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Belgrade, Serbia
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News Article | April 17, 2017

On April 18 and 19, the Levy Economics Institute of Bard College will gather top policymakers, economists, and analysts at the 26th Annual Hyman P. Minsky Conference on the State of the U.S. and World Economies to discuss, among many issues, the implications of the new administration’s “America First” policies, focusing on the outlook for trade, taxation, fiscal, and financial regulation measures to generate domestic investments capable of moving the growth rate beyond the “new normal” established in the aftermath of the Great Recession, without jeopardizing financial stability. The conference, “‘America First’ and Financial Stability,” is being organized by the Levy Institute and will take place Tuesday and Wednesday, April 18–19, at the Levy Economics Institute of Bard College in Annandale-on-Hudson, New York. Participants include Esther L. George, president and chief executive officer, Federal Reserve Bank of Kansas City; Eric S. Rosengren, president and chief executive officer, Federal Reserve Bank of Boston; Thomas M. Hoenig, vice chairman, Federal Deposit Insurance Corporation; Peter Praet, chief economist and executive board member, European Central Bank; Michael E. Feroli, chief U.S. economist, JPMorgan Chase & Co.; Arturo O’Connell, formerly, member of the board of governors, Central Bank of Argentina; Lakshman Achuthan, cofounder and chief operations officer, Economic Cycle Research Institute; Rana Foroohar, global business columnist, Financial Times, and global economic analyst, CNN; Michael S. Derby, special writer, The Wall Street Journal; Christian Plumb, Latin America business editor, Reuters; and Yalman Onaran, senior writer, Bloomberg News. The 2017 Minsky Conference will assess, among other issues, the impact of different financing schemes on both infrastructure investment and the return of central bank monetary policies to more neutral interest rates. Since these new policy proposals will have a global impact, the conference will focus on their implication for the performance of European and Latin American economies. The conference will include presentations by Jan Kregel, director of research, Levy Institute; Robert J. Barbera, codirector, Center for Financial Economics, The Johns Hopkins University; Fernando J. Cardim de Carvalho, senior scholar, Levy Institute, and emeritus professor of economics, Federal University of Rio de Janeiro; Scott Fullwiler, professor of economics, University of Missouri–Kansas City; Arturo Huerta González, professor of economics, Universidad Nacional Autónoma de México; Stephanie A. Kelton, research associate, Levy Institute, and professor of economics, University of Missouri–Kansas City; Paolo Savona, formerly, Italian minister of industry and president, Banco di Roma and the Fondo Interbancario di Tutela dei Depositi; Edwin M. Truman, nonresident senior fellow, Peterson Institute for International Economics; Michalis Nikiforos, research scholar, Levy Institute; and L. Randall Wray, senior scholar, Levy Institute, and professor of economics, Bard College. The Levy Economics Institute of Bard College, founded in 1986 through the generous support of the late Bard College trustee Leon Levy, is a nonprofit, nonpartisan, public policy research organization. The Institute is independent of any political or other affiliation, and encourages diversity of opinion in the examination of economic policy issues while striving to transform ideological arguments into informed debate. Press registrations should be made by calling Mark Primoff at 845-758-7412 or by sending an e-mail to primoff(at)

Radovanovic M.,Educons University | Filipovic S.,Economics Institute | Pavlovic D.,Gazprom
Energy Sources, Part B: Economics, Planning and Policy | Year: 2017

The main objective of the paper is to determine the level of influences of five variables on energy security (coal, crude oil and natural gas prices, year, and state), which are important indicators in energy forecasting. Research sample includes EU-28 states for a period of 23 years (1990–2012). The results show strong connection between natural gas and crude oil prices. The level of influence of natural gas and crude oil prices changes depending on the remaining variables (a year and/or state). When the state is a variable, the biggest influence is on the natural gas price. When variable year is added, crude oil price has the biggest influence on energy security. Individually speaking, the biggest influence on energy security is the variable year – the moment in time when the influence is happening. Besides, the influence of coal price on energy security is almost identical to the influence of crude oil price. © 2017 Taylor & Francis Group, LLC

