290 10 3494 https://omeka.ibu.edu.ba/files/original/3829cede8212e9a5f4f8a77763020e13.docx 4da8890bd4bd3eb05063e8970aad79c1 https://omeka.ibu.edu.ba/files/original/2527d4c6d741dbd6cb26863ab1325483.pdf 60d740a7f454d10131fa07436473ae6d PDF Text Text Role of SME in the Albania Economy Development RizhanaMancellari Epoka University Albania rmancellari@epoka.edu.al Abstract: This paper aims to discuss the role of small and medium sized enterprises in the economic development of Albania in the last decade, increasing the employment rate and reduce the poverty of our society. More specifically the impact of increased number of SME on the GDP growth will be carefully analyzed and interpreted, and the analysis of this paper will take into consideration the effects of SME-s in terms of innovation and economic growth.In the last years Small and medium sized enterprises have played a crucial role in the economic development of Albania. SME-s is the main source of increased employment, innovation and productivity growth. Consequently, in this context an important element where the Albanian economy relies upon for development is due to the increased number of SME. The aim of the research is to investigate and examine the impact of SME-s to the economic growth of Albania by influencing changes in the economic indicators such as: GDP, employment rate, export-import activities, entrepreneurial skills etc. This will be a research paper which consists on the demonstrating of the relationship between number of SME-s operating in the Albanian business environment including here their number in total & turnover and their impact to the GDP of economy. The impact of small-medium sized enterprises in economic development of Albania is relatively high. There is lots of SME-s which are operating in the urban areas as well as rural areas. They are burgeon of changes, central to local private sector development.Albanian government has supported the promotion of SME development because it gives rise to entrepreneurship which is the heart of economic development. Entrepreneurship is the key point for development not only in Albania but everywhere in the world. Also statistical data about the number of SME-s operating in Albania and their respective turnover will be included. Keywords: SMEs, Economic Growth, Employment, GDP, Albania. 90 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2545 Title A name given to the resource Role of SME in the Albania Economy Development Author Author MANCELLARI, Rizhana Abstract A summary of the resource. This paper aims to discuss the role of small and medium sized enterprises in the economic development of Albania in the last decade, increasing the employment rate and reduce the poverty of our society. More specifically the impact of increased number of SME on the GDP growth will be carefully analyzed and interpreted, and the analysis of this paper will take into consideration the effects of SME-s in terms of innovation and economic growth.In the last years Small and medium sized enterprises have played a crucial role in the economic development of Albania. SME-s is the main source of increased employment, innovation and productivity growth. Consequently, in this context an important element where the Albanian economy relies upon for development is due to the increased number of SME. The aim of the research is to investigate and examine the impact of SME-s to the economic growth of Albania by influencing changes in the economic indicators such as: GDP, employment rate, export-import activities, entrepreneurial skills etc. This will be a research paper which consists on the demonstrating of the relationship between number of SME-s operating in the Albanian business environment including here their number in total & turnover and their impact to the GDP of economy. The impact of small-medium sized enterprises in economic development of Albania is relatively high. There is lots of SME-s which are operating in the urban areas as well as rural areas. They are burgeon of changes, central to local private sector development.Albanian government has supported the promotion of SME development because it gives rise to entrepreneurship which is the heart of economic development. Entrepreneurship is the key point for development not only in Albania but everywhere in the world. Also statistical data about the number of SME-s operating in Albania and their respective turnover will be included. Keywords: SMEs, Economic Growth, Employment, GDP, Albania. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/fb968cbca8542f32c3e10bae1375afe6.docx df68d217d79f765ebfaf5000ee38b6eb https://omeka.ibu.edu.ba/files/original/78aa253fd0a8935bc4273c978822833d.pdf 9acbe0fd8fe3724d3022648c572d3965 PDF Text Text The Abandonment of the Poverty-Debt Circle by Dint of the Fiscal policy: the Modest B&H Experience ZehraMahmutović International Burch University Bosnia and Herzegovina zehra_mahmutovic@outlook.com Ugur Ergun International Burch University Bosnia and Herzegovina ugur.ergun@ibu.edu.ba Abstract: The recent crisis that was taking the stage in the 2008/2009 pioneered in developed countries (US and UK) after the failure and merging of numerous financial institutions, bailout of banks, and downturns in stock markets, but soon occupied most countries around the globe. As the consequence of the aforementioned experience many developing countries were caught into a cycle