Acta Economica <p>Acta Economica is the scientific journal of the Faculty of Economics, University of Banja Luka, which was launched in 2002, and twice a year it publishes papers from all disciplines that are studied at the undergraduate and graduate studies, and it also follows current events in the field of economic sciences.</p> <p>The journal publishes papers in Serbian language and in leading foreign languages. Empirical researches and theoretical analyses are equally important and they will be published if, in the opinion of the reviewers and editors, they meet the standards of the journal.</p> en-US (Goran Popović) (Bojan Kresojević) Wed, 28 Nov 2018 00:00:00 +0100 OJS 60 Students’ Career Aspirations towards Entrepreneurial and Managerial Jobs: A Comparative Study in Bosnia and Herzegovina, Croatia and Serbia <p>In conditions of significant high youth unemployment rates in the transition countries of Southeast Europe, the subject of special interest of public administration and the academic community is researching the connection between stimulating entrepreneurial activity and launching independent entrepreneurial ventures and self-employment. Also, the subject of research interest is factors influencing the entrepreneurial affinities and intentions of youth, who are finishing the process of formal education and trying to get involved in the world of work, either as employees or employers. The subject research was conducted on a purposive (deliberate) sample of 448 respondents in Croatia, Bosnia and Herzegovina (BiH) and Serbia, collected through online questionnaire, with the aim of comparing career aspirations of youth towards entrepreneurial and managerial jobs. The research is an extension of the interest of the academic community, complements the previous intense research from the region of Southeast Europe and gives a scientific contribution by modifying and testing previously conducted empirical research in BiH and Croatia (Umihanić, Đonlagić Alibegović &amp; Alfirević, 2018), extending the sample to Serbia, where significant research of this kind has not been conducted. The results, obtained by using descriptive statistics, analysis of variance (F-Test) and Post Hoc Fisher’s LSD test for testing research hypothesis, indicate that there are significant differences in the career orientation of the surveyed students between three observed countries. In Croatia and Serbia, the impact of society and national culture is neither favourable for entering entrepreneurship, nor for a managerial career. Attitudes are somewhat more favourable in BiH, but not significantly more favourable in comparison to Serbia and Croatia.</p> Saša Petković, PhD; Mira Krneta; Ana Marija Alfrević, Maja Ivanović Đukić ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200 Government Finance Statistics in Bosnia and Herzegovina: How far we have come <p>Fiscal reporting is the first principle of fiscal transparency. Its main purpose is to present accurate picture of government finance and to provide markets, legislatures and citizens with the necessary information to hold the government accountable. Fiscal reporting is expected to give a comprehensive overview of fiscal activities of the public sector, provide frequent and regular information on relevant, internationally comparable and historically consistent basis, compiled and disseminated in accordance with the international standards. In the last two decades significant changes in this area have begun with the adoption of accrual-based reporting and the extension of the coverage of reports. This paper presents recently developed norms for reporting fiscal statistics and analyses their appliance. In the Analyses it is shown that there has been considerable progress in the development of official public statistics in Bosnia and Herzegovina. Yet, its National Statistical System is confronted with an increasing number of new requirements to align with international recommendations, standards and best practices. The purpose of this paper is to describe the international standards of government finance statistics, analyse the existing system of compilation and dissemination of the official public finance statistics in Bosnia and Herzegovina, compare the state of its compatibility with international standards and highlight challenges and future direction in this statistical area.</p> Mira Vujeva ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200 Openness of Small Transitional Economies – Revised Analysis after the Global Economic Crisis <p>The influence of the economy’s openness on overall economic growth and development is a widely explored topic among economists with still unclear conclusions. They mainly stem from different ways of measuring the degree of openness of countries. In this paper the openness of the economy towards foreign trade is seen as a share of the amount of import and export of goods in the gross domestic product. A particularly interesting issue is the connection between openness and economic development in the case of small open economies, which in principle are “condemned” to greater openness. The subject of this paper is an analysis of the relation between the country’s openness to foreign trade and economic development on a sample of 23 small and transitional economies. The sample examining the relationship between openness and economic development is based on the Transition Report of the European Bank for Reconstruction and Development with the exclusion of some countries that, according to the definition of a small country in this paper, are not considered small countries. A small economy in this paper is defined as a country whose policy on the world market does not affect the formation of world prices, i.e. it is a price taker, and this general part of the definition is based on the definition of a small economy that can be found in Deardorff ’s Glossary of the international economics. For a more precise definition of a small economy, we have adopted an additional threshold according to which a small country is considered to be a country whose share in the world exports and imports does not exceed 1%. In this paper, a method of correlation between variables is used to determine the nature of the relationship that exists between openness and economic development of economies. Economic development is measured by gross domestic product per capita measured by purchasing power parity. It was examined what the nature of this relationship is, and whether there is a difference between the relationship of exports and economic development and the relationship of imports and economic development. The results of the research suggest that outward orientation has no alternative in the case of small open economies, but for small economies it is extremely important to distinguish foreign trade flows from import and export when considering the degree of their openness. This implies that the results of the analysis have shown there is a much stronger positive correlation between openness measured by the share of exports in GDP and economic development than between openness measured by the share of imports in GDP and economic development, although the latter relation is also positive. The results of the analysis point to the conclusion that export performance of small open economies, which they base the growth of the living standard of their population on, is of the highest importance for them.