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Janusz Kudła, Katarzyna Kopczewska, Agata Kocia, Robert Kruszewski and Konrad Walczyk

Abstract

To finance public expenditure a government needs to raise revenue, which mainly comes from taxes and borrowings. During a financial crisis, however, financing of budget deficit is particularly difficult because of a rise in debt servicing costs that crowd out other expenses and raise the concern for government solvency. In extreme cases, governments are constrained to tax, as borrowing opportunities are strictly limited or unavailable. Still, governments can choose from tax menu options (income and consumption taxes), given the flexibility of the tax mix. This article presents a long-term dynamic model of fiscal solvency that shows the equilibrium the revenue maximising government can obtain with reasonable tax rates when capital income can be shifted and there are constraints on the consumption tax. Specifically, the solution predicts a positive level of bonds in the long-term equilibrium and the tax rates dependent positively on the abundance of the tax bases.

Open access

Mladen Knežević, Radojka Kraljević and Jozo Jurković

Abstract

Tourism, as an economic activity is incorporated in various elements of the culture of receptive destinations, but also in elements of cultural traditions of emitting regions. One part of the approach to observing tourism as a social process lies in the human need for rest, and for establishing emotional balance, which is damaged through repetitive everyday life of neoliberal society and economy, in particular. This kind of approach has created certain stereotypes, where a tourist “must feel good” in the architecture of Dubrovnik, which is larger than life. However, researches have shown that modern tourism, with shortened stay, rushing from one destination to another, does not, in reality, bring the feeling of happiness. There are far more negative emotions being projected, which are questioning if the tourism as business activity is relaxing at all.

Open access

R. Saraswathy, Jijo James, P. Kasinatha Pandian, G. Sriram, J. K. Sundar, G. Swarna Kumar and A. Sathish Kumar

Abstract

The present study involved the utilization of crushed glass as an auxiliary additive in the manufacture of cement stabilized fly ash (CSF) bricks. The bricks were made with 1:1 proportion of fly ash and sand stabilized with 20 % cement. Crushed glass was used as replacement for the fine aggregate in increments of 10 % up to 40 % wherein the sand was completely replaced with crushed glass. The various mix proportions were then moulded into bricks with the addition of water by hand moulding method of forming the bricks and sun dried followed by sprinkle curing over a period of 21 days. The bricks were then subjected to compressive strength, water absorption and efflorescence tests to gauge its performance. The investigation revealed that the addition of crushed glass to the brick mix resulted in an increase in strength of the bricks, however, the maximum strength achieved could not achieve the strength of the control specimen. But the strength was higher than the minimum strength recommended by Bureau of Indian Standards (BIS) for stabilized blocks as well as burnt bricks. It also reduced the water absorption marginally while no efflorescence was seen in any of the combinations. A cost comparison revealed that the optimal combination with crushed glass was able reduce the cost of the brick by 20 %.

Open access

Jakub Jakl

Abstract

This paper analyses the effects of the ECB´s Public sector purchase programme (PSPP) on portfolios of the Eurozone investors. The ECB claims that the PSPP works mainly through the portfolio balance channel when the conditions on the asset markets are changed by the presence of a bidding central bank and investors are under those conditions forced to reallocate their portfolio to the state that better corresponds to ECB-changed market conditions and their preferences. This paper incorporates counterfactual analysis approach rather than analysis of direct change of prices and yields of given assets and uses sectoral data regression analysis of asset holdings of different investors in the Eurozone. This study addresses questions regarding size and direction of investors’ reallocations – what types of investors were acting as the main counterparts to the ECB on the market for government bonds and what asset classes were preferred and chosen as an alternative by investors in the Eurozone to reallocate their funds. The series of obtained regression estimates and counterfactual analysis graphic representation answers to questions mentioned above and identifies a nonnegligible effect of the PSPP on the rebalancing of government bond portfolios towards riskier corporate bonds and equities across investor types in major Eurozone countries.

Open access

Grzegorz Zbińkowski

Abstract

The objective of this paper is a presentation of results of an analysis of the Three Seas Initiative (TSI), whose participating countries (except Austria) treat it as a method of: a) reducing their dependence on crude oil and natural gas imports from Russia, thus increasing their energy security; b) accelerated filling of the persisting civilisation gap between the initiative participants and more developed EU countries owing to the improved quality and maturity of the transport and digital North-South infrastructure; and c) the actual implementation of the “vision of a Europe whole, free and at peace.” The analysis has assumed the following research hypothesis: The CEE states’ joining the EU has not markedly changed those states’ development, as material differences do still exist in this respect between the new EU states and the old ones, which was verified positively.