of poverty and debt which impairs a long-term, stable and sustained economic growth. The story of developing nation’s wide indebtedness starts with the advice of the International Monetary Fund (IMF) and World Bank to borrow the necessary capital to achieve the economic recovery. So they were forced to borrow heavily in order to survive. There is generally ‘lack of agreement’ about the effects fiscal policy may have during crisis and thus the recent economic crisis stimulated various policy responses globally. But literature agrees that fiscal policy growth support is significantly hampered by the high initial levels of public debt.Bosnia and Herzegovina, a SEE developing country, are not an exception from this plague. It was floating for long without any BH institution in the ‘driving seat’ since the local fiscal coordination was in the hands of international community. In 2008, just prior to the Great recession but as the response to the missing fiscal responsibility International organizations advised the Fiscal Council of Bosnia and Herzegovina establishment. But the current situation in Bosnia and Herzegovina is quite away from this idea of sustainability and continuous economic development.In line with aforementioned statements, the objective of this study is to evaluate the existing fiscal policy in the developing Bosnia and Herzegovina in lights of existing relevant literature and to define modes that will perhaps brighten the crucial macroeconomic indicators. Keywords: Fiscal policy, debt, IMF, World Bank, unemployment, Central Bank, stand-by arrangement, developing. 26 �26 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2456 Title A name given to the resource The Abandonment of the Poverty-Debt Circle by Dint of the Fiscal policy: the Modest B&H Experience Author Author MAHMUTOVIC, Zehra ERGÜN, Uğur Abstract A summary of the resource. The recent crisis that was taking the stage in the 2008/2009 pioneered in developed countries (US and UK) after the failure and merging of numerous financial institutions, bailout of banks, and downturns in stock markets, but soon occupied most countries around the globe. As the consequence of the aforementioned experience many developing countries were caught into a cycle of poverty and debt which impairs a long-term, stable and sustained economic growth. The story of developing nation’s wide indebtedness starts with the advice of the International Monetary Fund (IMF) and World Bank to borrow the necessary capital to achieve the economic recovery. So they were forced to borrow heavily in order to survive. There is generally ‘lack of agreement’ about the effects fiscal policy may have during crisis and thus the recent economic crisis stimulated various policy responses globally. But literature agrees that fiscal policy growth support is significantly hampered by the high initial levels of public debt.Bosnia and Herzegovina, a SEE developing country, are not an exception from this plague. It was floating for long without any BH institution in the ‘driving seat’ since the local fiscal coordination was in the hands of international community. In 2008, just prior to the Great recession but as the response to the missing fiscal responsibility International organizations advised the Fiscal Council of Bosnia and Herzegovina establishment. But the current situation in Bosnia and Herzegovina is quite away from this idea of sustainability and continuous economic development.In line with aforementioned statements, the objective of this study is to evaluate the existing fiscal policy in the developing Bosnia and Herzegovina in lights of existing relevant literature and to define modes that will perhaps brighten the crucial macroeconomic indicators. Keywords: Fiscal policy, debt, IMF, World Bank, unemployment, Central Bank, stand-by arrangement, developing. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/dc9c6cfd2e2ec507e2e728b208c5f6d3.docx 0d27bdf5dab17b1bf478ce29288ad456 https://omeka.ibu.edu.ba/files/original/abe7be95163cd3567b92a84b604733e3.pdf 807bb0fc041553988e0c57d9c4a1beb6 PDF Text Text The Exchange Rate in Albania and its Connection with Import-Export Alba Cani Epoka University Albania acani10@epoka.edu.al Abstract: Recently, trade agreements among different countries are becoming more and more important. Exchange rate and its volatility are important elements taken into consideration when these trade agreement and exchanges are done. The history of Albania has had crucial developments in different periods. These changes and developments have had an impact not only in policy making process but also in the way how economic policies are compiled. Among the most important economic actions undertaken in the transition period is the adoption of flexible exchange rate. This paper is an attempt to explain the relationship that exists through the exchange rate and import-export as this is one of the traditional methods for long-term analysis taken into consideration in studying this connection. The aim of this research paper is to analyze the way how these variables are connected to each-other and to explain which factors have influenced in the volatility of exchange rate in these years in Albania. This study examines the effect of exchange rate volatility in imports and exports by using multiple regression analysis with exchange rate as dependent variable and trade balance, remittances, government spending