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Abstract

Applying an extended IS-MP-AS model (Romer, 2000), this paper shows that real depreciation of the euro raises real GDP in Kosovo and that a lower real lending rate in the euro area, a higher real GDP in Germany, a lower real oil price, or a lower expected inflation rate would help increase real GDP. More government deficit spending as a percent of GDP does not affect real GDP.

Abstract

Social media today represent a global community of different nationalities - the size of China in terms of population, and social networking sites are online venues where users can create and post content. Social networks have also become one of the most popular ways for people to socialize, connect with friends and family, purchase items and gather relevant information about current and political topics and views. The most popular and biggest social network is Facebook and its influence in every pore of our society is evident, e.g. potential misuse of its user’s data in different purpose including manipulation in political purposes. This paper will also cover the findings of a survey conducted in Croatia and Serbia about the perception of social media and social networks as a source of gathering relevant information.

Abstract

We utilize two waves of the National Income Dynamics Study in South Africa to estimate the returns to education in 2010 and 2012. We find that during this time period the returns to education were approximately 18% per year of education and that the returns were higher for females relative to males and higher for those living in urban relative to rural areas. The policy implications include a suggestion to continue investment in educational infrastructure, especially in rural areas, so as to increase the returns to education in those areas.

Abstract

After its introduction in 1978, Data Envelopment Analysis (DEA) has instantly been recognized as a useful methodology for measuring the relative efficiency of different entities, called Decision Making Units (DMUs), given multiple criteria. Up until nowadays, the popularity of DEA has been growing and a significant number of bibliographical items was published, reporting on both theoretical and empirical results. However, the main applicative area of DEA remained the performance measurement in economics and business. On the 40th anniversary of DEA, the aim of this paper is to present the DEA bibliography of Croatian scientists (up until June 2018). We consider six main categories of DEA-related publications, followed with key statistics and an overview of keywords and research areas. The whole list of DEA-related publications used in this analysis is published online. We believe this research will shed light on the state of DEA in Croatian science and motivate future researches.

Abstract

Access to finance for small and medium enterprises still represents one of the biggest problems that entrepreneurs face when launching their business or when they want to enhance their production capacities in other stages of the enterprise life cycle. Entrepreneurs generally use informal sources of financing when starting their business (3F: family, friends and fools) if they do not have other available sources of financing. There is a common classification in the literature that divides the sources of financing to: informal investors, debt financing, equity financing, government support programs and the entrepreneurs’ own sources. The purpose of the survey conducted for this paper is to determine the sources of used finance of Croatian SMEs and the main problems that SMEs encountered while accessing finance. The second main goal of this article is to identify future needs for financing with potential financing problems that may occur. We gathered data from Croatian SMEs about the sources of funding used over the past three years and about the funding sources that they intend to use in the next three years. In last part of the paper we analyze the results from the survey and from that draw the implications for policy makers and market participants.

Abstract

Increasing competitiveness of small and medium enterprises, especially in the situation of growing economic globalization in the member countries of European Union and internationalization of activity of such enterprises, requires overcoming numerous obstacles the enterprises have to face. One of the most substantial of them is deficiency of means for the enterprises’ growth, particularly the means earmarked for innovative activity. This is mainly the consequence of lack of knowledge about how the enterprises could gain financial means from the alternative financing sources. This hinders establishing the optimal configuration of financing for an enterprise. Consequently, the purpose of the paper to improve enterprises’ access to external capital so as to be able to carry out the investments oriented towards strengthening of the enterprises and launching innovative products and services. The main result of research (sample of Polish SME) is preparing of advanced system of financing including alternative forms of financing of SME on each stages of their life cycle, connected with multicriteria forms of their assessment.