Template-Type: ReDIF-Article 1.0 Author-Name: Dragana Ranđelović Author-Name: Samir Ljajić Title: Consumer Protection in Internet Sales – Degree of Harmonization with the European Union Law Abstract: In this paper the authors will strive to answer some general questions regarding the concept, significance and goals of the harmonization of contract law. Given the actuality and mass state of Internet sales, questions and issues of consumer protection will be set within the boundaries of this narrow field of contract law. In the central part of the paper, the authors will present the most important regulations governing this area both in the European Union and Serbia, as well as the degree of their harmonization. They will also attempt to provide answers to some basic questions and issues which customers face when making on-line purchases. The Republic of Serbia has passed a set of laws which comply with the requirements and standards of the European Union. However, it is necessary to continuously conduct the process of education not only of employees in state services and traders, but also consumers in order to raise awareness about the significance and benefits of e-commerce, and above all, customer protection. Keywords: Internet sales, European Union, contract, consumer protection. Journal: The European Journal of Applied Economics Pages: 1-18 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-12921 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/consumer-protection-in-internet-sales-degree-of-harmonization-with-the-european-union-law.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/consumer-protection-in-internet-sales-degree-of-harmonization-with-the-european-union-law File-Format: text/html Handle: RePEc:sng:ejae01:86 Template-Type: ReDIF-Article 1.0 Author-Name: Sivagandhi Saravanan Title: Does SHG Program Alleviate Poverty? Evidence from Four Clusters in Semiurban Regions of India Abstract: The paper suggests that microfinance program has significantly improved the standard of living of the poor people. The datasets from 367 SHG members and 178 non-SHG members are taken into analysis. Simul- taneous equation method is applied to observe the effect of exogenous variables on the endogenous variable. Income and asset are endogenous variables, which have significant impacts on each other. Age, education and village infrastructure have positive impacts on both income and asset. Keywords: poverty, microfinance, control, treatment, simultaneous equation. Journal: The European Journal of Applied Economics Pages: 19-30 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-14311 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/does-shg-program-alleviate-poverty-evidence-from-four-clusters-in-semi-urban-regions-of-india.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/does-shg-program-alleviate-poverty-evidence-from-four-clusters-in-semi-urban-regions-of-india File-Format: text/html Handle: RePEc:sng:ejae01:87 Template-Type: ReDIF-Article 1.0 Author-Name: Yilmaz Bayar Author-Name: Huseyin Karamelikli Title: Financial Development and Tax Revenues in Turkey: A Nonlinear Cointegration Analysis Abstract: In this study, we investigated the interaction between tax revenue and major indicators of financial development including banking sector development and stock market development in Turkey using monthly data during the period January 2006 – January 2016 by employing the asymmetric ARDL cointegration method by Shin, Yu and Greenwood- Nimmo (2014). Our findings suggested that development levels of both stock market and banking sector affected total tax revenues positively when nonlinearities were considered. However, we found that there was no relationship between financial development indicators and tax revenue when nonlinearities were ignored. So, our findings demonstrated that the appropriate modelling method considering the characteristics of the dataset is important to get the right results. Keywords: stock market development, banking sector development, tax revenue, non-linear cointegration. Journal: The European Journal of Applied Economics Pages: 31-42 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-14838 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/financial-development-and-tax-revenues-in-turkey-a-non-linear-cointegration-analysis.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/financial-development-and-tax-revenues-in-turkey-a-non-linear-cointegration-analysis File-Format: text/html Handle: RePEc:sng:ejae01:88 Template-Type: ReDIF-Article 1.0 Author-Name: Tatjana Latas Author-Name: Zoran Jeremić Title: The Option on Electric Energy for the Decrease of Risk on the Example of EEX (European Energy Exchange) Abstract: Electricity market deregulation and liberalization have led to high volatility on power exchanges, which require the use of derivatives in energy markets for more efficient risk management which the partici- pants at the market are exposed to. The available options are one of the derivatives that have entered liquid markets. Therefore, this paper presents an example from the most developed energy exchange EEX (European Energy Exchange), with the aim of applying verified scientific methods to check the practice of functioning of liquid energy market, by using options to reduce the risk. The most frequently used models for hedging future open positions and evaluation of premium on op- tions in practice are the Black - Scholes and Black 76 model, which are therefore presented in the text. South East European Power Exchange (SEEPEX) has started operating in Serbia. Its development is going to be via integration with regional markets in the direction of integration of the total electric energy market in Europe. That path will be long, but it has already required the knowledge of market instruments used in trading and risk management at the power exchanges. Presented results refer to the essential knowledge of dynamic variables that options bring into the energy market in order to reduce the risk. Keywords: electric energy exchange, derivatives, options. Journal: The European Journal of Applied Economics Pages: 43-57 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-14849 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/the-option-on-electric-energy-for-the-decrease-of-risk-on-the-example-of-eex-european-energy-exchange.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-option-on-electric-energy-for-the-decrease-of-risk-on-the-example-of-eex-european-energy-exchange File-Format: text/html Handle: RePEc:sng:ejae01:89 Template-Type: ReDIF-Article 1.0 Author-Name: Irena Đalić Author-Name: Svetlana Terzić Author-Name: Boris Novarlić Title: The Role of Venture Capital in the Development of the SME Sector Abstract: Entrepreneurs as well as SMEs, regularly face the problem concerning access to finance. Entrepreneurial firms face two major problems. The first concerns access to finance, which places particular restraint on a firm’s ability to increase the level of technology in their business. The second problem is access to know-how. The subject of this survey is the role of venture capital funds in the development of newly established companies and its potential application in the Republic of Srpska. In the Anglo-Saxon countries, newly emerged enterprises that start their business from scratch are called start-up companies. The assumption that venture capital financing can give newly established companies bigger chances of succeeding in their start-up stage is made. It is known that our companies provide capital through bank loans which have lately become less available especially to early stage businesses. Therefore, in order for companies to achieve their goals and develop their projects they must finance their business through venture capital funds that are willing to invest in start-up companies. Keywords: venture capital, SMEs, entrepreneurship, employment, innovation. Journal: The European Journal of Applied Economics Pages: 58-69 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-14391 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/the-role-of-venture-capital-in-the-development-of-the-sme-sector.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/the-role-of-venture-capital-in-the-development-of-the-sme-sector File-Format: text/html Handle: RePEc:sng:ejae01:90 Template-Type: ReDIF-Article 1.0 Author-Name: Slobodan Unković Title: Talent Development and Education in Tourism Abstract: Tourism, both international and domestic, has become one of the most important factors of social and economic development throughout the world. For that reason, quality of education in the field of tourism and strategies for talent development should be considered matters of utmost importance. In this paper, I present my views on primary, secondary and higher education in the field of tourism, as well as on education of tourist guides. I also present a brief case study of Singidunum University, as an example of good practice in higher education in the field of tourism. Keywords: education, tourism and hospitality, higher education, secondary education, professional education. Journal: The European Journal of Applied Economics Pages: 70-75 Volume: 14 Issue: 2 Year: 2017 DOI: 10.5937/ejae14-15571 File-URL: https://journal.singidunum.ac.rs/files/2017-14-2/talent-development-and-education-in-tourism.pdf File-Format: Application/pdf File-URL: https://journal.singidunum.ac.rs/paper/talent-development-and-education-in-tourism File-Format: text/html Handle: RePEc:sng:ejae01:91