as independent variables. Thus, an empirical method is used in order to prove whether there is a relationship between the exchange rate and its variables and import-export. Moreover, a detailed analysis of exchange rate volatility on trade balance connection is included. All the data are taken by Bank of Albania, Instat and World Bank and all the values of variables are in million Albanian Leke. The analysis is based on respective values of above mentioned variables for the period from 1996-2010 for Leke-Dollar exchange rate and from 1999-2010 for Leke-Euro exchange rate. The findings of this study conclude with the result that exchange rate volatility does not have significant impact on import because some of the products that Albania imports are basic products regarding the inelastic demand of these products. On the other hand, exchange rate volatility affects exports as exports are directly related with exchange rate volatility. Keywords:Exchange Rate, Volatility, Import, Export, Regression Analysis, Trade Balance, Government Spending. 86 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2520 Title A name given to the resource The Role of Macroeconomic Variables on the Yield Curve Model: Case of Albania Author Author LAÇI, Besjana RYSKULOV, Urmat Abstract A summary of the resource. Albania is a country which has passed through a difficult transition period and surely this period has lead to some inevitable effects on the Albanian economy. The high inflation and the rapid decline of the economy contributed to the crisis which happened in 1997. After 1998 the economic progress and the inflation reduction were enabled by the fiscal and monetary policy strengthening. Much progress is made and this is seen in the continuous increase of gross domestic product growth rate. This research paper will analyze the relationship between term structure of interest rate and the two key variables which are inflation rate and GDP growth rate. The challenging correlation of these variables has been discussed by many economists. Some of the authors could introduce their yield curve model without the intervention of macroeconomic variables, while some others considered macroeconomic factors such as inflation rate and GDP growth rate in explaining the model. The focus of this paper is how the two key variables affected the interest rate. From the regression analysis, it is found that the macroeconomic variables explain about 16.3 % of the variation in the interest rate which is not a high percentage. These variables are not statistically significant and they can be drop out of the regression line. Keywords: interest rate, inflation rate, GDP growth rate, level, slope, curvature. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/cbbae41f2600238e77e510a4d63b0532.docx 7f0590b05b008040db214e0137e00ffb https://omeka.ibu.edu.ba/files/original/9ec75e4e111cad794ce676556390392e.pdf 35ec26322b60894e94628019228a3aa6 PDF Text Text What Are the Measures for the Best Fiscal Policy in Albania? BesjanaLaçi Epoka University Albania blaci10@epoka.edu.al EglantinaHysa Epoka University Albania ehysa@epoka.edu.al Abstract: Albania is a country in transition and after the communism period it has been in a difficult path for overcoming many social, political and economic difficulties. This paper emphasizes the importance of fiscal policy such as government spending and tax collection to foster and promote economic growth and to reduce the poverty. This research paper will be focused on the effectiveness of fiscal policy and the taxation system of this developing country. Albania is currently using a flat tax system where this tax is 20% for consumption and 10% for income. The aim of this paper is to examine the relationship between fiscal policy and economic growth which is measured by GDP per capita. Through the regression analysis, it will be defined which policy, government spending or tax collection, has a better and stronger effect on the economy. The main points of this study are related to the analysis of what are the effects of government activities on the economic growth? What is the fiscal policy in Albania during the last decade? Is the tax system effective and profitable? Can Albania be a potential place for investment and doing business? Keywords: Government spending, tax system, economic growth, investment, business. 87 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2522 Title A name given to the resource What Are the Measures for the Best Fiscal Policy in Albania? Author Author LAÇI, Besjana HYSA, Eglantina Abstract A summary of the resource. Albania is a country in transition and after the communism period it has been in a difficult path for overcoming many social, political and economic difficulties. This paper emphasizes the importance of fiscal policy such as government spending and tax collection to foster and promote economic growth and to reduce the poverty. This research paper will be focused on the effectiveness of fiscal policy and the taxation system of this developing country. Albania is currently using a flat tax system where this tax is 20% for consumption and 10% for income. The aim of this paper is to examine the relationship between fiscal policy and economic growth which is measured by GDP per capita. Through the regression analysis, it will be defined which policy, government spending or tax collection, has a better and stronger effect on the economy. The main points of this study are related to the analysis of what are the effects of government activities on the economic growth? What is the fiscal policy in Albania during the last decade? Is the tax system effective and profitable? Can Albania be a potential place for investment and doing business? Keywords: Government spending, tax system, economic growth, investment, business. