Bojnec Štefan - Academia.edu (original) (raw)
Papers by Bojnec Štefan
Economic Research-Ekonomska Istraživanja , 2019
This paper investigates causal relationships between gross domestic product (GDP) and the number ... more This paper investigates causal relationships between gross domestic product (GDP) and the number of small and medium sized enterprises (SMEs) controlled for unemployment rates (UNR) within Slovenia and Croatia. Macro-economic time series data on GDP, SMEs and UNR are analysed in a unit root framework and applied regression analysis. These processes are known as the Johansen co-integration test and Granger-Causality-test. The results show that UNR, GDP and SMEs did not have causal relationships in Croatia between January 2008 and December 2013. UNR and SMEs have a bidirectional relationship in Slovenia with a greater number of SMEs per capita than in Croatia. During their economic recovery period between January 2014 and December 2017, Slovenia and Croatia have experienced the causal unidirectional relation from SMEs to GDP as a positive signal under seen to policy makers on usefulness of investment in SMEs during economic prosperity. The results of a vector autoregressive model suggest a 1% change in the number of SMEs in Croatia decreases GDP in the time of crisis by almost 1.8%. For Slovenia, there is no statistically significant cointegration vector pertained to SMEs-led growth. Finally, the unidirectional causality relation from SMEs to UNR is statistically significant for Slovenia.
International Journal of Tourism Research, 2018
Managing Global Transitions, 2016
This article introduces ‘Granger Causality in Tourism Analysis for Slovenia and Montenegro.’ Incl... more This article introduces ‘Granger Causality in Tourism Analysis for Slovenia and Montenegro.’ Included within are comparisons of the tourism ledgrowth in these countries between December 2007–June 2015. The focus of the analysis is directed towards gross domestic product and tourist arrivals as endogenous variables, as well as unemployment rates. In addition, monthly time series of inflation rates are introduced as exogenous variables. The Granger Causalities differ between countries. The latter indicates uni-directional causal relationships of three relations between the economic growths, tourism growth and unemployment rates for Slovenia and Montenegro. Finally, causality from tourism growth to economic growth and vice-versa is found in Montenegro.
China Economic Review, 2009
The two-way trade flows are classified into four competition categories: successful price competi... more The two-way trade flows are classified into four competition categories: successful price competition when trade surplus is at lower export than import price, unsuccessful price competition when trade deficit is at higher export than import price, successful quality competition when trade surplus is at higher export than import price, and unsuccessful quality competition when trade deficit is at lower export than import price. Using a panel dataset of determinants of agro-food trade competition between the five Central European Countries (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union, we found the effect of trade balance on trade competition to be more significant than the effect of export-import unit values. Natural, and to a lesser extent human factor endowments increase price and quality competition and reduce unsuccessful price and quality competition. R&D expenditures improve quality competition and reduce price competition. Foreign direct investment reduces unsuccessful price competition and increases unsuccessful quality competition. The size of the economy improves price competition and reduces quality competition. Consumer demands associated with higher level of income per capita increase unsuccessful price and quality competition. ) was considered as a training ground in regional integration for the membership, which together with the Association Agreements between the individual CEFTA-5 countries and the EU and membership in the World Trade Organization provided a basis for freer trade and integration between the CEFTA-5 and the EU-15.
This paper investigates determinants of competition in agro-food trade between five transition Ce... more This paper investigates determinants of competition in agro-food trade between five transition Central European Countries (CEC-5) (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union (EU-15) countries during the preenlargement years 1995-2003. We distinguish between one-way exports and imports, and two-way successful and unsuccessful price and quality competition in agro-food trade between the CEC-5 and the EU-15. The effect of trade balance on trade competition is found more significant than the effect of export-import unit values difference. Natural and human factor endowments increase price competition and reduce unsuccessful quality competition. Higher level of economic development reduces quality competition, whereas the size of the economy reduces price competition and increases quality competition. Agricultural labor productivity improves price and quality competition. Less quality differentiated products increase price competition. Research and de...
Applied Economics, 2012
The complementarities of trade advantage and trade competitiveness measures for agro-food trade o... more The complementarities of trade advantage and trade competitiveness measures for agro-food trade of five Central European (CE-5) countries with the European Union are analyzed. The stability and duration of the trade measures over time is investigated by the survival analysis using the nonparametric Kaplan-Meier product limit estimator and the consistency test between the trade measures is conducted by the stratified Cox proportional hazard model. The CE-5 countries experienced greater number of products with relative trade disadvantages and greater significance of one-way imports. Unlike the Czech Republic, Poland, Slovakia and Slovenia, Hungary experienced relative trade advantages for bulk raw commodities, processed intermediates, and horticulture, with the greatest significance of successful quality competition and one-way exports, and the lowest significance of unsuccessful price and unsuccessful quality competition. The duration of relative trade advantages is longer than the duration for the successful trade competition categories. Our results confirm that the relative trade advantage is consistent with the one-way export and the successful price and successful quality competition categories in two-way trade on one side, and the relative trade disadvantage with the one-way import and the unsuccessful price and unsuccessful quality competition on the other.
