12 research outputs found
The Economic Position of the Croatian Hotel Industry and Economic Policy Measures
Turizam je danas priznat kao važan pokretaÄ druÅ”tveno-ekonomskoga razvoja. UporiÅ”te takvoj tvrdnji daje njegov doprinos bruto domaÄem proizvodu mnogih zemalja. On nije djelatnost veÄ skup odnosa i pojava te stoga kada se govori o financijskim uÄincima turizma onda se misli na uÄinke realizirane kroz ugostiteljsku djelatnost, ali i s njom povezane djelatnosti kao npr. maloprodaja, promet, trgovina i turistiÄko posredniÅ”tvo i dr. SpecifiÄnost turizma ogleda se u Äinjenici da je kupac taj koji putuje prema proizvodu, a ne proizvod prema kupcu. Manje razvijene zemlje, kojima pripada i Hrvatska, veÄi dio financijskoga rezultata turizma ostvaruju na meÄunarodnom tržiÅ”tu Å”to djeluje pozitivno na platnu bilancu neke zemlje. Suvremena ekonomska teorija turizam svrstava u specifiÄan oblik finalne potroÅ”nje, a povezanost s gospodarstvom tumaÄi kroz uobiÄajene segmente potroÅ”nje ā osobnu (tekuÄu) turistiÄku potroÅ”nju, investicijsku i javnu potroÅ”nju u funkciji turizma te (nevidljivi) izvoz turistiÄkih usluga.
Hrvatsko hotelijerstvo ostvaruje viÅ”e od 50% prihoda generiranih u ugostiteljskoj djelatnosti, od Äega samo hoteli realiziraju 90% ukupnih prihoda hotelijerstva. Ako se do sada reÄenom pridoda i podatak da hoteli Äine svega 25% ukupnih smjeÅ”tajnih kapaciteta ugostiteljstva onda je jasan gospodarski potencijal ovog sektora. Na ekonomski položaj svakoga poduzeÄa pa tako i hotelskoga utjeÄu Äinitelji koje poduzeÄe može (endogeni) i oni koje ne može kontrolirati (egzozeni). Doktorski rad posveÄuje pažnju utjecaju ekonomske politike na ekonomski položaj hotelskih poduzeÄa i Äitavog sektora (hotelijerstva).
Dugo analizirano razdoblje (1961ā2010) ekonomskoga položaja hrvatskoga hotelijerstva upuÄuje na Äinjenicu da, usprkos postojeÄim komparativnim prednostima, koje su prerasle u konkurentske na svjetskom tržiÅ”tu, hotelijeri godinama posluju na granici profitabilnosti ili Å”to je ÄeÅ”Äi sluÄaj s gubitkom (u 2011. neto marža profita iznosi -11,43%). IzraÄunati Altmanov Z-score sektora od 2007. upozorava na moguÄnost nastupa steÄaja. Nepoticajno makroekonomsko i poslovno okruženje koje kreira ekonomska politika bitno odreÄuje takav položaj. Poduzete mjere ekonomske politike nisu bile dovoljno uÄinkovite po pitanju unapreÄenja ekonomskoga položaja hrvatskoga hotelijerstva. Mjere ekonomske politike bile su odraz nedoreÄene politike razvoja turizma pa samim time i hotelijerstva. Usporedba ekonomskoga položaja hrvatskoga hotelijerstva s hotelijerstvom izabranih zemalja (Å panjolska, Francuska, Italija, MaÄarska, GrÄka i Turska) ukazuje na loÅ”iji ekonomski položaj hrvatskoga Å”to je djelom i odraz (ne)poduzetih mjera ekonomske politike. Rad je dokazao da odabrane sastavnice ekonomske politike (PDV, teÄaj i kamatna stopa) bitno predodreÄuju ekonomski položaj hrvatskoga hotelijerstva na naÄin da ograniÄavaju uspjeÅ”nost poslovanja mjerenu ostvarenim bruto rezultatom. Model meÄuovisnosti kljuÄnih sastavnica ekonomske politike i ekonomskoga položaja hotelijerstva pokazuje da promjene odabranih sastavnica mogu rezultirati pozitivnim bruto rezultatom hotelijerstva. U aplikativnom smislu model može poslužiti kao dobra polazna toÄka u definiranju novih mjera ekonomske politike kako za hrvatsko hotelijerstvo tako i za s njim, po izvoznom potencijalu, povezanim djelatnostima (poljoprivreda, tekstilna industrija, itd.). UnatoÄ pozitivnim uÄincima primjene proaktivnih mjera važno je prepoznati i stanovita ograniÄenja koja se vežu uz stanje proraÄuna, zaduženosti, rizik zemlje i sl.Tourism is now days recognized as an important driver of socio-economic development. Stronghold of such claim is his contribution to gross domestic product of many countries. Tourism is not an activity but a set of relations and phenomena, and therefore when talking about the financial impacts of tourism it implies the effects realized through the hospitality industry, but also the related activities, such as retail, transportation, trade and tourism intermediation etc. The specific nature of tourism is reflected in the fact that the customer is the one who is traveling to the product, not the