slavica manic - Academia.edu (original) (raw)

Papers by slavica manic

Borsa Istanbul Review, Nov 1, 2022

TEME, 2018

Economics has been uttered, spoken and written about more than it is studied and/or understood. I... more Economics has been uttered, spoken and written about more than it is studied and/or understood. It impregnates our lives to such extent that the claim "now and then we're all economists” represents a meaningful, though not necessarily true statement (except, possibly, in a very narrow sense when it is grasped as a skill). However, economics, like any other science, would be superfluous "if the form and essence directly coincide." Although economists do not dispute the interweaving of science and skills, most of them will say that economics has established itself as a scientific discipline with particular field of research. Also, a number of economists will support transfer and exchange of ideas, concepts and methods among different research fields. Consequently, economists will in principle accept expansionism as a positive trend bringing to economics and other disciplines nothing but benefits. The aim of this paper is to indicate (through a review of relevant lit...

Anali Ekonomskog fakulteta u Subotici, 2018

accredited study programs at the Faculty of Economics in Belgrade with the possibilities of conti... more accredited study programs at the Faculty of Economics in Belgrade with the possibilities of continuing education, and particularly with employability. Our study relies on the results of previously conducted surveys in which graduates, master students and doctoral students, as well as employers, evaluated the quality of study programs and their components. The basic documents that will be used in the analysis are all available self-evaluation reports (from 2008 to 2017). The results show that curricula of study programs are much more in line with the possibilities of continuing education than in relation to employability. The respondents unambiguously point to the necessity of changing the study programs (their innovations and/or redesigns) that would enable graduates from different levels of study to obtain socially acceptable and useful, most commonly general competences, thus increasing their competitiveness in the labour market.

Facta Universitatis, Series: Economics and Organization, 2018

After the beginning of the transformation of centrally-planned economies into market economies, t... more After the beginning of the transformation of centrally-planned economies into market economies, the implementation of a transition project in the case of new EU members (a total of 10 countries joined through the enlargements of 2004 and 2007) lasted for almost two decades, far longer than the pessimistic forecasters announced. By contrast, the Western Balkan countries (in total 6 of them), with the exception of Croatia (EU member since 2013.), have neither continuity nor adequate success in carrying out the reform processes. That is why their transition still has an uncertain outcome and an unpredictable duration. In order to determine to which stages the less developed countries have arrived at the moment when those more advanced have almost finished their transition, we will use the EBRD indicators. We will then explain the phases of Western Balkans transition dynamics (first wave reforms and deeper reforms) in order to show that these economies have partially followed the patter...

Actual crisis which originated from USA quickly spread throughout the world economy. Although at ... more Actual crisis which originated from USA quickly spread throughout the world economy. Although at the beginning it was labeled as exclusively financial one, after its second wave (in 2008) everything became much clear.economic crisis, economic theory

Ekonomski horizonti, 2018

The gender role hierarchy in the Republic of Serbia is an inspirational topic on several grounds:... more The gender role hierarchy in the Republic of Serbia is an inspirational topic on several grounds: first, this is a specific issue within a wider gender equality problem, which has recently become the priority of structural reforms; second, it is a separate segment of gender segregation, the research issue unjustifiably ignored by the domestic academic community; finally, it is just a piece of the "puzzle" that reflects the situation in the gender inequality field, but exactly the one which neither national nor European statistics provide detailed information for. The above-mentioned reasons represent the basic motivation for writing this paper. In order to determine whether the position of women in science varies according to their position on the career scale, as it usually happens all over Europe, we shall examine the situation in the higher education system in the Republic of Serbia. That is why we apply the methodological procedures of descriptive statistics to the micro-data obtained from the Ministry of Education, Science and Technological Development in order to calculate the following relative indicators: the teaching staff structure by gender and grades across different fields of science and the glass ceiling index. We believe that such a relatively precise insight into the range of vertical segregation could be useful in conceiving future initiatives aimed at the systemic introduction of a gender perspective in the adoption, implementation and monitoring of public policies.

