Projects / Programmes
Money and Finance after the Accession of Slovenia to the European Union
January 1, 2004
- December 31, 2008
| Code |
Science |
Field |
Subfield |
| 5.02.00 |
Social sciences |
Economics |
|
| Code |
Science |
Field |
| S180 |
Social sciences |
Economics, econometrics, economic theory, economic systems, economic policy |
| S181 |
Social sciences |
Financial science |
money, finance, Slovenia, European Union, financial system, monetary union, monetary policy, foreign exchange rate policy, fiscal policy, financial institutions, financial markets, corporate finance, corporate governance, financial aspects of companies’ behavior
Researchers (18)
Organisations (1)
Abstract
The main focus of the research group in the next period will be the investigation of the issues in the area of money and finance related to the Slovenian entrance in the EU and preparations for the entrance in the EMU. The research group has two maing goals. First, the group wants to become an active and internationally recognised member of the European research community in the field of the money and finance. The involvement in different international research projects is essential to achieve this goal. Second, the research group is aiming at becoming the Slovenian think tank in the field of financial research, dedicated to investigate the strategic issues related to corporate finance, financial system and financial structure. The members of the research group will become intensively involved in the preparation of the theoretical fundamentals of the Slovenian economic policy (monetary policy, fiscal policy,…), which will be conducted indirectly or directly through the relevant EU institutions and later also through the EMU. The theoretical fundamentals will also be provided for the financial management of the financial and non-financial corporations in Slovenia. The activities of the research group can be grouped into four main research areas:
(1) Money (monetary system and monetary policy, the exchange rate regime and exchange rate policy). This research area includes the investigation of the monetary aspects and/or problems that may arise immediately after the Slovenian entrance in the EU, further in the period between the entrance in the EU and the Euro adoption and the period after the adoption of the Euro as a single currency. Changing characteristics of the monetary system in Slovenia and in monetary policy that will follow these changes will be of main interest. The theoretical knowledge about money and monetary policy will be required after Slovenia will join EMU as well, since Slovenia will actively participate in conducting monetary policy of the ECB, together with other countries in the Euro area. Tightly connected to or even inseparable from the monetary policy is the foreign exchange policy (ie. the Euro – Slovenian Tolar exchange rate), which is the reason that the foreign exchange policy and foreign exchange dynamics will also be included in the research activities. There are two crucial moments in the future that Slovenian authorities will face: the determination of the official Slovenian Tolar – Euro exchange rate at the moment of joining the ERM2 and fixing of the Slovenian Tolar – Euro exchange rate at the moment of the full adoption of Euro and the related abolishment of Slovenian Tolar.
(2) Fiscal system, fiscal policy and finance of the EU. This research area will be dedicated to the investigation of the Slovenian tax system and the social transfer system. Both systems will be affected in the future by changing demographic characteristics, fiscal environment and legal environment of the EU. Especially the act of joining EU represents the crucial factor that is going to determine further development of the Slovenian fiscal system. Since the EU and especially the EMU membership will significantly reduce and ultimately abort the capabilities (possibilities) for independent monetary policy, the fiscal policy is going to become one of the cornerstones of the national economic policy. The second segment of this research field will be focused on the EU budget, where, on the revenues side, the structure of member countries’ contributions will be under scrutiny, whereas on the expenditures side the emphasis will be on the analysis of the structural funds and efficiency of their financing activities. Significant attention will be devoted to the investigation of the new financial perspective of the EU for the period 2007 – 2013, where different possible scenarios and their consequences for Slovenian economy will be simulated.
(3) Financial system and financial structure in Slovenia after joining the EU. Th
Significance for science
Research work of the group was aimed at studying the most important processes of international economic integration of the Slovene economy. The work included 11 researchers (without counting junior researchers), financed by 1.9 FTE, which is somewhat less than the average for social sciences groups (2.4 FTE). In its field of scientific work the group has cumulatively achieved 2540 points from scientific publications; 34 publications in group 1 were cited 13 times in comparable journals. In order to compare the group with other similar groups, the most relevant comparison should be based on achieved output per unit of financial input, i.e. per unit of FTE. Taking this criterion into account, the group has achieved 1337 points from publication per FTE, and ranks second place. With 17.9 publications per FTE it is as well in the second place among the groups from the field of economics. According to the criterion of the number of citations per FTE – 6.8, the group ranks third place. However, it should be noted that based on each of the three criteria discussed above, the programme group ranked above average in the field of economics. Based on other projects in the period 2003-2007, the programme group was also able to attract substantial additional financing resources in the amount of 365.000 €, which is almost 83% of resources received from ARRS. From the point of contribution of group members to the transmission of knowledge on future generations, it should be noted that members of the group are heads of several undergraduate and graduate subjects at the Faculty of Economics of the University of Ljubljana, among which there are also subjects taught in common programmes with other EU universities. Two members of the group have also lectured abroad at the highest possible academic level, i.e. in doctoral studies of economics and finance. Altogether, members of the programme group were mentors to 123 Master degrees, 7 PhDs and 14 specializations. The group has put Slovenia on the financial world map from the perspective of the research in the field of finance. Specifically, in 2007 the group has organized the largest European meeting in the field of finance: the annual European Finance Association Meeting. Similar event is expected in 2012 when the group will organize European Accounting Association Meeting. To conclude, we believe that the group has achieved above standard results in academic research and has successfully collaborated with Slovenian economic subjects and in international research and development projects. We believe that the programme group has achieved the aims in the developement of science and scientific research. The programme is the only one in the broad area of social sciences and the narrower area of economics that is devoted specifically to research on money and finance. This area has been crucial to the two most important economic processes in Slovenia in the last decade – the accession to the EU and the entry in the EMU and adoption of the euro. These two economic integrations pose new development challenges for Slovenia, importantly shaped by these two integrations. Further research work in this area is therefore of extremely high relevance for companies, financial institutions and the government and its institutions as the principal decision-making authorities for development and stabilization policies of Slovenia in the EU.
Significance for the country
The group was operating during the period of fulfillment of two key socio-economic goals set by Slovenia, namely accession to the European Union (EU) and entry into the economic and monetary union (EMU). Both economic integration processes have importantly co-shaped determinants of development in Slovenia. We believe that group members have importantly contributed to successful fulfillment of both socio-economic goals with their work. Contribution of group members to fulfillment of both goals and, hence, the wider relevance of the group for the developement of Slovenia could be felt in several areas. In the research area, group members have significantly contributed to the developement of critical opinion and warned of possible dangers in defining economic policies in the runup to the EU and the EMU by studying economic and financial integration of countries (including Slovenia) in the process of real convergence. In the counseling area, group members have contributed to the development of Slovenia on the economy, government and international level. On the economy level, group members have helped to shape developement strategies for individual industries and companies. On the government level, group members have provided analytical resources and contributed to strategic guidelines for internal economic policies as well as for the relation of the government towards the EU. On the international level, group members have helped to shape developement alternatives for the EU. Last, individual group members have taken key executive, supervisory and counseling posts both in the government and at companies. With this, they have directly co-shaped development of Slovenia and importantly contributed to the achievement of both socio-economic goals. We believe that the group has achieved its goals in activities related to wider socio-economic development of Slovenia
Most important scientific results
Final report,
complete report on dLib.si
Most important socioeconomically and culturally relevant results
Final report,
complete report on dLib.si