product to the customer. Less developed countries, like Croatia, most of the financial results achieve in the international tourism market, which has a positive effect on the balance of payments of the country. Modern economic theory regards tourism as specific form of final consumption, and its connectivity with the economy is interpreted through the usual consumption segments - personal (current) tourism consumption, investment and public spending for tourism and the (invisible) export of tourist services. Croatian hotel industry achieves more than 50% of the revenue generated in the Hospitality and Catering Industry of which only hotels realized 90% of total revenues of hotel industry. The fact that hotels comprise only 25% of the total accommodation capacity of hospitality says a lot about economic potential of this sector. Economic position of each company, including hotels, is determined by factors that can be (endogenous) and cannot be (exogenous) controlled by a company. The thesis pays attention to the impact of economic policy on the economic position of the hotel companies and the whole sector (hotel industry). Analysed economic position of the Croatian hotel industry (1961ā2010) indicates that despite the existing comparative advantages, that evolved into the competitive in the world market, hoteliers have been operating on the verge of profitability or as often the case with a loss (in 2011 net profit margin is -11.43%). From 2007 calculated Altman Z-score for the sector warns of the possibility that bankruptcy may occur. Disincentive macroeconomic and business environment that economic policy creates essentially defines such economic position of the Croatian hotel industry. Economic policy measures taken were not sufficiently effective in terms of improving the economic position of Croatian hotel industry. They were a reflection of incomplete tourism development policy and thus the hotel industry development policy. Comparison of the economic position of the Croatian hotel industry to the hotel industry of selected countries (Spain, France, Italy, Hungary, Greece and Turkey) indicates worse economic position of Croatian hotels which is partly a reflection of measures that were not taken. Thesis has proved that the selected components of economic policy (VAT, exchange rate and interest rate) significantly predetermine the economic position of the Croatian hotel industry in the way that they limit business performance measured by gross profit. Model of the interdependence between key components of economic policy and economic position of hotel industry shows that changes of selected components can result in a positive gross profit for the hotel industry. In terms of applicability model can serve as a good starting point in defining a new economic policy measures for Croatian hotel industry and as well for him, regarding export potential, related activities (agriculture, textiles, etc.). Despite the positive effects of the implementation of proactive measures it is important to recognize certain limitations associated with the state budget, debt, country risk, etc
The Economic Position of the Croatian Hotel Industry and Economic Policy Measures
Turizam je danas priznat kao važan pokretaÄ druÅ”tveno-ekonomskoga razvoja. UporiÅ”te takvoj tvrdnji daje njegov doprinos bruto domaÄem proizvodu mnogih zemalja. On nije djelatnost veÄ skup odnosa i pojava te stoga kada se govori o financijskim uÄincima turizma onda se misli na uÄinke realizirane kroz ugostiteljsku djelatnost, ali i s njom povezane djelatnosti kao npr. maloprodaja, promet, trgovina i turistiÄko posredniÅ”tvo i dr. SpecifiÄnost turizma ogleda se u Äinjenici da je kupac taj koji putuje prema proizvodu, a ne proizvod prema kupcu. Manje razvijene zemlje, kojima pripada i Hrvatska, veÄi dio financijskoga rezultata turizma ostvaruju na meÄunarodnom tržiÅ”tu Å”to djeluje pozitivno na platnu bilancu neke zemlje. Suvremena ekonomska teorija turizam svrstava u specifiÄan oblik finalne potroÅ”nje, a povezanost s gospodarstvom tumaÄi kroz uobiÄajene segmente potroÅ”nje ā osobnu (tekuÄu) turistiÄku potroÅ”nju, investicijsku i javnu potroÅ”nju u funkciji turizma te (nevidljivi) izvoz turistiÄkih usluga.