Czech Journal of Economics and Finance, 2021

Czech Journal of Economics and Finance, 2019

This paper investigates volatility transmission and portfolio construction between the three Balt... more This paper investigates volatility transmission and portfolio construction between the three Baltic stock indices at different time-horizons. Methodologies used for this study encompass parametric EGARCH model and the three non-parametric approaches – wavelet coherence, wavelet correlation and phase difference. Wavelet coherence indicated that risk integration between the Baltic stock markets is not so strong, while wavelet correlations confirmed this contention more precisely. Additional analysis showed that low wavelet correlations are also present between the Baltic indices and the German DAX index. These findings may suggest that the selected indices could be useful for the construction of risk-minimizing portfolios. In order to confirm (discard) this assumption, we constructed wavelet-based two-asset portfolios. The results provided evidence that hedging opportunities exist when the Baltic indices are combined between themselves, but also when they are coupled with the DAX inde...

Empirical Economics, 2021

Portuguese Economic Journal, 2020

This paper investigates the volatility transmission effect between Brent oil futures and stock ma... more This paper investigates the volatility transmission effect between Brent oil futures and stock markets in the major global oil producing and consuming countries – the U.S., Russia, China and Saudi Arabia. In that process, we employ a mixture of novel and elaborate methodologies – wavelet signal decomposing procedure, GARCH model with complex distribution and recently developed robust quantile regression. Our results indicate that the effect is stronger in short-term horizon than in midterm and long-term in most cases. The magnitude is much stronger in turbulent times, whereas in tranquil times, this effect is very weak. We find that Russian RTS index endures the strongest volatility transmission effect from oil market. Surprisingly, Saudi stock market does not suffer heavy spillover effect even in the periods of increased market unrest. In the U.S. and China, the effect is much stronger from stocks to oil than vice-versa, and this particularly applies for the U.S. case.

Economic Themes, 2018

The main motivation for this paper is that a negligible number of reforms in education systems, i... more The main motivation for this paper is that a negligible number of reforms in education systems, initiated all over the world, proved to be successful in terms of bringing desired results in promoting educational practice and its final goal - the promotion of students’ learning and knowledge. Regarding the education system and its reform a change of paradigm has recently happened. In some cases, changes were made gradually, whereas in other cases it was completely abandonment of treating them as complicated systems with simple interventions and solutions toward the recognition and respect of their true complex nature. So, this reviewed paper explores new insights and tools derived from the theory of complexity. They can help to better understand and navigate the education system and its reform. Becoming familiarised with methodological implications of viewing the education system and its reform as complex system is recommendation for different stakeholders included in education syste...

Baltic Journal of Economics, 2018

This paper investigates how oil price changes affect consumer price inflation in eleven Central a... more This paper investigates how oil price changes affect consumer price inflation in eleven Central and Eastern European countries. We use a wavelet-based Markov switching approach in order to distinguish between the effects at different time horizons. We find that the transmission of oil price changes to inflation is relatively low in the Central and Eastern European countries as an increase in the oil price of 100% is followed by a rise in inflation of 1-6 percentage points. The strongest impact from rising oil price on inflation is found for the longer time-horizons for most of the countries, which means that the indirect spillover effect is more intensive than the direct one. Also, the results indicate that exchange rate is not a significant factor when oil shocks are transmitted towards inflation, except in the occasions when high depreciation occurs. Slovakia and Bulgaria are the countries which experience the highest and most consistent pass-through effect throughout the observed sample, and this may be due to these countries having some of the highest oil import/GDP ratios.

This paper investigates permanent and transitory spillover effects from Brent oil futures to four... more This paper investigates permanent and transitory spillover effects from Brent oil futures to four agricultural futures – corn, wheat, soybean and canola. We construct permanent and transitory volatilities via component GARCH model, considering six different distribution functions. Created volatility time-series are embedded in the robust quantile regression framework. Transitory effect from oil market has slightly stronger influence on the agricultural commodities than its permanent counterpart, which is a sign that short-term information flow has more intense effect than fundamental factors. The results indicate that the best diversification instrument in combination with oil is soybean futures, since it is the least subject to oil volatility shocks.

