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This paper examines the importance of investment activity for companies and the challenges they face when evaluating investment projects in a fuzzy environment, that is when decisions have to be made based on some predictions and... more
This paper examines the importance of investment activity for companies and the challenges they face when evaluating investment projects in a fuzzy environment, that is when decisions have to be made based on some predictions and uncertain or imprecise data. The study focuses on the usage of a new extension of the Simplified WISP (Weighted Sum Product) method, which allows the use of triangular fuzzy numbers, as a tool for evaluating investment projects and minimizing the risk associated with such decisions. Investment projects were evaluated based on the following criteria: Net Present Value, Internal Rate of Return, Profitability Index, Payback Period, and Risk of project failure. The proposed extension of the Simplified WISP method can be used to solve other complex decision problems associated with predictions and uncertainties. The paper highlights the benefits of using this MCDM technique in investment project evaluation and the potential to improve decision-making processes. ...
Research Interests: Business, Finance, Computer Science, Law, Economics, and 15 moreMicroeconomics, Operations Research, Fuzzy Logic, Political Science, Politics, Management Science, Production economics, Return on Investment, Net Present Value, Investment Decisions, Payback Period, Multiple Criteria Decision Analysis, Ngineering, Internal Rate of Return, and Profitability Index
The asymmetric level of integration within the European Union (EU) regarding membership in the European Monetary Union (EMU) has resulted in inconsistent responses to crises such as the Great Recession of 2007–2009 and the European... more
The asymmetric level of integration within the European Union (EU) regarding membership in the European Monetary Union (EMU) has resulted in inconsistent responses to crises such as the Great Recession of 2007–2009 and the European sovereign debt crisis of 2010–2013. Furthermore, it has led to varying outcomes of monetary and fiscal policies implemented across EU countries. This paper aims to investigate the impact of monetary and fiscal policies on economic development and employment through the inflation channel in the EU between 2007 and 2015, using Partial Least Squares Structural Equation Modeling (PLS-SEM). The results indicate that the outcomes of monetary policy have been mixed between EMU and non-EMU countries, resulting in different measures and negative spillover effects of the European Central Bank’s (ECB) policy on countries outside of the EMU. Meanwhile, the ability of fiscal policy to lower inflation and boost economic growth and employment has been limited, which mea...
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The COVID-19 crisis has put the European Union's (EU) ability to respond to external challenges to test. It is not a new issue that has arisen due to the current crisis. The global economic crisis of 2008, and, in particular, the... more
The COVID-19 crisis has put the European Union's (EU) ability to respond to external challenges to test. It is not a new issue that has arisen due to the current crisis. The global economic crisis of 2008, and, in particular, the sovereign debt crisis of 2010, highlighted the need for institutional, policy and political reform to ensure the stability and long-term sustainability of the EU project. The EU's asymmetric degrees of integration, in terms of Economic and Monetary Union (EMU) and non-EMU members, resulted in a diverse response to the crisis and, more importantly, mixed-effects from monetary and fiscal policies. This study aims to research the impact of monetary and fiscal policies between 2007 and 2015 on economic growth and employment. The findings show that loose monetary policies at the EU, EMU and non-EMU levels boosted economic growth and development. On the other hand, restrictive fiscal policy had favourably influenced GDP and employment by reducing inflatio...
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Transition to online teaching is the best approach to coping and overcoming the difficult situation that universities all over the world are facing due to the COVID-19 pandemic, as it will have the least possible negative effects on... more
Transition to online teaching is the best approach to coping and overcoming the difficult situation that universities all over the world are facing due to the COVID-19 pandemic, as it will have the least possible negative effects on students' education and the development of professional skills. Based on the above, the primary objective of the paper is to identify the factors that influence the effectiveness of acquiring professional skills in accounting subjects in online classes during the COVID-19 pandemic as well as factors that determine the success of online teaching based on students' views. The research was conducted on a sample of 373 students from universities in Kragujevac, Belgrade, Novi Sad and Niš. Students who attended online classes in at least one accounting subject were surveyed. In the methodological sense, the analysis of the collected data was based on the application of descriptive statistics, factor analysis, and multiple regression. The research resul...