Hrvatsko hotelijerstvo ostvaruje viÅ”e od 50% prihoda generiranih u ugostiteljskoj djelatnosti, od Äega samo hoteli realiziraju 90% ukupnih prihoda hotelijerstva. Ako se do sada reÄenom pridoda i podatak da hoteli Äine svega 25% ukupnih smjeÅ”tajnih kapaciteta ugostiteljstva onda je jasan gospodarski potencijal ovog sektora. Na ekonomski položaj svakoga poduzeÄa pa tako i hotelskoga utjeÄu Äinitelji koje poduzeÄe može (endogeni) i oni koje ne može kontrolirati (egzozeni). Doktorski rad posveÄuje pažnju utjecaju ekonomske politike na ekonomski položaj hotelskih poduzeÄa i Äitavog sektora (hotelijerstva).
Dugo analizirano razdoblje (1961ā2010) ekonomskoga položaja hrvatskoga hotelijerstva upuÄuje na Äinjenicu da, usprkos postojeÄim komparativnim prednostima, koje su prerasle u konkurentske na svjetskom tržiÅ”tu, hotelijeri godinama posluju na granici profitabilnosti ili Å”to je ÄeÅ”Äi sluÄaj s gubitkom (u 2011. neto marža profita iznosi -11,43%). IzraÄunati Altmanov Z-score sektora od 2007. upozorava na moguÄnost nastupa steÄaja. Nepoticajno makroekonomsko i poslovno okruženje koje kreira ekonomska politika bitno odreÄuje takav položaj. Poduzete mjere ekonomske politike nisu bile dovoljno uÄinkovite po pitanju unapreÄenja ekonomskoga položaja hrvatskoga hotelijerstva. Mjere ekonomske politike bile su odraz nedoreÄene politike razvoja turizma pa samim time i hotelijerstva. Usporedba ekonomskoga položaja hrvatskoga hotelijerstva s hotelijerstvom izabranih zemalja (Å panjolska, Francuska, Italija, MaÄarska, GrÄka i Turska) ukazuje na loÅ”iji ekonomski položaj hrvatskoga Å”to je djelom i odraz (ne)poduzetih mjera ekonomske politike. Rad je dokazao da odabrane sastavnice ekonomske politike (PDV, teÄaj i kamatna stopa) bitno predodreÄuju ekonomski položaj hrvatskoga hotelijerstva na naÄin da ograniÄavaju uspjeÅ”nost poslovanja mjerenu ostvarenim bruto rezultatom. Model meÄuovisnosti kljuÄnih sastavnica ekonomske politike i ekonomskoga položaja hotelijerstva pokazuje da promjene odabranih sastavnica mogu rezultirati pozitivnim bruto rezultatom hotelijerstva. U aplikativnom smislu model može poslužiti kao dobra polazna toÄka u definiranju novih mjera ekonomske politike kako za hrvatsko hotelijerstvo tako i za s njim, po izvoznom potencijalu, povezanim djelatnostima (poljoprivreda, tekstilna industrija, itd.). UnatoÄ pozitivnim uÄincima primjene proaktivnih mjera važno je prepoznati i stanovita ograniÄenja koja se vežu uz stanje proraÄuna, zaduženosti, rizik zemlje i sl.Tourism is now days recognized as an important driver of socio-economic development. Stronghold of such claim is his contribution to gross domestic product of many countries. Tourism is not an activity but a set of relations and phenomena, and therefore when talking about the financial impacts of tourism it implies the effects realized through the hospitality industry, but also the related activities, such as retail, transportation, trade and tourism intermediation etc. The specific nature of tourism is reflected in the fact that the customer is the one who is traveling to the product, not the product to the customer. Less developed countries, like Croatia, most of the financial results achieve in the international tourism market, which has a positive effect on the balance of payments of the country. Modern economic theory regards tourism as specific form of final consumption, and its connectivity with the economy is interpreted through the usual consumption segments - personal (current) tourism consumption, investment and public spending for tourism and the (invisible) export of tourist services. Croatian hotel industry achieves more than 50% of