<abstract xmlns="http://www.w3.org/1999/xhtml"> Over the past two decades, the issue of regional convergence in the European Union has been the subject of a wide range of empirical research. This paper aims to provide more information on the differences in regional growth patterns of new member states (NMS), as well as Croatia, in addition to the factors influencing regional disparities within each country. This research provides an analysis of regional convergence in the period 2001-2008 at the NUTS II and NUTS III level.The most widely used model for testing convergence hypotheses is beta-convergence analysis. Other factors commonly included in the econometric modelling of convergence are demographic variables, labour market conditions, industrial structure, institutional factors and overall government policy. The main hypothesis is that the process of regional convergence in NMS and Croatia is not strong enough to dominate over other factors, influencing regional potential growth (mainly industry structure and quality of human capital). Absolute β-convergence can be found at the national level for EU countries. Convergence also can be found for NMS regions, but the pace of convergence on the regional level is lower in comparison to the national level and the estimated β-convergence parameter is less significant.</abstract>

Institute of Economics, Zagreb Senior research fellow Institute of Economics, Zagreb

Senior research fellow Institute of Economics, Zagreb

Head of Department Central Bureau of Statistics of the Republic of Croatia

Regional Convergence in the European Union, new Member States and Croatia

<abstract xmlns="http://www.w3.org/1999/xhtml"> Spurred by the recent global economic crisis, there has been a resurgence of research on output gaps. As the crisis caused a decline in potential GDP due to a strong contraction in demand, it is expected that the recovery of potential output will be especially difficult in demand-driven small open economies, such as the Western Balkan countries, where recovery will strongly depend on global international trade recovery. The purpose of this research is to calculate and compare pre and post-crisis potential GDPs and GDP gaps for the Western Balkan countries. The symmetric filter method developed by Hodrick and Prescott is used to de-trend GDP time series data by decomposing it into growth and cyclical components. The results point to a strong decrease in potential output growth compared to the pre-crisis potential output growth of the Western Balkans.</abstract>

Budget Expert World Bank Public Expenditure Management Peer Assisted Learning Network

Senior Economist International Monetary Fund Resident Representative Office to BiH

Economic Adviser, European Union Delegation to BiH

Post-Crisis Potential Output in the Western Balkans

<abstract xmlns="http://www.w3.org/1999/xhtml"> The capital markets of neighboring transitional Western Balkan countries have attracted a lot of interest from domestic and international investors in the last decade, who view them as an attractive alternative to investing in more developed markets. These markets are characterized by higher returns, and higher volatility of stock returns as compared to those of developed markets. The recent economic and financial crises devastated capital markets worldwide. The new Bosnian capital market faced its hardest times following the withdrawal of international investors.The aim of this paper is to explore whether there is a standard relation between stock returns and market portfolio returns, as proposed by the Sharpe-Lintner Capital Asset Pricing Model (CAPM), in the stock market of Bosnia and Herzegovina. We tested the model hypotheses with a traditional two-stage regression procedure using the OLS method, using continuously compounded (logarithmic) returns on stocks. Our study indicates that despite the crisis the systematic risk measured by the beta coefficient is priced and that the beta premium is positive. Nevertheless, the Security Market Line (SML) intercepts the ordinate lower than the risk free rate of return. Other factors might also influence stock returns in this market.</abstract>

Testing the CAPM in Bosnia and Herzegovina with Continuously Compounded Returns

<abstract xmlns="http://www.w3.org/1999/xhtml"> Under the impact of a wide range of forces, the prices of globally traded commodities often experience sudden and significant fluctuations, putting under uncertainty and risk the economic status of producers, consumers and traders from the private to the national level. Although commodity markets are notorious for their price volatility, the events the world economy experienced in recent years, particularly the global economic crisis, offered new connotations to this phenomenon. These price movements reverberated across internal markets all over the world, affecting their statuses. As Central Eastern European countries, due to the processes they have undergone in recent decades, manifest an increased responsiveness to external shocks, Romania experienced the international turmoil in a severe manner. This paper calculates and presents, by comparison, the food price volatility experienced at the international level and on the Romanian market during the years of the crisis and immediately after its appeasement.</abstract>

PhD Lecturer Babes-Bolyai University Faculty of Economics and Business Administration

PhD Senior Lecturer Babes-Bolyai University Faculty of Economics and Business Administration

Commodity Price Volatility during and after the Economic Crisis – Implications for Romania

<abstract xmlns="http://www.w3.org/1999/xhtml"> The purpose of this study is to analyze the factors influencing wine consumption of Generation Y consumers in the context of two countries from South-Eastern Europe (Bosnia -Herzegovina, and Croatia). Analysis reveals that self-expression, sociability, tradition and food are significant predictors of wine consumption. Multivariate regressions have been applied in order to explain the influences of the abovementioned factors on wine consumption. Research findings show that specific gender and situational differences exist in the wine consumption behaviour of Generation Y. This paper discusses theoretical, empirical and practical implications, and offers ideas for further research</abstract>

Senior Assistant, University of Rijeka, Faculty of Economics

Ph.D. Assistant Professor University of Sarajevo, School of Economics and Business

The Role of Gender and Situational Factors in Wine Consumption of Generation Y

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South East European Journal of Economics and Business

 The South East European Journal of Economics and Businessis a research oriented journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe, and their importance for global economic growth. Our goal is to establish an academic journal in the field of economics and business based on both regional and an international focuses, original articles, rigorous selection, continuous publication and talented authors. The journal does not have article processing charges (APCs) nor article submission charges. Why subscribe and read   High-quality research oriented Journal that deals with topics in the field of economics and business, highlighting the transitional economies of South East Europe;  Excellent articles authored by talented authors from all over the world with perspective on regional economies and business activities, reviewed by prominent reviewers.   Why submit   Fast, fair and constructive double-blind peer review;  Promotion of each published article.   Topics   Accounting and Finance  Banking and Insurance  Business Information Systems  CSR and Sustainability  Economics of Transition  Entrepreneurship  Financial Management  Growth and Development  Human Resources Management  Institutional Economics  International Economics and Business  Marketing Management  Organizational Behavior, Innovations and Competitiveness  Regional Economics and Integration  Strategic Management  Archiving  Sciendo archives the contents of this journal in Portico - digital long-term preservation service of scholarly books, journals and collections.  Plagiarism Policy  The editorial board is participating in a growing community of Similarity Check System's users in order to ensure that the content published is original and trustworthy. Similarity Check is a medium that allows for comprehensive manuscripts screening, aimed to eliminate plagiarism and provide a high standard and quality peer-review process. 