Jadranka Đurović-Todorović, Marina Đorđević and Marija Vuković
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The aim of this article is to test, from an empirical standpoint, the existence of sustainable public finances in the Organisation for Economic Co-operation and Development (OECD) area as a whole, over the most recent period of the world economy, 1973-2016. The research methods include not only standard stationarity tests, but also tests, which allow for a structural break. The relevant results of this research are a stationary public budget balance expressed as a percentage of GDP and a debt to GDP ratio that is stationary in first differences. According to the literature, this means that a “necessary and sufficient” condition is fulfilled for proving the existence of a strong sustainability. We hope this research can make a valuable contribution to the debate regarding public finances in the world economy. To obtain other relevant conclusions, additional tests will need to be performed in the future in order to assess which members are contributing to the fiscal sustainability of the OECD aggregate.
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Miha Marič, Jasmina Žnidaršič, Miha Uhan, Vlado Dimovski, Marko Ferjan, Maja Djurica, Mitja Jeraj and Matej Janežič
Our study is built on the dependence of early-stage entrepreneurial activity on GDP per capita, GDP real growth rate, unemployment rate, inflation rate, investments and public debt of different countries. We divide the early-stage entrepreneurial activity into necessity-driven and improvement-driven opportunistic entrepreneurial activity. To establish the dependencies we have conducted the regression analyses. Our three main findings are: (a) early-stage entrepreneurial activity does depend on our predictors; (b) necessity-driven entrepreneurial activity is negatively correlated to country’s development; and (c) improvement-driven opportunistic entrepreneurial activity is positively correlated to country’s development.
The unemployment compensation system is at the centre of the current economic and political debate in many Western countries which, under the effects of the increase in public debt, must decide the level of their unemployment insurance while taking into account its impact on the performance of the labour market. In this article, we compare the generosity of such public policy in France and in Canada, while focusing on the experience of central and eastern Europe. By building a composite index, we show that the French unemployment insurance is more generous only in pecuniary terms, and not in its qualitative dimension.