Sustainable tourism development is based on ecological sustainability, ways of using renewable and non-renewable resources, and socio-cultural and economic sustainability. Stakeholders of the tourism sector have an important role in tourism development, in which the public represents one of the critical segments of sustainable tourism development. This paper aims to analyse and determine the most effective way of sustainable tourism development for Bosnia and Herzegovina. Understanding different approaches to tourism development and their inclusion in the process can significantly increase the sustainability of future tourism development. The research was conducted as a population survey on the entire territory of Bosnia and Herzegovina. The sample size was appropriate, based on the total population and included more than 385 respondents of different demographic categories. The main hypothesis of this paper emphasises that citizens' education about the significance of the concept of sustainable tourism represents a fundamental approach for the further development of tourism in Bosnia and Herzegovina. The analysis of the approach to sustainable tourism development has shown that most respondents consider the reduction of environmental pollution as the most critical instrument for sustainable tourism development in Bosnia and Herzegovina. They also emphasise the importance of providing the active participation of all stakeholders in the creation of tourism products, with a particular emphasis on local governments. In accordance with the obtained research results, it was concluded that the main hypothesis was not confirmed.
SUMMARY There is no universal model of local economic development. Development strategies vary from country to country, city to city, and depend on the level of development, political system, development potential, social values, available resources, etc. Republic of Srpska faces with significant differences in the level of development of its territory. Local communities in the Republic of Srpska are increasingly facing with several obligations - providing support to business, creating a favorable business environment for attracting investment and providing an adequate infrastructure. The biggest problems that most of municipalities in the Republic of Srpska encounter are reflected in the emptying of cities, the departure of young people, low average wages and high unemployment rates. They are trying to solve these problems by attracting investments. However, it is very important to say that an effective investment policy must be based on the creation of new enterprises with capitalintensive production. The average wage level in local communities of the Republic of Srpska is low, due to the fact that most of the investments have a labor-intensive character. The subject and aim of this paper is to determine the competitiveness and level of development of local communities in the Republic of Srpska. Municipal competitiveness will be higher if it has a positive trade balance, higher average wages, high natural increase, low unemployment rate and positive migration. Higher natural increase, favorable trade balance and low unemployment rate are in direct correlation with the degree of local development. The results of the research have shown that the key problems of underdeveloped municipalities in the Republic of Srpska are demographic aging, population migration, underdeveloped infrastructure, high unemployment rates, low average wages, low level of investment, low export activity, weak institutional capacities, etc.
This paper tends to examine the level of concentration of the banking sector in Bosnia and Herzegovina. The main objective of the paper is to measure the level of concentration and to investigate how the concentration and type of market structure affect the prices of banking products. By monitoring the movement of key indicators, it provides an insight into the state of the B&H banking sector. By using the appropriate index (HHI, CR3), the movement of concentration levels and the shape of the market structure that prevailed in the banking market over a period of time were determined. The results show that there is a moderate concentration in the B&H banking sector, which includes monopolistic competition as a form of market structure. This means that the equilibrium level of production is achieved at a lower volume of production, at higher prices for banking products (above marginal costs), thereby reducing consumer surplus relative to a perfectly competitive market
From the 1990s to this day, taking into account the increasing volume of international trade around the world, a large number of studies have emerged with the relationship between economic growth and foreign trade as their research subject. Most of these studies have shown that trade liberalization positively correlates with economic growth and productivity growth in developing countries. The aim of this research is to determine the interdependence between the changes of the gross domestic product and the foreign trade of Serbia in the period from 2000 to 2019. A vector autoregressive (VAR) econometric model and a vector model with error correction (VECM) were used in the research. Additionally, the paper tested the causality between the observed variables, performed an innovative analysis, together with an analysis of the variance decomposition. The results of the research showed the existence of a long-term connection between the changes in the share of imports and exports in the GDP and the development of the GDP in Serbia. In the long run, the share of imports correlates negatively with the GDP, while the share of exports positively correlates with GDP trends.
Investment funds are gaining importance in recent times, since they allow small investors to reduce risk, use financial expertise, facilitate access to the international capital market and achieve a higher rate of return on investments compared to banks. The aim of this research is to show, in accordance with the available data and using comparative analysis, the similarities and differences in the operations of investment funds in Bosnia and Herzegovina, Serbia, Croatia and Montenegro, and to prove that these financial institutions, although they have potential, do not contribute to the economic development of these countries to the extent that they could. The object of the comparison is the nature of the origin, the number, the type, the net asset value and the percentage of the participation of investment funds in the GDP of the observed countries. The main hypothesis is that investment funds in analyzed countries do not represent a significant part of the financial system and, due to the nature of their creation, do not make a significant contribution to economic development. Two auxiliary hypotheses arise from the main hypothesis: investment funds, created in the process of privatization, due to the absence of essential market conditions for their establishment, are not able to achieve a significant impact on economic growth; the growth of the value of the investment funds assets does not affect the growth of the volume of investments in the country. In addition to the comparative analysis methods, the method of simple correlation analysis, as well as other scientific methods, will be used to prove these hypotheses. The results of the survey confirmed the hypothesis that investment funds do not represent an important part of the financial system in the analyzed countries today and, due to the nature of their creation, and do not make a significant contribution to the economic development.
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