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Sustainable Growth and Development in Small Open Economies

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Sustainable Growth and Development in Small Open Economies SUSTAINABLE GROWTH AND DEVELOPMENT IN SMALL OPEN ECONOMIES Editors Isidora Ljumovi ć Andrea Éltet ő Publisher : Institute of World Economics Centre for Economic and Regional Studies of the Hungarian Academy of Sciences Editors: Isidora Ljumovi ć, Institute of Economic Sciences, Belgrade, Serbia Andrea Éltet ő, Institute of World Economics, Budapest, Hungary Reviewers: Andrea Éltet ő, Institute of World Economics, Budapest, Hungary Jean Andrei Vasile, Petroleum and Gas University of Ploiesti, Romania Mirjana Radovi ć-Markovi ć, Institute of Economic Sciences, Belgrade, Serbia Circulation: 200 ISBN 978-963-301-663-3 (paperback) ISBN 978-963-301-664-0 (e-book) Copyright © Institute of World Economics CONTENTS PREFACE 5 PART I THE ECONOMY OF GREEN GROWTH 7 AN INQUIRY INTO THE COMPETITIVENESS-RESILIENT GROWTH NEXUS 9 Sr đan MARINKOVI Ć, Marija DŽUNI Ć, Nataša GOLUBOVI Ć ORGANIC PRODUCT LABELLING: CONSUMER ATTITUDES AND IMPACT ON PURCHASING DECISION 26 Isidora LJUMOVI Ć, Ivana LE ČOVSKI-MILOJKI Ć VALUE OF AGRICULTURAL LAND AS NATURAL RESOURCE 40 Božo DRAŠKOVI Ć, Jelena MINOVI Ć THE ROLE OF GREEN MARKETING IN ACHIEVING SUSTAINABLE DEVELOPMENT 57 Ivana DOMAZET, Milica KOVA ČEVI Ć ILLIQUIDITY RISK OF POLLUTING ENTERPRISES IN SERBIA 73 Slavica STEVANOVI Ć, Grozdana MARINKOVI Ć SUSTAINABILITY IN PROJECT MANAGEMENT: A PROJECT MANAGER’S PERSPECTIVE 88 Marija TODOROVI Ć, Vladimir OBRADOVI Ć SUSTAINABLE DEVELOPMENT AND DISCLOSURE PRACTICE AMONG ISLAMIC BANKS 107 Aida HANI Ć, Azra SU ĆESKA FINANCIAL POWER AND DEVELOPMENT POTENTIAL OF ENVIRONMENTALLY RESPONSIBLE MEDIUM SIZED ENTERPRISES IN THE SERBIAN INDUSTRIAL SECTOR 124 Sonja ĐURI ČIN, Isidora BERAHA THE IMPACT OF STRENGTHENING AND HAMPERING INNOVATION FACTORS ON FIRM’S PERFORMANCE - A COMPARATIVE ANALYSIS OF EU AND NON-EU COUNTRIES 143 Nertila BUSHO, Brunilda KOSTA 3 Sustainable growth and development in small open economies PART II THE GREEN GROWTH AND THE ENVIRONMENT 157 THE ROLE OF ECOLOGICAL TAXES IN SUSTAINABLE DEVELOPMENT AND SUSTAINABLE ECONOMY 159 Olja MUNITLAK IVANOVI Ć, Petar MITI Ć ECOLOGICAL FOOTPRINT TAX FOR THE DEVELOPMENT OF LOCAL AGRIBUSINESS 169 Miklós SOMAI, PhD INFORMATION, CONSUMERISM AND SUSTAINABLE FASHION 179 Mirela HOLY, Nikolina BOR ČIĆ PART III SOCIAL CHALLENGES OF UNEQUAL GROWTH 197 ECONOMICS AND MORALITY: HOW TO RECONCILE ECONOMIC THINKING WITH BROADER SOCIAL THINKING? 199 Mrdjan MLADJAN, Aleksandar FATI Ć SHAPING TRADITION INTO CULTURAL-ECONOMIC GOODS IN ORDER TO ACHIEVE SUSTAINABLE DEVELOPMENT – CASE OF SERBIAN SILK PRODUCTION 218 Milica KO ČOVI Ć DE SANTO, Vesna ALEKSI Ć SKILLS DEVELOPMENT AND SUSTAINABLE EMPLOYMENT DURING TRANSITION IN SERBIA 235 Kosovka OGNJENOVI Ć 4 PREFACE “Sustainable development is the pathway to the future we want for all. It offers a framework to generate economic growth, achieve social justice, exercise environmental stewardship and strengthen governance.” Ban Ki-moon, remark at a G-20 working dinner on "Sustainable Development for All", St. Petersburg, Russian Federation, 5 th September 2013 The publication “ Sustainable growth and development in small open economies ” is a result of a joint effort made by researchers, reviewers and editors. It emerged as an attempt to contribute to the understanding of the problems the global society is facing in the 21st century and potential responses to ensure the achievement of sustainable development. Last few decades brought immense changes. Some of them lead to overall improvement in the quality of life of individuals, but also to the society as a whole. Unfortunately, some of the changes created negative effects on the environment and pose a threat to the fate of the planet Earth. The environmental problems are even more pronounced in developing countries with small open economies. Twenty nine authors prepared fifteen papers, contributing in analyzing various issues related to sustainable growth and development. Authors from seven countries have collaborated in bringing this publication to life confirming the importance of the regional and global approach. We owe special thanks to the reviewers, distinguished and highly recognized researchers, in taking upon themselves this time-consuming and important task. Their inputs exceedingly contributed to the overall quality of the publication. We would also like to thank Ms. Zorica Boži ć for the technical editing of the book. Editors 5 Part I The Economy of Green Growth AN INQUIRY INTO THE COMPETITIVENESS- RESILIENT GROWTH NEXUS ∗ Sr đan MARINKOVI Ć, PhD • Marija DŽUNI Ć, PhD ∗ Nataša GOLUBOVI Ć, PhD Abstract: The paper builds on contributions coming from the theory of economic crises and the theory of international