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The goal of this study is to analyse the scientific productivity of Montenegrin researchers in the field of sports sciences, as well as the trend of publishing in Montenegrin sports sciences journals. The research covers studies with a focus on the sports sciences issues published in the period from 2002 to 2019. Google Scholar, Scopus, and Web of Science (the electronic databases) were searched for articles available until September 22, 2021. Results were summarized according to the instructions of PRISMA guidelines and present the number of citations, h-index, i10-index and the number of articles by the authors. The study results shows that researchers from the field of sports sciences publish multiple publications in 2021 compared to 2002. In Google scholar database citation rate is highest, and span from 596 and 14959. On the other side, the same researchers were cited quite less in Scopus and Web of Science databases. When we talk about Montenegrin journals, three are registered in the Google Scholar Database. The Sport Mont journal is the most cited one with the highest h-index (44); the Montenegrin Journal of Sports Science and Medicine is the best ranked Montenegrin journal according to the bibliometric data from the Scopus and Web of Science databases; the Journal of Anthropology of Sport and Physical Education have constant progress in the last years. It was indicated the highest impact was recognized in the last four years, according to citations of available articles published by Montenegrin authors. Also, the number of published articles in the last four year is significant, and progress can be expected in the future.

Artificial intelligence and machine learning have increasing influence on the financial sector, but also on economy as a whole. The impact of artificial intelligence and machine learning on banking risk management has become particularly interesting after the global financial crisis. The research focus is on artificial intelligence and machine learning potential for further banking risk management improvement. The paper seeks to explore the possibility for successful implementation yet taking into account challenges and problems which might occur as well as potential solutions. Artificial intelligence and machine learning have potential to support the mitigation measures for the contemporary global economic and financial challenges, including those caused by the COVID-19 crisis. The main focus in this paper is on credit risk management, but also on analysing artificial intelligence and machine learning application in other risk management areas. It is concluded that a measured and well-prepared further application of artificial intelligence, machine learning, deep learning and big data analytics can have further positive impact, especially on the following risk management areas: credit, market, liquidity, operational risk, and other related areas.

The aim of the paper is to find out whether euro is a convenient substitution for U.S. dollar as an anchor currency for Iranian rial and whether this replacement would affect Iran’s international trade positively. We explore these effects via Optimum Currency Area (OCA) theories using generalized least square from 2000 to 2018. Based on OCA index, euro would be a good substitution for U.S. dollar as an anchor for Iranian rial. In addition, gravity model and Generalized Method of Moments estimation confirm that substitution of U.S. dollar by euro would improve bilateral trade between Iran and its major trade partners especially the European Economic and Monetary Union (EMU). Furthermore, we confirm that a basket containing main currencies (euro, U.S. dollar, yuan, Russian rubble) would be more efficient than a single currency anchor however euro should be prominent in the basket. Such a change of anchor could positively contribute to reduction of transaction costs, diversification of external risk, rise of mutual trade exchanges between Iran and the EMU or the EU and consequent economic growth of trade partners. The paper contributes to the existing literature by comprehensive methodological approach how to identify an appropriate anchor currency. First published online 2 June 2021

The aim of this study is to observe the trend of anthropometric characteristics in Montenegrin recruits born from 1957 to 1969 from Bar. The sample of respondents in this study numbered a total of 3,670 future soldiers with an average age of 18.19±0.69, who were tested for military service in the period from 20 February 1979 to 21 April 1987. The average body height of the total sample of future soldiers was 175.82±7.04, the average body weight was 68.33±9.73, and the average value of body mass index was 22.06±2.58. The highest body height (178.06±8.67) was in the group of recruits born in 1960. The highest body weight (75.14±5.87) and body mass index (23.96±1.84) was in the group of recruits born in 1957. The value of the body mass index of all future soldiers shows that everyone was in the zone of normal weight. It should be noted that some of these respondents were measured before the age of 18. This means that their growth was not complete. There is a possibility that they on average had a higher body height with the completion of growth and development than this research shows. The results show that all generations of young men from Bar were at that time of a normal weight. This fact is not surprising because it is known that life was different then than it is now. The results of this study are very important in monitoring the trend of these 3 variables in the Montenegrin population, but they also have some limitations. As mentioned above, the rule for recruiting future soldiers was to be tested before the age of 18, when growth and development were not complete yet, and the results after the completion of the growth and development of the respondents would probably be slightly different from these results. Also, some generations had a small number of recruits

