The aim of this paper is to examine the relationship between renewable energy consumption and economic growth in both traditional and new EU member states over the period from 2004 to 2018. In order ...to properly examine the relationship between the defined variables, we used a Pooled Mean Group (PMG) estimator in a dynamic panel setting (an ARDL model). The obtained results show that the impact of renewable energy consumption on economic growth is positive and statistically significant in the long run in both samples of countries. In the short term, the impact of renewable energy consumption on economic activity proved to be negative in new member states, while in traditional member states it had no statistically significant impact. These results suggest significant implications for economic policy makers.
The aim of this paper is to examine various socio-economic, dwelling-related and appliance-related factors which influence electricity consumption in Montenegro. Data was collected via questionnaires ...completed by 964 households in the second quarter of 2019 in Montenegro. Structural Equation Modelling (SEM) was applied in order to simultaneously examine the causal relationships between multiple factors, using a series of equations. The obtained results indicate the importance of income, dwelling size, family composition and routines, appliance age and region in determining household electricity consumption in Montenegro. The results show that the determinant which influences the electricity bill the most is the dwelling size, followed by the family composition and routines. On average, during winter and summer, dwelling size contributes to the energy consumption with 95%, while family composition and routines contribute with 56.85%. These determinants exert the same influence in winter and in summer, with the only statistically significant difference being observed in the variables that describe the types of heating or cooling.
Economic crises throughout history have often given an impetus for health and social reforms leading to the introduction of general healthcare systems and social equality in a large number of ...countries. The aim of this paper is to present the major economic crises and their effect on healthcare and social system chronologically. Bismarck's and Beveridge's model, the two most prominent healthcare models, which emerged primarily as a response to major economic crises, constitute the basis for the functioning of most health care systems in the world. An overview of historical events and experiences may be valuable in predicting future developments and potential effects of the crisis on healthcare systems and health in general. An analysis of past crises as well as current health and economic crisis caused by the COVID-19 pandemic and their impact on the healthcare system can facilitate the comprehension of the mechanisms of action and consequences of economic recession. It may also help identify guidelines and changes that might reduce the potential damage caused by future crises. The historical examples presented show that a crisis could trigger changes, which, in theiressence, are not necessarily negative. The response of society as a whole determines the direction of these changes, and it is up to society to transform the negative circumstances brought about by the recession into activities that contribute to general well-being and progress.
The real estate market,
as one of the most volatile economic sectors, is a key research topic for many
authors. Regardless the significance of this topic, no previous research has
been conducted to ...evaluate the factors which influence the price of real estate
in Montenegro. Therefore, the objective of this study is to clarify whether the
trend in real estate prices in Montenegro can be explained by macroeconomic
fundamentals such as GDP, the inflation rate, interest rates on mortgages,
take-up of mortgages, the unemployment rate, the average net salary, the
current account deficit and constructing activity and to determine which of
them is the most important in explaining the price trend for this market. The
applied methodology is based on the model averaging technique, which has not
been used in previous research on this topic; it enables the research to focus
on the relevant results despite the short time series and the large number of
independent variables. The results obtained point to the fact that price trends
in real estate are best described by and most closely align to GDP. Apart from
GDP, net salary, the unemployment rate as well as the take-up of mortgages and
their interest rates are shown to be significant as variables, which determine
price trends within the real estate market.
Tržište nekretnina, kao jedan od najvolatilnijih gospodarskih sektora, za mnoge je autore ključna tema istraživanja. Ipak, bez obzira na značaj ove teme, nijedno istraživanje nije provedeno da bi se ocijenili faktori koji utječu na cijenu nekretnina u Crnoj Gori. Stoga je cilj ove studije razjasniti može li se trend cijena nekretnina u Crnoj Gori objasniti makroekonomskim fundamentima kao što su BDP, stopa infl acije, kamatne stope na stambene kredite, stambeni krediti, stopa nezaposlenosti, prosjek neto plaće, defi cit tekućeg računa i građevinske aktivnosti te odrediti koja je od njih najvažnija u objašnjavanju kretanja cijena za ovo tržište. Primijenjena metodologija temelji se na model averaging tehnici koja se nije koristila u prethodnim istraživanjima na ovu temu; to omogućuje da se istraživanje usredotoči na relevantne rezultate unatoč kratkim vremenskim serijama i velikom broju neovisnih varijabli. Dobiveni rezultati ukazuju na činjenicu da kretanja cijena nekretnina najbolje opisuju i najviše se podudaraju s BDP-om. Osim BDP-a, neto plaće, stopa nezaposlenosti kao i stambeni krediti i njihove kamatne stope pokazali su se značajnim kao varijable koje određuju kretanja cijena na tržištu nekretnina.