the revenue generated in the Hospitality and Catering Industry of which only hotels realized 90% of total revenues of hotel industry. The fact that hotels comprise only 25% of the total accommodation capacity of hospitality says a lot about economic potential of this sector. Economic position of each company, including hotels, is determined by factors that can be (endogenous) and cannot be (exogenous) controlled by a company. The thesis pays attention to the impact of economic policy on the economic position of the hotel companies and the whole sector (hotel industry). Analysed economic position of the Croatian hotel industry (1961ā2010) indicates that despite the existing comparative advantages, that evolved into the competitive in the world market, hoteliers have been operating on the verge of profitability or as often the case with a loss (in 2011 net profit margin is -11.43%). From 2007 calculated Altman Z-score for the sector warns of the possibility that bankruptcy may occur. Disincentive macroeconomic and business environment that economic policy creates essentially defines such economic position of the Croatian hotel industry. Economic policy measures taken were not sufficiently effective in terms of improving the economic position of Croatian hotel industry. They were a reflection of incomplete tourism development policy and thus the hotel industry development policy. Comparison of the economic position of the Croatian hotel industry to the hotel industry of selected countries (Spain, France, Italy, Hungary, Greece and Turkey) indicates worse economic position of Croatian hotels which is partly a reflection of measures that were not taken. Thesis has proved that the selected components of economic policy (VAT, exchange rate and interest rate) significantly predetermine the economic position of the Croatian hotel industry in the way that they limit business performance measured by gross profit. Model of the interdependence between key components of economic policy and economic position of hotel industry shows that changes of selected components can result in a positive gross profit for the hotel industry. In terms of applicability model can serve as a good starting point in defining a new economic policy measures for Croatian hotel industry and as well for him, regarding export potential, related activities (agriculture, textiles, etc.). Despite the positive effects of the implementation of proactive measures it is important to recognize certain limitations associated with the state budget, debt, country risk, etc
The Economic Position of the Croatian Hotel Industry and Economic Policy Measures
Turizam je danas priznat kao važan pokretaÄ druÅ”tveno-ekonomskoga razvoja. UporiÅ”te takvoj tvrdnji daje njegov doprinos bruto domaÄem proizvodu mnogih zemalja. On nije djelatnost veÄ skup odnosa i pojava te stoga kada se govori o financijskim uÄincima turizma onda se misli na uÄinke realizirane kroz ugostiteljsku djelatnost, ali i s njom povezane djelatnosti kao npr. maloprodaja, promet, trgovina i turistiÄko posredniÅ”tvo i dr. SpecifiÄnost turizma ogleda se u Äinjenici da je kupac taj koji putuje prema proizvodu, a ne proizvod prema kupcu. Manje razvijene zemlje, kojima pripada i Hrvatska, veÄi dio financijskoga rezultata turizma ostvaruju na meÄunarodnom tržiÅ”tu Å”to djeluje pozitivno na platnu bilancu neke zemlje. Suvremena ekonomska teorija turizam svrstava u specifiÄan oblik finalne potroÅ”nje, a povezanost s gospodarstvom tumaÄi kroz uobiÄajene segmente potroÅ”nje ā osobnu (tekuÄu) turistiÄku potroÅ”nju, investicijsku i javnu potroÅ”nju u funkciji turizma te (nevidljivi) izvoz turistiÄkih usluga.