</p> Јелена Тривић ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200 Key Dimensions of the Quality of Employment in Serbia <p>Labour market in the Republic of Serbia has been subject to various macroeconomic shocks and institutional changes since the beginning of 2000. The main motivation for institutional reforms oriented towards less strict employment protection legislation was fostering efficiency and improving labour market performances. However, despite a large number of theoretical and empirical research examining how labour market flexibility affects employment and unemployment rates, as well as other indicators of labour market performances, the results still do not provide clear and firm confirmation of the hypothesis that a more flexible labour market (in terms of external numerical flexibility) will inevitably lead to higher employment rates. Institutional framework did not provide more labour market security that would compensate for the rise of external numerical flexibility. Data on key labour market indicators indicate significant recovery since 2012. However, even though employment rate has risen, problems with the quality of employment still exist.</p> <p>Likewise, it is also important to note that despite the improvement in the labour market in the previous period, the main indicators – activity rate, employment rate and unemployment rate in Serbia in 2016 were still below the EU-28 levels. The rate of informal employment is high and it is accompanied by high shares of different forms of temporary employment and vulnerable employment. The share of employed workers who have problems with being entitled to basic employment rights is not negligible: about 9% of employees have difficulties in exercising the right to health and pension insurance, whereas about 13% of employees have problems with exercising the right to paid vacation and sick leave. At the same time, perceived employment security in Serbia is lower than in the EU-28. High subjective sense of insecurity in the labour market has also been confirmed by the objective data on the labour market transitions to lower levels of security. The share of low wage earners is higher than in most European countries. Considering participation in the lifelong learning programmes, whose importance and benefits are widely recognized, the share of persons who actually participate in trainings and other programmes is not sufficiently high. In the era of major technological changes, the lack of continuous improvement of knowledge and skills might lead to greater structural problems in the future.</p> Маја С. Јандрић, Дејан С. Молнар ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200 Specificity of Fiscal Policy in the Monetary Union <p>The condition of the optimal currency area as a theoretical basis of the monetary integration considers the harmonization of the fiscal and monetary policy crucial in achieving the efficient functioning of the monetary union. The issue of sustainability of the monetary union without fiscal union reaches real intensity in times of crisis and market instability. In that context, this paper focuses on the relation of uncoordinated fiscal policies and non-fulfillment of the fiscal criteria of convergence with the functioning and sustainability of the monetary union. The aim of this research is to establish whether, based on the analysed theoretical assumptions and empirical case, the fiscal criteria are respected in practice in the member countries, and how specificity of the fiscal policy influences the monetary integration especially in the years of crisis. We started research with the cost-benefit analysis of the monetary union pointing out to the specific costs and benefits occurring when a country joins the monetary union. We examined the fiscal parameters of the convergence criteria of the member states pointing to the problem of heterogeneity of members and deviations from the reference values of the Union. The results show that the metodology used to establish the set norms of the fiscal convergence cannot correspond symetrically to all member countries. The results also point to the fact that, unlike symmetrical, in the emergence of asymmetric shocks, i.e. disorders that affect various countries differently, membership in the monetary union becomes more expensive because of the inability to conduct monetary policy.</p> Branka Topić-Pavković ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200 The sharing economy: Uber and its effect on taxi companies <p>The popular ride sharing service Uber has undoubtedly affected the taxi industry by offering lower prices, faster and more quality service, as well as a higher degree of transparency in terms of choosing drivers and determining fares. A question arises inevitably: does Uber present loyal or unloyal price competition to taxi companies by offering signifcantly lower prices, cutting fxed costs and bypassing middlemen? Is there a tax loophole at play? The hypothesis this paper aims to examine is whether Uber is a new way of providing transportation services, thus bringing more transparency and fair competition to the industry, or it is a disruptor on a previously fair market. If the second case is correct, not all hope should be lost – perhaps with the right amount of regulation, Uber could become a new standard in service transportation.</p> <p>This paper is divided into three parts. The frst part briefly explores the concept of the sharing economy; a relatively new term and even newer foundation for business models of contemporary startups. Special signifcance is given to the reduced costs in companies which operate based on<br> the sharing economy versus the so-called traditional companies. The second part of the paper examines Uber’s business model through costs, the pricing system, driver earnings and working conditions. Finally, the third part of the paper estimates the present and future impact of Uber on traditional taxi companies, taking into account its legal status, competition and the changing labor market.</p> Lana Pepić ##submission.copyrightStatement## Sun, 28 Oct 2018 00:00:00 +0200