This document aims to determine the empirical link between current account balances and a set of economic variables proposed by the theoretical and empirical literature. To do this, we first use a generalized method of moments (GMM) dynamic panel regression technique to identify the key fundamentals of current account balances in certain economies in the Middle East and North Africa (MENA) region. Next, we estimate the link between exports and imports in order to test the sustainability of current account balances. To do this, the authors estimate a threshold cointegration model on a sample of 12 countries from the MENA region over the period 1970–2018. Nevertheless, the results show that the countries of the MENA region must put in place policies aimed at reducing their current account deficits in order to regain their external stability.

Balancing of different dimensions of development—economic, environmental, social, is an imperative of policies and strategies of sustainable growth, which are practiced today in the EU and globally. The main aim of our paper is to investigate the relationship between renewable (REC) and non-renewable energy consumption (NREC), greenhouse gas (GHG) emissions and share of ICT in total exports, on one hand, and GDP p.c. on the other. We created a model for EU countries divided in two groups—old and new EU members, by using PMG and ARDL models. Considering the size and structure of the sample of countries, the selected variables in the model and the relevant period (2000–2020), to a certain extent, we filled the research gap in the existing literature. Our results indicate that a 1% increase in the share of REC and ICT in total exports leads to GDP p.c. growth in the long run by 0.151% and 0.168% in old EU countries, i.e., 0.067% and 0.039% in new EU countries, respectively. Contrary, an increase of NREC by 1% has a significant and negative impact on GDP p.c. in the long run, in both groups, leading to a decrease of economic growth by 0.512% in the old and 1.306% in the new EU group. We find a 1% increase of GHG emissions was accompanied by an increase of GDP p.c. in new EU countries by 0.939%, while that impact is insignificant in old EU countries in the long run. We conclude our paper with final remarks and policy implications.

This paper investigates the information transmission between the most important cryptocurrencies - Bitcoin, Litecoin, Ripple, Ethereum and Bitcoin Cash. We use a VAR modelling approach, upon which the Geweke’s feedback measures and generalized impulse response functions are computed. This methodology allows us to fully characterize the direction, intensity and persistence of information flows between cryptocurrencies. At this data granularity, most of information transmission is contemporaneous. However, it seems that there are some lagged feedback effects, mainly from other cryptocurrencies to Bitcoin. The generalized impulse-response functions confirm that there is a strong contemporaneous correlation and that there is not much evidence of lagged effects. The exception appears to be related to the overreaction of Bitcoin returns to contemporaneous shocks.

Using a dataset of the Eastern European countries over the 1995–2015 period, we examine the determinants of the real effective exchange rates and their equilibrium path. In an attempt to address the econometric estimation uncertainty, we employ the recent panel time series estimators that deal with the panel with heterogeneous coefficients and can accommodate potential endogeneity and cross-sectional dependence. Using common factor representation of the equilibrium exchange rate, we manage to separately analyse the dynamics and evaluation of a common dynamic process that represents similar factors which drive the real effective exchange rate, with a differential impact across countries. After confirming the robustness of productivity and the terms of trade influence on the real exchange, we provide evidence that the relation productivity – the real effective exchange rate is nonlinear and turns negative after a certain threshold.