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/7c661c1fa3966242b96149481c2372db.docx 77a3501877b2a5911a79b4fdc2e8d46c https://omeka.ibu.edu.ba/files/original/095bcb5ba1b3536d9d03ffed8a0e0984.pdf 132cdc5766d8396d15f13d57c1456f54 PDF Text Text Restructuring Turkey as a New Semi-periphery in the Age of Globalization MuhammedKürşadÖzekin University of Sussex United Kingdom kursad_ozekin@hotmail.com AyçaÖzekin Balıkesir University Turkey aycaaysun@balikesir.edu.tr Abstract: Associated with a number of structural shifts in global economic system, function and characteristic of the semi-periphery has considerably changed in the last several decades. However, having inherently been lodged with the ontological and the epistemological limitedness of world system theory, the conventional theorization of semiperiphery tends to be dismissive of the notion of globalization, and fails to analyze new functions and characteristics of semi-peripheral countries under neo-liberal globalization. Taking globalization seriously, this study aims to bring the term back to IPE literature with an up-to-date and analytically valid conceptualization of semi-peripheriality under neoliberal globalization. In order to do this, it will first provide a comprehensive critique of the ontological and the epistemological deficiencies commonly associated with the previous accounts. Particularly, structuralist, cyclical systemic, state-bounded and holistic bias in world system theory will be critically explored in order to inform the reader about the underlying theoretical limitedness in understanding new dynamics of global economy. Mainly drawing on neo-Gramscian approach and theory of global capitalism, this study wills later present a neo-Gramscian-inspired articulation of new semi-periphery through giving special references to transnational’s phenomenon and the role of transnational-oriented economic and social forces within and above states. In so doing the matter of semi-periphery will be reconceptualised in the light of a number of changes associated with the rise of neo-liberal globalization since the beginning of the 1970`s. Building on this perspective, the study will lastly place the matter into an empirical context by taking Turkey as a case study of exportoriented new semi-periphery. Particularly, the transnationalization of Turkish economy and state structure will be analyzed as a manifestation of new semi-peripheriality under dynamics of neo-liberal globalization. In this context, a special emphasis will be placed on the transformative and agential role of transnational capitalist classes, international financial institutions and transnational-oriented economic and social forces within and above states. Keywords: Semi-periphery, globalization, neo-Gramscian theory, transnationalization, global capitalism, Turkey, social forces. 48 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2480 Title A name given to the resource Restructuring Turkey as a New Semi-periphery in the Age of Globalization Author Author KÜRŞAD ÖZEKIN, Muhammed ÖZEKIN, Ayça Abstract A summary of the resource. Associated with a number of structural shifts in global economic system, function and characteristic of the semi-periphery has considerably changed in the last several decades. However, having inherently been lodged with the ontological and the epistemological limitedness of world system theory, the conventional theorization of semi-periphery tends to be dismissive of the notion of globalization, and fails to analyze new functions and characteristics of semi-peripheral countries under neo-liberal globalization. Taking globalization seriously, this study aims to bring the term back to IPE literature with an up-to-date and analytically valid conceptualization of semi-peripheriality under neo-liberal globalization. In order to do this, it will first provide a comprehensive critique of the ontological and the epistemological deficiencies commonly associated with the previous accounts. Particularly, structuralist, cyclical systemic, state-bounded and holistic bias in world system theory will be critically explored in order to inform the reader about the underlying theoretical limitedness in understanding new dynamics of global economy. Mainly drawing on neo-Gramscian approach and theory of global capitalism, this study wills later present a neo-Gramscian-inspired articulation of new semi-periphery through giving special references to transnational’s phenomenon and the role of transnational-oriented economic and social forces within and above states. In so doing the matter of semi-periphery will be reconceptualised in the light of a number of changes associated with the rise of neo-liberal globalization since the beginning of the 1970`s. Building on this perspective, the study will lastly place the matter into an empirical context by taking Turkey as a case study of export-oriented new semi-periphery. Particularly, the transnationalization of Turkish economy and state structure will be analyzed as a manifestation of new semi-peripheriality under dynamics of neo-liberal globalization. In this context, a special emphasis will be placed on the transformative and agential role of transnational capitalist classes, international financial institutions and transnational-oriented economic and social forces within and above states. Keywords: Semi-periphery, globalization, neo-Gramscian theory, transnationalization, global capitalism, Turkey, social forces. