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Volume 8 № 4
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Davor Mikulic, Ivan Kovac
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THE ROLE OF INTERNATIONAL TRADE IN CONVERGENCE PROCESS
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Article title
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THE ROLE OF INTERNATIONAL TRADE IN CONVERGENCE PROCESS
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Authors
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Davor Mikulic, Ivan Kovac
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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R 11; F 40
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Abstract
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Over the past decades, the issue of convergence in the European Union has been the
subject of a wide range of empirical research. The model most widely used for testing
convergence hypotheses is beta-convergence analysis. Beta-convergence is defined as
a negative relation between the initial income level and the income growth rate, meaning
the less developed regions are expected to record higher growth rates. According
to the absolute convergence hypothesis, all regions converge towards the same steady
state equilibrium. On the other hand, conditional convergence model controls for other
differences in cross-sectional units that could produce different steady-state. Other factors
usually included in econometric modelling of convergence are demographic variables,
labour market conditions, industrial structure, institutional factors and overall
government policy. In this paper, the role of international trade in convergence process
has also been investigated.
The main hypothesis tested in this work is that openness and international trade significantly
support process of convergence in EU. On the other hand process of convergence
is not evident for Croatian's regions and role of international trade is less significant in
explaining regional growth patterns. Besides descriptive statistics econometric modelling
is used for confirmation of the hypothesis.
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Key words
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convergence, international trade, economic growth, Croatia
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Literature
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Arbia, G. and Piras, G. (2005), "Convergence in per-capita GDP across European regions using
panel data models extended to spatial autocorrelation effects", Working paper No. 51, Institute for Studies
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and Convergence", Working Paper No. 55, Regional Economic Growth Application Laboratory, University of
Illinois at Urbana, Champaign.
Awokuse, T. (2007), "Causality between exports, imports, and economic growth: Evidence from
transition economies", Economics Letters, Vol. 94, No 3, March 2007, pp. 389–395
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show", The American Economic Review, Vol. 76, No. 5, pp. 1072–1085.
Baumont, C., Ertur. C. and Le Gallo. J. (2002), "The European Regional Convergence Process 1980–
1995: Do Spatial Regimes and Spatial Dependence Matter?", University of Burgundy, available at:
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Ben-David, D. (1996), "Trade and convergence among countries", Journal of International Economics
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Ben-David, D. and Loewy, M. B. (1998), "Free trade, growth, and convergence", Journal of Economic
Growth Vol. 3 No 2, pp. 143 – 70.
Cappelen, A. (2001), "Convergence, Divergence and the Kuznets-curve", Technology, Economic
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10 March 2012).
Cristina, C., Nickel, C and Rother, P. (2009), "The role of fiscal transfers for regional economic convergence
in Europe", Working Paper Series No 1029, European Central Bank, Frankfurt ab Main, March.
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Croatian regions", Social research Vol. 3 No. 24, pp. 43-55
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1, pp. 65–69.
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1995–2000: A Spatial Econometric Perspective", ZEW Discussion Paper No. 04, Zentrum für Europäische
Wirtschaftsforschung (ZEW), June, 42p.
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Vol. 34, No 3., pp. 231–238.
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Mimo Draškovic, Jelena Stjepcevic
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INSTITUTIONAL FRAMEWORK OF CORPORATE GOVERNANCE WITH REFERENCE TO THE FORMER YUGOSLAV TRANSITION ECONOMIES
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Article title
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INSTITUTIONAL FRAMEWORK OF CORPORATE GOVERNANCE WITH REFERENCE TO THE FORMER YUGOSLAV TRANSITION ECONOMIES
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Authors
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Mimo Draškovic, Jelena Stjepcevic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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G 34; O17; P 21; P 37; P 52
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Abstract
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The importance of institutional factors, particularly corporate governance regimes for the
successful sustainable development and market-based reform in transition economies
has been emphasized in burgeoning literature that has developed.
The issue of best practices in the field of corporate governance is particularly important
and debated. It plays a crucial role and maintains fundamental importance in all developed
economies. Since corporate governance in former Yugoslav transition economies
was not developed in their most important functional segments, it is clear that it could
not have contributed to economic efficiency.
This paper examines the underlying causes for extremely reduced role of corporate
governance in the mentioned countries. It starts with two hypotheses, namely: first, that
the underdeveloped social, political and particularly economic institutional framework
are the most significant causes of inefficient corporate governance in the surveyed countries,
and second, that the established imbalance in relationships between propertycontrol-
corporate governance has dominantly contributed to negative economic results
and reduced business environment (in terms of employment, results, business barriers, a
chronic lack of investments, etc.).
