This paper computes the fiscal stance in a small open economy and asses its position to relevant macroeconomic variables in order to protect the macroeconomic stability and promote development. Since 2006 change in income and tax structure shifts the implementation of fiscal policy, increasing...

The paper reviews studies analysing the relationship between infrastructures and economic performance. Four different approaches are separately considered along an ideal path from theory-based to data-oriented models: the production function approach, the cost function approach, growth-models,...

Small open economies within a monetary union have a limited range of stabilisation tools, as area-wide nominal interest and exchange rates do not respond to country-specific shocks. Such limitations imply that imbalances can be difficult to resolve. We assess the role that government spending...

This paper describes the methods used to construct an index to measure the maritime potential of nations. This prototype uses a limited number of variables to measure (a) the locational advantage of having a long coastline in comparison to the landmass (Maritime Potential Index MPI) , (b) the...

The infrastructure (transport) is essential for the economic development of a region. If we are taking into consideration the tourism industry and other tourist activities, the importance of the infrastructure is higher, due to the fact that the attractiveness is increased by the comfort and the...

Economic growth is one of the most important issues discussed worldwide. Its dynamics over time seem to be crucial from the perspective of the ability of poor countries to catch up with highly developed economies. As can be easily noticed in world statistics, both GDP per capita and GDP growth...

The aim of the paper is to analyze how corruption contributes to the spread of shadow economy and damages viable economic development of any country. The unfreedoms that are created under the conditions of illegal transactions and corrupt practices considerably limit the opportunities of...

The structure of a national economy is generally correlated with the stage of economic development. In economic history, it was demonstrated a trend from a first stage when agriculture predominated to last stage when the sector of services is the largest. In this context, the complex...

Growth rate of real GDP per capita is represented as a sum of two components – a monotonically decreasing economic trend and fluctuations related to a specific age population change. The economic trend is modeled by an inverse function of real GDP per capita with a numerator potentially...