Hrvatsko hotelijerstvo ostvaruje viÅ”e od 50% prihoda generiranih u ugostiteljskoj djelatnosti, od Äega samo hoteli realiziraju 90% ukupnih prihoda hotelijerstva. Ako se do sada reÄenom pridoda i podatak da hoteli Äine svega 25% ukupnih smjeÅ”tajnih kapaciteta ugostiteljstva onda je jasan gospodarski potencijal ovog sektora. Na ekonomski položaj svakoga poduzeÄa pa tako i hotelskoga utjeÄu Äinitelji koje poduzeÄe može (endogeni) i oni koje ne može kontrolirati (egzozeni). Doktorski rad posveÄuje pažnju utjecaju ekonomske politike na ekonomski položaj hotelskih poduzeÄa i Äitavog sektora (hotelijerstva).
Dugo analizirano razdoblje (1961ā2010) ekonomskoga položaja hrvatskoga hotelijerstva upuÄuje na Äinjenicu da, usprkos postojeÄim komparativnim prednostima, koje su prerasle u konkurentske na svjetskom tržiÅ”tu, hotelijeri godinama posluju na granici profitabilnosti ili Å”to je ÄeÅ”Äi sluÄaj s gubitkom (u 2011. neto marža profita iznosi -11,43%). IzraÄunati Altmanov Z-score sektora od 2007. upozorava na moguÄnost nastupa steÄaja. Nepoticajno makroekonomsko i poslovno okruženje koje kreira ekonomska politika bitno odreÄuje takav položaj. Poduzete mjere ekonomske politike nisu bile dovoljno uÄinkovite po pitanju unapreÄenja ekonomskoga položaja hrvatskoga hotelijerstva. Mjere ekonomske politike bile su odraz nedoreÄene politike razvoja turizma pa samim time i hotelijerstva. Usporedba ekonomskoga položaja hrvatskoga hotelijerstva s hotelijerstvom izabranih zemalja (Å panjolska, Francuska, Italija, MaÄarska, GrÄka i Turska) ukazuje na loÅ”iji ekonomski položaj hrvatskoga Å”to je djelom i odraz (ne)poduzetih mjera ekonomske politike. Rad je dokazao da odabrane sastavnice ekonomske politike (PDV, teÄaj i kamatna stopa) bitno predodreÄuju ekonomski položaj hrvatskoga hotelijerstva na naÄin da ograniÄavaju uspjeÅ”nost poslovanja mjerenu ostvarenim bruto rezultatom. Model meÄuovisnosti kljuÄnih sastavnica ekonomske politike i ekonomskoga položaja hotelijerstva pokazuje da promjene odabranih sastavnica mogu rezultirati pozitivnim bruto rezultatom hotelijerstva. U aplikativnom smislu model može poslužiti kao dobra polazna toÄka u definiranju novih mjera ekonomske politike kako za hrvatsko hotelijerstvo tako i za s njim, po izvoznom potencijalu, povezanim djelatnostima (poljoprivreda, tekstilna industrija, itd.). UnatoÄ pozitivnim uÄincima primjene proaktivnih mjera važno je prepoznati i stanovita ograniÄenja koja se vežu uz stanje proraÄuna, zaduženosti, rizik zemlje i sl.Tourism is now days recognized as an important driver of socio-economic development. Stronghold of such claim is his contribution to gross domestic product of many countries. Tourism is not an activity but a set of relations and phenomena, and therefore when talking about the financial impacts of tourism it implies the effects realized through the hospitality industry, but also the related activities, such as retail, transportation, trade and tourism intermediation etc. The specific nature of tourism is reflected in the fact that the customer is the one who is traveling to the product, not the product to the customer. Less developed countries, like Croatia, most of the financial results achieve in the international tourism market, which has a positive effect on the balance of payments of the country. Modern economic theory regards tourism as specific form of final consumption, and its connectivity with the economy is interpreted through the usual consumption segments - personal (current) tourism consumption, investment and public spending for tourism and the (invisible) export of tourist services. Croatian hotel industry achieves more than 50% of the revenue generated in the Hospitality and Catering Industry of which only hotels realized 90% of total revenues of hotel industry. The fact that hotels comprise only 25% of the total accommodation capacity of hospitality says a lot about economic potential of this sector. Economic position of each company, including hotels, is determined by factors that can be (endogenous) and cannot be (exogenous) controlled by a company. The thesis pays attention to the impact of economic policy on the