countries of Central and Eastern Europe (CEECs). Previous research and empirical studies also investigated the determinants of trade flows but concentrated only on traditional gravity variables such as the size of trading partners, factor abundance, technology differences, and/or distance. Our novel approach introduces the role of aggregate human development indicators such as Human Development Index and its constituent components on top of the standard set of gravity model variables. Our findings confirm that both aggregate and disaggregate indicators of human development influence the volume of international trade flows.

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FORECASTING ECONOMIC GROWTH USING CHAOS THEORY

Author(s): Mihaela Simionescu,Marek Śmiechowski / Language(s): English Issue: 3/2016

This paper presents an original contribution of the application of Lorenz attractor in economic theory by modeling the chaos in economic systems and forecastsWe apply the chaos theory provisions and employ the provisions of Chaos Dynamics which represents a new trend in economic science and is based on endogenous approach. Our results indicated a tendency of increase in world economic growth on the horizon 2015-2019, when specific values are given to the parameter in Lorenz system. This approach might be considered a new forecasting method in economic science.

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Innovation capabilities in EU countries: have Central and Eastern European countries been catching up?

Author(s): Monika Kondratiuk-Nierodzińska / Language(s): English Issue: 5/2016

The paper answers two questions: which innovation capabilities most strongly differentiate CEECs and highly developed European economies and to what extent CEECs’ performance within each of the innovation capabilities has changed over a decade. The research method is based on construction of composite indicators describing national performance within five innovation capabilities in two periods: 1998–2000 and 2010–2012 as well as regression analysis in order to test the accuracy of the main findings. The study has allowed to arrive at a conclusion that CEECs have been able to catch up to highly developed European economies with respect to absorptive capacity related to the existence and use of technological infrastructure as well as participation in inward technology transfer in the form of FDI and capital goods imports. There is, however, a lingering performance gap in new knowledge and innovation creation capabilities and R&D effort. Continuation of this trend and lack of considerable improvement also in terms of absorptive capacity related to the quality of human resources might result in CEECs’ permanent inability to catch up to their highly developed European counterparts.

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Interest Rates and Consumption Volatility: any Implications for Consumption Smoothing?

Author(s): Ibrahim Alley / Language(s): English Issue: 3/2016

The roles of market interest rates in consumption smoothing have been fairly examined; their effects on consumption volatility however in various country groups have received limited attention. This study aims to estimate the effects of these rates on consumption volatility based on data from developed and developing country samples. The General Method of Moments (GMM) and the Two Stage Least Squares (2SLS) estimation techniques employed, due to the endogeneity property of the specified model, yield interesting results. Lending rates reduced consumption volatility in developed countries while saving rates did not worsen it. The rates had no effect in developing countries and mixed effects in the whole sample. The rates are relatively lower in developed countries and this partially explains why consumption volatility is lower in developed economies than in developing counterparts. As a result, the developing countries need to implement policies to reduce interest rates as a means of reducing consumption volatility and thus enhance consumption smoothing and maximise their welfare.

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Analiza međunarodnih spajanja i preuzimanja u farmaceutskoj industriji

Author(s): Božo Matić,Vlatka Bilas,Vedran Bači / Language(s): Croatian Issue: 1/2011

There are numerous researches which analyze mergers and acquisitions, but most of them do not focus on a certain industry, but their sample considers companies from different industries. This paper focuses on mergers and acquisitions in the pharmaceutical industry. It is assumed that pharmaceutical companies with no experience in mergers and acquisitions achieve better results in relatively small and domestic mergers and acquisitions while pharmaceutical companies with greater experience in mergers and acquisitions are successful even in bigger and international mergers and acquisitions. Bigger mergers and acquisitions and international mergers and acquisitions are more risky for the companies so lack of experience in mergers and acquisitions additionally increases risks during the process of mergers and acquisitions. On average, such increase of the risk results in lower returns for stock owners of pharmaceutical companies.

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Razlike u vrednovanju inozemne lokacije za izravna ulaganja

Author(s): Duško Pavković,Draženka Ćosić,Sanja Stojsavljević / Language(s): Croatian Issue: 1/2011

For the last few decades a large number of countries, developed as well as developing ones, have become included in flows of foreign direct investments. Until recently the investments were directed only from developed towards less developed countries but since the end of the 20th century the developing countries have become more significant foreign investors. A certain number of countries have been more successful in attracting foreign capital in comparison to others. The question is what are the reasons and which are the most important factors that investors consider while choosing a foreign location to invest to. Results of foreign research referring to this subject are presented in this paper as well as their comparison to results of similar researches conducted by the authors in Croatia.

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Czy w strefie euro występuje jeszcze kryzys?

Author(s): Piotr Kalka / Language(s): English,Polish Issue: 02/2017

The object of the analysis presented in the article is the crisis that has been taking place in the euro area member states. The author specifies the factors that have enabled particular countries to overcome the crisis and concludes that the country which has managed to cope with the crisis to the largest extent is Ireland. However, maintenance of the changes introduced in response to the crisis and continuance of reforms of the euro area are necessary to ascertain a further success of the actions taken so far.

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