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Key words
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corporate governance, institutions (informal and formal), institutional pluralism,
former Yugoslav transitional economies
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Literature
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Babic, V. (2010), "Corporate Governance In Transition Economics", Ekonomske teme, Vol. 34, No2,
555-568.
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downloaded 09.11.2012)
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Postma, T., Hermes, N. (2002), Institutions, Corporate Governance and Corporate Governance
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Web site
http://www.antenam.net/sajt/index.php/drutvo/4902
http://www.swot.ba/index.php?modul=vijesti
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Gregory Sandstrom
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INSTEAD OF CAPITALISM VS. SOCIALISM: A PROPORTION-SEEKING REVIEW OF TWO CONTEMPORARY APPROACHES IN CHINA AND RUSSIA
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Article title
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INSTEAD OF CAPITALISM VS. SOCIALISM: A PROPORTION-SEEKING REVIEW OF TWO CONTEMPORARY APPROACHES IN CHINA AND RUSSIA
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Authors
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Gregory Sandstrom
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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B 52; F 01; P 20; P 51
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Abstract
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Some people hold that the 20th century's Cold War was effectively between two supersystems,
named 'capitalism' and 'socialism' and that the fall of the Berlin Wall and the
end of the Soviet Union signified a practical and theoretical victory of one over the other.
Others insist that democracy was present in various ways in both systems and suggest
that the world financial crisis of 2007-2008 and current turbulent situation are making
us rethink how 'victorious' one system actually was over the other and whether or not a
better balance can be found between two extremes. This paper seeks a middle way by
exploring the possibility of finding harmony between 'Eastern' and 'Western' ideas of
democracy in the areas of politics, ideology and economics. It reviews recent works by
two scholars, one from China, the other from Russia, and compares their observations as
well as possible solutions they suggest at both the national and international levels. It focuses
on the 'institutional matrix' as a potential unit of synthesis, aiming to achieve a
proper proportion or golden ratio that can foster complimentary relations in the global village,
taking us beyond a conflicting view of oppositional super-systems.
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Key words
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China-Russia Transformation, Post-Neo-Classical, Comparative Analysis, Golden
Ratio, Institutional Matrix, Proportionality
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Literature
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de/18642/1/MPRA_paper_18642.pdf
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& Society, Vol. 74, No. 4, Oct. 2010: pp. 489-508. http://www.cssn.cn/upload/2012/08/
d20120820164053116.pdf
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Predrag Bjelic, Ivan Markovic, Ivana Popović Petrović
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TRANSNATIONAL COMPANIES AND A CHANGING STRUCTURE OF INTERNATIONAL TRADE
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Article title
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TRANSNATIONAL COMPANIES AND A CHANGING STRUCTURE OF INTERNATIONAL TRADE
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Authors
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Predrag Bjelic, Ivan Markovic, Ivana Popović Petrović
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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F23; F10
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Abstract
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Transnational companies had become the most important players in global business having
significant impact on international trade. In the paper we will show the main changes
and rising importance of TNCs` foreign affiliates in world trade, referred to as the process
of the transnationalization. Even if the history of TNCs is a century and a half long, their
importance is particularly significant in the last few decades. One of the important tendencies
is rising intra-company trade, the trade between parent companies and their foreign
affiliates, but also the process of phasing out the production and moving of some of
the production phases abroad even outside the TNC, known as off shoring.
Even if the TNCs are important sources of private capital true foreign direct investments
we have to notice rising importance of the state-owned TNCs, mostly from developing and
transnational economies. TNCs are very important global actors but are particularly important
for some national economies where their affiliates have significant influence on
national turnover.
In the final segment of the paper we will analyse using quantitative methods the interdependence
of share of TNC in national economy and imports content of exports. For this
purpose statistical methods of Correlation and Linear Regression were used. Our analysis
is based on the data for 9 OECD countries and we can expect a high level of positive association
between these two variables, especially in the economies where the activity of
TNCs is strong.
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Key words
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transnational corporations, foreign affiliates, intra-firm exports, intermediate
goods trade, import content of exports
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Beograd, treće izmenjeno i dopunjeno izdanje.
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Feenstra, R. C. (1998), "Integration of Trade and Disintegration of Production in the Global
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22(3), pp. 341-371.
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New York and Geneva.
