LOG NOVČANIH POŠILJAKA U OBJAŠNJENJU FELDSTEIN-HORIOKA PARADOKSA: DOKAZI IZ ZEMALJA U TRANZICIJI

We measure the level of capital mobility following Feldstein and Horioka (1980) who assume that measuring the extent to which national saving and investment rates are correlated indicate the degree of financial integration into the world economy. While they surprisingly found the high positive correlation between saving and investment in developed OECD economies, subsequent empirical studies on the sample of less developed economies found smaller saving-investment correlation. Concentrating on the determinants of investments in the transition economies that could explain now conventional, puzzling Feldstein-Horioka results for transition economies, we were the first who consider remittances as possible explanation. The results of panel analysis seem to support the hypothesis of capital mobility among the economies in transition for the period 1995-2007. Highly significant effect of remittances on investment supports our argument that a significant portion of received remittances is directed toward investment in transition economies.Razinu mobilnosti kapitala mjerimo slijedeći Feldsteinai Horioku (1980) koji kažu da mjerenje razmjera do kojeg su državne stope štednje i ulaganja korelirane, ukazuje na stupanj financijske integracije u svjetsku ekonomiju. I dok su neočekivano zaključili da postoji visok stupanj pozitivne korelacije između štednje i ulaganja u razvijenim OECD ekonomijama, kasnija empirijska istraživanja na uzorku manje razvijenih zemalja, pokazala su manju korelaciju štednje i ulaganja. Koncentrirajući se na odrednice ulaganja u tranzicijska gospodarstva koje bi mogle objasniti sada konvencionalne, zbunjujuće Feldstein-Horioka rezultate za tranzicijska gospodarstva, bili smo prvi koji su razmotrili novčane pošiljke kao moguće objašnjenje. Rezultati panelne analize idu u prilog hipotezi o mobilnosti kapitala u tranzicijskim gospodarstvima za period od 1995-2007. Vrlo značajan učinak novčanih pošiljaka na ulaganja podržava našu tvrdnju da je značajan udio primljenih novčanih pošiljaka usmjeren ka ulaganju u tranzicijska gospodarstva

In-house R&D, external R&D and cooperation breadth in Spanish manufacturing firms: is there a synergistic effect on innovation outputs?

This study explores the nature of relationship between in-house R&D, external R&D and cooperation breadth and their joint impact on patent counts as well as technological, product and process, innovations in Spanish manufacturing firms. With regards to patent counts, empirical findings from a Generalised Method of Moments (GMM) estimator suggest a complementarity effect of internal and external R&D activities conditional on the breadth of R&D cooperation. Concerning technological innovation, results from dynamic random-effects probit models indicate no synergistic effects. In addition, we find evidence of persistence of all three innovation output measures. Our results suggest policy implications in relation to strengthening firms’ absorptive capacity that could have long-run effects

The link between trade openness, export diversification, institutions and output volatility in transition countries. (running title: Output volatility and trade openness revisited: the role of export diversification and institutions in transition countries)

This paper investigates the role of trade openness, export diversification and institutions as potential predictors of output volatility in 25 transition economies in the period 1996–2010. Our results suggest that diversification may not attenuate the output volatility effects of openness for transition countries already at medium or higher levels of diversification, but nonetheless may have this effect at lower levels of diversification. Further, while inflation volatility and conflict both increase output volatility, better political institutions contribute to output stability in transition countries. In addition, we find that differences between diversification at the export margins are not just conceptual, but also substantive: the effect of openness is conditional on export diversification at the intensive margin but not at the extensive margin. These findings are robust to different assumptions regarding the potential endogeneity of openness and institutional quality as well as to alternative proxies for institutions and output volatility and additional control variables

Environmental innovation across SMEs in Europe

This paper focuses on the relation between business innovation modes and environmental innovation. Over time firms have recognized the importance of prioritizing innovation to gain competitive advantages in open markets. Yet, in more recent times with the more recent international agreements on environmental sustainability (rounds in Doha in 2004; Copenhagen in 2009; Paris in 2016; and Glasgow in 2021), innovation needs to be guided through new boundaries and requirements that individual businesses and the business system as a whole face. One of these boundaries is nature and its resources which require significant protection as part of the international priority agenda on climate change agreed by most countries with the 2016 Paris Agreement on the Environment and recently confirmed with COP26. As firms are found to adopt alternative archetypical strategies of innovation, some science-driven (STI innovation mode) and others practice-driven (DUI innovation mode), we investigate whether any of these strategic modes is beneficial in relation to the capacity of the firms to produce eco-innovations, and which one is more beneficial in relation to which type of eco-innovation (e.g. technological and non-technological innovation). This analysis is seen in relation to the size of the firms as SMEs typically rely on practice and interactive-based innovation activities (DUI mode). This may help design environment protection-orientated policies that focus on specific drivers, thus making policy action efficient and effective. The analysis is based on the Community Innovation Survey (CIS) database for European countries. Our findings support the view that both STI and DUI drivers support eco-innovation through technological nuances that work also in the specific case of SME environmental innovation

Clinical analysis of etiology, risk factors and outcome in patients with acute kidney injury.