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/f30c17548118dc075c35de07c7776f60.docx 172be59a6c28bb19014a0856068f8d5b https://omeka.ibu.edu.ba/files/original/0a7decf0f792ffe326fddbe6bfe1d8ef.pdf c816924a50f76cd82d95cdf90fd1c7b7 PDF Text Text The Characteristics of New Albanian Nationalism and its Impact on Albania’s Relation with Neighbors KritonKuci Mediterranean University of Albania, Albania kritonkuci@umsh.edu.al Abstract: The Balkan region has experienced in the past a lot of tragedies caused by nationalism. Beginning with the Greek revolution, in the first part of the 19th century and onward all Balkan countries have experienced the rising of nationalism in the framework of the nation building process. Albania did too. However in the last decade a new wave of nationalism is rising in Albania. “New Albanian Nationalism” is different from the traditional Albanian nationalism (mainly in form not in content). From 2008 until today, there have been three major developments which have influenced decisively the increasing of the “New Albanian nationalism”. First was the declaration of independence of Kosovo. The solution of the Kosovo issue has always been one of the pillars of the traditional Albanian nationalism. Secondly, signing of an agreement between Greece and Albania on the delimitation of the continental shelf and the exclusive economic zone. The agreement was signed in 2009, was challenged by the opposition and public opinion in Albania continues to have great publicity and be part of the political dialogue and the Greek-Albanian relations. Thirdly, there was the official count of the population, the CENSUS which took place in 2011. A process that was strongly contested and was the impetus for establishing the Red and Black Alliance was known firstly as a social movement (a radical nationalist one) and then as a political party with extreme nationalist character. This paper consists of a theoretical overview and critical analysis of the rising of nationalism in Albania from 2008 till today. The first part of the paper will focus on the comparison between traditional and new Albanian nationalism, on the content and the basic thesis of the “NewAlbaniannationalism” (Anti-Hellenism, Anti-Serb, Pan Albanism common positions on"nationalissues"inAlbania, Kosovo and FYROM), and on the political parties, organizations supporting Albanian nationalism. The second part will deal with the impact that the rising of the Albanian nationalism will have on Albania’s relations with its neighbors. Keywords: New Albanian nationalism, Pan Albanism, Balkans, Red and Black Alliance, radical movement, extremism. 27 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2457 Title A name given to the resource The Characteristics of New Albanian Nationalism and its Impact on Albania’s Relation with Neighbors Author Author KUCI, Kriton Abstract A summary of the resource. The Balkan region has experienced in the past a lot of tragedies caused by nationalism. Beginning with the Greek revolution, in the first part of the 19th century and onward all Balkan countries have experienced the rising of nationalism in the framework of the nation building process. Albania did too. However in the last decade a new wave of nationalism is rising in Albania. “New Albanian Nationalism” is different from the traditional Albanian nationalism (mainly in form not in content). From 2008 until today, there have been three major developments which have influenced decisively the increasing of the “New Albanian nationalism”. First was the declaration of independence of Kosovo. The solution of the Kosovo issue has always been one of the pillars of the traditional Albanian nationalism. Secondly, signing of an agreement between Greece and Albania on the delimitation of the continental shelf and the exclusive economic zone. The agreement was signed in 2009, was challenged by the opposition and public opinion in Albania continues to have great publicity and be part of the political dialogue and the Greek-Albanian relations. Thirdly, there was the official count of the population, the CENSUS which took place in 2011. A process that was strongly contested and was the impetus for establishing the Red and Black Alliance was known firstly as a social movement (a radical nationalist one) and then as a political party with extreme nationalist character. This paper consists of a theoretical overview and critical analysis of the rising of nationalism in Albania from 2008 till today. The first part of the paper will focus on the comparison between traditional and new Albanian nationalism, on the content and the basic thesis of the “NewAlbaniannationalism” (Anti-Hellenism, Anti-Serb, Pan Albanism common positions on"nationalissues"inAlbania, Kosovo and FYROM), and on the political parties, organizations supporting Albanian nationalism. The second part will deal with the impact that the rising of the Albanian nationalism will have on Albania’s relations with its neighbors. Keywords: New Albanian nationalism, Pan Albanism, Balkans, Red and Black Alliance, radical movement, extremism. