<abstract xmlns="http://www.w3.org/1999/xhtml">

In this paper, we investigate the impact of macroprudential policy measures (bundled together into a macroprudential policy index, MPI) on the non-financial corporate sector credit and household credit growth using a one-step system GMM empirical research method. The goal of our paper is to test whether contractionary macroprudential policy stymies credit growth rate and whether expansionary macroprudential policy spurs credit growth rate in selected Euro Area economies (Austria, Belgium, Finland, Germany, Ireland, Italy, Netherlands, Slovenia, and Spain) over the period 2008Q4–2018Q4. We test two hypotheses: H1: The tightening of macroprudential policy measures reduces the non-financial corporate sector credit growth rate, and H2: The tightening of macroprudential policy measures reduces the growth rate of household credit. Based on our empirical results, we can confirm the first hypothesis. In contrast, the second hypothesis can be neither confirmed nor rejected since the explanatory variable of interest (MPI) is statistically insignificant in the second model.
</abstract>

The Impact of Macroprudential Policy on Credit Growth in Nine Euro Area Economies

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper evaluates positive and negative media coverage of online local budget transparency (OLBT) and its impact on budget transparency in Croatian local administrative units in 2018. Using multinomial logistic regression, research confirmed a strong impact of media coverage on budget transparency. Positive media coverage of OLBT increases the probability that local administrative units will attain a higher level of transparency, while negative media coverage is accompanied by a higher likelihood of local units’ retention in the lower transparency range. The implications of these findings are clearly emphasized through a deeper understanding of the role of the media in public sector economics, precisely in the context of budget transparency. This study contributes to public sector literature by identifying the effects of positive and negative media coverage on budget transparency.
</abstract>

Effects of Media Coverage on Budget Transparency in Croatian Local Administrative Units

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper aims to enhance the understanding of the concepts of service quality, customer satisfaction with service, and organizational reputation in the context of educational services. The conceptual framework for testing the relationship between the three constructs was developed and tested on a sample of 97 educational service users. The results showed no significant difference between perceived and expected service quality. However, a positive relationship was found between customer satisfaction and three subconstructs of perceived service quality. Also, a significant positive correlation between organizational reputation and three latent variables of perceived service quality and a positive relationship between satisfaction and organizational reputation.
</abstract>

The Importance of Educational Service Quality for Customer Satisfaction and Organizational Reputation

<abstract xmlns="http://www.w3.org/1999/xhtml">

This paper aims to research the organizational factors influencing the implementation of energy efficiency measures in companies. The analysis was performed on a sample of companies from Serbia included in the World Bank Enterprise Survey. The raw data collected by the World Bank were utilized to analyze the correlation between various organizational factors and the adoption of energy efficiency measures. The analysis revealed a statistically significant correlation between management maturity and the implementation of energy efficiency measures in companies. These findings suggest that improving energy efficiency is not an isolated process but rather closely related to the maturity of management practices, highlighting the importance of comprehensive organizational development for achieving optimal energy management.
</abstract>

The Influence of Organizational Factors on the Adoption of Energy Efficiency Measures in Companies

<abstract xmlns="http://www.w3.org/1999/xhtml">

This research aimed to study the determinants of tourism demand in Tunisia from 1995 to 2019 with four independent variables: gross domestic product, consumer price index, the real exchange rate, and air transport passengers carried. The research employed the Unit root test, Co-integration test, and Vector Error Correction model (VECM) to examine the variables’ short- and long-run relationship dynamics. The results show that co-integrating relations exist among the variables; all independent variables negatively impact tourism demand except Air transport. Depending on the results obtained, policymakers should be aware of the negative effect of the country’s political instability on the extent of external tourism demand. In this sense, the government must restore political stability to encourage tourists to visit Tunisia. Future studies should consider factors such as the economy’s trade openness and oil prices.
</abstract>

Tourism Demand in Tunisia: A VECM Approach

<abstract xmlns="http://www.w3.org/1999/xhtml">

Blockchain has been one of the key innovations in information technology in the last 15 years. An important aspect of applying blockchain technology is the creation of so-called non-fungible tokens (NFTs). Although the name resembles cryptocurrencies because of the word token, in practice, NFTs do not represent electronic money but a digital certificate of ownership of an asset. They effectively behave like tokens whose total supply is one, and it is immutable. Considering their technical and conceptual basis, NFTs can be defined as digital certificates of ownership based on blockchain technology, the possession of which proves the indisputable ownership of the purchased digital asset. The subject of this paper is the conceptual basis of NFTs and the scope of their application in digital business. It aims to determine the value factors of NFTs and whether an expansion of their use can be expected in the future. The results of our research show that the essential advantage that NFTs bring to digital business is authentication. NFTs also enable the continuous collection of royalties by the author. The last, but potentially most powerful value generator of NFTs, is the creation of an ecosystem, where an online community is formed based on the initial forms of digital assets. Without standardization and regulation by states, NFTs will remain in the market niche of intensive Internet users.
</abstract>

Future Tendencies of Non-fungible Tokens

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Naše gospodarstvo/Our economy

 Naše gospodarstvo/Our economy – Journal of Contemporary Issues in Economics and Business (NGOE) is a quarterly, double-blind peer reviewed international scientific journal, focusing on economics and business sciences. Scientific articles and review papers provide new insights into the research topics of both disciplines. The journal aims to provide a venue for high quality theoretical and empirical articles that significantly contribute to the disciplines of economic and business sciences.   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