This paper provides empirical evidence of the negative aspects of unfairness within the food supply chain concerning the purchasing policies of a micro-food producer who is also a supplier of large ...retail chains in the Republic of Croatia. When looking at the business relations between micro-enterprises and retailers, the authors identify a problem in the form of purchasing policies of retailers that contradict the legislative intention of the Act on the Prohibition of Unfair Trading Practices in the Food Supply Chain and the Directive of the European Parliament and the Council on the same subject. The paper aims to point out to the legislators that their approach to the issue has not led to the economic sustainability of the vulnerable links in the food supply chain, i.e., the supply side companies, as the problem has mostly been diverted to unfair prices. The authors point out the undue rigidity of the legislation concerning market competition in prohibited vertical agreements and the undue flexibility in price intelligence. In addition, this paper points out that unfair purchasing policies may constitute inflationary pressures not yet recognized by macroeconomic theory. The limitation of the paper stems from the likely generalization based on inductive inferences based on a case study. There is the possibility of further research on this topic in the short term to make informed economic and policy decisions.
Ovaj rad empirijski demonstrira negativan aspekt nepravednosti unutar lanca opskrbe hranom vezan uz nabavnu politiku prehrambenih proizvoda mikro proizvođača u Republici Hrvatskoj, zemlji članici EU. Razumijevajući odnos mikro poduzeća iz segmenta prerade hrane s maloprodavačima, autori identificiraju problem u vidu nabavne politike maloprodavača koja je suprotna intenciji Zakona o zabrani nepoštenih trgovačkih praksi u lancu opskrbe hranom i Direktive Europskog parlamenta i Vijeća. Cilj rada je ukazati zakonodavcima da njihov pristup problematici nije rezultirao ekonomskom održivošću ranjivih karika u lanca opskrbe hranom, odnosno tvrtki na strani ponude, jer se problematika nepoštenih trgovačkih praksi ponajviše preusmjerila na užu problematiku nepoštenih cijena. Autori uočavaju neopravdanu rigidnost zakonodavstva vezanog uz tržišno natjecanje u području zabranjenih vertikalnih sporazuma te neprimjerenu fleksibilnost u području cjenovnog praćenja između maloprodavača. Svrha ovog rada je ukazati da nepoštena nabavna politika može predstavljati inflatorni pritisak koji makroekonomska teorija još ne prepoznaje. Ograničenje rada proizlazi iz vjerojatne generalizacije temeljene na induktivnom zaključivanju iz studije slučaja. Poželjna su daljnja istraživanja na ovu temu u kratkom roku kako bi se donijele pravilne ekonomske i političke odluke.
The EU model of market integration, based on financial openness, leads to divergence and sectoral specialization, which makes the convergence of Central and East European EU countries (CEE) in the EU ...questionable. The idea of the paper is that forms of foreign direct investment (FDI) have a differential effect on the growth and development of countries-i.e., it is assumed that FDI inflows into the manufacturing sector have a greater intensity and impact on economic growth than inflows into the services sector. Therefore, the aim of this paper is to analyze the system determinants and transmission mechanisms of the sectoral structure of FDI inflows on the sample of 10 CEE for the period 1995-2019. Following a critical analysis of previous research, a panel model was constructed in the empirical section. A developed credit market and the purchasing power of residents lead to greater capital inflows into the services sector, while a higher GDP growth rate and a depreciated real exchange rate lead to higher inflows into the manufacturing sector. The conclusion of the paper is that changing the structure of the domestic economy based on clear industrial and investment policies is the best way to attract developmentally efficient FDI.
The development of modern society cannot be imagined without electricity as a ubiquitous and almost irreplaceable energy source. Energy is a key factor in human development, it provides a standard of ...living and enables the economy to grow, with electricity being one of its most important forms. In the modern world, efficient energy supply, particularly electricity as its most flexible, commercial and cleanest form represents an important basis for economic growth and development. Although research of the causal link between electricity consumption, financial development and economic growth has been represented in the scientific literature for the last 20-30 years, the results are still contradictory. However, this particular topic has not been systematically investigated and addressed in Croatia. Therefore, studying the causal relationship and economic effects of the mentioned variables represents an important and challenging research task. The purpose of this paper is to determine the interconnectedness of electricity consumption, financial development and economic activity in Croatia. This will be achieved by analysing the available data for the last two and a half decades using the so-called bootstrap approach. According to the empirical results, causality runs from real GDP to total electricity consumption and from financial development to real GDP. In addition to empirical results, policy implications and recommendations for future research will also be presented in the paper.
