The article quantifies the sources of manufacturing export growth in Croatia. The research objectives are achieved by applying the constant market share method (C.M.S.) and input-output model. While the C.M.S. method quantifies the factors which explain trends in manufacturing exports, the input-output method quantifies the impacts of manufacturing exports on other domestic sectors. The obtained results show that after the E.U. accession export performance of the Croatian manufacturing industry have substantially improved. The results indicate that a gain in competitiveness in the Croatian manufacturing industry was the most important factor which determined the increasing share of national companies in a period from 2013 to 2015. Besides the manufacturing industry, export growth indirectly contributes to better performance of all domestic producers included in the value added chain of exporters. Indirect effects are the most pronounced for agriculture, trade, transport and business services.
This study examines the importance of online reviews for price determination in the hotel industry in the pre-pandemic period. The research is conducted for Croatian small open economy with a developed tourism sector. The paper fills the gap in existing literature by using multivariate principal component analysis to group various customer satisfaction categories in the hotel industry and assessing the relationship between customer satisfaction and hotel price. The conducted empirical analysis points to a positive statistically significant relationship of guest satisfaction and hotel prices. Moreover, linear regression modelling is conducted separately for four-star and five-star hotels. The estimated impacts are statistically significant and positive, but the effects are twice as strong in five-star hotels then in four-star hotels. The obtained results indicate that hotel star rating impacts the strength of the relationship between hotel prices and guest satisfaction. Recognizing the link between hotel ratings, online reviews and pricing is essential both for hotel managers and customers. Hence, the paper provides valuable conclusions from the aspect of supply and demand side in the hotel industry.
We use data for 24 European countries, spanning from 1994 to 2015, in order to examine how changes in macroeconomic conditions influence country risk premium volatility proxied by sovereign spreads variance. In the first part of the empirical analysis, we estimate the univariate generalized autoregressive conditional heteroskedasticity (GARCH) model in order to obtain the conditional variance of sovereign bond spreads. We show that an increase in this variance coincides with economic and financial crisis occurring either in the country or globally. In the second part of the empirical analysis, we estimate the panel vector autoregression (panel VAR) model in order to model the interplay between macroeconomic fundamentals (inflation, output gap, public debt and interest rates) and the country's risk premium volatility. We show that overheating of the economy, along with an unexpected increase in public debt, inflation and interest rates, increase the country's risk premium volatility. We also show that a sudden increase in the country´s risk premium volatility depresses the economy, exerts deflationary pressures on consumer prices, and is followed by a strong and permanent increase in public debt.
Different countries were successful in different ways in their attempts to contain the spread of the coronavirus, which compromised the health of many people. Stress levels rose and the restrictive measures impacted the citizens' trust in institutions. An important resource for managing crises is a country’s economic growth. Given that the gross domestic product (GDP) per capita is one indicator of economic growth, the goal of this study is to investigate the differences in perceived stress and trust in institutions between European countries categorized into below-average, average and above-average GDP per capita levels during the coronavirus pandemic. The analyses of N = 84,080 participants from 29 countries gathered via an online survey showed that citizens of higher-level GDP per capita countries experienced less stress and had more trust in institutions. Compared to the average level, Croatian citizens experienced somewhat higher stress and had somewhat higher trust in the government’s measures. These results imply that economic growth is one of the country-level factors associated with the quality of managing the coronavirus pandemic.
SOCIAL INNOVATION AS AN IMPORTANT ELEMENT OF EUROPEAN DEVELOPMENT STRATEGIES EU member states are undergoing the process of economic and demographic transformation with significant influence on society and economy. In order to respond to the existing and future challenges, it is necessary to adapt development strategies and policies, as well as to focus on concepts such as innovation, social change, equality and sustainable development. In the new development strategy, EU will focus on creating a society that will function as a competitive, secure and energy-efficient system. Scientists, economic policy makers, nongovernmental organisations and entrepreneurs are showing an increasing interest in the field of social innovation, striving to address a series of contemporary challenges. The aim of this paper is to study the role and ways of fostering social innovations in the European Union. The contribution of this paper is reflected in the systematic review of the importance of social innovation and the measures used to foster them, while pointing out the existing obstacles and needs and recommendations for further development of social innovation in the context of global challenges that the EU is facing. The results of the research indicate the growing importance of social innovation in modern EU policies that actively promote the quintuple helix approach, recognizing sustainable development and innovation as key development priorities during the Fourth Industrial Revolution. Recommendations for further development of social innovation in the EU include the need to coordinate various EU instruments in this area, encourage investment in innovative education, training and employment programs in this area, increase awareness of social innovation, encourage networking and dissemination of information and create an enabling environment for their development. Also, the paper highlights the shortcomings in the field of measuring social innovation, as well as the need to address this challenge, in order to improve the understanding of their role, but also a more efficient allocation of incentives to them. Key words: social innovation, European Union, strategic framework, development strategies.
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