The collapse of the system of Bretton Woods pushed Tunisia adopted various policies of exchange to avoid imbalances of the balance of payments. Since, this country aimed to maintain or to improve its external competitiveness in order to balance its current account through the promotion of exports, this contribute to start again the economic growth. By specifying an equation of economic growth of Tunisia, it’s showed that the real effective exchange rate misalignment, indicator of external competitiveness, has negative effect on the economic growth. The fall of real effective exchange rate misalignment, these last years, then explained partly the stabilization of the growth rate of this country can especially since 2001 when the Tunisia softened its policy of exchange rate. A flexible policy of exchange is then desirable to start again the economic growth.

The determination of trends and prediction of stock prices is one of the main tasks of the MACD (Moving Average Convergence Divergence) and the RVI (Relative Volatility Index) indicators of the technical analysis. The research covers the sample representing stocks which are continually traded on the financial market of the Republic of Serbia. Subject of this research is to determine the possibility of MACD and RVI indicators application in investment decision making processes on the financial market of the Republic of Serbia. The main goal of the research is to identify the most profitable parameters of the MACD and RVI indicators as functions of investment strategy optimization on the financial market. The main hypothesis of the research is that the application of the MACD and RVI indicators of technical analysis significantly contributes to investment strategy optimization on the financial market. The applied methodology during the research includes analyses, synthesis and statistical/ mathematical methods with special focus on the method of moving averages. Research results indicate significant possibilities in application of MACD and RVI indicators of technical analysis as functions of making optimum decisions on investment. According to the obtained results it is concluded that the application of the optimized MACD and RVI indicators of technical analysis in decision making process on investing on the financial market significantly contributes maximization of profitability on investments.

As the EU expands, the focus is on the Western Balkans region1, which is rich with opportunity and potential. It is experiencing significant improvements in terms of reforms, economic growth and foreign direct investment (FDI). Developing economies such as those in the Western Balkans are particularly dynamic, which can mean rapidly changing costs and conditions for investors. The region has made strong progress, outpacing Central Europe in economic growth with an average gross domestic product (GDP) increase, these latest years. For the next several years, the markedly strong economic development is expected to continue in Western Balkans. Inflation has largely been kept under control, and is expected to decline further in the near future. The Western Balkans are improving risk profile and economic outlook are also validated by the international credit ratings. As unemployment (in almost all Western Balkans countries) is still high, sustainable economic growth (Redzepagic and Llorca 2007) and job creation are the major challenges the region faces. It is important to mention, for example, that the FDI into the region was 3.4 billion of euros in 2005, but also the cumulative FDI inflow in the region was near 15 billion of euros for the five-year period of 2001-2005 (Redžepagić and Richet 2008). As the countries of the region rarely invested abroad, net FDI inflows also played a key role in financing foreign trade imbalances that stem from ongoing structural reforms and significant investment demand in the transition to free markets.

After the collapse of Communism in 1990, the European Union (EU) has immediately sustained in the process of democratization in the ex-communists countries, and has provided necessary technical and financial assistance in order to place a market economy. The enlargement was (and always is) the most significant and the most ambitious European project since the signature of the Treaty of Rome: it reconciles one of the economic projects of the united Europe with geo-strategic vision of the European continent, which will allow the important position of the EU in the World. The 1st May 2004 the EU has passed to the twenty-five member countries, with accession of ten New Member States (NMS). The process of enlargement has continued on January the 1st, 2007 by accessing to the EU of Bulgaria and Romania. The Single Market”, Economic and Monetary Union (EMU) and the process of integration are the major points of the Europe of twenty-seven member countries. The process of preparation of accession to the EU, has announced the preparation in the Central and East European Countries (CEEC) from the 1989, and it marked some difficulties for the CEEC – on the level of political integration but also economic and social. The present article show us, also, the importance of the introduction of the euro – which present the very important phase in the evolution of the EU, and the biggest monetary changement in the history of Europe…We consider euro as the concretization of the EU. It represents the success of the “Single Market” and contributes to the economic stability of the EU. Also, it is important to know that the euros play his important role to the politic and economic fields. The New Member States (NMS) are engaged to enter to the EMU in his future. For the success of their entrance to the EMU, the NMS have to align their economies with these of the old member states of the EU. This economic alignment, so called “convergence”, constitutes the supplementary phase on their aim toward European integration. The latest enlargements represent the most important moments in the history of the European continent. Today, the question is also the integration of the Balkan countries to the EU and their future toward European integration.

