Scientific Annals of Economics and Business http://saeb.feaa.uaic.ro/index.php/saeb <p><a data-target="crossmark"><strong>Call for papers</strong></a></p> <p><strong><a href="http://saeb.feaa.uaic.ro/index.php/saeb/about/submissions#onlineSubmissions" target="_self"><span style="float: right; font-size: 20px; color: #600; border-bottom: 1px dotted #660000; animation: blinker 1s linear infinite;">Online Submission</span></a></strong></p> <p>On behalf of the editorial board of the<span class="apple-converted-space"> </span><em><strong>Scientific Annals of Economics and Business</strong></em>, we are pleased to inform you that <strong>we are continuously accepting manuscripts for the next issues</strong>.</p> <p>The Journal, founded in 1954, is <strong>published four times a year (</strong>in <strong>March, June, September</strong><strong>, and December)</strong><em>,</em> under the sponsorship of the Alexandru Ioan Cuza University of Iasi, the oldest higher education institution in Romania, a place of excellence and innovation in education and research established in 1860. Until 2015 the journal was published under the name <em>Analele ştiinţifice ale Universităţii "Al.I. Cuza" din Iaşi. Ştiinţe economice</em>.</p> <p class="Default"><strong>The journal is indexed by Clarivate Analytics (formerly Thomson Reuters) </strong><strong>Web of Science Core Collection – <a href="https://mjl.clarivate.com/home?PC=EX&amp;Full=*SCIENTIFIC%20ANNALS%20OF%20ECONOMICS%20AND%20BUSINESS">Emerging Sources Citation Index</a>, </strong><strong><a href="https://www.scopus.com/sourceid/21100786911">Scopus</a>, <a href="https://search.ebscohost.com/">EBSCO</a> and <a href="https://www.aeaweb.org/econlit/journal_list.php#S">EconLit</a> </strong>(The American Economic Association’s electronic bibliography), is fully available at the Research Papers in Economics (RePEc), Directory of Open Access Journals (<a href="https://www.doaj.org/toc/2501-3165?source=%7B%22query%22%3A%7B%22filtered%22%3A%7B%22filter%22%3A%7B%22bool%22%3A%7B%22must%22%3A%5B%7B%22terms%22%3A%7B%22index.issn.exact%22%3A%5B%222501-3165%22%5D%7D%7D%2C%7B%22term%22%3A%7B%22_type%22%3A%22article%22%7D%7D%5D%7D%7D%2C%22query%22%3A%7B%22match_all%22%3A%7B%7D%7D%7D%7D%2C%22from%22%3A0%2C%22size%22%3A100%7D">DOAJ</a>), <a href="https://kanalregister.hkdir.no/publiseringskanaler/erihplus/periodical/info.action?id=494633">ERIH PLUS</a>, Central and Eastern European Online Library (<a href="https://www.ceeol.com/search/journal-detail?id=1834">CEEOL</a>), and Scirus. In addition, the Journal is included in <a href="http://www2.cabells.com/">Cabell's Directories</a>, Index Copernicus, Online Catalogue of the ZBW - German National Library of Economics (ECONIS), International Consortium for Advancement of Academic Publication (ICAAP), Electronic Journals Library, The Knowledge Base Social Sciences in Eastern Europe, Scientific Commons, The ZDB, Intute: Social Science (SOSIG - Social Science Information Gateway), New Jour, GESIS SocioGuide, Genamics Journalseek, Catalogo Italiano dei Periodici (ACNP), Google Scholar, and ResearchGate.</p> <p>Authors are invited to submit manuscripts to be reviewed for possible publication in the Journal. It publishes articles in all areas of economics, business and related disciplines. The paper must be an original unpublished work written in English (British or American) that is not currently under review by other journals.</p> <p><strong>There are no submission or publication costs for authors.</strong></p> <p>Manuscripts should follow the format <a href="http://saeb.feaa.uaic.ro/index.php/saeb/about/submissions#authorGuidelines">style</a> of the journal. The papers should not exceed 30 pages including figures and references, and an author is only allowed to publish one paper per issue. Detailed background information on the submission of papers and review process can be found in the <a href="http://saeb.feaa.uaic.ro/index.php/saeb/about/submissions#onlineSubmissions"><em>Submission section</em></a>.</p> <p class="Default">The manuscripts are to be submitted electronically, via Journal’s <a href="http://saeb.feaa.uaic.ro/index.php/saeb/about/submissions#onlineSubmissions">website</a>, which offers a fully <strong>online manuscript submission and tracking system</strong>. Following submission, the author(s) track and check the latest status of the article quite easily by the help of the system.</p> <p class="Default">Submitted manuscripts will receive an initial screening from the editorial board before entering the double-blind review process. The Journal maintains a rapid electronic submission, review and publication process. On average, the double-blind review process (from submission to first editor decision) takes around 12 weeks and from acceptance to appearance online around 2-4 weeks.</p> <p>Accepted papers will be available on the journal website soon after acceptance, in a special section, <em><a href="http://saeb.feaa.uaic.ro/index.php/saeb/issue/view/11">Early Bird</a></em>. This “advance access” system enables us to publish papers online well ahead of their appearance in the printed journal. It also allows authors to obtain citations earlier, due to the use of 'Digital Object Identifier' (DOI).