Časopis za ekonomiju i tržišne komunikacije, May 21, 2022
The aim of this research is to determine the level of intensity of the impact of labor supply red... more The aim of this research is to determine the level of intensity of the impact of labor supply reduction onto the growth of wages in Republic of Srpska. Simple linear regression is the main tool that is used in this research. The model of the relationship is established between two variables, the labor supply reduction and growth of wages in order to draw conclusions about the behavior of one, based on the behavior of the other variable. Concerning the results, we have seen that there is a marked reduction in labor supply at the level of the entire economy of Republika Srpska and a significant growth of wages. More importantly, the wage growth is very strongly influenced by labor supply reduction. By statistical regression analysis, we have determined the statistically significant, strong impact of the reduction of labor supply on wage growth (y =-0.004x + 2365.3; R=-0.91; R2=0.83; p<0.01). There is a general trend of wage growth that the pandemic crisis has not stopped and which will certainly continue in the post-crisis period. However, the key question is whether this kind of growth is sustainable. Unfortunately, there is a decline in labor productivity. The decline in gross value added per worker or labor productivity has been more or less pronounced in the three observed years. Current wage growth, with declining productivity, is not sustainable in the long run. If things with productivity remain as they have been for the three observed years and if the wage growth continues, it will inevitably lead to reduced competitiveness of the economy. The RS economy can avoid this trap if productivity starts to rise again. Improving productivity requires large investments in knowledge and technology, and companies need public sector support in this area.
This research deals with the two important topics: the definition of simple ways to determine the... more This research deals with the two important topics: the definition of simple ways to determine the competitiveness of agricultural production and use of these indicators to determine the competitiveness of agricultural production in the region of Posavina in BiH. The focus was on the "micro" indicators: revenue per worker, profit per worker and the rate of profit. In this study we focused on the area of Posavina in BiH, as an area of intensive agricultural production. In this area the agricultural production is represented as a significant economic activity and has significant development potential. The selected indicators showed that most types of agricultural production had a relatively good results, which says that agricultural production can be profitabale. Therefore, it is of great importance to make the shift from traditional agricultural production based on the production of crops, to more acumulative and profitable activities. The aproach should be to support the gradual redirection of activities, resources, labor force, from less competitive, to more competitive activities.
A current global financial crisis, most severe crises since year 1929., has shown that internatio... more A current global financial crisis, most severe crises since year 1929., has shown that international financial system, as long as it is constitued at current principles dos not junction properly. The reform of international financial institutions, International Monetary Fund and World Bank, towards establishment of international financial system with regulatory function, probably provides the best way for preservation of financial markets liberalization benefits and, in the same time, reduction of negative effects created by liberalization. IMF should return to its basic principle provision of global financial stability by regulation of unregulated global financial market, as well as prevencion of crisis creation and crisis intervention. For the World Bank this means the shift of structural adjustment from creation of passive state (based on Washington Consensus) to creation of pro-active state that stimulates entrepreneurship and education and also shift from infrastructural projec...
This research deals with the two important topics: the definition of simple ways to determine the... more This research deals with the two important topics: the definition of simple ways to determine the competitiveness of agricultural production and use of these indicators to determine the competitiveness of agricultural production in the region of Posavina in BiH. The focus was on the "micro" indicators: revenue per worker, profit per worker and the rate of profit. In this study we focused on the area of Posavina in BiH, as an area of intensive agricultural production. In this area the agricultural production is represented as a significant economic activity and has significant development potential. The selected indicators showed that most types of agricultural production had a relatively good results, which says that agricultural production can be profitabale. Therefore, it is of great importance to make the shift from traditional agricultural production based on the production of crops, to more acumulative and profitable activities. The aproach should be to support the gr...
Why are some countries so much richer than others? Why do some countries produce so much more out... more Why are some countries so much richer than others? Why do some countries produce so much more output per worker than others? Infl uential works by Klenow & Rodriguez-Clare (1997), Hall and Jones (1999), and Parente & Prescott (2000), among others, have argued that most of the cross country diff erences in output per worker is explained by diff erences in total factor productivity. Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. Development Accounting is a fi rst-pass attempt at organizing the answer around two proximate determinants: factors of production and effi ciency. It answers the question “how much of the crosscountry income variance can be attributed to diff erences in (physical and human) capital, and how much to diff erences in the effi ciency with which capital is used’’? In this article, we will outline framework for growth accounting to account for cross-country diff erence in ...