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Sreten Cuzovic, Svetlana Sokolov Mladenovic
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SOCIO-ECONOMIC FRAMEWORK FOR TRADE INTERNATIONALIZATION ON THE SERBIAN MARKET
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Article title
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SOCIO-ECONOMIC FRAMEWORK FOR TRADE INTERNATIONALIZATION ON THE SERBIAN MARKET
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Authors
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Sreten Cuzovic, Svetlana Sokolov Mladenovic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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F 23; M 81
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Abstract
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One of the current trends, in developed market-economy countries and ours alike, is the
internationalization of trade. The difference is found only in the achieved level of the
international expansion of trade companies. However, we can certainly regard trade as
the activity followed by the epithet "international". The process of internationalization is
inherent in large trade chains, which in this manner find new market areas and new
sources of profit generating. For trading companies, the internationalization represents a
strategy of business growth and development. However, gaining access to a particular
market implies knowledge of the framework or factors that have a huge impact on the
choice of a particular market. First of all, it is the effect of economic, political, demographic,
socio-cultural and institutional factors. The aim of this paper is to highlight all relevant
assumptions, that is, factors that influence the selection of target markets by the
international trade chains. The starting hypothesis is that the Serbian market has
recently become very attractive to certain international trade chains, which has added
significance to the analysis of the framework or factors for the application of internationalization
strategies. A separate part of the paper spotlights the comparative experience
of Romania and Bulgaria in the implementation of the strategy of trade internationalization,
from which Serbia can draw useful lessons.
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Key words
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trade internationalization, influence factors, trade, Serbia, Romania, Bulgaria
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izdanje, Ekonomski fakultet, Niš.
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Srbije u funkciji konkurentske prednosti", in: Tematski zbornik Razvijanje konkurentske prednosti preduzeća
u Srbiji u uslovima evropskih integracija, Stanković, Lj. (ur.), Ekonomski fakultet, Niš, str. 281-297.
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Stanković, Lj. (ur.), Ekonomski fakultet, Niš, str. 291-302.
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Aleksa Vucetic
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THE MAIN CHARACTERISTICS OF TRAVEL AGENCIES IN MONTENEGRO
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Article title
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THE MAIN CHARACTERISTICS OF TRAVEL AGENCIES IN MONTENEGRO
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Authors
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Aleksa Vucetic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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L 83
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Abstract
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Travel agencies in Montenegro started developing in the first half of the 20th century, since
when their role as intermediaries in the tourism market has been of exceptional significance
for tourism development in the destination. They underwent various phases of development
from travel agencies working on someone else's behalf and for someone else's
account, through travel agencies which worked on their own behalf and for someone else's
account to travel agencies working on their own behalf and for their own account. They
underwent a developmental phase from classical intermediaries to travel agencies of entrepreneurial
character, as well as from state-owned travel agencies to privately owned
travel agencies. Transitional processes through which the travel agencies were going were
not simple and they often slowed down their growth and development. So, at some points
in time they were forced to relocate from the downtown districts and main business streets,
to suffer various financial pressures and to merge under various forms of economic
pressures with other economic organizations or to perish. However, they have been and
remained one of the main tourism policy makers in Montenegro, with the intention to increase
their significance in the years to come. Because of that, it is important to define the
basic performances of the travel agencies in Montenegro.
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Key words
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travel agencies, characteristics, Montenegro
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Literature
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Cacic, K. (1995), Poslovanje preduzeća u turizmu, Univerzite u Beogradu - Ekonomski fakultet,
Beograd.
Cavlek, N. (1998), Turoperatori i svjetski turizam, Golden marketing, Zagreb.
Conrady, R. & Buck, M. (2011), Trends and Issues in Global Tourism 2011, Springer-Verlag, New
York.
CRCS (2011), Travel Agencies [Online]. Available: http://www.crps.me/index.php/me/pretragaregistra
[Accessed March 1, 2012.
Dulcic, A. (2005), Turističke agencije: Poslovnje i menadžment, Ekokon d.o.o., Split.
Holloway, J. C., Humphreys, C. & Davidson, R. (2009), The Business of Tourism, Pearson Education
Limited, Harlow.
Krajčević, V. & Petrović, A. (1995), Putnik: Akcionarsko turističko društvo 1923-1993, Putnik a.d.,
Beograd.
Njegus, A. (2010), Informacioni sistemi u turističkom poslovanju, Univerzitet Singidunum, Beograd,.
O'Connor, P., Hopken, W. & Gretzel, U. (2008), Information and Communication Technologies in
Tourism 2008, Springer-Verlag Wien, New York.
Popov, D. J. (1997), Industrija putovanja: Putničke agencije, Stojkov, Novi Sad.
Spasic, V. (2010), Menadžment turističkih agencija i organizatora putovanja, Univerzitet
Singidunum, Beograd.
