The Impact of Fiscal Policy Convergence on Business Cycle Synchronization between Croatia and Eurozone Countries - Panel Analysis

This paper analyzes how fiscal policy convergence impacts the business cycle synchronization between Croatia and Eurozone countries and consequently indirectly affects the costs of monetary integration using panel data analysis. The main aim of the paper is to create a methodological framework for an empirical model based on critical examination of previous research. In the empirical model the dependent variable is business cycle synchronization, and the main independent variable is fiscal policy convergence. The problem of simultaneity (reverse causality) between dependent and independent variable is solved by using cyclically adjusted budgetary balance as indicator of discretionary fiscal policy. For control variables in the model we applied determinants of business cycle synchronization often used in this kind of research - financial integration, trade integration and sectoral structure similarity. Parameter estimation is performed using the fixed effects panel model. Our data set involves Croatia and  the Eurozone countries and includes bilateral observations from 2001 to 2016. Unlike similar research which performed mostly cross-sectional analysis, this paper includes the time dimension and puts Croatia in the focus of research which has not been done before. Also, the paper contributes to research methodologically by estimating business cycles using the production function method and by measuring business cycle synchronization by using Cerqueira-Martins index. The results confirm that business cycle synchronization is positively influenced by fiscal policy convergence which indicates the necessity to comply with the rules proposed by the Stability and growth pact. It is also suggested that small open economies in process of accession, which is the case of Croatia, need to employ anticyclical  discretionary fiscal policy

Techno-economic analysis of PEM fuel cells role in photovoltaic-based systems for the remote base stations

Expansion of telecommunication networks even to the most remote areas where connection to the utility grid could never be justified, especially in touristic regions, has led to the increasing need for stand-alone power systems. In Adriatic coastal area employment of hybrid photovoltaic-based systems is straightforward due to high sun potential. Inherent intermittent nature of renewable sources is especially not compatible with telecommunication system who require uninterrupted power supply. This leads to the need of not only energy storage, but also a "back up" solution in the case of primary system failure. Emphasis is put on the system reliability and simplicity while system price is not necessarily top priority. Usual approach of using diesel generators as a "back up" has been challenged by the introduction of PEM fuel cells. Even with hydrogen technologies market development still lagging behind some comparable advantages such as high energy conversion efficiency, silent operation and no emissions make PEM fuel cells a legitimate candidate for replacing traditional oil burning generators. Technoeconomic analysis of various stand-alone power systems for the remote base station on an Adriatic island is made. At the moment, levelized cost of electricity point of view still gives slight advantage to the diesel generators. Long term reliability of PEM fuel cells system still needs to be examined in practice, as this combined with pro-environmental characteristics of fuel cells can make the difference especially in pristine and protected areas. Furthermore, uncertain petroleum market and fast developing hydrogen technology market could reverse this trend in the near future.Peer ReviewedPostprint (author’s final draft

USE OF DIGITAL TECHNOLOGY IN LEARNING FRENCH AND ITALIAN AS A FOREIGN LANGUAGE

The implementation of digital technology changes the way how language is learned, and it enables various communication and interaction methods, both in and out of the classroom. This opens up new opportunities to increase student motivation which, as a consequence, facilitates better outcomes in foreign language acquisition. This research was conducted by using a questionnaire compiled by the authors of this paper. The participants of this research were students of philological and non-philological study programs who had been learning the French and Italian languages at Croatian universities (N=206). The aim of the research has been to develop and validate a scale for analyzing digital technology use in foreign language learning. The scale was used in order to analyze digital technology use in learning the French and Italian languages. The level of respondents' digital competence and the level of their language proficiency was determined, and the correlation of these two variables with digital technology use was examined in the total sample and on two sub-samples included in this research. The contribution of this research is the design of a valid measuring instrument to analyze digital technology use in foreign language learning.  Article visualizations

The pass-through effect of unconventional monetary policy to net interest income structure of European banks

Purpose: Financial banking intermediaries are sensitive to changes in market interest rates. The volatility of market interest rates affects the level of bank net interest income and determines the bank interest rate policy. Banks are actively managing structural interest rate risks to mitigate the negative effects of changes in market interest rates. The post-crisis period is characterised by unconventional monetary policy, and one of the basic objectives of the monetary instrument is a negative interest rate policy. This paper researches the effects on the bank net interest income structure with an impact on bank performance indicators. The basic research hypothesis is that during the financial crisis and a negative interest rate policy, the movement of bank interest income does not converge compared to a bank interest expense. Methodology: According to the characteristics of the dataset, which includes 32 listed banks from Great Britain, Switzerland and the European Union for the period 2002-2019, panel data analysis is applied. To analyse the effect of the interest rate level on total interest income and total interest expense, we formed two models. Fixed-effects models were used for parameter estimation. Results: A bank interest expense is more sensitive to unconventional macroeconomic policy than bank interest income. Conclusion: The traditional interest earning customer related business can enable banks to stabilise the bank performance indicator during market disruption