This paper applies the most recently developed autoregressive distributed lag (ARDL) co-integration procedure to re-investigate co-integration and the causal relationship between energy consumption ...and real GDP within a multivariate framework that includes capital stock and labor input for Croatia during the 1952 - 2011 period. The empirical results fully support a positive long-run co-integrated relationship between production inputs and real GDP and the important role of energy in economic growth. It is found that a unidirectional causality runs from total final energy consumption to real GDP in the long run and that a bidirectional causality in the short run, which means that energy is a necessary requirement for economic growth. Additionally, the reduction in energy consumption could adversely affect GDP in the short and long run. Therefore, Croatia should adopt a more vigorous economic policy aimed toward increasing investments in installed energy capacities and reforming the economic structure towards re-industrialization and more energy-efficient industries.
The prevailing approach in mainstream economic theory is that the role of government should be reduced to ensuring an appropriate institutional framework and political stability for the proper ...functioning of the (free) market. Although the free market concept has proven (at least in theory) to be an unsurpassed mechanism for the effectiveness of economic decision-making and the reconciliation of production and consumption, there are still disputes about the degree of state intervention in the market, which are being re-actualized (in the post-transition and globalization process) when it comes to solving solvency problem(s) in the shipbuilding industry. Although various methodological approaches are available to study such a complex problematic framework, this paper analyzes the legal aspect, since the empirical debates (on some aspects) on the legal regulation of the maritime domain and insolvency proceedings (as well as the ambiguities that have arisen in the application of existing regulations) clearly show which areas and issues need to be urgently addressed and/or reformed.
Pojava neomerkantilizma može se povezati s pojavom ekonomskog nacionalizma. Neomerkantilističku praksu moglo bi se također povezati i okarakterizirati kao protekcionizam jer dobrim dijelom koristi ...stari merkantilistički instrumentarij. Povijesna su zbivanja u 19. stoljeću dovela do povezivanja trgovinskih politika SAD-a i ondašnje Njemačke te su se počele primjenjivati one protekcionističke prakse koje su primjenjivale stare merkantilističke zemlje. Današnja moderna neoliberalna paradigma u praksi ekonomskih lidera povremeno i po potrebi poseže za merkantilističkim metodama pogotovo kada u globalnu jednadžbu ulaze strateški resursi. Iako su se industrijske zemlje (u početku) razvijale upravo na principima ekonomskog nacionalizma odnosno merkantilizmima, u planovima ekonomskog razvoja za nerazvijene zemlje (uz pomoć / financiranje Svjetske banke, Međunarodnog monetarnog fonda i Svjetske trgovinske organizacije) praktično je nametnuta potpuno tržišno orijentirana neoliberalna paradigma. Stoga je i u definiranju neomerkantilističke doktrine fokus na velikim gospodarstvima odnosno velikim (transnacionalnim) korporacijama koja mogu djelovati na globalne tržišne uvjete. Neomerkantilistička doktrina modernog svijeta zorno podsjeća na izvornu merkantilističku koja inzistira na profitu pod svaku cijenu, a nekadašnji trgovci koji su utjecali na državnu politiku suviše sliče modernim lobistima koji zagovaraju politike ovisno o interesima korporacija koje zastupaju. Neomerkantilistička praksa privilegija je super-sila svijeta, dok se nerazvijene zemlje nalaze u žrvnju između njih. Stoga, čini se da je tzv. politika sile zapečatila razvojne mogućnosti malim i slabi(ji)m zemljama.
Pojava neomerkantilizma može se povezati s pojavom ekonomskog nacionalizma. Neomerkantilističku praksu moglo bi se također povezati i okarakterizirati kao protekcionizam jer dobrim dijelom koristi ...stari merkantilistički instrumentarij. Povijesna su zbivanja u 19. stoljeću dovela do povezivanja trgovinskih politika SAD-a i ondašnje Njemačke te su se počele primjenjivati one protekcionističke prakse koje su primjenjivale stare merkantilističke zemlje. Današnja moderna neoliberalna paradigma u praksi ekonomskih lidera povremeno i po potrebi poseže za merkantilističkim metodama pogotovo kada u globalnu jednadžbu ulaze strateški resursi. Iako su se industrijske zemlje (u početku) razvijale upravo na principima ekonomskog nacionalizma odnosno merkantilizmima, u planovima ekonomskog razvoja za nerazvijene zemlje (uz pomoć / financiranje Svjetske banke, Međunarodnog monetarnog fonda i Svjetske trgovinske organizacije) praktično je nametnuta potpuno tržišno orijentirana neoliberalna paradigma. Stoga je i u definiranju neomerkantilističke doktrine fokus na velikim gospodarstvima odnosno velikim (transnacionalnim) korporacijama koja mogu djelovati na globalne tržišne uvjete. Neomerkantilistička doktrina modernog svijeta zorno podsjeća na izvornu merkantilističku koja inzistira na profitu pod svaku cijenu, a nekadašnji trgovci koji su utjecali na državnu politiku suviše sliče modernim lobistima koji zagovaraju politike ovisno o interesima korporacija koje zastupaju. Neomerkantilistička praksa privilegija je super-sila svijeta, dok se nerazvijene zemlje nalaze u žrvnju između njih. Stoga, čini se da je tzv. politika sile zapečatila razvojne mogućnosti malim i slabi(ji)m zemljama.