Stetic, S. & Salov, P. (2000), Poslovanje turističkih agencija, Savezni centar za unapređenje
hotelijerstva - ugostiteljstva, Beograd.
Tsai, H.-T., Huang, L. & Lin, C.-G. (2005), "Emerging e-commerce development model for Taiwanese
travel agencies", Tourism Management, 26, 787-796.
Unkovic, S. & Zecevic, B. (2009), Ekonomika turizma, Centar za izdavačku delatnost Ekonomskog
fakulteta u Beogradu, Beograd.
Uskokovic, B. (2000), Marketing-menadžment u turizmu Crne Gore, Ekonomski fakultet Podgorica -
Institut za drustueno-elumomska istrazivanja, Podgorica.
Vucetic, A. (2008), "Impact of Tourism Policy on Development of Selective Tourism", Selective
Tourism, 4-17.
Vucetic, A. (2009), "Influence of Travel Agencies on Selective Tourism Development in Montenegro",
Selective Tourism, 7-20.
Vucetic, A. (2012a), "Analysis of Seasonal Employment in Travel Agencies in Montenegro", Tourism,
60, 213-222.
Vucetic, A. (2012b), "Human Resources as a Competitive Advantage of Travel Agencies in Montenegro",
Turizam - International Scientific Journal, 16, 78-87.
Vucetic, A. (2012c), "Managerial Perception of Employees in Travel Agencies in Montenegro",
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Rasid Zuko, Viktor Hudi, Sabina Smajlovic
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PROPOSITION OF MATHEMATICAL MODEL IN THE FUNCTION OF OPTIMIZATION OF THE TRAFFIC SYSTEM IN SISAK-MOSLAVINA COUNTY
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Article title
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PROPOSITION OF MATHEMATICAL MODEL IN THE FUNCTION OF OPTIMIZATION OF THE TRAFFIC SYSTEM IN SISAK-MOSLAVINA COUNTY
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Authors
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Rasid Zuko, Viktor Hudi, Sabina Smajlovic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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C 00
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Abstract
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The main purpose of this paper is to introduce traffic system of Sisak-Moslavina County using
a mathematical model. That approach demands that the relevant elements of the
model are defined, as well as scientifically based determination of optimal or sufficient
values of variables of the traffic system. To quantify optimal values of variables growth
matrix is used, which treats structural relations of elements of the model in traffic system
in a specific way. That particularity is seen in the fact that elements of the model in traffic
system are mutually dependent, and that the tracking of their value in particular time periods
should be observed simultaneously through direct and indirect growth rates. The research
hypothesis is that by set the model in the function of the optimization of the traffic
system we can induce economic development of Sisak-Moslavina County.
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Key words
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mathematical model, growth matrix, optimization, traffic system of Sisak-
Moslavina County, growth rates
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Literature
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Heizer, J., Render, B. (2009), Operations Management, 9/e, Pearson, New Jersey.
Kotler, Ph, Armstrong, G. (2009), Principles of Marketing, 13th edition, Prentice Hall, New York)
Quinet, E., Vickerman, R. (2008), Principles of Transport Economics, Edward Elgar Publishing, Inc.,
Massachusetts, USA.
Rodrigue, J-P et al. (2009), The Geography of Transport Systems, Hofstra University, Department of
Global Studies & Geography, http://people.hofstra.edu/geotrans
Stojanović, D. (1990), Economic mathematical methods and models, appendix: growth matrix, University
at Belgrade, Economic College, Belgrade, 1990.
Zelenika, R., Pupavac, D. (2008), Management of logistic system, Economic University Rijeka, Rijeka.
Zuko, R. (2011), Traffic system of Sisak-Moslavina County, Futura d.o.o., Rijeka.
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Veselin Draskovic
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Book Review. Serbia's Transition - Towards a Better Future. Author: Milica Uvalic
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Article title
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Book Review. Serbia's Transition - Towards a Better Future. Author: Milica Uvalic
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Authors
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Veselin Draskovic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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Abstract
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Book Review
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Key words
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Book Review
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Literature
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Book Review
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Download full article
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Veselin Draskovic
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Book Review. The economic crisis and the crisis of economic science. Quo vadis economics?Author: Dragoljub Stojanov
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Article title
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Book Review. The economic crisis and the crisis of economic science. Quo vadis economics?Author: Dragoljub Stojanov
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Authors
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Veselin Draskovic
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Category
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Economics
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Article type
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Science Article
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JEL Classification
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Abstract
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Book Review
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Key words
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Book Review
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Literature
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Book Review
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Download full article
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