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Research background: Although some authors propose that economic growth should reduce crime rates as wider opportunities to earn money in a legal way diminish the incentives to commit illegal activities and lead to rising costs of the... more
Research background: Although some authors propose that economic growth should reduce crime rates as wider opportunities to earn money in a legal way diminish the incentives to commit illegal activities and lead to rising costs of the latter, the results of many studies indicate that an increase in crime rates is also possible under the conditions of economic growth. There are also differing views on the relationship between various economic indicators and crime rates as well as the nature of the relationship between the above-mentioned phenomena in the long and short run. Purpose of the article: After classifying the EU member states by their crime and economic indicators, the main objective of the article is to assess the relationship between the crime and economic development and identify the causes of this relationship. Methods: Systematic and comparative literature analysis, the Promethee and Entropy methods, Spearman?s correlation coefficient. Findings & value added: The Prome...
Research Interests: Novelty and Equilibrium
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Being the most cost-dominant component of the logistics management system, transport plays a vital role in the realization of trade activities across Europe, both on a national and micro level. Various indicators determine the efficiency... more
Being the most cost-dominant component of the logistics management system, transport plays a vital role in the realization of trade activities across Europe, both on a national and micro level. Various indicators determine the efficiency of the realization of transport activities, amongst which the following hold high importance: quality of transport infrastructure (air, road, maritime, etc.), transport safety and security elements, as well as export/import procedures, etc. This paper aims to perform a comparative analysis among chosen European countries (focusing on CEE countries) concerning the level of transport management preparedness based on the previously mentioned elements. The analysis is performed by using the PROMETHEE II and entropy method. The obtained results should help determine the differences and similarities in transport management preparedness to synchronize better future national policies, strategies, and procedures concerning this issue.
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Entrepreneurship development represents one of the very important factors in the development of economies in transition. Bearing in mind that most of these economies still have a significant share of agricultural products in the structure... more
Entrepreneurship development represents one of the very important factors in the development of economies in transition. Bearing in mind that most of these economies still have a significant share of agricultural products in the structure of production and exports, special attention should be paid to the development of entrepreneurship in the field of agriculture. The research results in this paper indicate that the share of entrepreneurs in this business activity in the total number of entrepreneurs is extremely low, as well as that their share in employment in state subventions is also low, and it can be concluded that entrepreneurship in agriculture is still not sufficiently developed. By using PROMETHEE and the entropy method, a comparative analysis of the performance of entrepreneurs in this sector and entrepreneurs in other business activities within the real sector of the economy was performed and it was concluded that the key limitations in the business operations of these e...
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The shadow economy (SE) is a global phenomenon that affects every country. However, its forms and mechanisms may differ depending on a country's socio-economic characteristics. The major characteristic is a country’s economic system.... more
The shadow economy (SE) is a global phenomenon that affects every country. However, its forms and mechanisms may differ depending on a country's socio-economic characteristics. The major characteristic is a country’s economic system. Hence, market and transition economies can be affected differently. Given that the size of the SE directly affects the level of tax revenue, it is particularly important to investigate the factors of the SE during the post-crisis period, when policymakers need sufficient budgetary funds to implement anti-crisis measures. In that sense, this paper aims to identify the differences in the factors that boosted the SE in 17 market and 19 transition economies in Europe between 2009-2014. The research is based on the PLS-SEM method. A country’s wealth and development, market openness, tax system and political environment are employed as the major SE factors. These factors are the most common in previous literature when investigating the issues of the shado...
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The research aims to consider the nature of the influence of capital structure on the value of the corporations from the agro-food sector in Serbia. A panel regression analysis was used to test the hypotheses. The research covered the... more
The research aims to consider the nature of the influence of capital structure on the value of the corporations from the agro-food sector in Serbia. A panel regression analysis was used to test the hypotheses. The research covered the period from 2011 to 2018, and the sample consisted of 14 agro-food corporations whose shares are on the regulated market of the Belgrade Stock Exchange. The obtained results indicate that the capital structure has a statistically significant impact on the value of agro-food corporations and that the profitability of investment projects determines the nature of that impact. Consequently, the financial managers of agro-food corporations must consider the decision on the choice of capital structure as one of the key issues in the process of generating and increasing the corporation value.
