Finance in Central and Southeastern Europe (eBook)

Srećko Goić is a professor at the Department of Management, Faculty of Economics, University of Split, Croatia. His main research interests are human resources management, employee financial participation, local and regional development, and economics of transition, and he has published numerous books and papers in these fields. He has also served on the editorial boards of several journals throughout Central and Southeastern Europe.  Anastasios Karasavvoglou is a professor of economics and president of the annual international conference "The Economies of the Balkan and Eastern European Countries in the Changed World". He has published numerous books and papers on immigration, regional development and the labor market. Persefoni Polychronidou holds a PhD in mathematics and has a scientific interest in data analysis, discrete transforms and realization of algorithms for the fast processing of data. She is assistant editor of the “International Journal of Business and Economic Sciences Applied Research” and has published several papers on empirical economic data.

Preface 6
Contents 13
Is Monetary Policy Really Forward-Looking? The Case of the Czech Republic, Poland and Hungary 15
1 Introduction 15
2 Theoretical Background 17
3 Methodology of the Index 22
4 Results 24
5 Conclusion 27
References 28
A Study of the Possible Consequences in the Event of an Accelerated Issuance and Widespread Use of Private e-Money: A Case Stu... 31
1 Introduction 32
2 Basic Characteristics of the Private Electronic Money 33
3 Literature Review 35
4 Research Methodology 37
5 Discussion-Analysis of Possible Changes in the Case of More Widespread Issuance of Private Electronic Money in Montenegro 38
6 Conclusion 47
References 48
What Drives a Local Currency Away from Banking Markets? Some Southeast Europe Insights 49
1 Introduction 50
2 Financial Euroization: Roots and Consequences 50
3 Survey of Empirical Literature 53
4 Data and Methodology 55
5 Results and Discussion 60
5.1 Drivers of Loan Euroization 60
5.2 Drivers of Bank Liability Euroization 61
5.3 Decomposing the Sample Based on Countries´ Exchange Rate Regime/Policy 62
6 Conclusion 64
Appendix 65
References 68
Exposure to Exchange Rate Risk and Competitiveness: An Application to South-Eastern Europe 71
1 Introduction 72
2 Data and Research Methodology 76
3 Results and Discussion 81
3.1 Linear Exposures 82
3.1.1 Linear Contemporaneous Exposures 82
3.1.2 Linear Asymmetric Exposures 94
3.2 Non-linear Exposures 95
4 Conclusions 98
References 99
Cointegration Analysis of Non-performing Loans and Macroeconomic Conditions 102
1 Introduction 103
2 Literature Review 103
3 Non-performing Loans and Macroeconomic Indicators 105
4 Research Methodology 106
5 Results 108
6 Conclusion 113
References 115
Explaining CSR Performance with Contextual Factors: Focus on Development Banks 116
1 Introduction 117
2 Country Development Level as a Key Driver of Companies´ CSR Performance 118
2.1 Theoretical Insight 118
2.2 Empirical Insight 123
3 Empirical Evidence 126
4 Conclusion 132
Appendix 133
References 134
Interdependence Between Indicators Used for Identifying Impending Bankruptcy and Selected Indicators 137
1 Introduction 137
2 Receivables as Part of the Current Assets 138
2.1 The Impact of Receivables on Selected Financial Indicators 138
2.2 The Impact of Receivables on Selected Financial Indicators 140
3 Data and Methodology 142
4 Results 144
5 Conclusion 145
References 145
Credit Risk and Bank Profitability: Case of Croatia 147
1 Introduction 147
2 Determinants of Bank Profitability 150
3 Data, Variables and Model 152
4 Empirical Results 154
5 Conclusion 155
References 156
New Role of Mutual Insurers on the Insurance Market 157
1 Introduction 158
2 Mutual Insurances: Basic Rules of Functioning 161
3 The Position of Mutual Insurers on the Global Insurance Market 164
4 The Role of Mutual Insurers in South and Southeast Europe 166
5 Conclusion 169
References 170
Book 170
Journal 170
Conference Paper or Contributed Volume 171
Delistings from the Athens Stock Exchange: Recent Evolutions 172
1 Introduction 172
2 The ASE 173
3 Literature Review for Delistings from Stock Markets 175
4 Methodology and Results 175
5 Conclusions 181
References 181