Rivista e Edizione

Volume 68 (2022): Edizione 2 (June 2022)

Volume 68 (2022): Edizione 1 (March 2022)

Volume 67 (2021): Edizione 4 (December 2021)

Volume 67 (2021): Edizione 3 (September 2021)

Volume 67 (2021): Edizione 2 (June 2021)

Volume 67 (2021): Edizione 1 (March 2021)

Volume 66 (2020): Edizione 4 (December 2020)

Volume 66 (2020): Edizione 3 (September 2020)

Volume 66 (2020): Edizione 2 (June 2020)

Volume 66 (2020): Edizione 1 (March 2020)

Volume 65 (2019): Edizione 4 (December 2019)

Volume 65 (2019): Edizione 3 (September 2019)

Volume 65 (2019): Edizione 2 (June 2019)

Volume 65 (2019): Edizione 1 (March 2019)

Volume 64 (2018): Edizione 4 (December 2018)

Volume 64 (2018): Edizione 3 (September 2018)

Volume 64 (2018): Edizione 2 (June 2018)

Volume 64 (2018): Edizione 1 (March 2018)

Volume 63 (2017): Edizione 4 (December 2017)

Volume 63 (2017): Edizione 3 (September 2017)

Volume 63 (2017): Edizione 2 (June 2017)

Volume 63 (2017): Edizione 1 (March 2017)

Volume 62 (2016): Edizione 4 (December 2016)

Volume 62 (2016): Edizione 3 (September 2016)

Volume 62 (2016): Edizione 2 (June 2016)

Volume 62 (2016): Edizione 1 (March 2016)

Volume 61 (2015): Edizione 6 (December 2015)

Volume 61 (2015): Edizione 5 (October 2015)

Volume 61 (2015): Edizione 4 (August 2015)

Volume 61 (2015): Edizione 3 (June 2015)

Volume 61 (2015): Edizione 2 (April 2015)

Volume 61 (2015): Edizione 1 (February 2015)

Dettagli della rivista
Formato
Rivista
eISSN
2385-8052
Pubblicato per la prima volta
22 Feb 2015
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

Volume 68 (2022): Edizione 1 (March 2022)

Dettagli della rivista
Formato
Rivista
eISSN
2385-8052
Pubblicato per la prima volta
22 Feb 2015
Periodo di pubblicazione
4 volte all'anno
Lingue
Inglese

Cerca

6 Articoli
Accesso libero

What is the Nature of the Dynamics between Government Spending and Aggregate Output in the Nordic Countries?

Pubblicato online: 13 Apr 2022
Pagine: 1 - 13

Astratto

Abstract

The main aim of this paper is to examine the relationship between government consumption and aggregate output in five Nordic countries in two different scenarios: first, in periods when government consumption increases and, second, in periods when government consumption decreases. Therefore, the nonlinear ARDL model is applied to test for the presence of a short-run and long-run asymmetry in output response to government consumption. The key findings are as follows. First, based on the linear model, a positive connection between government consumption and economic activity has been confirmed, both in the short and long term, which is also in line with the predictions of economic theory. Second, based on the nonlinear model, six out of ten short-term coefficients are statistically significant, as are six out of ten long-term coefficients, with statistically significant asymmetry detected in four out of ten cases. Thus, estimated test statistics and graphical analysis suggest the presence of a negatively inclined asymmetry in the relationship between government consumption and the dynamic of aggregate output with stronger output response in periods when government consumption decreases.

Parole chiave

  • fiscal policy
  • Nordic countries
  • nonlinear ARDL model

JEL Classification

  • C22
  • E60
  • E62
Accesso libero

A Comparative Analysis of Competitive Trade in a Cluster Market of the European Union: The Revealed Comparative Advantage (RCA) Index

Pubblicato online: 13 Apr 2022
Pagine: 14 - 24

Astratto

Abstract

This research is concerned with the comparative analysis of competitive trade within the cluster market economies of the European Union. The aim of this paper is to carry out trade analysis within the competing countries in the European market from 2009 to 2018 which represents the period after the global crisis of 2008 and prior to the Covid-19 pandemic of 2019 for the purpose of determining the extent of competitive trade within the European economies. The chosen metric is Béla Balassa’s Revealed Comparative Advantage (RCA) index used for determining various countries’ comparative advantage or disadvantage in trade. The findings show that the countries with RCA > 1 thrive economically in comparison to other competing lower economies. And the fact that the European Union economy thrives on mechanized trade other than agricultural products irrespective of the competitive market. This study is a significant contribution towards improving the Ricardian model of comparative advantage on trade within a cluster market in the European economies.