The first part of this book is about a development path of the competitiveness and economic growt... more The first part of this book is about a development path of the competitiveness and economic growth and development from the focus on material, tangible things (capital, labour, natural resources) to the focus on intangible factors – ideas, knowledge, technology, inovation. We are starting from the approaches based exclusively on natural resources, via those which included physical and financial capital and labour as key factors to those which put human factor issues first, in treating competitiveness and economic growth and development. The second part deals with the analysis of the situation in Bosnia and Herzegovina (B&H). Here we analyze most important elements for the development of the economy in B&H, a private sector, scientific and technological institutions (universities, faculties, institutes, etc.), educational and government institutions for economic development. The special focus here is on the change from the environment where a majority of population lacks skills and k...
Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues s... more Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues such as consequences of war, poverty, emigration of qualified people and, especially, useless and barren political conflicts. The country is in a very difficult economic situation. It is enough to say that in 2015, B&H had EUR 3200 per capita GDP, and that Greece, which is in the focus of Europe and world because of its economic crisis, had EUR 16,000 per capita GDP. Bosnia and Herzegovina was ranked low on the current Global Competitiveness Report 2015-2016. It was 111th out of a total of 140 countries. At this moment, Bosnia and Herzegovina is mainly a loser in the process of globalization with an excess labor force that is fighting for survival. Data on the structure of exports confirm that the inclusion of BiH in the international division of labor is based on the extraction of limited natural resources and production based on cheap labor. This paper analyze most important elements fo...
Why are some countries so much richer than others? Why do some countries produce so much more out... more Why are some countries so much richer than others? Why do some countries produce so much more output per worker than others? Infl uential works by Klenow & Rodriguez-Clare (1997), Hall and Jones (1999), and Parente & Prescott (2000), among others, have argued that most of the cross country diff erences in output per worker is explained by diff erences in total factor productivity. Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. Development Accounting is a fi rst-pass attempt at organizing the answer around two proximate determinants: factors of production and effi ciency. It answers the question "how much of the crosscountry income variance can be attributed to diff erences in (physical and human) capital, and how much to diff erences in the effi ciency with which capital is used''? In this article, we will outline framework for growth accounting to account for crosscountry diff erence in income of Republic of Srpska, Republic of Croatia and Republic of Serbia. Th e current consensus is that diff erences in income per worker across countries do not arise primarly from diff erences in quantities in capital or
ABSTRACT Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export pe... more ABSTRACT Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance of firms and industries. Design/methodology/approach – This research used value added intellectual coefficient (VAIC) to measure intellectual capital as an independent variable. An export performance, as dependent variable, was measured as growth of exports. The sample consisted of 134 firms in Bosnia and Herzegovina (B&amp;H). Empirical analysis was done by linear regression analysis. Findings – The results of regression analysis show a significant (p&lt;0.01), positive influence of the value added intellectual coefficient and its components on the export growth in the sector of food and beverages and manufacturing of furniture and wood products in B&amp;H. For other sectors there is no significant relation of independent and dependent variable. Practical implications – The results correspond with the results of the EU project that determined competitive advantages of B&amp;H by Michael Porter&#39;s methodology. Results of this research raise the possibility of further testing of the author&#39;s methodology, called the measurement of intellectual capital in export performance (MICEP) methodology, in determining the competitive advantages, because it took considerably less time and money than EU project methodology. Also, a strong influence of IC on the export performance of sectors with competitive advantages opens the way for industrial policies based on intellectual capital, not only in B&amp;H, but in other countries. Originality/value – This is the first research that has measured the impact of intellectual capital on export performance by using the VAIC methodology.
Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance... more Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance of firms and industries. Design/methodology/approach – This research used value added intellectual coefficient (VAIC) to measure intellectual capital as an independent variable. An export performance, as dependent variable, was measured as growth of exports. The sample consisted of 134 firms in Bosnia and Herzegovina (B&H). Empirical analysis was done by linear regression analysis. Findings – The results of regression analysis show a significant (p<0.01), positive influence of the value added intellectual coefficient and its components on the export growth in the sector of food and beverages and manufacturing of furniture and wood products in B&H. For other sectors there is no significant relation of independent and dependent variable. Practical implications – The results correspond with the results of the EU project that determined competitive advantages of B&H by Michael Porter'...
