Institute of Economic Sciences

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    1701 research outputs found

    Dynamics of green and conventional bond markets: Evidence from the generalized chaos analysis

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    In this study, we conduct a comparative analysis of the nonlinear dynamics of the time series data for green and conventional bond indices spanning the period from 2014 to 2023. Our research builds upon the existing limited studies conducted in this domain. To examine the inherent characteristics of the empirical data-generating process, we utilize a generalized chaos analysis framework. The findings indicate that both series exhibit a combination of quasi-periodic cycles and deterministic (chaotic) dynamics. Additionally, we employ reconstruction techniques to visualize the strange (fractal) system attractors for both series. Furthermore, we quantify and compare the dynamics that emerge from the data by employing recurrence quantification analysis and multifractal analysis with power-law distributional coherence tests. Consequently, we identify that both bond series exhibit multifractal characteristics. Finally, we conduct a comparative analysis of the distinct dynamical differences observed between the bond index series. Based on our results, we draw concluding remarks regarding the future evolution of the green bond market and discuss the potential implications of our findings in the context of climate change

    An EKC-based modelling of CO2 emissions, economic growth, electricity consumption and trade openness in Serbia

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    Understanding the complex interactions between the economy and the environment is crucial for promoting sustainable development and mitigating the negative impact of human activities on the Planet. The importance of this issue for Serbia is evident as the country strives to balance economic growth and environmental protection to ensure a sustainable and resilient future. Therefore, the main objective of this study is to investigate and model the relationship between CO2 emissions, economic growth, electricity consumption, and trade openness in Serbia. Initially, an Autoregressive Distributed Lag (ARDL) model is used to characterize the Environmental Kuznets Curve (EKC) using data from the period from 1995 to 2019, followed by the construction of a bootstrap logistic regression model to predict environmental quality in Serbia. Long-term estimates of the model confirm an inverted U-shaped relationship, where all three variables exert a statistically significant influence on CO2 emissions. In the short run, however, a causal relationship is only observed between electricity consumption and CO2 emissions. The logistic regression results show that all three factors significantly influence environmental quality. The study proposes policy recommendations for Serbia, such as promoting sustainable economic growth, implementing long-term programs to reduce CO2 emissions, reviewing trade policies to prioritize sustainable practices, and investing in renewable energy sources to reduce emissions

    Business Sector Investment in R&D as a Factor for Improving Innovation - Evidence from Hungary, Romania, Bulgaria, and Serbia

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    The purpose of this paper is to investigate whether a country’s innovative capacity increases when the business sector invests more in research and development. The empirical investigation covers Serbia and its three neighboring countries in the European Union – Hungary, Romania, and Bulgaria – for the period from 2011 to 2021. The results indicate that an increase in investment by the business sector at the current level of GDP influences the increase in innovation in the case of Serbia, Hungary, and Bulgaria

    Coupling Culture and Space for the Post-Growth

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    This study explores why there is a fundamental need to integrate cultural, urban, and spatial planning. We also argue for a stronger linkage of degrowth with cultural and spatial studies to achieve urgent developmental transformations. In this study, we aim to highlight three of the most important considerations as possible steps towards various future systemic solutions, considering the historical background on development, ideology, power, culture, city, economy and other relevant policies. 1) The importance of participatory strategies and inclusive approaches in promoting various cultural and urban policies (based on practices as shown in cases) as essential for the future; 2) Embedding degrowth discussions in the fields of space and culture aims to highlight multiple alternative paths that can be taken to address systemic issues; 3) Theories of cultural and urban participation crossed with practise provide a strategic framework to explore possibilities

    Higher Education Branding through Instrumental Values

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    Due to the complexity of the educational market, changes are also occurring in the field of education itself - from the constant transformation of the curriculum to new trends in the management of education at all levels. Faculties compete with each other for the best students, professors, projects, discoveries and resources. This forces higher education institutions, which want to survive in the long term and to be highly listed on the market, to take special care of their reputation and prestige. In order to improve their quality and thereby ensure a competitive advantage, higher education institutions use brand management activities to emphasize the values on which their engagement is based. The aim of the paper is to investigate the opinion of students - users of the service of a higher education institution and to show the importance of instrumental values on the basis of which the faculty brand should be shaped. Descriptive statistics and survey techniques were used in the empirical research, and the sample consisted of 403 respondents - students at six private and state faculties. The obtained results indicate a positive opinion of the respondents about instrumental values, such as those on which a higher education institution should build its brand. This finding provides a basis for the creators of not only higher education brands, but also for the creation of study programs based on the estimated value, an incentive for further research of other values in higher education, as well as for the creation of an optimal brand model of higher education institutions

