Economic Annals is an academic journal published quarterly by the Faculty of Economics, University of Belgrade [Subscription]. The journal publishes papers in English language, covering a wide range of economic areas, from business to general economy. It is ranked in the Elsevier Scopus® database by SCImago Journal & Country Rank Q3. The current issue is available on the website [Contents], as well as the earlier issues for the last five years [Archive]. The journal stimulates publishing results of both theoretical and empirical research, with a tendency to bridge the gap often occuring between the two. All papers are subject to anonymous reviews and can be published only if two positive references are obtained. The authors are expected to follow the standard publication procedures [Instructions to Authors], and to recognize the values of democratic society and modern economics. The Editorial Board particularly welcomes contributions that explore issues of transition economies.
Contents of No. 180
1. SCIENTIFIC PAPERS
1.1 Author: Will Bartlett
JEL Classification: J24, J62, J68, P51
Pages: 7-39
The Effectiveness of Vocational Education in Promoting Equity and Occupational Mobility amongst Young People
DOI: 10.2298/EKA0980007B
1.2 Author: Biljana Bogićević Milikić, Nebojša Janićijević
JEL Classification: M12, M14
Pages: 40-56
Cultural Divergence and Performance Evaluation Systems: A Comparative Study of Three Serbian Companies
DOI: 10.2298/EKA0980040B
2. COMMUNICATIONS
2.1 Author: Vladimir Njegomir, Rado Maksimović
JEL Classification: G22, D81, G28, E44
Pages: 57-90
Risk Transfer Solutions for the Insurance Industry
DOI: 10.2298/EKA0980057N
2.2 Author: Irena Janković
JEL Classification: B23, C32, F31, G12
Pages: 91-115
Pricing of Foreign Currency Options in the Serbian Market
DOI: 10.2298/EKA0980091J
2.3 Author: Ivan Marković
JEL Classification: F 13
Pages: 116-132
How to Join the World Trade Organization: Some Aspect of the Accession Process
DOI: 10.2298/EKA0980116M
ABSTRACTS
SCIENTIFIC PAPERS
1.1 Will Bartlett
The Effectiveness of Vocational Education in Promoting Equity and Occupational Mobility amongst Young People
DOI: 10.2298/EKA0980007B
ABSTRACT: This paper reviews current knowledge about the impact of vocational education and training on the labour market outcomes for young people in advanced market economies, and asks whether the results can be extrapolated to countries in the Western Balkans and the EU neighbourhood. It draws four main policy conclusions. First , in transition countries, specialised vocational education should not be replaced by streaming or tracking within comprehensive school systems or integrated into general education programmes. Abandoning effective vocational schooling may worsen the labour market outcomes for the less able and disadvantaged young people. Inadequate vocational school systems should be strengthened, while ensuring effective pathways to higher levels of education. Second , while apprenticeship systems enable lower ability students and minorities to access the labour market, they may lock women into traditional female occupations. Well-organised and resourced school-based vocational education may be preferred by women who feel they could benefit from them, and may furthermore reduce school drop-out rates. Third , occupational mobility can be improved by effective school-based vocational education. If returns to such education are sufficiently high, they can incentivise mobility. While for developed economies there is little difference in rates of return between general and vocational education, in transition economies, returns to vocational education are higher than returns to general education. Fourth , while occupational mobility is needed for countries undergoing structural change, it should be noted that too much mobility can also be harmful to the skill retention, especially for women. Special attention should therefore be given to providing complementary opportunities for retraining and for lifelong learning to all workers, but especially to women, to encourage and support the desired degree of mobility in the labour market.
KEY WORDS : vocational education, labour market, occupational mobility, transition economies
1.2 Biljana Bogićević Milikić and Nebojša Janićijević
Cultural Divergence and Performance Evaluation Systems: A Comparative Study of Three Serbian Companies
DOI: 10.2298/EKA0980040B
ABSTRACT: Many authors have argued that human resource systems are the business practices most likely to be affected by the cultural context within which they are applied. Among other HRM practices c ultural differences significantly affect performance evaluation, causing various difficulties and inefficiencies in the implementation of performance evaluation systems (PES). I n order to provide for a deeper understanding of difficulties in the implementation of PES within specific cultural contexts, this paper therefore intends to explore the design and implementation of performance evaluation systems in three Serbian companies. The research findings point out the importance of building more culturally sensitive PES, calling attention to some possible directions, particularly in Serbia .
KEY WORDS : performance evaluation system, national culture, cultural divergence
COMMUNICATIONS
2.1 Vladimir Njegomir and Rado Maksimović
Risk Transfer Solutions for the Insurance Industry
DOI: 10.2298/EKA0980057N
ABSTRACT: The paper focuses on the traditional and alternative mechanisms for insurance risk transfer that are available to global as well as to domestic insurance companies. The findings suggest that traditional insurance risk transfer solutions available to insurance industry nowadays will be predominant in the foreseeable future but the increasing role of alternative solutions is to be expected as the complementary rather than supplementary solution to traditional transfer. Additionally, findings suggest that it is reasonable to expect that future development of risk transfer solutions in Serbia will follow the path that has been passed by global insurance industry.
KEY WORDS : insurance, reinsurance, alternative risk transfer, securitisation, Serbian insurance market
2.2 Irena Janković
Pricing of Foreign Currency Options in the Serbian Market
DOI: 10.2298/EKA0980091J
ABSTRACT: The main idea of this paper is to find the most suitable approach to the valuation of foreign currency options in the Serbian financial market. Volatility analysis included the application of the GARCH model which resulted in the marginal volatility measure, which was used in the pricing of basic foreign currency options in the local market. The analysis is completed with an overview of the implementation of FX derivatives in the Serbian financial market.
KEY WORDS: option pricing, stochastic volatility, GARCH model
2.3 Ivan Marković
How to Join the World Trade Organization: Some Aspect of the Accession Process
DOI: 10.2298/EKA0980116M
ABSTRACT: The World Trade Organization is the first international organization responsible for supervising global trade relations. It was established on January 1 st 1995. The most important bodies of its organizational structure are the Ministerial Conference, the General Council and the Secretariat. It currently has 153 Members with many candidates involved in accession negotiations. Accession to the World Trade Organization is a highly organized process which can be divided into several steps or stages. The successful fulfilment of the conditions of one stage is the condition for movement to the next. Many challenges and opportunities are incorporated in that process and it is up to candidates for the Membership to find a way to face the challenges and use the opportunities.
KEY WORDS : the WTO, accession, challenges, WTO opportunities