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/7535ea8434e9c1e89c5a8aad47f660c6.docx 50930d62247559fb4d68b6357cec8a39 https://omeka.ibu.edu.ba/files/original/c8d96e94b72ef80bc31186ff48cd5ab9.pdf ca0c5bf27a74aef263a7c1ae66538b1b PDF Text Text The Role of Institutions in Transition Economics: a Deeper Look on the Relationship between Privatization and Economic Growth in Bosnia and Herzegovina SuadKrcić International Burch University Bosnia and Herzegovina suad.krcic@gmail.com ErkanIlguen International Burch University Bosnia and Herzegovina erkan.ilgun@ibu.edu.ba Abstract: The field of Institutional Economics is about the theoretical and empirical findings that have a major role in today’s understanding of institutions. The relationship between the institutions and Economic growth is confirmed by the literature. This paper begins with the principles and explanations of the theoretical aspects of old and new institutional economics, and its role in transition economics like in Bosnia and Herzegovina. Descriptive statistic is analyzed according to the sets of variables. The author expects a positive relationship between Institutions and Economic Growth. Keywords: institutional economic, economic growth, new economy, new institutions, privatization, transition economics, Bosnia and Herzegovina. 78 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2513 Title A name given to the resource The Role of Institutions in Transition Economics: a Deeper Look on the Relationship between Privatization and Economic Growth in Bosnia and Herzegovina Author Author KRCIĆ, Suad ILGÜN, Erkan Abstract A summary of the resource. The field of Institutional Economics is about the theoretical and empirical findings that have a major role in today’s understanding of institutions. The relationship between the institutions and Economic growth is confirmed by the literature. This paper begins with the principles and explanations of the theoretical aspects of old and new institutional economics, and its role in transition economics like in Bosnia and Herzegovina. Descriptive statistic is analyzed according to the sets of variables. The author expects a positive relationship between Institutions and Economic Growth. Keywords: institutional economic, economic growth, new economy, new institutions, privatization, transition economics, Bosnia and Herzegovina. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/f519bd7c615b1d5c885f89432d53e708.docx aa0f01969848479889bce44335bafb24 https://omeka.ibu.edu.ba/files/original/4a2b65d2b70d3fd36faef6ea248f2877.pdf 5d449813996572fd45c636365c42f508 PDF Text Text Financial Markets Development and Macroeconomic Stability in SubSahara Africa: Issues and Policy Options UyiKizitoEhigiamusoe National Institute for Legislative Studies Nigeria ehiuyikizexcel@yahoo.com Abstract: The paper examines the link between financial markets development and macroeconomic stability in Sub-Sahara Africa. The major objective of the paper is to examine the impact of financial markets development on economic growth using secondary data covering the period 1980-2012. It also examines the relationship between financial markets indicators (such as the ratios of broad money supply to GDP, private sector credit to GDP, total bank credit to GDP and market capitalization to GDP) and macroeconomic variables (such as the growth rates of inflation, employment, and poverty and real interest rate) in the region. The paper adopts both analytical and econometric techniques such as ordinary least squares method, granger causality analysis, Johansson’s co-integration techniques and vector error correction model to investigate the relationship. Evidence from the study reveals that a long-run relationship exists between financial markets indicators and macroeconomic variables. It was also discovered that financial markets indicators have positive and significant impact on economic growth in countries with largely developed financial markets, while financial markets indicators have insignificant impact on economic growth in countries with minimally developed financial markets. It was also revealed that causality runs from financial markets indicators to macroeconomic variables (inflation, employment, poverty and real interest rates). The ratios of domestic private sector credit and bank credit were found to have negative impact on economic growth but changes in these variables cause changes in inflation, employment and poverty rates. Furthermore, the ratio of market capitalization also has significant impact on economic growth. If policymakers want to promote economic growth and stabilize macroeconomic variables, they have to focus attention on long-run policies that will accelerate the development of the financial markets through innovations and effective supervision. Also, the governments should take it as a policy options to create the enabling environment for the growth and development of financial markets with a view to use them to achieve macroeconomic stability in Sub-Sahara Africa. Keywords: Financial Markets Development, Macroeconomic Stability, Economic Growth, Inflation Rate, Real Interest Rate, Poverty Rate, Employment Rate 57 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2487 Title A name given to the resource Financial Markets