</p> <p><strong>Type of publication</strong>: scientific/academic; <strong><em>open access</em></strong>, <em><strong>peer-reviewed</strong></em> journal.</p> <p><strong>Publication frequency: </strong>four issues per year (March, June, September, and December)</p> <p><strong>Language</strong>: English<br />ISSN-L: 2501-1960 <br />ISSN: 2501-1960 (printed edition)<br />e-ISSN: 2501-3165 (online edition)</p> <p> <img style="float: left;" src="http://saeb.feaa.uaic.ro/public/journals/1/cover_issue_1_en_US.png" alt="" /> <a title="SCImago Journal &amp; Country Rank" href="https://www.scimagojr.com/journalsearch.php?q=21100786911&amp;tip=sid&amp;exact=no" target="_blank" rel="noopener"><img style="margin-left: 300px;" src="https://www.scimagojr.com/journal_img.php?id=21100786911" alt="SCImago Journal &amp; Country Rank" border="0" /></a></p> <div style="height: 100px; width: 180px; margin-left: 110px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block; margin-top: -100px;"> </div> <div style="height: 100px; width: 180px; font-family: Arial, Verdana, helvetica, sans-serif; background-color: #ffffff; display: inline-block;"> <div style="padding: 0px 16px;"> <div style="padding-top: 3px; line-height: 1;"> <div style="float: left; font-size: 28px;"><span id="citescoreVal" style="letter-spacing: -2px; display: inline-block; padding-top: 7px; line-height: .75;">1.0</span></div> <div style="float: left; font-size: 14px; padding-top: 3px; text-align: right;"><span id="citescoreYearVal" style="display: block;">2020</span> CiteScore</div> </div> <div style="clear: both;"> </div> <div style="padding-top: 3px;"> <div style="height: 4px; background-color: #dcdcdc;"> <div id="percentActBar" style="height: 4px; background-color: #007398;"> </div> </div> <div style="font-size: 11px;"><span id="citescorePerVal">50t</span>h percentile</div> </div> <div style="font-size: 12px; text-align: right;">Powered by <img style="width: 50px; height: 15px;" src="https://www.scopus.com/static/images/scopusLogoOrange.svg" alt="Scopus" /></div> </div> </div> <div style="clear: both;"> </div> Editura Universitatii „Alexandru Ioan Cuza” din Iasi / Alexandru Ioan Cuza University of Iasi Publishing House en-US Scientific Annals of Economics and Business 2501-1960 <p><strong>All accepted papers are published on an Open Access basis</strong>. </p> <p>The <strong>Open Access License</strong> is based on the Creative Commons license. </p> <p>The non-commercial use of the article will be governed by the <strong>Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License </strong>as currently displayed on <a href="https://creativecommons.org/licenses/by-nc-nd/4.0">https://creativecommons.org/licenses/by-nc-nd/4.0</a></p> <p>Under the Creative Commons Attribution-NonCommercial-NoDerivatives license, the author(s) and users are free to share (copy, distribute and transmit the contribution) under the following conditions:</p> <p>1. they must attribute the contribution in the manner specified by the author or licensor,</p> <p>2. they may not use this contribution for commercial purposes,</p> <p>3. they may not alter, transform, or build upon this work.</p> The Impact of the COVID-19 Pandemic on the Cryptocurrency Market http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1329 <p>The purpose of our paper is to analyze the main factors which influence fiscal balance’s evolution and thereby identify solutions for configuring a sustainable fiscal policy. We have selected as independent variables some of the main macroeconomic measures, respectively public debt, unemployment rate, economy openness degree, population, consumer goods’ price index, current account balance, direct foreign investments and economic growth rate. Our research method uses two econometric models applied on a sample of 22 countries, respectively 14 developed and 8 emergent. The first model is a multiple regression and studies the connection between the fiscal balance and selected independent variables, whereas the second one uses first order differences and introduces economic freedom as a dummy variable to catch the dynamic influences of selected measures upon fiscal result. The time interval considered was 1999-2013. The results generated using the two models revealed that public debt, current account balance and economic growth significantly influence the fiscal balance. As a consequence, the governments need to plan and implement a fiscal policy which resonates with economy priorities and the phase of the economic cycle, as well as ensure a proper management of the public debt, stimulate sustainable economic growth and employment.</p> Nidhal Mgadmi Azza Béjaoui Wajdi Moussa Tarek Sadraoui Copyright (c) 2022 Nidhal Mgadmi, Azza Béjaoui, Wajdi Moussa, Tarek Sadraoui https://creativecommons.org/licenses/by-nc-nd/4.0 2022-09-12 2022-09-12 69 3 343 359 10.47743/saeb-2022-0014 The Effect of Fiscal Policy Asymmetries on Business Cycle Correlation in the EU http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1678 <p>This paper reviews the role of bilateral fiscal differences, fiscal indiscipline and their joint effects in particular in determining business cycle synchronicity in the European Union (EU). Panel data comprising 28 EU members from 1999–2019 are used in the analysis. The two-step Instrumental Variable–Generalized Method of Moments (IV–GMM) is employed to estimate the effects of examined fiscal measures on business cycle correlations. The study finds that fiscal indiscipline doubles the negative effect of increasing fiscal differences on business cycle correlation compared to fiscally disciplined country-pairs. The findings suggest reopening the debate on fiscal policy coordination across Europe.