Parole chiave

  • competitiveness
  • revealed comparative advantage
  • international trade

JEL Classification

  • P51
  • C82
  • F14
Accesso libero

The Impact of Macroprudential Policy Instruments on Financial Stability in Southern Europe

Pubblicato online: 13 Apr 2022
Pagine: 25 - 34

Astratto

Abstract

This paper is a contribution to the body of research examining the impact of macroprudential policy instruments on financial stability. The following hypothesis was tested (H1): Macroprudential policy instruments (household borrowing costs; interbank loans as a percentage of total loans; loan to deposit ratio; leverage ratio; and solvency ratio) enhance financial stability, as measured by credit growth, in four southern European economies (Greece, Italy, Portugal and Spain) from Q4 2010 to Q4 2018. The empirical results of this study suggest that, of the investigated macroprudential policy instruments, household borrowing costs, interbank loans as a percentage of total loans and loan to deposit ratio exhibit the predicted impact on credit growth rate. Leverage ratio and solvency ratio do not exhibit the expected impact on the response variable. Moreover, only three out of the five explanatory variables are statistically significant in the model. Consequently, it is not possible to confirm or reject the hypothesis based on the available data and results.

Parole chiave

  • macroprudential policy
  • macroprudential instruments
  • systemic risk
  • financial stability

JEL Classification

  • E58
  • G28
  • E60
  • E44
Accesso libero

Are African Stock Markets Efficient? A Comparative Analysis Between Six African Markets, the UK, Japan and the USA in the Period of the Pandemic

Pubblicato online: 13 Apr 2022
Pagine: 35 - 51

Astratto

Abstract

The aim of this study is to test and compare the efficient market hypothesis, in its weak form, on the stock markets of Botswana, Egypt, Kenya, Morocco, Nigeria, South Africa, Japan, the UK and the USA from 2 September 2019 to 2 September 2020. This study is based on the following research question: has the global pandemic (COVID-19) reduced the efficiency – in its weak form – of African financial markets compared to the mature markets of the UK, Japan and the USA? The results sustain the evidence that the random walk hypothesis is not supported by the financial markets analysed in the period of the global pandemic. The variance ratio values are lower than the unit, which implies that the returns are self-correlated over time. A reversion to the average is also observed, with no differences identified between mature and emerging financial markets. In corroboration, the Detrended Fluctuation Analysis (DFA) exponents show that the financial markets present signs of (in)efficiency in its weak form, thus showing persistence in the yields. This therefore implies the existence of long memories validating the results of the variance using the Wright’s Rank and Signs Test (2000), which prove the rejection of the random walk hypothesis.

Parole chiave

  • African stock markets
  • efficient market hypothesis
  • mean reversion
  • random walk

JEL Classification

  • C01
  • C23
  • D84
  • GI4
Accesso libero

The Use of Statistical Methods in Croatian Enterprises During the Early Stages of COVID-19

Pubblicato online: 13 Apr 2022
Pagine: 52 - 64

Astratto

Abstract

The appropriate application of statistical methods in enterprises should have an important role in business decision-making processes. However, Croatian enterprises still tend to have certain resistance to statistical methods. The new challenges introduced by the COVID-19 pandemic emphasised the importance of conducting statistical analyses as support for making business decisions. In order to investigate the situation and attitudes towards the use of statistical methods, primary research was conducted in the form of a web survey on a sample of 768 Croatian enterprises, of which 40% use statistical methods in their business. The research revealed the level of statistical methods use in Croatian enterprises, demonstrated which statistical methods Croatian enterprises prefer, and defined who is most responsible for their use. Furthermore, the reasons for the use of statistical methods and the major obstacles to the use of more intensive statistical methods were also investigated. The results are described and discussed on an overall level and by considering the size of the enterprises.

