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Zoran Grubisic is a professor and the Vice Dean of Scientific Work and International Cooperation at the Belgrade Banking Academy.
The present study investigated whether the crypto market is a safe haven. The study argues that during the first wave of the COVID-19 crisis, gold and oil, as typical global commodities, could have been diversifiers. The study developed a unique COVID-19 global composite index that measures COVID-19 pandemic time-variant movements on each day. The study used OLS (ordinary least squares), quantile, and robust regressions to check whether the COVID-19 crisis has had any significant direct influence on the crypto market. The OLS, quantile, and robust regressions estimates confirmed that there was no statistically significant direct influence of the COVID-19 crisis on the crypto market in the first wave period. However, the study found spillovers from risky assets (S&P 500) on the crypto market, with Tether as an exception. Due to this special characteristic, Tether might present a safe haven within the crypto market.
Darko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability 2021, 13, 8578 .
AMA StyleDarko Vukovic, Moinak Maiti, Zoran Grubisic, Elena Grigorieva, Michael Frömmel. COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave. Sustainability. 2021; 13 (15):8578.
Chicago/Turabian StyleDarko Vukovic; Moinak Maiti; Zoran Grubisic; Elena Grigorieva; Michael Frömmel. 2021. "COVID-19 Pandemic: Is the Crypto Market a Safe Haven? The Impact of the First Wave." Sustainability 13, no. 15: 8578.
The present study is on the five cryptocurrency daily mean return time series linearity dynamics during the Covid-19 period. These cryptocurrencies were chosen based on their influence on the market, primarily driven by its market capitalisation. Tether is included as the most important stable coin on the market, nominally pegged to the U.S. dollar (USD). The reason to investigate it is that there are some inconsistencies in its behaviour as opposed to the other four cryptocurrencies. This study found that the behaviour of Tether cryptocurrency daily average return time series pattern is highly nonlinear and chaotic in nature, whereas the other four cryptocurrencies (namely Bitcoin, Ethereum, XRP and Bitcoin Cash) daily average return time series were found to be linear in nature. To further study Tether’s nonlinear time series rich dynamics, this study deployed one category of the regime switching models popularly known as the threshold regressions. The study estimates fairly suggest that both the threshold autoregression (TAR) and smooth transition autoregressive (STAR) models with lag 1 are adequate to capture the rich nonlinear and chaotic dynamics of Tether’s daily average return time series.
Moinak Maiti; Zoran Grubisic; Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity 2020, 6, 161 .
AMA StyleMoinak Maiti, Zoran Grubisic, Darko B. Vukovic. Dissecting Tether’s Nonlinear Dynamics during Covid-19. Journal of Open Innovation: Technology, Market, and Complexity. 2020; 6 (4):161.
Chicago/Turabian StyleMoinak Maiti; Zoran Grubisic; Darko B. Vukovic. 2020. "Dissecting Tether’s Nonlinear Dynamics during Covid-19." Journal of Open Innovation: Technology, Market, and Complexity 6, no. 4: 161.
In this study the return spillovers and volatility spillovers between South-East European (SEE) stock markets are investigated as well as vis-à-vis regional and global stock markets (e.g. Europe, Japan, China and the US). By using Frequency Domain Causality approach, the evidence is found of significant spillover effects between markets. The results of study indicate both short-and long-run intra- and inter-regional return and volatility spillovers detected between South-East European (SEE) stock markets and the emerging and the mature markets around the globe, implying limited diversification benefits for international investor portfolios allocated to these markets. Thus, these results should be taken into account by portfolio managers, investors and policy makers before making any investment decision into region’s stock markets. The policy makers and regulators of these markets should consider the nature and frequency of regional and global integration of their stock markets.
Mustafa Özer; Sandra Kamenković; Zoran Grubišić. Frequency domain causality analysis of intra- and inter-regional return and volatility spillovers of South-East European (SEE) stock markets. Economic Research-Ekonomska Istraživanja 2019, 33, 1 -25.
AMA StyleMustafa Özer, Sandra Kamenković, Zoran Grubišić. Frequency domain causality analysis of intra- and inter-regional return and volatility spillovers of South-East European (SEE) stock markets. Economic Research-Ekonomska Istraživanja. 2019; 33 (1):1-25.
Chicago/Turabian StyleMustafa Özer; Sandra Kamenković; Zoran Grubišić. 2019. "Frequency domain causality analysis of intra- and inter-regional return and volatility spillovers of South-East European (SEE) stock markets." Economic Research-Ekonomska Istraživanja 33, no. 1: 1-25.