Verbic M.,University of Ljubljana | Filipovic S.,Economics Institute | Radovanovic M.,Educons University
Utilities Policy | Year: 2017

The purpose of this article is to analyse the impact of residential electricity prices on energy intensity in Europe. The research is primarily based on a panel analysis for the European Union (EU-28) member states plus Norway over the period 1990–2015, to which a fixed-effect estimator was applied. The results suggest that the residential electricity price has one-third on energy intensity, taking into account the control variables. This implies that the level and structure of electricity prices should be considered as a potential energy policy tool for improving energy efficiency by reducing energy intensity. The results also suggest that energy intensity in Europe was favourably affected by the restructuring of industrial companies in transitional economies, the implementation of national programmes for improvement of energy efficiency, and the introduction of EU Emissions Trading Scheme. © 2017 Elsevier Ltd

Radovanovic M.,EDUCONS University | Filipovic S.,Economics Institute | Golusin V.,University of Novi Sad
Renewable and Sustainable Energy Reviews | Year: 2017

Currently, there is no single accepted methodology for measuring energy security, while the prevailing scientific attitude is that energy security should be defined and quantified in a way to be able to follow rapid developments on the global economic and geopolitical scene. Considering the fact that the national economies represent an integral part of a dynamic international economy where external shocks (global financial and economic crisis, political conflicts, war, etc.) have the impact on energy prices and energy security in general, the paper proposes a new geo-economic concept of energy security. The new approach differs from the existing ones as regards the fact that, in addition to basic indicators, it takes into account sovereign credit rating as a measure of economic, financial and political stability - as one of the decisive factors which determines global energy trade and the ability of national economies to be stable and secure when it comes to energy. Determination and testing of Geo-economic Index of Energy Security was conducted by using the Principal Component Analysis in the European Union and in the selected countries of the world, over a period of ten years (2004-2013). The measured values of a newly proposed Geo-economic Index of Energy Security demonstrate significant deviations from the data obtained by using usual indicators of energy security. Observed individually, GDP per capita has the greatest impact on the change in final value of Geo-economic Index of Energy Security, while the impact of sovereign credit rating is slightly less. The study has shown that the least impact on energy security is exerted by energy dependence (which is traditionally used as a proxy indicator of energy security) and production of energy from renewable sources (which is defined by the EU policy as one of the methods for the improvement of energy security). Due to the results obtained, it is necessary to conduct further analysis of sovereign credit rating and to review the type and significance of the impact of Energy Dependence indicator as a measure of energy security in general. © 2017 Elsevier Ltd.

Filipovic S.,Economics Institute | Verbic M.,University of Ljubljana | Radovanovic M.,Educons University
Energy | Year: 2015

The aim of this article is to analyse the energy intensity in EU-28 member states for the period 1990-2012, establish its determinants, and estimate the size and statistical significance of the effect of each determinant on energy intensity. In order to achieve this, a panel data approach was designed for EU-28 member states. The estimated model showed that energy prices, energy taxes and GDP (gross domestic product) per capita have a negative influence on energy intensity, while the growth of gross inland consumption and final energy consumption per capita positively affect energy intensity. The biggest impact on energy intensity was estimated for the price of electricity, indicating that the level and structure of this determinant should be considered and used as a valuable energy policy tool for improving energy efficiency. This policy conclusion is also supported by the fact that Denmark, Germany and Italy have the highest share of energy taxes in the structure of the final electricity price, and at the same time the lowest energy intensity. © 2015 Elsevier Ltd.