    Innovation and ICT: Key Factors of Successful Business

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    The research carried out in the chapter aims to analyze the importance of innovation and ICT as key factors of successful business, that is, to what extent innovation and ICT influence the competitiveness and development of the digital economy in Serbia compared to other countries of the Western Balkans. The research covered the period from 2020 to 2022, while the methodological concept is based on descriptive analysis of secondary data from the World Economic Forum. The results obtained through the research explicitly show that the countries of the Western Balkans do not invest enough funds in the ICT sector, which has a negative impact on their further development and growth of macro-competitiveness. Compared to other countries of the Western Balkans, Serbia is progressing significantly faster in the field of digital transformation. Despite this, it still lags behind the EU countries when it comes to the adoption of ICT, infrastructure, and innovation systems

    Digital marketing as a tool for inclusive employment

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    Persons with disabilities (PWDs) represent the largest minority in the world who are still not adequately represented in the labour market and are therefore at higher risk of poverty and material deprivation. Digital marketing has the potential to close this gap by enabling PWDs to work remotely and access a wider range of employment opportunities. With the right support and accessibility measures, PWDs can use their skills and talents in digital marketing to contribute to their economic empowerment and inclusion in society. Considering that participation in digital labour platforms is an accepted labour practice in Serbia, this paper represents a pilot study aimed at gaining insights into the requirements of the digital labour market with a focus on digital marketing. To this end, the requirements of entry-level marketing positions on one of the most popular platforms for freelancers – Upwork - were investigated. The main objective of this analysis is to provide sound suggestions for the development of training programmes and mentoring initiatives tailored to enable PWDs in Serbia to become self-employed and increase their chances of earning additional income

    Importance of the Agro-Food System for Economic Development in Selected LMICs

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    Primary agricultural production and the food industry jointly represent the agro-food system of one country. This system has an important role in the economic development of the Republic of Serbia, which according to the World Bank classification, belongs to the group of LMICs. The aim of this paper is to validate the strategic role of the agro-food system in the economic structure of low- and middle-income countries and its contribution to overall economic development. Applied criteria for selecting the countries for the analysis were: gross national income per capita, territorial affiliation (geographical position), and CEFTA agreement. Based on such criteria, the sample countries include Serbia, Albania, Bosnia & Herzegovina, and North Macedonia. Indicators of the contribution to economic development are created using secondary data and divided into four categories: employment indicators, activity indicators, population indicators, and economic indicators. The period covered by this analysis is from 2013 to 2018

    Crisis management in the function of effective destination management

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    Contemporary destination management implies a broader mandate that has shifted the focus from traditional marketing and promotional activities to strategic planning, coordination, and management activities, integrating various stakeholders with a common goal. However, environmental influences, especially negative ones, to which tourism is highly susceptible, as shown by practice in recent years, also affect the overall destination management process. The integration of crisis management into the destination management process assumes that specific procedures exist, adequate task forces are organised, and all necessary resources are recognised, planned and activated at the onset of the crisis. Recent experiences have shown that destinations like Serbia, which failed to establish a destination management system, face much more significant challenges regarding crisis management in tourism. Given that we are increasingly living in the so-called VUCA environment, tourism crisis management is exposed to unique challenges and requires special skills and leadership that will be activated in risky moments. In addition, it is essential to establish institutions with clearly defined tasks and capacities because only the synergy of skills and knowledge, on the one hand, and institutions (structures) will enable successful crisis management in tourism

    Impact of COVID-19 pandemic on international trade flows in Serbia

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    The COVID-19 pandemic has had an impact on the global business environment, and these consequences have been heterogeneous across countries. This work contributes to the scarce literature that has been published considering the COVID-19 pandemic’s impacts on Serbian foreign trade. We analyzed the structure of Serbian imports and exports over the period 2019-2020, with a particular focus on the manufacturing sector being the most significant contributor to the Serbian international trade flows. The analysis shows that the structure of Serbian imports and exports, after the initial volatility following the outbreak of the pandemic in 2021, has stabilized and remained resilient to the impact of the COVID-19 pandemic, with very few exemptions


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