Zagreb International Review of Economics and Business
Volume XIV, Number 1 (May 2011)
ABSTRACTS
Faris Nasif AL-Shubiri
Abstract: The principal purpose of the present paper is to investigate the association between the efficiency of value added Intellectual Coefficient (VAIC) by the major components of a banks resource base {physical capital (CEE), human capital (HCE) and structural capital (SCE)} and three traditional dimensions of banks financial performance. The three traditional dimensions of banks financial performance are (1) profitability, (2) productivity and (3) market valuation. The study Used 14 commercial banks data drawn from Amman Stock Exchange (ASE) reporting period 2002-2007. The paper used two models to testing, the first between the Value Added Intellectual Coefficient (VAIC) as the efficiency measure of three intellectual capital components and market valuation. The second model explores the relation between every intellectual capital variables as independent variables and banks financial performance dimensions include return on assets, return on equity and employee productivity.
Keywords: Intellectual Capital, Human capital, Capital employed Structural Capital, VAIC, Financial Performance
JEL classification: G32
FDI and Macroeconomic Policies in Central and Eastern European Countries
Charles L. Vehorn
Arthur Vasarevic
Abstract: Central and Eastern European countries have turned to external sources, foreign direct investment (FDI), in the hope of enhancing their economic growth. Has it worked? The purpose of this paper is to estimate the effects of FDI and domestic investment on economic growth, along with the effects of fiscal and monetary policy. A production function approach is employed with panel data over the 1992-2007 period, which extends the time period relative to other studies. The results, using various estimating techniques, indicate that both FDI and domestic investment are statistically significant determinants of economic growth; as well as prudent fiscal and monetary policy.
Keywords: economic growth, production function approach, foreign direct investment, panel data, fixed effects.
JEL classification: O16, O40
Air Pollution, Tradable Emission Permits, Environmental Maintenance and Theoretical Overlapping Generations General Equilibrium Model
Jules-Eric Tchapchet-Tchouto*
Abstract: This paper presents within the framework of an Overlapping Generation (OLG) model, how Environmental as production factor another linked-assumptions can be introduced step by step in a theoretical general equilibrium model. Indeed, in the first part, there is no environmental policy in the presence of externality associated with pollution. Then, when an environmental policy is decided and introduced by the Public Authority into the economy through a System of Tradable Emission Permits (STEP), we assume a three factors or ‘3-dimensions’ OLG General Equilibrium model : Capital – Labor – Environment (Where private ownership of Environment through property rights or emission permits are treated as a production Factor). However, the study of tradable emission permits characteristics showed that this instrument of environmental policy can also be considered as a financial (an investment) asset for households.
Key words: Tradable Emission permits, Environmental Maintenance, Pollution, Overlapping Generations Model, General Equilibrium, Intergenerational Equity, Environmental Debt.
JEL classification: D62, D91, Q50, C68.
Theoretical Base of Monetary Policy Transparency
Borivoje D. Kruskovic
Abstract: Transparency is most often defined as the absence of asymmetrical information between financial markets and monetary policy makers. There are different views on the central bank transparency (Assuring, Exacting, Irrelevance, Conditional, Disturbing and Diverting view). The examination of the central bank transparency is actually the examination of the effects of inflation targeting.
Keywords: transparency, inflation targeting, inflation
JEL classification: E52, E58