EMERGENCY REMOTE TEACHING OF FRENCH AND ITALIAN AS A FOREIGN LANGUAGE

Although online teaching had already been an educational standard at higher education institutions throughout the globe even before the onset of the COVID-19 pandemic, its history in Croatia was quite short. Its implementation depended on the educational policy of a concrete institution and the readiness of individual teachers to grapple with digital technology. The aim of this research, conducted in 2021 among Croatian university students, is to document and survey students’ perceptions about the features of French and Italian teaching in the context of emergency remote teaching. The correlations between the evaluation of students’ online teaching experience and their level of use of digital technology in foreign language learning, language proficiency level, digital competence and activity during the classes were examined. Also, the correlations between the features of online teaching and students’ level of digital technology use in foreign language learning, their language proficiency level, digital competence, the duration of language learning and their grades were examined. The results obtained for the French and Italian subsamples were compared. The contribution of this research is manifested through its practical implications for the improvement of the quality of foreign languages online teaching.  Article visualizations

Sročnost po broju glagola i zbirnih imenica u funkciji subjekta

This paper has presented the results of our analysis of number agreement with collective noun subjects. Most of the differences in concord with collective nouns analyzed were very small, but some conclusions can be drawn. Generally speaking, there seems to be an obvious preference for singular verbal concord in the English language. It is also indicated that singular verbal concord is more popular in AmE than in BrE. Plural verb forms with collective nouns are more common in BrE. But the difference between the varieties is not that big. We can also see in this paper that there are no differences between spoken AmE and written AmE. Although we can draw some conclusions about number agreement with the collective nouns from this analysis, we do have to consider the fact that the corpora used here are still too limited to determine with a 100 percent certainty that our conclusions are right. Thankfully, our analysis does seem to agree with the studies cited and drawn on in the paper, so we can say that we are on the right track, but we obviously need more evidence, especially from larger and stylistically stratified corpora, as well as statistical verification of our results for a larger set of collective nouns to arrive at more robust conclusions

Application of Inventory Management Methods

Poduzeća pridaju sve više pozornosti zalihama. Zalihama upravljaju odabirom jedne od nekoliko mogućih metoda za upravljanje zalihama. Pronalazak odgovarajuće metode za upravljanje zalihama važan je zbog toga što je potrebno pronaći metodu koja bi maksimalno smanjila troškove vezane uz skladištenje materijala/proizvoda, ali se ne smije dogoditi da na zalihama nema određene količine materijala/proizvoda. Za rješenje ovog problema prikazani su izračuni za količinu odabrane vrste zaliha i ekonomične količine nabave. Za kompletno shvaćanje problematike prikazana je studija upravljanja zalihama na primjeru poduzeća iz kojih je vidljivo da su do trenutka optimizacije zaliha, u zalihama imali i do tri puta veću količinu nego što je bilo potrebno.Enterprises are paying more and more attention to inventory management. Stocks are managed by selecting one of several possible methods for managing inventory. Finding the right methods for inventory management is important because it is necessary to find a method that maximally reduces the costs associated with storage of materials/products, but it should not happened that there is no stock of materials/products on stock. To solve this problem, calculations are made for the quantity of selected inventory types and cost-effective purchases. For a complete understanding of the problems and issues, inventory management studies are shown on the company example, which shows that up to the moment of stock optimization, inventories has three times the amount needed

Model for the Development of a Specialized Dark Tourist Product

Dark tourist facilities are a modern tourism phenomenon. Although dark tourism is conceptually associated with the legal inconsistency of tourism, it is based on content related to human suffering. Tourist interest in dark tourist products is growing, and such contents have become a part of standard tourist packages in the markets where such offer exists. Despite their proven contribution to destination differentiation and competitiveness, potential resources for the development of dark tourist facilities are often neglected due to tourist workers lacking the knowledge requisite for the development of specialized tourism products. Unsustainable approach to the development of specialized tourism products results in focus on content, that ignores the broader benefits of an integrated destination product. In the case of dark tourism products, socio-cultural and tantalogic consequences are particularly problematic, as dark tourist offer is particularly sensitive to the ethical standards of the general public. The result is that visitors and organizers of such tourist packages are frequently given negative publicity. In spite of  the growing global interest in the dark tourism offer, its development is slow and modest due to the above-mentioned risks and insufficient education in the tourist industry. The existing global supply often ignores some of the potential benefits of implementation of such content into a destination’s and national integrated tourism product. In an attempt to clear up doubts, and provide examples of positive and negative experiences from the global tourism practice, the authors carried out several studies based on which they devised a framework model for the development of a dark tourism product with recommended variables of significant impact