Digitalization is the core component of future development in the 4.0 industrial era. It represents a powerful mechanism for enhancing the sustainable competitiveness of economies worldwide. Diverse triggering effects shape future... more
Digitalization is the core component of future development in the 4.0 industrial era. It represents a powerful mechanism for enhancing the sustainable competitiveness of economies worldwide. Diverse triggering effects shape future digitalization trends. Thus, the main research goal in this study is to use sustainable competitiveness pillars (such as social, economic, environmental and energy) to evaluate international digitalization development. The proposed empirical model generates comprehensive knowledge of the sustainable competitiveness-digitalization nexus. For that purpose, a nonlinear regression has been applied on gathered annual data that consist of 33 European countries, ranging from 2010 to 2016. The dataset has been deployed using Bernoulli’s binominal distribution to derive training and testing samples and the entire analysis has been adjusted in that context. The empirical findings of artificial neural networks (ANN) suggest strong effects of the economic and energy u...
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High unemployment rate, low level of economic activity and low living standards are some of the most significant problems that the Republic of Serbia has been facing in the last few years. The development of small and medium enterprises... more
High unemployment rate, low level of economic activity and low living standards are some of the most significant problems that the Republic of Serbia has been facing in the last few years. The development of small and medium enterprises and entrepreneurs as great potential to solve these problems to some extent is still not sufficiently exploited. Keeping in mind the importance of the development of this economy segment, this paper analyses the business economy of entrepreneurs by economic activities in 2018 in the Republic of Serbia to determine the economic activities that have the greatest prospects for entrepreneurship development in the future. The ratio analysis of operations was used as a starting point for comparative analysis. It was conducted using the data obtained from the Annual Bulletin of Financial Statements published by the Business Registers Agency for ten economic activities where entrepreneurs reordered the highest profitability in 2018. Using the entropy method ...
The increase in ecotourism popularity at a global level is a consequence of the increased human concern for the state of natural resources. This type of alternative tourism is increasingly present in tourist trends around the world. For... more
The increase in ecotourism popularity at a global level is a consequence of the increased human concern for the state of natural resources. This type of alternative tourism is increasingly present in tourist trends around the world. For developing countries, ecotourism can be an opportunity for accelerating economic development by exploiting natural resources, without changing their original state. Although it offers great opportunities, the management of tourism in protected or unprotected natural assets is a great challenge. The importance of integrating the actions of all stakeholders and the usage of strategic approach are often neglected. The aim of this paper is to generate strategies for the development of ecotourism in Bor and its surroundings. For this purpose, a combined SWOT-TOWS methodology is applied. Based on the obtained results, nine strategies are proposed, whose implementation would enable the usage of natural and cultural and historical potentials for the revival ...
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In the developed countries, the importance and development of sharing economy as a new economic model have been increasingly discussed in recent decades. In Serbia, sharing economy has not yet been sufficiently explored in official... more
In the developed countries, the importance and development of sharing economy as a new economic model have been increasingly discussed in recent decades. In Serbia, sharing economy has not yet been sufficiently explored in official reports and academic literature. On the other hand, in practice, there are several collaborative platforms used by consumers. Therefore, the purpose of this study is to point out the specifics of the sharing economy in Serbia. At the outset, after a brief introduction, the concept of a sharing economy is defined. Consumers' attitudes about knowledge of the sharing economy, the expectations, and motives that drive them to market engagement are examined and presented. Examples of good practices in the field of sharing economy in Serbia are given. The factors that stimulate or restrict the development of the sharing economy are highlighted, and the legislative framework that directly and indirectly regulates this area is presented. The conclusion about t...