economic position of the hotel companies and the whole sector (hotel industry). Analysed economic position of the Croatian hotel industry (1961ā2010) indicates that despite the existing comparative advantages, that evolved into the competitive in the world market, hoteliers have been operating on the verge of profitability or as often the case with a loss (in 2011 net profit margin is -11.43%). From 2007 calculated Altman Z-score for the sector warns of the possibility that bankruptcy may occur. Disincentive macroeconomic and business environment that economic policy creates essentially defines such economic position of the Croatian hotel industry. Economic policy measures taken were not sufficiently effective in terms of improving the economic position of Croatian hotel industry. They were a reflection of incomplete tourism development policy and thus the hotel industry development policy. Comparison of the economic position of the Croatian hotel industry to the hotel industry of selected countries (Spain, France, Italy, Hungary, Greece and Turkey) indicates worse economic position of Croatian hotels which is partly a reflection of measures that were not taken. Thesis has proved that the selected components of economic policy (VAT, exchange rate and interest rate) significantly predetermine the economic position of the Croatian hotel industry in the way that they limit business performance measured by gross profit. Model of the interdependence between key components of economic policy and economic position of hotel industry shows that changes of selected components can result in a positive gross profit for the hotel industry. In terms of applicability model can serve as a good starting point in defining a new economic policy measures for Croatian hotel industry and as well for him, regarding export potential, related activities (agriculture, textiles, etc.). Despite the positive effects of the implementation of proactive measures it is important to recognize certain limitations associated with the state budget, debt, country risk, etc
Financing Higher Education and Moral Hazard: A Systematic Literature Review
This study differentiates and determines the problem as well as the determinants of moral hazard in financing higher education. Moral hazard is a phenomenon that occurs when financial costs of risks undertaken are being transferred onto a third person. It occurs when a person ā individual or institution ā acts differently because they are detached from the risks; hence, they consciously enter a risk knowing that someone else has to bear the costs of such behavior. Research on moral hazard has arisen from the fields of finance and insurance; it is related to asymmetric information, the relationship between agent and principal in finance, as well as to irresponsible risk behavior. With this study the authors aim to identify problems that arise in the moral hazard process in higher education financing. The Kitchenham Systematic Literature Review (SLR) approach has been applied in this study, as published in the Clarivate Web of Science Core Collection. The research findings identify scarce theoretical foundation, on the basis of which the authors have carried a couple of research variations. A table of occurrence of moral hazard in higher education financing is presented in this paper, as well as a number of recommendations for further research on this topic.
Keywords: moral hazard, higher education, financing, Kitchenham Systematic Revie
THE IMPACT OF ECONOMIC POLICY MEASURES ON ECONOMIC POSITION AND COMPETITIVENESS OF HOTEL COMPANIES
Poduzete mjere ekonomske politike u analiziranom trinaestgodiŔnjem
razdoblju 2001.-2013., nisu bile dovoljno uÄinkovite glede unapreÄenja ekonomskoga
položaja hrvatskoga hotelijerstva. Mjere ekonomske politike bile
su odraz nedoreÄene politike razvoja turizma pa samim time i hotelijerstva.
Usporedba ekonomskoga položaja hrvatskoga hotelijerstva s hotelijerstvom
izabranih zemalja (Å panjolska, Francuska, Italija, MaÄarska, GrÄka i
Turska) ukazuje na loŔiji ekonomski položaj hrvatskoga, Ŕto je dobrim djelom
i odraz (ne)poduzetih mjera ekonomske politike.