</p> Ladislava Issever Grochová Petr Rozmahel Marek Litzman Copyright (c) 2022 Ladislava Issever Grochová, Petr Rozmahel, Marek Litzman https://creativecommons.org/licenses/by-nc-nd/4.0 2022-09-12 2022-09-12 69 3 361 376 10.47743/saeb-2022-0022 Inflation – Unemployment Dilemma. A Cross-Country Analysis http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1465 <p>According to Phillips’ study, there is an inverse link between inflation and unemployment. The major consequence of these imbalances lies in authorities’ ability to correct one of them, usually the unemployment, by influencing the components of the aggregate demand. Phillips' opinion is later countered by Friedman’s principle of currency neutrality. Together with Phelps, Friedman argues that, in the long run, the Phillips curve is vertical and any attempt to lower the unemployment below the natural rate leads to a simultaneous rise in unemployment and inflation. This paper aims to analyze the impact of the economic policy measures on the evolution of inflation and unemployment in the G7 countries, starting from the monetary criticism regarding the inefficiency of monetary impulses. In order to achieve this purpose, the developed econometric analysis tries to identify the existence and the direction of the nexus between variables, both in the short and long term, by using causality and cointegration methods, such as Granger, Granger-Wald and Johansen tests. Our findings support Phillips model on the short run, indicating that there is an inverse link between the inflation rate and the unemployment rate in the G7 states, during the analyzed period. However, on the long run, our results indicate that inflation and unemployment can coexist, fact that allows us to agree with the monetarist theories.</p> Cristian Constantin Popescu Laura Diaconu (Maxim) Copyright (c) 2022 Cristian Constantin Popescu, Laura Diaconu (Maxim) https://creativecommons.org/licenses/by-nc-nd/4.0 2022-06-05 2022-06-05 69 3 377 392 10.47743/saeb-2022-0012 Current Trends in the Application of EEG in Neuromarketing: A Bibliometric Analysis http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1755 <p>Despite several neuroscience tools existing, electroencephalography (EEG) is the most used and favoured tool among researchers because of its relatively low cost and high temporal resolution. Our study aimed to identify the global academic research trends of the empirical EEG studies in neuromarketing. This paper adopted the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) protocol to identify relevant articles. A bibliometric analysis software (VOSviewer) was used to evaluate thirty open-access articles found in the Scopus database between 2016 and 2020. We found that the USA is the most productive country with five research articles that used the EEG tool in marketing studies, followed by Australia, Italy, and Malaysia with three articles each. According to the most prolific journals in neuromarketing, it has been found that Frontiers in Neuroscience journal (CiteScore 5.4) is the most prolific journal with two articles and 25 total citations, followed by Scientific reports (CiteScore 7.1) with two articles and eighteen total citations, which lead us to infer that the publications’ number does not necessarily reflect the citations’ number. The study provides a profound and comprehensive overview of academic research that used EEG in marketing research.</p> Ahmed Alsharif Nor Zafir Md Salleh Lina Pilelienė Alhamzah F. Abbas Javed Ali Copyright (c) 2022 Ahmed Alsharif, Nor Zafir Md Salleh, Lina Pilelienė, Alhamzah F. Abbas, Javed Ali https://creativecommons.org/licenses/by-nc-nd/4.0 2022-08-23 2022-08-23 69 3 393 415 10.47743/saeb-2022-0020 A Comparative Analysis on the Role and Market Linkages of Gold Backed Assets During COVID-19 Pandemic http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1543 <p>Gold is a traditional favorite investment avenue for investors all over the globe, particularly during the crisis period. Irrespective of the nature of the crisis, investors are allocating their funds to different gold-backed assets. This paper uses various globally traded gold-backed assets to identify its role and market linkages during the Covid 19 pandemic. Daily prices of assets from March 2020 to January 2022 were employed. DCC GARCH model is used to ascertain time-varying correlations and quantile regression was employed to examine the relationship between assets in different quantiles. Based on the analysis, safe haven property of all the assets is revealed and it is associated with the severity of the stock market crash as specified by the quantiles. Moreover, double exposure of gold mining stock results in different flights to quality. Co-movement of gold bullion, gold futures, and gold volatility index is visible during this crisis. Gold Exchange Traded Funds and gold-backed cryptocurrency offer diversification by decoupling with gold bullion in the portfolio. The paper highlights the importance of the choice of gold-backed assets along with gold bullion in the investment portfolio based on its role and market linkages.