Development and Macroeconomic Stability in Sub-Sahara Africa: Issues and Policy Options Author Author KIZITO EHIGIAMUSOE, Uyi Abstract A summary of the resource. The paper examines the link between financial markets development and macroeconomic stability in Sub-Sahara Africa. The major objective of the paper is to examine the impact of financial markets development on economic growth using secondary data covering the period 1980-2012. It also examines the relationship between financial markets indicators (such as the ratios of broad money supply to GDP, private sector credit to GDP, total bank credit to GDP and market capitalization to GDP) and macroeconomic variables (such as the growth rates of inflation, employment, and poverty and real interest rate) in the region. The paper adopts both analytical and econometric techniques such as ordinary least squares method, granger causality analysis, Johansson’s co-integration techniques and vector error correction model to investigate the relationship. Evidence from the study reveals that a long-run relationship exists between financial markets indicators and macroeconomic variables. It was also discovered that financial markets indicators have positive and significant impact on economic growth in countries with largely developed financial markets, while financial markets indicators have insignificant impact on economic growth in countries with minimally developed financial markets. It was also revealed that causality runs from financial markets indicators to macroeconomic variables (inflation, employment, poverty and real interest rates). The ratios of domestic private sector credit and bank credit were found to have negative impact on economic growth but changes in these variables cause changes in inflation, employment and poverty rates. Furthermore, the ratio of market capitalization also has significant impact on economic growth. If policymakers want to promote economic growth and stabilize macroeconomic variables, they have to focus attention on long-run policies that will accelerate the development of the financial markets through innovations and effective supervision. Also, the governments should take it as a policy options to create the enabling environment for the growth and development of financial markets with a view to use them to achieve macroeconomic stability in Sub-Sahara Africa. Keywords: Financial Markets Development, Macroeconomic Stability, Economic Growth, Inflation Rate, Real Interest Rate, Poverty Rate, Employment Rate Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/d82f88c4cc132e57f988660279f2b8e5.docx f5094a66be6bcc5ac26fe5d0e860168e https://omeka.ibu.edu.ba/files/original/775bd96dd08ffb53f990f11ed2df8b35.pdf 66efe614ff353106f64c918eaa4493bf PDF Text Text The Impact of Public and Private Tourism Investments on Tourism Performance and GDP: The Case of Balkan Countries Kemal Kantarci Akdeniz University Turkey kantarci@akdeniz.edu.tr Mustafa Unver Gumushane University Turkey mustunver@yahoo.com KazimDevelioglu Akdeniz University Turkey kdevelioglu@akdeniz.edu.tr Abstract: Tourism is one of the most promising industries in the world and is expected to contribute to economic development of countries. The sector also has positive role in balancing national economies in terms of current account deficit and external debts. In this sense, the impact of tourism industry can be measured directly and indirectly in national economies. Because of the increasing importance of tourism industry for national economies, in this study, we will investigate the relationship between investments in tourism industry and tourism performance and contribution to gross domestic product (GDP) in Balkan countries. More specifically, we would like to unravel, first, the impact of our independent variables, which are, “government individual tourism and travel (T&T) spending” and “capital investment”, on dependent variables, which are “tourist arrivals”, “tourism receipts”, “leisure T&T spending”, and “business T&T spending”. Additionally, we used aforementioned dependent variables as independent variables and investigated impact of them on Balkan countries’ T&T direct contribution to GDP and T&T total contribution to DP. Variables and model of the study are presented below. In this study, we used World Travel and Tourism Council’s economic data for the years 19992011 to test our model for Balkan countries. In order to test our model, we used correlation analysis instead of using multiple regression analysis because of the limited number of years for each Balkan country. Results of our analysis revealed that for almost all Balkan countries, public and private investments in tourism industry have a positive impact on tourist arrivals and tourism spending, which is made by tourists. Another main finding of this study is that tourism spending has a positive relationship with T&T direct and total contribution to GDP in Balkan countries. Keywords: Balkan Countries, Tourism Performance, Gross Domestic Product, Government and Private Investments 31 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2461 Title A name given to the resource 25The Impact of Public and Private Tourism Investments on Tourism Performance and GDP: The Case of Balkan Countries Author Author KANTARCI, Kemal UNVER, Mustafa DEVELIOGLU, Kazim Abstract A summary of the resource. Tourism is one of the most promising industries in the world