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«European Journal of Economic Studies»
(Европейский журнал экономических исследований) – международный двуязычный научный журнал.

E-ISSN 2305-6282

Периодичность – 2 раза в год.
Издается с 2012 года.

2 September 01, 2017

Articles and Statements

1. Kıvanç Halil Arıç, Merve Tuncay, Siok Kun Sek
Current Account Dynamics of Central European Countries

European Journal of Economic Studies, 2017, 6(2): 78-84.
DOI: 10.13187/es.2017.6.78CrossRef

"Current account" has been considered as an important variable in forecasting an economic crisis. Therefore; specifying the determinants of current account is a substantial topic for policy makers. The aim of this study is to examine the current account dynamics in the scope of Central European countries (Poland, Hungary, Czech Republic, Slovakia Republic and Croatia) during the 1997 – 2015. Panel data analysis was used in the methodology. According to the analysis results, growth of gross domestic product has no significant effect on current account. Real exchange rate, foreign direct investment and importation affect the current account negatively. However, exportation and government expenditure have positive effects on current account in Central European countries.

URL: http://ejournal2.com/journals_n/1504095820.pdf
Number of views: 537      Download in PDF

2. Murat Cetin
Does Government Size Affect Economic Growth in Developing Countries? Evidence from Non-stationary Panel Data

European Journal of Economic Studies, 2017, 6(2): 85-95.
DOI: 10.13187/es.2017.6.85CrossRef

The Armey curve suggests that there is an inverted U relationship between government size and economic growth. In order to investigate this relationship for 12 developing countries from 1990 to 2012, this study uses panel data methodology including panel unit root, cointegration and causality tests. The results show that i) the series are integrated at order of I(1), ii) there exists a long run equilibrium relationship between the variables, iii) economic growth is positively correlated with the government consumption expenditure, iv) economic growth is negatively correlated with the squares of government consumption expenditure, v) there exists a causality running from the explanotary variables to economic growth in the long run and short run. The study provides an evidence that there exists an inverted U relationship between government consumption expenditure and economic growth implying the validity of Armey curve in these countries. The study may also provide some policy implications.

URL: http://ejournal2.com/journals_n/1504095890.pdf
Number of views: 498      Download in PDF

3. Vakhtang Charaia, Vladimer Papava
The Role of Inflation and its Targeting for Low-Income Countries (Lessons from Post-Communist Georgia)

European Journal of Economic Studies, 2017, 6(2): 96-103.
DOI: 10.13187/es.2017.6.96CrossRef

The inflation index regrettably fails to fully reflect the expectation of the population in developing and, especially, poorer countries. Some of the commodity groups (e.g. electronics, new and used cars, furniture, hotel and restaurant services, etc.) fail to reflect the problem of the low-income population. Under these conditions, a logical question arises concerning the kinds of problems which might occur when the main goal for a central bank’s monetary policy is only to retain price stability, which is known as inflation targeting. For countries where import exceeds export by several times, it should be clear that calculations must be made not only by the traditional inflation index but also according to their consumer basket made up exclusively of imported goods and services (imflation). Agrarian inflation, that is agflation, becomes more and more popular in economics. The agflation index use area is restricted because it fails to reflect the change in prices on such substantial spheres as medication and utilities. In the paper we propose a new statistical indicator, munflation, which reflect price fluctuations on the medication, utilities and nutrition.

URL: http://ejournal2.com/journals_n/1504096069.pdf
Number of views: 537      Download in PDF

4. Meliha Duljevic, Mersid Poturak
Study on Client-Satisfaction Factors in Construction Industry

European Journal of Economic Studies, 2017, 6(2): 104-114.
DOI: 10.13187/es.2017.6.104CrossRef

Client satisfaction represents a crucial factor in the development and management of the construction process, as well in the creation of professional company-client relationships. Moreover, it is one of the major determinants of project success and therefore is a fundamental issue for construction managers who must constantly seek to improve their performance in order to survive in the marketplace. Providing superior quality and keeping customers satisfied are rapidly becoming the ways that companies use to differentiate themselves from competitors. The main objective of this study is to establish a comprehensive list of factors used for measuring client satisfaction and to study their influence on client satisfaction in the construction industry. The purpose of this study is to identify main client satisfaction factors and to advance both theoretical and practical understanding of their satisfaction in construction industry. A survey conducted in this study was focused on clients of different companies from construction industry in Bosnia and Herzegovina (B&H). The perceptions of clients with respect to the performance of contractors were measured using five factors including timeliness, cost, quality, client orientation and safety. Through the analysis of data generated by the survey, it is concluded that all the factors identified in the client-satisfaction model do not possess the same significance when it comes to satisfying clients. The approach of this research is useful to construction firms, not only in B&H, but also in other places, for identifying and improving their weak areas and improving the service quality for their clients.

URL: http://ejournal2.com/journals_n/1504096136.pdf
Number of views: 474      Download in PDF

5. Alparslan Özlen
Enablers of Successful Knowledge Sharing Behavior: KMS, Environment and Motivation

European Journal of Economic Studies, 2017, 6(2): 115-123.
DOI: 10.13187/es.2017.6.115CrossRef

Knowledge sharing is suggested as a key element for Knowledge Management in sustaining organizational competitiveness. This work investigates the relationships proposed by a knowledge sharing model implying that knowledge sharing practices contribute to organizational and individual performance as a result of (a) qualified Knowledge Management Systems, (b) suitable knowledge sharing environment and (c) organizational knowledge sharing motivation. The proposed model is tested by using the data obtained from surveying various private and public Bosnian enterprises. At the end of data collection period, 207 usable surveys are achieved. According to the results, Knowledge Management in Bosnia is still developing yet. Model test suggests advanced Knowledge Management Systems, suitable knowledge sharing environment and high organizational knowledge sharing motivation influence knowledge sharing and successful knowledge sharing increases the performance of both individuals and the organization. The results suggest that successful knowledge sharing can be achieved through considering technical (KMS), social (environment) and the individual (motivation).

URL: http://ejournal2.com/journals_n/1504096189.pdf
Number of views: 529      Download in PDF

6. John Rigas, George Theodosiou, George Rigas, Apostolos Goulas
The Relationship between Short-Run Interest Rate and its Economic Determinants: Consumer Price Index, Industrial Production Index, Household Consumption and Exchange Rate. An Empirical Research for the Four Most Developed Countries

European Journal of Economic Studies, 2017, 6(2): 124-143.
DOI: 10.13187/es.2017.6.124CrossRef

This study investigate the relationship between the real money market rate (RMMR) and its economic determinants (Consumer price index (CPI), industrial production index (IPI), household consumption expenditure (HCE) and exchange rate (EXRAT) by using a multivariate VAR model, and examine the existence of a causal relationships between the model variables based on a vector error correction model (VECM) in the four developed countries. The results suggest the existence of a long-run relationship between the real money market rate (RMMR) and its determinants for the four developed countries, in which none of the four determinants have a significant effect on RMMR. The results of causality analysis showed that there exists a bidirectional causality: 1. between change of RMMR and rate of change of CPI for four countries, 2. between rate of change of CPI and rate of change of IPI for one country, 3. between rate of change of IPI and change of EXRAT for one country, and 4. between rate of change of CPI and change of the ratio real HCE/real GDP (gross domestic product) for two countries. Moreover, there is unidirectional causality from the changes of RMMR determinants to the change of RMMR for many countries.

URL: http://ejournal2.com/journals_n/1504096833.pdf
Number of views: 459      Download in PDF

full number
URL: http://ejournal2.com/journals_n/1504096930.pdf
Number of views: 523      Download in PDF

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