In this article is elaborated the actually question which is developed and discussed it the European Union is the European Social Model (ESM). It is a vision of society that combines sustainable economic growth with ever-improving living and working conditions. This implies full employment good quality jobs, equal opportunities, social protection for all, social inclusion, and involving citizens in the decisions that affect them. As the Euro-zone is struggling to move away from a dramatic slump in its economy and while the Lisbon Strategy and its potential for economic growth, strongly needs reactivation, the debates over the Europe have raised again the issue of a sustainable social agenda for the European Union. Recently, Europe's political leaders defined the ESM, specifying that it "is based on good economic performance, a high level of social protection and education and social dialogue". An important topic of the discussion nowadays is the Directive of the European Parliament and of the Council on services in the internal market so called "Bolkestein directive". The importance of this article is to give us the answer to the following question: would we have French goods available in French supermarkets all over Poland and no Polish services allowed in France? The EU would be unthinkable without the full implementation of the four freedoms. This is a good directive, going in the good direction.

Agriculture posed considerable tensions for the processes of enlargement of the European Union, because of its continuing importance both in the economies of the applicant countries of Central and Eastern European countries which have joined EU on the 1st may 2004., and in the EU budget and acquits communautaire. The preparation of agriculture in the candidate countries to join the EU was rendered more complex by the fact that the Community's Common Agricultural Policy was a moving target. The aim of this paper is to show the bases elements of the Common Agricultural Policy, but also to provide a survey of recent developments relating to agriculture in the EU and new member states of the EU before their accession to EU and their preparation to access on the enlarged market, in order to indicate the main challenges and difficulties posed by enlargement. It seems likely that agricultural policy in the enlarged EU will attach increased priority to objectives such as rural development and the environment. However, these new priorities may be expensive to realize, and may impose a growing burden on the national budgets of EU member states.

The experience of the recent enlargement within the European Union is unique if we consider both the number of countries, the population, the level of economic development, the systemic characteristics of most of these countries, the speed and the cost. Those countries have supported in less than 20 years, three major shocks: a systemic shock with the implosion of the socialist system, an economic shock with the adjustment to the new market environment, an institutional shock with the membership to the European Union (EU) for those who have applied to become members. A fourth shock, for some last comers and further EU members has been the violent disintegration of the Former Yugoslavia, which has delayed and hampered negotiations for future membership of the former Republics involved in the conflict (Croatia, Serbia…).

This article aims to assess the sustainability of fiscal policies in a panel of eight EU New Member States, namely Bulgaria, the Czech Republic, Estonia, Latvia, Lithuania, Poland, the Slovak Republic and Slovenia. First, using panel data unit-root tests, econometric findings show that the variables public expenditure and revenue are not stationary. However, employing panel cointegration tests, it is found that government spending and revenue are cointegrated. This implies that fiscal policies in these countries are sustainable in the long run, i.e. they are consistent with inter-temporal budget balance in accordance with the present-value approach. Finally, these results are confirmed if we exclude the countries with sound public finances, namely the three Baltic States and Slovenia: we obtain the same conclusion with a panel comprising Bulgaria, the Czech Republic, Poland and the Slovak Republic.