Milosavljevic M.M.,Economics Institute | Sovrlic M.,Serbian Institute Kirilo Savic | Marinkovic A.D.,University of Belgrade
Monatshefte fur Chemie | Year: 2010

A novel synthesis of N-alkyl and N,N-dialkyl O-ethyl thiocarbamates from diethyl dixanthogenate and primary and secondary amines, using three oxidizing systems, has been developed on the laboratory scale, and the method using sodium hypochlorite has been applied on a semi-industrial scale. The effect of the oxidizing agents, sodium hypochlorite, in-situ-generated peracetic acid, and the manganese(II) acetate/oxygen system on product purity and yield was studied. The results obtained by use of these three methods were compared with those obtained by reaction of sodium ethyl xanthogenacetate and amines, and of sodium ethyl xanthate with amines in the presence of sulfated nickel zeolite catalyst. The reaction mechanism of sodium hypochlorite oxidation has been established on the basis of isolation of reaction intermediates and determination of their structure by use of Fourier-transform infrared, 1H and 13C NMR, and mass spectrometric methods. The suggested sodium hypochlorite and manganese(II) acetate/oxygen systems have many advantages in comparison with commercial and catalytically promoted synthetic methods, because they are new ecologically friendly syntheses. © Springer-Verlag 2010.

Radovanovic M.,Educons University | Filipovic S.,Economics Institute | Pavlovic D.,Gazprom
Renewable and Sustainable Energy Reviews | Year: 2016

The main objective of this paper is to define a{cyrillic} new energy security indicator with the long-term sustainability and to test it in a sample of 28 European Union countries for the period 1990-2012, as well as to determine the level of impact of six different indicators on energy security. The previous methodologies for measuring of energy security have been mainly focused on security of supply, while not taking into account environmental indicators and the social component. The newly proposed indicator, Energy Security Index, differs from the existing measuring methods precisely in a way that it includes environmental and social aspects. Energy Security Index recorded a decline in values in most countries in the period 1990-2000. In the period 2000-2008, the values became positive, and after 2008 some countries reported again gradual deterioration. The Index value varies by year, and the biggest positive changes were recorded in the case of the Netherlands, Slovenia and Spain. The four economically strongest EU countries (the United Kingdom, France, Germany and Italy) recorded significantly less fluctuations in energy security over 23 years, compared to other countries. The data for France and Denmark show that an increased share of energy from nuclear and renewable sources can compensate even increased energy import dependence. The assessment of impact of individual indicators on Energy Security Index was conducted by using Principal Component Analysis and showed that Energy Intensity, GDP per capita and Carbon Intensity have the greatest impact. The countries of the former Eastern Bloc are facing particular challenges of energy security, which is primarily related to the rapid economic growth and, at the same time, a high degree of dependence on import of energy generating products. In terms of energy security, the most stable transition was reported in Hungary and Poland. © 2016 Elsevier Ltd.

Filipovic S.,Economics Institute | Golusin M.,Educons University
Journal of Cleaner Production | Year: 2015

Main problem addressed in this paper is assessment of quality of current methodologies for expressing environmental tax revenue, since measurements' outcomes have significant influence on the future environmental policies and legislation. The main goal of this paper is to analyze the existing way of measuring financial effects of environmental taxation in EU27 and propose new methodology approach, based on use of ETE - Environmental Taxation Efficiency as a new indicator suggested by authors. The first phase of the study involves the analysis of quality of measuring two existing methodologies (based on the use of GDP and total revenues). In second research stage, the authors apply the newly proposed methodology for determining a composite ETE indicator that, apart from existing indicators, takes into account the environmental taxation effects per capita, as an indicator unjustifiably neglected in previous methods of measuring. Measurement of environmental taxation by using a newly-proposed composite indicator shows significant differences in ranking compared to two current methodologies in use. Only 6 countries showed a very similar rank, regardless of the methodology applied. Differences by more than ten ranking positions were found in 12 countries. The overall results showed significant differences in ranking of all EU-27 countries by using all four indicated methodologies, which clearly points to the conclusion that further improvements are needed. ETE methodology limits predominant role of GDP and introduces a social component which should serve as a basis for further development of a unique methodology for establishing efficient environmental taxation implementation. © 2014 Elsevier Ltd. All rights reserved.