</p> Sruthy Madhavan S. Sreejith Copyright (c) 2022 Sruthy Madhavan, S. Sreejith https://creativecommons.org/licenses/by-nc-nd/4.0 2022-08-23 2022-08-23 69 3 417 433 10.47743/saeb-2022-0019 Revisiting Interest Rate – Exchange Rate Dynamics in South Africa: How Relevant is Pandemic Uncertainties? http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1476 <p>This paper revisits the link between exchange rate and interest rate considering the role of uncertainty due to infectious diseases in the South African economy using monthly data from January 1985 to August 2020 within a nonparametric framework. First, we examine the relationship between the exchange-interest rates hypothesis and observe a significant positive link, especially during the pandemic. Second, we analyze the volatility spillover among exchange rates, interest rates and other macroeconomic fundamentals and find a strong connection with the interest rate being net receivers of shocks. Third, with evidence of nonlinearity in the variables, the nonparametric quantiles-based causality test shows that the spillover for each asset is driven by pandemic uncertainty around the median quantiles. Conclusively, this suggests that the role of global health news in influencing the South African financial cycle which consequently leads to capital flows and movements in the prices of assets across financial markets cannot be downplayed. Relevant policy implications can be drawn from these findings.</p> Percy Mkhosi Ismail Fasanya Copyright (c) 2022 Percy Mkhosi, Ismail Fasanya https://creativecommons.org/licenses/by-nc-nd/4.0 2022-09-16 2022-09-16 69 3 435 457 10.47743/saeb-2022-0023 Comparing Decision Trees and Association Rules for Stock Market Expectations in BIST100 and BIST30 http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1501 <p>With the increased financial fragility, methods have been needed to predict financial data effectively. In this study, two leading data mining technologies, classification analysis and association rule mining, are implemented for modeling potentially successful and risky stocks on the BIST 30 index and BIST 100 Index based on the key variables of index name, index value, and stock price. Classification and Regression Tree (CART) is used for classification, and Apriori is applied for association analysis. The study data set covered monthly closing values during 2013-2019. The Apriori algorithm also obtained almost all of the classification rules generated with the CART algorithm. Validated by two promising data mining techniques, proposed rules guide decision-makers in their investment decisions. By providing early warning signals of risky stocks, these rules can be used to minimize risk levels and protect decision-makers from making risky decisions.</p> Görkem Ataman Serpil Kahraman Copyright (c) 2022 Görkem Ataman, Serpil Kahraman https://creativecommons.org/licenses/by-nc-nd/4.0 2022-09-21 2022-09-21 69 3 459 475 10.47743/saeb-2022-0024 Unveiling the Linkages between Economic Complexity, Innovation and Growth: The Case of High-Income and Upper Middle-Income Economies http://saeb.feaa.uaic.ro/index.php/saeb/article/view/1475 <p>This article explores the essential variables of economic complexity, innovation, and growth by researching the relationships between imperative economic indicators in selected high-income and upper middle-income economies. The economic complexity and innovation of the observed economies are robustly linked to their economic growth. The goal of this article is to investigate the significance of economic complexity and innovation in encouraging economic growth in high-income and upper middle-income economies. Miscellaneous methodological measurement instruments have been applied towards exploring the linkages between the crucial variables of economic complexity, innovation, and economic growth. The empirical data necessary for conducting this exploration were accumulated from primary and auxiliary sources. Analysis of the observed economies was performed using the statistical software package SPSS 25. The exploration results reveal the essential determinants of economic complexity and innovation for economic growth in selected countries. The interrelated determinants supervised for enhancing innovation and growth are linked to synthesized indicators of economic complexity. Confirmation of the heterogeneity between essential variables and awareness of sensitivity is the foundation for the subsequent acceptance of convenient economic complexity indicators for improvement of the critical fields of national economies.</p> Lejla Terzić Copyright (c) 2022 Lejla Terzić https://creativecommons.org/licenses/by-nc-nd/4.0 2022-08-23 2022-08-23 69 3 477 500 10.47743/saeb-2022-0018