Suchergebnisse

Developed countries have well-designed and developed economies in macroeconomic terms. However, not all countries benefit from the fruits of such an economy. Therefore, some countries are still faced with an economy that requires macroeconomic restructuring and development. People in these countries face high unemployment, evolving fiscal and monetary policies. The state is forced to borrow either internally or externally, where the latter is usually preferred. This paper aims to show the effects of government debt on private consumption with a particular focus on transition countries. Thereby explaining the factors that influence private consumption and the types of debt that governments take into account. The countries in regions, which are facing this problem, will be analysed in more detail. Kosovo is one such country, which will be analysed in detail, particularly the relationship between national debt and private consumption. This study is carried out using the statistical software STATA, whereby private consumption is a dependent variable, whilst national debt, gross fixed capital formation, foreign direct investment, consumer price index, export of goods and services and GDP growth are our independent variables. This paper is a compilation of information from multiple sources to describe the reality that transition countries are faced with when borrowing. ; peer-reviewed

In terms of global competitiveness, taking the investments decisions has a great impact to remain in the market. For this, when evaluating the investing projects it is necessary to apply the methods of profitability and liquidity. However, the question arises, if the profitability evaluation of investing project should be made according to the cash flow or the data from the economical flow statement. The aim of this paper is to give arguments why the economical flow statement should be applied instead of cash flow statement for the evaluation of profitability of investing projects. The paper is based on a hypothetical example whereas arguments are derived while applying the indicators: the Net present value and internal norm of profitability.Keywords: Evaluation of investing project, economical flow, net present value, internal norm of profitability

This article investigates the impact of domestic investments on economic growth in OECD countries from 2000 to 2020. It identifies factors affecting economic growth and analyzes the relationship between domestic investments and economic growth using econometric models. Empirical data from the World Bank, IMF, and OECD reports supports the positive impact of domestic investments on economic growth in OECD countries. The study also finds a long-term causality between GDP and Gross Fixed Capital Formation (GFCF). These findings offer valuable insights into investment dynamics and their effects on economic growth, informing governments and policymakers in OECD countries.

Introduction: The Republic of Kosovo, as a new democratic state and independent in 2008, has managed to create a stable financial system over the last decade. The importance of this scientific research lies in the fact that through this study we understand the impact of public debt on economic growth, debt management by past governments and the destination of these funds in capital investments as internal, external and very important sources of financing the economy of Kosovo. ; Purpose: This scientific paper aims to analyze the impact of public debt on Kosovo's economic growth during the period 2007-2019. Through various analyzes related to the country's public debt, we will be able to conclude the effect of public debt on Kosovo's economic growth. To analyze the public debt of the country, the following variables are included: GDP as a dependent variable, while as independent variables are the internal debt (DD) and external debt (EXD) of the Republic of Kosovo. ; Methodology: This paper is mainly based on the collection of data from secondary sources which are provided by the annual public debt reports published by the Ministry of Finance, the reports of the Central Bank of Kosovo and the World Bank in a period of 13 years, while the review of the literature in terms of content includes studies of various authors regarding the impact of public debt on economic growth. The collected data will be analyzed, processed and interpreted through econometric models using the STATA software. ; Findings: Based on the results and findings of the study of this scientific research we can conclude that public debt has a positive impact on economic growth, implying that the low level of public debt has ensured financial stability at the national level and the use of debt to a large extent for capital investments has caused a positive substantive impact on the economic growth of the country during this period. ; Practical implications: Through the results of this study, we recommend that for the needs of financing the economy and capital projects, the Republic of Kosovo has the opportunity to use public debt for economic needs up to the allowable limit while maintaining financial and macroeconomic stability of the country. ; Originality/Value: This scientific research presents real and sustainable findings regarding the public debt of the Republic of Kosovo as an impact on economic growth for the analyzed period. ; peer-reviewed

Purpose: This research paper aims to analyze the evaluation of the financial performance of pension funds, to find the relationship between contributions, return on investment and net asset value with pension fund performance. The following research questions have been asked in order to realize the purpose of the research: What are the factors affecting the performance of the pension fund? What is the relationship between pension fund performance and contributions, return on investment, and net asset value?
Methodology: For the specification of the econometric model of this study, we rely on secondary data published in official World Bank reports and reports of pension funds in Kosovo, Albania and North Macedonia. To measure the empirical results, these statistical tests are used: standard multiple regression, fixed effects model, random effect model, and Hausman Taylor Regression.
Findings: Based on the empirical results, we can conclude that the increase in gross domestic product, return on investment, contributions and net assets have positively influenced the performance of pension funds for the countries included in the study. The other independent variable, the exchange rate, on the basis of econometric estimations, has turned out to be non-significant.
Practical implications: The empirical results of this study may recommend that relevant institutions in Kosovo, Albania and North Macedonia undertake reforms towards the creation of efficient pension systems, and these reforms are of crucial importance for pension systems, which have an economic and social character in their function as fund accumulators and benefit distributors for the categories in need.
Originality: The study is conducted with secondary data and all the empirical analysis are original based on the authors' calculations through econometric models. Through the results of this study we aim to provide additional empirical evidence on the performance of pension funds in Kosovo, Albania and North Macedonia, recommending that relevant institutions improve the functioning of the pension system, as it is a very important part of a financial system of a country which has an impact on economic growth.
Keywords: financial performance, pension fund, contributions, net assets, return on investment