The industrial sector of the Republic of Croatia is subject to deindustrialization, which was globally recognized as early as in the 1960s. Such a situation is a challenge in terms of implementing new sources of economic growth and industrial production, with a particular emphasis on investing in research and development, education and their products. Since 2011, special emphasis has been placed on the need to implement the concept of Industry 4.0. The problem surveyed in this research derives from insufficient readiness of the Republic of Croatia to implement Industry 4.0, mainly resulting from its major orientation towards traditional industrial sectors and a low share of high value added activities, which is particularly visible through the share of high technology products in total exports. However, the Republic of Croatia is characterized by low levels of scientific research and innovative activities, which greatly slows down this process. The aim of the conducted research is to present the theoretical aspects of the process of deindustrialization and Industry 4.0, to make projections of the key indicators of deindustrialization and Industry 4.0 until 2025, and to propose scientifically based measures to be taken in the direction of securing digital transformation of the Croatian industry. The purpose of the conducted research is to analyse trends in the industrial sector in the Republic of Croatia and to determine the current state of the (de)industrialization process and the level of implementation of Industry 4.0. The research has showed that the process of deindustrialization in the Republic of Croatia is characterized by a reduction in the share of employment in the primary sector, by a growing employment in the secondary sector, and by a relative increase in industrial production and labour productivity. However, since 2015 there has been an increase in employment in the secondary sector, which is in contrast to the theoretical concepts of deindustrialization and indicates a new trend in the industrial sector. This situation is a challenge concerning the implementation of Industry 4.0, which requires increased investment in research and development and the improvement of knowledge and the ability of the population and their implementation in the economic sector. By analysing this segment of the Croatian economy, some progress has been made. Also, it has also been found that in some segments it significantly lags behind the EU levels.
Marko Tomljanović; Zoran Grubišić; Sandra Kamenković. Deindustrialization and Implementation of Industry 4.0 - Case of The Republic of Croatia. Journal of Central Banking Theory and Practice 2019, 8, 133 -160.
AMA StyleMarko Tomljanović, Zoran Grubišić, Sandra Kamenković. Deindustrialization and Implementation of Industry 4.0 - Case of The Republic of Croatia. Journal of Central Banking Theory and Practice. 2019; 8 (3):133-160.
Chicago/Turabian StyleMarko Tomljanović; Zoran Grubišić; Sandra Kamenković. 2019. "Deindustrialization and Implementation of Industry 4.0 - Case of The Republic of Croatia." Journal of Central Banking Theory and Practice 8, no. 3: 133-160.
Međusobne razlike savremenih poreskih sistema uslovljene su, pre svega, političkim i privrednim uređenjem država. Sagledavajući ne samo ekonomske, već i društvene i političke specifičnosti južne i severne Evrope, a imajući u vidu tri osnovna objekta oporezivanja u poreskom sistemu jedne zemlje (potrošnju, dohodak i imovinu), u radu se analizira kako je struktuiran poreski sistem različitih evropskih regija. Zemlje severa i juga Evrope, i pored harmonizacije poreza unutar EU i dalje karakterišu brojne specifičnosti u poreskim sistemima. Razlike proističu iz kombinacija neposrednih i posrednih poreza, a u cilju ostvarivanja optimalnog ekonomskog rasta, makroekonomske stabilnosti i ravnomernije raspodele dohotka koje su poreske vlasti skandinavskih i mediteranskih zemalja žele da ostvare. Učešće prikupljenog poreza na dohodak u BDP, koji je viši u zemljama severa Evrope, uključujući i korporativne poreze na dobit, mediteranske zemlje kompenzuju višim učešćem socijalnih doprinosa na dohodak i prikupljenim porezima na imovinu. Skandinavske zemlje, poznate kao velikodušne države blagostanja pokazuju da nisu među zemljama sa najvišim poreskim opterećenjem rada. Skandinavski poreski sistem; direktan porez; poreski moral; indirektni porezi; poreski sistemi mediteranskih zemalja; dualni sistem poreza; porezi na neto bogatstvo
Nebojša Jeremić; Sandra Kamenković; Zoran Grubišić. Comparative analysis of tax systems of Scandinavian and Mediterranean countries. Poslovna ekonomija 2019, 13, 1 -27.
AMA StyleNebojša Jeremić, Sandra Kamenković, Zoran Grubišić. Comparative analysis of tax systems of Scandinavian and Mediterranean countries. Poslovna ekonomija. 2019; 13 (2):1-27.
Chicago/Turabian StyleNebojša Jeremić; Sandra Kamenković; Zoran Grubišić. 2019. "Comparative analysis of tax systems of Scandinavian and Mediterranean countries." Poslovna ekonomija 13, no. 2: 1-27.
Zoran Grubišić; Sandra Kamenković; Aleksandar Zdravković. Impact of government balance and exchange rate regime on current account during the economic cycle: evidence from CEE countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 2018, 36, 309 -336.
AMA StyleZoran Grubišić, Sandra Kamenković, Aleksandar Zdravković. Impact of government balance and exchange rate regime on current account during the economic cycle: evidence from CEE countries. Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business. 2018; 36 (1):309-336.
Chicago/Turabian StyleZoran Grubišić; Sandra Kamenković; Aleksandar Zdravković. 2018. "Impact of government balance and exchange rate regime on current account during the economic cycle: evidence from CEE countries." Zbornik radova Ekonomskog fakulteta u Rijeci: časopis za ekonomsku teoriju i praksu/Proceedings of Rijeka Faculty of Economics: Journal of Economics and Business 36, no. 1: 309-336.