International Conference of the Faculty of Management Koper, Jan 1, 2007
The changing tourist habits and consumer behaviours have been observed in the local tourist marke... more The changing tourist habits and consumer behaviours have been observed in the local tourist markets toward ecological and rural tourist products with activities discovering host tourist destination, nature, culture, cuisine and events. We analyze more in-depth the tourism economy as a significant element in economic development of the Dragonja's Valley in Istria on the cross-border areas between Slovenia and Croatia. We use available evidence and own surveys on tourism supply as a base in the analytical part of the paper. We have found that these typical agricultural rural areas under the competitive market pressures face decline of the agricultural economy and associated depopulation in traditional agricultural villages. Active population is looking for new employment and income opportunities in tourism either as a main or supplementary activity at agricultural holdings or as a diversification of rural economy towards tourism. Quality of products and sustainable tourist development are seen as one of the priorities in tourist development. The main tourist destinations on the Adriatic cost provide opportunity that through cooperation and partnerships also these remote continental parts of Istria are in a greater degree integrated in a broader tourist supply and destination development, brand name development, promotion and marketing.
This paper focuses on the Euro adoption in Slovenia and its transmission to the catering industry... more This paper focuses on the Euro adoption in Slovenia and its transmission to the catering industry prices. Empirical approach uses three different methodologies: the principal component analysis, factor analysis and regression analysis on the monthly statistical data during the period 2000-2007. In the regression analysis as the dependent variable is used the differential between the catering industry price index and the consumer price index. The regression analysis confirmed that the catering industry price index and the differential of the catering industry price index and the consumer price index, respectively, are positively associated with the wages, tourist arrivals, and with the Euro adoption, respectively. The two common components by using the principal component analysis are identified: first, the general level of prices and wages in the catering industry and second, the Euro price adoption and later Euro price stabilization, and demand for catering industry services. We use also factor analysis to check the robustness of the principal component method results.
Economic Research-Ekonomska Istraživanja , 2019
This paper investigates causal relationships between gross domestic product (GDP) and the number ... more This paper investigates causal relationships between gross domestic product (GDP) and the number of small and medium sized enterprises (SMEs) controlled for unemployment rates (UNR) within Slovenia and Croatia. Macro-economic time series data on GDP, SMEs and UNR are analysed in a unit root framework and applied regression analysis. These processes are known as the Johansen co-integration test and Granger-Causality-test. The results show that UNR, GDP and SMEs did not have causal relationships in Croatia between January 2008 and December 2013. UNR and SMEs have a bidirectional relationship in Slovenia with a greater number of SMEs per capita than in Croatia. During their economic recovery period between January 2014 and December 2017, Slovenia and Croatia have experienced the causal unidirectional relation from SMEs to GDP as a positive signal under seen to policy makers on usefulness of investment in SMEs during economic prosperity. The results of a vector autoregressive model suggest a 1% change in the number of SMEs in Croatia decreases GDP in the time of crisis by almost 1.8%. For Slovenia, there is no statistically significant cointegration vector pertained to SMEs-led growth. Finally, the unidirectional causality relation from SMEs to UNR is statistically significant for Slovenia.
International Journal of Tourism Research, 2018
Managing Global Transitions, 2016
This article introduces ‘Granger Causality in Tourism Analysis for Slovenia and Montenegro.’ Incl... more This article introduces ‘Granger Causality in Tourism Analysis for Slovenia and Montenegro.’ Included within are comparisons of the tourism ledgrowth in these countries between December 2007–June 2015. The focus of the analysis is directed towards gross domestic product and tourist arrivals as endogenous variables, as well as unemployment rates. In addition, monthly time series of inflation rates are introduced as exogenous variables. The Granger Causalities differ between countries. The latter indicates uni-directional causal relationships of three relations between the economic growths, tourism growth and unemployment rates for Slovenia and Montenegro. Finally, causality from tourism growth to economic growth and vice-versa is found in Montenegro.