Parole chiave

  • Croatian enterprises
  • use of statistical methods
  • stratification
  • web survey

JEL Classification

  • C10
  • C83
  • L20
Accesso libero

The Simplification of Public Administration: A Managerial Perspective

Pubblicato online: 13 Apr 2022
Pagine: 64 - 76

Astratto

Abstract

The paper addresses the issue of complexity in the administrative processes of public institutions: in particular, accounting routines and processes are examined. Back-office activities, although having a mere supporting role in the delivery of public services, absorb a relevant part of the resources of public institutions. The aim of the paper is to analyse the factors that contribute to the enhancement of complexity of these activities. The paper is based on an in-depth analysis of two Italian public organisations: a university and an ASP (agency for services to persons). Italy is an interesting context since simplification policies have been adopted in the country at central government level and in specific sectors of public administration, however, at the institutional level, simplification initiatives depend on the initiative of the single organisation. The cases described in this paper show that complexity stems from the need for inspectory controls (which is typical of the law) as well as from the volume of information requested (which is typical of management studies) for different stakeholders and at different, yet correlated, levels. The paper suggests that public management scholars have the opportunity and the burden of a contribution in this field.

Parole chiave

  • simplification
  • support activities
  • processes
  • public administration
  • stakeholders

JEL Classification

  • M41
  • M48
6 Articoli
Accesso libero

What is the Nature of the Dynamics between Government Spending and Aggregate Output in the Nordic Countries?

Pubblicato online: 13 Apr 2022
Pagine: 1 - 13

Astratto

Abstract

The main aim of this paper is to examine the relationship between government consumption and aggregate output in five Nordic countries in two different scenarios: first, in periods when government consumption increases and, second, in periods when government consumption decreases. Therefore, the nonlinear ARDL model is applied to test for the presence of a short-run and long-run asymmetry in output response to government consumption. The key findings are as follows. First, based on the linear model, a positive connection between government consumption and economic activity has been confirmed, both in the short and long term, which is also in line with the predictions of economic theory. Second, based on the nonlinear model, six out of ten short-term coefficients are statistically significant, as are six out of ten long-term coefficients, with statistically significant asymmetry detected in four out of ten cases. Thus, estimated test statistics and graphical analysis suggest the presence of a negatively inclined asymmetry in the relationship between government consumption and the dynamic of aggregate output with stronger output response in periods when government consumption decreases.

Parole chiave

  • fiscal policy
  • Nordic countries
  • nonlinear ARDL model

JEL Classification

  • C22
  • E60
  • E62
Accesso libero

A Comparative Analysis of Competitive Trade in a Cluster Market of the European Union: The Revealed Comparative Advantage (RCA) Index

Pubblicato online: 13 Apr 2022
Pagine: 14 - 24

Astratto

Abstract

This research is concerned with the comparative analysis of competitive trade within the cluster market economies of the European Union. The aim of this paper is to carry out trade analysis within the competing countries in the European market from 2009 to 2018 which represents the period after the global crisis of 2008 and prior to the Covid-19 pandemic of 2019 for the purpose of determining the extent of competitive trade within the European economies. The chosen metric is Béla Balassa’s Revealed Comparative Advantage (RCA) index used for determining various countries’ comparative advantage or disadvantage in trade. The findings show that the countries with RCA > 1 thrive economically in comparison to other competing lower economies. And the fact that the European Union economy thrives on mechanized trade other than agricultural products irrespective of the competitive market. This study is a significant contribution towards improving the Ricardian model of comparative advantage on trade within a cluster market in the European economies.

Parole chiave

  • competitiveness
  • revealed comparative advantage
  • international trade

JEL Classification

  • P51
  • C82
  • F14
Accesso libero

The Impact of Macroprudential Policy Instruments on Financial Stability in Southern Europe

Pubblicato online: 13 Apr 2022
Pagine: 25 - 34

Astratto

Abstract

This paper is a contribution to the body of research examining the impact of macroprudential policy instruments on financial stability. The following hypothesis was tested (H1): Macroprudential policy instruments (household borrowing costs; interbank loans as a percentage of total loans; loan to deposit ratio; leverage ratio; and solvency ratio) enhance financial stability, as measured by credit growth, in four southern European economies (Greece, Italy, Portugal and Spain) from Q4 2010 to Q4 2018. The empirical results of this study suggest that, of the investigated macroprudential policy instruments, household borrowing costs, interbank loans as a percentage of total loans and loan to deposit ratio exhibit the predicted impact on credit growth rate. Leverage ratio and solvency ratio do not exhibit the expected impact on the response variable. Moreover, only three out of the five explanatory variables are statistically significant in the model. Consequently, it is not possible to confirm or reject the hypothesis based on the available data and results.