Since its creation in 1957, the European Union (EU) has 27 member states today. The process of the enlargement of the EU is not finished yet, and the EU opens its doors to the other countries, mainly Western Balkan countries – so Serbia is the part. We present here the actual situation of the Republic of Serbia on its way to the EU. From now toward, the EU does not want to integrate the weak and fragile countries. That wants to say that any adhering country should satisfy the plan of reforms, but also have to apply to the accession to the EU, officially, before becoming the full member state. Therefore, the process of European enlargement became increasingly heavy and complex, so that the Serbia, as other Western Balkan countries (not yet member of the EU), must engage more efforts to continue their way toward the European integration. However, in the light of the current crisis, it is clear that the crisis undergoes today the EU is without precedent: it is about a crisis of legitimacy, operation and confidence. It must be consolidated first of all, and to be ready for new adhesions. On the one hand, Serbia must be attached to the “European way”, because only European integration represents “a policeman” and ensure stability in the Balkan area. In addition, the EU must continue to support Western Balkan countries in their way to the EU. The EU has granted candidate status to the following six countries: Turkey, Croatia, Macedonia, Iceland, Montenegro and Serbia. Finally, we are focused here on the economic aspects of Serbia on its way to the EU, presenting the most important facts and figures during these last years.

Maastricht criteria are well known to be arbitrarily designed. To top it all off, times and again they’ve been only briefly fulfilled and –worse even- often manipulated with. Among them, fiscal criteria and overall Stability and Growth Pact are perhaps the most controversial of all, as recent problems within the EMU amply demonstrate. Moreover, the epicentre of the EMS, so-called ERM2, and convergence criterion in this regard seem to be much more effective in protecting the interests of those already in the Eurozone, rather than serving as a vehicle for faster and safer euro-accession of the candidates. In addition, since some of the convergence criteria, quite regardless of their dubious effectiveness, leave room for ambiguous interpretations, let alone the often forgotten real convergence criteria earmarked in the Treaty as a carte blanche, existing members of the EMU in times of unprecedented economic hardships may well be tempted to block candidate countries on their way to Euroland. All of these issues raise numerous questions and urge for fundamental reassessment of the Maastricht criteria, as well as point at considering their reform or indeed alternative policy options from the view point of candidate- and acceding countries.

In the process of preparation for membership of the European Union (EU) Western Balkans countries are obliged to harmonize their legal system with the EU law and with the rules providing the functioning of the EU internal market. The provisions regulating the banking sector are highly important for the European economy for the reason that most of the financial resources for the companies and citizens are provided by the banks in their role as financial intermediaries. The integration process in the EU banking sector depends on three community freedoms: movement of capital, freedom of establishment and freedom to provide services. They are all interdependent and without any of these freedoms the integration of the banking sector will not be achieved. This text presents the EU legal framework relating to the banking sector and analyses the process of preparation in the banking sectors of the Republic of Serbia and the Republic of Macedonia for complying with the respectable EU rules.

The current global crisis is systemic by being propagated in a banking, financial and economic crisis. It represents a negative external demand shock for Western Balkan Countries (WBC) with an impact on the banking and financial sector first (dice the third 2008 quarter) and then, since the first 2009 quarter on the real economy. The comparison with the crisis impacts for the EU New Member States reveals clearly that WBC were affected one quarter later due to specifics factors such as a less financial and trade integration with developed countries or a large informal sector. Finally, concerns about the financing of external deficits (trade and current account deficit) are arising due to the decline of remittances and Foreign Direct Investment inflows.

Since Serbia signed Stabilization and Association Agreement and was granted EU candidate status, harmonization of legal system with the acquis communautaire became its formal obligation. This process is neither simple nor short-period activity. Every candidate country has to perform enormous effort in its legislation reform and implementation of new regulations. It requires strong institutional structure and capacity, but also responsibility and determination of all relevant political factors. Harmonization process is performed in 35 different areas and each one will be negotiated between EU and candidate country before granting membership status. Serbia accomplished already a big part of this process and waits in this moment the decision on opening negotiations about its membership in EU.

It is clear that globalization and internationalization are the processes that have not emerged today, but what is emphasized in this paper is the impact that these processes have on the social, technological, political and economic rebuilding of the modern world order. The paper elaborates on the current situation in Serbia from the point of view of the globalization process and European integration process. By becoming a member of the European Union (EU), Serbia as all other countries from the Balkan region, will open their borders no longer dependent only relations with neighboring countries and enabling a new openness to the world. The EU can offer a different future for Serbian and other countries from the Balkan region.