What we can say about particular features of corporate governance we have already experienced? Pr... more What we can say about particular features of corporate governance we have already experienced? Precisely, was it influenced by our general transition achievements, privatization methods or the range and size of privatization? In the case of Serbia, facts suggest that there was existed a significant delay in the process of privatization, whereas a certain changes were made in the area of corporate governance. According to careful assessment of corporate governance, surprisingly, we happened to have been recognized as belonging in some aspects to fair to middling group. However, in other respect, results are rather modest, due to no suitable institutional infrastructure (i.e. the process of institution building is still far from being finished). Obviously, the structural reform status depends on both relevant legal framework, as well as the institutional environment in which those rules are applied and enforced. That is why this paper is going to survey our transition path, emphasizin...

Ekonomski horizonti, 2012

In the latest report of the World Economic Forum, it is pointed out that the global competitivene... more In the latest report of the World Economic Forum, it is pointed out that the global competitiveness index does not cover the analysis of the drivers of sustainable competitiveness, and that neglecting them can cause the vulnerability of economies to the negative eff ects of all future "shocks". Potentially the most problematic ones are demographic questions, especially those concerning changes in the population age structure. Recognizing the importance of demographic trends for "shaping" future competitiveness is the key motive for writing this paper. The main objectives are twofold: a) to review theoretical considerations about the economic consequences of changes in the population age structure; and b) to analyze the characteristics of demographic transition in diff erent regions, as well as its potential eff ects on the sustainable competitiveness of the economy.

The literature dealing with technological changes is very diverse and voluminous. It covers dif-f... more The literature dealing with technological changes is very diverse and voluminous. It covers dif-ferent areas of researchers’ interests, such as: analyzing either technological capabilities or achievements, measuring new technology diffusion, innovative inputs and outputs and their impacts to productivity rise, studying the importance of technological changes for endogenous macro growth and so on. Approaches based on results of endogenous growth theory, as well as analysis derived from na-tional innovation systems’ theory, were exactly those which emphasized that national technological capability can be understood as major source of international economic competitiveness. They rest on the following ideas: greater initial stock of knowledge enables achieving higher level of productivity, whereas more human capital (devoted to research and development) produces increase of country’s innovativeness; innovations (even less significant ones) reduce production costs, this way positively in...

It's been a quarter of century since one of the founders of economic imperialism was crowned ... more It's been a quarter of century since one of the founders of economic imperialism was crowned with glory and awarded for the establishing of hitherto non-conventional economic approach. Application of analytical tools of economic analysis on non-economic issues has proved that economic science has the capacity and the ability to step outside traditional boundaries of the discipline. Trend of economics’ engaging with neighboring disciplines has dramatically increased since that time. Not only the narrow mainstream methodology has greatly expanded, but it proceeded in a way that the range of topics, subjected to economics’ influence, seemed to be endless. And economics imperialism continued to evolve, changing only its forms from aggressive to sophisticated one. Although suited to meet economics aspirations, it surely enabled more detailed and thorough understanding of diverse social phenomena. In spite of the fact that economics itself experienced remarkable improvements, owing to...

Dealing with economic science from the methodological point of view represents an unusual challen... more Dealing with economic science from the methodological point of view represents an unusual challenge. Primarily owing to the fact that there is a whole spectrum of different opinions on how economics is supposed to be studied. Besides, the very idea of the methodology and the way it evolved over time gave the opportunity to consider possibilities, limitations and direction in which economic science (as a subject of our interest) moves. Deprived of previously analyzed (and more recently neglected) knowledge of the philosophy of science, and prone to bypassing certain economic facts, economics has lost its own identity finding itself in a situation that could be described as A¢i?½i?½vagueA¢i?½i?½. Although it seems (thanks to the insistence on exactness) to sustain imperial status in relation to other social sciences, on the other hand it is obvious that economics has become just a A¢i?½i?½trophyA¢i?½i?½ for those disciplines being exact a long time ago. Exactly, such a positioning of ...