Vlatka Bilas

The main purpose of this paper is to identify and discuss challenges and opportunities of using biomass in agriculture. The importance of biomass supply chain is thus emphasized. The main objective is to identify all the challenges of assessing the potential of biomass as well as the challenges in collection and storage of biomass residuals in agriculture on the example of Croatia. Methodology framework for determining potential locations for collection and logistics centers and establishment of the value chain is proposed and is based on the Herfindahl-Hirschman Index (HHI) and concentration rates by counties. The scientific contribution of the paper is seen in filling the research gap on biomass potential and organization of the biomass supply chain. Research results and policy recommendations can be informative for government decision making as well as for designing and implementing national bioeconomy strategy, but they can also be useful for analyzing the biomass supply chain and designing new business models with the purpose of efficiently using biomass potential.

To meet the goal of sustainability and transition to a green economy, renewable energy sources have to be used. Although many countries have declared their transition to a smart, green and sustainable economy, there is still modest evidence of achieving climate change goals, Sustainable Development Goals and other related societal and environmental goals. This paper aims to give an overview of the current global and regional trends, and the strategic frameworks on the use of wind energy to clarify its potential, especially offshore wind energy, using the example of the United Kingdom as one of the global leaders in this area. For several decades, the United Kingdom has implemented various regulations and mechanisms to improve climate action and the transition to a green economy. It offers specific Contract for Difference schemes to offshore wind producers, under which they are entitled to a specially defined purchase price of electricity produced for 15 years. Thus, the United Kingdom is one of the global leaders in offshore wind energy generation. Initiatives, strategic frameworks and regulations in the United Kingdom can serve as guidelines for other countries in developing their own strategic framework.

Although Covid-19 pandemic and consequential “lockdowns” resulted in inward orientation of countries, international relations and international cooperation are as important as ever. This paper analyses the impact of Covid-19 on different globalisation aspects, from multilateralism and regional economic integrating, over international trade, global value chains to foreign direct investment and inequality. The aim of the analysis is to provide an overview of globalisation pace in the era of Covid-19 and in the post-pandemic period, due to the fact that pandemic changed and disrupted many globalisation aspects on one hand, and forced countries to implement different policies and activities in order to support their economies in this specific crisis, on the other hand. Functioning of global value chains was aggravated and consequently, different market effects occurred. International institutions also experienced challenges in “leading” the response to Covid-19 pandemic, which could put forward some lessons on the importance of global institutional framework. Understanding the effects of Covid-19 pandemic on different globalisation features is the basis for developing approaches and measures for recovering and improving economic performance and global position of countries, as well as for developing and modifying global institutional framework.

This paper is aimed at examining the fact whether foreign direct investment (FDI) and exports do contribute to economic growth in the thirteen European Union (EU) new member states (namely Bulgaria, Croatia, Cyprus, Czech, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia, Slovenia) during the period from 2005 to 2020 or not. Various statistical tests were performed in order to examine the relationship and causality among the three observed series, including unit-root tests, the Kao and Pedroni cointegration tests, and finally the modified causality test. The obtained results are mixed. Although cointegration was established between FDI, exports and growth, the estimation of the long-term coefficients varied to such an extent that only ambiguous conclusions about the effect of FDI and exports on the growth of the real gross domestic product (GDP) could be reached. The research results imply the fact that positive effects of FDI and exports are neither automatic nor equal in all the countries, but the same rather depend on the many factors and conditions that the governments of the selected states should consider when designing policy measures for attracting FDI and promoting exports.

Glavni cilj ovog rada je empirijski istražiti vezu između ekonomskog rasta, inozemnih izravnih ulaganja i izvoza na primjeru Republike Hrvatske. Empirijska analiza temelji se na primjeni višestrukih empirijskih testova jediničnog korijena, testova ko...

