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Abstract

The paper focuses on the effects of the reformed growth strategy on the competitiveness of the Serbian manufacturing industry during the period of 2007–2016. The paper applies the analytical tools devised by the International Trade Centre, as well as Balassa's RCA Index and some other methodologies. All indicators point to similar conclusion: the reformed growth model would significantly contribute to the improvement of Serbian competitiveness. The starting point of Serbia is also clear: small gross investment volume and a low average growth rate.

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Many researchers have analysed the factors that cause discrepancies in the mirror trade statistics. However, the conflicting findings of the relatively limited number of studies on the relation between non-tariff measures and misinvoicing make further research in this area necessary. Therefore, our paper aimed to analyse the impact of non-tariff measures on misinvoicing in the context of Turkey's exports to the European Union (EU) between 2008 and 2015. This study tested the possible relationship between them using other measurable variables related to Turkey's exports to the EU of the products to which the non-tariff measures were applied. This has been done by employing the dynamic generalized method of moments (GMM) as well as the quantile regression (QR) models. It was observed that tariffs, along with non-tariff measures, have negative relationship with the misinvoiced amount. Additionally, it is also observed that the transfer price manipulation appears to be a means of corporate tax evasion. This finding aligns with the decrease in reported imports and the decrease in the perceived levels of corruption.

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The big waves of change in state ownership in the 20th-century Europe moved in the same direction ‒ either nationalization or privatization. Yet this homogeneity has fallen apart in the last decade: globally and within several countries, the two directions have changed quickly or even have been appearing in parallel. So, it is worth returning to the question: what is the reason for these reversals? Are there any cycles in the extension and contraction of public ownership? Most studies in this field analyse nationalizations and privatizations separately. They examine closely the aims and motivations, but remarkably few focuses on the causes of changes in direction. Based on the lessons of these latter analyses, this paper attempts to interpret the expansion and contraction of public property within an integrated framework, identifying the emergency situations as key factors of fluctuation. The central role of crises in ownership changes is not fundamentally new in the literature. The novelty of the recent approach is the attempt to unfold the mechanism of their impact, including also the explanation why the previously uniform direction of big waves has been broken up after 2008. We argue that the main reason behind the parallel occurrence of large-scale nationalizations and privatizations in this period is the eclipse of a dominant economic-policy (and theoretical) paradigm, rendering the previously firm background of ownership waves uncertain.

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Abstract

The paper proposes the construction of a multi-speed, multi-track and multi-level European Union framework as a way to increase the flexibility of the integration process and facilitate inter-country conflict resolution. The paper shows that this malleable framework is superior, even for sensitive macroeconomic spillover issues like monetary union and immigration.

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This paper addresses the impact of fundamental (economic, political and geopolitical) uncertainties on GDP growth of the world’s largest 20 economies (W-20) using the Cobb-Douglas total production function within the scope of the second-generation panel data methodology for 1990–2016. The aim of the paper is to explore whether these uncertainties lead to a contractionary impact on growth as suggested by the economic theory. The estimation results revealed that indeed this was the case. Our results also indicate that the global uncertainties led the economic growth rates of the selected countries to perform below their exact potential since the 2008 global economic crisis and to fail to attain an expected recovery during the process.

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It is challenging to provide an encompassing portrait of Mario Nuti's life and works: he was an exceptional man, who made significant intellectual contributions across a wide range of fields, as well as inspiring generations of students, colleagues and the profession in general, for more than fifty years. A brilliant debater and controversialist, he was equally at home in economic theory and in giving policy advice, and over the decades he had made significant contributions to many branches of the discipline. In this memorial article, we try to give a flavour of the man and his work, hopefully reminding the conoscenti of Mario's perceptive and original work, while introducing a new generation of scholars to his distinctive take on the field of economics.

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The countries in Sub-Saharan Africa (SSA) have experienced a positive growth rate of over five per cent per year, on average, since their transition from the Heavily Indebted Poor Countries Initiative in 1996 and the Multilateral Debt Relief Initiative in 2006. Despite this growth, poverty and inequality are still very high. Employing the Driscoll – Kraay standard panel estimation method and dataset from 1990 to 2015, this paper sets out to examine the implications of external debt and capital flight on the general welfare of the people. The estimation results reveal that both external debt and capital flight have a welfare inhibiting effect, suggesting that increases in external borrowing or capital flight may lead to a reduction in the welfare of the people in the sub-region. The study, therefore, recommends to policymakers and government in the sub-region the need to tackle the revolving nature of external borrowing and capital flight and take steps to halt all channels through which deservingly acquired capital leaves the sub-region.

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The paper presents a comprehensive overview of the public health system in the separatist Trasnistrian region of Moldova, an analytically unorthodox undertaking, as this entails looking at the health system of a fragile breakaway state-like entity, a set of circumstances that — rather inevitably, it seems — may define certain basic features of the health system at hand. Attention will be dedicated to outlining the main challenges the region's public health system faces, for instance, concerning the spread of infectious diseases such as tuberculosis, HIV/AIDS, and SARS-CoV-2. Studying the impact of the coronavirus pandemic can especially serve as a litmus test of the available capacities in Transnistria to deal with public health challenges: facing a novel pathogen, and the related disease and epidemic which threaten to overburden the local institutions. A key question examined here, through the example of Transnistria, is the degree to which international support to the region and the increasing cooperation with the internationally recognized state of Moldova are indispensable for public health security in the unrecognized state.

Open access

Abstract

Crowdfunding is a disruptive innovation and has provoked interest as a new way of raising finance. The objective of our research was to analyse both the demand and supply sides of the crowdfunding ecosystem. The study used two methods. The first was a database analysis of 259,114 Kickstarter campaigns. The second was a survey on public awareness of crowdfunding in Hungary, from the perspective of 132 potential investors. The findings suggest several success factors that may be useful for campaign launchers: (1) appealing project presentation; (2) diverse pool of rewards; (3) realistic set of funding goals; (4) appropriate categories and sums of pledges; and (5) frequent communication and satisfactory information about the campaign. Furthermore, the study revealed the differences between the potential investors' expectations and the reality of crowdfunding practices.

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Abstract

The paper uses data from the World Values Survey and the European Values Study on individuals in Hungary and its neighbouring countries to examine the effects of political borders on different beliefs, as opposed to that of ethnic differences or historical borders. The focus on Hungary and its neighbours is explained by the fact that parts of the Hungarian ethno-linguistic community can be found in all these countries, which makes it possible to separate the effect of culture from that of the current political community. By applying a cultural gravity model which is concerned with the differences in beliefs between all possible pairs of individuals in the sample, the paper finds that out of five areas of beliefs, it is the beliefs regarding work, markets, and democracy whose differences are robustly affected by political borders, giving some support to the approach which argues that values are shaped through the dialogue occurring within a political community.*

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