Acute kidney injury is characterized by a rapid loss of renal excretory function with the increase of nitrogen compounds in the blood and with different outcome. Objective: Since descriptions of the risk factors and sequelae of acute kidney injury (AKI) remain relatively limited, the objective of this study was to determine etiology and clinical characteristics of AKI, as well as risk factors for adverse outcome of renal function and death in AKI patients. Methods: We retrospectively studied a cohort of 84 adult AKI patients admitted to Nephrology Clinic in University Clinical Centre Sarajevo during period 2012-2014. Demographic, laboratory and clinical parameters were retrieved. The in-hospital and 6 months mortality were recorded. Renal function outcome was defined 3 months following discharge. Results: Majority of patients were older (median age 73.5 years) with great severity of AKI (Stage III in 78.5% of cases) and high burden of comorbidities (mean Charlson comorbidity index, CCI score 6.4±3.05). The most common causes of AKI were acute interstitial nephritis (16.7%), heart failure (15.5%), gastroenterocolitis (13.1%), and sepsis (12%). Renal function recovery was recorded in 48.8% of patients, with prevalence of 10.7% of intrahospital mortality and 37.3% of 6 months mortality. Risk factors for poor outcome of renal function and mortality in AKI patients were increasing age and higher CCI score, while protective factor was higher diuresis. Sepsis proved to be risk factor for deat

Tax morale: Framing and fairness

Tax morale has been a focus of academics and policy makers for some time. The measurement of individuals’ tax morale is subjective, and various proxies have been employed in qualitative and quantitative research. The framing of these measures has been considered in some research with respect to equivalency or goal framing, but the underlying implication of emphasis framing in commonly used proxies has yet to be considered. Further, although fairness and financial literacy have been considered determinants of tax morale, no one has yet considered whether financial and tax literacy (FTL) has a moderating effect on fairness and tax morale. This research addresses these gaps in the literature. The findings suggest that questions and scenarios posed by academics and policy makers should consider positive, negative, and emphasis framing, as well as the moderating effect of the respondents’ FTL to measure individuals’ tax morale effectively. The findings also suggest that raising levels of FTL could have a double dividend: not only will improved FTL have a positive impact on tax morale, but it might be magnified through the impact of fairness. These findings hold only when morale is determined by negatively framed scenarios. In particular, the perceived fairness of the tax system enhances tax morale when FTL is high, whereas the perception of fairness has no effect on tax morale for respondents with lower levels of FTL

Further improving our understanding of the tax awareness, tax literacy and tax morale of young adults

Developed countries have for some years seen a policy direction of travel towards more individual responsibility to engage with taxpaying obligations, at the same time as more limited state support and assistance being provided excepting where taxpayers are motivated to self-serve online provision. This paper argues that a greater focus on tax education generally is needed given this change of approach to compliance, and particularly amongst younger people as they prepare to engage with the tax system beyond consumption taxation payment, to build a better platform for compliance improvement efforts in the future that are better suited to this greater focus on individual responsibility for compliance. As such, the need to better understand the most effective way to do educate young people about the tax system is also required. This paper seeks to contribute to the development of this understanding. It presents quantitative research into socio-demographic influences and the impact tax tuition may have on young adults’ tax morale. The results of a two-staged survey show gender, tax tuition, and employment experience significantly influence tax morale. The contribution to the literature on tax morale and tax literacy is showing, through regression analysis, the effect of tax tuition on tax morale is negatively influenced by employment experience

Further improving our understanding of the tax awareness, tax literacy and tax morale of young adults

Developed countries have for some years seen a policy direction of travel towards more individual responsibility to engage with taxpaying obligations, at the same time as more limited state support and assistance being provided excepting where taxpayers are motivated to self-serve online provision. This paper argues that a greater focus on tax education generally is needed given this change of approach to compliance, and particularly amongst younger people as they prepare to engage with the tax system beyond consumption taxation payment, to build a better platform for compliance improvement efforts in the future that are better suited to this greater focus on individual responsibility for compliance. As such, the need to better understand the most effective way to do educate young people about the tax system is also required. This paper seeks to contribute to the development of this understanding. It presents quantitative research into socio-demographic influences and the impact tax tuition may have on young adults’ tax morale. The results of a two-staged survey show gender, tax tuition, and employment experience significantly influence tax morale. The contribution to the literature on tax morale and tax literacy is showing, through regression analysis, the effect of tax tuition on tax morale is negatively influenced by employment experience

Tax Morale: Framing and Fairness

This paper examines to the relationship between the perception of tax fairness and tax morale conditional on the level of financial and tax literacy (FTL). The findings are based on the survey responses of 627 US or UK citizens in either public or private employment. Using factor analysis, the researchers found that there is a systematic variation of the effect of perceived tax fairness conditional on the FTL. Further, the way in which questions are framed is found to be important. For positively framed tax morale questions, the moderating effect of tax fairness is significantly negative for low levels of FTL candidates and improves with literacy. However, in negatively framed tax morale questions, tax morale is improved as one views that the tax system is fair but the impact is significant for higher levels of literacy. This has further policy implications as the ‘framing’ of tax literature could be instrumental in improving the tax morale of taxpayers