Open access

Ivo Županović and Milica Vulević

Abstract

Adequate accommodation infrastucture is on of the basic conditions for sustainable tourism development. In order to improve accommodation infrastructure, particular addressing the problem of a large share of private accommodation in total infrastucture, it is proposed to transform these capacities indo condo model, diffused and integral hotels. Another major problem in tourism development in Montenegro is not an adequate structure of emissive markets, more precisely dominance of 2 markets. In order to improve emissive market infracture it is necessary to focus primarly on West European and Scandinavian market. Improving the situation of the mentioned problems would significaly affect the sustainable development of tourism in Montenegro.

Open access

Jozef Komačka and IIja Březina

Abstract

The propagation of waves generated by load impulse of two FWD types was assessed using test outputs in the form of time history data. The calculated travel time of wave between the receiver in the centre of load and others receivers showed the contradiction with the theory as for the receivers up to 600 (900) mm from the centre of load. Therefore, data collected by the sensors positioned at the distance of 1200 and 1500 mm were used.

The influence of load magnitude on the waves propagation was investigated via the different load force with approximately the same load time and vice versa. Expectations relating to the travel time of waves, depending on the differences of load impulse, were not met. The shorter travel time of waves was detected in the case of the lower frequencies. The use of load impulse magnitude as a possible explanation was not successful because opposite tendencies in travel time were noticed.

Open access

Mohammad Hosein Razavi and Parviz Alipour

Abstract

Every year, many people in the world lose their homes due to natural disasters such as earthquakes, floods and so on. In critical situations, the use of prefabricated parts in the buildings has many technical and economic advantages. Hence, today, this technology is widely used in the industrialized societies. The purpose of this research is to provide an appropriate model for speeding up the process of constructing buildings using prefabricated parts in critical conditions. To do this, Analytic Network Process (ANP) approach has been used to select the best option for speeding up construction projects using prefabricated parts and in critical situations. In this study, the intended criteria are quality, time, cost, and strength. The options that we should compare and the best option among them, according to the criteria mentioned, are Lightweight Steel Frame (LSF) parts, steel parts and concrete parts. In order to find this prioritization, the viewpoints of civil engineers and construction experts have been used. It should also be noted that for the ANP method, the Super Decisions software has been used.

Open access

Ivor Altaras Penda and Marin Zekaj

Abstract

Based on the previously published researches of the phenomenon of populism and its presence in the Republic of Croatia, and using methodological contents analyis matrix, which has been developed by B. Šalaj and M. Grbeša Zenzerović, this paper deals with the research of the presence of populism in the early Parliamentary election held in 2016. The researches of the phenomenon of populism have been intensified on both local and global level, and populism, as a concept, is becoming increasingly present in social and political discourse. However, everyone and everything is then easily classified as populistic. In the context of the Republic of Croatia, which has been through numerous state orders throughout its political history, this paper is going to examine if there was populism, as an aspect of political action, in the 2016 elections, and it is going to potentially identify the political actors, who have been using populistic features in their political careers. Furthermore, it is going to examine which kind of populism it is.

Open access

Dijana Medenica Mitrović, Olivera Simović and Milica Raičević

Abstract

Trends in marketing are changing and adopting new technologies, but what always remains is good content and relevant data. New knowledge, information and use of new tools are often crucial for the success of a company. Modern business in the domain of personal marketing can no longer be efficiently implemented without the use of new e-technologies. The application of Internet technology implies radical changes in marketing (strategies, plans, programs, communication) that have contributed to the development of personal marketing, and thus improved “face to face” communication between bidders and consumers. The theoretical part of the paper refers to defining the role and importance of personalized marketing in the function of improving the business, especially from the aspect of approaching each customer or customer segment individually, as well as the importance of applying social networks to marketing, as well as the specificities and benefits of this type of marketing. The practical part in the focus has the research of the importance and role of social networks in the implementation of personalized marketing, as well as in the process of selecting a tourist destination. The practical part of the paper includes research through a specially designed questionnaire, conducted on the territory of Montenegro, and provides information on how important social networks are for selecting the tourist destination and the offer that a particular destination. The aim of the paper is to draw attention to the importance of a good e-market strategy, also, to the approach that gives the best results in advertising and the achievement of the results of the tourist destination and its offer, sales, communication with consumers, establishment of long-term relationships with consumers, which also affects improvement of the business of every tourist company in general.