Parole chiave

  • macroprudential policy
  • macroprudential instruments
  • systemic risk
  • financial stability

JEL Classification

  • E58
  • G28
  • E60
  • E44
Accesso libero

Are African Stock Markets Efficient? A Comparative Analysis Between Six African Markets, the UK, Japan and the USA in the Period of the Pandemic

Pubblicato online: 13 Apr 2022
Pagine: 35 - 51

Astratto

Abstract

The aim of this study is to test and compare the efficient market hypothesis, in its weak form, on the stock markets of Botswana, Egypt, Kenya, Morocco, Nigeria, South Africa, Japan, the UK and the USA from 2 September 2019 to 2 September 2020. This study is based on the following research question: has the global pandemic (COVID-19) reduced the efficiency – in its weak form – of African financial markets compared to the mature markets of the UK, Japan and the USA? The results sustain the evidence that the random walk hypothesis is not supported by the financial markets analysed in the period of the global pandemic. The variance ratio values are lower than the unit, which implies that the returns are self-correlated over time. A reversion to the average is also observed, with no differences identified between mature and emerging financial markets. In corroboration, the Detrended Fluctuation Analysis (DFA) exponents show that the financial markets present signs of (in)efficiency in its weak form, thus showing persistence in the yields. This therefore implies the existence of long memories validating the results of the variance using the Wright’s Rank and Signs Test (2000), which prove the rejection of the random walk hypothesis.

Parole chiave

  • African stock markets
  • efficient market hypothesis
  • mean reversion
  • random walk

JEL Classification

  • C01
  • C23
  • D84
  • GI4
Accesso libero

The Use of Statistical Methods in Croatian Enterprises During the Early Stages of COVID-19

Pubblicato online: 13 Apr 2022
Pagine: 52 - 64

Astratto

Abstract

The appropriate application of statistical methods in enterprises should have an important role in business decision-making processes. However, Croatian enterprises still tend to have certain resistance to statistical methods. The new challenges introduced by the COVID-19 pandemic emphasised the importance of conducting statistical analyses as support for making business decisions. In order to investigate the situation and attitudes towards the use of statistical methods, primary research was conducted in the form of a web survey on a sample of 768 Croatian enterprises, of which 40% use statistical methods in their business. The research revealed the level of statistical methods use in Croatian enterprises, demonstrated which statistical methods Croatian enterprises prefer, and defined who is most responsible for their use. Furthermore, the reasons for the use of statistical methods and the major obstacles to the use of more intensive statistical methods were also investigated. The results are described and discussed on an overall level and by considering the size of the enterprises.

Parole chiave

  • Croatian enterprises
  • use of statistical methods
  • stratification
  • web survey

JEL Classification

  • C10
  • C83
  • L20
Accesso libero

The Simplification of Public Administration: A Managerial Perspective

Pubblicato online: 13 Apr 2022
Pagine: 64 - 76

Astratto

Abstract

The paper addresses the issue of complexity in the administrative processes of public institutions: in particular, accounting routines and processes are examined. Back-office activities, although having a mere supporting role in the delivery of public services, absorb a relevant part of the resources of public institutions. The aim of the paper is to analyse the factors that contribute to the enhancement of complexity of these activities. The paper is based on an in-depth analysis of two Italian public organisations: a university and an ASP (agency for services to persons). Italy is an interesting context since simplification policies have been adopted in the country at central government level and in specific sectors of public administration, however, at the institutional level, simplification initiatives depend on the initiative of the single organisation. The cases described in this paper show that complexity stems from the need for inspectory controls (which is typical of the law) as well as from the volume of information requested (which is typical of management studies) for different stakeholders and at different, yet correlated, levels. The paper suggests that public management scholars have the opportunity and the burden of a contribution in this field.

Parole chiave

  • simplification
  • support activities
  • processes
  • public administration
  • stakeholders

JEL Classification

  • M41
  • M48

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