competitiveness, within a novel framework of economic resiliency. The empirical analysis, based on recent data and international comparisons, indicates close ties between unit labour costs and trade imbalances, with a potential to explain the lost momentum in economic growth. By decomposing unit labour costs into labour productivity and labour compensation indicators we found the wage policy a factor that contributes to the lost competitiveness of Southern EMU countries vis-à-vis a group of large exporting countries. The paper also discusses main policy dilemmas and some policy options’ implications. Keywords : national competitiveness, resilient growth, labour productivity, financial crises 1. INTRODUCTION Resilience is the capacity of a system to survive, adapt, and grow in the face of unforeseen changes, even catastrophic incidents. Resilience is a common feature of complex systems, such as societies, economies, companies, cities or ecosystems. Such systems are resilient if they possess the ability to resist disorders, to find an easy way out of catastrophe. Unlike some other systems, economies always survive. What matters for economies is the well-being that will be sacrificed in the attempts to cope, adapt and transform. There are also other specificities of economies as distinct anthropogenic systems. In this paper, we underline that a resilient economy should equally be able to prevent destabilizing forces to develop internally, as it is expected to cope with ∗ University of Niš, Faculty of Economics, Serbia, [email protected] • University of Niš, Faculty of Economics, Serbia, [email protected] ∗ University of Niš, Faculty of Economics, Serbia, [email protected] 9 An inquiry into the competitiveness-resilient growth nexus external destabilizing forces. More specifically, we address the issue of the lost international competitiveness of Southern Europe EMU countries trying to relate it to the wage-productivity developments. We also tackle the issue of the real convergence within EMU and why it seems to be lagging behind the real convergence across some other parts of the world. Maybe a set of policy options and instruments available within the monetary union is too weak to achieve the ultimate goal of real convergence. In the main part of the paper we study some links between international competitiveness and economic resilience. We start with differences of the concept of resiliency in natural and social systems, before we give a short review of causes of economic crises, which would help us to discuss the roots of ongoing economic crisis. In section four we go on to explore theoretical and empirical regularities concerning the links between labour costs (labour productivity/compensation) and trade imbalances, with a special focus on the recent crisis in Southern Europe EMU countries. Section five discusses some pitfalls on the road to economic resiliency and policy dilemmas that are most relevant for monetary integrated areas, but may also have general economic policy relevance. The final section concludes. 2. THE CONCEPT OF RESILIENCE IN NATURAL AND SOCIAL SCIENCES Resilience is a universal feature that applies to both natural and anthropogenic systems. It is an attribute of dynamic and adaptive systems. These systems perpetually evolve through cycles of growth, accumulation, crisis, and renewal, and often self-organize into unexpected new configurations (Center for resilience at the Ohio State University). Economic resilience is a piece of jigsaw which, assembled, points to the need for a much broader perspective over the development issues, and which includes mutual interactions among economic and other systems, and comprises environmental, social, and even cultural resilience. Economic resilience means “the ability of an economic system to withstand adverse shocks, and reallocate resources to areas that offer new growth opportunities” (Munitlak-Ivanovi ć, Zubovi ć 2017, 18). If a system, while faced with challenges, possesses ability to cope, adapt and transform, it can be labeled as resilient (Golubovi ć, Golubovi ć 2017, 14). Resilience is obviously a quality of a system which can be assigned an absolute value, at least theoretically. If a system bounces back to the equilibrium immediately, and at no costs, it possesses absolute resilience. In real life, the level of resiliency should be assessed by virtue of costs and time that are necessary to 10 Sr đan Marinkovi ć, Marija Džuni ć, Nataša Golubovi ć pull the system back to equilibrium, to restore the previous one, or to shift it to the new one. In economic life, time has value, and this is why one can use the phrase “the lost decade” referring to the time spent in recovering growth after a shock (e.g. Japan economic recession in 90s). Resilience is also a quality of market structures. Market resiliency measures the speed
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