<abstract xmlns="http://www.w3.org/1999/xhtml">Small and medium enterprises comprise an optimal unity with large enterprises. Such approach provides an effective long-term economic structure. In the EU, the number of employees and added value of SMEs grew until 2008, followed by a stagnant trend during the crisis in the EU. As early as 2010, the added value started recovering, while a number of companies and employees stagnated. As for BiH, SMEs revenues dropped in the period from 2008 to 2009, followed by their recovery and growth, while the investments maintained constant decline to the end of the observed period. Macroeconomic indicators do not indicate a radical change of trends from 2008 to 2011. In that period, the EU recorded significant oscillations. Correlation analysis for BiH has shown an interconnection between GDP and industrial production, with SMEs revenues. The ratio of investments and SMEs revenues does not indicate the existence of a correlation. The economic crisis and instability of BiH affect the poor economic situation. BiH underutilizes EU funds for SME development. The EU Programme for SMEs and job creation has failed to demonstrate significant results in Bosnia and Herzegovina and the Balkan region. The economic crisis and instability affect the economic situation in BiH. Stimulus of creating new and expansion of existing SMEs is a prerequisite for economic recovery of the country in times of crisis and in the periods of economic prosperity.</abstract>

University in Banja Luka, Economic faculty Banja Luka,

Economic Crisis and Macro-economic Status of Small and Medium Enterprises

<abstract xmlns="http://www.w3.org/1999/xhtml">With regard to the specific situation and problems in Bosnia and Herzegovina this paper will analyse the effects caused by adhering to the rules of the Washington Consensus, and thus will determine to which extent they have influenced the stability of the macroeconomic indicators in Bosnia and Herzegovina and will explain how the rules affect the stability of macroeconomic indicators of Bosnia and Herzegovina. The main thesis of the Washington Consensus is that by following the measures of the same the macroeconomic situation in the country becomes more stabilised. However, stabilization often cannot sustain in the long term and this situation in the economy can be regarded as quasi-macroeconomic stability.The application of the Washington Consensus produces a quasi-macroeconomic stability of Bosnia and Herzegovina since the high level of unemployment exists due to a low inflation. Contrary to the neoliberal Washington Consensus profile, whose main goal is the maintenance of steady conditions in budgets through fiscal stabilization policies, the paper stresses the need to solve the permanent high unemployment rate as the main macroeconomic problem Bosnia and Herzegovina’s.</abstract>

Effects of the Washington Consensus on the Macroeconomic Stability of Bosnia and Herzegovina

<abstract xmlns="http://www.w3.org/1999/xhtml">Economic interconnection among the European countries influenced the birth of a single economic space with a common monetary policy. In addition, the abolition of the gold standard represented an important external factor that followed the same path. In parallel with these processes, the conditions were created for developing a Eurocurrency market which favoured financial integration of Europe, as well as the creation of a single European currency. In accordance with such economic flows, Eurocurrency market emerged as a distinguished international financial market, crucial for the development of international banking. Thus, business entities were allowed to access the capital which represents the transfer of the international accumulation of the exporting country onto the European capital market, thereby resulting in more efficient financing of the member states. Thanks to similar economic effects, these processes of European monetary integrations have become imperative to other countries in the region.</abstract>

European Monetary Integration as a Development Factor of Eurocurrency Market

<abstract xmlns="http://www.w3.org/1999/xhtml">Hypercompetition is at the very center of modern economies. As a consequence, both states and enterprises have been heavily engaged in an amoral power game (<xref ref-type="bibr" rid="j_eoik-2017-0007_ref_013_w2aab2b8b5b1b7b1ab1ac13Aa">Colonomos, 2005</xref>) based exclusively on strength where tax systems have a prominent role. An obscure fiscal war takes place firstly between states seeking to increase their attractiveness. On the other hand, firms fight against states to optimize their revenues. Therefore, the aim of this paper is to discuss the components and the implications of the competition between states expressed through the establishment of tax havens and the launch of merciless fiscal policies. At the same time, enterprises try to shape the existing laws in a manner that favors their interests, using also aggressive fiscal strategies.</abstract>

Hypercompetition &amp; Fiscal Attractiveness

<abstract xmlns="http://www.w3.org/1999/xhtml">In most countries, agriculture represents a strategic economic sector. In developed countries, the share of agriculture in GDP amounts only to 2-3%, but this industry assists in development of other sectors as well: trade, tourism, chemical and mechanical/machine industry, etc. Nowadays, great attention is paid to environmental protection and production of quality products. Sustainability has become a key determinant of agricultural production. Modern agriculture is focused onto productive and intensive production, but also towards multifunctional development of rural areas. Implementation of integral rural development and new regional concept of development sublimates several objectives: economic and social progress, demographic stability, environmental and cultural heritage protection, etc. This development model is mainly introduced in developed countries, but also in developing countries. A greater scope of social problems, in addition to the production, is resolved by doing so,. However, the results of the rural development policy differ from one country to another. Today, methods for measurement of rurality have been developed. Agriculture and rural development are in constant interaction, but the advocates of direct support for agriculture continue to oppose territorial approach and subsidies for rural development.</abstract>