Časopis za ekonomiju i tržišne komunikacije, May 21, 2022
The aim of this research is to determine the level of intensity of the impact of labor supply red... more The aim of this research is to determine the level of intensity of the impact of labor supply reduction onto the growth of wages in Republic of Srpska. Simple linear regression is the main tool that is used in this research. The model of the relationship is established between two variables, the labor supply reduction and growth of wages in order to draw conclusions about the behavior of one, based on the behavior of the other variable. Concerning the results, we have seen that there is a marked reduction in labor supply at the level of the entire economy of Republika Srpska and a significant growth of wages. More importantly, the wage growth is very strongly influenced by labor supply reduction. By statistical regression analysis, we have determined the statistically significant, strong impact of the reduction of labor supply on wage growth (y =-0.004x + 2365.3; R=-0.91; R2=0.83; p<0.01). There is a general trend of wage growth that the pandemic crisis has not stopped and which will certainly continue in the post-crisis period. However, the key question is whether this kind of growth is sustainable. Unfortunately, there is a decline in labor productivity. The decline in gross value added per worker or labor productivity has been more or less pronounced in the three observed years. Current wage growth, with declining productivity, is not sustainable in the long run. If things with productivity remain as they have been for the three observed years and if the wage growth continues, it will inevitably lead to reduced competitiveness of the economy. The RS economy can avoid this trap if productivity starts to rise again. Improving productivity requires large investments in knowledge and technology, and companies need public sector support in this area.
This research deals with the two important topics: the definition of simple ways to determine the... more This research deals with the two important topics: the definition of simple ways to determine the competitiveness of agricultural production and use of these indicators to determine the competitiveness of agricultural production in the region of Posavina in BiH. The focus was on the "micro" indicators: revenue per worker, profit per worker and the rate of profit. In this study we focused on the area of Posavina in BiH, as an area of intensive agricultural production. In this area the agricultural production is represented as a significant economic activity and has significant development potential. The selected indicators showed that most types of agricultural production had a relatively good results, which says that agricultural production can be profitabale. Therefore, it is of great importance to make the shift from traditional agricultural production based on the production of crops, to more acumulative and profitable activities. The aproach should be to support the gradual redirection of activities, resources, labor force, from less competitive, to more competitive activities.
A current global financial crisis, most severe crises since year 1929., has shown that internatio... more A current global financial crisis, most severe crises since year 1929., has shown that international financial system, as long as it is constitued at current principles dos not junction properly. The reform of international financial institutions, International Monetary Fund and World Bank, towards establishment of international financial system with regulatory function, probably provides the best way for preservation of financial markets liberalization benefits and, in the same time, reduction of negative effects created by liberalization. IMF should return to its basic principle provision of global financial stability by regulation of unregulated global financial market, as well as prevencion of crisis creation and crisis intervention. For the World Bank this means the shift of structural adjustment from creation of passive state (based on Washington Consensus) to creation of pro-active state that stimulates entrepreneurship and education and also shift from infrastructural projec...
This research deals with the two important topics: the definition of simple ways to determine the... more This research deals with the two important topics: the definition of simple ways to determine the competitiveness of agricultural production and use of these indicators to determine the competitiveness of agricultural production in the region of Posavina in BiH. The focus was on the "micro" indicators: revenue per worker, profit per worker and the rate of profit. In this study we focused on the area of Posavina in BiH, as an area of intensive agricultural production. In this area the agricultural production is represented as a significant economic activity and has significant development potential. The selected indicators showed that most types of agricultural production had a relatively good results, which says that agricultural production can be profitabale. Therefore, it is of great importance to make the shift from traditional agricultural production based on the production of crops, to more acumulative and profitable activities. The aproach should be to support the gr...
Why are some countries so much richer than others? Why do some countries produce so much more out... more Why are some countries so much richer than others? Why do some countries produce so much more output per worker than others? Infl uential works by Klenow & Rodriguez-Clare (1997), Hall and Jones (1999), and Parente & Prescott (2000), among others, have argued that most of the cross country diff erences in output per worker is explained by diff erences in total factor productivity. Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. Development Accounting is a fi rst-pass attempt at organizing the answer around two proximate determinants: factors of production and effi ciency. It answers the question “how much of the crosscountry income variance can be attributed to diff erences in (physical and human) capital, and how much to diff erences in the effi ciency with which capital is used’’? In this article, we will outline framework for growth accounting to account for cross-country diff erence in ...