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Research question: The objective of this paper is to examine the level of the development of spa tourism with a special review of the wellness tourist offer of the Republic of Serbia, and also which factors of this tourist offer we should... more
Research question: The objective of this paper is to examine the level of the development of spa tourism with a special review of the wellness tourist offer of the Republic of Serbia, and also which factors of this tourist offer we should pay special attention to and improve, to achieve the highest level of tourist loyalty. Motivation: The tourism potential of the Republic of Serbia has not been sufficiently researched and that served as a basic motivational factor. Idea: Considering the tourist potential that Serbia has and partly the work of Han et al., (2017), the fact that spa tourism is the fastest-growing sector in the entire tourism industry, and that the wellness tourism offer is a very important segment of spa tourism, there is a need to identify factors that influence the visitors' loyalty formation for such tourist destinations. As the Republic of Serbia has a lot of wellness centres, it represents a very convenient location for conducting such research. Data: This re...
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Economy or ecology, or both of this? For a long period of time ecology didn't occur as a specific problem in the economic development. All of the activities were mainly focused on business economy, economic improvements and... more
Economy or ecology, or both of this? For a long period of time ecology didn't occur as a specific problem in the economic development. All of the activities were mainly focused on business economy, economic improvements and enlargement of profit. However, serious ecological issues occurred in the second half of the last century and changed the relations between ecology and economy. Ecology has become an important factor of the economic development. Significant changes are visible in the economy of business entities, too. Ecological issues are truly respected, both in ecological costs and income benefits. It is especially explicit in the area of products policy and service prices.
Mining and smelting company RTB Bor carries on achieving positive business results. Copper production increases, as well as incomes, while net profit decreases, due to decrease of price of copper at the World Market. Investments continue... more
Mining and smelting company RTB Bor carries on achieving positive business results. Copper production increases, as well as incomes, while net profit decreases, due to decrease of price of copper at the World Market. Investments continue in 2014. Results of previous investments are visible, and their true effects are still to come. Cerovo mine is reactivated, while Coka Marin is being prepared for commercial production. Regardless on numerous qualitative changes in recent years, the company is still facing many problems and difficulties. First of all, restructuring process has not ended, nor the company's final status. This also means that the question of strategic partnership isn't solved yet. These are all preconditions for improved economy and sustainable development of the company.
The beginning of transition in former command economies was characterised by deep recession and numerous structural imbalances. Some of transition economies have overcome these problems relatively fast and some of them are still... more
The beginning of transition in former command economies was characterised by deep recession and numerous structural imbalances. Some of transition economies have overcome these problems relatively fast and some of them are still struggling to find their way to growth and development. One of the key drivers of economic expansion in advanced transition economieswereFDI. Foreign investors had different motives for investment. In accordance with them and business environment characteristics in these countries they chose the location of their investment. Having in mind that FDI are still very important generator of economic growth, the growing number of authors is dealing with the development of most efficient decision making method for FDI location choice. This paper presents a single valued neutrosophic numbers approach for selecting the most suitable country for investment. The<br> effectiveness and usability of the proposed approach were demonstrated in the case of non-EU Balka...
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The economic attractiveness of the geothermal energy as a major geothermal resource can be an important factor of economic growth, not only in tourism and balneology, but also in the agriculture, aquaculture, and industry. Besides in... more
The economic attractiveness of the geothermal energy as a major geothermal resource can be an important factor of economic growth, not only in tourism and balneology, but also in the agriculture, aquaculture, and industry. Besides in balneology and partly in tourism, expected results have not been achieved. What could have been done differently and what can be done for future prospects to be improved? Despite significant potentials, intensive development and positive results of using geothermal resources worldwide, and the present economic recession, only a small part of such natural treasure has been affected, with no attention paid to direct applications of geothermal energy that could directly contribute to the economic growth and recovery of our economy.
This paper analyzes the relationships between competitiveness, economic development and economic policy, and the importance of competitiveness, which has the power of the Serbian economy in the international market. Competitiveness of the... more
This paper analyzes the relationships between competitiveness, economic development and economic policy, and the importance of competitiveness, which has the power of the Serbian economy in the international market. Competitiveness of the Serbian economy even after twelve years of the fundamental transition is still very low. A huge number of indicators about the weak competitiveness of Serbian companies originate both from domestic and foreign sources. In a survey conducted by World Economic Forum concerning the level of global competition, Serbia is yet at the 85 th place out of 137 countries surveyed.