Ugostiteljsko-trgovinska-turistička škola Banja Luka,

Contemporary Aspects of Correlation between Agriculture and Rural Development

<abstract xmlns="http://www.w3.org/1999/xhtml">There are various definitions of tourist destination. All of them define tourist destination as an area with specific tourist facilities and attractions, (primary and secondary elements) which tourists choose as their journey goal. Budva individually represents the largest tourist destination due to number of arrivals and overnight stays. During its life cycle Budva has gone through different phases as a tourist destination. This thesis implies that it is not enough to use only common quantitative indicator of visitor number to define proper the position of tourist destination and predict further development. This text is based on a comparative analysis of the attitudes of tourists and local stakeholders in the three field researches, conducted in the period between 2015 and 2016. The thesis comes to the conclusion that the actual growth is based on meeting the needs of existing markets and tourists. On the other side, aspect of desired market position disagrees with scores of tourist offer elements- which should be input for improvement and preparation for the next stage in the destination development.</abstract>

Tourists and Local Stakeholders Attitudes Towards Offer and Market Position of Tourist Destination Budva

<abstract xmlns="http://www.w3.org/1999/xhtml">Electronic commerce can be defined in different ways. Any definition helps to understand and explain that concept as better as possible.. Electronic commerce is a set of procedures and technologies that automate the tasks of financial transactions using electronic means. Also, according to some authors, electronic commerce is defined as a new concept, which is being developed and which includes process of buying and selling or exchanging products, services or information via computer networks, including the Internet. Electronic commerce is not limited just to buying and selling, but it also includes all pre-sales and after-sales ongoing activities along the supply chain. Introducing electronic commerce, using the Internet and Web services in business, realizes the way to a completely new type of economy - internet economy.</abstract>

Electronic Commerce

<abstract xmlns="http://www.w3.org/1999/xhtml">The success of the modern enterprise depends not only on its ability to develop a good product / service, to form an adequate price and your offer makes available to customers, but also on how to communicate with the target audience. For the management of modern enterprises, including small and medium-sized enterprises (SMEs), is a major challenge that all activities are carried out in a proper manner and that adds value to which the various interested stakeholders. In recent times, are very important, and information and communication systems in the new economy because the rapid technological progress in the ICT sector started the process of creating a new economy, a new growth and economic development. Successful management is increasingly based on interactive communication and the adopting of marketing communication new technologies, all of which contribute to more efficient business for a company.</abstract>

More Efficient Operations of the Company with the Help of Communication Technologies

AHEAD OF PRINT

Volume 12 (2024): Issue 1 (April 2024)

Volume 11 (2023): Issue 2 (December 2023)

Volume 11 (2023): Issue 1 (June 2023)

Volume 11 (2023): Issue s1 (December 2023)

Volume 10 (2022): Issue 2 (December 2022)

Volume 10 (2022): Issue 1 (June 2022)

Volume 9 (2021): Issue 2 (December 2021)

Volume 9 (2021): Issue 1 (June 2021)

Volume 8 (2020): Issue 2 (December 2020)

Volume 8 (2020): Issue 1 (June 2020)

Volume 7 (2019): Issue 2 (December 2019)

Volume 7 (2019): Issue 1 (June 2019)

Volume 6 (2018): Issue 2 (December 2018)

Volume 6 (2018): Issue 1 (June 2018)

Volume 5 (2017): Issue 2 (December 2017)

Volume 5 (2017): Issue 1 (June 2017)

Volume 4 (2016): Issue 2 (December 2016)

Volume 4 (2016): Issue 1 (June 2016)

Volume 3 (2015): Issue 2 (December 2015)

Volume 3 (2015): Issue 1 (June 2015)

