Technical Faculty in Bor
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The Granger causality of digital connectivity and trade globalization in the health crisis
(University of Belgrade, Technical Faculty in Bor, 2024) Petkovski, Ivana; Fedajev, Aleksandra; Milošević, Isidora
The widespread adoption of digital technology in the last decade has caused global changes, leading to the belief that technology is altering the global connectivity of economies. This is especially emphasized in light of the global health crisis in 2020. To efficiently monitor this process, it is vital to assess the anticipatory potential of this type of digital connectivity and the growth of globalization in trade. An effective analysis of this issue necessitates looking into the causative relationship between digital technology connections and trade globalization. This is performed by applying the statistical approach of Granger causality to a data set consisting of 35 European countries from 2010 to 2022. A Granger causality study was performed using the lag value estimated based on the Akaike information criterion, which equals 2. The findings suggested that there is a unidirectional causal relationship between active mobile-broadband subscriptions and imports, with the former influencing the latter. However, this causal relationship fails to be valid in the opposite direction. The examination revealed a reciprocal relationship between fixed-telephone subscriptions and exports, as well as a reciprocal relationship between fixed-telephone subscriptions and imports. The results reveal the bidirectional value of the number of fixed telephone subscriptions as a measure of digital connectivity.
Fostering Green Transition in Central and Eastern Europe: Carbon Dioxide Emissions, Industrialization, Financial Development, and Electricity Nexus
(Vilnius Gediminas Technical University, Lithuania, 2024) Mitić, Petar; Fedajev, Aleksandra; Radulescu, Magdalena; Hudea, Oana Simona; Streimikiene, Dalia
Climate change presents a substantial impediment for the global community and prompts policymakers worldwide to prioritize environmental goals when defining national development strategies. Prioritizing these goals is particularly challenging for governments of developing economies still relying on fossil fuels, foreign capital, and industry contribution to GDP. This study examines the relationships between carbon dioxide emissions, industry value added, financial development, and electricity generation in 15 Central and Eastern European countries from 1995 to 2021. To achieve this objective, we examined stationarity and cointegration and employed a vector error correction model to investigate causalities between the variables, along with a variance decomposition analysis. Our findings suggest that the short-run unidirectional causalities exist from industry value-added to carbon dioxide emissions and from carbon dioxide emissions to financial development and electricity generation. Long-term causality exists between carbon dioxide emissions and industry value added. The findings shed light on the challenges and opportunities these countries face in transitioning to climate neutrality and meeting the decarbonization targets. Within this context, the findings underscore the significance of crafting customized strategies for these economies to navigate the complex landscape of climate change while promoting sustainable industrial, electricity and financial sector development.
Technology-based factors of globalization in market and transition economies. Is there a difference?
(Vilnius Gediminas Technical University, Lithuania, 2024) Petkovski, Ivana; Fedajev, Aleksandra; Mihajlovic, Ivan
Purpose – The global crises that emerged during the last two decades proved that economies that focus their development on demand are the most vulnerable during crises. However, development strategies depend on specific internal and external circumstances impacting development of particular country. In that sense, this research aims to identify how digitalization, science and technology, and ICT trade impact globalization in market and transition economies.
Research methodology – Authors employed the PLS-SEM methodology on available dataset for 32 European economies.
Findings – According to the findings, digitalization is the factor that has the highest positive impact on globalization in market economies, while ICT trade has the greatest positive impact on globalization in transition economies. Science and technological advancements have a diverse impact. The MGA results stressed out the difference between these groups even more clear.
Research limitations – The presented model does not consider country-level analysis of globalization.
Practical implications – The study is providing theoretical and empirical base for strategy and policy development in the globalization domain in line with economy character.
Originality – The value of the research is found in contributing to the globalization topic in market, and particularly in transition economie that lack empirical research in this field.
The MCDM-based Assessment of Solutions for Transition to Sustainable Industry 4.0: The Case of Serbia
(Institut ekonomskih nauka, Beograd, 2024) Popović, Gabrijela; Fedajev, Aleksandra; Stanujkić, Dragiša
Industry 4.0 implies the transformation of organizations into digital entities. It represents a new level of industrial development that has changed demands, competition, industry structure, and sustainability awareness. The primary objective of this paper is to use Multiple-Criteria Decision Making (MCDM) to identify the principal obstacles and solutions for successfully adopting the technologies that will facilitate a transition of the Serbian industry to sustainable Industry 4.0. The barriers' significance was defined using the Preference Selection Index – PSI. The assessment of the solutions was performed by three decision-makers using the following MCDM methods: PSI, Compromise Ranking of Alternatives from Distance to Ideal Solution – CRADIS, and Integrated Simple Weighted Sum-Product Method—WISP. The results revealed that logistics, reverse logistics management, and technology integration are the most significant barriers. The significance of logistics and warehousing management lies in their role as crucial facilitators for the sustainable development of industries, ensuring efficient and responsible movement, storage, and distribution of goods. Also, the application and development of new technologies can improve efficiency and reduce the environmental impact of the Serbian industry. Based on the MCDM methods, the framework enabled the assessment of the barriers and solutions for technology adoption in light of the current business
conditions in the Republic of Serbia. Managers and policymakers can easily perceive the main obstacles and optimal actions needed to fulfill the requirements of Industry 4.0 and promote sustainable operations.
A note on additive formulas for the Drazin inverse of matrices and block representations
(University of Niš, Faculty of Sciences and Mathematics, 2024) Ilić, Ivana; Stanišev, Ivana; Višnjić, Jelena
In this paper, we investigate the additive properties of the Drazin inverse for complex matrices. We derive new additive formulas for the Drazin inverse, which generalize some previous results on the subject. Furthermore, we give a new representation for the Drazin inverse of a block matrix, which extends some known representations.