U ekonomskoj doktrini prevladava stajalište da ulogu nacionalne države u ekonomiji treba svesti na osiguravanje odgovarajućeg institucionalnog okvira i političke stabilnosti za nesmetano odvijanje ...tržišne utakmice. U tom smislu se i većina političkih smjerova u svijetu zalaže za liberalno-tržišnu ekonomiju. Rijetke su one koje se usuđuju u svoj program staviti ekonomski intervencionizam, tj. predvidjeti značajniju ulogu države u ekonomiji. Ipak, svjedoci smo da se posljednjih godina u politički rječnik, ali i ekonomsku praksu mnogih država članica EU vraćaju neki prognani koncepti kao što je intervencionizam. Štoviše, tijekom zadnjeg desetljeća nekoliko zapadnoeuropskih država je interveniralo kako bi očuvalo „nacionalnost“ svog financijskog sektora ili vodećih trgovačkih društava. Navedeni slučajevi ne predstavljaju izolirane epizode već su izraz dubljih, suštinskih preispitivanja liberalnog gesla „minimalna država - maksimalno tržište“. Cilj ovog rada je analizirati nekoliko najeklatantnijih primjera ekonomskog intervencionizma kroz stečajnu regulativu u Republici Hrvatskoj, osvrnuti se na argumente koje je iznijela Vlada za kršenje liberalnih postulata te u konačnici iznijeti stajalište i
reakcije autora na ovu pojavu.
This paper investigates the causal relationship between economic growth and energy consumption in Croatia for the period 1952-2010. Using Chow breakpoint test we identified a structural break in the ...year 1989. Therefore, we have conducted our analysis on two sub-samples. The first one refers to the period 1952-1989 while the second one refers to the period 1993-2010. The years between 1990 and 1992 have been omitted from the analysis due to massive damage to the Croatian economy caused by the war at that time. Our findings suggest that there is a bidirectional feedback in the short-run and that causality runs from energy consumption to economic growth in the long-run in the first sub-sample. At that time, especially in mid 1970s, Croatia became a medium developed industrial country with the industry sector as the biggest consumer of energy so energy consumption played an important role in the growth process. After the structural break, we found a unidirectional causality running from economic growth to energy consumption. In this case, energy conservation policies together with the establishment of a competitive energy market may be feasible with little or no detrimental side effects to economic growth and employment.
U ekonomskoj doktrini prevladava stajalište da ulogu nacionalne države u ekonomiji treba svesti na osiguravanje odgovarajućeg institucionalnog okvira i političke stabilnosti za nesmetano odvijanje ...tržišne utakmice. U tom smislu se i većina političkih smjerova u svijetu zalaže za liberalno-tržišnu ekonomiju. Rijetke su one koje se usuđuju u svoj program staviti ekonomski intervencionizam, tj. predvidjeti značajniju ulogu države u ekonomiji. Ipak, svjedoci smo da se posljednjih godina u politički rječnik, ali i ekonomsku praksu mnogih država članica EU vraćaju neki prognani koncepti kao što je intervencionizam. Štoviše, tijekom zadnjeg desetljeća nekoliko zapadnoeuropskih država je interveniralo kako bi očuvalo „nacionalnost“ svog financijskog sektora ili vodećih trgovačkih društava. Navedeni slučajevi ne predstavljaju izolirane epizode već su izraz dubljih, suštinskih preispitivanja liberalnog gesla „minimalna država - maksimalno tržište“. Cilj ovog rada je analizirati nekoliko najeklatantnijih primjera ekonomskog intervencionizma kroz stečajnu regulativu u Republici Hrvatskoj, osvrnuti se na argumente koje je iznijela Vlada za kršenje liberalnih postulata te u konačnici iznijeti stajalište i reakcije autora na ovu pojavu.
The prevailing view in the mainstream economic theory is that the role of the government should bein ensuring an appropriate institutional framework and political stability for the smooth running ofthe (free) market economy. In this sense, most political directions in the world are in favor of a freemarket economy. Rare are those who dare to put economic interventionism in their program, i.e., toanticipate a more significant role of the state in the economy. Nevertheless, we have witnessed that inrecent years some exiled concepts such as interventionism have returned to the political vocabulary,but also to the economic practice of many EU Member States. Furthermore, over the last decadeseveral Western European countries have intervened to preserve the “nationality” of their financialsector or leading companies. These cases do not represent isolated episodes, but are an expression ofdeeper, essential re-examinations of the liberal motto “minimum state - maximum market”. The aimof this paper is to analyse some of the most glaring examples of economic interventionism throughbankruptcy regulations in Croatia, to look at the arguments put forward by the Government forviolating liberal postulates and to present the views and reactions regarding this phenomenon.
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