Rad je dokazao da odabrane sastavnice ekonomske politike (PDV, teÄaj
i kamatna stopa) bitno predodreÄuju ekonomski položaj hrvatskog hotelijerstva
na naÄin da ograniÄavaju uspjeÅ”nost poslovanja te ga Äine manje
konkurentnim u odnosu na neposredno okruženje.
Model meÄuovisnosti kljuÄnih sastavnica ekonomske politike i ekonomskoga
položaja hotelijerstva pokazuje da promjene odabranih sastavnica
mogu rezultirati pozitivnim bruto rezultatom hotelijerstva. U aplikativnom smislu model može poslužiti kao dobra polazna toÄka u defi niranju
novih mjera ekonomske politike kako za hrvatsko hotelijerstvo tako i za one
djelatnosti koje su s njim povezane po izvoznom potencijalu (poljoprivreda,
brodogradnja, preraÄivaÄka industrija). UnatoÄ pozitivnim uÄincima primjene
proaktivnih mjera važno je prepoznati i stanovita ograniÄenja koja se
vežu uz stanje proraÄuna, zaduženosti i rizik zemlje.Undertaken measures of economic policy, in the analysed thirteen year period
from 2001 to 2013, were not effective in terms of improving the economic position of
Croatian hotel industry. Economic policy measures were a refl ection of incomplete tourism
development policy and thus the hotel industry itself. Economic position comparison
of Croatian hotel industry and that of selected countries (Spain, France, Italy, Hungary,
Greece and Turkey) indicates a worse economic position of Croatian hotel industry which
is in great part a refl ection of (not)taken economic policy measures.
This paper has proved that the selected components of economic policy (VAT,
exchange rate and interest rate) essentially predetermine the economic position of the
Croatian hotel industry in the way that they limit the business performance and make it
less competitive in relation to its immediate competition.
Interdependence model of key components of economic policy and economic position
of hotel industry show that changes of selected components can result in a positive
gross result. In terms of applicability, model can serve as a good starting point in defi ning
the new economic policy measures for Croatian hospitality but also for related, export potential,
activities (agriculture, shipbuilding industry, manufacturing, agriculture). Despite
the expected positive effects of proactive measures it is important to recognize certain
limitations associated with the state budget, debt and country risk
Surrogate-Assisted Combinatorial Optimization of EV Fast Charging Stations
In this work, an artificial neural network surrogate model-based method is proposed to assist the optimal design of the modular electric vehicle fast DC charging station. This is a typical combinatorial optimization problem, which is hard to solve analytically as the key design parameters are discrete, e.g. the numbers of charging poles, power electronic converter modules, and switching contactors. In the first part of the paper, the details on how to generate the expected charging power demand of the charging station are presented, where characteristic electric vehicle charging curves are considered. The charging station is designed to operate under a modified first-come-first-serve policy to maximize the quality of service to the customers. The system time ratio, energy efficiency, and capital expenditure are then taken as the performance indicators to evaluate different designs in correlation to expected charging demand. By varying the design parameters, we generate a group of datasets from an adjustable charging station simulation model, which is then used for supervised training of an artificial neural network. As a surrogate model of the charging station, the trained neural network is finally used to quickly map the design parameters into the performance indicators, where optimal design parameters are found by evaluating the proposed cost function
Causality between Terrorism and FDI in Tourism: Evidence from Panel Data
The aim of this research was to examine the causal link between terrorism and FDI in tourism on the example of a panel of 50 countries for the period from 2000 to 2016. Other control variables were included in order to ensure the validity of the results—number of international tourist arrivals per capita, the KAOPEN index, the KOF Globalisation Index and GDP per capita. The main goal was to look at this issue from the perspective that terrorism does not affect FDI in tourism. The research employed the Granger causality test in a vector autoregressive model (VAR model), the analysis of variance decomposition and the impulse response function within the panel setting. Based on research results, it was found that terrorism does not Granger cause FDI in tourism. The results are in line with recent research related to the subject matter which indicated that the negative effect of terrorism on FDI in tourism was questionable