The examination of the economy-environment nexus is one of the focal issues in the field of environmental economics. This study examines the causal relationships between carbon dioxide (CO2) emissions, industry, services, and gross fixed capital formation for a panel of Balkan countries over the period 1996-2017. A three-step methodological approach is used, including panel unit root tests, panel cointegration tests, and panel causality tests. The results suggest a strong cointegration between the variables, meaning that all variables have a long-run relationship with CO2 emissions. The results of the panel causality show that there is a short-run bidirectional panel causality running between industry and services, and gross fixed capital formation and services. Moreover, there is a unidirectional causality running from industry and gross fixed capital formation to CO2 emissions, and from industry to gross fixed capital formation. The results of the long-run causal relationships show that estimated coefficients of the error correction terms (ECT) in the case of CO2 emissions, industry and gross fixed capital formation are statistically significant, indicating that these three variables are an important part in the adjustment process as the model diverges from the long-run equilibrium. Balkan countries need to further invest in the modernisation of their technological process, as well as to act following the global policy incentives. Environmental taxes, carbon capture and storage, taking part in emission trading schemes and orientation towards renewable energy sources, should further strengthen Balkan countries in achieving environmentally sound economic growth.
This paper aims to point out the monetary policy measures that the European This paper aims to point out the monetary policy measures that the European Central Bank has taken since the outbreak of the COVID-19 crisis. In the Eurozone, at the start of the COVID-19 crisis, financial conditions deteriorated sharply, potentially threatening to worsen the economic outlook, deepen market fragmentation, jeopardize monetary policy transmission, encourage a downward inflationary trajectory, weaken prices and undermine public and private stability. Aware of the new situation of the ECB, it responded quickly and efficiently with coordinated and ambitious measures to alleviate the perceived financial and economic difficulties. To maintain a flexible monetary policy stance, the ECB adopted an interim non-standard measured COVID-19 Asset Purchase Program (PEPP) to mitigate and improve financial conditions and restart an earlier Asset Purchase Program (APP) aimed at inflation expectations. At the same time, other measures have been strengthened and expanded, such as Targeted Long-Term Refinancing Operations (LTROs, TLTRO III, and PLTRO) aimed at providing liquidity ampleness to the real sector and collateral standards. The implementation of the adopted measures has influenced the stabilization of the economic and financial system of the EU and improved lending to corporate and household banks.
Based on the data of the World Economic Forum, the individual impact of innovation capacity on the competitiveness of eleven countries in Southeast Europe in the period 2017-2019 was quantified by analyzing rank and index values and using the method of correlation analysis. The obtained results showed a significant relationship between the observed countries' ranks of innovation and competitiveness in the observed time interval. The results also showed a direct link between the index of innovation ability and global competitiveness when economic development is predominantly based on the so-called platform of the fourth industrial revolution. This implies the necessity for an efficient innovation policy in the countries of Southeast Europe since the improvement of a country's innovation capacity has a stimulating effect on the growth of their competitiveness.
The ability of the national economy to create and to valorize innovations on the market in order to produce economic goods represents its national innovation capacity, which is at the same time a key determinant of countries’ economic progress. Due to this fact, its relevance imposes the task of identifying, as accurately as possible, the key theoretical postulates on which this concept is based, as well as calculating the Innovation capacity index by which it is possible to predict progress in building innovation capacity of individual countries and mutual comparison with other countries according to innovation capabilities. After a brief explanation of the essence of learning, on which this concept is based, an attempt is made to calculate the Innovation capacity of the European Union and the Western Balkans, on the one hand, and to consider the interdependence of the obtained results and the achieved level of their economic development in 2020, on the other hand. The results of the research confirmed the strong connection between the Innovation capacity index and the achieved level of economic development of countries expressed in terms of gross domestic product per capita.
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