and is expected to contribute to economic development of countries. The sector also has positive role in balancing national economies in terms of current account deficit and external debts. In this sense, the impact of tourism industry can be measured directly and indirectly in national economies. Because of the increasing importance of tourism industry for national economies, in this study, we will investigate the relationship between investments in tourism industry and tourism performance and contribution to gross domestic product (GDP) in Balkan countries. More specifically, we would like to unravel, first, the impact of our independent variables, which are, “government individual tourism and travel (T&T) spending” and “capital investment”, on dependent variables, which are “tourist arrivals”, “tourism receipts”, “leisure T&T spending”, and “business T&T spending”. Additionally, we used aforementioned dependent variables as independent variables and investigated impact of them on Balkan countries’ T&T direct contribution to GDP and T&T total contribution to DP. Variables and model of the study are presented below. In this study, we used World Travel and Tourism Council’s economic data for the years 1999-2011 to test our model for Balkan countries. In order to test our model, we used correlation analysis instead of using multiple regression analysis because of the limited number of years for each Balkan country. Results of our analysis revealed that for almost all Balkan countries, public and private investments in tourism industry have a positive impact on tourist arrivals and tourism spending, which is made by tourists. Another main finding of this study is that tourism spending has a positive relationship with T&T direct and total contribution to GDP in Balkan countries. Keywords: Balkan Countries, Tourism Performance, Gross Domestic Product, Government and Private Investments Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General) https://omeka.ibu.edu.ba/files/original/047ea45c3e63fbcb025db05256745e53.docx 30fe5269607c4b2e441db9a4025a9601 https://omeka.ibu.edu.ba/files/original/39ac8720a4db8c3289a868c61c97efa6.pdf 52ad436d172740aa21aeb89ff42d041f PDF Text Text Historical Process of the Human Development Performance of Turkey OrhanKandemir Kastamonu University Turkey okandemir@kastamonu.edu.tr Abstract: Human development indices of the world’s countries are published through the UNDP. We observe that Turkey's human development index has risen during the history like other countries of the world when these indices are examined. However, the most realistic way to determine whether such rise is sufficient or not is to compare foregoing with that of the other countries. In this study, we shall evaluate primarily human development indices of Turkey and the main determinants of human development (income, education, health) performance between the years of 1980 and 2012 comparing same with the averages of the world and OECD countries. Subsequently, comparisons will be made within the framework of the "inequality-adjusted human development index" data indicating whether or not the human development has a fair distribution among different segments of the society. This is because development of policies that will ensure the evenly distribution of this development in the society is also as important as the rapid rise in human development in a country. Keywords: Human development, inequality-adjusted human development index, human development performance. 83 � Dublin Core The Dublin Core metadata element set is common to all Omeka records, including items, files, and collections. For more information see, http://dublincore.org/documents/dces/. Extent The size or duration of the resource. 2518 Title A name given to the resource Historical Process of the Human Development Performance of Turkey Author Author KANDEMIR, Orhan Abstract A summary of the resource. Human development indices of the world’s countries are published through the UNDP. We observe that Turkey's human development index has risen during the history like other countries of the world when these indices are examined. However, the most realistic way to determine whether such rise is sufficient or not is to compare foregoing with that of the other countries. In this study, we shall evaluate primarily human development indices of Turkey and the main determinants of human development (income, education, health) performance between the years of 1980 and 2012 comparing same with the averages of the world and OECD countries. Subsequently, comparisons will be made within the framework of the "inequality-adjusted human development index" data indicating whether or not the human development has a fair distribution among different segments of the society. This is because development of policies that will ensure the evenly distribution of this development in the society is also as important as the rapid rise in human development in a country. Keywords: Human development, inequality-adjusted human development index, human development performance. Publisher An entity responsible for making the resource available International Burch University Date A point or period of time associated with an event in the lifecycle of the resource 2014-04-24 Keywords Keywords. Article PeerReviewed Identifier An unambiguous reference to the resource within a given context ISSN 2303-4564 H Social Sciences (General)