Naše gospodarstvo/Our economy

Economic Inequality and the Size of Government Expenditure Shocks: An Empirical Exercise

2025-01-08T11:39:56+01:00

Empirical literature explains the heterogeneity of fiscal multiplier estimates through the analysis of various cyclical and structural determinants of economies, with economic inequality, as one of the key structural characteristics, receiving relatively little attention so far. In this study, using a wide sample of countries and applying the vector autoregression methodology, we first estimated fiscal multipliers and the impact of fiscal stimuli on the dynamics of the price level. The findings indicate that the estimated fiscal multipliers are mostly positive, and fiscal stimuli tend to produce an inflationary effect. Subsequently, we examined the variability in the size of fiscal multipliers in relation to various indicators of income and wealth inequality. The key findings of this study reveal that as economic inequality increases, particularly in the context of income disparities, the size of fiscal multipliers also rises. This insight is particularly important for policymakers in designing appropriate fiscal measures in an evolving macroeconomic environment.

Pull Factors and Capital Inflows: Empirical Insights from Transformative Dynamics in Southeast Europe

2025-01-08T11:39:57+01:00

This study seeks to examine pull factors of capital inflows, offering an empirical analysis based on a panel study of eleven Southeast European countries (Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Greece, Montenegro, North Macedonia, Kosovo, Romania, Serbia, and Türkiye) over the period of 2004 – 2021. Methodologically, the study utilizes a fixed effects (FE) regression model with robust Driscoll-Kraay standard errors to address issues of heteroskedasticity, autocorrelation, and potential cross-country correlation. The study finds that several pull factors can be relevant in driving capital inflows as follows: market size, inflation, financial and trade openness. The empirical analysis confirms that the forces of trade liberalization, financial liberalization, market size, real interest rates and inflation stability are the elements that encourage capital inflows. On the other hand, the estimated effects of current account balance and real economic growth are not very convincing. Finally, we stress that more study is required to fully understand the pull variables' ultimate macroeconomic implications at the national level. The overall influence of these positive (or negative) inflows may be moderated by several characteristics, even if certain countries may be extremely susceptible to these factors.

Work-Related Factors Influencing Presenteeism in Croatia during COVID-19: A Logistic Regression Approach

2025-01-08T11:39:57+01:00

This article analyses the work-related factors that impact the occurrence of presenteeism in Croatia during the COVID-19 pandemic. The main objective is to examine the connection between key variables and the prevalence of presenteeism among employees in Croatia. The study used logistic regression analysis to examine data from the 2021 European Working Condition Telephone Survey (EWCTS), encompassing a sample of 491 employees from Croatia. The study investigated work-related factors such as job demands, working hours, supervisory responsibilities, telework, and cooperation with coworkers. The analysis also takes into account demographic control variables, including age, gender, and educational level. The findings suggest that there is a significant relationship between work stressors and presenteeism. Employees who lack good collaboration with colleagues are more prone to attending work even when they are unwell. Age was also determined to be a significant factor. The study indicates that work-related factors have an impact on presenteeism in Croatia. To mitigate the adverse effects of presenteeism, firms should adopt strategies to enhance working conditions and foster a conducive work atmosphere. The results offer valuable perspectives for future research and practical strategies to reduce presenteeism and improve employee wellbeing.

Exogenous Variables and their Influence on Domestic Credit Provision in Nigeria: Evidence from Quantile Regression

2025-01-08T11:39:58+01:00

The relevance of domestic credit to an economy has spurred interest in studies that seek to examine the factors that determine it. In this study, the focus is to evaluate the role of exogenous factors in influencing domestic credit provision in Nigeria. The study used a monthly dataset that covered the period from 2007M12 to 2024M5 under the framework of quantile regression. The findings of the study reveal that oil price had a positive and significant impact on domestic credit provision at all the quantiles, while world interest rate had a negative and significant impact on domestic credit provision at the 25th quintile. The exchange rate and bank reserves exerted a positive and significant impact on domestic credit provision at all the quantiles, while the impact of the Treasury bills rate was positive and significant only at the 25th and 50th quantiles. The study suggests that, in regulating credit provision in Nigeria, monetary authorities should closely monitor these exogenous variables as well as exchange rate movement.

Assessing the Consequences of Natural Disasters on Sustainability in Rural Municipalities: Evidence from Loška Dolina

2025-01-08T11:39:58+01:00

This study examines the impact of natural disasters on the sustainable development of the rural municipality of Loška Dolina, focusing on the 2014 ice storm and subsequent floods. Through semi-structured interviews with seven key stakeholders, including local government, civil protection, and affected individuals, the research analyzes the disasters' effects on the economic, social, and environmental pillars of sustainability. The ice storm damaged forests and infrastructure, while floods caused soil contamination and habitat disruption. Despite these challenges, the community showed resilience and increased climate awareness. The SWOT analysis highlights both opportunities in the timber industry and challenges in disaster preparedness. The study emphasizes integrating disaster risk reduction into sustainable development planning.

Leveraging Communities of Practice to Cultivate Entrepreneurial Mindset: A Systematic Review and Practical Insights

2025-01-08T11:39:59+01:00

This paper explores the role of Communities of Practice (CoPs) as a potential teaching tool to better promote an entrepreneurial mindset, particularly in the context of higher education. Through a systematic review of existing learning theories and the concept of CoPs, this paper identifies the challenges of entrepreneurial education and proposes changes in higher education that focus on creating entrepreneurial awareness, enhancing entrepreneurial competencies and developing students' entrepreneurial identity to foster an entrepreneurial mindset by supporting formal higher education with informal educational practices such as CoPs. The originality of this paper lies in the presentation of the alternative concept of Accountable Entrepreneurial Education. By combining theoretical insights with practical examples, this paper serves as a valuable resource for educators, researchers and practitioners in the field of entrepreneurship education.