China Economic Review, 2009
The two-way trade flows are classified into four competition categories: successful price competi... more The two-way trade flows are classified into four competition categories: successful price competition when trade surplus is at lower export than import price, unsuccessful price competition when trade deficit is at higher export than import price, successful quality competition when trade surplus is at higher export than import price, and unsuccessful quality competition when trade deficit is at lower export than import price. Using a panel dataset of determinants of agro-food trade competition between the five Central European Countries (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union, we found the effect of trade balance on trade competition to be more significant than the effect of export-import unit values. Natural, and to a lesser extent human factor endowments increase price and quality competition and reduce unsuccessful price and quality competition. R&D expenditures improve quality competition and reduce price competition. Foreign direct investment reduces unsuccessful price competition and increases unsuccessful quality competition. The size of the economy improves price competition and reduces quality competition. Consumer demands associated with higher level of income per capita increase unsuccessful price and quality competition. ) was considered as a training ground in regional integration for the membership, which together with the Association Agreements between the individual CEFTA-5 countries and the EU and membership in the World Trade Organization provided a basis for freer trade and integration between the CEFTA-5 and the EU-15.
This paper investigates determinants of competition in agro-food trade between five transition Ce... more This paper investigates determinants of competition in agro-food trade between five transition Central European Countries (CEC-5) (Czech Republic, Hungary, Poland, Slovakia, and Slovenia) and the European Union (EU-15) countries during the preenlargement years 1995-2003. We distinguish between one-way exports and imports, and two-way successful and unsuccessful price and quality competition in agro-food trade between the CEC-5 and the EU-15. The effect of trade balance on trade competition is found more significant than the effect of export-import unit values difference. Natural and human factor endowments increase price competition and reduce unsuccessful quality competition. Higher level of economic development reduces quality competition, whereas the size of the economy reduces price competition and increases quality competition. Agricultural labor productivity improves price and quality competition. Less quality differentiated products increase price competition. Research and de...
Applied Economics, 2012
The complementarities of trade advantage and trade competitiveness measures for agro-food trade o... more The complementarities of trade advantage and trade competitiveness measures for agro-food trade of five Central European (CE-5) countries with the European Union are analyzed. The stability and duration of the trade measures over time is investigated by the survival analysis using the nonparametric Kaplan-Meier product limit estimator and the consistency test between the trade measures is conducted by the stratified Cox proportional hazard model. The CE-5 countries experienced greater number of products with relative trade disadvantages and greater significance of one-way imports. Unlike the Czech Republic, Poland, Slovakia and Slovenia, Hungary experienced relative trade advantages for bulk raw commodities, processed intermediates, and horticulture, with the greatest significance of successful quality competition and one-way exports, and the lowest significance of unsuccessful price and unsuccessful quality competition. The duration of relative trade advantages is longer than the duration for the successful trade competition categories. Our results confirm that the relative trade advantage is consistent with the one-way export and the successful price and successful quality competition categories in two-way trade on one side, and the relative trade disadvantage with the one-way import and the unsuccessful price and unsuccessful quality competition on the other.
International Conference of the Faculty of Management Koper, Jan 1, 2007
The changing tourist habits and consumer behaviours have been observed in the local tourist marke... more The changing tourist habits and consumer behaviours have been observed in the local tourist markets toward ecological and rural tourist products with activities discovering host tourist destination, nature, culture, cuisine and events. We analyze more in-depth the tourism economy as a significant element in economic development of the Dragonja's Valley in Istria on the cross-border areas between Slovenia and Croatia. We use available evidence and own surveys on tourism supply as a base in the analytical part of the paper. We have found that these typical agricultural rural areas under the competitive market pressures face decline of the agricultural economy and associated depopulation in traditional agricultural villages. Active population is looking for new employment and income opportunities in tourism either as a main or supplementary activity at agricultural holdings or as a diversification of rural economy towards tourism. Quality of products and sustainable tourist development are seen as one of the priorities in tourist development. The main tourist destinations on the Adriatic cost provide opportunity that through cooperation and partnerships also these remote continental parts of Istria are in a greater degree integrated in a broader tourist supply and destination development, brand name development, promotion and marketing.
This paper focuses on the Euro adoption in Slovenia and its transmission to the catering industry... more This paper focuses on the Euro adoption in Slovenia and its transmission to the catering industry prices. Empirical approach uses three different methodologies: the principal component analysis, factor analysis and regression analysis on the monthly statistical data during the period 2000-2007. In the regression analysis as the dependent variable is used the differential between the catering industry price index and the consumer price index. The regression analysis confirmed that the catering industry price index and the differential of the catering industry price index and the consumer price index, respectively, are positively associated with the wages, tourist arrivals, and with the Euro adoption, respectively. The two common components by using the principal component analysis are identified: first, the general level of prices and wages in the catering industry and second, the Euro price adoption and later Euro price stabilization, and demand for catering industry services. We use also factor analysis to check the robustness of the principal component method results.