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Considering the high current account deficits worldwide and the growing importance of tourism to GDP in many countries, the impact of the exchange rate fluctuations on the tourism demand and on the current account of the balance of... more
Considering the high current account deficits worldwide and the growing importance of tourism to GDP in many countries, the impact of the exchange rate fluctuations on the tourism demand and on the current account of the balance of payments became crucial during the last decades. That is why many researchers focused on studying this impact in the context of different exchange rate regimes. Tourism has a significant positive impact on Spain’s trade balance, because Spain ranks 1st globally if we consider tourist arrivals. FED proceeded to many adjustments of its currency against other currencies to boost tourism industry. Thus, we estimated the impact of the exchange rate on trade balance in tourism with Turkey in the short and long run by using the non-linear ARDL cointegration approach because Turkey is the one of the main trade partner of Spain and this bilateral relation has not been studied so far in the economic literature. Our results show that the Euro depreciation boosts Tur...
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Od pocetka procesa tranzicije, bivse centralno-planske privrede su bile suocene sa brojnim razvojnim problemima. Jedan od svakako najvažnijih jeste uspostavljanje podsticajnog poslovnog ambijenta, koji bi ovim privredama omogucio... more
Od pocetka procesa tranzicije, bivse centralno-planske privrede su bile suocene sa brojnim razvojnim problemima. Jedan od svakako najvažnijih jeste uspostavljanje podsticajnog poslovnog ambijenta, koji bi ovim privredama omogucio dinamiziranje privrednog razvoja. Međutim, to nije nimalo jednostavan zadatak imajuci u vidu da je poslovno okruženje multidimenzionalni koncept, i da su reforme u razlicitim segmentima koji ga sacinjavaju međusobno uslovljene i povezane. Zato bi implementacija strategije unapređenja poslovnog okruženja u zemljama u tranziciji trebalo da bude dosledna i kontinuirana, jer odlaganje određenih reformi negativno utice na stanje u ostalim segmentima, sto privredu dovodi u „zacarani krug reformi“ iz koga je vrlo tesko izaci. U cilju unapređenja poslovnog okruženja i njegovog usklađivanja sa onim koje postoji u razvijenim tržisnim privredama, zemlje u tranziciji bi trebalo da okoncaju zapocete tranzicione procese usmerene na privatizaciju i restrukturiranje realno...
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In contemporary business conditions, advanced market economies are characterized by the increasing contribution of the SMEs sector to the economic development. Having that in mind, a large number of papers have been aimed at analyzing... more
In contemporary business conditions, advanced market economies are characterized by the increasing contribution of the SMEs sector to the economic development. Having that in mind, a large number of papers have been aimed at analyzing business doing in this sector in the last couple of years. In this way, the focus has been shifted from large business entities and their importance to the economic growth to the SMEs sector. In this regard, the aim of this paper is to examine the financial situation, the place and the role of large companies in the overall economy of the Republic of Serbia, where, having in mind the fact that it is a transition economy, large enterprises, both private and public, significantly contribute to the growth of the economic activity and employment. Before all, the degree of the liquidity, efficiency, indebtedness and profitability of these companies in the period 2014-2017 was determined by using the ratio analysis. After that, on the basis of the selected r...
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Today, the world is increasingly facing with serious differences regarding the level of economic development. Problems have surpassed the national frames long time ago and have taken a wider, global character. The undertaken measures and... more
Today, the world is increasingly facing with serious differences regarding the level of economic development. Problems have surpassed the national frames long time ago and have taken a wider, global character. The undertaken measures and activities, generally, did not provide the expected effects, and regional differences continue increasing instead of decreasing. Discrepancies in economic development are also present in the EU. The differences are visible both, on the Union level and in individual states. The situation became more complex after the enlargement of the Union along with accession of the countries of unequal levels of development. Spatially balanced, harmonious and stable development is one of the priorities of the EU. In this sense, the status of the region is defined normatively (NUTS methodology), strategies and methods of regional development have been adopted, and at the Union level identified as "Strategic Guidelines for Cohesion", while the member stat...