Radovanovic M.,Educons University | Filipovic S.,Economics Institute
Energy and Environment | Year: 2015

The main objective of this manuscript is to look anew at Energy intensity, an indicator often used as measure of efficient economic development, which currently does not include any environmental component. The authors compared results obtained on the same sample by using Energy Intensity, a well known indicator, and Index of Energy Intensity Cost, an improved indicator suggested by the authors. The new indicator includes carbon emission cost, since 96% of carbon emission is result of energy consumption. Besides the introduction of a new component, the authors changed the nature of the indicator itself. Namely, traditional Energy intensity is based on physical values. The new indicator is expressed in monetary values - more suitable for monitoring economic development. Monitoring in the EU27 region, by using two chosen indicators, shows opposite results. Measuring of Energy Intensity, EU27 region showed positive trends. Measuring of Index of Energy Intensity Cost showed negative trends. Further modifications to Energy intensity are needed.

News Article | November 6, 2016

The Greek prime minister, Alexis Tsipras, has reshuffled his government to boost bailout reforms in the hope of getting the EU to agree to critical debt relief by the end of the year. Heralding a new political era for his country, the embattled leader said on Sunday the time had come to expedite measures demanded by international creditors and “turn the page”. Hardline ministers who had criticised policies including privatisations were dumped for moderate technocrats in what was interpreted as a further shift to the centre by the man who once personified the hope of Europe’s radical left. “We are very near the end of a long period of very difficult decisions,” he told his newly assembled cabinet. Tsipras said reform negotiations had to be concluded by 5 December so that eurozone finance ministers, holding their last meeting this year, could begin debating how best to cut the country’s debt. At over €320bn (£285bn), Greece’s debt pile is regarded as its biggest impediment to economic recovery. In a move aimed at placating the lenders who have bailed out Greece three times since its economic near-collapse six years ago, the respected US-based economics professor Dimitri Papadimitriou was appointed economy minister. The 70-year-old head of the Levy Economics Institute, a thinktank, will have oversight of investment policies and EU structural funds. Signalling he would push ahead with the often unpopular policies demanded by Greece’s lenders – the European Union and the International Monetary Fund – Tsipras also retained the finance minister, Euclid Tsakalotos. The Oxford-educated economics professor has won plaudits for his low-key efficacy, in sharp contrast to his forerunner, Yanis Varoufakis. Stergios Pitsiorlas, a veteran leftist who helped found the ruling Syriza party, was elevated to the position of deputy economy minister. In his previous role as chairman of Greece’s privatisation agency, Pitsiorlas had been praised for his no-nonsense approach to disposing of cash-draining state assets. The shipping minister, Theodoros Dritsas, who was against further investment in Piraeus port by the Chinese conglomerate Cosco was among those dropped, while Panos Skourletis, the energy and environment minister, who had vehemently opposed the partial privatisation of the Public Power Corporation, was moved to the interior ministry. Skourletis, an established Syriza figure, was described by insiders as too powerful to be removed altogether. He was replaced by George Stathakis who had held the economy ministry portfolio. The septuagenarian leftist ideologue Aristides Baltas, who had been culture minister, was similarly replaced by Lydia Koniordou, Greece’s foremost female classical actor. A new migration ministry was also established, reflecting the country’s frontline role in the refugee crisis and allowing the deputy migration minister, Ioannis Mouzalas, to tap into resources and administrative backup in his promoted role as minister. The popularity of Tsipras’s two-party coalition has been in free-fall. A Public Issue poll last week put the government 24 percentage points behind the centre right New Democracy, the main opposition party. Tax increases and sustained cuts to wages and benefits have corroded its support with thousands of pensioners recently taking to the streets in protest in Athens. With many of the measures beginning to bite this winter, the challenges remain immense for the country still seen as Europe’s weakest link. Tsipras told his 48-member cabinet that by completing reforms Greece could “follow the roadmap” of being included in the European Central Bank’s quantitative easing programme early next year, which would see the bank acquire Greek government debt. The government is also aiming to regain access to debt markets by the time its latest bailout expires in 2018.

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