The aim of this paper is to examine the determinants of public debt in the Western Balkan countries, with an emphasis on the effects of economic growth and social expenditures. The study covers the ...period 2006-2017, and we implement the dynamic panel GMM estimation, using both first-difference and system GMM. The results suggest that incremental growth change significantly reduces debt, while social expenditures push the debt-to-GDP ratio up. Also, there is a negative relation between inflation and debt, while interest payments on previous borrowing increase public debt additionally. Finally, unemployment is not statistically significant in this setting. The main policy implication is that policy makers in these countries should favor a growth-oriented policy toolbox and efficiency-oriented social reforms, in order to keep the public debt sustainable in the long run.
Ekonomske krize tijekom povijesti često su bile poticaj za zdravstvene i socijalne reforme.
Rezultat toga bilo je uvođenje sustava opće zdravstvene zaštite i socijalne jednakosti u velikom
broju ...zemalja. Ovim radom željeli smo kronološki prikazati velike gospodarske krize
i njihove učinke na zdravstveni i socijalni sustav. Dva najpoznatija modela zdravstvene
zaštite, Bismarckov i Beveridgeov, na kojima se temelji funkcioniranje većine zdravstvenih
sustava u svijetu, upravo su proizišli iz velikih ekonomskih kriza.
Pregled povijesnih događaja i iskustva iz prošlosti mogu biti korisna u predviđanju budućih
zbivanja i učinaka krize na zdravstvene sustave i zdravlje. Analiza prijašnjih kriza, kao i
trenutačne zdravstvene i gospodarske krize uzrokovane pandemijom bolesti COVID-19, i
njihova učinka na sustav zdravstva može pomoći u razumijevanju mehanizama djelovanja
i posljedica recesije na zdravlje te određivanju smjernica i promjena kojima bi se umanjile
potencijalne štete budućih kriza. Upravo iz iznesenih povijesnih primjera vidi se da kriza
može biti poticaj promjena koje u svojoj suštini ne moraju biti negativne. O reakciji društva
ovisi koji će biti smjer tih promjena i na samom je društvu da negativne okolnosti koje donosi
recesija transformira u aktivnosti koje donose dobrobit i napredak.
The aim of this paper is to analyze controversies of modern macroeconomic theories in the period of the global economic crisis. Ideas, disagreement and similarities between the most important ...theories in relation to state intervention and anti-crisis economic policy are presented. The topical research has found a connection between the roots of the global economic crisis and the paradigm of new liberal theories. The crisis has confirmed that the idea of self-regulation in the private sector is untenable in practice. In times of crisis, the leading theoretical framework in economic policy is re-examined. Rules-based monetary and fiscal policies are replaced by discretionary decision-making. In the world economies affected by the crisis, anti-Keynesian cyclical measures of monetary and fiscal policies were implemented. A comprehensive and unequivocal reaffirmation of Keynesianism in anti-crisis policies has confirmed the assumption of the circularity of economic theories. Central banks quickly reduced their key interest rates and increased their money supply. Fiscal authorities implemented expansive stimulus programs. When creating a new macroeconomic paradigm, market imperfection must be taken into account as well as a limited range of government economic policies.
In recent decades, there has been a trend in increasing the level of independence of central banks. The key factor that has contributed to a growing interest in this concept is grounded in economic ...theory that confirms the link between a lower inflation rate and a greater level of central bank independence. For this reason, in many countries, the existing regulations relating to central bank have been modified to protect its position from the absolute influence of the executive power of the state. This trend was particularly prevalent in transition countries, which was conditioned primarily by the EU accession criteria. The aim of this paper is to analyse independence of the Central Bank of Montenegro through the prism of functional, institutional, financial, and personal independence, and to assess the level of its legal independence by using appropriate indices.
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