Deindustrialization is a dynamic process that began to attract the attention of economic theorists in the 60s of the 20th century, which is characterized by a reduction in the share of the industrial sector in GDP and employment. A descriptive analysis of the deindustrialization process in Montenegro was carried out. It was established that throughout the observed period, the process of deindustrialization in Montenegro has characteristics present in developed countries. However, a deeper analysis and taking into account the key indicators showed that deindustrialization in Montenegro did not just arise as a sole consequence of positive economic trends. In addition, the entire process took place under the influence of various non-economic indicators. Moreover, the global economic crisis had a significant economic impact on Montenegro's industrial sector. In the process of accession to the EU and in addressing global challenges, the country's industrial sector, in line with key development strategies, is heading towards reindustrialization, i.e. development and progress under changing conditions.
Marko Tomljanović; Zoran Grubišić; Ivona Huđek. Process of Deindustrialization in Montenegro. Journal of Central Banking Theory and Practice 2018, 7, 99 -121.
AMA StyleMarko Tomljanović, Zoran Grubišić, Ivona Huđek. Process of Deindustrialization in Montenegro. Journal of Central Banking Theory and Practice. 2018; 7 (2):99-121.
Chicago/Turabian StyleMarko Tomljanović; Zoran Grubišić; Ivona Huđek. 2018. "Process of Deindustrialization in Montenegro." Journal of Central Banking Theory and Practice 7, no. 2: 99-121.
Montenegro and other Western Balkan countries are characterized by historical mortgages, political instability, commenced but uncompleted structural reforms and unfavourable economic situation, which all contributed to their lagging behind other EU member states. In addition to this, these countries have been faced with a low level of investment in research and development, unfavourable educational structure, low level of innovation and a lack of awareness about the importance of research and development in modern economies. The economic and political situation led to their determination to become a full EU member, which requires the fulfilment of specified criteria, implementation of structural reforms and “catching up” with other EU member states. Investment into research and development are found to be the key factor for fulfilling their objective – EU membership.
Marko Tomljanović; Zoran Grubišić. Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy. Journal of Central Banking Theory and Practice 2016, 5, 139 -164.
AMA StyleMarko Tomljanović, Zoran Grubišić. Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy. Journal of Central Banking Theory and Practice. 2016; 5 (3):139-164.
Chicago/Turabian StyleMarko Tomljanović; Zoran Grubišić. 2016. "Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy." Journal of Central Banking Theory and Practice 5, no. 3: 139-164.
The global economic crisis has affected the whole world, including Serbia. Countries with different degrees of development reacted with different measures of economic policy, both monetary as well as fiscal. Economic authorities in Serbia have encountered certain limiting factors in the selection of measures, first of all taking into account the unfinished transition process. This paper will examine whether the applied monetary and fiscal policy in Serbia is adequate according to the position which Serbia occupies by the Mundell-Fleming model, as well as to identify the starting position for future economic policy measures.
Zoran Grubišić; Sandra Kamenković. An Analysis of the Effects of the Economic Policy in Serbia by the Mundell-Fleming Model. Economic Themes 2015, 53, 51 -62.
AMA StyleZoran Grubišić, Sandra Kamenković. An Analysis of the Effects of the Economic Policy in Serbia by the Mundell-Fleming Model. Economic Themes. 2015; 53 (1):51-62.
Chicago/Turabian StyleZoran Grubišić; Sandra Kamenković. 2015. "An Analysis of the Effects of the Economic Policy in Serbia by the Mundell-Fleming Model." Economic Themes 53, no. 1: 51-62.
Blagovremena identifikacija naredne faze privrednog ciklusa, odnosno zaokreta u privrednoj aktivnosti u odnosu na prethodni trend, predstavlja kritičan faktor za uspeh kontraciklične ekonomske politike. U osnovi rada je konstruisanje novog vodećeg indikatora privrednog ciklusa koji uz određeni vremenski pomak nagoveštava sledeću fazu privrednog ciklusa u Republici Srbiji (SERLEI - Serbian leading economic indicator). SERLEI je testiran u periodu ekspanzije i ulaska privrede Srbije u recesiju da pokaže u kojoj meri je bilo moguće najaviti zaokret u privrednim ciklusima. poslovni ciklusi; ekonomski indikatori; vreme kašnjenja; Markov režim - Svitčing model
Kamenkovic Sandra; Grubisic Zoran. Predicting economic activity in Serbia by constructing Serbian leading economic indicator (SERLEI). Industrija 2013, 41, 81 -101.
AMA StyleKamenkovic Sandra, Grubisic Zoran. Predicting economic activity in Serbia by constructing Serbian leading economic indicator (SERLEI). Industrija. 2013; 41 (2):81-101.
Chicago/Turabian StyleKamenkovic Sandra; Grubisic Zoran. 2013. "Predicting economic activity in Serbia by constructing Serbian leading economic indicator (SERLEI)." Industrija 41, no. 2: 81-101.