The first part of this book is about a development path of the competitiveness and economic growt... more The first part of this book is about a development path of the competitiveness and economic growth and development from the focus on material, tangible things (capital, labour, natural resources) to the focus on intangible factors – ideas, knowledge, technology, inovation. We are starting from the approaches based exclusively on natural resources, via those which included physical and financial capital and labour as key factors to those which put human factor issues first, in treating competitiveness and economic growth and development. The second part deals with the analysis of the situation in Bosnia and Herzegovina (B&H). Here we analyze most important elements for the development of the economy in B&H, a private sector, scientific and technological institutions (universities, faculties, institutes, etc.), educational and government institutions for economic development. The special focus here is on the change from the environment where a majority of population lacks skills and k...
Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues s... more Bosnia and Herzegovina (B&H) is a relatively small and poor country which faces numerous issues such as consequences of war, poverty, emigration of qualified people and, especially, useless and barren political conflicts. The country is in a very difficult economic situation. It is enough to say that in 2015, B&H had EUR 3200 per capita GDP, and that Greece, which is in the focus of Europe and world because of its economic crisis, had EUR 16,000 per capita GDP. Bosnia and Herzegovina was ranked low on the current Global Competitiveness Report 2015-2016. It was 111th out of a total of 140 countries. At this moment, Bosnia and Herzegovina is mainly a loser in the process of globalization with an excess labor force that is fighting for survival. Data on the structure of exports confirm that the inclusion of BiH in the international division of labor is based on the extraction of limited natural resources and production based on cheap labor. This paper analyze most important elements fo...
Why are some countries so much richer than others? Why do some countries produce so much more out... more Why are some countries so much richer than others? Why do some countries produce so much more output per worker than others? Infl uential works by Klenow & Rodriguez-Clare (1997), Hall and Jones (1999), and Parente & Prescott (2000), among others, have argued that most of the cross country diff erences in output per worker is explained by diff erences in total factor productivity. Total factor productivity measurement enables researchers to determine the contribution of supply-side production factors to economic growth. Development Accounting is a fi rst-pass attempt at organizing the answer around two proximate determinants: factors of production and effi ciency. It answers the question "how much of the crosscountry income variance can be attributed to diff erences in (physical and human) capital, and how much to diff erences in the effi ciency with which capital is used''? In this article, we will outline framework for growth accounting to account for crosscountry diff erence in income of Republic of Srpska, Republic of Croatia and Republic of Serbia. Th e current consensus is that diff erences in income per worker across countries do not arise primarly from diff erences in quantities in capital or
ABSTRACT Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export pe... more ABSTRACT Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance of firms and industries. Design/methodology/approach – This research used value added intellectual coefficient (VAIC) to measure intellectual capital as an independent variable. An export performance, as dependent variable, was measured as growth of exports. The sample consisted of 134 firms in Bosnia and Herzegovina (B&amp;H). Empirical analysis was done by linear regression analysis. Findings – The results of regression analysis show a significant (p&lt;0.01), positive influence of the value added intellectual coefficient and its components on the export growth in the sector of food and beverages and manufacturing of furniture and wood products in B&amp;H. For other sectors there is no significant relation of independent and dependent variable. Practical implications – The results correspond with the results of the EU project that determined competitive advantages of B&amp;H by Michael Porter&#39;s methodology. Results of this research raise the possibility of further testing of the author&#39;s methodology, called the measurement of intellectual capital in export performance (MICEP) methodology, in determining the competitive advantages, because it took considerably less time and money than EU project methodology. Also, a strong influence of IC on the export performance of sectors with competitive advantages opens the way for industrial policies based on intellectual capital, not only in B&amp;H, but in other countries. Originality/value – This is the first research that has measured the impact of intellectual capital on export performance by using the VAIC methodology.
Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance... more Purpose – The purpose is to analyze the impact of intellectual capital (IC) on export performance of firms and industries. Design/methodology/approach – This research used value added intellectual coefficient (VAIC) to measure intellectual capital as an independent variable. An export performance, as dependent variable, was measured as growth of exports. The sample consisted of 134 firms in Bosnia and Herzegovina (B&H). Empirical analysis was done by linear regression analysis. Findings – The results of regression analysis show a significant (p<0.01), positive influence of the value added intellectual coefficient and its components on the export growth in the sector of food and beverages and manufacturing of furniture and wood products in B&H. For other sectors there is no significant relation of independent and dependent variable. Practical implications – The results correspond with the results of the EU project that determined competitive advantages of B&H by Michael Porter'...
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