Purpose: This paper aims to analyze working capital and its impact on the profitability of commercial banks. The other objectives of this study are to analyze the factors that influence the profitability of commercial banks, to find out the relationship between profitability and working capital management. To achieve these research objectives, several research questions have been posited: How much does working capital affect the profitability of commercial banks? What are the relationships between bank profitability and bank size, debt ratio and current ratio? What are the other factors affecting the profitability of commercial banks?
Methodology: The empirical data to be used in this research are secondary data and will be based on annual reports of commercial banks and reports of the Central Bank of Kosovo. From these data, some indicators such as return on assets, current ratio, debt ratio and banks' size will be calculated. This research covers a period of 5 years and the data will be analyzed and interpreted through econometric models. In addition, to analyze the impact of working capital on the profitability of commercial banks in Kosovo, trend analysis will also be applied through the comparative method.
Findings: Based on the empirical results, we can conclude that bank size and the current ratio have positively affected the performance of commercial banks in Kosovo, whereas the debt ratio has had a negative effect. All the independent variables in relation to the dependent variable (ROA) are at the standard level of significance P-value = 0.05.
Practical implications: Through this study we can recommend all commercial banks in Kosovo to invest much more in working capital, since financial investments in working capital affect the bank's profitability. This means that a high investment in the elements of working capital can lead to increased bank profitability, whereas its profitability decreases when investment in working capital is low.
Originality: This paper presents real and sustainable results with respect to the conclusions. The period analyzed (2013-2017) is a persuasive period for drawing competent conclusions and recommendations.
Keywords: working capital, debt ratio, current ratio, bank size, return on assets
JEL Classification: G2, G20, G21, G3, G32, D24

The purpose of this study is to analyze the effects of capital adequacy on the return of assets to the banking sector in Kosovo. The capital adequacy ratio measures the ability of a financial institution to meet its liabilities by comparing its capital with its assets. As the banking system is one of the strongest points of our country's economy, it is understood that the capital adequacy ratio is used by banks to determine the adequacy of their capital holdings while taking their risk exposures into account.This study will provide empirical evidence of the relationship between capital adequacy and return on commercial bank assets in Kosovo during 2008-2017. It will be using secondary data obtained from audited reports of domestic banks and reports from the Central Bank of Kosovo. To measure the empirical results during this research, these econometric methods have been used: the linear regression model, the model of the fixed effects, and the random model and the GMM model. Based on the results we can conclude that capital adequacy has a positive impact on asset returns and has a significant relationship. In addition, other factors have had a positive and negative impact on the return of commercial banks' assets in Kosovo. Keywords: capital adequacy, return on assets, loans, deposits, interest rates.JEL Classification: G21, G31, G32

The purpose of this research is to see whether the insurance influences the economic development of Western Balkan countries. Currently, insurance comprises an economic sector that includes all activities of conception, production and trading of this type of service that is of public interest but generally carried out by private law entities. For the specification of the econometric model in this research, we are based on the secondary data published in the official reports of the World Bank, the Central Bank, and the statistical agencies of some countries. To measure empirical results, there are used these statistical tests: fixed effects model, Hausman Taylor Regression, generalized method of the moment (GMM), and GLS regression. Based on the empirical results, we can conclude that life insurance and non-life insurance have a significant connection and positively impact the economic growth of these countries. Other variables that have shown a positive result in economic growth are: GDP per capita, Exports, whereas variables that negatively impact on economic growth are inflation and government spending.The empirical results of this document may recommend that relevant institutions implement institutional improvements that contribute to strengthening competition, advancing risk management techniques, and so on. In conclusion, we can say that future researches can be done as events, life insurance or non-life insurance impact on economic growth in Kosovo and in the countries of the region. The study is carried out with secondary data, and all empirical analyses are original. Through the results of this study we intend to offer more empirical evidence for our country and countries in the region recommending that relevant institutions improve the functioning of the financial sector and especially the insurances part because it is the factor that affects the economic growth. Key words: Economic growth, life insurance, non-life insurance, Kosovo.JEL Classification: C23, E31, G22, O11