ECONOMICS

We are pleased to inform you that ECONOMICS-Innovative and Economics Research Journal has been indexed by ELSEVIER, Scopus since June 2023  The ECONOMICS - Innovative and Economics Research Journal  is indexed in Google Scholar and details on the citations can be found on Google Scholar Citations.  Print ISSN: 2303-5005 E-ISSN 2303-5013  Starting from the fact that most economic progress is based on innovation, ECONOMICS - Innovative and Economics Research Journal has focused on the publication of theoretical, empirical and applicative articles from all areas of economics, which basically contain innovative approaches and solutions, and which are the product of knowledge economy. In this context, it is important to point out that ECONOMICS has changed its name since December 2017, following the recommendations of Scopus evaluators, and since then its name is ECONOMICS - Innovative and Economics Research Journal.  Evidence to support this is an Act No. 02-4-6-239/23 Sarajevo, 2 June 2023, National and University Library of Bosnia and Herzegovina, ISSN Centre of Bosnia and Herzegovina, which contains the following text: Innovative and Economics Research Journal is the subtitle that appeared on the cover of our journal from December 2017. Subtitles are subject to change and they are not part of the key or proper title. It is possible to add the field for the variant title within the subtitle. We are confirming that this change has been recorded in the ISSN Portal in the field other variant title. Changing the name of the journal has had a significant impact on its progress and development. Innovations and changes within the fourth industrial revolution are the most famous in the world of new technologies that shape the global economic and technological structure, international and local markets, as well as the entire socio-cultural system. This journal covers the most of the consequences that technological changes bring to the economy and society, but innovation is not reserved only for technology. Innovations can have a social, media, cultural and socio-psychological character when they are not only a product of information technology.  The journal is published semi-annually – in June and December, as a printed and electronic version. The language of the publication is English. The articles submitted to the Editorial Board should cover the subject area of the journal, with authors’ (co-authors’) first and last names, scientific titles, affiliations and work positions, phone numbers and e-mail addresses. We invite authors interested in publishing their papers in this periodical to submit their material in digital form to the address of the Editorial Board (e-mail: editorial.papers.economics@gmail.com or to the OJS platform, using the following link: https://economicsrs.com/index.php/eier/login.  The JEL classification is proposed by the author in accordance with the Journal of Economic Literature classification, available at: https://www.aeaweb.org/jel/guide/jel.php. The author is responsible for ensuring the authenticity of data, facts, quotations and other information. Editorial boards may publish articles for discussion without sharing the authors' views. It is recommended to submit articles in English. Authors from Bosnia and Herzegovina and neighboring countries should submit their papers in English and their mother tongue.  The structure of the article should comprise: the title, abstract, keywords, introduction, subtitles, conclusion and bibliography. Common subtitles are: introduction, literature review (theoretical framework), methodology (research methods, data, research model), data and sources, an empirical result (empirical findings), discussion, and conclusion. In writing their articles, authors should apply the scientific methodology standard for scientific publications.  The abstract (200-250 words) needs to disclose the main idea of the paper and research results. The abstract must include sufficient information for readers to judge the nature and significance of the topic. It should summarize the objectives of the article, methodology, results and conclusions. In order to increase the visibility of the article, the abstract should reiterate keywords and phrases while avoiding unnecessary repetition. Literature is to be arranged in alphabetic order of authors and chronologically for the articles of the same author. Literature is to be quoted according to the examples for books, journals and other sources.  Plagiarism Policy  Regarding the originality of the papers, we bring to your attention the following: Our journal is consistent with the principles governing the intellectual property rights, discouraging any attempt of plagiarism, regardless of its forms – involuntary, self-plagiarism, voluntary misappropriation of other people’s ideas, etc. The author must take appropriate measures to avoid any of these situations regardless of the nature and gravity. Please note that for checking the articles received, we are running a specialized anti-plagiarism software used by other prestigious institutions. To ensure the objectivity of the results, we exclude the references, the title and the authors’ names when checking the text. The editor reserves the right to reject the article from the beginning and to refuse to publish future articles from the authors who have committed plagiarism.  All other articles will be internationally and anonymously reviewed in three places. The authors’ names are anonymous to the reviewers. It is the authors’ responsibility to ensure that the submitted article has not been published earlier and that it is not under consideration for publication elsewhere. The Editorial Board retains the right to methodologically adjust the article to the journal propositions and standards of the English language, as well as not to consider articles which do not meet the requirements of these guidelines. This is an open access journal which means that all content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission from the publisher or the author. This is in accordance with the BOAI definition of open access. Economics - Innovative and Economic Research Journal would like to invite academics, policymakers, researchers, and practitioners to submit original articles to be considered for publication. One of the projects of the Journal and the Institute is an annual international scientific conference, usually held in May, focused on the topic of "New Economy", https://conference.oikosinstitut.org/ with the aim to highlight a positive impact of modern technologies on the economy and society.  Rejection Rate   83.05% articles - completely rejected,  16.95% articles - accepted for publication following mandatory implementation of modifications suggested by peer reviewers.   Archiving  Sciendo archives the contents of this journal in Portico – a digital long-term preservation service of scholarly books, journals and collections. 