The main objective of this paper is to analyze the causal relationship between foreign direct investment (FDI), exports, and economic growth in the Republic of Croatia for the period 2000-2020 and determine the implications of research results on corporate management. The management of the investment enterprise is usually interested in high returns, whereas the management of the recipient enterprise is interested in higher productivity, spillovers, and larger market share on domestic and international markets. Several methodological approaches, including unit root tests, cointegration tests, and Granger causality test, were used to assess the relationship between gross domestic product (GDP) growth rate, on the one side, and the share of FDI and total exports of goods and services in real GDP, on the other side. The results of cointegration tests indicated there is no long-term relationship between the real GDP growth rate, the share of FDI, and the share of exports of goods and services in real GDP. Based on the Granger causality test, it cannot be concluded that there is no causal relationship between the analysed variables. Finally, the paper discusses the implications of the conducted research for corporate management. The results indicate that managers are not discouraged by the fact that FDI is not correlated to economic growth, as investment decisions are determined by numerous factors and not primarily by the growth rate of a recipient country.

Prema Sporazumu potpisanom u Abuji 1991. stvaranje Afričke monetarne unije i uvođenje jedinstvene afričke valute navodi se kao krajnji cilj afričkog regionalnog integriranja. Zajedničko integriranje se u Africi smatra pokretačem ekonomskog i socijalnog razvoja, trgovine i konkurentnosti. Postojećih osam afričkih regionalnih ekonomskih integracija predstavljalo bi temelje buduće kontinentalne integracije, iako se njihovo integriranje ne odvija jednakom brzinom. Na putu do dublje ekonomske integracije Afrika se suočava s mnogim izazovima poput niske intraregionalne trgovine, slabe financijske integracije, nerazvijene infrastrukture i velikih razlika između afričkih zemalja. Cilj ovog rada je sagledati dosadašnji napredak u regionalnom ekonomskom integriranju te postavljene temelje za kontinentalnu integraciju na području Afrike, analizirati ispunjavanje kriterija konvergencije te definirati specifične izazove u regionalnom integriranju Afrike. Očekivani doprinos rada ogleda se u provedenom istraživanju i sistematizaciji dosadašnjih postignuća na području ekonomske i monetarne integracije Afrike koja čine temelj formiranja Afričke monetarne unije kao i definiranju izazova budućeg razvoja ove regionalne ekonomske integracije.

Competitiveness is a central issue of a growing open, interconnected and integrated global economy, but it is not yet uniquely defined. There are many factors that determine competitiveness, and they change with the development of globalization, and even today, under the conditions of Industry 4.0. The coronavirus (COVID-19) pandemic has also provoked a situation in which both policies to foster competitiveness need to be adapted. In order to achieve competitiveness, countries must create factors and develop policies that will create the conditions for better positioning in the global market. In order to successfully integrate into new markets, but at the same time highlight and continue economic development, reevaluation of competitiveness determinants, as well as past positioning strategies, is necessary. The paper analyses the theoretical settings and determinants of competitiveness, as well as the challenges of today that economies should respond to. Understanding new features of the competitiveness can help policymakers develop approaches for enhancing their economic performance.

Foreign direct investments are seen as a prerequisite for gaining and maintaining competitiveness. The research objective of this study is to examine the relationship between foreign direct investment (FDI) and economic growth in “new” European Union member countries using various unit root, cointegration, as well as causality tests. The paper employs annual data for FDI and gross domestic product (GDP) from 2002 to 2018 for the 13 most recent members of European Union (EU13): Bulgaria, Croatia, Cyprus, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Romania, Slovakia and Slovenia. An estimated panel ARDL (PMG) model found evidence that there is a long-run equilibrium between the LogGDP, LogFDI and LogFDIP series, with the rate of adjustment back to equilibrium between 3.27% and 20.67%. In the case of the LogFDI series, long-run coefficients are highly statistically significant in all four models, varying between 0.0828 and 0.3019. These coefficients indicate that a 1% increase in LogFDI increases LogGDP between 0.0828% and 0.3019%. Results of a Dumitrescu-Hurlin panel causality test indicated that a relationship between the GDP growth rate and FDI growth rate is only indirect. Finally, only weak evidence was shown that FDI had a statistically significant impact on GDP in the EU13 countries over the period 2002-2018. This report of findings contributes to the literature concerning FDI and economic growth, namely regarding the current understanding of the relationship between these two factors.