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In order to define and implement the most effective measures to overcome the difficulties of the post-crisis period, the policy-makers of ECB must identify not just main weaknesses of each banking system, but their strong points also.... more
In order to define and implement the most effective measures to overcome the difficulties of the post-crisis period, the policy-makers of ECB must identify not just main weaknesses of each banking system, but their strong points also. This requires the application of multi-criteria analysis, considering that policy-makers need to take into account a number of different aspects that, on the whole, indicate the quality of the banking system. Our aim is a comparative analysis of European banking systems right after the Brexit moment and within the framework of the tight new Basel III regulations. In this paper, we have ranked the banking systems of the 28 EU member states using multi-criteria analysis, specifically the PROMETHEE II method. The use of the PROMETHEE II method in combination with the entropy method offers a comprehensive insight into the banking system of each member state, given that the observed countries are ranked according to 9 conflicting criteria that are mostly us...
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Research Interests: Engineering and A
Most enterprises in the Serbian economy are guided, structured and culturally oriented in a way that accepts only minor changes. When such companies face with the challenges from the environment, they respond in an inadequate manner and... more
Most enterprises in the Serbian economy are guided, structured and culturally oriented in a way that accepts only minor changes. When such companies face with the challenges from the environment, they respond in an inadequate manner and with a delay. There is an increasing need for the enterprise to have a strategy which is harmonized with the structure that allows normal functioning and, on the other hand, to has an ability to notice and make innovative changes. The organization is successful if its organizational structure allows it through the continuous process of designing and process of making decisions about a number of issues with regards on the form, system and characteristics of the organization (enterprise) of machine industry. Regardless of the size and diversification of the organization, when designing new solutions an attention should be paid to the future of the organization for the challenges yet to come, but also on the motivation of individuals related to the orga...
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During the recent years the problem of the shadow economy is becoming more prominent, especially in transition countries that are faced with the numerous structural imbalances inherited from central-planning period. The emergence of the... more
During the recent years the problem of the shadow economy is becoming more prominent, especially in transition countries that are faced with the numerous structural imbalances inherited from central-planning period. The emergence of the global economic crisis emphasized the necessity of solving this problem, given that widespread shadow economy reduces the amount of available budget funds for the implementation of anti-crisis measures. Having that in mind, the aim of this paper is to assess the role of wealth or living standards, market openness, political environment and tax system in the emergence and development of the shadow economy in the European transition economies during the period 2009-2014, using PLS-SEM model. The conducted research enabled authors to suggest recommendations and guidelines that policymakers should include in their long-term strategy for fighting the shadow economy.
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The European Union (EU) consists of 27 economies characterized by different economic structures, living standards, demographic dynamics, technology development, and other factors shaping their sustainable development patterns. This... more
The European Union (EU) consists of 27 economies characterized by different economic structures, living standards, demographic dynamics, technology development, and other factors shaping their sustainable development patterns. This chapter aims to examine the impact of total investments and R&D investments on the sustainable development of EU economies and determine how these financial investments impact sustainable competitiveness in the global market. The assessment of the sustainable development performances was performed for the period from 2008 to 2019 using the linear regression model. The key findings pointed out that total investments and R&D investments had different impacts on sustainable competitiveness aspects in old member states (OMS) and new member states (NMS). The results could help policymakers understand, adjust, and optimize sustainable competitiveness to secure economic growth in all regions and reduce the differences between OMS and NMS.
In the era of intensive globalization and frequent economic shocks, boosting the GDP growth becomes the most difficult task and main preoccupation of policymakers. This is particularly true for Central Eastern European countries or so... more
In the era of intensive globalization and frequent economic shocks, boosting the GDP growth becomes the most difficult task and main preoccupation of policymakers. This is particularly true for Central Eastern European countries or so called CEE countries, which are trying to overcome contemporary and inherited imbalances at the same time. These economies were faced with another huge challenge after 2008. They have to maintain the same pace of structural reforms during the global economic crisis and to mitigate the negative effects of the crisis on economic growth. In that sense, the aim of this paper is to provide insight into a structural change in these economies in the period 2000–2014, using Leontief input-output analysis of the key sectors. The results pointed out that most of the key sectors during the period are service related sectors and that their number is increased after the crisis, while manufacturing of basic metals and electricity, gas, steam, and air conditioning su...