30 June 2022 in Engineering Economics
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 shadow economy and are most appropriate for this research. The results suggest that particular factors of the SE differently affect market and transition economies. In transition economies, a favourable political environment, greater wealth and development, as well as a lower tax burden contribute to a smaller size of the SE, whereas greater market openness and a higher tax burden lead to a larger size of the SE. The links between market openness, tax system and the SE are not, however, statistically significant. Like transition economies, market economies are characterized by the positive impact of political environment and wealth and development when combating the SE. Unlike in transition economies, the size of the SE in market economies is reduced by a high tax burden and greater market openness. In the latter case, there is only one statistically insignificant path coefficient – it represents the relationship between the SE and market openness. The Multi-Group Analysis (MGA) method was employed to compare the path coefficients estimated for the country groups under consideration. The results indicate that the only difference in the path coefficients representing the relationship between market openness and the SE is not statistically significant. Based on the research results, some recommendations for policymakers in transition and market economies are provided in the conclusion.
1 January 2022 in International Review
The present time is characterized on the one hand, by a wealth of material goods and a high level of technological development, and on the other hand, by the destruction of nature and the environment. Not often, man is deprived of pure nature, clean water and air. Today we can firmly state that if nature defines our existence and our relationship with it in general, the development of ecological awareness can help change our relationship with nature, and promote more responsible behavior towards it. This paper analyzes the concept and elements of ecological awareness, ecological news factors, the importance of ecological awareness. The research that is presented was conducted in several cities in the Republic of Serbia, by filling in a survey of 10 questions, in the period from April to May 2021. Based on completely random sampling, 105 participants from the territory of several cities in the Republic of Serbia (Kragujevac, Niš, Belgrade, Vranje and Loznica) were selected.
1 January 2018 in Ekonomika poljoprivrede
After the entry into force of the Stabilization and Association Agreement, liberalization of trade in foodstuff with the EU and CEFTA countries, followed with broadening of the network of wholesalers and supermarkets which distribute imported agricultural products and foodstuff to Serbian consumers, origin labelling and promotion of domestic products in Serbia becomes an important issue. Using predominantly a comparative law method and qualitative analysis, on the basis of a number of possible options within the framework of national country of origin labelling schemes, the paper argues that the new quality initiative 'Serbian quality' should be enriched with well-designed and coordinated measures promoting Serbia as a country of origin. By providing a legal framework and criteria for qualification whether promotion tools are legitimate or have equivalent effects to quantitative restrictions on food import, the paper aims to stimulate a discussion on the national initiative.
13 December 2023 in Ekonomicky Casopis
Slovenská akadémia vied vykonáva špičkový základný výskum, dlhodobý strategický a aplikovaný výskum a vývoj a poskytuje prístup k vedeckej infraštruktúre.
1 January 2021 in Ekonomika
A stable financial sector creates economic development. Speculative actions in financial markets cause disturbances and are an indicator of economic instability. The growth of a modern market economy more than two centuries ago is interconnected with the growth of the financial system. The averment that there is a connection between the growth of the financial and real sectors of the economy is as old as economics science. A developed financial system encourages competition, expands the market, and increases the efficiency of financial institutions. The depth and the breadth of financial markets are growing, which are transmission to the performance and structure of the economy. Through linking savings and investments, the financial system controls and manages the risks that are characteristic of financial operations and facilitates the interaction of production and consumption. The financial systems of transition countries are not sufficiently developed, so this paper aims to point out the interconnectedness and impact of the financial system on macroeconomic stability.