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Acta Oeconomica
Authors:
Ana Krstić
,
Milena Jaksić
,
Predrag Mimović
, and
Danijela Tadić

Abstract

The paper presents the application of a non-parametric data envelopment analysis (DEA) technique for measuring the macroeconomic performance of the Balkan countries. In this context, for the period of 2006–2018, a dynamic DEA Window model was applied based on selected macroeconomic indicators as input and output variables. For a more comprehensive and objective analysis, the DEA Window analysis is complemented by a Malmquist productivity index that provides a more complete picture of the observed entities' performance and shows a trend of change from period to period. The results showed that in the observed period, Albania and to a large extent Montenegro, especially after the end of the global financial crisis, had the highest average efficiency, that is, they used the available resources effectively to increase the GDP growth rates. The EU Member States, Greece and Croatia, in particular, achieved the highest growth in overall productivity over the observed period, and this growth was largely due to a change in technical efficiency.

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. Savings and Development , No. 1. Rosenberg, Ch. — Sierhej, R. (2007): Integrating EU Funds Data for Macroeconomic Analysis in New Member States . Working Paper No. 77, IMF. Sierhej, R

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): Slowdown in Emerging Markets: Rough Patch or Prolonged Weakness? Centre for Applied Macroeconomic Analysis, Australian National University , CAMA Working Paper , 1/2016. Federal State Statistics Service ( 2016

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Model Framework: The Case of our EMU and Four non-EMU OECD Countries . Paper at 8 th International Conference on Macroeconomic Analysis and International Finance, May 27–29, 2004, Florence, Italy. Available at: economics.soc.uoc.gr/macro/8conf

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. Rosenberg , C. B. – Sierhej , R. ( 2007 ): Interpreting EU Funds Data for Macroeconomic Analysis in the New Member States IMF Working Paper 07/77 . Schimmelfennig , F. ( 2001 ): The Community

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recursive or non-recursive ( Bullock et al. 1994 ). These characteristics enable efficient usage of PLS-SEM methodology in macroeconomic analysis. 4 Data and methodology To examine the impact of monetary and fiscal policies on economic growth and employment

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be calculated. In this case, the latter of these is important.) One of the major dilemmas in macroeconomic analysis is whether public spending and tax revenue can support economic growth, help recovery, counteract downturns, or, on the contrary, limit

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-restricted VAR (SRVAR) model became essential for macroeconomic analysis relatively quickly after its creation. This model can also be applied very appropriately to the issue of monetary policy spillovers. The advantage of sign restriction is that it only

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. Arestis , P. – Sawyer , M. ( 2009 ): Path Dependency and Demand–Supply Interactions in Macroeconomic Analysis . In: Arestis

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importantly, this crisis had wider ramifications in macroeconomic thinking. If nothing else, the oil crisis has proved the importance of aggregate supply shocks in the macroeconomic analysis and also caused a modification in the Phillips curve framework in

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